# EDGAR Filing Document

**Accession Number:** 0000912892
**File Stem:** 0001104659-26-052976
**Filing Date:** 2026-4
**Character Count:** 1568369
**Document Hash:** e6777021e93fd368885ec46d007db8c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-052976.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-052976

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 266

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRUPO TELEVISA, S.A.B.
- **CENTRAL INDEX KEY:** 0000912892
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEVISION BROADCASTING STATIONS [4833]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12610
- **FILM NUMBER:** 26925894

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AV VASCO DE QUIROGA 2000
- **STREET 2:** COLONIA SANTA FE
- **CITY:** MEXICO, D.F.
- **PROVINCE COUNTRY:** O5
- **BUSINESS PHONE:** 525552612000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AV VASCO DE QUIROGA 2000
- **STREET 2:** COLONIA SANTA FE
- **CITY:** MEXICO, D.F.
- **PROVINCE COUNTRY:** O5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GRUPO TELEVISA S A
- **DATE OF NAME CHANGE:** 19931202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GRUPO TELEVISA S A DE CV
- **DATE OF NAME CHANGE:** 19931001

?xml version='1.0' encoding='ASCII'? Grupo Televisa, S.A.B._DECEMBER 31, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 20-F**

---

| | |
|:---|:---|
| ☐ | **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **OR** | **OR** |
| ☒ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**<br>**For the fiscal year ended DECEMBER 31, 2025** |
| **OR** | **OR** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **OR** | **OR** |
| ☐ | **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

Date of event requiring this shell company report

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

Commission file number 1-12610

---

| |
|:---|
| **Grupo Televisa, S.A.B.** |
| (Exact name of Registrant as specified in its charter) |
| **N/A** |
| (Translation of Registrant's name into English) |
| **United Mexican States** |
| (Jurisdiction of incorporation or organization) |
| **Av. Vasco de Quiroga No. 2000Colonia Santa Fe01210 Mexico CityMexico** |
| (Address of principal executive offices) |
| **Luis Alejandro Bustos OlivaresGrupo Televisa, S.A.B.Av. Vasco de Quiroga No. 2000Colonia Santa Fe01210 Mexico City**<br>**MexicoTelephone: (011 52) (55) 5022 5899Facsimile: (011 52) (55) 5261 2546E-mail: labustoso @televisa.com.mx** |
| (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) |

---

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Series "A" Shares, without par value ("Series "A" Shares") |  | New York Stock Exchange (for listing purposes only) |
| Series "B" Shares, without par value ("Series "B" Shares") |  | New York Stock Exchange (for listing purposes only) |
| Series "L" Shares, without par value ("Series "L" Shares") |  | New York Stock Exchange (for listing purposes only) |
| Dividend Preferred Shares, without par value ("Series "D" Shares") |  | New York Stock Exchange (for listing purposes only) |
| Global Depositary Shares ("GDSs"), each representing five<br>Ordinary Participation Certificates<br>(Certificados de Participación Ordinarios) ("CPOs") | TV | New York Stock Exchange |
| CPOs, each representing twenty-five Series "A" Shares,<br>twenty-two Series "B" Shares, thirty-five Series "L" Shares <br>and thirty-five Series "D" Shares |  | New York Stock Exchange (for listing purposes only) |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **None**.

[**Table of Contents**](#TOC)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**.

The number of outstanding shares of each of the issuer's classes of capital

or common stock as of December 31, 2025 was:

110,923,532,639 Series "A" Shares

47,871,844,833 Series "B" Shares

76,159,694,921 Series "L" Shares

76,159,694,921 Series "D" Shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☒ Yes ☐ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

<u>Large accelerated filer ☒</u> <u>&nbsp;&nbsp;&nbsp;&nbsp; </u> <u>Accelerated filer ☐</u> <u>&nbsp;&nbsp;&nbsp;&nbsp; </u> <u>Non-accelerated filer ☐</u> <u>&nbsp;&nbsp;&nbsp;&nbsp; </u> <u>Emerging Growth Company ☐</u>

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards<sup>†</sup> provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒ Yes ☐ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐ Yes ☒ No

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b)

☐ Yes ☒ No

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

------

[**Table of Contents**](#TOC)

---

| | | |
|:---|:---|:---|
| [Forward-Looking Statements and Risk Factors Summary](#ForwardLookingStatementsandRiskFactorsSu) | [Forward-Looking Statements and Risk Factors Summary](#ForwardLookingStatementsandRiskFactorsSu) | 2 |
| [**Part I**](#PartI_104636) | [**Part I**](#PartI_104636) | 4 |
| [Item 1.](#Item1IdentityofDirectorsSeniorManagement) | [Identity of Directors, Senior Management and Advisers](#Item1IdentityofDirectorsSeniorManagement) | 4 |
| [Item 2.](#Item2OfferStatisticsandExpectedTimetable) | [Offer Statistics and Expected Timetable](#Item2OfferStatisticsandExpectedTimetable) | 4 |
| [Item 3.](#Item3KeyInformation_617759) | [Key Information](#Item3KeyInformation_617759) | 4 |
|  | [Selected Financial Data](#SelectedFinancialData_82479) | 4 |
|  | [Dividends](#Dividends_313059) | 7 |
|  | [Exchange Rate Information](#ExchangeRateInformation_174404) | 7 |
|  | [Risk Factors](#RiskFactors_605948) | 7 |
| [Item 4.](#Item4InformationontheCompany_735191) | [Information on the Company](#Item4InformationontheCompany_735191) | 30 |
|  | [History and Development of the Company](#HistoryandDevelopmentoftheCompany_599002) | 30 |
|  | [Capital Expenditures](#CapitalExpenditures_724411) | 30 |
|  | [Business Overview](#BusinessOverview_836526) | 32 |
| [Item 5.](#Item5OperatingandFinancialReviewandProsp) | [Operating and Financial Review and Prospects](#Item5OperatingandFinancialReviewandProsp) | 64 |
|  | [Spin-off of Certain Businesses of Our Other Businesses Segment](#SpinoffofCertainitem5) | 64 |
|  | [Preparation of Financial Statements](#PreparationofFinancialStatements_134461) | 65 |
|  | [Results of Operations](#ResultsofOperations_688393) | 66 |
| [Item 6.](#Item6DirectorsSeniorManagementandEmploye) | [Directors, Senior Management and Employees](#Item6DirectorsSeniorManagementandEmploye) | 89 |
| [Item 7.](#Item7MajorStockholdersandRelatedPartyTra) | [Major Stockholders and Related Party Transactions](#Item7MajorStockholdersandRelatedPartyTra) | 102 |
|  | [The Major Stockholders](#TheMajorStockholders_135799) | 103 |
|  | [Related Party Transactions](#RelatedPartyTransactions_400839) | 104 |
| [Item 8.](#Item8FinancialInformation_66901) | [Financial Information](#Item8FinancialInformation_66901) | 106 |
| [Item 9.](#Item9TheOfferandListing_913503) | [The Offer and Listing](#Item9TheOfferandListing_913503) | 106 |
|  | [Trading on the Mexican Stock Exchange](#TradingontheMexicanStockExchange_964104) | 106 |
| [Item 10.](#Item10AdditionalInformation_493500) | [Additional Information](#Item10AdditionalInformation_493500) | 110 |
|  | [Mexican Securities Market Law](#MexicanSecuritiesMarketLaw_456125) | 110 |
|  | [Bylaws](#Bylaws_862700) | 110 |
|  | [Taxation](#Taxation_778421) | 121 |
| [Item 11.](#Item11QuantitativeandQualitativeDisclosu) | [Quantitative and Qualitative Disclosures About Market Risk](#Item11QuantitativeandQualitativeDisclosu) | 127 |
| [Item 12.](#Item12DescriptionofSecuritiesOtherthanEq) | [Description of Securities Other than Equity Securities](#Item12DescriptionofSecuritiesOtherthanEq) | 131 |
|  | [Global Depositary Shares](#GlobalDepositaryShares_836613) | 131 |
| [**Part II**](#PartII_775550) | [**Part II**](#PartII_775550) | 132 |
| [Item 13.](#Item13DefaultsDividendArrearagesandDelin) | [Defaults, Dividend Arrearages and Delinquencies](#Item13DefaultsDividendArrearagesandDelin) | 132 |
| [Item 14.](#Item14MaterialModificationstotheRightsof) | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#Item14MaterialModificationstotheRightsof) | 132 |
| [Item 15.](#Item15ControlsandProcedures_723343) | [Controls and Procedures](#Item15ControlsandProcedures_723343) | 133 |
|  | [Evaluation of Disclosure Controls and Procedures](#EvaluationofDisclosureControlsandProcedu) | 133 |
|  | [Management's Annual Report on Internal Control Over Financial Reporting](#ManagementsAnnualReportonInternalControl) | 133 |
|  | [Changes in Internal Control Over Financial Reporting](#ChangesinInternalControlOverFinancialRep) | 133 |
| [Item 16.](#Item16AAuditCommitteeFinancialExpert_817) | [Audit Committee Financial Expert](#Item16AAuditCommitteeFinancialExpert_817) | 133 |
|  | [Code of Ethics](#Item16BCodeofEthics_651426) | 133 |
|  | [Principal Accountant Fees and Services](#Item16CPrincipalAccountantFeesandService) | 134 |
|  | [Audit Committee Pre-approval Policies and Procedures](#AuditCommitteePreapprovalPoliciesandProc) | 135 |
|  | [Exemptions from the Listing Standards for Audit Committees](#Item16DExemptionsfromtheListingStandards) | 135 |
|  | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#Item16EPurchasesofEquitySecuritiesbytheI) | 135 |
|  | [Purchases of Equity Securities by the Company](#PurchasesofEquitySecuritiesbytheCompany_) | 136 |
|  | [Purchases of Equity Securities by Special Purpose Trust Formed in Connection with Long-Term Retention Plan <sup>(1)</sup>](#PurchasesofEquitySecuritiesbySpecialPurp) | 136 |
|  | [Change in Registrant's Certifying Accountant](#Item16FChangeinRegistrantsCertifyingAcco) | 137 |
|  | [Corporate Governance](#Item16GCorporateGovernance_759303) | 137 |
|  | [Mine Safety Disclosure](#Item16HMineSafetyDisclosure_840815) | 138 |
|  | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item16IDisclosureRegardingForeignJurisdi). | 138 |
|  | [Cybersecurity](#Cybersecurity_855892) | 139 |
| [**Part III**](#PartIII_43238) | [**Part III**](#PartIII_43238) | 141 |
| [Item 17.](#Item17FinancialStatements_501079) | [Financial Statements](#Item17FinancialStatements_501079) | 141 |
| [Item 18.](#Item18FinancialStatements_81412) | [Financial Statements](#Item18FinancialStatements_81412) | 141 |
| [Item 19.](#Item19Exhibits_161810) | [Exhibits](#Item19Exhibits_161810) | 141 |

---

[**Table of Contents**](#TOC)

We publish our financial statements in accordance with International Financial Reporting Standards, or IFRS Accounting Standards, as issued by the International Accounting Standards Board, or IASB, which differ in some significant respects from generally accepted accounting principles in the United States, or U.S. GAAP, and accounting procedures adopted in other countries.

Unless otherwise indicated, (i) information included in this annual report is as of December 31, 2025 and (ii) references to "Ps." or "Pesos" in this annual report are to Mexican Pesos and references to "Dollars," "U.S. Dollars," "U.S. dollars," "$" or "U.S.$" are to United States dollars.

In this annual report, "we," "us," "our," "Company," "Grupo Televisa" or "Televisa" refer to Grupo Televisa, S.A.B. and, where the context requires, its consolidated entities. "Group" refers to Grupo Televisa, S.A.B. and its consolidated entities.

#### Forward-Looking Statements and Risk Factors Summary
This annual report and the documents incorporated by reference into this annual report contain forward-looking statements. In addition, we may from time to time make forward-looking statements in reports to the SEC, on Form 6-K, in annual reports to stockholders, in prospectuses, press releases and other written materials and in oral statements made by our officers, directors or employees to analysts, institutional investors, representatives of the media and others. Words such as "believe", "anticipate", "plan", "expect", "intend", "seek", "potential", "target", "estimate", "project", "predict", "forecast", "guideline", "may", "should", "could", "will" and similar words and expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. Examples of these forward-looking statements include, but are not limited to:

● estimates and projections of financial results, cash flows, capital expenditures, dividends, capital structure, financial position or other financial items or ratios;

● statements of our plans, objectives or goals, including those relating to anticipated trends, competition, regulation and rates;

● statements concerning our future plans, including capital expenditures, regarding the pay-TV, broadband and/or telephony services provided by our subsidiaries;

● statements concerning our transactions with TelevisaUnivision, Inc., or TelevisaUnivision, our current and future plans regarding our investment in the common stock and preferred stock of TelevisaUnivision and the TelevisaUnivision Transaction (as defined below, and as described below under "Information on the Company—Business Overview—TelevisaUnivision—TelevisaUnivision Transaction") completed on January 31, 2022;

● statements concerning certain businesses that were part of our former Other Businesses segment;

● statements about our future economic performance or statements concerning general economic, political or social conditions in Mexico or other countries in which we operate or have investments;

● statements concerning the impact of the emergence of a new pandemic, as well as any possible adverse effects; and

● statements or assumptions underlying these statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. We caution you that a number of important risks and uncertainties, including those discussed under "Key Information—Risk Factors", could cause actual results to differ materially from those expressed in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors:

● economic and political developments and conditions and government policies in Mexico or elsewhere;

● uncertainty in global financial markets;

● the emergence of a new pandemic;

[**Table of Contents**](#TOC)

● currency fluctuations or the depreciation of the Peso;

● changes in inflation rates;

● changes in interest rates;

● the impact of existing laws and regulations, changes thereto or the imposition of new laws and regulations affecting our businesses, activities and investments;

● the risk that our concessions may not be renewed;

● the risk of loss of transmission or loss of the use of satellite transponders;

● changes in customer demand;

● effects of competition;

● incidents affecting our network and information systems or other technologies;

● the results of operations of TelevisaUnivision;

● incidents that affect our network and information systems or other technologies; and

● the other risks and uncertainties discussed under "Key Information—Risk Factors" and elsewhere in this report.

We are not obliged to update these statements or publicly release the result of any revisions to them to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in these forward-looking statements.

We caution you that the foregoing list of factors is not exhaustive and that other risks and uncertainties may cause actual results to differ materially from those in forward-looking statements. You should evaluate any statements made by us in light of these important factors and you are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information, future developments or other factors.

[**Table of Contents**](#TOC)

#### Part I

#### Item 1. Identity of Directors, Senior Management and Advisers
Not applicable.

#### Item 2. Offer Statistics and Expected Timetable
Not applicable.

#### Item 3. Key Information

#### Selected Financial Data
The following tables present our selected consolidated financial information as of and for each of the periods indicated. This information is qualified in its entirety by reference to, and should be read together with, our audited consolidated year-end financial statements. The following data for each of the years ended December 31, 2025, 2024 and 2023 has been derived from our audited consolidated year-end financial statements, including the consolidated statements of financial position as of December 31, 2025, 2024 and 2023, the related consolidated statements of income or loss, comprehensive income or loss, changes in equity and cash flows for the years ended December 31, 2025, 2024 and 2023, and the accompanying notes appearing elsewhere in this annual report.

The selected consolidated financial information as of December 31, 2025, 2024 and 2023, and for the years ended December 31, 2025, 2024 and 2023, was prepared in accordance with IFRS Accounting Standards, as issued by the IASB.

The exchange rate used in translating Pesos into U.S. Dollars for calculating the convenience translations included in the following tables is determined by reference to the interbank free market exchange rate (the "Interbank Rate"), as reported by *Banco Citi México, S.A.*, as of December 31, 2025, which was Ps.18.0165 per U.S. Dollar. This annual report contains translations of certain Peso amounts into U.S. Dollars at specified rates solely for the convenience of the reader. The exchange rate translations contained in this annual report should not be construed as representations that the Peso amounts actually represent the U.S. Dollar amounts presented or that they could be converted into U.S. Dollars at the rate indicated. The Interbank Rate, as reported by *Banco Citi México, S.A.* as of March 31, 2026, was Ps.17.9460 per U.S. Dollar.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2023**<sup>(4)</sup> | **2023**<sup>(4)</sup> |
|  | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> | **(Millions of U.S. Dollars or millions of Pesos)**<sup>(1)</sup> |
| **Statement of Income or Loss Data:** |  |  |  |  |  |  |  |  |
| Revenues | U.S.$ | 3268 | Ps. | 58878 | Ps. | 62261 | Ps. | 66223 |
| Operating income (loss) |  | 235 |  | 4225 |  | (2819) |  | 1858 |
| Finance expense, net <sup>(2)</sup> |  | (230) |  | (4140) |  | (4695) |  | (4846) |
| Net loss from continuing operations <sup>(4)</sup> |  | (496) |  | (8935) |  | (8385) |  | (9435) |
| Income from discontinued operations, net <sup>(4)</sup> |  |  |  |  |  | 57 |  | 628 |
| Net loss |  | (496) |  | (8935) |  | (8328) |  | (8807) |
| Net loss attributable to stockholders of the Company |  | (509) |  | (9168) |  | (8265) |  | (8423) |
| Net income (loss) attributable to non-controlling interests |  | 13 |  | 233 |  | (63) |  | (384) |
| Basic loss per CPO attributable to stockholders of the Company of continuing operations <sup>(4)</sup> |  |  |  | (3.42) |  | (3.06) |  | (3.24) |
| Basic earnings per CPO attributable to stockholders of the Company of discontinued operations <sup>(4)</sup> |  |  |  |  |  | 0.02 |  | 0.23 |
| Basic loss per CPO attributable to stockholders of the Company <sup>(3)</sup> |  |  |  | (3.42) |  | (3.04) |  | (3.01) |

---

[**Table of Contents**](#TOC)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Diluted loss per CPO attributable to stockholders of the Company of continuing operations <sup>(4)</sup> |  |  |  | (3.42) |  | (3.06) |  | (3.24) |
| Diluted earnings per CPO attributable to stockholders of the Company of discontinued operations <sup>(4)</sup> |  |  |  |  |  | 0.02 |  | 0.23 |
| Diluted loss per CPO attributable to stockholders of the Company <sup>(3)</sup> |  |  |  | (3.42) |  | (3.04) |  | (3.01) |
| Weighted-average number of shares outstanding (in millions) <sup>(3) (5)</sup> |  |  |  | 313478 |  | 317806 |  | 327174 |
| **Statement of Comprehensive Income or Loss Data:** |  |  |  |  |  |  |  |  |
| Comprehensive loss | U.S.$ | (440) | Ps. | (7927) | Ps. | (11352) | Ps. | (7896) |
| Comprehensive loss attributable to stockholders of the Company |  | (453) |  | (8158) |  | (11281) |  | (7466) |
| Comprehensive income (loss) attributable to non-controlling interests |  | 13 |  | 231 |  | (71) |  | (430) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Year Ended December 31,**  | **As of and for the Year Ended December 31,**  | **As of and for the Year Ended December 31,**  | **As of and for the Year Ended December 31,**  | **As of and for the Year Ended December 31,**  | **As of and for the Year Ended December 31,**  | **As of and for the Year Ended December 31,**  | **As of and for the Year Ended December 31,**  |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Statement of Financial Position Data:** |  |  |  |  |  |  |  |  |
| Cash and cash equivalents and short-term investments | U.S.$ | 2165 | Ps. | 39005 | Ps. | 46193 | Ps. | 32586 |
| Total assets |  | 12678 |  | 228418 |  | 251658 |  | 262670 |
| Current portion of long-term debt <sup>(6)</sup> |  | 207 |  | 3737 |  | 4557 |  | 9988 |
| Interest payable <sup>(6)</sup> |  | 79 |  | 1425 |  | 1675 |  | 1507 |
| Long-term debt, net of current portion <sup>(7)</sup> |  | 4566 |  | 82257 |  | 98398 |  | 78548 |
| Customer deposits and advances |  | 53 |  | 958 |  | 1130 |  | 1392 |
| Current portion of deferred revenue |  | 16 |  | 288 |  | 288 |  | 288 |
| Deferred revenue, net of current portion |  | 240 |  | 4315 |  | 4603 |  | 4890 |
| Capital stock |  | 218 |  | 3934 |  | 3934 |  | 4723 |
| Total equity (including non-controlling interests) |  | 5691 |  | 102529 |  | 111696 |  | 134672 |
| Shares outstanding (in millions) <sup>(5)</sup> |  |  |  | 311115 |  | 315452 |  | 323977 |
| **Statement of Cash Flow Data:** |  |  |  |  |  |  |  |  |
| Net cash provided by operating activities | U.S.$ | 1115 | Ps. | 20092 | Ps. | 32554 | Ps. | 15201 |
| Net cash used in investing activities |  | (1237) |  | (22290) |  | (9010) |  | (15758) |
| Net cash used in financing activities |  | (906) |  | (16321) |  | (9389) |  | (17753) |
| (Decrease) increase in cash and cash equivalents  |  | (1032) |  | (18586) |  | 14304 |  | (18545) |
| **Other Financial Information:** |  |  |  |  |  |  |  |  |
| Capital expenditures <sup>(8)</sup> | U.S.$ | 676 | Ps. | 12187 | Ps. | 9097 | Ps. | 14708 |
| **Other Data (unaudited):** |  |  |  |  |  |  |  |  |
| Number of employees (at year end) |  |  |  | 26599 |  | 28038 |  | 32932 |
| Number of Satellite Pay Television RGUs (in thousands at year end) <sup>(9)</sup> |  |  |  | 3516 |  | 4696 |  | 5567 |
| Number of Satellite Broadband Internet RGUs (in thousands at year end) <sup>(9)</sup> |  |  |  | 225 |  | 351 |  | 515 |
| Number of Satellite Mobile RGUs (in thousands at year end) <sup>(9)</sup> |  |  |  | 9 |  | 16 |  | 33 |
| Number of Residential Pay Television RGUs (in thousands at year end) <sup>(10)</sup> |  |  |  | 3647 |  | 3847 |  | 4059 |
| Number of Residential Broadband Internet RGUs (in thousands at year end) <sup>(10)</sup> |  |  |  | 5673 |  | 5626 |  | 5678 |
| Number of Residential Digital Telephony RGUs (in thousands at year end) <sup>(10)</sup> |  |  |  | 5552 |  | 5383 |  | 5351 |
| Number of Residential Mobile RGUs (in thousands at year end) <sup>(10)</sup> |  |  |  | 653 |  | 334 |  | 308 |

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#### Notes to Selected Consolidated Financial Information:
&nbsp;&nbsp;&nbsp;&nbsp;(1) Except per *Certificado de Participación Ordinario*, or CPO amounts, employees, and Revenue Generating Units, or RGUs. An RGU is defined as an individual service subscriber who is billable under each service (pay television, broadband internet and voice).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes interest expense, interest income, foreign exchange gain or loss, net, and other finance income or expense, net. See Note 23 to our consolidated year-end financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(3) For further analysis of net earnings per CPO (as well as corresponding amounts per Series "A" Share not traded as CPOs), see Note 25 to our consolidated year-end financial statements. In April 2026 the Company's stockholders did not approve the payment of any dividend. See Note 29 to our consolidated year-end financial statements. In April 2025, 2024 and 2023 the Company's stockholders approved the payment of a dividend of Ps.0.35 per CPO, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The consolidated statements of income or loss of the Group for the years ended December 31, 2024 and 2023, have been prepared to present the discontinued operations following the spin-off of most of the businesses of the Group's former Other Businesses segment effective on January 31, 2024 (the "Spin-off"). Accordingly, the consolidated statement of income or loss of the Group for the year ended December 31, 2023 has been re-presented from that originally reported by the Company, to present in that year the results from discontinued operations of the businesses that were spun off by the Group on January 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(5) As of December 31, 2025, 2024 and 2023, we had four classes of stock: Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares. Our shares are publicly traded in the United Mexican States, or Mexico, primarily in the form of CPOs, each CPO representing 117 shares comprised of 25 Series "A" Shares, 22 Series "B" Shares, 35 Series "D" Shares and 35 Series "L" Shares; and in the United States in the form of Global Depositary Shares, or GDSs, each GDS representing five CPOs. As of December 31, 2025, there were approximately 2,176.0 million CPOs issued and outstanding, each of which was represented by 25 Series "A" Shares, 22 Series "B" Shares, 35 Series "D" Shares and 35 Series "L" Shares, and an additional number of approximately 56,524.0 million Series "A" Shares, 0.2 million Series "B" Shares, 0.2 million Series "D" Shares and 0.2 million Series "L" Shares issued and outstanding (not in the form of CPO units). See Note 17 to our consolidated year-end financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The figures set forth in this line item are presented at amortized cost (principal amount, net of finance costs). Current portion of long-term debt and interest payable are presented as a separate line item in the consolidated statements of financial position as of December 31, 2025 and 2024. See Notes 2(o) and 14 to our consolidated year-end financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The figures set forth in this line item are presented at amortized cost (principal amount, net of finance costs). See "Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Indebtedness" and Note 14 to our consolidated year-end financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Capital expenditures are those investments made by us in property, plant and equipment. See "Information on the Company—Capital Expenditures".

&nbsp;&nbsp;&nbsp;&nbsp;(9) We have Satellite operations in Mexico, the Dominican Republic and Central America. The figures set forth in this line item represent the total number of RGUs (pay television, or pay-TV, broadband internet, digital telephony and mobile services) for Innova at the end of each year presented. For a description of Innova's business and results of operations and financial condition, see "Information on the Company—Business Overview—Our Operations—Telecom—Satellite".

&nbsp;&nbsp;&nbsp;&nbsp;(10) RGUs provided by the Company in our Residential operations (pay-TV, broadband internet, digital telephony and mobile services). For example, a single subscriber paying for cable television, broadband internet, digital telephony and mobile services represents four RGUs. We believe it is appropriate to use the number of RGUs as a performance measure for the Company's Residential operations given that these provide other services in addition to pay-TV. See "Operating and Financial Review and Prospects—Results of Operations—Summary of Business Segment Results" and "Information on the Company—Business Overview—Our Operations—Telecom—Residential".

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#### Dividends
Decisions regarding the payment and amount of dividends are subject to approval by holders of a majority of the Series "A" Shares and Series "B" Shares voting together, generally, but not necessarily, on the recommendation of the board of directors (the "Board of Directors"), as well as a majority of the Series "A" Shares voting separately. Emilio Azcárraga Jean controls the largest single block of the Series "A" Shares and, as a result of such control, both the amount and the payment of dividends may be influenced by his vote. See "Major Stockholders and Related Party Transactions—The Major Stockholders". On March 25, 2004, our Board of Directors approved a dividend policy under which we currently intend to pay an annual ordinary dividend of Ps.0.35 per CPO. On April 26, 2023, at our general stockholders' meeting, our stockholders approved a cash distribution to stockholders of up to Ps.1,053.4 million, which represents a payment of our ordinary dividend of Ps.0.35 per CPO, equivalent to Ps.0.002991452991 per share. On April 26, 2024, at our general stockholders' meeting, our stockholders approved a cash distribution to stockholders of up to Ps.1,019.0 million, which represents a payment of our ordinary dividend of Ps.0.35 per CPO, equivalent to Ps.0.002991452991 per share. On April 29, 2025, at our general stockholders' meeting, our stockholders approved a cash distribution to stockholders of up to Ps.1,019.0 million, which represents a payment of our ordinary dividend of Ps.0.35 per CPO, equivalent to Ps.0.002991452991 per share. The Board of Directors did not propose the payment of a 2026 dividend for approval of the Company's general stockholders' meeting held on April 28, 2026, as we are analyzing opportunities in the Mexican telecommunications sector, deleveraging transactions and investments in our business (including for general corporate purposes). All of the recommendations of the Board of Directors related to the payment and amount of dividends were voted on and approved at the applicable general stockholders' meetings.

#### Exchange Rate Information
Since 1991, Mexico has had a free market for foreign exchange and, since 1994, the Mexican government has allowed the Peso to float freely against the U.S. Dollar. There can be no assurance that the government will maintain its current policies with regard to the Peso or that the Peso will not depreciate or appreciate significantly in the future.

In the past, the Mexican economy has had balance of payment deficits and decreases in foreign exchange reserves. While the Mexican government does not currently restrict the ability of Mexican or foreign persons or entities to convert Pesos to U.S. Dollars, we cannot be sure that the Mexican government will not institute restrictive exchange control policies in the future, as has occurred from time to time in the past. To the extent that the Mexican government institutes restrictive exchange control policies in the future, our ability to transfer or to convert Pesos into U.S. Dollars and other currencies for the purpose of making timely payments of interest and principal of indebtedness, as well as to obtain foreign programming and other goods, would be adversely affected. See "—Risk Factors—Risk Factors Related to Mexico—Currency Fluctuations or the Devaluation and Depreciation of the Peso Could Limit the Ability of Our Company and Others to Convert Pesos into U.S. Dollars or Other Currencies, Which Could Adversely Affect Our Business, Financial Condition or Results of Operations".

#### Risk Factors
The following is a discussion of risks associated with our company and an investment in our securities. Some of the risks of investing in our securities are general risks associated with doing business in Mexico. Other risks are specific to our business. The discussion below contains information, among other things, about the Mexican government and the Mexican economy obtained from official statements of the Mexican government as well as other public sources. We have not independently verified this information. Any of the following risks, if they actually occur, could materially and adversely affect our business, financial condition, results of operations or the price of our securities.

#### Risk Factors Related to Mexico

#### Economic and Political Developments in Mexico May Adversely Affect Our Business, Financial Condition and Results of Operations
Most of our operations and assets are located in Mexico. As a result, our financial condition, results of operations and business may be affected by the general condition of the Mexican economy, the depreciation or appreciation of the Peso as compared to the U.S. Dollar and other currencies, Mexican inflation, interest rates, regulation, taxation, social instability and other political, social and economic developments in or affecting Mexico over which we have no control.

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#### Economic Conditions in Mexico and Elsewhere May have a Material Impact on our Operations and Financial Condition
Mexico has historically experienced uneven periods of economic growth. Mexican gross domestic product, or GDP, increased by 3.2% in 2023, increased by 1.2% in 2024 and increased by 0.8% in 2025. Mexican GDP fell short of the Mexican government forecast in 2025 and, according to analysts, Mexican GDP is expected to increase by 1.5% in 2026. We cannot be sure that these estimates and forecasts will prove to be accurate.

Any future economic downturn, including downturns in the United States, Europe, Asia or anywhere else in the world, could affect our financial condition and results of operations. For example, demand for cable television, direct-to-home, or DTH, satellite services, pay-per-view programming, telecommunications services and other services and products we provide may decrease because consumers may find it difficult to pay for these services and products. Additionally, there can be no assurance that a Mexican sovereign debt rating downgrade would not adversely affect our business, financial condition, results of operations or the price of our securities.

***Developments and the Perception of Risk in Other Countries, Especially in Europe, China, the United States and Emerging Market Countries, May Materially Adversely Affect the Mexican Economy, the Market Value of Our Securities and Results of Operations***

The market value of securities of Mexican companies, the social, economic and political situation in Mexico and our financial condition and results of operations are, to varying degrees, affected by economic and market conditions in other countries, including the United States, countries in Europe, China and other Latin American and emerging market countries. Therefore, investors' reactions to developments in any of these other countries may have an adverse effect on the market value or trading price of securities of Mexican issuers. Crises in the United States, Europe, China or emerging market countries may reduce investor interest in securities issued by Mexican companies, including those issued by us.

Turmoil in other large economies, such as those in Europe, China and the United States, could have the effect of a downturn in the global economy. Further, our operations, including the demand for our products or services, and the price of our securities, have also historically been adversely affected by increases in interest rates in the United States and elsewhere. We cannot be sure that events in other emerging market countries, in the United States or elsewhere will not materially adversely affect our business, financial condition, results of operations, cash flows, prospects and the market price of our shares.

In response to the Russian invasion of Ukraine, many jurisdictions, including the United States, United Kingdom, and European Union ("E.U."), have imposed sanctions, export controls, import bans, new investment prohibitions, and other trade restrictions on Russia. While Mexico has thus far refrained from imposing such trade restrictions against Russia, the conflict in Ukraine and related sanctions against Russia may affect international macroeconomic conditions. Other geopolitical events, including the tentative ceasefire between the United States, Israel and Iran, and other conflicts in the Middle East, may also affect international macroeconomic conditions. In addition, increasing geopolitical fragmentation, including tensions between the United States and China, export controls, industrial policies and the reconfiguration of global supply chains, may result in sustained volatility in capital flows to emerging markets, including Mexico. Although Mexico has been viewed as a potential beneficiary of nearshoring trends, there can be no assurance that anticipated foreign direct investment or supply chain relocations will materialize as expected. Heightened risk aversion toward emerging markets or a slowdown in global economic activity could adversely affect Mexico's economic growth, investor confidence and access to international capital markets, which in turn could have a material adverse effect on our business, financial condition and results of operations.

Any of these factors would negatively affect the market value of our securities and make it more difficult for us to access capital markets and finance our operations in the future, which could have a material adverse effect on our business, financial condition, results of operations, cash flows, prospects and the market price of our securities.

On December 7, 2023, the governments of the United States and Mexico signed a Memorandum of Intent expressing their desire to cooperate on best practices on foreign investment screening. While Mexico has not yet begun the process of establishing a foreign investment review regime comparable to the Committee on Foreign Investment in the United States (CFIUS), it could do so in the future and any such regime could affect the ability of foreign investors to invest in Mexican businesses, which could adversely affect our business, financial condition and results of operations.

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Our profitability is affected by numerous factors including reductions in demand for the Telecom services that we provide. The demand for our products and services in Mexico, the United States and in the other countries in which we operate may be adversely affected by the tightening of credit markets and economic downturns. We depend on the demand from customers in Mexico, the United States and the other countries in which we operate, and reduced consumer spending that falls short of our projections could adversely impact our revenues and profitability.

Any renegotiation of trade agreements or changes in foreign policy by the current administration may affect macroeconomic variables critical to Mexico's economic stability, such as interest rates, exchange rates and inflation. The Mexican government could also implement retaliatory actions, such as imposing restrictions on Mexican imports of U.S. products or on Mexican exports to the United States.

These actions and their economic and political consequences may have an adverse effect on the Mexican economy, which in turn could impact our business, financial condition, results of operations and prospects. We cannot assure that developments in trade and tariff policies will not have a material adverse effect on our business, financial condition, results of operations and/or our ability to make payments under our financial obligations. See "—Renegotiation of the Trade Agreements or Other Changes in Foreign Policy by the Presidential Administration in the United States Could Adversely Affect Imports and Exports Between Mexico and the United States and Other Economic and Geopolitical Effects may Adversely Affect Us."

#### Uncertainty in Global Financial Markets Could Adversely Affect Our Financing Costs and Exposure to Our Customers and Counterparties
The global financial markets continue to be uncertain and it is hard to predict for how long the effects of the global financial stress of recent years will persist and what continuing impact it will have on the global economy in general, or the economies in which we operate, in particular, and whether slowing economic growth in any countries could result in decreased consumer spending affecting our products and services. If access to credit tightens and borrowing costs rise, our borrowing costs could be adversely affected. Difficulties in financial markets may also adversely affect some of our customers. In addition, we enter into derivative transactions with large financial institutions, including contracts to hedge our exposure to interest rates and foreign exchange rates, and we could be affected by severe financial difficulties faced by our counterparties.

***The Emergence of a New Pandemic May Have a Material Adverse Effect on Our Business, Financial Position and Results of Operations***

The emergence of a new pandemic could trigger a renewal of government restrictions on non-essential activities, including but not limited to temporary shutdowns or additional guidelines, which could be expensive or burdensome to implement, and which may affect our operations.

Any public health emergency, including an outbreak of existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a material adverse effect on our business, financial position and results of operations.

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***Currency Fluctuations or the Devaluation and Depreciation of the Peso Could Limit the Ability of Our Company and Others to Convert Pesos into U.S. Dollars or Other Currencies, Which Could Adversely Affect Our Business, Financial Condition or Results of Operations***

The Peso has been subject to significant appreciation or depreciation against the U.S. Dollar in the past and may be subject to significant fluctuations in the future. A significant portion of our indebtedness and a significant amount of our costs are U.S. Dollar-denominated, while our revenues are primarily Peso-denominated. As a result, decreases in the value of the Peso against the U.S. Dollar could cause us to incur foreign exchange losses, which could reduce our net income.

Severe devaluation or depreciation of the Peso may also result in governmental intervention, or disruption of international foreign exchange markets. This may limit our ability to transfer or convert Pesos into U.S. Dollars and other currencies for the purpose of making timely payments of interest and principal on our indebtedness and adversely affect our ability to obtain imported goods. The Mexican economy has suffered current account balance of payment deficits and shortages in foreign exchange reserves in the past. While the Mexican government does not currently restrict the right or ability of Mexican or foreign persons or entities to convert Pesos into U.S. Dollars or to transfer other currencies outside of Mexico, there can be no assurance that the Mexican government will not institute restrictive exchange control policies in the future. To the extent that the Mexican government institutes restrictive exchange control policies in the future, our ability to transfer or convert Pesos into U.S. Dollars or other currencies for the purpose of making timely payments of interest and principal on indebtedness, as well as to obtain imported goods, would be adversely affected. Devaluation or depreciation of the Peso against the U.S. Dollar or other currencies may also adversely affect U.S. Dollar or other currency prices for our debt securities or the cost of imported goods.

The public decisions and announcements of the presidential administration in the United States have had, and may continue to have, an adverse effect on the value of the Peso against other currencies, particularly the U.S. Dollar. A decision by the U.S. Federal Reserve to decrease applicable interest rates for bank reserves could also affect the exchange rate of the Peso relative to the U.S. Dollar, as well as presidential elections in the United States and Mexico, which could result in high volatility in the exchange rate of the Peso relative to the U.S. Dollar.

***An Increase in Interest Rates in the United States Could Adversely Impact the Mexican Economy and May Have a Negative Effect on Our Financial Condition or Performance***

A decision by the U.S. Federal Reserve to increase applicable interest rates for banks' reserves may lead to a general increase in interest rates in the United States. During the year ended December 31, 2025, the U.S. Federal Reserve decreased interest rates. However, there can be no assurance that the U.S. Federal Reserve will not maintain or make additional upwards adjustments to the current federal funds rate in the future to mitigate inflationary pressures. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from our performance to the extent we are exposed to such interest rates and/or volatility. An increase in general interest rates may redirect the flow of capital from emerging markets into the United States because investors may be able to obtain greater risk-adjusted returns in larger or more developed economies than in Mexico. Thus, companies in emerging market economies such as Mexico could find it more difficult and expensive to borrow capital and refinance existing debt. This may negatively affect our potential for economic growth and our ability to refinance our existing debt and could materially adversely affect our business, financial condition, results of operations, cash flows, prospects and the market price of our shares.

***Renegotiation of the Trade Agreements or Other Changes in Foreign Policy by the Presidential Administration in the United States Could Adversely Affect Imports and Exports Between Mexico and the United States and Other Economic and Geopolitical Effects May Adversely Affect Us***

In recent years there has been significant uncertainty regarding U.S. policies relating to trade, tariffs, immigration and foreign affairs, including with respect to Mexico. The current U.S. administration has adopted and proposed a range of trade measures that have affected, and may continue to affect the relationship between Mexico and the United States, including the level and terms of cross-border trade.

In addition, other U.S. government policies could also adversely affect economic conditions in Mexico. Because the Mexican economy is strongly influenced by economic conditions in the United States, changes in U.S. trade, tax, border, immigration or foreign policy, as well as political and economic developments in either country, could adversely affect Mexico's economy, foreign direct investment, supply chains and the level of imports and exports, which in turn could adversely affect our business, financial condition, results of operations, cash flows and prospects.

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Since early 2025, the United States has announced, imposed, modified, suspended and replaced a variety of tariff measures affecting imports from multiple countries, including Mexico. The announced tariffs on imports from Mexico and Canada are subject to adjustments and exemptions, including for certain goods qualifying for preferential treatment under the United States, Canada, and Mexico signed the United States-Mexico-Canada Agreement (the "USMCA"). In February 2026, however, the U.S. Supreme Court struck down significant portions of the U.S. administration's tariff program adopted under the International Emergency Economic Powers Act. The U.S. administration subsequently replaced those measures with a temporary 10% global import duty for up to 150 days under a different statutory authority while pursuing additional tariff actions and trade investigations under other laws. Continued changes in the scope, legal basis, duration or enforcement of these tariff measures, as well as uncertainty regarding future U.S. trade policy, could adversely affect trade flows, costs, customer demand, supply chains and the economic conditions in the United States, Mexico and other markets in which we operate.

In addition, sector-specific trade measures and enforcement action remain in effect and may be maintained, expanded or more aggressively enforced. These include tariffs and restrictions affecting, among other sectors, steel, aluminum and certain derivative products, as well as automobiles, automobile parts and other manufactured goods. Any continuation, expansion or stricter enforcement of such measures could increase costs, reduce competitiveness, disrupt cross-border manufacturing and logistics, and negatively affect Mexican exports and regional supply chains.

On September 30, 2018, Mexico, Canada and the United States reached an agreement on the terms of the USMCA, which replaced NAFTA. Mexico ratified the USMCA on June 19, 2019, the United States ratified it on January 16, 2020, Canada ratified it on March 13, 2020 and the USMCA entered into force on July 1, 2020. The USMCA includes a 16-year "review and term extension" mechanism, requiring the parties to conduct a joint review on the sixth anniversary of its entry into force on July 1, 2026. Such review may lead to a potential renegotiation and could introduce new terms that could impact Mexico's economy and job creation. In preparation for that review, the United States Trade Representative initiated a formal public consultation process in September 2025 and announced a public hearing as part of that process. In Mexico, the Ministry of Economy (*Secretaría de Economía*), also initiated a consultation process with stakeholders and, on March 9, 2026, presented the results of public consultations regarding the 2026 review of the USMCA. While the outcome of the upcoming review is uncertain, any unfavorable changes in the terms of the USMCA or other trade agreements could adversely affect our business operations and financial performance.

#### High Inflation Rates in Mexico May Decrease Demand for Our Services While Increasing Our Costs
In the past, Mexico has experienced high levels of inflation. The annual rate of inflation, as measured by changes in the Mexican National Consumer Price Index, or NCPI, was 4.7% in 2023, 4.2% in 2024 and 3.7% in 2025 and is projected to be 4.2% in 2026. An adverse change in the Mexican economy may have a negative impact on price stability and result in higher inflation than its main trading partners, including the United States. High inflation rates can adversely affect our business, financial condition and results of operations.

#### High Interest Rates in Mexico Could Increase Our Financing Costs
During the past year, Mexican interest rates increased in line with global market movements. The interest rates on 28-day Mexican government treasury securities averaged 11.1%, 10.7% and 8.1% for 2023, 2024 and 2025, respectively. High interest rates in Mexico could increase our financing costs and thereby impair our financial condition, results of operations and cash flow.

#### Political Events in Mexico Could Affect Mexican Economic Policy and Our Business, Financial Condition and Results of Operations
In 2024, Mexico held presidential, state, local and congressional elections, renewing 128 senators, all 500 deputies, state governors for Chiapas, Guanajuato, Jalisco, Morelos, Puebla, Tabasco, Veracruz, Yucatán, as well as the governor for Mexico City and a new president. These elections resulted in the election of President Claudia Sheinbaum from Morena, the ruling party. Additionally, Morena, through its political allies gained majority in the Mexican Congress and neared a qualified majority in the Senate, allowing the party to have leverage in the legislative process due to its ability to more easily meet the voting percentages needed for the passage of constitutional amendments, secondary laws and new legislation. We cannot predict the impact that political developments in Mexico will have on the Mexican economy nor can we provide any assurances that these events, over which the Company has no control, will not have an adverse effect on our business, financial condition, results of operations, cash flows and prospects. The Mexican government could implement significant changes in laws, policies, and regulations, which could affect the economic and political situation in Mexico.

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Historically, the Mexican president has strongly influenced new policies and governmental actions that impact the Mexican economy. We cannot be sure that the current administration or any future administration will maintain business-friendly and open-market economic policies and policies that stimulate economic growth and social stability. Any administration could implement substantial changes in law, policy, and regulations in Mexico, which could adversely affect our business, financial condition, results of operations and prospects. In addition, any actions taken by the current administration may lead to riots, protests and looting that could adversely affect our operations. Our financial condition and results of operation may be adversely affected by changes in Mexico's political climate, to the extent that such changes affect the nation's economic policies, growth, stability, outlook, or regulatory environment.

For example, in 2024, the Executive Power submitted to the Mexican Congress, which subsequently approved, a package of constitutional amendments including (i) significant amendments to the Mexican judicial system, which includes the election of judges, federal magistrates supreme court justices by popular vote, (ii) the elimination of autonomous governmental bodies, (iii) the transfer of the National Guard (*Guardia Nacional*) to the Ministry of Defense (*Secretaría de Defensa*) and (iv) the reform of the constitutional supremacy, which limits the judicial system's faculties to review, challenge and ultimately invalidate constitutional reforms.

As part of the significant amendments to the Mexican judicial system, judicial elections were held in June 2025, resulting in the replacement of a significant number of federal and local judges, including members of the Supreme Court, with additional positions expected to be filled through 2027. The newly elected Supreme Court took office on September 1, 2025, with a reduced composition of nine justices. In addition, a number of Mexican states have adopted constitutional amendments reflecting similar changes at the local level.

We cannot assure you that Morena and its political party allies or any future members will not introduce new legislative initiatives, modify existing legislation or reform the Mexican Constitution, which could, in turn, result in economic or political conditions that could materially and adversely affect our business. To approve a constitutional reform, members of the Mexican Congress must issue a qualified majority vote, approved by a simple majority of the legislatures of the States.

Finally, our business, financial condition and results of operations may be adversely affected by changes in governmental policies or regulations involving or affecting our management, operations and tax regime. Tax policy in Mexico, in particular, is subject to continuous change.

Any changes in laws, public policies or regulations may affect the political and economic environment in Mexico and, consequently, contribute to increased economic uncertainty and volatility in the Mexican capital markets and in securities issued by Mexican companies, including us.

#### Increased Labor Conflicts in Mexico Could Have a Material Adverse Impact on Our Financial Condition and Results of Operations
***A number of events, such as (i) the endorsement by the Mexican Senate of the International Labor Organization's Convention C098, the "Right to Organize and Collective Bargaining Convention" and (ii) the approval by the Mexican Congress to modify the Mexican Federal Labor Law and any other related laws or regulations, have caused, and continue to cause, labor conflicts in Mexico.***

***In addition, such conflicts have been exacerbated in recent years by consecutive annual increases to the minimum wage, including a 12% increase effective January 1, 2025, and, effective January 1, 2026, a further 13% increase to the general minimum wage and a 5% increase to the special minimum wage applicable in Mexico's Northern Border Free Zone. These developments have led workers and labor unions to demand more significant benefits and higher salary increases than in prior years, which could in turn increase our operational expenses.***

***As of December 31, 2025, approximately 37.68% of our employees were represented by unions. We cannot predict how these developments may affect our results of operations or financial condition. Any increased demands by our unionized workers may lead to higher labor costs, which could have a negative impact on our financial condition and results of operations.***

***Additionally, it should be noted that recent and pending labor reforms in Mexico have introduced new obligations for employers that may materially impact our financial condition and results of operations as these reforms entail modifications to the legal framework that expand employer responsibilities concerning workplace standards and employee benefits. For example, in June 2023, Mexican Official Standard NOM-037-STPS-2023 on "Telework" (i.e., when a person carries out his or her activities more than 40% of the time outside of the workplace) was published, following the 2021 amendment to the Federal Labor Law. This standard requires employers to ensure adequate health and safety conditions at teleworkers' designated workplaces, imposing obligations such as inspections, recordkeeping, and the coverage of certain expenses, which may result in additional labor-related costs.***

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***Subsequently, in June 2024, amendments to the General Law to Prevent and Punish Human Trafficking classified excessive working hours as a form of labor exploitation. This reform increases legal exposure for employers that fail to comply with statutory work-hour limits, as violations may lead to both administrative and criminal liability.***

***In December 2024, legislation commonly referred to as the "*Ley Silla*" was enacted, requiring employers to guarantee that employees may rest in a chair with back support during their workday and prohibiting prolonged periods of standing. This may require infrastructure adjustments and modifications to workplace arrangements and policies.***

On January 15, 2026, amendments to the Mexican Federal Labor Law were enacted to expressly incorporate in the concept of decent work the labor performed under conditions that respect human dignity. The reform strengthens the legal framework by establishing an explicit prohibition of workplace violence and discrimination, imposing on employers a duty to prevent such conduct, and recognizing equal working conditions and safe work environments for all employees. This reform imposes additional obligations on employers to prevent violations of applicable laws.

***Furthermore, on March 3, 2026, a reform to the Political Constitution of the United Mexican States regarding the reduction of working hours was published in the Official Gazette of the Federation and entered into force on the day following its publication, establishing that the standard workweek shall be 40 hours and that such reduction will be implemented gradually. In addition, amendments to the Federal Labor Law aimed at reducing working hours and establishing additional regulations in this regard are currently pending completion of the corresponding legislative process. These amendments related to working hours could significantly impact labor planning, scheduling, and operating costs, with potential implications for the Company's competitiveness in the Mexican market.***

***Finally, several additional legislative proposals are under consideration, including increases to the statutory Christmas bonus (*aguinaldo*), extensions of paternity leave, the introduction of new mandatory rest days, maternity premiums, and paid bereavement leave. These potential reforms, individually or collectively, could have a material adverse impact on our financial condition and results of operations.***

***Mexico has Experienced a Period of Increased Criminal Activity and Such Activities Could Adversely Affect Our Financing Costs and Exposure to Our Customers and Counterparties***

During recent years, Mexico has experienced periods of increased criminal activity and violence, primarily due to organized crime. In February 2026, clashes between organized crime factions and federal authorities in Jalisco and Guanajuato occurred and resulted in periods of instability, disrupting commercial and logistics activities in such areas. We cannot assure you to what extent these violent crimes will continue to increase or decrease, whether they will continue to expand throughout Mexico and if they will have further adverse effects on Mexico's economy. These activities, as well as the escalation of and the violence associated with such activities, could have a material adverse impact on the business environment in which we operate, and therefore on our financial condition and results of operations.

***Imposition of Fines by Regulators and Other Authorities Could Adversely Affect Our Business, Financial Condition and Results of Operations***

A significant portion of our business, activities and investments occur in heavily regulated sectors. In recent years, Mexican regulators and other authorities, including tax authorities, have increased their supervision and the frequency and amounts of fines and assessments have risen significantly. Although we intend to defend our positions vigorously when procedures are brought or fines are imposed by authorities, there can be no assurance that we will be successful in such defense. Our defense strategies include engaging with legal experts and regulatory consultants to navigate the complex regulatory landscape. However, we may in the future be required to pay fines and assessments that could be significant in amount, which could materially and adversely affect our business, financial condition, and results of operations.

***Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue***

Our business, activities and investments are subject to various Mexican federal, state and local statutes, rules, regulations, policies and procedures, which are subject to change and are affected by the actions of various Mexican federal, state and local government authorities. Such changes could materially adversely affect our operations and our revenue.

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On December 20, 2024, a constitutional reform on organic simplification (the "Constitutional Amendment") was published in the Official Gazette of the Federation, dissolving seven autonomous authorities, including the Federal Economic Competition Commission ("COFECE") and the Federal Telecommunications Institute ("IFT"). Pursuant to the Constitutional Amendment, on July 16, 2025, the Mexican Federal Antitrust Law (*Ley Federal de Competencia Económica*) was amended and a new Telecommunications and Broadcasting Law (*Ley en Materia de Telecomunicaciones y Radiodifusión* or "LMTR") was published, repealing the Federal Telecommunications and Broadcasting Law in force since 2014. On October 16, 2025, the National Antitrust Commission (*Comisión Nacional Antimonopolio* or "CNA") was created as a decentralized authority organized under the Ministry of Economy (*Secretaría de Economía*), with operational and technical autonomy. Similarly, on October 17, 2025, the Telecommunications Regulatory Commission (*Comisión Reguladora de Telecomunicaciones* or "CRT") started operations as the sole authority in telecommunications and broadcasting, assuming the attributions, obligations and powers of the extinct IFT, with the exception of antitrust proceedings, which are continued by the CNA. Unlike the IFT, the CRT is not a constitutionally autonomous body and falls under the Federal Executive Branch through the *Agencia de Transformación Digital y Telecomunicaciones* (the "ATDT" or the "Agency").

Aside from the Antitrust Commission's organic statute – which establishes the internal rules for its operation – no secondary antitrust regulations have been issued as of the date of this Form 20-F, and the regulatory provisions, guidelines, and other instruments previously issued by COFECE remain in force to the extent they do not conflict with the amended Mexican Federal Antitrust Law.

The amended Mexican Federal Antitrust Law, the LMTR, including their regulations, as well as the conditions and measures imposed by the CRT or the CNA, as applicable, may affect some of our activities, including our ability to introduce new products and services, enter into new or complementary businesses or joint ventures and complete acquisitions or determine the rates we charge for our services and products or the manner in which we provide our products or services. Approval of the CNA is required to acquire certain businesses or enter into certain joint ventures. There can be no assurance that in the future the CNA will authorize certain acquisitions or joint ventures related to our businesses, the denial of which may adversely affect our business strategy, financial condition and results of operations. The CRT or the CNA, as applicable, may also impose conditions, obligations and fines that could adversely affect some of our activities, our business, financial condition and results of operations. See "—Imposition of Fines by Regulators and Other Authorities Could Adversely Affect Our Business, Financial Condition and Results of Operations".

As a result of the amendments to the Mexican Constitution and the former *Ley Federal de Telecomunicaciones y Radiodifusión*, or Telecommunications and Broadcasting Federal Law (the "LFTR"), relating to telecommunications, television, radio and antitrust, concessions for the use of spectrum are now only granted through public bid processes.

Article 15-A of the *Ley del Seguro Social*, or the Social Security Law, could materially adversely affect our business, financial condition and results of operations. Article 15-A provides that a company that receives personnel services from a third party is jointly bound to comply with the obligations related to social security that have to be fulfilled by such personnel services providers for the benefit of their respective employees. Article 15-A also requires the Company to send a list to the *Instituto Mexicano del Seguro Social*, or the Social Security Mexican Institute, of all agreements entered into with personnel services providers.

In addition to the foregoing, certain provisions of the *Ley Federal del Trabajo*, or the Federal Labor Law, could materially adversely affect our business, financial condition and results of operations. The Federal Labor Law, as amended in April 2021, provides, among other things, that subcontracting personnel is prohibited and only will be permitted if the personnel services provider performs specialized services or specialized work; however, such specialized services or work shall not be contemplated in the company's corporate purpose or be related with the company's main activities. Companies that provide outsourcing services will be required to complete a registration before the Mexican Ministry of Labor (*Secretaría del Trabajo y Previsión Social*). If these requirements are not met, the company that receives the benefit of the outsourced services shall be jointly liable for all the obligations applicable to employers pursuant to the Federal Labor Law in respect of such personnel. Fines and penalties may be imposed on companies that do not comply with all applicable obligations, and the use of simulated schemes of rendering specialized services or execution of specialized work, as well as subcontracting personnel, will be treated as a criminal offense.

The amendment approved in April 2021 brings, as a consequence, changes to the social security, tax and labor laws. The objective of such amendment is to avoid subcontracting schemes.

This amendment also stated that the amount of profit sharing to be paid to employees will be capped to three months of salary or the average amount received by the employee in the last three years, whichever is more favorable to the employee. A tax implication of this amendment is that invoices issued for disallowed subcontracting of personnel will not have tax effects (i.e., non-deductible expense for income tax purposes and inability to claim a value added tax credit on such expense).

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The economic plan for 2025 did not include any changes to the Mexican Income Tax Law, the Mexican Value Added Tax Law or the Mexican Federal Tax Code. The withholding income tax rate applicable to payments of interest made by Mexican financial entities did not change from 2024 and remained at 0.50% in 2025.

On June 3, 2021, a decree issuing the Transparency, Prevention and Fight of Improper Practices in Mexico of Advertising Contracting Act (the "Agencies Law") was published in the Official Gazette of the Federation and became effective on September 1, 2021. The purpose of the Agencies Law is to promote transparency in the advertising industry, as well as to prevent and oppose commercial practices that result in an improper advantage in favor of certain persons to the detriment of advertisers and consumers. On June 8, 2023, the Plenary of the Supreme Court of Justice, by a majority of eight votes, resolved the constitutional disputes filed by the IFT and COFECE, declaring the Agencies Law invalid. The judgment was published in the Official Gazette of the Federation on December 22, 2023. As a result, the Agencies Law is currently invalid and not applicable.

***The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment***

On December 20, 2024, a constitutional reform on organic simplification, the Constitutional Amendment, was published in the Official Gazette of the Federation, dissolving seven autonomous authorities, including the COFECE and the IFT. Pursuant to the Constitutional Amendment, on July 16, 2025, the Mexican Federal Antitrust Law (*Ley Federal de Competencia Económica*) was amended and a new Telecommunications and Broadcasting Law, the LMTR, was published, repealing the Federal Telecommunications and Broadcasting Law in force since 2014. On October 16, 2025, the CNA was created as a decentralized authority organized under the Ministry of Economy (*Secretaría de Economía*), with operational and technical autonomy. Similarly, on October 17, 2025, the CRT started operations as the sole authority in telecommunications and broadcasting, assuming the attributions, obligations and powers of the extinct IFT, with the exception of antitrust proceedings, which are continued by the CNA. Unlike the IFT, the CRT is not a constitutionally autonomous body and falls under the Federal Executive Branch through the ATDT. The CRT retains authority to impose measures on dominant and preponderant economic agents; however, for any dominance declarations, the CNA must request a technical opinion from the CRT. No secondary antitrust regulations have been issued as of today, and the regulatory provisions, guidelines, and other instruments previously issued by COFECE remain in force to the extent they do not conflict with the amended Mexican Federal Antitrust Law.

Any regulations related to the LMTR that could be issued by the President of Mexico and the new regulator, as applicable, or amendments to the LMTR and certain actions to be taken under the new regulatory framework from time to time, affect or could significantly and adversely affect the business, results of operations and financial condition of certain of our subsidiaries that hold concessions and/or provide services in the areas of broadcasting, cable and telecommunications.

The LMTR establishes that measures taken or decisions issued by CRT are not subject to judicial stay. Therefore, subject to limited exceptions, until a decision, action or omission by CRT is declared void or unconstitutional by a competent court through a binding and final judgment, CRT's decision, action or omission will be valid and will have full legal effect.

As a result of the must-offer and must-carry regulations issued by the former IFT, starting on September 10, 2013, our concessionaries of broadcast services have been required to permit pay-TV concessionaries to retransmit broadcast signals, free of charge and on a non-discriminatory basis, within the same geographic coverage area simultaneously and without modifications, including advertising, and with the same quality of the broadcast signal, except in certain specific cases provided in the transitory Articles of the June 2013 Telecom Reform (the "Telecom Reform"). Also, since September 10, 2013, our pay-TV concessionaires are required to retransmit broadcast signals of free television concessionaires, free of charge and on a non-discriminatory basis, subject to certain exceptions and additional requirements provided for in the Telecom Reform.

Certain pay-TV concessionaries benefit from the free use of broadcast for retransmission to their subscribers.

On February 27, 2014, the "General Guidelines Regarding the Provisions of Section 1 of the Eighth Article of the Transitory Decree Amending and Supplementing a Number of Provisions of Articles 6, 7, 27, 28, 73, 78, 94 and 105 of the Mexican Constitution in Telecommunications," or the Guidelines, were published in the Official Gazette of the Federation, which include, among other obligations, the obligation of concessionaires of broadcast television licenses to permit the retransmission of their broadcast signals and the obligation of pay-TV concessionaires to perform such retransmission (without requiring the prior consent of the broadcast television concessionaires) in the same geographic coverage zone for free (subject to certain exceptions) and in a non-discriminatory manner in its entirety, simultaneously and without modifications, including advertising, and with the same quality of the broadcast signal without requiring consent from the broadcast television concessionaires.

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On March 6, 2014, the former IFT issued a decision (the "Preponderance Decision") whereby it determined that we, together with other entities with concessions to provide broadcast television, including some of our subsidiaries, are preponderant economic agents in the broadcasting sector in Mexico (together, the "Preponderant Economic Agent"). As part of the transaction consummated on January 31, 2022 (the "TelevisaUnivision Transaction"), *Televisa, S. de R.L. de C.V.* ("TVSA"), an entity formerly owned by the Company and now the operator of TelevisaUnivision's Content business in Mexico, executed third party programming agreements with the Company's entities that hold the broadcasting concessions. As a result of the TelevisaUnivision Transaction, TVSA is also part of the Preponderant Economic Agent.

The Preponderance Decision imposes on the Preponderant Economic Agent various measures, terms, conditions and restrictive obligations, including the following:

● *Infrastructure sharing* — The Preponderant Economic Agent must make its passive broadcasting infrastructure available to third-party concessionaires of broadcast television for commercial purposes in a non-discriminatory and non-exclusive manner, with the exception of broadcasters that, at the time the measures enter into force, have 12 MHz or more of radioelectric spectrum in the geographic area concerned. Such passive broadcasting infrastructure includes, among others, non-electronic elements at transmitting locations, rights of way, ducts, masts, trenches, towers, poles, security, sites, land, energy sources and air conditioning system elements. This action may result in the Preponderant Economic Agent being bound to incur substantial additional costs and obligations in complying with this requirement, as well as affecting the results of operations. Furthermore, this measure will facilitate the entry and expansion of new competitors in the broadcasting industry without such competitors having to incur costs or investment expenses that new businesses in this industry otherwise would have made and which we incurred in the past and will continue incurring in the future in order to remain competitive. A first infrastructure offer with the terms and conditions to make our passive broadcasting infrastructure available to third-party concessionaires was published on our website on December 19, 2014 and was valid until December 31, 2016. This was succeeded by a second infrastructure offer, which we published on our website on November 30, 2016 and which was effective as of January 1, 2017. This was succeeded by a third infrastructure offer, which we published on our website on November 30, 2017 and was valid from January 1, 2018 until December 31, 2019, which was declared unconstitutional by the Supreme Court on November 26, 2019. This was succeeded by a fourth infrastructure offer, which we published on our website on November 30, 2019, to be effective from January 1, 2020 through December 31, 2021. This was succeeded by a fifth infrastructure offer, which we published on our website on November 30, 2021, effective from January 1, 2022 through December 31, 2023. This was succeeded by a sixth infrastructure offer, which we published on our website on December 1, 2023, effective from January 1, 2024 through December 31, 2025. This was succeeded by a seventh infrastructure offer, which we published on our website on December 1, 2025, effective from January 1, 2026 through December 31, 2027. The price to be paid by the concessionaires for the use of our infrastructure on the seventh infrastructure offer is subject to negotiation. As of the date of this report, we have not received any request from third-party concessionaries regarding such infrastructure offer; however, we are unable to predict the impact of the use of the seventh infrastructure offer on our businesses, results of operations and financial conditions of certain of our subsidiaries that hold concessions and/or provide services in the areas of broadcasting and telecommunications.

● *Advertising sales* — According to the Preponderance Decision, the Preponderant Economic Agent must deliver to CRT the terms and conditions of its broadcast advertising services and fee structures, including commercials, packages, discount plans and any other commercial offerings and publish them on its webpage. The Preponderant Economic Agent also must make publicly available on its website its forms of contracts and terms of sale for each service. Based on this decision, the Preponderant Economic Agent is expressly prohibited from refusing to sell advertising and/or discriminating with respect to the advertising spaces being offered. If CRT considers that the Preponderant Economic Agent has failed to comply with the foregoing, CRT may order the Preponderant Economic Agent to make its advertising spaces available, which, in turn, could affect the ability of the Preponderant Economic Agent to carry out its advertising sales plans in an efficient and competitive manner, affecting its operating results. This provision may also affect the ability of the Preponderant Economic Agent to offer competitive rates to its customers.

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● *Prohibition on acquiring certain exclusive content* — The Preponderant Economic Agent may not acquire transmission rights, on an exclusive basis, for any location within Mexico with respect to certain relevant content, determined by the former IFT, now the CRT, in the "Ruling whereby IFT identifies the relevant audiovisual contents in terms and for the purposes of the fourth measure and the second transitory article of the fourth attachment of the Telecommunication Preponderance Decision and the Broadcasting Preponderance Decision", or the Relevant Content Ruling, which list may be updated every two years by CRT. Relevant content is defined as programs with a high expected level of regional or national audience and with unique characteristics that in the past have generated high levels of national or regional audiences. The Relevant Content Ruling identified certain programs that would be considered relevant content, namely, Mexican national soccer team games, the opening and closing ceremonies of the Olympic Games, the opening and closing ceremonies and semifinals and finals of the FIFA World Cup, and the finals of the Mexican Soccer League. Also, on November 14, 2018, the former IFT updated the list, eliminating the opening and closing ceremonies of the Olympic Games and adding 16 matches of the FIFA World Cup, semifinals of the Mexican Soccer League and the Super Bowl. This Ruling applies to the Preponderant Economic Agents and may limit the ability of the Preponderant Economic Agents to negotiate and have access to this content and could affect their ability to acquire content in the medium and long term, which could significantly and adversely affect their revenues and results of operations from the sale of advertising, as well as the quality of the programming offered for their audiences.

● *Over-the-air channels* — When the Preponderant Economic Agent offers any of its over-the-air channels, or channels that have at least 50% of the programming that is broadcast daily between 6:00 a.m. and midnight on such channels, to its affiliates, subsidiaries, related parties or third parties, for distribution through a different technological platform than over-the-air broadcast television, the Preponderant Economic Agent must offer these channels to any other person that asks for distribution over the same platform as the Preponderant Economic Agent has offered, on the same terms and conditions. Also, if the Preponderant Economic Agent offers a package of two or more of these channels, it must also offer them in an unpackaged form upon request.

● *Prohibition on participating in "buyers' clubs" or syndicates to acquire audiovisual content, without CRT's (formerly IFT's) prior approval* — The Preponderant Economic Agent may not enter into or remain a member of any "buyers' club" or syndicates of audiovisual content unless it has received the prior approval of CRT. A "buyers' club" is defined as any arrangement between two or more economic agents to jointly acquire broadcast rights to audiovisual content in order to obtain better contractual terms. This may result in the Preponderant Economic Agent not having exclusive access to certain audiovisual content and consequently its audiences may move to other broadcast television transmissions or other technological platforms that transmit such content. It may also result in its acquisition costs significantly increasing, which can affect business strategy, financial condition and results of operations.

On February 27, 2017, as part of the biennial review of the broadcasting sector preponderance rules, the former IFT amended various measures, terms, conditions and restrictive obligations (the "New Preponderance Measures") as follows:

● *Infrastructure sharing* — In addition to the previously imposed obligations regarding the sharing of passive infrastructure, the New Preponderance Measures have (i) included the service of signal emissions in the event that no passive infrastructure exists on the relevant requested site, which was declared unconstitutional by the Supreme Court on November 26, 2019; (ii) strengthened the supervision of services provided by the Preponderant Economic Agent and tariff arrangements made with its clients; (iii) included certain rules relating to publicity of its tariffs; and (iv) included a new electronic management system. Under the New Preponderance Measures, the former IFT determined specific tariffs for our third and fourth infrastructure offers.

● *Prohibition on acquiring certain exclusive content* — This measure has been modified by enabling the Preponderant Economic Agent to acquire relevant content under certain circumstances as long as it obtains the sublicense of such transmission rights to the other broadcasters of over-the-air television in Mexico on non-discriminatory terms.

● *Advertising sales* — The former IFT modified this measure by including specific requirements to the Preponderant Economic Agent in its provision of over the air advertising services, particularly to telecommunications companies, which include (i) publishing and delivering to the former IFT specific information regarding tariffs, discount plans, contracting and sales terms and conditions, contract forms and other relevant practices; and (ii) prohibiting discrimination, refusals to deal, conditioned sales and other conditions that inhibit competition. The Preponderant Economic Agent also has to provide very detailed information to the former IFT on a recurrent basis of over the air advertising services related to telecommunications companies.

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● *Accounting separation* — We, as the Preponderant Economic Agent, are required to implement an accounting separation methodology following the criteria defined by the former IFT for those purposes, which criteria were published in the *Diario Oficial de la Federación*, or the Official Gazette of the Federation, on December 29, 2017. Such criteria were amended by a first amendment published on October 29, 2018, where the former IFT simplified some reporting obligations for accounting separation for entities that are part of the Preponderant Economic Agent, other than our subsidiaries. Furthermore, a second amendment was published on December 19, 2019, where the former IFT deferred the deadline for the filing of the accounting separation exercises for the fiscal years 2017 and 2018 to July 31, 2019, which we filed timely. We timely filed the accounting separation methodology for fiscal years 2020, 2021, 2022, 2023 and 2024 and have begun the process of the accounting separation methodology for fiscal year 2025, which will be filed with IFT later in 2026.

On March 28, 2014, we, together with our subsidiaries determined to be the Preponderant Economic Agent in the broadcasting sector, filed an *amparo* proceeding challenging the constitutionality of the Preponderance Decision. On November 21, 2019, the Supreme Court resolved the *amparo* proceeding. The Supreme Court declared the constitutionality of the Preponderance Decision, which, therefore, remains in force.

Additionally, on March 31, 2017, we, together with our subsidiaries, filed an *amparo* proceeding challenging the constitutionality of the New Preponderance Measures. On November 21, 2019, the Second Chamber of the Supreme Court of Justice granted the *amparo* and revoked the New Preponderance Measures. As a result, the applicable and valid measures that are in force are those issued under the Preponderance Decision.

The biennial review of the broadcasting sector preponderance rules that began in 2019 was concluded due to the resolution of the *amparo*. A new biennial review began in 2023 and on April 30, 2024, the former IFT notified the Company of the ruling of their biennial review proceeding to modify, add, and remove some of the existing preponderance measures in the broadcasting sector. The modifications to the previous ruling include: updating requirements and specific elements to be considered in the Public Offering of Passive Infrastructure and its Electronic Management System (SEG), including in connection with tariffs negotiation; the continuation of the prohibition to acquire Relevant Audiovisual Content on an exclusive basis, unless the right to sublicense such content to other broadcasters in Mexico is acquired; and the addition of specific requirements for the provision of advertising services, particularly for the promotion of telecommunications services.

The Telecom Reform of 2014 provided for a public bid or auction to grant licenses to establish the National Digital Networks. The "Auction Program for Digital Television Broadcast Frequencies" took place in 2014 and the first part of 2015. See "—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue".

The LMTR provides that integrated sole concessions will be renewed for terms equal to the maximum terms for which they could be granted, namely, up to 30 years. To request the renewal of a concession, a concession holder must: (i) file its request with CRT one year prior to the beginning of the fifth period of the term of the concession; (ii) comply with its obligations established in the applicable laws and in the concession title; and (iii) accept the new conditions that CRT may impose. In such cases, CRT will issue its ruling within 180 days following the date the concession holder files the renewal request. If CRT does not issue its ruling within 180 days, the renewal will be automatically granted.

In the case of concessions for the use of radio-electric spectrum, the maximum term of renewal is 20 years. Renewal of concessions for the use of spectrum require, among others: (i) that the concessionaire submit the renewal request to the CRT, in the case of broadcasting services, no later than six months prior to the expiration of the term of the relevant concession; (ii) that the concessionaire be in compliance with its obligations under the LMTR, other applicable regulations, and the concession title; (iii) a determination by the CRT, within thirty business days following the submission of the request, as to whether there is a public interest in recovering the spectrum granted under the relevant concession, in which case the CRT will notify the concessionaire and the concession will terminate upon expiration of its term; and (iv) if no such public interest exists, the granting of the requested extension, subject to the concessionaire's prior acceptance of the new conditions established by the CRT, which will include the payment of a corresponding fee. To our knowledge, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in the past several years for public interest reasons; however, the Company is unable to predict the outcome of any action by CRT in this regard.

The former IFT has approved the renewal of the concession titles for the use of spectrum for the broadcast television signals known as Las Estrellas, Canal 5, NU9VE, Foro TV and other local television stations, for a term of 20 years after the existing expiration dates, as well as the issuance of concessions that grant the authorization to provide digital broadcasting television services.

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As part of our expansion of our cable networks, on December 17, 2018, we acquired *FTTH de México, S.A. de C.V*., or FTTH, under the provisions set forth in transitory Article 9 of the former LFTR. On May 8, 2019, the former IFT launched an investigation to analyze if, as a result of the transaction, the Company and TVSA acquired substantial power in the market of telecommunications networks providing voice, data or video services. On September 4, 2019, the former IFT Investigative Authority issued a preliminary opinion, whereby it assessed that there were elements to determine that the Company had substantial power in 35 relevant markets of the telecommunications networks that provide restricted television and audio services. Those relevant markets comprise 35 municipalities in the following States: Aguascalientes, Chihuahua, Ciudad de México, Estado de México, Jalisco, Nuevo León and San Luis Potosí. As a response to the preliminary opinion, the Company presented its position and provided evidence to prove that the Company does not hold substantial power in the relevant markets established in the preliminary opinion. On November 26, 2020, the former IFT notified the Company of the final resolution confirming the existence of substantial power in the 35 relevant markets of restricted television and audio services. Consequently, on December 17, 2020, the Company filed three *amparos* challenging the constitutionality of the resolution. In October 2022, TVSA, the Company and some subsidiaries of the Company's former Cable and Sky businesses obtained favorable *amparo* resolutions from a specialized federal judge which determined that the resolution of the former IFT about the substantial power on the restricted services of the television and audio market in 35 municipalities in Mexico, after the acquisition of the direct to home fiber-optic and assets related to *Axtel, S.A.B. de C.V.* in December 2018, was unconstitutional. On January 24, 2024, a Federal Court resolved through a final resolution from the *amparo* of TVSA and instructed the former IFT to revoke the substantial power resolution. On March 6, 2024, as a result of the *amparo* resolution, the former IFT revoked the substantial power resolution and determined to close the file only for TVSA. On May 16, 2024, a Federal Court ruled on the *amparo* proceedings of the Company and some subsidiaries of its former Cable and Sky businesses, ordering the former IFT to repeal the determination that declared the Company, its concessionaires of restricted television and audio services and other entities as Economic Agent with Substantial Power in the 35 relevant markets of restricted television and audio services. On June 21, 2024, the former IFT notified the Company of such repeal ruling in compliance with the guidelines issued by the Federal Court. With this resolution, the procedure initiated by the former IFT to impose asymmetric measures on the Company and its subsidiaries was also repealed, and the measures provided in the current regulations for these purposes are no longer applicable. Some of the consequences derived from the determination of substantial market power are applicable as a matter of law and others may be imposed by CRT, formerly IFT, in a new procedure in accordance with the LFTR, now the LMTR; these may consist of: (i) the obligation to obtain CRT's approval and to register the rates for our services; (ii) to inform the CRT in case of the adoption of new technology or modifications to the network; (iii) the agent with substantial power may not be entitled to the benefits of some rules of the "must carry" and "must offer" provisions; and (iv) the implementation of accounting separation.

In October 2022, the Company, TVSA and certain subsidiaries of the Company's former Cable and Sky segments (the "Complainants") obtained favorable *amparo* resolutions from a specialized federal judge. The resolutions ruled that the former IFT's determination regarding substantial power in the market of restricted television and audio services in 35 Mexican municipalities, following the acquisition of Axtel, S.A.B. de C.V.'s residential optical fiber-to-the-home and related assets in 2018, was unconstitutional. In 2024, a federal court issued final resolutions instructing the former IFT to revoke the substantial power resolution. As a result of the *amparo* resolution, the former IFT revoked the substantial power resolution and determined to close the file for TVSA, the Company and some of the subsidiaries of the Company's former Cable and Sky businesses.

Overall, the Telecom Reform, the LMTR and secondary regulations already issued and to be issued by the executive power or the Mexican Congress, as applicable, as well as any actions taken by the new regulator, may increase our operating costs and interfere with our ability to provide, or prevent us from offering, some of our current or future services.

The transition to the new regulatory entities could introduce further uncertainty regarding compliance obligations, competitive conditions, and market dynamics, all of which may materially affect our business and financial performance. As the legislative and regulatory landscape continues to evolve, we will closely monitor any changes that may impact our business operations, including potential amendments to the LMTR and new enforcement mechanisms established by the restructured regulatory framework.

See "Information on the Company—Business Overview—Regulation—Telecom and Broadcasting Regulations".

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#### Risk Factors Related to Our Major Stockholders
***Emilio Azcárraga Jean Has and Will Have Substantial Influence Over Our Management and the Interests of Mr. Azcárraga Jean may Differ from Those of Other Stockholders***

We have four classes of stock: Series "A" Shares, Series "B" Shares, Series "D" Shares, and Series "L" Shares. Emilio Azcárraga Jean, directly and indirectly through a trust for his benefit (the "Azcárraga Trust"), beneficially owns 48.7% of the outstanding Series "A" shares, 3.4% of the outstanding Series "B" shares, 3.5% of the outstanding Series "D" shares and 3.5% of the outstanding Series "L" shares of the Company. As a result, Emilio Azcárraga Jean controls the vote for electing directors of such shares. The Series "A" Shares beneficially owned by Emilio Azcárraga Jean constitute a majority of the Series "A" Shares whose holders are entitled to vote because non-Mexican holders of CPOs or GDSs are not permitted to vote the underlying Series "A" Shares in accordance with the trust agreement governing the CPOs and the Company's bylaws. Accordingly, and so long as non-Mexicans own more than a minimal number of Series "A" Shares, Emilio Azcárraga Jean will have the ability to direct the election of 11 out of 20 members of our Board of Directors. See "Major Stockholders and Related Party Transactions—The Major Stockholders".

***As Controlling Stockholder, Emilio Azcárraga Jean Has the Ability to Influence Our Ability to Raise Capital, Which Would Require Us to Seek Other Financing Arrangements***

Emilio Azcárraga Jean has the voting power to influence our efforts to raise money through equity offerings. Mr. Azcárraga Jean has informed us that if we conduct a primary sale of our equity, he would consider exercising his pre-emptive rights, to the extent available, to purchase a sufficient number of additional Series "A" Shares in order to maintain such power. In the event that Mr. Azcárraga Jean is unwilling to subscribe for additional shares and/or influences the vote for any such action and results in preventing us from raising money through equity offerings, we would need to raise money through a combination of debt or other forms of financing, which we may not obtain, or if so, possibly not on favorable terms.

#### Risk Factors Related to Our Business

#### The Operation of Our Business May Be Adversely Affected if the Mexican Government Does Not Renew or Revokes Our Broadcast or Other Concessions
On December 20, 2024, the Constitutional Amendment was published in the Official Gazette of the Federation, dissolving seven autonomous authorities, including COFECE and IFT. Pursuant to the Constitutional Amendment, on July 16, 2025, the Mexican Federal Antitrust Law was amended and a new Telecommunications and Broadcasting Law (LMTR) was published, repealing the Federal Telecommunications and Broadcasting Law in force since 2014. On October 16, 2025, the CNA was created as a decentralized authority organized under the Ministry of Economy (*Secretaría de Economía*), with operational and technical autonomy. Similarly, on October 17, 2025, the CRT started operations as the sole authority in telecommunications and broadcasting, assuming the attributions, obligations and powers of the extinct IFT, with the exception of antitrust proceedings, which are continued by the CNA. Unlike the IFT, the CRT is not a constitutionally autonomous body and falls under the Federal Executive Branch through the ATDT.

We hold a number of concessions from the former IFT (previously from *Secretaría de Comunicaciones y Transportes* or SCT) to broadcast programming over television stations, and to provide telecommunication services. In November 2018, all of our digital broadcast television concessions were renewed and, as a consequence, the former IFT delivered to the Company concessions (i) for the use of spectrum until 2042 and (ii) that grant the authorization to provide digital broadcasting television services until 2052. See "*—*Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue". The expiration dates of our cable concessions range from 2026 to 2059 and our DTH concessions expire between 2030 and 2056. *Cablevisión, S.A. de C.V.* ("Cablevisión") obtained a telecommunications concession expiring in 2029, which changed to an integrated sole concession in 2019, but kept its original term. In September 2022, Cablevisión began the process of extending the term of the integrated sole concession title granted in May 2019, and through a resolution dated June 7, 2023, the Plenary of the former IFT authorized the extension of the term of the Cablevisión integrated sole concession for an additional 30 years beginning in September 2029. Consequently, in August 2023, the former IFT delivered to Cablevisión a new integrated sole concession title that authorizes Cablevisión for such additional period.

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The LMTR provides that integrated sole concessions will be renewed for terms equal to the maximum terms for which they could be granted, namely, up to 30 years. To request the renewal of a concession, a concession holder must: (i) file its request with CRT one year prior to the beginning of the fifth period of the term of the concession; (ii) comply with its obligations established in the applicable laws and in the concession title; and (iii) accept the new conditions that CRT may impose. In such cases, CRT will issue its ruling within 180 days following the date the concession holder files the renewal request. If CRT does not issue its ruling within 180 days, the renewal will be automatically granted.

In the case of concessions for the use of radio-electric spectrum, the maximum term of renewal is 20 years. Renewal of concessions for the use of spectrum require, among others: (i) that the concessionaire submit the renewal request to the CRT, in the case of broadcasting services, no later than six months prior to the expiration of the term of the relevant concession; (ii) that the concessionaire be in compliance with its obligations under the LMTR, other applicable regulations, and the concession title; (iii) a determination by the CRT, within thirty business days following the submission of the request, as to whether there is a public interest in recovering the spectrum granted under the relevant concession, in which case the CRT will notify the concessionaire and the concession will terminate upon expiration of its term; and (iv) if no such public interest exists, the granting of the requested extension, subject to the concessionaire's prior acceptance of the new conditions established by the CRT, which will include the payment of a corresponding fee. To our knowledge, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in the past several years for public interest reasons; however, the Company is unable to predict the outcome of any action by CRT in this regard.

See "—Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue" and "—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment".

#### We Face Intense Competition in Each of Our Markets
We face competition in all of our businesses. The entities in which we have strategic investments and the joint ventures in which we participate, including TelevisaUnivision, also face intense competition. We expect that competition in our different businesses will intensify.

In addition, the industries in which we operate are changing rapidly because of new participants and evolving technologies.

The cable industry in Mexico has become highly competitive, and we face significant competition. Most telecommunications operators are authorized to provide pay-TV, internet broadband services and voice services, including Voice over Internet Protocol, or VoIP, which poses a risk to us. We also face competition from the Preponderant Economic Agent in telecommunications, particularly in the provision of broadband and fixed telephony services. Our broadband services also face competition from mobile telecom and low earth orbit satellite operators. The cable business is also capital intensive.

Our pay-TV companies face competition from IPTV, AVOD or over-the-top ("OTT") providers such as Netflix, Disney+, Claro Video, Prime Video (Amazon), HBO Max, Apple TV+ and YouTube among others, as well as from other pay-TV operators such as Dish México, Total Play, Megacable and other cable television companies.

Our DTH satellite business faces competition from various competitors, including other DTH operators in Mexico, such as Dish México, and pay-TV providers such as Megacable, Total Play, as well as from Digital TV, OTT and other streaming platforms.

Our businesses compete with other traditional and digital media companies with respect to advertising and sales, including pay-TV, social media, podcasts, outdoor advertising and publishing, among others.

Our future success will be affected by changes in the industries where we participate, which we cannot predict, and consolidation in such industries could further intensify competitive pressures. We expect to face competition from an increasing number of sources in Mexico and abroad, including emerging technologies that provide new services to broadband and pay-TV customers and new entrants in the industries where we participate, which will require us to make significant investments and capital expenditures in new technologies and will result in higher costs in the acquisition of content or may impair our ability to renew rights to special events, including sporting and entertainment events. Our business may require substantial capital to pursue additional acquisitions and capital expenditures, which may result in additional incurrence of leverage, issuance of additional capital or a combination thereof.

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***Loss of Transmission or Loss of the Use of Satellite Transponders Could Cause a Business Interruption in Innova, Which Would Adversely Affect Our Net Income***

Media and telecom companies, including Innova, rely on satellite transmissions to conduct their day-to-day business. Any unforeseen and sudden loss of transmission or non-performance of the satellite for Innova can cause huge losses to Innova's business. The unforeseen loss of transmission may be caused due to the satellite's loss of the orbital slot or the reduction in the satellite's functional life.

The size of the business interruption impact for Innova in the case of a satellite loss exceeds the insurance we have acquired to cover this risk. In order to reduce the possibility of financial consequences resulting from an unforeseen loss of transmission, Innova entered into an agreement to launch a backup satellite jointly with Sky Brasil Servicos Ltda., or Sky Brasil, which was launched in the first quarter of 2010. In the third quarter of 2013, Sky entered into an agreement with DirecTV for the acquisition and launch of a satellite named SM-1, which started operations in June 2015. In the future, we may have to invest in additional satellite capacity. We cannot predict the extent of losses to Innova in the case of current or new satellite loss or the effectiveness of any alternative strategy.

#### Any Incidents Affecting Our Network and Information Systems or Other Technologies Could Have an Adverse Impact on Our Business, Reputation and Results of Operations
Our business operations rely heavily on network and information systems and other technology systems, including cloud computing. We also rely on our information technology systems and those from third parties. Incidents affecting these systems, such as cyber-attacks, malware (including deployment of ransomware), phishing and social engineering compromises, denial of service attacks and other destructive or disruptive activities, process breakdowns, outages, or malicious or accidental release of information may lead to a disruption of our operations, improper disclosure of personal data of clients, subscribers, or employees, or other privileged or confidential information, or unauthorized access to our digital content or any other type of intellectual property. It is common for a company such as ours to be subjected to continuous attempted cyber-attacks or other malicious efforts designed to cause a cybersecurity incident, and we have in the past experienced such attempts and resulting incidents from time to time. Such attempts, if successful, could lead to interruptions of our business and damage our reputation and may require us to expend substantial resources on litigation, regulatory investigation and enforcement, and forensic investigation and remediation costs, and could therefore have a material adverse effect on our business, including our strategy, reputation, results of operations, and financial condition. We continue to work closely with our external advisors to prevent cybersecurity incidents, and to invest in maintaining and improving our cybersecurity resilience, and the Company's cybersecurity risks, and mitigation actions are monitored by the Information Security group and referred to the Audit Committee that reports to our Board of Directors. However, we cannot assure that we or our respective third-party service providers will not experience any future security breaches, cyber-attacks or unauthorized disclosures. The tools and methods used by hackers and cyber criminals (such as the increasing use of artificial intelligence ("AI")), including emerging technology such as generative AI, are augmenting cybercriminal capabilities, enabling more sophisticated and scalable attacks (for instance, phishing and social engineering). There can be no assurance that our or our third-party service providers' preventative efforts can fully prevent or mitigate all such incidents or be successful in avoiding harm to our business in the future.

***Use of Artificial Intelligence in Our Operations Could Result in Reputational or Competitive Harm, Legal or Regulatory Liability and Adverse Impacts on Our Results of Operations***

We have incorporated, and expect to continue to incorporate in the future, AI technologies into our operations and product offerings. The use of AI involves various risks and challenges that could adversely affect our business, financial condition or results of operations. We currently use AI technologies, including those licensed from third parties in our business to increase efficiency in our internal operations. We also leverage large language models to offer letizzia, an AI-powered chatbot assistant, on our izzi website to improve customer service efficiency and experience. The development and deployment of AI technologies (including technologies developed or deployed by third-party vendors) involve inherent technical complexities and uncertainties, and these technologies may encounter unexpected technical difficulties, disruptions, outages, loss of data, and limitations or errors, including inaccuracies in data processing or flawed algorithms, which we may not be able to detect or control and could compromise the reliability and effectiveness of our products and services incorporating such systems.

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The use of AI technologies, including large language models, has resulted in, and may in the future result in, cybersecurity vulnerabilities or incidents that implicate the personal information, intellectual property, proprietary data or other sensitive information of end users of such applications. Any such cybersecurity incidents related to our use of AI technology, or our vendors' use of AI technology, could adversely affect our business strategy, reputation and results of operations. As with many developing technologies, AI presents risks and challenges that could affect its further development, adoption, and use, and therefore our business. AI algorithms and models may be flawed. Datasets used in AI training, development, or operations may be insufficient, of poor quality, reflect unwanted forms of bias, or raise other legal concerns (such as concerns regarding copyright protections). AI technology also presents emerging social and ethical issues, and if our use of such technology draws scrutiny or becomes controversial, we may experience brand or reputational harm, competitive harm, regulatory investigations and/or legal liability.

The increased adoption of AI technologies in our products and services also may result in new or enhanced governmental or regulatory scrutiny, litigation, confidentiality or security risks or other complications that could adversely affect our business, reputation or financial results. The regulatory landscape governing AI technologies is evolving rapidly, and various jurisdictions, including Europe and certain U.S. states, have proposed or already adopted laws governing the use, development and deployment of AI technologies. Changes in laws, regulations or enforcement practices may impose new compliance requirements, restrict certain AI applications or increase our regulatory obligations, which could negatively impact our business and results of operations.

We have implemented additional controls to address the inherent risks of adopting and using AI technologies. These include the formation of an AI Working Group (the "AI Working Group"), an interdisciplinary group responsible for the oversight, evaluation, strategic alignment, and regulatory and ethical compliance of all AI-related initiatives within the Company. The AI Working Group establishes guidelines and initial directives for the responsible, ethical, legal and secure use of AI-based tools within the organization, including generative AI and AI agents. Additionally, all projects, initiatives, and technology requirements implementing AI are reviewed by our cybersecurity team to guarantee the proper implementation of controls and the safeguarding of the Group's information.

***We Are Subject to a Variety of Global Laws, Regulations, and Rules Related to Privacy and Personal Data Protection, Which Are Evolving, and Increased Public Scrutiny of Privacy and Security Issues Could Result in Increased Government Regulation, Industry Standards, and Other Legal Obligations That Could Adversely Affect Our Business***

In the ordinary course of business and in particular in connection with content acquisition, making our services and products available to consumers, we collect and utilize information supplied by consumers and other third parties, which may include personal information and other data. As a result, we are subject to laws, rules and regulations in Mexico, the E.U., the U.S., and in other countries relating to privacy and the collection, use and security of personal information.

A growing number of global jurisdictions have passed and/or are considering legislation implementing privacy and data protection requirements that could increase the cost and complexity of delivering our products and services. For example, in Mexico, the Federal Law on Protection of Personal Data Held by Private Persons (*Ley Federal de Protección de Datos Personales en Posesión de los Particulares*, or LFPDPPP) protects personal data collected by us and, among other things, requires that we ensure the confidentiality of information received from customers. The privacy regime in Mexico has been subject to recent changes. On December 20, 2024, a decree was published to dissolve the National Institute for Transparency, Access to Information, and Personal Data Protection (INAI). Its responsibilities for transparency and personal data protection were transferred to the Ministry of Anticorruption and Good Governance (formerly the Ministry of Public Function). The specific department overseeing data protection is the Personal Data Protection Unit. Mexico's data protection framework remains in force, including the LFPDPPP, which was amended on March 20, 2025; however, its implementing Regulations are still pending to be published. In the meantime, the instruments issued by the former INAI continue to serve as non-binding guidance, including the Privacy Notice Guidelines. On June 30, 2025, the Federal Official Gazette published General Agreement 8/2025, issued by the Plenary of the Federal Judiciary Council. This agreement designates specialized judicial bodies to handle *amparo* proceedings related to public access to information and personal data protection.

Also, in the E.U., the General Data Protection Regulation (the "GDPR") imposes stringent operational requirements for entities processing personal data, restricts the trans-border flow of certain personal data, and imposes significant penalties of up to the greater of 20 million euros or 4% of the annual global revenue of a noncompliant company for violations of the GDPR's requirements. Such penalties are in addition to any civil litigation claims by data subjects. Ensuring compliance with the GDPR and similar laws is an ongoing commitment that involves substantial costs, and it is possible that despite our efforts, governmental authorities or third parties will assert that our services or business practices fail to comply.

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In the U.S., the California Consumer Privacy Act ("CCPA"), as amended by the California Consumer Privacy Rights Act, regulates companies' use and disclosure of the personal information of California residents, gives California residents rights with respect to their personal information, and authorizes enforcement actions by the California Attorney General and the California Privacy Protection Agency and private class actions for data breaches. The CCPA marked the beginning of a trend toward more stringent state data privacy legislation in the United States. Numerous other states have also enacted, or are in the process of enacting or considering, comprehensive state-level data privacy and security laws, rules, and regulations that share similarities with the CCPA. Each of these laws regulate the way that companies collect, use, and share personal information about certain consumers located in those states, may impose restrictions on our ability to collect, use and disclose personal information and increase our obligations to safeguard, certain consumer information.

Given the breadth and depth of changes in global data protection obligations, compliance has caused us to expend significant resources, and such expenditures are likely to continue into the future as we continue our compliance efforts. Our failure to adhere to or successfully implement processes in response to changing regulatory requirements in this area could result in legal liability or impairment to our reputation in the marketplace, which could have a material adverse effect on our business, financial condition and results of operations.

These laws and regulations are subject to frequent changes and amendments, and sometimes conflict among the various jurisdictions and countries in which we do business. It also is possible that they may be interpreted and applied in a manner that is inconsistent with our data privacy and information security practices. If we are unable to develop and offer our products and services in a manner that meets legal requirements or if we violate or are perceived to violate any of these laws, regulations, or other obligations relating to data privacy, data protection, or information security, we may experience reduced demand for our products and services, harm to our reputation, or become subject to increased compliance costs, investigations, litigation, or regulatory action, which could expose us to significant fines, penalties, and other damages, or require us to make changes to our business practices, all of which could have a material adverse effect on our business, financial condition, and results of operations.

***Following the Consummation of the TelevisaUnivision Transaction and the Spin-Off of Certain Businesses of our Former Other Businesses Segment to create Ollamani, Our Continuing Operations Are Less Diversified, Primarily Focused on Our Residential, Satellite and Enterprise Services, and Rely Significantly on Contractual Arrangements with TelevisaUnivision to Provide Content for Our Operations***

Following the completion of the TelevisaUnivision Transaction and Spin-off, revenue from our continuing operations is less diversified. Due to the combination of our former Content business with TelevisaUnivision and the Spin-off, our results of operations have been more reliant on our Residential, Satellite and Enterprise services, which increases our exposure to the risks of such businesses.

In addition, as a result of the TelevisaUnivision Transaction, our remaining businesses will have significant contractual arrangements with TelevisaUnivision to provide content for our Residential, Enterprise and Satellite platforms. As we no longer control the content assets on which our business relies, TelevisaUnivision could pursue a content development, production and distribution strategy that is different from the strategy we would have pursued before the transaction. TelevisaUnivision also could breach its contractual arrangements with us and/or otherwise take actions that are detrimental to our interests. In addition, if there is any dispute relating to our contractual arrangements with TelevisaUnivision, we may have to enforce our rights through litigation or other legal proceedings, which would be subject to uncertainties inherent in the legal system and may be expensive or protracted, even if we are ultimately successful and there can be no assurance we would be successful. As the composition of our business is different following the completion of the TelevisaUnivision Transaction and the Spin-off, our success going forward may also depend on our ability to manage risks that may be different from those we faced prior to the TelevisaUnivision Transaction and the Spin-off. Any of the foregoing factors, among others, may have a material adverse effect on our business, financial condition and results of operations, as well as the market price of our CPOs and/or GDSs.

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***We May Identify Material Weaknesses in Our Internal Controls Over Financial Reporting in the Future, and Any Future Material Weaknesses or Failure to Achieve an Effective System of Internal Controls, May Cause Us Not to Be Able to Report Our Financial Results Accurately. In Addition, the Trading Price of Our Securities May Be Adversely Affected by a Related Negative Market Reaction***

In connection with the preparation of our financial statements, we may identify material weaknesses (as defined under standards established by the Public Company Accounting Oversight Board) in our internal controls over financial reporting in the future. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis.

If any future material weaknesses occur, it could affect the accuracy of our reporting on the future results of operations and our ability to make our required filings with government authorities, including the SEC. Furthermore, our business and operating results and the price of our securities may be adversely affected by related negative market reactions. While we have no reason to believe there will be any future material weaknesses identified, we cannot be certain that in the future additional material weaknesses will not exist or otherwise be discovered.

***Climate Change Effects May Have an Adverse Impact On Our Operations and Our Financial Results***

The effects of climate change and extreme weather events (such as sea level rise, drought, flooding, heat waves, wildfires and resultant air quality effects and power shutdowns associated with wildfire prevention, hurricanes and increased storm severity, as well as earthquakes in Mexico's seismic zones) may affect our operations and financial results, and cause interruptions in the services we provide, our suppliers' ability to provide us the services and goods necessary for our operations, and cause damage to our infrastructure. We could incur significant costs as a result of the physical effects of climate change. We also may not have enough coverage under our insurance policies to recover the amounts required to address impacts relating to these incidents. In addition, claims for certain losses could be denied or subject to deductibles, exclusions under our insurance policies, and our insurance premiums may increase substantially because of such claims, or insurance companies could altogether avoid coverage in certain areas with high exposure to extreme weather events. We are also subject to transition risks (such as additional legal or regulatory requirements, changes in technology, market risk and reputational risk) and social and human effects (such as harm to health and well-being) associated with climate change. There might be new legal or regulatory requirements to prevent, mitigate, or adapt to the implications of a changing climate, which could result in our business being subject to increased compliance costs, increased energy costs, restrictions on greenhouse gas emissions, investment in new technologies, upgrade of facilities to meet new building codes, increased carbon disclosure and transparency, and investments in developing data gathering and reporting systems, which could increase our operating costs. For example, beginning in the fiscal year 2025, companies listed on the Mexican Stock Exchange are required to disclose sustainability and climate-related financial information in accordance with the IFRS S1 and IFRS S2 of the Sustainability Disclosure Standards issued by the International Sustainability Standards Board (the "ISSB"), as mandated by the Mexican National Banking and Securities Commission (the "CNBV"). In preparation for these new regulatory requirements, we conducted both physical and transition-related climate-scenario analysis, through which we identified physical and transition risks that could affect our operations and financial performance over the short, medium, and long term. In addition, our supply chain would also likely be subject to these same transition risks and would likely pass along any increased costs and disclosure requirements to us, which may impact our ability to procure goods or services required for the operation of our business.

***A Department of Justice Investigation of FIFA-Related Activity May Have a Material Impact on Our Consolidated Financial Condition or Results of Operations***

As the Company previously announced on August 30, 2024, a Department of Justice investigation of FIFA-related activity may have a material impact on the Company's consolidated financial condition or results of operations. The Company cannot predict the outcome of the investigation or whether it will in fact have a material impact. The Company is cooperating with the investigation. For a description of the investigation, see "Additional Information—Legal Proceedings".

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**Risk Factors Related to TelevisaUnivision**

***The Results of Operations of TelevisaUnivision May Affect Our Financial Performance and the Value of Our Investment in that Company; Key Members of Our Management Team Also Participate in the Management of the Mexican Content Business of TelevisaUnivision***

We have a substantial investment in TelevisaUnivision, the ultimate parent company of Univision Holdings, Inc. ("UHI") and Univision Communications Inc. ("UCI"; together with TelevisaUnivision and UHI, "Univision"). On January 31, 2022, we consummated the TelevisaUnivision Transaction with Univision and, for the limited purposes set forth in the transaction agreement (the "2021 Transaction Agreement"), affiliates of Searchlight Capital Partners, LP ("Searchlight"), ForgeLight LLC ("ForgeLight") and Liberty Global plc, through its venture investment vehicle ("Liberty Global"), pursuant to which, among other things, we contributed our former Content business segment (other than certain assets including the main real estate associated with the production facilities and Mexican over-the-air broadcast concessions and transmission infrastructure, as well as assets relating to our former news business which was transferred at closing to an entity controlled by Emilio Fernando Azcárraga Jean (the "News Company")) to Univision. After the closing of the TelevisaUnivision Transaction, news programs are owned by the News Company and licensed to TelevisaUnivision. In consideration for the contribution of our former Content business, we received approximately U.S.$4.5 billion in a combination of cash (U.S.$3.0 billion) and U.S.$1.5 billion of common and preferred shares of TelevisaUnivision, excluding post-closing adjustments. The TelevisaUnivision Transaction was partially financed by Univision through a new Series C preferred equity investment in TelevisaUnivision of U.S.$1.0 billion in the aggregate led by ForgeLight, along with the SoftBank Latin American Fund, with participation from Google and The Raine Group, as well as debt financing. As of March 31, 2026, we owned a 44.3% equity interest on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options) in TelevisaUnivision. However, we do not control TelevisaUnivision. As a result, we do not consolidate TelevisaUnivision's results and we no longer consolidate the results of the former Content business segment that we contributed in the TelevisaUnivision Transaction. Our investment in TelevisaUnivision is currently held in the form of shares of common stock and convertible preferred stock. The value of the common stock and preferred stock of TelevisaUnivision, neither of which are publicly traded, will fluctuate and could materially increase or decrease in value.

The value of those shares of TelevisaUnivision common stock and convertible preferred stock, and thus the value of our investment in TelevisaUnivision and our reported results of operations, will be affected by the results of operations of TelevisaUnivision and its subsidiaries. The business, financial condition and results of operations of TelevisaUnivision and its subsidiaries could be materially and adversely affected by risks including, but not limited to: (i) TelevisaUnivision's inability or failure to service or refinance its debt, particularly in a volatile interest rate environment; (ii) cancellations, reductions or postponements of advertising or other changes in advertising practices among TelevisaUnivision's advertisers; (iii) adverse global and national economic conditions, including inflationary pressures and exchange rate volatility; (iv) changes in the size of the U.S. Hispanic population, including the impact of U.S. federal and state immigration legislation and policies on both the U.S. Hispanic population and persons emigrating from Latin America, as well as an increase in the preference among Hispanics for English-language programming, or Spanish-language programming on platforms other than those of TelevisaUnivision; (v) an increase in the cost of, and/or decrease in the supply, quality of and/or demand for, TelevisaUnivision's content; (vi) changes in, and the effect on us of, the rules and regulations of the Federal Communications Commission (the "FCC"), as well as other federal, state and local regulations, including those applicable in Mexico; (vii) competitive pressures from other content distributors, other entertainment and news media and broadcasters, particularly in Mexico and the U.S. markets, including the New York, Los Angeles and Miami-Fort Lauderdale markets, where a large percentage of TelevisaUnivision's target audience lives; (viii) TelevisaUnivision's failure to retain the rights to popular programming, including sports programming; (ix) TelevisaUnivision's failure to renew existing carriage agreements or reach new carriage agreements or similar agreements with multichannel video programming distributors or other content distributors, (x) possible strikes or other union job actions; (xi) the impact of new technologies as well as TelevisaUnivision's ability to successfully operate its multichannel video programming distributors; and (xii) failure to develop, produce or acquire content for, attract customers for and/or profitably commercialize TelevisaUnivision's subscription video-on-demand and ad-supported video-on demand services as part of its strategy to provide streaming channels as a Spanish-language direct to consumer and direct to business platform.

Macroeconomic conditions, including any future pandemic, epidemic or outbreak of infectious disease could have an adverse impact on TelevisaUnivision, due to, among other things, the potential negative impact on advertising trends and advertising revenue, the suspension of sporting events and curtailment or suspension of other programming production to which TelevisaUnivision has broadcast rights, reductions or delays in the production of programming by TelevisaUnvision's partners and general disruptions to business and operations. Due to the evolving and uncertain nature of any future pandemic, epidemic or outbreak of infectious disease, we cannot estimate the impact on TelevisaUnivision's businesses, financial condition or near or longer-term financial or operational results with certainty.

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There can be no assurance that the results of operations of TelevisaUnivision and its respective subsidiaries will be sufficient to maintain or increase the value of our investment, including payment of dividends to its existing shareholders, or that such results will not materially and adversely affect our business, financial condition and results of operations. In addition, no public market exists for TelevisaUnivision's shares, and such shares are subject to transfer restrictions, so there can be no assurance that we will be able to realize value from our investment in TelevisaUnivision at a time when it may be beneficial for us to do so, or at all. For a discussion of our investment in TelevisaUnivision, see "Information on the Company—Business Overview—TelevisaUnivision".

In addition, as part of the combination of our former Content business with TelevisaUnivision's other operations, Messrs. Bernardo Gómez Martínez and Alfonso de Angoitia Noriega became part of the management team of the Mexican content business of TelevisaUnivision. These individuals also continue to serve as Co-Chief Executive Officers of the Company. As a result, they do not devote all of their time to either TelevisaUnivision or the Company. Additionally, our directors and officers may have interests that are different from those of our shareholders and actual or apparent conflicts of interest may arise with respect to matters involving or affecting us and TelevisaUnivision.

***The Performance of TelevisaUnivision May Affect the Market Price of Our Shares and of Our CPOs or GDSs, the Underlying Asset of Which Are Our Shares***

As of March 31, 2026, we owned a 44.3% equity interest on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options) in TelevisaUnivision. Such interest forms an important part of our assets and an important part of our share of income of associates and joint ventures. As a result of the foregoing, the performance of TelevisaUnivision may have an effect on the market price of our shares or of the CPOs or GDSs, the underlying asset of which are the shares of Grupo Televisa. In addition, changes in market conditions, particularly in relation to U.S. media companies, could impact the valuation of TelevisaUnivision and may affect the market price of our shares.

***Although We Have a Large Equity Interest in TelevisaUnivision, We Do Not Control TelevisaUnivision and Its Interests May Differ from Those of Grupo Televisa or Other Investors in TelevisaUnivision and Grupo Televisa's Interests May Differ from Those of Other Investors in TelevisaUnivision***

We are the largest shareholder of TelevisaUnivision, and we are entitled to appoint five directors to the Board of Directors of TelevisaUnivision, including the chairperson. However, such equity interest and our governance rights do not grant us control over TelevisaUnivision, and TelevisaUnivision is deemed an "associate" (*asociada*) of ours under current applicable accounting standards. As a result of the foregoing, if the interests of the rest of the investors of TelevisaUnivision differ from our interests, TelevisaUnivision may conduct its businesses differently than the way that is in the best interests of us and our shareholders, and such change may have an adverse effect on our financial position and results of operations and the expected benefits of the TelevisaUnivision Transaction. In particular, the other major investors in TelevisaUnivision are in the business of making investments in companies and may, from time to time, acquire and hold interest in businesses that compete directly or indirectly with TelevisaUnivision, as well as businesses that represent major customers of TelevisaUnivision. Such investors may also pursue acquisition opportunities that may be complementary to the business of TelevisaUnivision, and as a result, those acquisition opportunities may not be available to TelevisaUnivision. Such transactions may have an adverse effect on our financial position and results of operations and the expected benefits of the TelevisaUnivision Transaction.

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#### Risk Factors Related to Our Securities

#### Any Actions Stockholders May Wish to Bring Concerning Our Bylaws or the CPO Trust Must Be Brought in a Mexican Court
Our bylaws provide that a stockholder must bring any legal actions concerning our bylaws in courts located in Mexico City. All parties to the trust agreement governing the CPOs, including the holders of CPOs, have agreed to submit any legal actions concerning the trust agreement only to Mexican courts.

***Non-Mexicans May Not Hold Series "A" Shares, Series "B" Shares or Series "D" Shares Directly and Must Have Them Held in a Trust at All Times***

As a result of the Telecom Reform, the regulatory framework was amended to allow foreign direct investment of up to 100% of the equity interest of Mexican companies doing business in telecommunications and satellite communications, and up to 49% in the broadcasting sector, subject to reciprocity from the country of the ultimate investor. Notwithstanding the above, the trust governing the CPOs and our bylaws still restrict non-Mexicans from directly owning Series "A" Shares, Series "B" Shares or Series "D" Shares. Non-Mexicans may hold Series "A" Shares, Series "B" Shares or Series "D" Shares indirectly through the CPO Trust, which will control the voting of such shares. Under the terms of the CPO Trust, a non-Mexican holder of CPOs or GDSs may instruct the CPO Trustee to request that we issue and deliver certificates representing each of the shares underlying its CPOs so that the CPO Trustee may sell, to a third party entitled to hold the shares, all of these shares and deliver to the holder any proceeds derived from the sale.

In addition, as a "foreign private issuer" under the U.S. system of securities regulation, we are entitled to certain accommodations not available to domestic issuers. The SEC is currently examining the framework applicable to foreign private issuers. For example, the SEC recently changed its rules to extend insider reporting obligations under Section 16(a) of the Exchange Act to directors and officers of foreign private issuers, a requirement that historically only applied to domestic issuers. We continue to monitor the benefits, burdens and costs of our NYSE listing, particularly in light of the regulatory environment as well as our reduced market capitalization over the years following the TelevisaUnvision Transaction and the Spin-Off.

#### Non-Mexican Holders of Our Securities Forfeit Their Securities if They Invoke the Protection of Their Government
Pursuant to Mexican law, our bylaws provide that non-Mexican holders of CPOs or GDSs may not ask their government to interpose a claim against the Mexican government regarding their rights as stockholders. If non-Mexican holders of CPOs or GDSs violate this provision of our bylaws, they will automatically forfeit the Series "A" Shares, Series "B" Shares, Series "L" Shares and Series "D" Shares underlying their CPOs or GDSs to the Mexican government.

#### Non-Mexican Holders of Our Securities Have Limited Voting Rights
In accordance with the bylaws and trust governing the CPOs of the Company, non-Mexican holders of CPOs or GDSs are not entitled to vote the Series "A" Shares, Series "B" Shares and Series "D" Shares underlying their securities. The Series "L" Shares underlying CPOs or GDSs, the only series of our Shares that can be voted by non-Mexican holders of CPOs or GDSs, have limited voting rights. These limited voting rights include the right to elect two directors and limited rights to vote on extraordinary corporate actions, including the cancellation of the registration in the CNBV's National Securities Registry of the Series "L" Shares and other actions which are adverse to the holders of the Series "L" Shares. For a brief description of the circumstances under which holders of Series "L" Shares are entitled to vote, see "Additional Information—Bylaws—Voting Rights and Stockholders' Meetings".

#### Our Antitakeover Protections May Deter Potential Acquirers and May Depress Our Stock Price
Certain provisions of our bylaws could make it substantially more difficult for a third party to acquire control of us. These provisions in our bylaws may discourage certain types of transactions involving the acquisition of our securities. These provisions may also limit our stockholders' ability to approve transactions that may be in their best interests and discourage transactions in which our stockholders might otherwise receive a premium for their Shares over the then current market price and could possibly adversely affect the trading volume in our equity securities. As a result, these provisions may adversely affect the market price of our securities. Holders of our securities who acquire Shares in violation of these provisions will not be able to vote, or receive dividends, distributions or other rights in respect of these securities and would be obligated to pay us a penalty. For a description of these provisions, see "Additional Information—Bylaws—Antitakeover Protections".

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#### GDS Holders May Face Disadvantages When Attempting to Exercise Voting Rights as Compared to Other Holders of Our Securities
In situations where we request that The Bank of New York Mellon, the depositary for the securities underlying the GDSs, ask GDS holders for voting instructions, the holders may instruct the depositary to exercise their voting rights, if any, pertaining to the deposited securities. The depositary will attempt, to the extent practical, to arrange to deliver voting materials to these holders. We cannot assure holders of GDSs that they will receive the voting materials in time to ensure that they can instruct the depositary how to vote the deposited securities underlying their GDSs, or that the depositary will be able to forward those instructions and the appropriate proxy request to the CPO Trustee in a timely manner. For stockholders' meetings, if the depositary does not receive voting instructions from holders of GDSs or does not forward such instructions and appropriate proxy request in a timely manner, if requested in writing from us, it will provide a proxy to a representative designated by us to exercise these voting rights. If no such written request is made by us, the depositary will not represent or vote, attempt to represent or vote any right that attaches to, or instruct the CPO Trustee to represent or vote, the shares underlying the CPOs in the relevant meeting (the "Underlying Shares") and, as a result, the Underlying Shares will be voted in the manner described under "Additional Information—Bylaws—Voting Rights and Stockholders' Meetings—Holders of CPOs". For CPO Holders' meetings, if the depositary does not timely receive instructions from a Mexican or non-Mexican holder of GDSs as to the exercise of voting rights relating to the underlying CPOs in the relevant CPO holders' meeting, the depositary and the custodian will take such actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements and, unless we in our sole discretion have given prior written notice to the depositary and the custodian to the contrary, vote them in the same manner as the majority of the CPOs are voted at the relevant CPOs holders' meeting.

This means that holders of GDSs may not be able to exercise their right to vote and there may be nothing they can do if the deposited securities underlying their GDSs are not voted as they request.

***The Interests of Our GDS Holders Will Be Diluted if We Issue New Shares and These Holders Are Unable to Exercise Preemptive Rights for Cash***

Under Mexican law and our bylaws, our stockholders have preemptive rights with respect to capital increases, subject to our Board not excluding such preemptive rights. This means that in the event that we issue new Shares for cash and the Board does not exclude preemptive rights, our stockholders will have a right to subscribe and pay the number of Shares of the same series necessary to maintain their existing ownership percentage in that series. If the Board approves the exclusion of preemptive rights, the interests of our stockholders will be diluted in the event that we issue new Shares for cash.

Furthermore, U.S. holders of our GDSs cannot exercise their preemptive rights unless we register any newly issued Shares under the U.S. Securities Act of 1933, as amended, or the Securities Act, or qualify for an exemption from registration. If U.S. holders of GDSs cannot exercise their preemptive rights, the interests of these holders will be diluted in the event that we issue new Shares for cash. We intend to evaluate at the time of any offering of preemptive rights the costs and potential liabilities associated with registering any additional Shares. We cannot assure that we will register under the Securities Act any new Shares that we issue for cash. In addition, although the Deposit Agreement provides that the depositary may, after consultation with us, sell preemptive rights in Mexico or elsewhere outside the United States and distribute the proceeds to holders of GDSs, under current Mexican law these sales are not possible. See "Directors, Senior Management and Employees—Stock Purchase Plan and Long-Term Retention Plan" and "Additional Information—Bylaws—Preemptive Rights".

#### The Protections Afforded to Minority Stockholders in Mexico Are Different from Those in the U.S.
Under Mexican law, the protections afforded to minority stockholders are different from those in the U.S. In particular, the law concerning fiduciary duties of directors is not well developed, there is no procedure for class actions or stockholder derivative actions and there are different procedural requirements for bringing stockholder lawsuits. As a result, in practice, it may be more difficult for our minority stockholders to enforce their rights against us or our directors or major stockholders than it would be for stockholders of a U.S. company.

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The *Ley del Mercado de Valores*, or the Mexican Securities Market Law, provides additional protection to minority stockholders, such as (i) providing stockholders of a public company representing 5% or more of the capital stock of the public company, an action for liability against the members and secretary of the Board and relevant management of the public company, and (ii) establishing additional responsibilities on the audit committee in all issues that have or may have an effect on minority stockholders and their interests in an issuer or its operations.

#### It May Be Difficult to Enforce Civil Liabilities Against Us or Our Directors, Executive Officers and Controlling Persons
We are organized under the laws of Mexico. Substantially all of our directors, executive officers and controlling persons reside outside the U.S., all or a significant portion of the assets of our directors, executive officers and controlling persons, and substantially all of our assets, are located outside of the U.S., and some of the parties named in this annual report also reside outside of the U.S. As a result, it may be difficult for you to effect service of process within the United States upon these persons or to enforce against them or us in U.S. courts judgments predicated upon the civil liability provisions of the federal securities laws of the U.S. We have been advised by our Mexican counsel, Mijares, Angoitia, Cortés y Fuentes, S.C., that there is doubt as to the enforceability, in original actions in Mexican courts, of liabilities predicated solely on U.S. federal securities laws and as to the enforceability in Mexican courts of judgments of U.S. courts obtained in actions predicated upon the civil liability provisions of U.S. federal securities laws.

#### Item 4. Information on the Company

#### History and Development of the Company
Grupo Televisa, S.A.B. was originally incorporated as a *sociedad anónima*, or limited liability corporation under the laws of Mexico in accordance with the *Ley General de Sociedades Mercantiles*, or Mexican Companies Law, and later adopted the form of *sociedad anónima bursátil*, or limited liability stock corporation in accordance with the *Ley del Mercado de Valores*, or the Mexican Securities Market Law. It was incorporated under Public Deed Number 30,200, dated December 19, 1990, granted before Notary Public Number 73 of Mexico City, and registered with the Public Registry of Commerce in Mexico City on Commercial Page (*folio mercantil*) Number 142,164. Pursuant to the terms of our *estatutos sociales*, or bylaws, our corporate existence continues through 2106. Our principal executive offices are located in Mexico City at Avenida Vasco de Quiroga, No. 2000, Colonia Santa Fe, 01210 Mexico City, México. Our telephone number at that address is (52) (55) 5261-2000.

#### Capital Expenditures
The table below sets forth our expected capital expenditures for the year ended December 31, 2026 and our actual capital expenditures for the years ended December 31, 2025, 2024 and 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**<sup>(1)(2)</sup> | **Year Ended December 31,**<sup>(1)(2)</sup> | **Year Ended December 31,**<sup>(1)(2)</sup> | **Year Ended December 31,**<sup>(1)(2)</sup> | **Year Ended December 31,**<sup>(1)(2)</sup> | **Year Ended December 31,**<sup>(1)(2)</sup> | **Year Ended December 31,**<sup>(1)(2)</sup> | **Year Ended December 31,**<sup>(1)(2)</sup> |
|  | **2026** | **2026** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **(Expected)** | **(Expected)** | **(Actual)** | **(Actual)** | **(Actual)** | **(Actual)** | **(Actual)** | **(Actual)** |
|  | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** |
| Capital expenditures | U.S.$ | 772.5 | U.S.$ | 645.0 | U.S.$ | 493.0 | U.S.$ | 828.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts in respect of some of the capital expenditures, investments and acquisitions we made in 2025, 2024 and 2023 were paid for in Pesos. These Peso amounts were translated into U.S. Dollars at the Interbank Rate in effect on the dates on which a given capital expenditure, investment or acquisition was made. See "Key Information—Selected Financial Data".

&nbsp;&nbsp;&nbsp;&nbsp;(2) See "Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity".

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In November 2025, we made a capital contribution in cash to TelevisaUnivision in the amount of U.S.$89.8 million (Ps.1,671.5 million). See Note 10 to our consolidated year-end financial statements. See "—Business Overview—Investments" for a discussion of TelevisaUnivision.

In 2025, 2024 and 2023, we provided financing to Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. ("GTAC") in connection with long-term credit facilities and our 33.3% interest in GTAC in the aggregate amounts of U.S.$4.5 million, U.S.$7.0 million and U.S.$8.8 million, respectively. We expect to provide this financing to GTAC in 2026 in the aggregate amount of U.S.$5.4 million. See "—Business Overview—Our Operations—Telecom—Residential" and "—Business Overview—Investments" for a discussion of GTAC.

In 2025, 2024 and 2023, we relied on a combination of operating revenues, borrowings and net proceeds from dispositions to fund our capital expenditures, acquisitions and investments. We expect to fund our capital expenditures in 2026 and potential capital expenditures, investments and/or acquisitions going forward, which could be substantial in size, through a combination of cash from operations, cash on hand, equity securities, and/or the incurrence of debt, or a combination thereof.

In addition, at an extraordinary shareholders meeting held on April 28, 2026, our shareholders approved (i) a capital increase of up to Ps.7.2 billion (or approximately U.S.$400 million) and (ii) delegating to the Board to determine certain terms for offering the corresponding shares for subscription and payment in accordance with the Mexican Securities Market Law, which may be in the form of convertible notes, rights offerings, private placements or any other forms of financing. This capital increase represents approximately 19% of the total shares outstanding at the current trading price of our CPOs. Depending on our trading price at the time of any such capital increase, this amount could be more or less.

For a more detailed description of our capital expenditures, investments and acquisitions in prior years, see "Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Liquidity" and "Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity".

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#### Business Overview
The Company is a major telecommunications company that owns and operates one of the most significant cable network groups as well as a leading direct-to-home ("DTH") satellite pay television system in Mexico.

The Company's cable networks offer integrated services, including high-speed data, video, mobile and voice services to residential and commercial customers as well as telecommunications managed services to domestic and international enterprises.

The Company also offers pay television and broadband services through its DTH satellite system.

The Company holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, and the Company's cable networks and satellite system.

In addition, the Company is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the United States and over 50 countries through television networks, cable operators, and over-the-top ("OTT") services.

#### Business Strategy
We conduct our telecommunications operations as a single business through our cable networks and DTH system, with three categories of revenues: Residential, Satellite and Enterprise. We intend to continue strengthening our position in this business and growing by continuing to make additional investments, which could be substantial in size, while maintaining our focus on profitability and financial discipline.

We are the largest shareholder of TelevisaUnivision, a leading media company producing, creating and distributing Spanish speaking content through several broadcast channels in Mexico, the United States and over 50 countries through TV networks, cable operators, audio platforms and streaming services. We intend to continue exploring potential ventures and business opportunities with TelevisaUnivision.

In addition, we intend to continue to analyze opportunities to expand our business by investing in new technologies, developing new business initiatives and/or through business acquisitions and investments. This could include investment opportunities in the Mexican Telecom sector, which may require new financing, such as debt or equity financing, using cash on hand or a combination thereof. Any capital increase could be used for deleveraging, acquisition opportunities or general corporate purposes.

#### Continue Building Our Residential and Satellite Platforms
***Residential.*** We are a shareholder of several Mexican cable companies, which under the "izzi" trademark offer cable television, high speed internet and IP telephony services throughout Mexico, as well as other services such as mobile telephony, voice services, value added services and virtual networks.

● We own a 51.5% controlling stake in Cablevisión, which operates in Mexico City and its metropolitan area; and

● We own 100% of TVI, Cablemás and Cablecom, which operate in several States of Mexico.

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With a consolidated 6.1 million subscriber base and 20.0 million homes passed as of December 31, 2025, these companies are important service providers in Mexico. "Homes passed" refers to any residential homes or businesses that are connected to telecommunications systems, those prepared to be connected to telecommunications systems but are not currently connected or require some type of investment in order to be connected. For instance, each apartment located in a building that is prepared to be connected to telecommunications systems represents one home passed. It is generally understood that a home or business counts as a home passed when it can be connected to a telecommunications network without additional extensions to the main transmission lines. Our cable strategy aims to increase our subscriber base, average monthly revenues per subscriber and penetration rate by:

● continuing to offer high quality content;

● continuing to upgrade our existing cable network into a broadband or fiber-optic bidirectional network;

● aiming to provide digital services in order to stimulate new subscriptions, substantially reduce piracy and offer new value-added services;

● increasing the penetration of our high speed internet access and other multimedia services as well as providing a platform to offer internet protocol, or IP, and telephony services;

● continuing the roll out of advanced digital set-top boxes which allow the transmission of high definition programming and recording capability, including OTT services;

● continuing to grow our mobile product, bundling it with our other services; and

● continuing to leverage our strengths and capabilities to develop new business opportunities and expand through additional investments and/or acquisitions, which can be substantial in size.

Our cable networks have introduced several new services in recent years, such as interactive television and other enhanced programming services, including high-speed internet access via cable modem and fiber optics to the home, as well as IP telephony. We currently market a unified offering for residential customers under the izzi brand, available since November 2014. izzi offers telecommunications service packages that include unlimited telephone service, high-speed data access, and pay-TV programming for residential customers and micro and small businesses. In June 2016, we launched "izzi TV", a new entertainment platform that, among other services, offers customers live channels, SVOD (Subscription Video on Demand), and access to all of the company's content. Recently, these packages include access to HBO Max, Netflix, Vix Premium, Disney+, Paramount, among others. izzi TV is available through the "izzi TV" set-top box and "izzi Go," a TV Everywhere app for authenticated subscribers that allows users to access on-demand TV channels, movies, and series, compatible with PCs and iOS and Android platforms. izzi Go also features remote control capabilities compatible with our izzi TV set-top boxes. For an additional cost, subscribers can choose from several "izzi TV" service add-ons, such as TVOD (Transactional Video on Demand), HBO Max and Disney+, among others. In addition to the izzi brand, our cable networks also offer telecommunications services under the Wizz and Wizzplus brands in some municipalities. In July 2018, our cable networks launched "Afizzionados", our first own sports channel dedicated to soccer, broadcasting curated sports content and exclusive matches which was discontinued from the programming Schedule on April 30, 2024. In November 2018, we launched "izzi flex" (home wireless internet) and "izzi pocket" (mobile internet), offering speeds from 5 Mbps to 20 Mbps. In 2018 and 2019, we renewed our Triple Play product with voice, broadband, and video benefits. In June 2020, we launched our mobile virtual network operator (MVNO) service, "izzi mobile", which offers mobile service to broadband subscribers, offering calls, SMS, and gigabytes at a competitive price through a reseller agreement with Altán Redes, S.A.P.I. de C.V. ("Altán Redes"). We also offer mobile services through "Bestel mobile," which offers calls, SMS, and gigabytes depending on the coverage area for business, corporate, and government customers through a reseller agreement with Altán Redes and Radiomóvil Dipsa, S.A. de C.V. Recently, we also launched our new "izziTV-smart" set-top box, which has allowed us to become one of the largest OTT aggregators in Mexico. This allows us to include access to the market's leading OTT platforms in our offering and the ability to bundle our pay-TV service with Netflix, Disney+ and HBO Max, among others. In July 2022, our cable networks were the first to launch ViX+ as a new SVOD streaming service. In September 2022, we revamped our offering to simplify product selection based on our customers' needs through a modular concept. In 2023, we increased internet speeds for new customers by 25%, and in September 2023, we began offering ViX Premium as a fixed package at no additional cost, for both new and existing users with speeds of 50 Mbps or higher. In November 2023, we added new sports content, such as NBA League Pass and Fox Sports Premium, to our cable TV offering. In August 2024, we increased internet speeds by 25% for new and existing users. In November 2024, we included HBO Max as a bundle in our internet offering with ViX+, with speeds of 80 Mbps or higher. Also in November 2024, we launched Izzitv+ as a single-player video offering that only requires a Wi-Fi connection. This offer includes Skysports, which offers exclusive access to La Liga, the Bundesliga, and the UEFA Nations League, as well as many other sports such as the Diamond League Since the first week of January 2026, we have been offering a streaming package for the FIFA World Cup 2026 alongside Vix.

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As of December 31, 2025, our cable networks had 3.6 million video RGUs cable television users, or video RGUs (cable television users), 5.7 million broadband RGUs and 5.6 million telephone lines in service, or voice RGUs (telephone lines in service). In addition, we currently have 652,860 mobile lines service subscriber RGUs. The growth in our subscriber base has been driven primarily by the upgrade of our networks and the launch of competitive broadband offerings.

***Satellite.*** We believe that Ku-band DTH satellite services offer an enhanced opportunity for expansion of pay television services into households seeking to upgrade reception of broadcasting signals and in areas not currently serviced by operators of cable or multi-channel, multi-point distribution services. Innova is a DTH company with services in Mexico, Central America and the Dominican Republic with approximately 3.5 million video subscribers, of which 6.1% were commercial subscribers as of December 31, 2025. We own a 100% interest in Innova, or Sky. On April 3, 2024, we announced that we had reached an agreement with AT&T to acquire its interest in Sky and become the owner of 100% of Sky's capital stock. On June 7, 2024, the IFT approved the acquisition and the transaction closed. The transaction price will be paid by us in 2027 and 2028. Following this acquisition, we began integrating Sky with our former Cable segment, which is now consolidated under our Telecom segment.

The key components of our Satellite strategy include:

● offering high quality content, exclusive broadcasts of sporting events, such as La Liga, Supercopa, Liga Hypermtion and La Copa del Rey (Spanish Soccer), The Bundesliga (German Soccer), the NFL Sunday Ticket, MLB Extra Innings, the NHL, ice skating events, Davis Cup, Diamond League, UEFA EURO and UEFA Nations League;

● capitalizing on the low penetration of pay-TV services in Mexico and in areas not currently serviced by cable operators;

● providing superior digital Ku-band DTH satellite services and emphasizing customer service quality; and

● providing aggressive HD offerings and continuously expanding our programming in HD.

#### Developing New Businesses and Expanding through Acquisitions or Other Transactions
We plan to continue leveraging our strengths and capabilities to develop new businesses and analyzing opportunities to expand through acquisitions or other transactions. We are constantly assessing potential opportunities that complement or strengthen our business strategy. We may identify and evaluate opportunities for strategic acquisitions of complementary businesses, technologies or companies. We may also consider joint ventures, minority investments and other collaborative projects and investments. Any such transaction could be funded using cash on hand, our equity securities and/or the incurrence of debt, or a combination thereof.

For a further discussion of some of our recent investments, see "—Investments".

#### Expanding Our Business in the Mexican Telecommunications Markets by Taking Advantage of the Telecom Regulation and Implementing Legislation
On July 16, 2025, the new LMTR was published in the Federal Official Gazette (*Diario Oficial de la Federación* or "DOF"), which repealed the Federal Telecommunications and Broadcasting Law in force since 2014. This reform represents a structural shift in the regulation of the sector by establishing a new regulatory body and assigning new responsibilities to the ATDT and CRT. Broadly speaking, the reform aims to reorganize the sector's institutional framework, strengthen Mexico's governance through the Federal Executive Branch and simplify the concessions regime.

On October 7, 2025, the President of Mexico sent the senate a proposal for commissioner candidates to be part of the Plenary of the CRT. On October 14, 2025, the Senate ratified the appointment of the commissioners proposed by the President, and on October 16, 2025, the President appointed Norma Solano Rodríguez as Chairwoman of the CRT. With this, the constitutional reform on organic simplification published on December 20, 2024 in the DOF came into force as of October 17, 2025, by which the IFT was extinguished, and the CRT started operations as the sole authority in telecommunications and broadcasting.

As of October 17, 2025, the CRT assumed the attributions, obligations and powers of the extinct IFT with respect to all ongoing proceedings, with the exception of antitrust proceedings, which will be continued by the CNA. All acts previously issued by the IFT continue to have effect, including determinations of preponderant economic agents and their asymmetric regulation. Similarly, all legal instruments, agreements, inter-institutional agreements and contracts entered into by the IFT are in force and binding on the CRT, without prejudice to their eventual ratification, modification or termination.

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Under the LMTR, the CRT is defined as a decentralized administrative body under the Agency, with technical, operational and managerial interdependence. Unlike the IFT, the CRT is not a constitutionally autonomous body and falls under the Federal Executive Branch, which has the power to issue general administrative laws for the regulation, promotion and oversight of the efficient development of telecommunications and broadcasting. The CRT's primary functions include issuing technical and administrative provisions, proposing national positions on telecommunications and space-related activities, establishing guidelines for sector infrastructure, granting, modifying, or revoking licenses and authorizations, conducting spectrum auctions, setting compensation fees, and defining interconnection and interoperability conditions.

The CNA retains authority to impose measures on dominant economic agents to ensure the efficient development of the telecommunications and broadcasting sectors. Additionally all powers previously held by the IFT regarding economic competition will be transferred to the CNA, which must request a technical opinion from the CRT to support any dominance declarations. In the case of dominant agents in the telecommunications sector, they are still required to submit to both the CRT and the CNA the registry of authorized interconnection services granted by the CRT to other concessionaires, as well as separate accounting for such services.

Pursuant to the Telecom Reform of 2014 (see "—Regulation—Telecom and Broadcasting Regulations"), a "preponderant economic agent" (*agente económico preponderante*) in the telecommunications sector means an economic agent that has, directly or indirectly, more than 50% of the national market share in telecommunications services, calculated based on the number of users, subscribers, network traffic or used capacity according to the data available to CRT (formerly the IFT, which was extinguished on October 17, 2025). We are aware from the public records that, on March 7, 2014, the former IFT notified *América Móvil, S.A.B. de C.V.*, or América Móvil, of a resolution which determined that América Móvil and its operating subsidiaries *Radiomóvil Dipsa, S.A de C.V*., or Telcel, and *Teléfonos de México, S.A.B. de C.V*., or Telmex, *Teléfonos del Noreste, S.A. de C.V.*, or Telnor, as well as Grupo Carso, S.A.B. de C.V. and Grupo Financiero Inbursa, S.A.B. de C.V., are a preponderant economic agent in the telecommunications sector and imposed on them certain specific asymmetrical regulations which América Móvil reported publicly in the following areas:

● Interconnection: Regulation on interconnection, including the imposition of (a) asymmetric rates to be determined by IFT, now CRT, and (b) the implementation of an interconnection framework agreement (*convenio marco de interconexión*);

● Sharing of Infrastructure: Regulation on the access and use of passive infrastructure, including towers, sites, and ducts, at rates to be negotiated amongst the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of long average incremental costs;

● Local Loop Unbundling: Regulation on local loop unbundling, including the imposition of rates to be determined by IFT, now CRT, using a methodology of long average incremental costs;

● Resale: Resale of wholesale voice, broadband internet and dual-play packages that replicate packages provided by the preponderant economic agent in the telecommunications sector, at retail level, at rates to be negotiated among the operators and, where an agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retails minus;

● Indirect Access to the Local Loop: Regulation on the wholesale bitstream access to the access network of the preponderant economic agent in the telecommunications sector at rates to be negotiated among the operators and, where an agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retail minus;

● Wholesale Leased Lines: Regulation on wholesale leased lines for interconnection, local and domestic and international long distance, at rates to be negotiated among the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retail minus, except for leased lines for interconnection services where the methodology to be used for determining the applicable rates will be of long average incremental costs;

● Roaming: Regulation on the provision of wholesale roaming services, at rates to be negotiated amongst the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of long average incremental costs;

● Elimination of National Roaming Charges: IFT, now CRT, has imposed the elimination of national roaming charges to the subscribers of the preponderant economic agent in the telecommunications sector;

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● Mobile Virtual Network Operators: Regulation on wholesale access to mobile virtual network operators to services provided by the preponderant economic agent in the telecommunications sector to its subscribers, at rates to be negotiated among the operators and, where agreement cannot be reached, to be determined by IFT, now CRT, using a methodology of retail minus (for the reseller business model);

● Certain Obligations on the Provision of Services: Certain rates for the provision of telecommunications services to the subscribers of the preponderant economic agent in the telecommunications sector shall be subject to rate control and/or authorization by IFT, now CRT, by using a series of methodologies related to maximum prices and replicability. Also, a series of obligations relating to the sale of services and products, including the obligation to offer individually all services that are offered under a bundle scheme; limited exclusivity on handsets and tablets; and the obligation of eliminating the sim-lock on handsets ;

● Content: IFT, now CRT, has issued the Relevant Content Ruling applicable for preponderant economic agent in the telecommunications sector, which contains a prohibition to acquire transmission rights for any territory within Mexico on an exclusive basis, relating to relevant content (*contenidos audiovisuales relevantes*), including without limitation national soccer play-offs (*liguilla*), FIFA world cup soccer finals and, any other event where high-audiences are expected at a national or regional level. The IFT may update the relevant content list every two years; and

● Information and Quality of Service Obligations: Several obligations related to information and quality of service, including the publication of a series of reference terms (*ofertas públicas de referencia*) of the wholesale and interconnection services subject of the asymmetric regulation imposed by IFT, now CRT, and accounting separation.

On March 8, 2017, the former IFT issued a resolution to the preponderant economic agent in the telecommunications sector that modifies the asymmetrical regulations described above. The most relevant modifications are the following:

● Wholesale Leased Lines: the methodology to be used by IFT, now CRT, in case an agreement cannot be reached in wholesale leased lines for interconnection, local and domestic and international long distance, is limited to long average incremental costs; and

● Functional separation: the preponderant economic agent in the telecommunications sector will have to functionally separate the provision of wholesale services through the creation of a new legal entity and a wholesale division; which entity will solely and exclusively provide wholesale services related to access network elements, dedicated links and passive infrastructure, among other wholesale services.

The wholesale division within the existing companies will provide the other wholesale services subject to the aforementioned measures that are not provided by the newly created legal entity:

● Equivalence of Supplies and Inputs, Technical and Economic Replicability: The preponderant economic agent in the telecommunications sector must guarantee the equivalence of inputs, the technical replicability of the services that it commercializes to its end users, and equal access to technical and commercial information;

● Fiber disaggregation Regulation on unbundling of P2P (point-to-point), fiber was added to the local loop unbundling regulation. Unbundling of passive optical networks (PON), is not considered under this service and remains accessible through the Indirect Access to the Local Loop service; and

● The preponderant economic agent in the telecommunications sector must also guarantee the economic replicability of the services that it commercializes to its end users for which it will validate the economic replicability of the services "ex-post" based on the methodology, terms and conditions that the IFT, now CRT, determines.

According to public records, América Móvil and its operating subsidiaries, Telcel, Inbursa, Telmex and Telnor, filed *amparo* proceedings against the former IFT's original resolution. The courts issued a ruling confirming the constitutionality of the former IFT's resolution, with the exception of Telcel's proceeding. On March 3, 2021, the Supreme Court confirmed that Telcel is also a preponderant economic agent in the telecommunications sector.

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In March 2018, América Móvil received a resolution from the former IFT determining the terms under which Telmex and Telnor shall, legally and functionally, separate the provision of wholesale regulated fixed services by incorporating new legal entities with their own corporate governance, independent from those of América Móvil's subsidiaries holding a concession, and by creating a wholesale business unit within Telmex and Telnor. Telmex and Telnor had two years to implement the separation ordered by the former IFT. The resolution established a calendar for implementation and obligations to deliver periodic information to the former IFT. In March 2020, the two-year period granted to the preponderant economic agent in the telecommunications sector to implement the functional separation of Telmex and Telnor ended.

In March 2020, America Móvil created two companies; Red Nacional Última Milla, S.A.P.I. de C.V. and Red Última Milla del Noroeste, S.A.P.I. de C.V., for the provision of wholesale regulated fixed services, in compliance with the functional separation requirements, and a Wholesale Division inside Telmex and Telnor.

On December 2, 2020, the former IFT issued a resolution on its evaluation of the asymmetrical regulations imposed on Telmex, as preponderant economic agent in the telecommunications sector in March 2014. Some of the most relevant modifications were: (i) the use of a long-run average incremental costs model to determine the local loop indirect access services rates, and that IFT, now CRT, may determine competitive geographic zones where such rates will be determined by the preponderant economic agent in the telecommunications sector; (ii) for dedicated-link leasing services, the IFT, now CRT, may determine competitive geographic zones where rates will be determined pursuant to a price cap methodology; and for the rest of the country, rates will be determined by IFT, now CRT, by using a methodology of long average incremental costs; and (iii) certain operative and informational modifications to the electronic management system. According to public records, América Móvil challenged the resolution.

On August 4, 2021, the former IFT determined 52 competitive geographic zones in the country where rates for local loop indirect access services will be established by the preponderant economic agent in the telecommunications sector. On December 9, 2022, the former IFT added 22 new competitive geographic zones.

On December 6, 2023, the former IFT extended tariff freedom for the indirect access to the loop service to 90 municipalities, on December 6, 2024, it extended tariff freedom for the indirect access to the loop service to 105 municipalities. On December 10, 2025, CRT extended tariff freedom for the indirect access to the loop service to 107 municipalities.

On October 30, 2024, the Plenary of the former IFT issued the third biennial review of the preponderance measures, through which the plenary suppresses, modifies, and adds the measures imposed to the preponderant economic agent. Some of the measures that stand out refer to the implementation of changes in the Electronic Management System, that the IFT, now CRT, has access to the information for consultation and/or download, the unblocking of terminal equipment, the prohibition of conditionalities, the elimination of forced deadlines, the elimination of user recovery strategies for portability, economic replicability, modifications to wholesale services for visiting users, transparency in public contracting and measures regarding distribution channels. The measures imposed on the preponderant economic agent in the telecommunications sector, if properly implemented, will represent an opportunity for us to increase our coverage and product diversity, while reducing our costs and capital expenditures requirements as a result of the access to the network of the preponderant economic agent in the telecommunications sector and the regulation of the terms and conditions, on competitive terms, of such access. Moreover, asymmetric regulations may create a beneficial economic and regulatory environment in the telephony and broadband markets and may further enhance our ability to compete in the telecommunications industry.

The measures imposed on the preponderant economic agent in the telecommunications sector, if properly implemented, will represent an opportunity for us to increase our coverage and product diversity, while reducing our costs and capital expenditures requirements as a result of the access to the network of the preponderant economic agent in the telecommunications sector and the regulation of the terms and conditions, on competitive terms, of such access. Moreover, asymmetric regulations may create a beneficial economic and regulatory environment in the telephony and broadband markets and may further enhance our ability to compete in the telecommunications industry.

All of these measures, if properly implemented, could create a beneficial economic and regulatory environment, level the playing field for all participants in the telecommunications market and foster competition, representing an opportunity for the growth of our Telecom business; nevertheless, in the Company's view, the preponderant economic agent in the telecommunications sector is not complying with its obligations under such measures and the Company has filed several complaints before the former IFT. As a result of the complaints, the former IFT, and now CRT and CNA, have initiated investigations that are ongoing.

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In August 2017, the Supreme Court of Justice of the Nation ("SCJN") determined that the interconnection rate regime relating to mobile termination by the preponderant economic agent in the telecommunications sector, which contained a limitation on the preponderant economic agent's ability to charge for traffic termination in its mobile network, was unconstitutional. As a result, the SCJN ordered that the former IFT issue a tariff. In November 2017, the former IFT resolved that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.028562 per minute of interconnection from January 1, 2018 to December 31, 2018. In November 2018, the former IFT determined that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.028313 per minute of interconnection from January 1, 2019 to December 31, 2019. In November 2019, the former IFT determined that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.025771 per minute of interconnection from January 1, 2020 to December 31, 2020. In November 2020, the former IFT determined that the tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector would be Ps.0.018489 per minute of interconnection from January 1, 2021 to December 31, 2021. For 2022, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector of Ps.0.017118 per minute of interconnection. For 2023, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent of Ps.0.014294 per minute of interconnection. For 2024, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector of Ps.0.013900 per minute of interconnection. For 2025, the former IFT determined a lower tariff for traffic termination in the mobile network of the preponderant economic agent in the telecommunications sector of Ps.0.012255 per minute of interconnection.

For 2026, under Article 122 of the LMTR, the CRT is required to publish minimum technical conditions and tariffs during the first half of the year preceding their effective period; however, because the CRT was not formally constituted and lacked a functioning Plenary during the first half of 2025, it was materially and legally impossible for it to issue the conditions applicable to 2026. Anticipating this temporal gap, the legislature incorporated Transitory Article Twenty-Nine of the LMTR, which establishes a tariff continuity regime requiring concessionaires that enter into interconnection agreements effective January 1, 2026 to apply the tariffs and minimum technical conditions that were in force during 2025, thereby ensuring an orderly transition between tariff periods, avoiding regulatory vacuums and guaranteeing legal and operational certainty for concessionaires until the ordinary publication calendar under Article 122 can resume. In practical terms, this means that the 2025 tariffs and minimum technical conditions remain fully applicable throughout 2026, or Ps.0.012255 per minute of interconnection.

In April 2018, the SCJN determined that the interconnection rate regime relating to fixed termination by the preponderant economic agent in the telecommunications sector, which contained a limitation on the preponderant economic agent's ability to charge for traffic termination in its fixed network, was unconstitutional. As a result, the SCJN ordered the former IFT to issue a tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector, applicable from January 1 to December 31, 2019. In November 2018, the former IFT determined that the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.003151 per minute of interconnection from January 1, 2019 to December 31, 2019. In November 2019, the former IFT determined that the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.003331 per minute of interconnection from January 1, 2020 to December 31, 2020. In November 2020, the former IFT determined that the tariff for traffic termination in the fixed network of the preponderant economic agent would be Ps.0.002842 per minute of interconnection from January 1, 2021 to December 31, 2021. For 2022, the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002862 per minute of interconnection. For 2023, the former IFT determined the tariff for traffic termination in the fixed network of the preponderant economic agent should be Ps.0.002885 per minute of interconnection. For 2024, the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002823 per minute of interconnection. For 2025, the tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002858 per minute of interconnection. For 2026, based on the twenty-ninth transitional article of the law, CRT determined the same tariff for traffic termination in the fixed network of the preponderant economic agent in the telecommunications sector would be Ps.0.002858 per minute of interconnection.

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In January 2020, the former IFT imposed a fine on Telnor in the amount of Ps.1,311.8 million for a breach of the availability of information of certain passive infrastructure (post, duct) in the electronic management system (*Sistema Electrónico de Gestión* or "SEG"), used to request wholesale services from Telnor. Telnor appealed this decision to a Federal Judge, who upheld the sanction. This ruling is currently under review by a Federal Court.

Additionally, the Telecom Reform of 2014 (i) permits 100% foreign ownership in satellite and telecommunications services and increases to up to 49% the level of permitted foreign ownership in television and radio services, subject to reciprocity of the originating foreign investment country, and (ii) provides that the Mexican government will build a national network to facilitate effective access for the Mexican population to broadband and other telecommunications services. These amendments may provide opportunities for us to enter into joint ventures with foreign investors with proven international experience in these markets and also to work with the Mexican government in the development of this new network.

As of the date of presentation of this report, the issuance of secondary regulations by the Federal Executive, the CRT, CNA or the Agency in charge of regulating the various telecommunications, broadcasting, and economic competition issues is still pending. Therefore, the Company is evaluating said Telecommunications Reform as well as the actions implemented by the Federal Executive Branch, CRT, CNA or the Agency.

#### Commitment to Sustainability
At Grupo Televisa, we are aware of the short- and long-term value a sustainability strategy creates for our stakeholders through our services. We believe that adopting sustainable business practices is critical to generate long-term value for our customers, employees, investors, and the communities we serve.

Our purpose brings the mission and vision of our business to life: BRINGING PEOPLE CLOSER TO WHAT MATTERS MOST TO THEM. Our focus on environmental, social and governance ("ESG") issues is an integral part of our purpose and business strategy. Year after year, we become more firmly committed to connecting lives through innovation and investment in resilient telecommunications networks that empower society.

As the world and technology continue to evolve, 2025 was a year of reflection and assessment of our ESG strategy. Following the consolidation of our business strategy, the new focus of our ESG strategy emerged organically. This focus aligns more closely with business operations, embedding it in productive activities and advancing alongside national and international developments. To achieve this, we incorporated key elements into each of our strategic pillars. These key elements are directly linked to business indicators that have some dependency or impact on the environment and the community.

We provide products and services that are basic to our society. We are present in our customers' daily life, from education to business connectivity to entertainment, through our wide range of communication infrastructure and products. Our ESG strategy is integrated into the core of our business and contributes to our goals through four strategic pillars:

● Resilient climate connections

● Digital inclusion

● Empowering people

● Leading by example

The progress we have made toward sustainability has been fueled by an ongoing process of policy and program review, focused on improving our corporate management and aligned with international best practices, including the United Nations Sustainable Development Goals ("SDGs"). We identify the most relevant risks and opportunities in ESG areas and then decide on specific initiatives to address them. Our priority SDGs, which range from climate action, education, gender equality, decent work, peace and justice, industry, innovation and infrastructure and responsible consumption and production reflect the opportunities for our business to create shared value and contribute to collective well-being.

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Our transparency and reporting strategy aligns with certain international frameworks and standards, such as the Global Reporting Initiative and the Sustainability Accounting Standards Board. We also support the Ten Principles of the United Nations Global Compact. Our reporting strategy consists of a voluntary Sustainability Report that complements our mandatory sustainability disclosures. Our sustainability related financial disclosures for 2025 will be in alignment with the IFRS S1 and IFRS S2 standards issued by the ISSB, as mandated by the CNBV. These voluntary and regulatory disclosures are designed to enhance the transparency of our governance practices, risk management processes, and the financial implications of sustainability related risks and opportunities. By adopting these standards and frameworks, we aim to provide investors and other stakeholders with clear, consistent, and decision-useful information regarding our approach to sustainability. The information included in the Sustainability Report is not, and should not be considered to be, a part of this report.

*Environmental and Climate*

Our approach to climate action aims to reduce emissions across our value chain by strengthening the resilience of our network and promoting a low-carbon economy that also generates operational efficiency and cost improvements. To achieve this, we aim to invest in climate-resilient networks, by implementing energy-efficiency initiatives to reduce our energy consumption, incorporating renewable energies to decarbonize our operations, joining global efforts in sustainable mobility for our operations, and reducing our waste generation. Through our service centers, we refurbish electronic devices, reducing the amount of electronic waste sent to landfills, lowering operating costs, improving customer service, and reducing our environmental footprint. Likewise, we empower our workforce through communication and training to increase awareness of how their work impacts the environment, and we encourage our staff to take pro-environmental actions in their daily lives, and create partnerships to accelerate the transition to a sustainable economy. We also work hand-in-hand with our suppliers to promote reuse, recycling, and emission reduction practices.

Since 2019, we have adopted the recommendations of the Task Force on Climate-related Disclosures and strengthened our climate governance and risk management strategy. In 2025, we conducted a climate risk scenario analysis in accordance with the IFRS S2 of the Sustainability Disclosure Standards, which is now part of the regulatory requirements of the CNBV. Through this scenario analysis and regulatory framework, we have a better understanding of how climate risks and opportunities can impact our financial situation, so that we can better prepare for such risks.

*Social*

Our mission at Grupo Televisa is to merge groundbreaking technology with the best of human creativity. We are committed to delivering timely, useful, and meaningful digital experiences that enrich people and the world around them. We build the necessary infrastructure for society to connect and stay tuned with the world. We understand that connections are fundamental to giving meaning to life, and we strive to meet society's connection needs by investing in the infrastructure required to facilitate that global connection.

Digital inclusion has been a deeply rooted priority for us for decades and is a fundamental pillar of our business and sustainability strategy. In a world where society increasingly relies on digital tools to carry out all types of productive, educational, and personal activities, ensuring access, digital inclusion, and the spread of knowledge throughout the country is not only a matter of positive community impact but also a priority for business development. Over the years, we have focused our efforts on providing access to digital technology, developing digital skills, ensuring school connectivity, promoting digital inclusion for women and girls, and facilitating digital access for diverse users and vulnerable groups. In 2025, we successfully connected millions of people to through our products and services. We strive to reduce the digital divide by providing affordable internet access and a wide range of entertainment products and services. As part of the new ESG strategy approach, we incorporated the "Customer Satisfaction" element into the Digital Inclusion pillar, as our positive impact on the community begins with our customers. Additionally, in 2025, we began a network-upgrade project, building a fiber network that will allow us to offer improved service.

We are committed to empowering people in two key ways. Internally, by retaining and attracting the best talent. Our people are at the heart of our success and innovation, we aim to be a company everyone wants to be part of. We focus on providing workplace safety, attractive benefits, ongoing training, programs to encourage internal promotion, and fostering an environment where every person feels they belong. Externally, through Televisa Foundation, we promote innovative programs in education, culture, entrepreneurship, and environmental protection, using advanced digital tools and providing financial support. We incorporated the element of Human Rights into the Empowering People pillar, for which we began by carrying out an internal human-rights risk assessment to prevent incidents that could negatively impact our people.

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*Governance*

Grupo Televisa is committed to conducting its operations in full compliance with ethics and current legislation. Our Code of Ethics establishes the values, principles, and standards of conduct that guide our business activities, addressing issues such as bribery and corruption prevention. All new hires accept this code when they join Grupo Televisa and pledge to abide by its terms, and we provide them with regular training. Some executive positions are required to renew their commitment to our Code of Ethics each year. Grupo Televisa offers confidential communication channels for employees and third parties to report violations of the Code of Ethics or other internal policies, as well as any matters that may affect our interests, business objectives, or human capital. We launched the Supplier Code of Conduct and through it we extend our commitment to respecting Human Rights, Labor Rights, Environmental Responsibility, and others, across our supply chain. For several years, we have conducted supplier assessments, and in 2025 we incorporated a questionnaire including environmental and social criteria.

The Sustainability Committee, which is comprised of senior executives from various corporate areas, reviews and monitors ESG performance, recommends best practices, and designs short- and long-term ESG strategies, considering the potential impacts of ESG-related risks. Furthermore, we have a continuous process of strategic risk management at the corporate level, which allows us to identify, assess, treat, monitor, and report sociopolitical, environmental, social, economic, and health risks and opportunities. Under the supervision of the Audit Committee, the Corporate Risk Management Office reports quarterly on the results of these processes.

**Commitment to Social Responsibility**

**In 2025, Fundación Televisa (or "Fundación") continued to expand the reach and effectiveness of its programs across education, health, culture, visual arts, entrepreneurship, and environmental protection. Through a combination of strategic partnerships, digital platforms and on-the-ground multidisciplinary teams, we transformed the lives of 846,577 children, youths and adults in Mexico, investing (together with our 300+ strategic alliances) more than Ps.327 million.**

**We continue to innovate in programs in education, culture, entrepreneurship and environmental protection to provide an empowering platform for hundreds of thousands of people to improve their lives, transform their communities, and build better and more sustainable communities. Our approach combines effective leveraging of the Company's communication channels with state-of-the-art digital tools, financial support and on-the-ground multidisciplinary teams.**

#### Our sustainability programs and initiatives are intended to help further 13 of 17 of the United Nations Sustainable Development Goals.
**In 2025, our communication efforts promoting early childhood initiatives, education programs, entrepreneurship, health, and cultural opportunities, achieved a total digital and TV media audience of over 35.7 million. These campaigns also amplified our partners' social and sustainability initiatives.**

**Through social media, we actively engaged with over 2.1 million people in our educational and cultural programs. Additionally, more than 4.1 million people participated in our community outreach programs, supported by active engagement on our digital platforms.**

**Fundación's programs address diverse needs across all life stages. Empieza Temprano focuses on early childhood development by providing parents and families with practical guidance. Cuantrix teaches computational thinking and coding. Tecnolochicas empowers young women through STEM disciplines. Bécalos works to increase high school and college completion while improving employability. POSiBLE drives high-impact, innovation-driven entrepreneurship. Gol por México converts the passion for sports into tangible aid for underserved communities. Through our Visual Arts division, we preserve and promote Mexico's cultural heritage via film restoration, photography exhibitions and editorial publications across national and international venues.**

#### Fundación's initiatives span all age groups and communities, engaging the public through local actions, digital platforms, and media channels.
**Through Nuestras Alas, our partnership with Club América, Mexico's leading professional soccer club, we focused on two priority areas: visual health and cancer prevention. We delivered eyewear and optical care to 2,194 children through the Vista de Águila initiative and provided free mammography screenings to 1,500 women from vulnerable communities.** 

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#### Our numbers and recognitions include the following:

#### Cuantrix coding platform
**We trained 3,114 teachers in computational thinking and AI integration through our Cuantrix program, reaching 106,567 students across 746 schools in 10 states. By strengthening our teacher support model and proprietary learning materials, educators successfully incorporated coding and programming projects into public-school classrooms, generating measurable evidence of student learning outcomes.**

#### Tecnolochicas STEM initiative
**We doubled participation in our Tecnolochicas STEM (Science, Technology, Engineering, and Mathematics) program, reaching over 77,000 students—including 30,157 middle-school girls in Mexico and the United States. The program trained over 4,500 teachers across more than 600 schools, delivering 31,000 lessons and digitally upskilling over 6,500 individuals. Our digital community grew to over 540,000 members, with 468,000 visits to the platform.**

#### Bécalos scholarships
**We awarded 39,830 Bécalos scholarships, bringing the total to 640,019 throughout the program's history. Bécalos programs focus on employability initiatives, STEM education, English learning, international mobility programs, and excellence scholarships.**

#### Additional scholarships were allocated to talented youth programs, and 1,612 were granted to women pursuing STEM training.

#### POSiBLE entrepreneurship program
**Through our POSiBLE program, 11,535 entrepreneurs received support to develop their business models. In its latest edition, POSiBLE engaged 22,078 participants across its National Call for Proposals, online training, and in-person training camps.**

#### Empieza Temprano early childhood initiatives
**We led two major communication campaigns—Play This Summer and Early Childhood Week—to promote early childhood stimulation. Through our Empieza Temprano program, we provided guidance to 335,333 parents via practical tips, TV spots, social media, SMS messages, and workshops.**

#### Gol Por México
**Through our Gol por México program, we converted soccer goals from the Mexican Soccer League into aid for 40,566 beneficiaries across health, nutrition, development, housing, reforestation, and women's empowerment. In partnership with five specialized organizations, we provided medical care to 3,415 individuals, including vision screenings and lenses for 2,500 students, 30 corneal transplants, chemotherapy for 128 children, 587 cardiac studies for children nationwide, and 170 cleft palate surgeries.**

*Visual Arts division*

Our film preservation, exhibition, and screening program reached over 134,300 attendees across Mexico, the United States, and Spain through eight initiatives.

We partnered with four major film festivals to present curated screenings and exhibitions: five restored Mexican cinema classics at FINI (278 attendees), the photographic exhibition *La muerte madrina* at Taxco honoring Macario (7,500 visitors), *Katharsis: Imágenes de la lucha libre en México* at the 40th Guadalajara International Film Festival (43,158 visitors), and the open-air exhibition *Una diosa para una diosa* at the 23rd Morelia International Film Festival (80,000 visitors). Internationally, the MoMA in New York hosted a film cycle dedicated to *La Doña* (1,642 attendees), and in Madrid, we presented *La crónica citadina* de Juan Guzmán at Centro Cultural Galileo (1,000 attendees). A landmark achievement was the restoration of *Pedro Páramo* (Carlos Velo, 1966) in collaboration with The Film Foundation, TelevisaUnivision, L'Immagine Ritrovata, Filmoteca UNAM, and funded by The Material World Foundation—premiering at FICM to over 469 viewers.

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We also published *Stillman. Fotografía y cine en México* with editorial RM (1,500 copies), a 359-page hardcover volume featuring texts by cinematographer Rodrigo Prieto and production designer Eugenio Caballero that explores the work of still photographers on Mexican film sets through rarely seen images from our Collection and Archive.

#### Recognitions
● Bécalos: The program was recognized with the Best NGOs in Mexico Award and renewed its CEMEFI Institutional Strength and Transparency Accreditation for 2025, achieving the highest level of compliance.

● Cuantrix: The AIEDU Mexico Global Meeting 2025 brought together leaders and specialists from India, Spain, Chile, Uruguay, the United States and Mexico to explore the role of artificial intelligence in education. The event fostered the exchange of innovative practices and strengthened global cooperation around the ethical and creative integration of AI in classrooms.

● Empieza Temprano: For the first time, the program participated in FICMA (*Festival Internacional de Cine con Medios Alternativos*), Mexico's film festival dedicated to digital narratives and emerging technologies, generating approximately 64,773 social media impressions over the 10-day event.

● Tecnolochicas: The program was shortlisted for the Nature Awards for Inspiring Women in Science, a global recognition presented by Nature in partnership with The Estée Lauder Companies that celebrates initiatives advancing gender equality in STEM and encouraging girls and young women to pursue science careers worldwide.

#### By leveraging media, talent, partnerships, and resources, Fundación Televisa contributes to a more empowered and prosperous society.

#### Our Operations
***As of December 31, 2025, we classify our operations into one single business segment Telecom. Through September 30, 2025, we classified our operations into two business segments Cable and Sky.***

***In the fourth quarter of 2025, we identified changes in operations that led to adjustments in our segment information, now identifying a single reportable segment, Telecom, with three categories of revenues: Residential, Satellite and Enterprise. Beginning in the fourth quarter of 2025, we present the operating results of our Cable and Sky businesses as a single reportable segment. This change in segment reporting is a result of (a) organizational changes that integrated the operations of our Cable and Sky businesses into one single business and (b) our chief operating decision maker now analyzing the results of our operations, making decisions and assigning resources to our operations as a single business. The changes identified included (i) the designation of a unified chief executive officer and a chief financial officer for our Cable and Sky businesses; and (ii) a restructuring and integration process of our Cable and Sky businesses as a single business; 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 areas including commercial, sales commissions, programming, information technology, technology, finance and marketing, among others. Through September 30, 2025, the operating results of our Cable and Sky businesses were presented as separate reportable segments. As a result of this change in our segment reporting, the operations previously reported under our former Cable and Sky segments are now classified into a single reportable segment for any comparative periods presented. See Notes 2 (a) and 26 to our consolidated year-end financial statements.***

***In addition, following the completion of the Spin-off during the first quarter of 2024, certain businesses that were part of our former Other Businesses segment, including our fútbol operations, the Azteca Stadium, the gaming operations, and the publishing and distribution of magazines, as well as certain related assets and real estate (the "Spun-off Businesses") were spun off to a new controlling entity listed on the Mexican Stock Exchange, Ollamani, S.A.B. de C.V. ("Ollamani"), that holds the Spun-off Businesses and which at the time of the Spin-off had the same shareholding structure as the Company. As a result, we no longer own the Spun-off Businesses of our former Other Businesses segment, and, beginning with the first quarter of 2024, we began classifying the Spun-off Businesses as a discontinued operation and since then the Other Businesses segment is no longer a business segment.***

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***Telecom***

***Residential***

***The Cable Television Industry in Mexico.*** Cable television offers multiple channels of entertainment, news and informational programs to subscribers who pay a monthly fee. These fees are based on the package of channels the subscribers receive. According to CRT, there were approximately 281 pay-TV concessions in Mexico and 2,337 integrated sole concessions for commercial use, as of the date of their report, serving approximately 15.1 million subscribers (including cable and DTH).

***Digital Cable Television Services.*** Our cable companies offer on-screen interactive programming guide with direct access to Vix Premium Netflix, Disney+, HBO Max, amongst others through the izzi TV platform, video on demand, high definition channels as well as other services throughout Mexico. Along with their digital pay-TV service, our cable companies offer high speed internet and a competitive digital telephone service. Through their networks, they are able to distribute high quality video content, new services, interactivity with video on demand, 1080i high definition, impulse and order pay-per-view, a-la-carte programming, among other products and services, with added value features and premium solutions for consumers, and telephony and internet. Likewise, our cable companies offer mobile applications such as izzi go, which is a TV Everywhere application for authenticated subscribers through compatible PCs, iOS and Android platforms, that enables subscribers to access channels, movies and series on demand. izzi go also features remote control functionalities compatible with our izzi TV set-top-boxes, and allows subscribers to watch additional content through the application. In November 2020 and August 2021, izzi partnered with Disney+ and Star+ respectively, in order to distribute the service both a la-carte and as a bundle in select triple play packages and with payment integration services for izzi customers. In September 2023 we began offering Vix Premium free of additional charges as a hard bundle to both new and existing users with 50 mbps speed and above. In 2024, we added HBO Max as a hard bundle to our 100mbps offer. In 2025, we improved the offer by adding AppleTV+, Disney+ with advertising and F1. Since the first week of January 2026, we have been offering a streaming package for the FIFA World Cup 2026 alongside Vix.

***Revenues.*** Our cable companies generate revenues from their pay-TV, broadband, internet and telephony services, from additional services such as video on demand, and from sales of advertising to local and national advertisers. Subscriber revenues come from monthly service and rental fees.

***Residential Initiatives.*** Our cable companies plan to continue offering the following services to their subscribers:

● Enhanced programming services, including video on demand, subscription video on demand, high definition and bundled packages;

● Broadband internet services, including fixed/mobile solutions;

● IP telephony services; and

● Mobile services.

***Cablevisión.*** We own a 51.5% controlling stake in Cablevisión, one of the most important cable television operators in Mexico, which operates in Mexico City and its metropolitan area, where it offers cable television, high speed internet access and IP telephony services.

***TVI.*** In March 2016, we acquired the remaining 50% of the equity interest of TVI and its subsidiaries and as a result, TVI is a wholly owned subsidiary of the Company. The transaction amounted to Ps.6,750 million. TVI offers cable television, internet access, telephony services as well as mobile telephony as a mobile virtual network operator (MVNO) in 30 Mexican States.

***Cablemás.*** Cablemás is a wholly-owned subsidiary of the Company, which offers cable television, broadband internet and telephony services and operates in 20 States of Mexico.

***Cablecom.*** Cablecom is a wholly-owned subsidiary of the Company, which offers bidirectional data transmission, internet and telephony services and operates in 18 States of Mexico.

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***FTTH. On December 17, 2018, we acquired from Axtel its residential fiber-to-the-home business and related assets in Mexico City, Zapopan, Monterrey, Aguascalientes, San Luis Potosi and Ciudad Juarez, through our FTTH subsidiary. The acquired assets comprised 553,226 RGUs, consisting of 97,622 video, 227,802 broadband and 227,802 voice RGUs. The total value of the transaction amounted to Ps.4,713 million. These subscribers were integrated into each operator where coverage was available to take advantage of the fiber optic network.***

#### Satellite
***Background.*** We operate "Sky", our DTH satellite venture in Mexico, Central America and the Dominican Republic through Innova. We indirectly own 100.0% of this venture. For a description of capital contributions and loans we have made to Innova, see "Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity".

Innova's Social Part Holders Agreement provides that we may not directly or indirectly operate or acquire an interest in any business that operates a DTH satellite system in Mexico, Central America and the Dominican Republic (subject to limited exceptions).

As of December 31, 2023, 2024 and 2025, Innova's DTH satellite pay-TV service had 5,567,426, 4,696,038 and 3,516,196 gross active video subscribers, respectively. Innova primarily attributes its success to its superior programming content, its exclusive transmission of the largest coverage sporting events such as soccer tournaments and special events, its high-quality customer service and its nationwide distribution network with approximately 16 points of sale. In addition to the above, Innova also attributes its success to VeTV, our low-end package in Mexico. Sky continues to offer the highest quality and exclusive content in the Mexican pay-TV industry. Its programming packages combine our over-the-air channels with other exclusive content.

During 2025, Sky offered exclusive content, which included La Liga, Supercopa, Liga Hypermotion and La Copa del Rey (Spanish soccer), the Bundesliga (German soccer), the NFL Sunday Ticket, MLB Extra Innings, the NHL, ice skating events, Davis Cup, Diamond League, UEFA EURO and UEFA Nations League. In addition to new programming contracts, Sky continues to operate under arrangements with a number of third-party programming providers to provide additional channels to its subscribers. Sky also has arrangements with the major programming studios and sports federations.

In 2025, the Sky HD Package comprised 261 channels, as well as eight additional channels for pay-per-view. We expect to continue broadening our HD offering in the coming years.

As of December 31, 2025, the standard definition programming packages monthly fees for residential subscribers, net of a prompt payment discount if the subscriber pays within 12 days of the billing date, are the following: monthly fees for high definition programming packages are: Silver Ps.4499, and Platinum was offered until November 2024 at Ps.609.

Sky devotes eight pay-per-view channels to family entertainment and movies and four channels are devoted to adult entertainment. In addition, Sky assigns 15 extra channels exclusively for special events, known as Sky Events, which include concerts and sports. Sky provides some Sky Events at no additional cost while it sells others on a pay-per-view basis.

The installation fee is based on the number of set up boxes and the method of payment chosen by the subscriber. The monthly cost consists of a programming fee plus a rental fee for each additional box.

In 2018, Sky launched Fixed Wireless Broadband services under the brand name Blue Telecomm. Sky offers five, 10 or 20 mega single-play broadband services and five or 10 for video-broadband bundles. These services are limited to certain areas in Mexico. At the end of fiscal year 2025, Sky had 225,376 broadband customers.

In 2022, Sky launched mobile services under the brand Blue Telecomm Cel which offered packages of 4 GB, 7 GB, 16 GB, and 23 GB single-play mobile for Ps.289, Ps.399, Ps.599 and Ps.799, respectively. This mobile service has no longer been offered to the public since May 2024. At the end of fiscal year 2025, Sky had 9,631 mobile customers.

In 2023, Sky launched Sky+, an Android-based streaming platform, that integrates Sky video service, video on demand, and OTTs content in a unified viewing experience which offers packages basic and premium, at a price of Ps. 399 and Ps. 599, respectively. The Sky+ service has no longer been offered to the public since May 2024. At the year ended on fiscal year 2025, Sky had 56,180 Sky+ subscribers.

***Programming.*** Sky receives programming content from several providers, including TVSA, which also grants DTH satellite service broadcast rights to most of its existing and future program services (including pay-per-view services on DTH), subject to some pre-existing third-party agreements and other exceptions and conditions.

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***Enterprise***

***Bestel*.** The Company offers Enterprise services under the brand Bestel, which is managed by (i) Operbes (the Company indirectly holds 66.4% of the equity of Operbes: 35.6% through Cablevisión and 30.8% through CVQ); and (ii) México Red de Telecomunicaciones, dba Metrored (the Company indirectly holds 100% of the equity of Metrored). Bestel provides voice services, broadband internet, cloud services, and managed and integrated services are provided, which are marketed to domestic and international carriers, as well as to the enterprise, corporate, and government segments in Mexico. Through Bestel (USA), Inc., Bestel provides cross-border services to U.S. carriers including internet protocol, or IP, transit, collocation, international private lines, and voice services, as well as access to the Internet backbone via companies or carriers classified as "TIER 1" which are networks that can reach every other network on the internet without purchasing internet protocol address or paying settlements and "TIER 2" which are networks that peer with some networks, but purchase internet protocol address transit or pay settlements to reach at least some portion of the internet. Bestel owns a fiber-optic network of approximately 19,000 kilometers, which is in the process of being expanded. In addition to its own network, Bestel operates 30,000 additional kilometers of fiber-optic networks covering several cities and economic regions in Mexico and has direct crossing of its network into Laredo, McAllen, El Paso and Dallas in Texas, Nogales in Arizona and San Diego and Los Angeles in California in the United States. This enables the Company to provide high connectivity capacity between the United States and Mexico.

**Discontinued Operations**

***Spun-off Businesses on January 31, 2024 (see "Item 5. Operating and Financial Review and Prospects***—***Spin-off of Certain Businesses of Our Other Businesses Segment")***

***Other Businesses***

***Publishing***

With a total circulation of more than 3.3 million copies in 2024, *Editorial Televisa, S.A. de C.V.*, or Editorial Televisa, the Company's former publishing business, published 11 titles that are distributed in Mexico. See "—Publishing Distribution". Editorial Televisa's main publications in Mexico included *TVyNovelas*, a weekly entertainment and dramas magazine; *Vanidades*, a popular monthly magazine for women; and *Caras*, a monthly leading lifestyle and socialite magazine. Editorial Televisa also managed 11 digital platforms that generated 125 million unique users and 269 million video views on such platforms during 2024.

***Publishing Distribution***

We estimate that in 2024, *Distribuidora Intermex, S.A. de C.V.*, or Intermex, our former distribution business, distributed more than 52%, in terms of volume, of the magazines, comics, books, and collectibles circulated in Mexico.

Mexico is considered one of the most important collectibles markets in the world, and in Mexico. In 2024, Intermex had more than 90% of the market share in the distribution of commercial collectibles.

We also estimate that such distribution network reached more than 6,100 points of sale in Mexico. In 2022, 2023 and 2024 48%, 21% and 12%, respectively, of the publications distributed by Intermex were published by Editorial Televisa. In addition, Intermex's distribution network sells a number of publications published by joint ventures and independent publishers, as well as collectibles, books, novelties and other consumer products.

***Soccer***

We owned *Club de Fútbol América S.A. de C.V.*, or Club América, which currently plays in the Mexican First Division and is one of the most popular and successful soccer teams in Mexico and Club América Femenil, a professional soccer team that participates in the first division of the Mexican women's soccer league currently known as Liga MX Femenil.

We also owned Azteca Stadium, which has hosted two FIFA World Cup openings and finals (1970 and 1986), and FIFA has recently confirmed that Azteca Stadium will host soccer matches during the 2026 World Cup, which will be held in Canada, Mexico, and the United States. This will make it the only stadium in the world to have hosted matches in three different FIFA World Cups.

***National Football League***

The Company entered into a contract with the National Football League, or the NFL, to host one regular season game each year beginning in 2016. In November 2022, a regular season Monday Night Football game was played at the stadium with more than 78,000 fans in attendance. No NFL game took place in Mexico during 2023 and 2024.

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***Gaming***

In 2006, we launched our former gaming business under the brand "PlayCity", consisting of casinos and an online gaming site. As of December 31, 2024, PlayCity had 17 casinos in operation in 12 States in Mexico.

PlayCity also has a successful multi-level loyalty plan with more than 224,000 active accounts as of December 31, 2024. All of PlayCity's casino rooms are located in premium locations inside or next to high-value shopping malls.

**Investments** 

***Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V.*** In March 2010, *Telefónica, Editora Factum, S.A. de C.V.*, a wholly owned subsidiary of the Company, which was merged into CVQ in May 2015, and Megacable agreed to jointly participate, through a consortium known as GTAC, in the public bid for a pair of dark fiber wires held by the CFE (*Comisión Federal de Electricidad*). In June 2010, the SCT granted GTAC a favorable award in the bidding process for a 20-year contract for the lease of up to 19,457 kilometers of dark fiber-optic capacity, along with a corresponding concession, granted in July 2010, to operate a public telecommunications network using DWDM technology. In June 2010, one of our subsidiaries entered into a long-term credit facility agreement to provide financing to GTAC in an amount up to Ps.688.2 million, which was already liquidated. Under the terms of this agreement, principal and interest were payable at dates agreed by the parties, between 2013 and 2021. In addition, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps.1,614.0 million. By the end of 2025, GTAC had in operation 215 links and 174 nationwide nodes, and the services for customers grew to 4,326, of which 88% and 10%, respectively, have a capacity of 10 Gbps and 100 Gbps. The overall capacity per link is approximately 3.2 Tbps (80 optical channels x 10, 40 and 100 Gbps each channel). In addition, GTAC maintains nine of its own routes (3,408 kilometers), three third-party dark fiber IRU (3,042 kilometers) and local loops (542 kilometers). This fiber-optic network represents for us an alternative to access data transportation services, increasing competition in the Mexican telecommunications market and therefore improving the quality of the services offered. The fiber-optic network aims to increase broadband internet access for businesses as well as households in Mexico.

**TelevisaUnivision**

We have a number of arrangements with TelevisaUnivision, the leading Spanish-language content and media company in the world, which features the largest Spanish-language library of owned content and industry-leading production capabilities that power its streaming, digital and linear television offerings, as well as its radio platforms. TelevisaUnivision's linear operations include two broadcast television networks in the United States, Univision Network and UniMás, and the broadcast television networks in Mexico known as "Las Estrellas", "Foro TV", "Canal 5" and "Canal 9". In addition, TelevisaUnivision operates 9 cable networks in the United States, including Galavisión, the second most watched Spanish-language entertainment cable networks, and TUDN, the #1 Spanish-language sports network and 29 cable networks in Mexico, including "Distrito Comedia" and "TL Novelas". TelevisaUnivision also owns or operates 59 local television stations in the United States and 30 local television stations in Mexico. In addition, TelevisaUnivision provides programming to 72 broadcast network station affiliates in the United States. Univision, "UniMás" and "Galavisión" that are also available on YouTube TV. TelevisaUnivision's digital properties consist of streaming and various other websites. The digital offerings are anchored by ViX, a two-tier streaming service in one single app comprised of the free AVOD product and a paid premium SVOD option, which hosts over 69,000 hours of high-quality, original Spanish-language programming from distinguished producers and top talent. TelevisaUnivision's offerings also include UnivisionNow.com, a direct-to-consumer, on-demand and live streaming subscription service, and Univision.com as well as various other local digital properties. TelevisaUnivision's radio operations, known as the "Uforia Audio Network", encompasses 35 owned or operated U.S. radio stations, an experiential and digital-centric event series and a robust digital audio footprint.

As of March 31, 2026, we owned a 44.3% equity interest on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options) in TelevisaUnivision, and we are party to related governance arrangements pursuant to which, among other things, we are entitled to designate five of the 11 members of the Board of Directors of TelevisaUnivision, at least proportionate membership on board committees and consent rights over certain matters. In addition, Messrs. Bernardo Gómez Martínez and Alfonso de Angoitia Noriega became part of the management team of the Mexican content business of TelevisaUnivision. These individuals also continue to serve in their current roles at the Company. As a result, they do not devote all of their time to either TelevisaUnivision or the Company.

We have investments in several other businesses. See Note 10 to our consolidated year-end financial statements.

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#### PLA and MLA
Prior to the TelevisaUnivision Transaction, the Company had entered into a Program Licensing Agreement (the "PLA") and a Mexico License Agreement (the "MLA") with Univision. Under the PLA, we granted Univision exclusive Spanish-language broadcast and digital rights to our audiovisual programming (subject to certain exceptions) in the United States and all territories and possessions of the United States, including Puerto Rico, in exchange for a royalty payment. Under the MLA, we had the exclusive Spanish-language broadcast and digital rights to Univision's audiovisual programming (subject to certain exceptions) in Mexico during the term of the PLA.

As part of the TelevisaUnivision Transaction, the PLA and the MLA were assigned to an affiliate of UHI, and since February 2022, we no longer receive any royalties from TelevisaUnivision under the PLA.

***TelevisaUnivision Transaction***

On January 31, 2022, we consummated the TelevisaUnivision Transaction with UHI and affiliates of Searchlight, ForgeLight and Liberty Global, pursuant to which, among other things, we contributed our former Content business (other than certain assets relating to our former news business, which was transferred at closing to the News Company, real estate and Mexican over-the-air broadcast concessions) to Univision. In consideration for the contribution of our former Content business, we received approximately U.S.$4.5 billion in a combination of cash (U.S.$3.0 billion) and U.S.$1.5 billion of common and preferred shares of TelevisaUnivision, excluding post-closing adjustments. The combined company is referred to as TelevisaUnivision, Inc. The TelevisaUnivision Transaction was partially financed by UHI through a new Series C preferred equity investment in TelevisaUnivision of U.S.$1.0 billion in the aggregate led by ForgeLight, along with the SoftBank Latin American Fund, with participation from Google and The Raine Group, as well as debt financing. In addition, TelevisaUnivision's news content production for Mexico was transferred so that it is provided by the News Company. After the closing of the TelevisaUnivision Transaction, news programs are owned by the News Company and licensed to TelevisaUnivision.

The foregoing summary of the TelevisaUnivision Transaction does not purport to be complete and is qualified in its entirety by reference to the full text of the 2021 Transaction Agreement, a copy of which has been filed as Exhibit 4.6 to this Form 20-F.

#### FCC Matters
On January 3, 2017, the FCC (i) approved an increase in the authorized aggregate foreign ownership of Univision's issued and outstanding shares of common stock from 25% to 49%; and (ii) authorized the Company to hold up to 40% of the voting interests and 49% of the equity interests of Univision. Such authorization enabled the Company to increase its equity stake in Univision, which it did through the exercise of warrants in December 2020, and subsequently in the completion of the TelevisaUnivision Transaction, as described earlier in this section under "—TelevisaUnivision". In addition, on December 23, 2020, the FCC approved the then-pending acquisition of a majority equity interest in UHI by affiliates of Searchlight and ForgeLight, subject to certain requirements, and authorized the foreign ownership of up to 100% of UHI's equity and voting interests, including up to a 49.9% non-controlling voting and/or equity interest to be held by the Company.

On January 21, 2022, the FCC approved the TelevisaUnivision Transaction, subject to compliance with certain requirements set forth in its ruling, including requirements relating to foreign ownership.

For additional information regarding our relationship with TelevisaUnivision, see Notes 9, 10, 14, 15 and 20 to our consolidated year-end financial statements.

#### Competition
We compete with various companies in Mexico, both Mexican and non-Mexican. See "Key Information—Risk Factors—Risk Factors Related to Our Business—We Face Intense Competition in Each of Our Markets".

#### Residential
The Company faces intense competition from several media, internet, OTT, cable, pay-TV and telecommunications companies throughout Mexico.

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The telecommunications industry in Mexico has become highly competitive. New technologies and technical innovations have been implemented in the telecommunications sector, resulting in a significant increase in competition. We believe that there is a strong correlation between the increase in competition and the adoption of new technologies.

Our cable operators face intense competition in the Internet services market and in the fixed telephony services market from several service providers such as Totalplay and other cable companies, but also importantly from the preponderant economic agent in the telecommunications sector, which holds a significant market share, as well as other competitors in mobile solutions.

Our cable operators also face tough competition from other cable companies and from other pay-TV operators such as Dish México, Total Play, Megacable, Sky and other cable operator companies. Recently, competition in this market has increased due to the growth of IPTV or OTT providers such as Netflix, Disney+, Star +, Claro Video, Prime Video (Amazon), HBO Max, Vix, Paramount, Lionsgate, Universal +, and Apple TV+, among others.

Our cable operators compete as well with other media with respect to advertising sales, including DTH, social media, outdoor advertising and publishing, among others. The information technologies are changing and we expect will continue to change the consumption of advertising in the communications media.

#### Satellite
Innova currently competes with, or expects to compete with, among others, cable television operators, MMDS systems, national broadcast networks (including our three free-to-air networks and Channel 4), regional and local broadcast stations, OTT content providers, internet video websites and other DTH concessions such as Dish México, which as of June 2025 had approximately 765,000 subscribers, according to the former IFT. Currently, Dish México offers not only low-priced packages, but also high-end products such as high definition programming packages. Innova also faces competition from: (a) unauthorized C-band and Ku-band television signals provided by third parties without authorization of the Mexican government; and (b) illegal streaming services that facilitate access to television channels and content through set up boxes and applications. Other competitors include radio, movie theaters, video rental stores, IPTV, video games and other entertainment sources. We also face significant competition from new entrants in pay-TV services as well as from the new public television networks. The consolidation in the entertainment and broadcast industries could further intensify competitive pressures. As the pay-TV market in Mexico matures, and as the offering of bundled services that include pay-TV, broadband and telephony increases, Innova expects to face competition from an increasing number of sources. Emerging technologies that provide new services to pay-TV customers as well as new competitors in the DTH field or cable, telecommunication and internet players entering into video services would require us to make significant capital expenditures in new technologies and additional transponder capacity.

In October 2008, Dish México, a subsidiary of a U.S. based DTH company operating with certain arrangements with Telmex, started operations in Mexico through a DTH concession. Dish México currently operates nationwide.

***Enterprise***

Bestel engages in a competitive market environment, primarily across two areas: (i) large telecommunications companies and (ii) internet service providers ("ISPs").

The first area compromises notable entities such as Telmex, Total Play, Alestra, Flo Networks and Hola – Metrocarrier. As a strategic approach to address such companies, Bestel consistently invests in advancing new technologies, developing strategic solutions, collaborating, and integrating to design architecture that aligns with the specific requirements of its clients.

Furthermore, an incumbent operator (Telmex) in the telecommunications sector maintains a significant market share despite government initiatives to improve market conditions.

In the context of the ISPs' area, several operators provide connectivity services within local markets. Although these represent direct competition, their impact is somewhat limited due to their limited-services portfolios. Nevertheless, they remain relevant competitors in the local market.

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**Regulation**

Our business, activities and investments are subject to various Mexican federal, state and local statutes, rules, regulations, policies and procedures, which are constantly subject to change and are affected by the actions of various Mexican federal, state and local governmental authorities. Given that we retained the broadcast concessions as part of the TelevisaUnivision Transaction, we continue to be responsible for compliance with regulations applicable to them, as described below. See "Key Information—Risk Factors—Risk Factors Related to Mexico—Imposition of Fines by Regulators and Other Authorities Could Adversely Affect Our Financial Condition and Results of Operations", "Key Information—Risk Factors—Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue" and "Key Information—Risk Factors—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment". The material Mexican federal, state and local statutes, rules, regulations, policies and procedures to which our business, activities and investments are subject are summarized below. These summaries do not purport to be complete and should be read together with the full texts of the relevant statutes, rules, regulations, policies and procedures described therein.

#### Residential
***Concessions*.** Cable television operators apply for a concession from CRT in order to operate their networks and provide cable television services and other multimedia communications services. Applications are submitted to CRT and, after a formal review process, a concession is granted for an initial term of up to 30 years. Cablevisión obtained a telecommunications concession, which expires in 2029; in 2019 such concession became an integrated sole concession. Pursuant to its public telecommunications concession, Cablevisión can provide any telecommunication services in Mexico, including cable television, limited audio transmission services, bidirectional internet access and unlimited data transmission services in Mexico City and surrounding areas in the State of Mexico (*Estado de México*). The scope of Cablevisión's integrated sole concession is much broader than the scope of its former public telecommunications concession, which covered certain telecommunications services in Mexico City and its metropolitan area.

Cablemás operates under one integrated sole concession, which covers 20 Mexican States. Pursuant to this concession, Cablemás provides cable television services, internet access and bidirectional data transmission services. In addition, Cablemás provides local and international long distance telephony services. The concession granted by the former IFT allows Cablemás to install and operate a public telecommunications network. The Cablemás concession will expire in 2046. The Cablemás concession allows it to provide any telecommunication services throughout Mexico. In 2021, as part of a strategy to make the operation more efficient, Cablemás waived its previous concessions for residential services, which were granted pursuant to an integrated sole concession that allowed Cablemás to provide any telecommunication services in Mexico, with an expiration date of 30 years from July 7, 2016.

TVI operates under one integrated sole concession, which covers several Mexican States. Through this concession, TVI provides cable television services, bidirectional data transmission and internet and telephony services as well as mobile telephony as a mobile virtual network operator (MVNO) in 30 Mexican States. The integrated sole concession granted by the former IFT allows TVI to install and operate a public telecommunications network to provide any telecommunication and broadcasting services all around Mexico. TVI's concession will expire in 2056.

Cablecom operates under one integrated sole concession, which covers 18 Mexican States. Through this concession, Cablecom provides bidirectional data transmission and internet and telephony services. The concession granted by the former IFT allows Cablecom to install and operate a public telecommunications network. The expiration date for Cablecom's concession is 2045. Cablecom's concession title allows it to provide telecommunication services throughout Mexico.

In 2021, FTTH sold its operations to its affiliated concessionary companies which previously operated in Mexico. As a result, FTTH waived its rights, in the same year, to its integrated sole concession, in order to avoid any risk of fine and/or revocation by the former IFT.

According to the LMTR, a public telecommunications concession may be renewed upon its expiration, or revoked or terminated prior to its expiration for a variety of circumstances, including:

● unauthorized interruption or termination of service;

● interference by the concessionaire with services provided by other operators;

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● non-compliance with the terms and conditions of the public telecommunications concession (which has expressly established that failure to comply will result in the revocation of the concession);

● the concessionaire's refusal to interconnect with other operators;

● loss of the concessionaire's Mexican nationality;

● unauthorized assignment, transfer or encumbrance, in whole or in part, of the concession or any rights or assets;

● the liquidation or bankruptcy of the concessionaire; and

● ownership or control of the capital stock of the concessionaire by a foreign government.

In addition, CRT may establish under any public telecommunications concession further events which could result in revocation of the concession. Under current Mexican laws and regulations, upon the expiration or termination of a public telecommunications concession, the Mexican government has the right to purchase those assets of the concessionaire that are directly related to the concession, at market value.

Cable television operators are subject to the LMTR. Under current Mexican law, cable television operators are classified as public telecommunications networks, and must conduct their business in accordance with Mexican laws and regulations applicable to public telecommunications networks.

Under the applicable Mexican law, the Mexican government, through the ATDT, may also temporarily seize or even expropriate all of a public telecommunications concessionaire's assets in the event of a natural disaster, war, significant public disturbance or threats to internal peace and for other reasons related to preserving public order or for economic reasons. The Mexican government is obligated by Mexican law to compensate the concessionaire, both for the value of the assets seized and related profits.

On December 20, 2024, a decree was published in the Official Gazette of the Federation titled "*Decreto por el que se reforman, adicionan y derogan diversas disposiciones de la Constitución Política de los Estados Unidos Mexicanos, en materia de simplificación orgánica*" (the "Organic Simplification Decree") in which the provisions of the first, tenth, and eleventh transitory articles are referenced, where it is stated that the IFT will be extinguished within a period of 180 days from the entry of the competition and telecommunications and broadcasting secondary laws, that will be issued by the Mexican Congress, for which reason, the acts issued by the IFT prior to the entry of this Organic Simplification Decree, will continue to have all their legal effects in terms of what is indicated in the eleventh transitory article.

As a consequence of the constitutional reform referred to in the preceding paragraph, on July 16, 2025, the "*Decreto por el que se expide la Ley en Materia de Telecomunicaciones y Radiodifusión y se abroga la Ley Federal de Telecomunicaciones y Radiodifusión*" was published in the Official Gazette of the Federation. This decree created the CRT as a decentralized administrative body of the ATDT with technical, operational and managerial independence, with the purpose of guaranteeing the efficient development of telecommunications and broadcasting in accordance with the terms established by the Constitution. On that same date, the President of Mexico appointed the Chairwoman of the CRT, thereby establishing the CRT's Plenary and dissolving the IFT.

***Supervision of Operations.*** CRT regularly inspects the operations of cable systems and cable television operators must file periodic reports with CRT, and publish, on their web pages, the average download speed of their internet services.

Under Mexican law, programming broadcast on cable networks is not subject to judicial or administrative censorship. However, this programming is subject to various regulations, including prohibitions on foul language, programming which is against good manners and customs or programming which is against the national security or against public order.

Mexican law also requires cable television operators to broadcast programming that promotes Mexican culture, although cable television operators are not required to broadcast a specified amount of this type of programming.

In addition to broadcasting programming that promotes Mexican culture, Mexican law also requires cable television operators to carry all air broadcast channels in the same geographic coverage area and *Señales de Instituciones Públicas Federales*, or Public Federal Institutions Channels, provided by the Mexican government according to the applicable regulations.

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***Restrictions on Advertising.*** Mexican law restricts the type of advertising that may be broadcast on cable television. These restrictions are similar to those applicable to advertising broadcast on over-the-air channels. See "—Regulation—Mexican Television Regulations—Restrictions on Advertising".

***Forfeiture of Assets.*** Under Mexican regulations, at the end of the term of a public telecommunications concession, assets of concessionaires may be purchased by the Mexican government at market value.

#### Non-Mexican Ownership of Public Telecommunications Networks
Under current Mexican law, non-Mexicans may currently own up to 49%, subject to reciprocity by the relevant foreign country, of the outstanding voting stock of Mexican companies with a broadcast television or radio concession. However, non-Mexicans may currently own up to all of the outstanding voting stock of Mexican companies with a public telecommunications concession to provide cellular telephone, fixed-line telephone, pay-TV and internet services.

#### Application of the Existing Regulatory Framework to Internet Access and IP Telephony Services
Our cable networks may be required, under Mexican law, to permit other concessionaires to connect their network to its network in a manner that enables its customers to choose the network by which the services are carried.

To the extent that a cable television operator has any available capacity on its network, as a public telecommunications network, Mexican law requires the operator to offer third party providers access to its network. Our Cable operators currently do not have any capacity available on their networks to offer to third party providers and do not expect that they will have capacity available in the future given the broad range of services they plan to provide over their networks.

#### Satellite Communications
Mexican Regulation of DTH Satellite Services. Under LMTR, formerly under LFTR, concessions to broadcast DTH satellite services are for an initial term of up to 30 years and are renewable for up to 30 years. We received a 30-year concession to operate DTH satellite services in Mexico utilizing SatMex satellites in May 1996. In November 2018, such concession transitioned into a unique concession which authorizes Sky to render the following services: DTH Pay TV; Private Satellite Link Services; and Fixed Telephony and Internet Access. In October 2021, we were officially notified by the former IFT, now CRT, of the extension of our concession which has been renewed for 30 years, which now expires in May 2056.

In November 2000, we received an additional 20-year concession to operate our DTH satellite service in Mexico using the IS-9 satellite system, a foreign-owned satellite system. Our use of the IS-16, IS-21 and SM-1 satellites has been authorized by the competent Mexican authorities. As of November 2020, due to modifications in the telecommunications legislation, such concession transitioned into a new 10-year authorization and, at the same time, we were granted a unique concession, thereby complementing our concession to continue providing the DTH service.

Like a public telecommunications network concession, a unique concession, as well as any other authorization, may be revoked or terminated by CRT prior to the end of its term in certain circumstances, which for a DTH concession include:

● The failure to use the concession within 180 days after it was granted;

● A declaration of bankruptcy of the concessionaire;

● Failure to comply with the obligations or conditions specified in the concession;

● Unlawful assignments of, or encumbrances on, the concession; or

● Failure to pay to the government the required fees.

At the termination of a concession, the Mexican government has the preemptive right to acquire the assets of a DTH satellite service concessionaire. In the event of a natural disaster, war, significant public disturbance or for reasons of public need or interest, the Mexican government may temporarily seize and expropriate all assets related to a concession but must compensate the concessionaire for such seizure. The Mexican government may collect fees based on DTH satellite service revenues of a satellite concessionaire.

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Under the LMTR, DTH satellite service concessionaires may freely set customer fees but must notify CRT of the amount, except that if a concessionaire has substantial market power, CRT may determine fees that may be charged by such concessionaire. The LMTR specifically prohibits cross-subsidies.

There is currently no limitation on the level of non-Mexican ownership of voting equity of DTH satellite system concessionaires.

***Regulation of DTH Satellite Services in Other Countries.*** Our current and proposed DTH ventures in other countries are and will be governed by laws, regulations and other restrictions of such countries, as well as treaties that such countries have entered into, regulating the delivery of communications signals to, or the uplink of signals from, such countries. In addition, the laws of some other countries establish restrictions on our ownership interest in some of these DTH ventures as well as restrictions on programming that may be broadcast by these DTH ventures.

***Mexican Antitrust Law***

The current Federal Antitrust Law ("Antitrust Law") became effective on July 7, 2014, and was significantly reformed by the decree published in the Official Gazette on July 16, 2025. Pursuant to this reform, the former COFECE and the competition-related functions of the former IFT have been replaced by a new authority, the CNA, which is a decentralized public body under the Ministry of Economy (*Secretaría de Economía*), with legal personality, its own assets, and technical and operational independence. The CNA is responsible for authorizing mergers and acquisitions before they take place. In addition, the merger notification thresholds have been modified and apply to sales or assets of economic agents in Mexico.

As of the date of this report, the Antitrust Law provides that the following reportable transactions, among others, are exempt from being reviewed by the CNA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Corporate restructurings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transactions where the acquirer has control over the target from its incorporation or from the date the last reported transaction was approved by the CNA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Trusts in which the trustor contributes assets without intending to transfer, or causing the actual transfer of assets to another company that is not part of the corporate structure of the trustor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Transactions that have effect in Mexico involving non-Mexican participants, if the participants will not take control of Mexican legal entities, or acquire assets in Mexico, in addition to those previously controlled or owned by such participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) When the acquirer is a Brokerage House, whose operation involves the acquisition of stock, obligations, securities or assets, in order to place them among the investing public, except when the Brokerage House obtains a significant influence in the decisions of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Acquisitions of equity securities (or convertible securities) through stock markets that represent less than 10% of such securities, and the acquirer is not entitled to: (w) appoint or remove board members, officers or managers of the issuer; (x) directly or indirectly impose decisions at general shareholders' meetings; (y) hold voting rights with respect to 10% or more of the share capital of the issuer; or (z) directly or indirectly direct or influence the management, operation, strategy or principal policies of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) In other cases established by the Regulatory Provisions (*Disposiciones Regulatorias*) issued by the CNA.

Pursuant to the 2025 reform, the CNA has absorbed the competition-related functions previously exercised by the IFT in the telecommunications and broadcasting sectors. A new Chapter Four was added to the Antitrust Law, granting the CNA authority to determine the existence of Preponderant Economic Agents in the telecommunications and broadcasting sectors and to impose the necessary measures to prevent harm to competition and free market access. The CNA may also impose limits on national and regional concentration of frequencies, cross-ownership, and grant or modify conditions for concession holders.

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As part of our expansion of our cable networks, on December 17, 2018, we acquired FTTH under the provisions set forth in transitory Article 9 of LFTR. On May 8, 2019, the IFT launched an investigation to analyze if, as a result of the transaction, the Company, as well as the former Cable and Sky concessionaires and TVSA, acquired substantial power in the market of telecommunications networks providing voice, data or video services. On September 4, 2019, the IFT Investigative Authority issued a preliminary opinion, whereby it assessed that there were elements to determine that the Company had substantial power in 35 relevant markets of the telecommunications networks that provide restricted television and audio services. Those relevant markets comprise 35 municipalities in the following States: Aguascalientes, Chihuahua, Ciudad de México, Estado de México, Jalisco, Nuevo León and San Luis Potosí. As a response to the preliminary opinion, the Company presented its position and provided evidence to prove that the Company does not hold substantial power in the relevant markets established in the preliminary opinion. On November 26, 2020, the IFT notified TVSA, the Company and some subsidiaries of its former Cable and Sky businesses of the final resolution confirming the existence of substantial power in the 35 relevant markets of restricted television and audio services. Some of the consequences derived from the determination of substantial market power are applicable as a matter of law and others may be imposed by IFT in a new procedure in accordance with the LFTR, which may consist of: (i) the obligation to obtain IFT's approval and to register the rates for our services; (ii) to inform the IFT in case of the adoption of new technology or modifications to the network; (iii) the agent with substantial power may not be entitled to the benefits of some rules of the "must carry" and "must offer" provisions; and (iv) the implementation of accounting separation. Consequently, on December 17, 2020, TVSA, the Company and some subsidiaries of its former Cable and Sky businesses, filed three *amparos*, respectively, to challenge the constitutionality of the resolution. In October 2022, TVSA, the Company and some subsidiaries of its former Cable and Sky businesses obtained favorable *amparo* resolutions form a specialized federal judge which determined that the resolution of IFT about the substantial power on the restricted services of television and audio market in 35 municipalities in Mexico, after the acquisition of the direct to home fiber-optic and assets related to Axtel, S.A.B. de C.V. in December 2018, was unconstitutional. On January 24, 2024, a Federal Court resolved through a final resolution of the *amparo* of TVSA and instructed the IFT to revoke the substantial power resolution. On March 6, 2024, as a result of the *amparo* resolution, the IFT revoked the substantial power resolution and determined to close the file only for TVSA. On May 16, 2024, a Federal Court ruled on the *amparo* proceedings of the Company and some subsidiaries of its former Cable and Sky businesses, ordering the IFT to repeal the determination that declared the Company, its concessionaires of restricted television and audio services and other entities as Economic Agent with Substantial Power in the 35 relevant markets of restricted television and audio services. On June 21, 2024, the IFT notified the Company of such repeal ruling in compliance with the guidelines issued by the Federal Court. With this resolution, the procedure initiated by the IFT to impose asymmetric measures on the Company and its subsidiaries was also repealed, and the measures provided in the current regulations for these purposes are no longer applicable.

Other relevant provisions provided in the Antitrust Law, as reformed, are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The *Autoridad Investigadora*, or Investigative Authority, has the authority to investigate the commission of monopolistic practices, forbidden mergers, barriers to competition, essential facilities, or substantial market power. Pursuant to the 2025 reform, it may also participate in trial-like proceedings, conduct inspections, request assistance from public force, and file criminal complaints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Enhancement of the legal power of the authorities for conducting their investigations, including requesting written evidence and testimonies, performing verification visits, conducting surveys, collecting data through any tool, and requesting the assistance of public force or any Public Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Significantly increased monetary sanctions for the commission of illegal conduct, including: fines of up to 15% of the economic agent's revenues for absolute monopolistic practices; up to 10% for relative monopolistic practices and illicit concentrations; up to 8% (or up to 15% if the CNA had previously objected to the concentration) for gun-jumping (failing to obtain prior merger approval); and up to 12% for non-compliance with concentration conditions. In addition, individuals who directly or indirectly participate in monopolistic practices or illicit concentrations may be disqualified from holding corporate positions for up to five years and fined up to 350,000 times the daily value of the UMA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The CNA may determine the existence of essential facilities when the following conditions are met: (i) one or several economic agents with substantial market power, or that have been determined as Preponderant, control a good; (ii) the reproduction of such good by other economic agents is unviable, now or in the future, due to technical, legal or economic reasons; (iii) the good is indispensable for the provision of other goods or services in other markets and does not have close substitutes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The CNA may determine the existence of barriers to competition and free markets, when an element is found that either: (i) hinders the access of new entrants; (ii) limits competition; or (iii) hinders or distorts competition and the free market process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The resolutions issued by the CNA can only be challenged by an *amparo* claim, which will be ruled by the Antitrust, Telecommunications and Broadcasting federal courts, without any judicial stay that can suspend the execution of the resolution.

The above-mentioned provisions may significantly and adversely affect our business, results of operations and financial condition.

The transition to the *Comisión Nacional Antimonopolio*, which has replaced both COFECE and the IFT's competition-related functions, could introduce further uncertainty regarding compliance obligations, competitive conditions, and market dynamics, all of which may materially affect our business and financial performance. The CNA is fully operational as its five-member Plenary is integrated and the Chairperson has been designated by the President of Mexico. As the legislative and regulatory landscape continues to evolve, we will closely monitor any changes that may impact our business operations, including the issuance of the Regulatory Provisions, potential amendments to sector-specific legislation, and new enforcement mechanisms established by the restructured regulatory framework.

***Mexican Television Regulations***

***Concessions.*** The LMTR regulates, on a convergent basis, the use and exploitation of the radio-electric spectrum, and the telecommunications networks, as well as the rendering of broadcasting, cable, satellite pay-TV and telecommunications services.

Concessions for the commercial use of spectrum are granted through public bid processes. Such concessions are granted for a fixed term, subject to renewal in accordance with LMTR. Renewal of concessions for the use of spectrum require, among others: (i) that the concessionaire submit the renewal request to the CRT, in the case of broadcasting services, no later than six months prior to the expiration of the term of the relevant concession; (ii) that the concessionaire be in compliance with its obligations under the LMTR, other applicable regulations, and the concession title; (iii) a determination by the CRT, within thirty business days following the submission of the request, as to whether there is a public interest in recovering the spectrum granted under the relevant concession, in which case the CRT will notify the concessionaire and the concession will terminate upon expiration of its term; and (iv) if no such public interest exists, the granting of the requested extension, subject to the concessionaire's prior acceptance of the new conditions established by the CRT, which will include the payment of a corresponding fee. To our knowledge, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in the past several years for public interest reasons, however, the Company is unable to predict any future action by CRT.

Pursuant to the LMTR, concessionaires have one integrated sole concession to provide telecommunication and broadcasting services. Integrated sole concessions will be granted for a term of up to 30 years with the possibility to renew them, for the same term originally granted. Renewal of integrated sole concessions require, among others: (i) to request its renewal to CRT within the year prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder's obligations under the LMTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by CRT. CRT shall resolve any request for renewal of the telecommunications concessions within 180 business days of its request. Failure by CRT to respond within such period of time shall be interpreted as if the request for renewal has been granted.

In May 2018, applications for the renewal of the Group's 70 broadcasting concessions (comprising 225 TV stations), were timely filed under the former LFTR and the terms set on the concessions, and as part of the renewal process, the Company regrouped its concessions to create (i) three concessionaires, each one specialized on broadcasting the National TV Networks of Las Estrellas, Canal 5 and Canal Nu9ve, respectively, and (ii) three concessionaires specialized on local TV content.

On November 6, 2018, the former IFT notified the Company the grant of the renewal of its concessions, the new conditions under which they will operate, as well as the relevant fee to be paid for such renewals.

On November 26, 2018, the Company timely accepted the new conditions for the renewal of the concessions and performed the payment of the relevant fee for a total amount of Ps.5,753 million, as a consequence, the former IFT delivered to the Company (i) 23 concessions for the use of spectrum that comprise the Company 225 TV stations, for a term of 20 years, starting in January 2022, and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January 2022 and ending in January 2052.

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On March 7, 2014, the former IFT published in the Official Gazette of the Federation an invitation to a public auction for the concession for the two new National Digital Networks. The invitation provided that the concessions for the National Digital Networks would be granted for a term of 20 years for the operation of stations with, among other characteristics, mandatory geographic coverage in 123 locations corresponding to 246 channels within the Mexican territory.

Pursuant to the LMTR currently in force, a concession (obtained by means of a public process) is still needed to participate in the radio-electric spectrum in Mexico.

None of our over-the-air television concessions has ever been revoked or otherwise terminated and, except for an immaterial concession to transmit an UHF restricted television service which expired in November 2010, all of our concessions have been renewed. See "Information on the Company—Business Overview—Regulation—Residential—Concessions".

We believe that we have operated our television concessions substantially in compliance with their terms and applicable Mexican law. If a concession is revoked or terminated, the concessionaire could be required to forfeit to the Mexican government all of its assets or the Mexican government could have the right to purchase all the concessionaire's assets. In our case, the assets of our licensee subsidiaries generally consist of transmitting facilities and antennas. See "Key Information—Risk Factors—Risk Factors Related to Our Business—The Operation of Our Business May Be Adversely Affected if the Mexican Government Does Not Renew or Revokes Our Broadcast or Other Concessions".

As a result of the Constitutional Amendment, certain provisions of the LMTR and Guidelines related to the distribution of more than one channel of programming on the same transmission channel, or multiplexing, issued under the former IFT, still valid, were passed. Such provisions optimize the use of the spectrum; for example, where the 6MHz spectrum was used entirely to broadcast only one channel of programming analog standard, now based on new technologies, more than one channel of programming digital standard on the same transmission channel can be broadcast. The Company, as a Preponderant Economic Agent has a restrictive obligation related to multiplexing. The IFT shall not authorize the Preponderant Economic Agent to broadcast channels in excess of 50% of the total channels authorized to other broadcasters in the same geographic coverage. The IFT has granted multiplexing authorizations to the Company, granting access to TVSA as its third party programmer in terms of the third party programming agreements: 36 authorizations for multiplexing the Channel 5 Network, 29 authorizations for multiplexing the Channel *Nu9ve Network*, two authorizations for multiplexing the Channel 2 Network, 35 authorizations for multiplexing Channel *Foro TV Network*, three authorizations for multiplexing Local Channels and three authorizations for multiplexing the Channel CV Shopping (programmed by the Company).

***Supervision of Operations.*** To ensure that broadcasting is performed in accordance with the provisions established in the concession title, the LMTR and Guidelines, CRT is entitled to monitor compliance by exercising powers of supervision and verification: for example, the CRT can perform technical inspections of the television stations and the concessionaire must file annual reports with CRT.

On August 21, 2018, the Mexican Ministry of Interior published in the Official Gazette of the Federation an amendment to the regulations of broadcast television and pay-TV programming guidelines that provides for different age classifications for programming (the "Programming Guidelines Amendment"), which became effective on August 22, 2018, substituting in full force and effect the previous amendment published on February 15, 2017. The Programming Guidelines Amendment for broadcast television is as follows: (i) programs classified "D" extreme and adult only may broadcast after midnight to 5:00 am; (ii) programs classified "C" not suitable for people under the age of 18 may broadcast only after 9:00 p.m. to 5:59 am; (iii) programs classified "B15" for teenagers over 15 years old may be broadcast only after 7:00 p.m. to 5:59 am; (iv) programs classified "B" for teenagers may be broadcast only after 4:00 p.m. to 5:59 am; and (v) programs classified "A" and "AA" suitable for all age groups may be broadcast at any time. The same age classifications apply for pay-TV programming and the age classifications must be shown to the audience, but there are no applicable broadcasting time limitations.

On February 14, 2020, the Mexican Ministry of Interior published in the Official Gazette of the Federation an additional amendment to the Programming Guidelines, for which the only relevant change therein was to extend the display time for the Parental Advisory from 15 to 30 seconds.

***Content for Children and Teenagers.*** The LMTR includes new criteria for programming addressed for children and teenagers. Each concessionaire is also required to transmit each day, free of charge, up to 30 minutes of programming promoting cultural, educational, family counseling and other social matters, using programming provided by the Mexican government. Historically, the Mexican government has not used a significant portion of this time.

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***Restrictions on Advertising.*** Mexican law regulates the type and content of advertising broadcast on television. In order to prevent the transmission of misleading advertising, without affecting freedom of expression and dissemination, the broadcasting of advertisements presented as journalistic news or information is prohibited. Under current law, advertisements of alcoholic beverages (other than beer and wine) may be broadcast only after 9:00 p.m. and advertisements for tobacco products are prohibited. Advertising for alcoholic beverages must not be excessive and must be combined with general promotions of nutrition and general hygiene. Health Law Guidelines were published in the Official Gazette of the Federation on April 15, 2014 and became effective on July 7, 2014, for the advertisement of the following products: snacks, flavored drinks, candies, chocolates, or foods similar to chocolates and became effective for the remaining products on January 1, 2015. Moreover, the Mexican government must approve any advertisement of lotteries and other sweepstakes games.

TV advertisement will not take up more than 18% of the broadcast time on any day in TV. However, this percentage can be increased by an additional 2% when at least 20% of the content programmed is national production. Another 5% of advertisement time can be added when at least 20% of the content programmed is independent national production. There are no restrictions on maximum rates. See "Key Information—Risk Factors—Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue" and "—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment".

On June 8, 2023, the Plenary of the Supreme Court of Justice of the Nation, by a majority of eight votes, resolved the constitutional disputes filed by the IFT and COFECE, declaring the Agencies Law invalid. The judgment was published in the Official Gazette of the Federation on December 22, 2023. As a result, the Agencies Law is currently invalid and not applicable. See "Key Information—Risk Factors—Risk Factors Related to Mexico—Existing Mexican Laws and Regulations or Changes Thereto or the Imposition of New Ones May Negatively Affect Our Operations and Revenue."

***Additional Rights for Audiences.*** Among others, the former LFTR imposed new obligations on concessionaires. On November 29, 2016, the former IFT issued the Guidelines for the Defense of the Audiences, which were published on December 21, 2016, in the Federal Official Gazette. These guidelines and some related provisions of the former LFTR were constitutionally challenged by the Executive Branch and the Senate particularly for concerns that they restrict freedom of speech. These procedures were dismissed by the Supreme Court of Justice by the entry into force of the reform of the former LFTR published in the Official Gazette on October 31, 2017 (the "LFTR 2017 Reform"). The amendment to the former LFTR included among other things: (i) restricted the power of the former IFT to regulate a large portion of the provisions established by the Guidelines for the Defense of the Audience; (ii) increased the ability of all broadcasting and telecommunications concessionaries to self-regulate themselves by granting them the ability to regulate their programming content and the way in which they decide to respect and promote the rights of the audiences through their code of ethics without being subject to IFT's approval; (iii) removed the obligation to make sure that, when broadcasting news, the reporting of factual material is clearly distinguished from commentaries and personal analysis; and (iv) made clear that the appointment of an Ombudsman is not subject to special specifications and procedures set by the former IFT. As a result, the legal provisions that are contrary to this amendment were repealed.

The LFTR 2017 Reform was challenged through actions for constitutional review (*acciones de constitucionalidad*), which were resolved in August 2022 by the Supreme Court of Justice, overriding the former LFTR 2017 Reform, subsisting the Congress' authority to legislate again on Rights for Audiences. In addition, two associations and other persons filed two *amparo* suits challenging some provisions of the former LFTR 2017 Reform. As a result of one of such proceedings, the courts ordered the repeal of the amendment of article 256 of the LFTR 2017 Reform, and the former IFT had the authority to determine a date for entering into force of the General Guidelines on Rights for Audiences dated December 21, 2016, or to issue new guidelines. The Company's entities that are concessionaires challenged the decision to repeal the LFTR 2017 Reform. Lastly, on February 5, 2025, in compliance with the court ruling resulting from the *amparo* proceedings filed by the associations mentioned above, the former IFT published in the Official Gazette of the Federation the new Guidelines for the Defense of the Audiences, establishing the current Rights of Audiences and set obligations for Broadcasting Concessionaires, Pay-TV Concessionaires, and Programmers, which include (i) having a Code of Ethics, registering it with the IFT, now CRT, and publishing it; and (ii) having an Audience Ombudsman with minimum requirements and registering them with the IFT, now CRT, as well, all of the above, valid until the Constitutional Amendment.

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***Current Rights for Audiences***. As part of the Constitutional Amendment, under LMTR, audiences are entitled to receive diverse content; to have a distinction between programming and advertising and access to parental advisories (specific guidelines pending to be published by CRT); to be informed of schedules and changes; to exercise the statutory right of reply with differentiation between news and opinion; and to receive consistent audio and video quality. They are also protected against discrimination and entitled to content that respects human rights, the best interests of children, and gender equality. Concessionaires must adopt, register, and publish a Code of Ethics; implement certain accessibility measures (including subtitling, dubbing into Spanish, and Mexican Sign Language in specified programs); promote inclusive representations; provide mechanisms for audience feedback to an Ombudsman; and ensure access to programming guides. Broadcast concessionaires must appoint an Audience Ombudsman to process complaints and issue recommendations, serving renewable three-year terms in accordance with LMTR.

***Government Broadcast Time.*** Each concessionaire is required to transmit each day, free of charge, up to 30 minutes of programming promoting cultural, educational, family counseling and other social matters, using programming provided by the Mexican government.

In addition, television stations have to provide to the Mexican government up to 18 minutes per day of the television broadcast time between 6:00 a.m. and midnight, in each case distributed in an equitable and proportionate manner. Any time not used by the Mexican government on any day is forfeited. Generally, the Mexican government uses all or substantially all of the broadcast time available to it under this tax.

In April 2020, the President of Mexico issued a decree amending the rules on government broadcast time starting on May 2020. For the periods where no electoral pre-campaigns and campaigns are in place, television stations will have to provide to the Mexican government up to 11 minutes per day of television broadcast time between 6:00 am and midnight, in each case distributed in a proportionate manner. Another significant difference is that under the terms of the prior rules the unused minutes by the government were forfeited and could be used by the broadcasters, while in the new decree, the *Secretaría de Gobernación*, or Mexican Ministry of Interior, may reassign the unused minutes for the use by the Mexican government for an indefinite term.

***Foreign Ownership.*** Non-Mexican ownership of shares of Mexican enterprises is restricted in some economic sectors, including broadcast television, and radio. As a result of the Telecom Reform, the participation of foreign investors can be up to 49% in free to air radio and television concessions, subject to reciprocity requirements, and up to 100% in telecommunications services and satellite communications. Such amendments are reflected in the LMTR and Mexico's *Ley de Inversión Extranjera*, or Foreign Investment Law, and the *Reglamento de la Ley de Inversión Extranjera y del Registro Nacional de Inversiones Extranjeras*, or the Regulation of the Foreign Investment Law and the Foreign Investment National Registry. The Foreign Investment Law does not restrict foreign investment in programmers such as TVSA that make their programming channels available through free to air television. See "—Satellite Communications—Mexican Regulation of DTH Satellite Services".

#### Mexican Electoral Amendment
In 2007, the Mexican Federal Congress published an amendment to the Mexican Constitution (referred to in this annual report as the 2007 Constitutional Amendment), pursuant to which, among other things, the *Instituto Federal Electoral*, or the Federal Electoral Institute, or IFE, has the exclusive right to manage and use the Official Television Broadcast Time (referred to in this annual report as Official Broadcast Time). In February 2014, the Mexican Federal Congress approved a Constitutional amendment creating the *Instituto Nacional Electoral*, or the National Electoral Institute, or INE, which replaced the IFE. The INE has the same functions and capabilities as the former IFE and regulates the services of television in the same manner, except that the INE has a relevant participation in the electoral campaigns in federal, state and local procedures by distributing the Official Broadcast Time among the political parties. The INE has the exclusive right to use the Official Broadcast Time for its own purposes and for the use of political parties in Mexico (as provided in the Mexican Constitution) for self-promotion and, when applicable, to promote their electoral campaigns during election day, pre-campaign and campaign periods.

The INE and the political parties must comply with certain requirements included in the 2007 Constitutional Amendment for the use of Official Broadcast Time. During federal electoral periods, the INE will be granted, per the 2007 Constitutional Amendment, 48 minutes per day in each radio station and television channel, to be used during pre-campaign periods in two and up to three minutes per broadcast hour in each radio station and television channel, of which all the political parties will be jointly entitled to use one minute per broadcast hour. During campaign periods, at least 85% of the 48 minutes per day, shall be allocated among the political parties, and the remaining 15% may be used by the INE for its own purposes. During non-electoral periods, the INE will be assigned with up to 12% of the Official Broadcast Time, half of which shall be allocated among the political parties. In the event that local elections are held simultaneously with federal elections, the broadcast time granted to the INE shall be used for the federal and the local elections. During any other local electoral periods, the allocation of broadcast time will be made pursuant to the criteria established by the 2007 Constitutional Amendment and as such criteria are reflected in applicable law.

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In addition to the foregoing, pursuant to the 2007 Constitutional Amendment political parties are forbidden to purchase or acquire advertising time directly or through third parties, from radio or television stations; likewise, third parties shall not acquire advertising time from radio or television stations for the broadcasting of advertisements which may influence the electoral preferences of Mexican citizens, nor in favor or against political parties or candidates to offices elected by popular vote.

#### Telecom and Broadcasting Regulations
On December 20, 2024, the Executive Branch published in the Official Gazette of the Federation the Constitutional Amendment, dissolving seven autonomous authorities, including COFECE and IFT. On July 16, 2025, the Mexican Federal Antitrust Law (*Ley Federal de Competencia Económica*) and, on the same date, the LMTR was published, repealing the LFTR in force since 2014. On October 16, 2025, the CNA was created as a decentralized authority organized under the Ministry of Economy (*Secretaría de Economía*), with operational and technical autonomy. Similarly, on October 17, 2025, the CRT started operations as the sole authority in telecommunications and broadcasting, assuming the attributions, obligations and powers of the extinct IFT, with the exception of antitrust proceedings, which are continued by the CNA. Unlike the IFT, the CRT is not a constitutionally autonomous body and falls under the Federal Executive Branch through the ATDT. The CRT is empowered, among other things, to (i) oversee the Mexican telecommunications (including cable and satellite pay-TV) and broadcasting (television and radio) industries, except for antitrust matters related to these industries; (ii) set limits to national and regional frequencies that can be exploited by a concession holder, or to the cross-ownership of telecommunications, television or radio businesses that serve the same market or geographical zone that may include the divestment of certain assets to comply with such limits; (iii) oversight and verify asymmetric regulation measures; (iv) grant and revoke telecommunications, television and radio concessions; (v) approve any assignment or transfer of control of such concessions; (vi) revoke a concession for various reasons; and (vii) determine the payment to be made to the government for the granting of concessions.

Concessions for the use of spectrum will only be granted through public bid processes. On March 7, 2014, the former IFT published in the Official Gazette of the Federation an invitation to a public auction for the concession for the two National Digital Networks which would be granted for a term of 20 years for the operation of stations with, among other characteristics, mandatory geographic coverage in 123 locations corresponding to 246 channels within the Mexican territory.

In March 2015, the former IFT issued its ruling announcing Grupo Radio Centro and Imagen Television as winning bidders for two free to air broadcasting licenses with separate national coverage. Imagen Television has completed the process and received its license. However, since Grupo Radio Centro failed to pay the amount they bid for their free to air broadcasting license, the former IFT's ruling announcing them as a winning bidder was declared null and void and they will not receive the license. As a result, the auction of the portion of the spectrum that was going to be assigned to Grupo Radio Centro took place during 2017. The new bid was for 148 channels for Digital Terrestrial Television, including at least 123 channels that were not allocated in the IFT-1 bidding process for the two national digital broadcast television networks. At the end of the process, offers were received for 32 channels located in 29 different coverage areas, located in 17 States and covering about 45% of the country's total population. The bidding process concluded in December 2017 with the issuance of the corresponding concession titles in favor of Compañía Periodística Sudcaliforniana, S.A. de C.V., Comunicación 2000, S.A. de C.V., Francisco de Jesús Aguirre Gómez, Intermedia de Chihuahua, S.A. de C.V., José Guadalupe Manuel Trejo García, Multimedios Televisión, S.A. de C.V., Quiero Media, S.A. de C.V., Radio Comunicación Gamar, S.A. de C.V., Radio Operadora Pegasso, S.A. de C.V., Radio-Televisión de Nayarit, S.A. de C.V., Tele Saltillo, S.A. de C.V., Televisión Digital, S.A. de C.V. and Telsusa Televisión México, S.A. de C.V. See "Key Information—Risk Factors—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment."

Access to information and communication technologies, as well as broadcasting and telecommunications services (including broadband), is established as a constitutional right. The telecom regulation further requires that such information be diverse and timely, and that any person may search, receive and disclose information and ideas of any kind through any media. Among other things, the LMTR contemplates the right of audiences to be able to receive content that reflects ideological pluralism, and to have the right to replicate the news.

The telecom regulation permits 100% foreign ownership in satellite and telecommunications services concessions and increases to up to 49% the level of permitted foreign ownership in television and radio services concessions, subject to reciprocity of the originating foreign investment country. The Foreign Investment Law does not restrict foreign investment in programmers such as TVSA that make their programming channels available through free to air television.

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Starting on September 10, 2013, concessionaries of broadcast services have been required to permit pay-TV concessionaries to retransmit broadcast signals, free of charge and without discrimination, within the same geographic coverage area simultaneously and without modifications, including advertising, and with the same quality of the broadcast signal, except in certain specific cases provided in the telecom regulation. Also, since September 10, 2013, our pay-TV licensees are required to retransmit broadcast signals of others, free of charge and on a non-discriminatory basis, subject to certain exceptions and additional requirements provided for in the Telecom Reform.

On February 27, 2014, the Guidelines were published in the Official Gazette of the Federation, which include, among other obligations, the obligation of concessionaries of broadcast television licenses to permit the retransmission of their broadcast signals and the obligation of pay-TV concessionaries to allow such retransmission (without requiring the prior consent of the broadcast television concessionaries) in the same geographic coverage zone for free (subject to certain exceptions) and in a non-discriminatory manner in its entirety, simultaneously and without modifications by the broadcasting concessionaire, including advertising, and with the same quality of the broadcast signal without requiring consent from the broadcast television concessionaries.

The National Development Plan includes a program for installing broadband connections in public facilities, which would identify the number of sites to be connected per year to promote access to broadband in public buildings dedicated to investigation, health, education, social services and in other facilities owned by the government. See "Key Information—Risk Factors—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment".

The LMTR establishes a renewal procedure that would result in the granting of a renewal of an integrated sole concession (when involving radio-electric spectrum or orbital resources, a concession to exploit such spectrum is required) in order to provide telecommunications and broadcasting services. The integrated sole concession would be awarded for renewable 30-year terms. Renewal of integrated sole concessions require, among others: (i) to request its renewal to CRT within the year prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder's obligations under the LMTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by CRT. CRT shall resolve any request for renewal of the concessions within 180 business days of its request. Failure by CRT to respond within such period of time shall be interpreted as if the request for renewal has been granted.

The LMTR also contemplates that concession holders that operate a public network of telecommunications must: (i) abstain from charging long distance fees for calls made by users to any national destination; (ii) if there was no other concession holder providing similar services in a certain territory, the concession holder providing the service in such territory shall have to continue providing the services; and (iii) concession holders must adopt the open architecture designs for the network to guarantee the interconnection and interoperation of their network.

The LMTR establishes the maximum amount of time that a concession holder providing broadcasting services with commercial purposes can use for commercial advertising. The maximum amount of advertising time is set at 18% of the total broadcasting time for each television channel (such percentage may be increased as described in "—Television—Mexican Television Regulations—Restrictions on Advertising").

The LMTR establishes that those concession holders providing broadcasting services shall offer broadcasting services and advertising spaces to any person or corporation that requires them on a non-discriminatory basis and on market terms granting the terms, packages, conditions, and rates in force at the time of the request. Additionally, the law provides that balance shall be maintained between advertising and programming. Advertising shall be subject to several rules, including the maximum time allowed for advertising (i.e., 18% of the total available time per channel in free to air television; and six minutes per hour on pay-television and audio). However, in free to air television, the time allowed for advertising can be increased by an additional 2% when at least 20% of the content aired is national production. Another 5% of advertisement time can be added when at least 20% of the content aired is independent national production. There are no restrictions on maximum rates.

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#### Significant Subsidiaries
The table below sets forth our significant subsidiaries and significant investee as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| <br>**Name of Significant Subsidiary** | **Jurisdiction of**<br>**Organization or**<br>**Incorporation** | <br>**Percentage**<br>**Ownership**<sup>(1)</sup> |
| **Telecom:** |  |  |
| Corporativo Vasco de Quiroga, S.A. de C.V. (CVQ) <sup>(3)</sup> | Mexico | 100.0% |
| Cablestar, S.A. de C.V. <sup>(2) (4)</sup> | Mexico | 66.4% |
| Empresas Cablevisión, S.A.B. de C.V. <sup>(5) (6)</sup> | Mexico | 51.5% |
| Cablemás subsidiaries <sup>(7)</sup> | Mexico | 100.0% |
| Televisión Internacional, S.A. de C.V. <sup>(6)</sup> | Mexico | 100.0% |
| Sky DTH, S.A. de C.V. <sup>(8)</sup> | Mexico | 100.0% |
| Innova Holdings, S. de R.L. de C.V. <sup>(8)</sup> | Mexico | 100.0% |
| Innova, S. de R.L. de C.V. (Innova)<sup>(9)</sup> | Mexico | 100.0% |
| **Other corporate operations:** |  |  |
| Multimedia Telecom, S.A. de C.V. <sup>(10)</sup> | Mexico | 100.0% |
| Grupo Telesistema, S.A. de C.V. <sup>(11)</sup> | Mexico | 100.0% |
| **Significant Investee:** |  |  |
| TelevisaUnivision, Inc. (TU) <sup>(10)</sup> | United States of America | 43.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Percentage of equity owned by us directly or indirectly through subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;(2) While this subsidiary is not a significant subsidiary within the meaning of Rule 1-02(w) of Regulation S-X under the Securities Act, we have included it in the table above to provide a more complete description of our operations.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Direct subsidiary through which we conduct our Telecom operations.

&nbsp;&nbsp;&nbsp;&nbsp;(4) *Cablestar, S.A. de C.V.*, is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. through which, together with México Red de Telecomunicaciones, S.A. de C.V., we conduct the Enterprise operations of our Telecom segment.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Indirect subsidiary through which we own our equity interest in Cablevisión, S.A. de C.V.

&nbsp;&nbsp;&nbsp;&nbsp;(6) One of two indirect subsidiaries through which, together with the Cablemás subsidiaries, we primarily conduct our Residential services.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The Cablemás subsidiaries are directly or indirectly owned by CVQ.

&nbsp;&nbsp;&nbsp;&nbsp;(8) One of two subsidiaries through which we own our equity interest in Innova.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Indirect subsidiary through which we conduct our Satellite services.

&nbsp;&nbsp;&nbsp;&nbsp;(10) TelevisaUnivision, Inc. has been included as a significant investee pursuant to Rule 3-09 of Regulation S-X. The Company and its subsidiary Multimedia Telecom, S.A. de C.V. directly own shares in the capital stock of TelevisaUnivision, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(11) Direct subsidiary, which carries out certain corporate operations of the Company.

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#### Property, Plant and Equipment
***Broadcasting, Office and Production Facilities.*** Our properties consist primarily of broadcasting, production facilities, television and repeater stations, technical operations facilities, workshops, studios and office facilities, most of which are located in Mexico. Some of these properties are currently leased to TelevisaUnivision or its subsidiaries as part of the TelevisaUnivision Transaction. We own most of our properties or lease offices and facilities through indirect wholly owned and majority owned subsidiaries. There are no major encumbrances on any of our properties and we currently do not have any significant plans to construct any new properties or expand or improve our existing properties.

Our principal offices, which we own, are located in Santa Fe in Mexico City.

Residential, Satellite and Enterprise services are primarily conducted in Mexico.

As of December 31, 2025, our properties represented approximately 4.46 million square feet of space, of which over 3.35 million square feet are located in Mexico City and the surrounding areas, and approximately 0.64 million square feet are located outside of Mexico City and the surrounding areas.

We currently own approximately 4.46 million square feet of space, 2.27 million of which are leased to TelevisaUnivision, including the television stations, four locations in Mexico City, 14 studios in San Angel, three studios in Santa Fe and one studio in Rojo Gomez and 12 studios located in Chapultepec. We also own other properties used in connection with our operations, including a training center, technical operations facilities, studios, workshops, television and repeater stations, and office facilities, part of which are leased to TelevisaUnivision or its subsidiaries. We also own or lease over a total of 27,777 square feet in properties in the United States, Latin America, Spain and Switzerland in connection with our operations there. We own or lease all of these properties through indirect wholly owned and majority owned subsidiaries. The following table summarizes our real estate and lease agreements in the United States, Latin America, Spain and Switzerland.

---

| | | |
|:---|:---|:---|
| <br>**Operations** | **Number of**<br>**Properties** | <br>**Location** |
| Television and news activities |  |  |
| Leased properties | 3 | Madrid, Spain(1) |
|  |  | Castellón, Spain(1) |
|  |  | Zug, Switzerland(1) |
| DTH |  |  |
| Leased properties | 7 | San José, Costa Rica(1) |
|  |  | Guatemala(1) |
|  |  | Nicaragua(1) |
|  |  | Panamá(1) |
|  |  | San Salvador(1) |
|  |  | Honduras(1) |
|  |  | Dominican Republic(1) |
| Telephony |  |  |
| Leased properties | 1 | Laredo, Texas(1) |

---

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***Satellites.*** We currently use transponder capacity on ten satellites: Eutelsat 117 West A (formerly Satmex 8), which reaches Mexico, the United States, Latin America, and the Caribbean; Eutelsat 115 West A (formerly Satmex 5), which reaches Mexico, the United States and Latin America; IS-34, which reaches North America, Western Europe, Latin America and the Caribbean; we performed a migration from Galaxy 16 (formerly Galaxy IVR) to Galaxy 35, which reaches Mexico, the United States and Canada; Galaxy 19, which reaches Mexico, the United States and Canada; we migrated back to Intelsat IS-35e from Eutelsat E9B, which reaches Western and Eastern Europe; SES-14 (formerly NSS-806), which reaches North America, Western Europe, Latin America and the Caribbean; IS-21, which reaches Central America, Mexico, the Southern United States and the Caribbean; IS-16, which reaches Central America, Mexico, the Southern United States and the Caribbean; and SM-1, which reaches Central America, Mexico, the Southern United States and the Caribbean. In March 2010, Sky reached an agreement with a subsidiary of Intelsat to lease 24 transponders on the Intelsat IS-21 satellite which is mainly used for signal reception and retransmission services over the satellite's estimated 15-year service life. IS-21 started service in the third quarter of 2012, replacing Intelsat IS-9 as Sky's primary transmission satellite. In April 2010, Intelsat released the IS-16 satellite, where Sky has an additional twelve transponders to deliver new DTH-HD channels and more DTH SD channels; this satellite is also a back-up satellite for our DTH venture operations. For a description of guarantees related to our DTH venture transponder obligations, see Note 14 to our consolidated year-end financial statements.

Since 1996, we have been working with PanAmSat (now Intelsat) as our satellite services provider, which provided to the Company five Ku band transponders on Satellite PAS-3R, three of which were intended to be for DTH to Spain. We were required to pay an annual fee for each transponder of U.S.$3.1 million. Due to an exchange with three of five 54 MHz Ku Band transponders, until April 2, 2016, we had capacity on two 36 MHz C band transponders on Galaxy 16.

In December 2005, we signed an extension with PanAmSat, for the use of three transponders on the PAS-3R satellite until 2009 and 2012 and two transponders on the Galaxy IVR (replaced by Galaxy 16) satellite until 2016. In October 2015, we signed a new contract with SES S.A. until June 2019 for the replacement of two transponders of Galaxy 16. The new contract included three transponders and a full-service migration to the new satellite, AMC-9. On June 17, 2017, AMC-9 experienced a technical issue that impacted the satellite and thus, we entered into a new contract until June 30, 2022 to transition the full service of 147 MHz to Intelsat's satellites, Galaxy 16 and Galaxy 19. In December 2021, we renegotiated and renewed the contracts for the four transponders (147MHz) with Intelsat, which expire on June 30, 2026. In February 2024, the impact of 5G technology in the U.S. forced us to make an early negotiation of the service contracts on the Intelsat satellites Galaxy 16 and Galaxy 19, allowing us to migrate the four transponders to satellite Galaxy 35 and Galaxy 19 on frequencies not affected by 5G, until February 2030.

In February 2007, Intelsat renamed some of its satellite fleet acquired with its 2006 merger with PanAmSat: current names for PAS-9 and PAS-3R are IS-9 and IS-3R, respectively. Intelsat kept the name of Galaxy 16. In December 2007, Sky and Sky Brasil reached an agreement with Intelsat Corporation and Intelsat LLC to build and launch a new 24-transponder satellite, IS-16, for which service will be dedicated to Sky and Sky Brasil over the satellite's estimated 15-year life. The satellite was successfully launched in February 2010 and started operations in April 2010. In the third quarter of 2013, Sky entered into an agreement with DirecTV for the acquisition and launch of the SM-1 satellite, which was successfully launched in May 2015 and started operations on June 2015. See Note 12 to our consolidated year-end financial statements.

In August 2009, the contract on two remaining transponders of the IS-3R satellite expired (end of life of the satellite). We negotiated a new contract for the transponder on the IS-905 satellite until August 31, 2015, for the distribution of our content in Europe. In September 2015, the contract was renewed with Intelsat until August 2018. Migration from IS-905 to IS-35e took place from June to August 2018, and we renewed the contract with Intelsat from November 1, 2018 until October 31, 2021. We negotiated a new contract with Eutelsat and migrated from IS-35e to Eutelsat E9B. The new contract expired on December 31, 2024. We negotiated a new contract with Intelsat and migrated from Eutelsat E9B to IS-35e. The new contract will expire on December 31, 2027.

We renewed the contract with satellite IS-34 until November 30, 2025. IS-11 (formerly known as PAS-11) ended its life in November 2022. The migration between IS-11 to satellite IS-34 started on August 1, 2022 and ended on November 30, 2025. Starting in December 2025, the contracted satellite capacity on the IS-34 satellite was reduced by 50%.

In February 2012, we renewed the contract with Satélites Mexicanos, S.A. de C.V., or Satmex, on Satmex 5 until January 31, 2015. In March 2014, Satélites Mexicanos, S.A. de C.V. was renamed Eutelsat Americas, as a part of Eutelsat Group. In February 2015, we renewed our contracts with Eutelsat Americas until January 2018, and also contracted for a new transponder on Eutelsat 117 West A from April 2015 until March 2018. In February and April 2018, we renewed our contracts with Eutelsat America until December 2022. In January 2019, we contracted for a new transponder on Eutelsat 117 West A from January 2019 until December 2021. In August 2020, we renegotiated and renewed the contracts for the three transponders with Eutelsat America until December 2024. In October 2024, we negotiated a new contract for only two transponders with Eutelsat America (Satelites Mexicanos S.A. de C.V.) until December 31, 2027.

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On March 1, 2002, we contracted a half Ku Band transponder on Satmex Solidaridad II until April 30, 2005, On May 1, 2005, the contract was renewed with Satmex until April 2006. On May 1, 2006, the contract was renewed with Satmex until December 2008. On January 1, 2009, the contract was renewed with Satmex until December 31, 2011. On January 1, 2012, the contract was renewed with Satmex until December 31, 2014. the Eutelsat Group completed the acquisition of the Mexican company Satmex. Since March 2014, the company operates under the name Eutelsat Americas. On January 1, 2015, the contract was renewed with Eutelsat Americas E117WA until December 31, 2017. On January 1, 2018, the contract was renewed with Eutelsat Americas E115WA until March 14, 2020. On March 15, 2020, the contract was renewed with Eutelsat America until March 14, 2023. On March 15, 2023, the contract was renewed with Eutelsat America until March 14, 2026. On March 15, 2026, the contract was renewed with Eutelsat America until March 14, 2029.

On November 15, 2016, we contracted a half transponder on SES NSS-806 until January 31, 2018. On September 5, 2018, SES NSS-806 was replaced with SES-14 and the contract was renewed with SES until January 31, 2019. On February 1, 2019, the contract with SES was renewed until January 31, 2020. In this renewal, the bandwidth was decreased from 18 MHz to 6 MHz. On February 1, 2020, the contract was renewed with SES until January 31, 2021. On February 1, 2021, the contract was renewed with SES until January 31, 2022. The bandwidth remained at 6 MHz. This contract was renewed with SES until January 31, 2024, with the bandwidth under the contract remaining at 6 MHz. This contract was renewed with SES until January 31, 2025, with the bandwidth under the contract remaining at 6 MHz. This contract was renewed with SES until January 31, 2026, with the bandwidth under the contract remaining at 6 MHz. This contract was renewed with SES until January 31, 2029, with the bandwidth under the contract remaining at 6 MHz.

With several new domestic and international satellites having been launched recently, and with several others scheduled for launch in the next few years, including those scheduled for launch by Intelsat, Eutelsat Americas (formerly Satmex) and SES, we believe that we will be able to secure satellite capacity to meet our needs in the future, although no assurance can be given in this regard.

***Insurance.*** We maintain comprehensive insurance coverage for our offices, equipment, transmission lines networks and other properties for risks including fire, earthquake, flooding, storm, and other similar events and the resulting business interruption losses, subject to some limitations. In addition, we maintain a cyber-insurance policy that covers certain types of cyber-related losses. We do not maintain insurance for our DTH business in case of loss of satellite transmission. We cannot provide any assurance that our insurance coverage is sufficient to cover any losses that we may sustain, or that we will be able to successfully claim our losses under our insurance policies on a timely basis or at all. If we incur any loss not covered by our insurance policies, or the compensated amount is significantly less than our actual loss or is not timely paid, our business, financial condition and results of operations could be materially and adversely affected.

#### Item 5. Operating and Financial Review and Prospects
You should read the following discussion together with our consolidated year-end financial statements and the accompanying notes, which appear elsewhere in this annual report. This annual report contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this annual report, particularly in "Key Information—Risk Factors". See "Key Information—Forward-Looking Statements and Risk Factors Summary" for further discussion of the risks and uncertainties inherent in forward-looking statements. In addition to the other information in this annual report, investors should consider carefully the following discussion, and the information set forth under "Key Information—Risk Factors" before evaluating us and our business.

#### Spin-off of Certain Businesses of Our Other Businesses Segment
On October 27, 2022, our Board of Directors approved a proposal to spin-off most of the businesses of our former Other Businesses segment (the "Spun-off Businesses"), which was approved by our shareholders at the meeting held on April 26, 2023.

This proposal was carried out through a spin-off (the "Spin-off"), which became effective on January 31, 2024, creating Ollamani, which holds the Spun-off Businesses and, at the time of the Spin-off, had the same shareholding structure as the Company. We and Ollamani obtained all required corporate and regulatory authorizations and Ollamani began trading separately from the Company on the Mexican Stock Exchange on February 20, 2024.

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#### Preparation of Financial Statements
As required by regulations issued by *Comisión Nacional Bancaria y de Valores*, or the Mexican Banking and Securities Commission ("CNBV"), for listed companies in Mexico, our financial information is presented in accordance with the IFRS Accounting Standards as issued by the IASB for financial reporting purposes.

Our consolidated financial statements for the years ended December 31, 2024 and 2023 have been prepared to present the discontinued operations following the Spin-off effective on January 31, 2024.

Beginning in the fourth quarter of 2025, we present the operating results of our Cable and Sky businesses as a single reportable segment, Telecom, with three categories of revenues: Residential, Satellite, and Enterprise. This change in segment reporting is a result of organizational changes that integrated the operations of our Cable and Sky businesses into one single business, and that the chief operating decision maker now analyzes the results of our 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 a chief financial officer of our Cable and Sky businesses as a single business; and (ii) a restructuring and integration process of our 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. Through September 30, 2025, the operating results of our Cable and Sky businesses were presented as separate reportable segments. As a result of this change in our segment reporting, the operations previously reported under our former Cable and Sky segments are now classified into a single reportable segment for any comparative period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> |
| Revenues | Ps. | 58878.2 | Ps. | 62260.9 | Ps. | 66222.8 |
| Cost of sales |  | (36394.8) |  | (41117.1) |  | (43297.4) |
| Selling expenses |  | (7721.8) |  | (8815.2) |  | (8848.2) |
| Administrative expenses |  | (9522.9) |  | (10592.6) |  | (11305.6) |
| Other expense, net |  | (1013.8) |  | (4554.9) |  | (913.8) |
| Operating income (loss) |  | 4224.9 |  | (2818.9) |  | 1857.8 |
| Finance expense, net |  | (4140.3) |  | (4695.1) |  | (4845.9) |
| Share of loss of associates and joint ventures, net |  | (1088.1) |  | (182.6) |  | (4086.6) |
| Income taxes |  | (7931.5) |  | (688.6) |  | (2360.7) |
| Net loss from continuing operations |  | (8935.0) |  | (8385.2) |  | (9435.4) |
| Income from discontinued operations, net |  |  |  | 56.8 |  | 628.1 |
| Net loss |  | (8935.0) |  | (8328.4) |  | (8807.3) |
| (Income) loss attributable to non-controlling interests |  | (233.3) |  | 62.9 |  | 384.6 |
| **Net loss attributable to stockholders of the Company** | **Ps.** | **(9168.3)** | **Ps.** | **(8265.5)** | **Ps.** | **(8422.7)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Certain data set forth in the table above may vary from the corresponding data set forth in our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 included in this annual report due to differences in rounding.

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#### Results of Operations
For presentation purposes, our segment cost of sales, selling expenses, and administrative expenses for the years ended December 31, 2025, 2024 and 2023 exclude corporate expenses and depreciation and amortization, which are presented as separate line items.

The following table shows the reconciliation between our operating segment income and consolidated operating income or loss under IFRS Accounting Standards:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> | **(Millions of Pesos)**<sup>(1)</sup> |
| Revenues | Ps. | 58878.2 | Ps. | 62260.9 | Ps. | 66222.8 |
| Segment cost of sales <sup>(2)</sup> |  | (22089.2) |  | (24761.5) |  | (25781.1) |
| Segment selling expenses <sup>(2)</sup> |  | (7578.7) |  | (8654.8) |  | (8610.6) |
| Segment administrative expenses <sup>(2)</sup> |  | (6362.2) |  | (5841.7) |  | (6921.0) |
| Intercompany operations <sup>(3)</sup> |  | 173.8 |  | 155.0 |  | 120.4 |
| **Operating segment income** <sup>(4)</sup> |  | **23021.9** |  | **23157.9** |  | **25030.5** |
| Corporate expenses |  | (448.9) |  | (756.0) |  | (1031.2) |
| Intercompany operations <sup>(3)</sup> |  | (173.8) |  | (155.0) |  | (120.4) |
| Depreciation and amortization |  | (17160.5) |  | (20510.9) |  | (21107.3) |
| Other expense, net |  | (1013.8) |  | (4554.9) |  | (913.8) |
| **Operating income (loss)** <sup>(5)</sup> | **Ps.** | **4224.9** | **Ps.** | **(2818.9)** | **Ps.** | **1857.8** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Certain data set forth in the table above may vary from the corresponding data set forth in our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 included in this annual report due to differences in rounding.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Segment cost of sales excluded depreciation and amortization in the amount of Ps.14,305.6 million, Ps.16,355.6 million and Ps.17,516.3 million in 2025, 2024 and 2023, respectively. Segment selling expenses excluded depreciation and amortization in the amount of Ps.143.1 million, Ps.160.4 million and Ps.237.6 million in 2025, 2024 and 2023, respectively. Segment administrative expenses excluded corporate expenses in the amount of Ps.448.9 million, Ps.756.0 million and Ps.1,031.2 million in 2025, 2024 and 2023, respectively, and depreciation and amortization in the amount of Ps.2,711.8 million, Ps.3,994.9 million and Ps.3,353.4 million in 2025, 2024 and 2023, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Intercompany operations related to intercompany leases that were not eliminated at the operating segment income level.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The operating segment income data set forth in this annual report does not include corporate expenses, depreciation and amortization, and other expense, net, in any year presented but are presented herein to facilitate the discussion of our Telecom segment results.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Consolidated operating income (loss) reflects corporate expenses, intercompany operations, depreciation and amortization, and other expense, net, in the years presented. See Note 26 to our consolidated year-end financial statements.

The following table presents the results for each of our revenue streams and our single business segment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> |
| **Revenues** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;Residential | 71.6% | 69.0% | 66.6% |
| &nbsp;&nbsp;Satellite | 21.1 | 24.1 | 26.6 |
| &nbsp;&nbsp;Enterprise | 7.3 | 6.9 | 6.8 |
| **Telecom revenues** | **100.0%**  | **100.0%**  | **100.0%**  |

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The following table presents our consolidated operating income or loss as a percentage of our total consolidated revenues:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> |
|  | **2025** | **2024** | **2023** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;Segment cost of sales <sup>(2)</sup> | 37.5% | 39.8% | 38.9% |
| &nbsp;&nbsp;Segment selling expenses <sup>(2)</sup> | 12.9 | 13.9 | 13.0 |
| &nbsp;&nbsp;Segment administrative and corporate expenses <sup>(2)</sup> | 11.6 | 10.6 | 12.0 |
| &nbsp;&nbsp;Depreciation and amortization | 29.1 | 32.9 | 31.9 |
| &nbsp;&nbsp;Other expense, net | 1.7 | 7.3 | 1.4 |
| &nbsp;&nbsp;Consolidated operating income (loss) | 7.2 | (4.5) | 2.8 |
| &nbsp;&nbsp;**Total consolidated revenues** | **100.0%**  | **100.0%**  | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Certain data set forth in these tables may vary from the corresponding data set forth in our consolidated year-end financial statements due to differences in rounding. See Note 26 to our consolidated year-end financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excluding depreciation and amortization.

**Preponderant Economic Agent Status**

For a discussion of the consequences regarding IFT's March 6, 2014 decision determining that we, together with other entities with concessions to provide broadcast television, are preponderant economic agents in the broadcasting sector in Mexico see "Key Information—Risk Factors—Risk Factors Related to Mexico—The Amendment of Various Provisions of the Mexican Constitution Related to Telecommunications, and the LMTR, May Significantly and Adversely Affect the Business, Results of Operations and Financial Results of Our Business Segment". For a discussion regarding the opportunities and options for us as a result of IFT's determination that Grupo Carso, S.A.B de C.V., Grupo Financiero Inbursa, S.A.B. de C.V., and other entities are preponderant economic agents in the telecommunications market in Mexico see "Information on the Company—Business Overview—Business Strategy—Expanding our Business in the Mexican Telecommunications Markets by Taking Advantage of the Telecom Reform and Implementing Legislation".

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**Results of Operations for the Year Ended December 31, 2025, Compared to the Year Ended December 31, 2024**

**RESULTS OF OPERATIONS**

**Revenues**

The following table presents full year consolidated results ended December 31, 2025 and 2024, for each of our revenue categories, in millions of Mexican pesos.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenues:** | **2025** | **%** | **2024** | **%** | **Change %** |
| &nbsp;&nbsp;Residential | Ps. 42,181.6 | 71.6 | Ps. 42,960.4 | 69.0 | (1.8) |
| &nbsp;&nbsp;Satellite | 12397.0 | 21.1 | 15034.7 | 24.1 | (17.5) |
| &nbsp;&nbsp;Enterprise | 4299.6 | 7.3 | 4265.8 | 6.9 | 0.8 |
| **Total Revenues** | **Ps. 58,878.2** | **100.0** | **Ps. 62,260.9** | **100.0** | **(5.4)** |

---

Revenues decreased by 5.4% to Ps.58,878.2 million in 2025 compared with Ps.62,260.9 million in 2024. This decrease was mainly due to the revenue decline in Satellite services.

**Residential Revenues**

Residential revenues are derived from the provision of cable and telecommunication services, as well as advertising revenues. Revenues relating to pay-TV services generally consist of monthly subscription fees for basic and premium service packages, fees charged for pay-per-view programming as well as monthly rental and one-time installation fees, broadband internet and telephone services subscription. Revenues relating to pay-TV advertising consist of revenues from the sale of advertising on certain companies in the residential services. Rates are based on the day and time the advertising is aired, as well as the type of programming in which the advertising is aired. Pay-TV subscription and advertising rates are adjusted periodically in response to inflation and in accordance with market conditions.

Residential revenues represented 71.6% and 69.0% of our total revenues for the years ended December 31, 2025 and 2024, respectively, and decreased by Ps.778.8 million, or 1.8%, to Ps.42,181.6 million for the year ended December 31, 2025, from Ps.42,960.4 million for the year ended December 31, 2024.

Total revenue generating units, or RGUs, of about 15.5 million for the year ended December 31, 2025. Total net additions for the year ended December 31, 2025, increased 335.2 thousand RGUs, primarily driven by an increase of 318.9 thousand mobile RGUs, 169.4 thousand voice RGUs, and 46.9 thousand broadband RGUs. On the other hand, we lost 199.9 thousand video RGUs.

The following table sets forth the breakdown of RGUs per service type for our Residential Services as of December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Video | 3,646,569 | 3,846,518 |
| Broadband (data) | 5,673,123 | 5,626,206 |
| Voice | 5,552,313 | 5,382,949 |
| Mobile | 652,860 | 333,973 |
| **RGUs** | **15,524,865** | **15,189,646** |

---

**Satellite Revenues**

Satellite revenues are primarily derived from program services, activation fees and equipment rental to subscribers, national advertising revenues and broadband internet services, and telephone services to its subscribers.

Satellite revenues represented 21.1% and 24.1% of revenues for the years ended December 31, 2025 and 2024, respectively, and decreased by Ps.2,637.7 million, or 17.5%, to Ps.12,397.0 million for the year ended December 31, 2025, from Ps.15,034.7 million for the year ended December 31, 2024.

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Total disconnections for the year ended December 31, 2025, were approximately 1.3 million RGUs, driven mainly by decreases of 1.2 million video RGUs and 125.5 thousand broadband RGUs. In addition, we lost 5.9 thousand mobile RGUs.

The following table presents the breakdown of RGUs by service type for Satellite Services as of December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Video | 3,516,196 | 4,696,038 |
| Broadband (data) | 225,376 | 350,885 |
| Voice | 149 | 197 |
| Mobile | 9,631 | 15,501 |
| **RGUs** | **3,751,352** | **5,062,621** |

---

**Enterprise Revenues**

Enterprise revenues are derived primarily from providing data and long-distance services solutions to carriers and other telecommunications service providers through a fiber-optic network.

Enterprise revenues represented 7.3% and 6.9% of revenues for the years ended December 31, 2025 and 2024, respectively, and increased by Ps.33.8 million, or 0.8%, to Ps.4,299.6 million for the year ended December 31, 2025, from Ps.4,265.8 million for the year ended December 31, 2024. This increase was due to new contracts with customers that generated revenues for interconnected network and internet services.

***Cost of Sales***

Cost of sales decreased by Ps.2,672.3 million, or 10.8%, to Ps.22,089.2 million for the year ended December 31, 2025, from Ps.24,761.5 million for the year ended December 31, 2024. The decrease mainly reflects lower programming costs, personnel costs, leases and services costs and signal costs, offset by an increase in network interconnection costs.

***Selling Expenses***

Selling expenses decreased by Ps.1,076.1 million, or 12.4%, to Ps.7,578.7 million for the year ended December 31, 2025, from Ps.8,654.8 million for the year ended December 31, 2024. The decrease reflects lower personnel costs and promotion costs.

***Administrative and Corporate Expenses***

Administrative and corporate expenses increased by Ps.213.4 million, or 3.2%, to Ps.6,811.1 million for the year ended December 31, 2025, from Ps.6,597.7 million for the year ended December 31, 2024. The increase mainly reflects higher personnel and fee expenses, offset by a decrease in leases and services costs, as well as maintenance costs.

Corporate expenses decreased by Ps.307.1 million, or 40.6%, to Ps.448.9 million in 2025, from Ps.756.0 million in 2024. The decrease primarily reflected a decline in share-based compensation expense, which was partially offset by an increase in other corporate expense.

Share-based compensation expense in 2025 and 2024 was Ps.373.5 million and Ps.488.8 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is measured at fair value at the time the equity benefits are conditionally sold to officers and employees and is recognized over the vesting period.

***Operating Segment Income***

Operating segment income decreased by Ps.136.0 million, or 0.6% to Ps.23,021.9 million, compared to Ps.23,157.9 million in 2024. The margin reached 39.1%, a year-over-year increase of approximately 190 basis points.

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***Depreciation and Amortization***

Depreciation and amortization expense decreased by Ps.3,350.4 million, or 16.3%, to Ps.17,160.5 million for the year ended December 31, 2025, from Ps.20,510.9 million for the year ended December 31, 2024.

***Other Expense, Net***

Other expense, net, decreased by Ps.3,541.1 million, or 77.7%, to Ps.1,013.8 million for the year ended December 31, 2025, from Ps.4,554.9 million for the year ended December 31, 2024. This decrease reflected primarily: (i) the absence in 2025 of impairment adjustments recognized in the fourth quarter of 2024 in connection with goodwill, intangible assets and other long-lived assets; (ii) the absence in 2025 of a write-off made in 2024 of unrecoverable indirect taxes; (iii) the absence in 2025 of provisions made in 2024 for legal expenses; (iv) the absence in 2025 of surcharges recognized in 2024 for payments of income taxes from prior years; (v) lower non-recurring severance expenses in connection with headcount reductions; and (vi) an insurance claim recovery.

These favorable variances were partially offset primarily by the absence in 2025 of a non-cash gain on the sale of property to certain companies in our former Other Businesses segment that we recognized on January 31, 2024, in connection with the spin-off that we carried out on that date.

***Finance Expense, Net***

Finance expense, net, significantly impacts our consolidated financial statements in periods of currency fluctuations. Under IFRS Accounting Standards, finance income or expense, net, reflects:

● interest expense;

● interest income;

● foreign exchange gain or loss attributable to monetary assets and liabilities denominated in foreign currencies; and

● other finance income or expense, net, including gains or losses from derivative instruments.

Our foreign exchange position is affected by our assets or liabilities denominated in foreign currencies, primarily U.S. dollars. We record a foreign exchange gain or loss if the exchange rate of the Mexican peso to the other currencies in which our monetary assets or liabilities are denominated varies.

Finance expense, net, decreased by Ps.554.8 million, or 11.8%, to Ps.4,140.3 million for the year ended December 31, 2025, from Ps.4,695.1 million for the year ended December 31, 2024. This decrease reflected (i) a Ps.466.9 million decrease in interest expense, primarily in connection with a lower average principal amount of debt, and a lower average U.S. dollar exchange rate for the year ended December 31, 2025; and (ii) a Ps.1,236.4 million favorable change in foreign exchange gain or loss, net, resulting primarily from a 13.7% appreciation of the Mexican peso against the U.S. dollar on a lower average U.S. dollar-denominated net liability position for the year ended December 31, 2025, compared with a 23.2% depreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net liability position for the year ended December 31, 2024. These favorable variances were partially offset by (i) a Ps.677.1 million decrease in interest income, explained primarily by lower interest rates applicable to our cash equivalents in Mexican pesos and U.S. dollars in 2025, and a lower average U.S. dollar exchange rate applicable to our interest income from U.S. dollar cash equivalents for the year ended December 31, 2025; and (ii) a Ps.471.4 million decrease in other finance income, net, resulting from a lower gain in fair value of our derivatives contracts for the year ended December 31, 2025.

***Share of Loss of Associates and Joint Ventures, Net***

This line item reflects our equity participation in the operating results and net assets of unconsolidated businesses in which we maintain an interest (significant influence or joint control), but which we do not control. We recognize equity in losses of associates and joint ventures up to the amount of our initial investment, subsequent capital contributions and long-term loans, or beyond that amount when we have made guaranteed commitments in respect of obligations incurred by associates and joint ventures.

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Share of loss of associates and joint ventures, net, increased by Ps.905.5 million, to Ps.1,088.1 million for the year ended December 31, 2025, from Ps.182.6 million for the year ended December 31, 2024. This increase reflected a higher share of loss of TelevisaUnivision, Inc. ("TelevisaUnivision") for the year ended December 31, 2025.

Share of loss of associates and joint ventures, net, for the year ended December 31, 2025, included primarily our share of loss of TelevisaUnivision. During 2025, TelevisaUnivision recognized non-recurring non-cash charges to income, primarily in connection with write-offs of program rights, which resulted in our share of loss of TelevisaUnivision for that year.

**Income Taxes**

Income taxes increased by Ps.7,242.9 million, to Ps.7,931.5 million for the year ended December 31, 2025, from Ps.688.6 million for the year ended December 31, 2024. This increase reflected primarily (i) a non-cash write-off of deferred income tax assets in the amount of Ps.3,569.3 million, derived from capital tax losses that expired on that date; (ii) a non-cash write-off of deferred income tax assets in the amount of Ps.2,947.6 million, recognized in the fourth quarter of 2025, and derived from certain deductible temporary differences which are not expected to be used with available future taxable income; and (iii) the non-deductible tax effect of our share of loss of associates and joint ventures for the year ended December 31, 2025.

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

**Net Income or Loss Attributable to Non-controlling Interests**

Net income or loss attributable to non-controlling interests reflects that portion of operating results attributable to the interests held by third parties in the businesses, which are not wholly-owned by us.

Net income or loss attributable to non-controlling interests changed by Ps.296.2 million to a net income of Ps.233.3 million for the year ended December 31, 2025, compared with a net loss of Ps.62.9 million for the year ended December 31, 2024. This change reflected primarily the net income attributable to non-controlling interests for the year ended December 31, 2025.

**Net Loss Attributable to Stockholders of the Company**

Net loss attributable to stockholders of the Company amounted to Ps.9,168.3 million for the year ended December 31, 2025, from Ps.8,265.5 million for the year ended December 31, 2024. The increase of Ps.902.8 million, reflected:

● a Ps.7,242.9 million increase in income taxes, primarily in connection with non-cash write-offs of deferred income tax assets in the aggregate amount of Ps.6,516.9 million derived from both capital tax losses that expired on December 31, 2025, and certain deductible temporary differences which are not expected to be utilized with available future taxable income;

● a Ps.905.5 million increase in share of loss of associates and joint ventures, net;

● a Ps.296.2 million unfavorable change in net income or loss attributable to non-controlling interests; and

● the absence in 2025 of a Ps.56.8 million income from discontinued operations for the one-month period ended January 31, 2024, in connection with the Spin-Off that we carried out on that date.

These favorable variances were partially offset by:

● a Ps.3,502.7 million increase in operating income before other expense;

● a Ps.3,541.1 million decrease in other expense, net; and

● a Ps.554.8 million decrease in finance expense, net.

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**Results of Operations for the Year Ended December 31, 2024,Compared to the Year Ended December 31, 2023**

**RESULTS OF OPERATIONS**

**Revenues**

The following table presents full year consolidated results ended December 31, 2024 and 2023, for each of our revenue lines and our business segment, in millions of Mexican pesos.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenues:** | **2024** | **%** | **2023** | **%** | **Change %** |
| &nbsp;&nbsp;Residential | Ps. 42,960.4 | 69.0 | Ps. 44,110.9 | 66.6 | (2.6) |
| &nbsp;&nbsp;Satellite | 15034.7 | 24.1 | 17582.2 | 26.6 | (14.5) |
| &nbsp;&nbsp;Enterprise | 4265.8 | 6.9 | 4529.7 | 6.8 | (5.8) |
| &nbsp;&nbsp;**Total Revenues** | **Ps. 62,260.9** | **100.0** | **Ps. 66,222.8** | **100.0** | **(6.0)** |

---

Revenues decreased by 6.0% to Ps.62,260.9 million in 2024 compared with Ps.66,222.8 million in 2023. This decrease was mainly due to the revenue decline in Satellite services.

**Residential Revenues** 

Residential revenues represented 69.0% and 66.6% of our total revenues for the years ended December 31, 2024 and 2023, respectively, and decreased by Ps.1,150.5 million, or 2.6%, to Ps.42,960.4 million for the year ended December 31, 2024, from Ps.44,110.9 million for the year ended December 31, 2023.

Total revenue generating units, or RGUs, of about 15.2 million for the year ended December 31, 2024. Total net change for the year ended December 31, 2024, decreased 207 thousand RGUs, due to decreases in our services of video and broadband.

The following table sets forth the breakdown of RGUs per service type for our Residential Services as of December 31, 2024 and 2023.

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Video | 3,846,518 | 4,059,494 |
| Broadband (data) | 5,626,206 | 5,678,431 |
| Voice | 5,382,949 | 5,351,145 |
| Mobile | 333,973 | 307,807 |
| **RGUs** | **15,189,646** | **15,396,877** |

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**Satellite Revenues**

Satellite revenues represented 24.1% and 26.6% of revenues for the years ended December 31, 2024 and 2023, respectively, and decreased by Ps.2,547.5 million, or 14.5%, to Ps.15,034.7 million for the year ended December 31, 2024, from Ps.17,582.2 million for the year ended December 31, 2023.

Total disconnections for the year ended December 31, 2024, were approximately 1.1 million RGUs. This was mainly driven by the loss of 871.4 thousand video RGUs and 181.2 thousand broadband and mobile net disconnections. In addition, closed the year with 97,809 video RGUs in Central America and the Dominican Republic.

The following table presents the breakdown of RGUs by service type for Satellite Services as of December 31, 2024 and 2023.

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Video | 4,696,038 | 5,567,426 |
| Broadband (data) | 350,885 | 515,089 |
| Voice | 197 | 344 |
| Mobile | 15,501 | 32,502 |
| **RGUs** | **5,062,621** | **6,115,361** |

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**Enterprise Revenues**

Enterprise revenues represented 6.9% and 6.8% of revenues for the years ended December 31, 2024 and 2023, respectively, and decreased by Ps.263.9 million, or 5.8%, to Ps.4,265.8 million for the year ended December 31, 2024, from Ps.4,529.7 million for the year ended December 31, 2023.

***Cost of Sales***

Cost of sales decreased by Ps.1,019.6 million, or 4.0%, to Ps.24,761.5 million for the year ended December 31, 2024, from Ps.25,781.1 million for the year ended December 31, 2023. The decrease mainly reflects lower personnel costs, maintenance costs and signals costs, partially offset by an increase in leases and services costs.

***Selling Expenses***

Selling expenses increased by Ps.44.2 million, or 0.5%, to Ps.8,654.8 million for the year ended December 31, 2024, compared to Ps.8,610.6 million for the year ended December 31, 2023. This increase primarily reflects higher advertising and promotional expenses, as well as increased personnel-related costs.

***Administrative and Corporate Expenses***

Administrative and corporate expenses decreased by Ps.1,354.5 million, or 17.0%, to Ps.6,597.7 million for the year ended December 31, 2024, from Ps.7,952.2 million for the year ended December 31, 2023. The decrease mainly reflects lower expenses on leases and services and lower personnel costs.

Corporate expenses decreased by Ps.275.2 million, or 26.7%, to Ps.756.0 million in 2024, from Ps.1,031.2 million in 2023. The decrease reflected primarily a lower share-based compensation expense, as well as a decrease in other non-allocated corporate expenses.

Share-based compensation expense in 2024 and 2023 amounted to Ps.488.8 million and Ps.739.8 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is measured at fair value at the time the equity benefits are conditionally sold to officers and employees and is recognized over the vesting period.

***Operating Segment Income***

Operating segment income decreased by Ps.1,872.6 million, or 7.5% to Ps.23,157.9 million, compared to Ps.25,030.5 million in 2023. The margin reached 37.2%, a year-over-year decrease of approximately 60 basis points.

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***Depreciation and Amortization***

Depreciation and amortization expense decreased by Ps.596.4 million, or 2.8%, to Ps.20,510.9 million for the year ended December 31, 2024, from Ps.21,107.3 million for the year ended December 31, 2023.

***Other Expense, Net***

Other expense, net, increased by Ps.3,641.1 million, to Ps.4,554.9 million in 2024, from Ps.913.8 million in 2023. This increase reflected primarily non-cash items including (i) non-cash impairment adjustments in connection with goodwill, intangible assets and other long-lived assets; (ii) a non-cash loss on disposal of property and equipment; (iii) surcharges recognized in 2024 for income taxes from prior years; and (iv) a net write-off of unrecoverable indirect taxes in 2024. These unfavorable variances were partially offset by (i) a non-cash gain on sale of property to certain companies in our former Other Businesses segment that we recognized on January 31, 2024, in connection with the spin-off that we carried out on that date; (ii) a decrease in non-recurring severance expense in connection with headcount reductions; and (iii) the absence in 2024 of other expense related to damage caused by Hurricane "Otis" in 2023.

***Finance Expense, Net***

Finance expense, net, significantly impacts our consolidated financial statements in periods of currency fluctuations. Under IFRS Accounting Standards, finance income or expense, net, reflects:

● interest expense;

● interest income;

● foreign exchange gain or loss attributable to monetary assets and liabilities denominated in foreign currencies; and

● other finance income or expense, net, including gains or losses from derivative instruments.

Our foreign exchange position is affected by our assets or liabilities denominated in foreign currencies, primarily U.S. dollars. We record a foreign exchange gain or loss if the exchange rate of the Mexican peso to the other currencies in which our monetary assets or liabilities are denominated varies.

Finance expense, net, decreased by Ps.150.8 million, or 3.1%, to Ps.4,695.1 million in 2024, from Ps.4,845.9 million in 2023. This decrease reflected: (i) a Ps.163.7 million increase in interest income, explained primarily by both a higher average amount of cash and cash equivalents in 2024, and higher interest rates for increased cash equivalents denominated in Mexican pesos in 2024; (ii) a Ps.908.5 million favorable change in other finance income or loss, net, resulting from a net gain in fair value of our derivative contracts for the year ended December 31, 2024. These favorable variances were partially offset by (i) a Ps.233.4 million increase in interest expense, primarily in connection with the absence in 2024 of a net finance income related to the repurchase and prepayment of long-term debt in 2023, which was partially offset by lower interest expense resulting primarily from a lower average principal amount of debt in 2024; and (ii) a Ps.688.0 million increase in foreign exchange loss, net, resulting primarily from a 23.2% depreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net liability position in the year ended December 31, 2024, compared with a 13.1% appreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net asset position in the year ended December 31, 2023.

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***Share of Loss of Associates and Joint Ventures, Net***

This line item reflects our equity participation in the operating results and net assets of unconsolidated businesses in which we maintain an interest (significant influence or joint control), but which we do not control. We recognize equity in losses of associates and joint ventures up to the amount of our initial investment, subsequent capital contributions and long-term loans, or beyond that amount when we have made guaranteed commitments in respect of obligations incurred by associates and joint ventures.

Share of loss of associates and joint ventures, net, decreased by Ps.3,904.0 million, to Ps.182.6 million in 2024, from a Ps.4,086.6 million in 2023. This decrease reflected a lower share of loss of TelevisaUnivision for the year ended December 31, 2024, primarily in connection with a lower amount of non-cash impairment adjustments for goodwill and indefinite-lived intangible assets recognized by TelevisaUnivision in the fourth quarter of 2024.

Share of loss of associates and joint ventures, net, for the year ended December 31, 2024, included primarily our share of loss of TelevisaUnivision.

***Income Taxes***

Income taxes decreased by Ps.1,672.1 million, to Ps.688.6 million for the year ended December 31, 2024, from Ps.2,360.7 million for the year ended December 31, 2023. This decrease reflected primarily a lower amount of income tax expense in 2024, primarily in connection with a lower recognition of income taxes from prior years and a decrease in write-off of deferred income tax assets.

The Mexican corporate income tax rate was 30% in each of the years 2024, 2023 and 2022.

***Income from Discontinued Operations, Net***

In connection with the Spin-off that we carried out on January 31, 2024, we began presenting the results of operations of the Spun-off Businesses as income from discontinued operations in our consolidated statements of income for the period of one month ended January 31, 2024, and for any comparative period presented.

We recognized income from discontinued operations in the amount of Ps.56.8 million and Ps.628.1 million for the month ended January 31, 2024 and the year ended December 31, 2023, respectively, reflecting the consolidated net income of our Spun-off Businesses for those periods.

***Net Loss Attributable to Non-controlling Interests***

Net loss attributable to non-controlling interests reflects that portion of operating results attributable to the interests held by third parties in the businesses, which are not wholly owned by us.

Net loss attributable to non-controlling interests decreased by Ps.321.7 million to Ps.62.9 million for the year ended December 31, 2024, compared with Ps.384.6 million in the year ended December 31, 2023. This decrease reflected primarily a lower net loss attributable to non-controlling interests.

***Net Loss Attributable to Stockholders of the Company***

Net loss attributable to stockholders of the Company amounted to Ps.8,265.5 million for the year ended December 31, 2024, compared with Ps.8,422.7 million for the year ended December 31, 2023. The decrease of Ps.157.2 million, reflected:

● a Ps.150.8 million decrease in finance expense, net;

● a Ps.3,904.0 million decrease in share of loss of associates and joint ventures, net; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●a Ps.1,672.1 million decrease in income taxes.

These favorable variances were partially offset by:

● a Ps.1,035.6 million decrease in operating income before other expense;

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● a Ps.3,641.1 million increase in other expense, net, primarily in connection with non-cash impairment adjustments of intangible assets and other long-lived assets;

● a Ps.571.3 million decrease in income from discontinued operations; and

● a Ps.321.7 million decrease in net loss attributable to non-controlling interests.

**Effects of Depreciation and Inflation**

The following table sets forth, for the periods indicated:

● the percentage that the Peso depreciated or appreciated against the U.S. Dollar;

● the Mexican inflation rate;

● the U.S. inflation rate; and

● the percentage change in Mexican GDP compared to the prior period.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| (Appreciation) depreciation of the Peso as compared to the U.S. Dollar <sup>(1)</sup> | (13.7)% | 23.2% | (13.1)% |
| Mexican inflation rate <sup>(2)</sup> | 3.7 | 4.2 | 4.7 |
| U.S. inflation rate | 2.7 | 2.9 | 3.4 |
| Increase in Mexican GDP <sup>(3)</sup> | 0.8 | 1.2 | 3.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on changes in the Interbank Rates, as reported by *Banco Citi México, S.A.*, at the end of each period, which were as follows: Ps.16.9325 as of December 31, 2023, Ps.20.8691 as of December 31, 2024 and Ps.18.0165 as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on changes in the NCPI from the previous period, as reported by the Mexican Central Bank, which were as follows: 132.4 in 2023; 137.9 in 2024 and 143.6 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As estimated by the *Instituto Nacional de Estadística, Geografía e Informática*, or INEGI .

The general condition of the Mexican economy, the depreciation of the Peso as compared to the U.S. Dollar, inflation and high interest rates have in the past adversely affected, and may in the future adversely affect, our:

● Advertising and Other Revenues. Inflation in Mexico adversely affects consumers. As a result, our advertising customers may purchase less advertising, which would reduce our advertising revenues, and consumers may reduce expenditures for our other products and services, including pay-TV services.

● Foreign Currency-Denominated Revenues and Operating Costs and Expenses. We have substantial operating costs and expenses denominated in foreign currencies, primarily in U.S. Dollars. These costs are principally due to internet services and managed services to national and international operators, as well as programming costs for residential and satellite services. The following table sets forth our foreign currency-denominated revenues and operating costs and expenses stated in millions of U.S. Dollars for 2025, 2024 and 2023:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** | **(Millions of U.S. Dollars)** |
| Revenues | U.S.$ | 109 | U.S.$ | 125 | U.S.$ | 124 |
| Operating costs and expenses |  | 267 |  | 243 |  | 317 |

---

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On a consolidated basis, in 2025, 2024 and 2023, our foreign-currency-denominated costs and expenses exceeded our foreign-currency-denominated revenues. As a result, we could be exposed to future depreciation of the Peso, which would increase the Peso equivalent of our foreign-currency-denominated costs and expenses.

● Finance Expense, Net. The depreciation of the Peso as compared to the U.S. Dollar generates foreign exchange losses relating to our net U.S. Dollar-denominated liabilities and increases the Peso equivalent of our interest expense on our U.S. Dollar-denominated indebtedness. Foreign exchange losses, and increased interest expense increase our finance expense, net.

We have also entered into and will continue to consider entering into additional financial instruments to hedge against Peso depreciation and reduce our overall exposure to the depreciation of the Peso as compared to the U.S. Dollar, inflation and high interest rates. We cannot assure you that we will be able to enter into financial instruments to protect ourselves from the effects of the depreciation of the Peso as compared to the U.S. Dollar, inflation and increases in interest rates, or if so, on favorable terms. In the past, we have designated, and from time to time in the future we may designate, certain of our investments or other assets as effective hedges against Peso depreciations. See "Key Information—Risk Factors—Risk Factors Related to Mexico", "Quantitative and Qualitative Disclosures About Market Risk—Market Risk Disclosures" and Note 4 to our consolidated year-end financial statements.

#### IFRS Accounting Standards
Our consolidated financial information as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 was prepared in accordance with IFRS Accounting Standards as issued by the IASB.

Below is a list of the new and amended IFRS Accounting Standards that have been issued by the IASB and are effective for annual periods starting on or after January 1, 2026, 2027 and 2028. Our management does not expect the pronouncements effective for annual periods beginning on January 1, 2026 to have a material impact on our consolidated financial statements. Our management is in the process of assessing the potential impact those pronouncements effective for annual periods beginning on or after January 1, 2026 will have on our consolidated financial statements. Some amendments and improvements to certain IFRS Accounting Standards became effective on January 1, 2026, and did not have any significant impact on our consolidated financial statements.

---

| | | |
|:---|:---|:---|
| <br>**New or Amended IFRS Accounting**<br>**Standard** | <br>**Title of the IFRS Accounting Standard** | **Effective for Annual Reporting**<br>**Periods Beginning**<br>**On or After** |
| Annual improvements <sup>(1)</sup> | *Annual Improvements to IFRS Accounting Standards – Volume 11* | January 1, 2026 |
| Amendments to IFRS 9 and IFRS 7 <sup>(1)</sup> | *Amendments to the classification and Measurement of Financial Instruments* | January 1, 2026 |
| IFRS 18 | *Presentation and Disclosure in Financial Statements* | January 1, 2027 |
| IFRS 19 <sup>(1) (2)</sup> | *Subsidiaries without Public Accountability: Disclosures* | January 1, 2027 |
| Amendments to IFRS 10 and IAS 28 | *Sale or Contribution of Assets between an Investor and its Associate or Joint Venture* | Postponed |
| Amendments to IFRS 9 and IFRS 7 <sup>(1)</sup> | *Contracts Referencing Nature-dependent Electricity* | January 1, 2026 |
| Amendments to IFRS 19 <sup>(1)</sup> | *Subsidiaries without Public Accountability: Disclosures* | January 1, 2027 |
| Amendments to IAS 21 <sup>(1)</sup> | *Translation to a Hyperinflationary Presentation Currency* | January 1, 2027 |

---

***<sup>(1)</sup>*** ***This new or amended IFRS Accounting Standard is not expected to have a significant impact on our consolidated financial statements.***

***<sup>(2)</sup>*** ***An entity may elect to apply this IFRS Accounting Standard for reporting periods beginning on or after this date.***

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***Annual Improvements to IFRS Accounting Standards – Volume 11*, were issued by the IASB in July 2024. These amendments include clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. These amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The following table lists the amended IFRS Accounting Standards or guidance and the subject of the amendments.***

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| | |
|:---|:---|
| **Amended IFRS Accounting Standard or Guidance** | &nbsp;&nbsp;**Subject of Amendments** |
| IFRS 1 *First-time Adoption of International Financial Reporting Standards* | &nbsp;&nbsp;Hedge accounting by a first-time adopter |
| IFRS 7 *Financial Instruments: Disclosures* | &nbsp;&nbsp;Gain or loss on derecognition |
| Guidance on implementing IFRS 7 *Financial Instruments: Disclosures* | &nbsp;&nbsp;Introduction - Disclosure of deferred difference between fair value and transaction price - Credit risk disclosures |
| IFRS 9 *Financial Instruments* | &nbsp;&nbsp;Derecognition of lease liabilities - Transaction price |
| IFRS 10 *Consolidated Financial Statements*  | &nbsp;&nbsp;Determination of a 'de facto agent' |
| IAS 7 *Statement of Cash Flows* | &nbsp;&nbsp;Cost method  |

---

Amendments to IFRS 9 and IFRS 7 *Amendments to the Classification and Measurement of Financial Instruments*, were issued by the IASB in May 2024, to address the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, by clarifying how the contractual cash flows on loans with ESG-linked features should be assessed. These amendments also address the settlement of liabilities through electronic payment systems, by clarifying the date on which a financial asset or financial liability is derecognized and developing an accounting policy option to allow a company to derecognize a financial liability before it delivers cash on the settlement date if specified criteria are met. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted.

IFRS 18 *Presentation and Disclosure in Financial Statements* ("IFRS 18"), was issued by the IASB in April 2024, introducing new requirements to improve comparability in the statement of income; enhance transparency of management-defined performance measures; and provide more useful grouping of information in the financial statements. IFRS 18 replaces IAS 1 *Presentation of Financial Statements* ("IAS 1") and carries forward many requirements from IAS 1 unchanged. IFRS 18 introduces three defined categories for income and expenses: operating, investing and financing, to improve the structure of the statement of income, and requires all companies to provide new defined subtotals, including operating profit. All entities are additionally required to use the operating profit subtotal as the single starting point for the indirect method of reporting cash flows from operating activities. IFRS 18 also requires companies to disclose explanations of those company-specific measures that are related to the statement of income, referred to as management-defined performance measures ("MPMs"). MPMs are required to be disclosed in the financial statements in a single note with reconciliations to IFRS Accounting Standards measures. IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted. Upon adoption, IFRS 18 should be applied on a fully retrospective basis, requiring the restatement of the comparative periods presented in an entity's financial statements. Our management continues assessing the impact of adoption of IFRS 18 on our consolidated financial statements and has started the implementation of this IFRS Accounting Standard. The adoption of IFRS 18 will primarily affect (i) the classification of certain items of income and expense into the new categories of the consolidated statement of income, with an impact on the reported consolidated operating income, which effect has not been determined yet; and (ii) certain presentation of the operating activities in the consolidated statement of cash flows.

IFRS 19 *Subsidiaries without Public Accountability:* Disclosures ("IFRS 19"), was issued by the IASB in May 2024, to permit eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries' financial statements while maintaining the usefulness of the information for users of their financial statements. When a parent company prepares consolidated financial statements that comply with IFRS Accounting Standards, its subsidiaries are required to report to the parent using IFRS Accounting Standards. However, for their own financial statements, subsidiaries are permitted to use IFRS Accounting Standards, the IFRS for SMEs Accounting Standard or national accounting standards. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability, and their parent company applies IFRS Accounting Standards in their consolidated financial statements. A subsidiary does not have public accountability if it does not have equities or debt listed on a stock exchange and does not hold assets in a fiduciary capacity for a broad group of outsiders. An entity may elect to apply this Standard for reporting periods beginning on or after January 1, 2027. Earlier application is permitted.

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Amendments to IFRS 10 and IAS 28 *Sale or Contribution of Assets between an Investor and its Associate or Joint Venture*, were issued by the IASB in September 2014, and addressed and acknowledged an inconsistency between the requirements in IFRS 10 *Consolidated Financial Statements* and those in IAS 28 *Investments in Associates and Joint Ventures*, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015, the IASB decided to postpone the effective date of these amendments indefinitely. Entities are required to apply these amendments prospectively to the sale or contribution of assets occurring in annual periods beginning on or after a date to be determined by the IASB. Earlier application is permitted. If an entity applies these amendments earlier, it shall disclose that fact.

Amendments to IFRS 9 and IFRS 7 *Contracts Referencing Nature-dependent Electricity*, were issued by the IASB in December 2024, to help companies report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company's performance. These amendments are required to be applied for annual reporting periods beginning on or after January 1, 2026. Companies can apply the amendments earlier.

Amendments to IFRS 19 *Subsidiaries without Public Accountability*: *Disclosures*, were issued by the IASB in August 2025, and included reduced disclosure requirements for other Standards or amendments issued up to February 2021. The newly issued amendments to IFRS 19 help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically: (i) IFRS 18 Presentation and Disclosure in Financial Statements; (ii) Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7); (iii) International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12); (iv) Lack of Exchangeability (Amendments to IAS 21); and (v) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). With these amendments, IFRS 19 reflects the changes to IFRS Accounting Standards that take effect up to January 1, 2027, when IFRS 19 will be applicable.

Amendments to IAS 21 *Translation to a Hyperinflationary Presentation Currency*, were issued by the IASB in November 2025 and clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. These amendments require an entity to translate amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy using the closing rate at the date of the most recent statement of financial position. The amendments to IAS 21 *The Effect of Changes in Foreign Exchange Rates* are effective for annual periods beginning on or after January 1, 2027, with early application permitted.

***Critical Accounting Estimates and Assumptions***

We have identified certain key accounting policies upon which our consolidated financial condition and results of operations are dependent. The application of these key accounting policies often involves complex considerations and assumptions and the making of subjective judgments or decisions on the part of our management. In the opinion of our management, our most Critical Accounting Estimates and Assumptions under IFRS Accounting Standards are those related to the accounting for goodwill and other indefinite-lived intangible assets, long-lived assets, deferred income taxes and financial assets measured at fair value. For a full description of these and other accounting policies, see Note 2 to our consolidated year-end financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Goodwill and Other Indefinite-lived Intangible Assets***

Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at least annually. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount.

The recoverable amount of each of the CGUs has been determined based on the higher of value in use and fair value less costs to disposal calculations. These calculations require the use of estimates, which include management's expectations of future revenue growth, operating costs, profit margins and operating cash flows for each CGU, long-term growth rates and discount rates based on weighted average cost of capital, among others.

During 2024, we recorded impairment adjustments for goodwill and intangible assets with indefinite and finite useful lives in two of our CGUs (see Notes 11, 12, 13 and 22 to our consolidated year-end financial statements). See Note 2 (b) and (l), for disclosure regarding concession intangible assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Long-lived Assets***

We present certain long-lived assets other than goodwill and indefinite-lived intangible assets in our consolidated statement of financial position. Long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Recoverability is analyzed based on projected cash flows. Estimates of future cash flows involve considerable judgment on the part of management. These estimates are based on historical data, future revenue growth, market conditions, management plans, and assumptions regarding projected rates of inflation and currency fluctuations, among other factors. If these assumptions were modified because of changes in economic or legal circumstances, we could recognize a write-off or write-down or accelerate the amortization schedule related to the carrying amount of these assets. We recorded an impairment loss for the year ended December 31, 2024 (see Notes 2 (m), 13 and 22 to our consolidated year-end financial statements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***Deferred Income Tax Assets***

We record our deferred tax assets based on the likelihood that these assets will be realized in the future. This likelihood is assessed by taking into consideration the future taxable income. In the event we were to determine that it would be able to realize our deferred tax assets in the future in excess of the net recorded amount, an adjustment to the deferred tax asset would increase income in the period such determination was made. Should we determine that it would not be able to realize all or part of our net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income in the period such determination was made. We recognized write-offs of deferred income tax assets for the year ended December 31, 2025, derived from capital tax losses that expired on that date, and certain deductible temporary differences which are not expected to be used with available future taxable income (see Notes 2 (v) and 24 to our consolidated year-end financial statements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)***Financial Assets Measured at Fair Value***

We have a significant amount of financial assets that are measured at fair value on a recurring basis. The degree of management's judgment involved in determining the fair value of a financial asset varies depending upon the availability of quoted market prices. When observable quoted market prices exist, that is the fair value estimate we use. To the extent such quoted market prices do not exist, management uses other means to determine fair value (see Notes 4 and 15 to our consolidated year-end financial statements).

**Financial assets and liabilities measured at fair value as of December 31, 2025 and 2024 (in thousands of Pesos):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Quoted Prices in** | **Quoted Prices in** | **Internal Models** | **Internal Models** | |
|  | **Balance as of** | **Balance as of** | **Active Markets** | **Active Markets** | **with Significant** | **with Significant** | |
|  | **December 31,** | **December 31,** | **for Identical** | **for Identical** | **Observable** | **Observable** | |
|  | **2025** | **2025** | **Assets (Level 1)** | **Assets (Level 1)** | **Inputs (Level 2)** | **Inputs (Level 2)** | **Internal Models**<br>**with Significant**<br>**Unobservable**<br>**Inputs (Level 3)** |
| Assets: |  |  |  |  |  |  |  |
| At FVOCIL |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Open-Ended Fund | Ps. | 817332 | Ps. |  | Ps. | 817332 | Ps. |
| &nbsp;&nbsp;Publicly traded equity instruments |  | 2608027 |  | 2608027 |  |  |  |
| &nbsp;&nbsp;Total | Ps. | 3725359 | Ps. | 2608027 | Ps. | 817332 | Ps. |
| Liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivative financial instruments | Ps. | 413188 | Ps. |  | Ps. | 413188 | Ps. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Quoted Prices in** | **Quoted Prices in** | **Internal Models** | **Internal Models** | |
|  | **Balance as of** | **Balance as of** | **Active Markets** | **Active Markets** | **with Significant** | **with Significant** | |
|  | **December 31,** | **December 31,** | **for Identical** | **for Identical** | **Observable** | **Observable** | |
|  | **2024** | **2024** | **Assets (Level 1)** | **Assets (Level 1)** | **Inputs (Level 2)** | **Inputs (Level 2)** | **Internal Models**<br>**with Significant**<br>**Unobservable**<br> **Inputs (Level 3)** |
| Assets: |  |  |  |  |  |  |  |
| At FVOCIL |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Open-Ended Fund | Ps. | 784769 | Ps. |  | Ps. | 784769 | Ps. |
| &nbsp;&nbsp;Publicly traded equity instruments |  | 1709942 |  | 1709942 |  |  |  |
| Derivative financial instruments |  | 2001051 |  |  |  | 2001051 |  |
| &nbsp;&nbsp;Total | Ps. | 4495762 | Ps. | 1709942 | Ps. | 2785820 | Ps. |

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#### Non-current Financial Assets
Investments in debt securities or with readily determinable fair values, are classified as non-current investments in financial instruments, and are recorded at fair value with unrealized gains and losses included in consolidated stockholders' equity as accumulated other comprehensive result.

Non-current financial assets are generally valued using quoted market prices or alternative pricing sources with reasonable levels of price transparency. Such instruments are classified in Level 1, Level 2, and Level 3, depending on the observability of the significant inputs.

#### Open-Ended Fund
We have an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the NAV per share as of such redemption date (see Notes 4 and 9 to our consolidated year-end financial statements).

***Disclosures for Each Class of Assets and Liabilities Subject to Recurring Fair Value Measurements Categorized Within Level 3***

***Our Corporate Finance Department has established rules for a proper portfolio asset classification according to the fair value hierarchy defined by IFRS Accounting Standards. On a monthly basis, any new assets recognized in the Company's portfolio are classified according to these criteria. Subsequently, there is a quarterly review of the portfolio in order to analyze the need for a change in classification of any of these assets.***

***A sensitivity analysis is performed on our investments with significant unobservable inputs (Level 3) in order to obtain a reasonable range of possible alternative valuations. This analysis is carried out by our Corporate Finance Department.***

#### Derivative Financial Instruments
Derivative financial instruments include swaps, forwards and options (see Notes 2(w), 4 and 15 to our consolidated year-end financial statements).

Our derivative portfolio is entirely over-the-counter. Our derivatives are valued using industry standard valuation models; projecting future cash flows discounted to present value, using market-based observable inputs including interest rate curves, foreign exchange rates, and forward and spot prices for currencies.

When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit spreads considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management's best estimate is used. All derivatives are classified in Level 2.

#### Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The majority of our non-financial instruments, which include the investment in shares of TelevisaUnivision, goodwill, intangible assets, inventories, transmission rights and property, plant and equipment and right of use assets, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually in the fourth quarter for goodwill and indefinite-lived intangible assets) such that a non-financial instrument is required to be evaluated for impairment, a resulting asset impairment would require that the non-financial instrument be recorded at the lower of carrying amount or its recoverable amount.

The impairment test for goodwill involves a comparison of the estimated fair value of each of our reporting units to its carrying amount, including goodwill. We determine the recoverable amount of a reporting unit using the higher between the value in use and the fair value less costs to sell, which utilize significant unobservable inputs (Level 3) within the fair value hierarchy. The impairment test for intangible assets not subject to amortization involves a comparison of the estimated recoverable amount of the intangible asset with its carrying amount. We determine the recoverable amount of the intangible asset using a discounted cash flow analysis, which utilizes significant unobservable inputs (Level 3) within the fair value hierarchy. Determining recoverable amount requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates, the amount and timing of expected future cash flows for a period of time that normally comprises five years, as well as relevant comparable company earnings multiples for the market-based approach.

Once an asset has been impaired, it is not remeasured at fair value on a recurring basis; however, it is still subject to recoverable amount measurement to test for recoverability of the carrying amount.

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#### Liquidity, Foreign Exchange and Capital Resources
***Liquidity.*** We generally rely on a combination of cash on hand, operating revenues, borrowings and net proceeds from dispositions to fund our working capital needs, capital expenditures, acquisitions and investments. We believe our working capital is sufficient for our present requirements, and we anticipate generating sufficient cash to satisfy our long-term liquidity needs.

During the year ended December 31, 2025, we had a net decrease in cash and cash equivalents of Ps.18,585.9 million as compared to a net increase in cash and cash equivalents of Ps.14,303.7 million during the year ended December 31, 2024.

Net cash provided by operating activities for the year ended December 31, 2025, amounted to Ps.20,092.1 million. Adjustments to reconcile loss before income taxes from continuing operations to net cash provided by operating activities were mainly due to (i) depreciation and amortization of Ps.17,160.5 million, (ii) an interest expense of Ps.7,508.6 million, (iii) an impairment loss on trade accounts receivable and other receivables of Ps.1,197.8 million, (iv) a share-based compensation expense of Ps.373.6 million, (v) a loss on disposition of property and equipment of Ps.78.3 million, and (vi) a share of loss of associates and joint ventures of Ps.1,088.1 million; this was partially offset by (i) unrealized foreign exchange gain of Ps.4,348.2 million, (ii) income taxes paid for the year ended December 31, 2025, which amounted to Ps.1,934.1 million, and (iii) an other finance gain, net of Ps.302.3 million.

Net cash used in investing activities for the year ended December 31, 2025, amounted to Ps.22,289.8 million and was primarily used in (i) investments in property, plant and equipment of Ps.12,186.5 million, (ii) an increase in short-term investments of Ps.11,397.8 million, (iii) capital contribution to TelevisaUnivision of Ps.1,671.5 million, and (iv) other investments in intangible assets of Ps.1,287.1 million; this was partially offset by proceeds from (i) a long-term related party loan collection of Ps.3,218.6 million, (ii) cash dividends from preferred shares of Ps.780.1 million, (iii) a disposition of property, plant and equipment of Ps.133.2 million, and (iv) a disposition of investment in joint ventures of Ps.116.3 million.

Net cash used in financing activities for the year ended December 31, 2025, amounted to Ps.16,321.2 million, and was primarily used for (i) interest payments of Ps.6,816.0 million, (ii) repayment of Senior Notes due 2025 of Ps.3,906.7 million, (iii) payment of long-term loans from Mexican banks of Ps.2,650.0 million, (iv) other payments of lease liabilities of Ps.1,809.7 million and (v) dividend payments of Ps.1,019.0 million, this was partially offset by cash provided by derivative financial instruments of Ps.474.2 million.

During the year ended December 31, 2024, we had a net increase in cash and cash equivalents of Ps.14,303.7 million as compared to a net decrease in cash and cash equivalents of Ps.18,544.6 million during the year ended December 31, 2023.

Net cash provided by operating activities for the year ended December 31, 2024, amounted to Ps.32,554.1 million. Adjustments to reconcile loss before income taxes from continuing operations to net cash provided by operating activities were mainly due to (i) depreciation and amortization of Ps.20,542.3 million, (ii) an interest expense of Ps.7,984.8 million, (iii) unrealized foreign exchange loss of Ps.5,664.6 million, (iv) impairment of long-lived assets of Ps.3,064.3; (v) an impairment loss on trade accounts receivable and other receivables of Ps.1,294.1 million, and (vi) a share-based compensation expense of Ps.488.8 million; this was partially offset by (i) gain on disposition of property and equipment of Ps.2,321.2 million; (ii) income taxes paid for the year ended December 31, 2024, which amounted to Ps.812.2 million; and (iii) an other finance gain, net of Ps.773.7 million.

Net cash used in investing activities for the year ended December 31, 2024, amounted to Ps.9,009.7 million and was primarily used in (i) investments in property, plant and equipment of Ps.9,097.4 million, and (ii) other investments in intangible assets of Ps.1,378.9 million; this was partially offset by proceeds from (i) cash dividends from preferred shares of Ps.777.8 million, (ii) a disposition of property, plant and equipment of Ps.628.0 million, and (iii) a disposition of investment in joint ventures of Ps.50.8 million.

Net cash used in financing activities for the year ended December 31, 2024, amounted to Ps.9,389.0 million, and was primarily used for interest payments of Ps.7,417.9 million, payment of long-term loans from Mexican banks of Ps.10,000.0 million, other payments of lease liabilities of Ps.1,567.3 million, dividend payments of Ps.1,019.0 million, which was partially offset by cash proceeds from Mexican banks long-term loans of Ps.10,000.0 million and derivative financial instruments of Ps.747.7 million.

During the year ended December 31, 2023, we had a net decrease in cash and cash equivalents of Ps.18,544.6 million.

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Net cash provided by operating activities for the year ended December 31, 2023, amounted to Ps.15,201.4 million. Adjustments to reconcile loss before income taxes from continuing operations to net cash provided by operating activities were mainly due to (i) depreciation and amortization of Ps.21,469.2 million, (ii) an interest expense of Ps.7,654.3 million, (iii) an impairment loss on trade accounts receivable, and other receivables of Ps.1,108.0 million, (iv) an other finance loss, net of Ps.134.8 million, (v) a share of loss of associates and joint ventures of Ps.4,086.6 million, and (vi) a share-based compensation expense of Ps.748.5 million; this was partially offset by (i) unrealized foreign exchange gains of Ps.3,740.1 million, and (ii) income taxes paid for the year ended December 31, 2023, which amounted to Ps.7,014.3 million.

Net cash used in investing activities for the year ended December 31, 2023, amounted to Ps.15,758.4 million and was primarily used in (i) investments in property, plant and equipment of Ps.14,708.0 million, and (ii) other investments in intangible assets of Ps.1,869.7 million; this was partially offset by proceeds from (i) cash dividends from preferred shares of Ps.716.9 million, (ii) a disposition of investment in joint ventures of Ps.45.6 million, and (iii) a disposition of property, plant and equipment of Ps.48.9 million.

Net cash used in financing activities for the year ended December 31, 2023, amounted to Ps.17,753.0 million, and was primarily used in interest payments of Ps.7,553.9 million, derivative financial instruments of Ps.195.1 million, prepayment of long-term loans from Mexican banks related to Sky of Ps.1,400.0 million, other payments of lease liabilities of Ps.1,793.6 million, dividend payments of Ps.1,027.4 million, repurchases of capital stock of Ps.1,197.1 million, partial prepayment of Senior Notes of Ps.4,718.3 million and the repurchase of our 7.25% Senior Notes due 2043 of Ps.181.7 million, which was partially offset by cash provided by Mexican banks through long-term loans of Ps.400.0 million to Sky.

**Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity**

During 2026, we:

● expect to make aggregate capital expenditures for property, plant and equipment totaling approximately U.S.$772.5 million, which are intended primarily for the expansion and improvement of our operations; and

● expect to provide financing to GTAC in connection with long-term credit facilities and our 33.3% interest in GTAC in the aggregate principal amount of U.S.$5.4 million (Ps.97.4 million).

During 2025, we:

● made aggregate capital expenditures for property, plant and equipment totaling approximately U.S.$645.0 million, which are intended primarily for the expansion and improvement of our Telecom operations;

● made a capital contribution in cash to TelevisaUnivision in the amount of U.S.$89.8 million (Ps.1,671.5 million) in support of the strategy and financial profile of this investee; and

● provided financing to GTAC in connection with long-term credit facilities and our 33.3% interest in GTAC in the aggregate principal amount of U.S.$4.5 million (Ps.86.1 million).

During 2024, we:

● made aggregate capital expenditures for property, plant and equipment totaling approximately U.S.$493.0 million, of which approximately U.S.$399.2 million and approximately U.S.$83.3 million were for the expansion and improvement of our former Cable and Sky segments, respectively and the remaining amount was for our other corporate businesses; and

● provided financing to GTAC in connection with long-term credit facilities and our 33.3% interest in GTAC in th e aggregate principal amount of U.S.$7.0 million (Ps.128.9 million).

In addition, at an extraordinary shareholders meeting held on April 28, 2026, our shareholders approved (i) a capital increase of up to Ps.7.2 billion (or approximately U.S.$400 million) and (ii) delegating to the Board to determine certain terms for offering the corresponding shares for subscription and payment in accordance with the Mexican Securities Market Law, which may be in the form of convertible notes, rights offerings, private placements or any other forms of financing. This capital increase represents approximately 19% of the total shares outstanding at the current trading price of our CPOs. Depending on our trading price at the time of any such capital increase, this amount could be more or less.

[**Table of Contents**](#TOC)

***Refinancings.*** In May 2019, we concluded the offering of U.S.$750 million aggregate principal amount of 5.25% Senior Notes due 2049. The net proceeds of the offering were used for general corporate purposes, which may include repayment or repurchase of existing indebtedness.

In June 2019, we entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps.10,000 million. The funds from this loan were used for general corporate purposes, including the refinancing of our indebtedness. This loan bore interest at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on our net leverage ratio. In April 2024, we prepaid in full all amounts outstanding under this credit agreement, which was scheduled to mature in 2024.

In March 2022, we made a partial redemption of U.S.$200 million aggregate principal amount of our U.S.$600 million 6.625% Senior Notes due 2025 in the aggregate amount of U.S.$221.3 million, including the applicable redemption price and accrued and unpaid interest on the redemption date.

In August 2022, we completed a tender offer to purchase in cash a principal amount of U.S.$133.6 million of our 6.625% Senior Notes due 2025, U.S.$110.6 million of our 5.000% Senior Notes due 2045, and U.S.$47.8 million of our 5.250% Senior Notes due 2049, for an aggregate principal amount of U.S.$292.0 million. The aggregate tender consideration paid amounted to U.S.$294.8 million plus U.S.$5.5 million of accrued and unpaid interest on the settlement date of the tender offer.

In August 2023, we completed a tender offer to purchase in cash a principal amount of up to U.S.$300.0 million of our 4.625% Senior Notes due 2026, 5.000% Senior Notes due 2045, 5.250% Senior Notes due 2049, 6.625% Senior Notes due 2025 and 6.125% Senior Notes due 2046, for an aggregate principal amount of U.S.$300.0 million. The aggregate tender consideration paid amounted to U.S.$281.1 million plus U.S.$3.0 million of accrued and unpaid interest on the settlement date of the tender offer.

In September 2023, we repurchased a principal amount of Ps.221.6 million of our 7.25% Notes due 2043 in an open market purchase, for a trailing aggregate principal amount of Ps.274.3 million during 2023.

On April 9, 2024, we entered into a credit agreement, together with Cablemás Telecomunicaciones, S.A. de C.V. and Televisión Internacional, S.A. de C.V., as co-borrowers, with a syndicate of banks which provides for a five-year term loan in an aggregate principal amount of Ps.10,000 million, and a five-year revolving credit facility in an aggregate principal amount of U.S.$500 million, with loans thereunder to be funded in Mexican pesos. The loans under this 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 our net leverage ratio. The credit agreement requires the maintenance of certain financial ratios related to indebtedness and interest expense. BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank acted as joint lead arrangers and joint bookrunners. The proceeds of the loans under this credit agreement were used to refinance certain of our existing indebtedness and may also be used for general corporate purposes. We used part of the proceeds of the loans to prepay in full all amounts outstanding under the credit agreement which we entered into in 2019 with a syndicate of banks, which was scheduled to mature in 2024.

***Indebtedness.*** As of December 31, 2025, our consolidated long-term portion of debt amounted to Ps.82,257.2 million and our consolidated current portion of debt was Ps.5,162.0 million. As of December 31, 2024, our consolidated long-term portion of debt amounted to Ps.98,398.2 million and our consolidated current portion of debt was Ps.6,231.4 million. The consolidated debt is presented net of unamortized finance costs as of December 31, 2025 and 2024, in the aggregate amount of Ps.1,181.8 million and Ps.1,259.0 million, respectively, and does not include interest payable in the aggregate amount of Ps.1,425.0 million and Ps.1,674.5 million in 2025 and 2024, respectively.

In February 2023, Sky executed a revolving credit facility with a Mexican bank for an amount up to Ps.1,000 million and with a maturity in 2028. The funds may be used for general corporate purposes, including the repayment of debt. Under the terms of this revolving credit facility, Sky is required to comply with certain restrictive covenants and financial coverage ratios. In March 2023, upon the maturity of loans with two Mexican banks, Sky repaid the remaining portions of these loans in the aggregate principal amount of Ps.1,000 million with (i) available cash on hand in the amount of Ps.600 million and (ii) funds from this revolving credit facility in the principal amount of Ps.400 million, plus interest payable on a monthly basis at the annual interest rate of TIIE plus 0.85%. In December 2023, Sky prepaid this credit facility plus accrued interest in the aggregate amount of Ps.404 million. As of December 31, 2025, the unused principal amount of this revolving credit facility amounted to Ps.1,000 million.

[**Table of Contents**](#TOC)

On April 9, 2024, we entered into a credit agreement, together with Cablemás Telecomunicaciones, S.A. de C.V. and Televisión Internacional, S.A. de C.V., as co-borrowers, with a syndicate of banks which provides for a five-year term loan in an aggregate principal amount of Ps.10,000 million, and a five-year revolving credit facility in an aggregate principal amount of U.S.$500 million, with loans thereunder to be funded in Mexican pesos. The loans under this 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 our net leverage ratio. The credit agreement requires the maintenance of certain financial ratios related to indebtedness and interest expense. BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank acted as joint lead arrangers and joint bookrunners.

The proceeds of the loans under this credit agreement were used to refinance certain of our existing indebtedness and may also be used for general corporate purposes. We used part of the proceeds of the loans to prepay in full all amounts outstanding under the credit agreement which we entered into in 2019 with a syndicate of banks, which matured in 2024.

We may from time to time incur additional indebtedness or repurchase, redeem or repay outstanding indebtedness.

The following table sets forth a description of our outstanding indebtedness as of December 31, 2025, net of unamortized finance costs and does not include related accrued interest payable (in millions of Pesos):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> | **2025**<sup>(1)</sup> |
|  | | **Interest** | **Interest** |  |  |  |  |  |  |
|  | **Effective**<br>**Interest Rate** | **Payable** | **Payable** | **Principal** | **Principal** | **Finance Costs** | **Finance Costs** | **Net** | **Net** |
| **U.S. dollar Senior Notes:** |  |  |  |  |  |  |  |  |  |
| 4.625% Senior Notes due 2026 <sup>(2)</sup> | 5.03% | Ps. | 86.4 | Ps. | 3737.0 | Ps. |  | Ps. | 3737.0 |
| 8.5% Senior Notes due 2032 <sup>(2)</sup> | 9.00% |  | 140.4 |  | 5405.0 |  | (31.1) |  | 5373.9 |
| 6.625% Senior Notes due 2040 <sup>(2)</sup> | 7.05% |  | 326.2 |  | 10809.9 |  | (136.1) |  | 10673.8 |
| 5% Senior Notes due 2045 <sup>(2)</sup> | 5.39% |  | 102.9 |  | 14244.0 |  | (440.4) |  | 13803.6 |
| 6.125% Senior Notes due 2046 <sup>(2)</sup> | 6.47% |  | 485.3 |  | 15846.8 |  | (127.9) |  | 15718.9 |
| 5.250% Senior Notes due 2049 <sup>(2)</sup> | 5.59% |  | 62.5 |  | 11907.6 |  | (308.8) |  | 11598.8 |
| Total U.S. dollar debt |  |  | 1203.7 |  | 61950.3 |  | (1044.3) |  | 60906.0 |
| **Mexican peso debt:** |  |  |  |  |  |  |  |  |  |
| 8.79% Notes due 2027 <sup>(3)</sup> | 8.84% |  | 103.3 |  | 4500.0 |  | (6.0) |  | 4494.0 |
| 8.49% Senior Notes due 2037 <sup>(2)</sup> | 8.94% |  | 39.3 |  | 4500.0 |  | (14.8) |  | 4485.2 |
| 7.25% Senior Notes due 2043 <sup>(2)</sup> | 7.92% |  | 30.1 |  | 6225.7 |  | (61.8) |  | 6163.9 |
| Bank loan <sup>(4)</sup> | 8.76% |  | 48.6 |  | 10000.0 |  | (54.9) |  | 9945.1 |
| Total Mexican peso debt |  |  | 221.3 |  | 25225.7 |  | (137.5) |  | 25088.2 |
| &nbsp;&nbsp;Total debt |  |  | 1425.0 |  | 87176.0 |  | (1181.8) |  | 85994.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Current portion of long-term debt |  |  | 1425.0 |  | 3737.0 |  |  |  | 3737.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current portion |  | Ps. |  | Ps. | 83439.0 | Ps. | (1181.8) | Ps. | 82257.2 |
| Lease liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Satellite transponder lease agreement <sup>(5)</sup> |  |  |  |  |  |  |  | Ps. | 1062.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications network lease agreement <sup>(6)</sup> |  |  |  |  |  |  |  |  | 514.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other lease liabilities <sup>(7)</sup> |  |  |  |  |  |  |  |  | 3859.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease liabilities |  |  |  |  |  |  |  |  | 5436.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Current portion |  |  |  |  |  |  |  |  | 1583.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities, net of current portion |  |  |  |  |  |  |  | Ps. | 3852.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) U.S. Dollar-denominated debt is translated into Pesos at an exchange rate of Ps.18.0165 per U.S. Dollar, the Interbank Rate, as reported by *Banco Citi México, S.A.*, as of December 31, 2025.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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 lease-back 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). On January 30, 2026, the Company repaid its 4.625% Senior Notes due 2026 at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(3) In 2017, the Company issued Notes 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 due 2027 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.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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 an aggregate principal amount of Ps.10,000,000, and a five-year revolving credit facility in an aggregate principal amount of the 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 certain financial ratios related to indebtedness and interest expense. In April 2024, the Group used part of 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.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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 to our consolidated financial statements). Other lease liabilities recognized in accordance with IFRS 16 *Leases*, in the aggregate amount of Ps.3,859,215 thousand and Ps.2,981,536 thousand, as of December 31, 2025 and 2024, respectively. These lease liabilities have terms which will expire at various dates between 2026 and 2051.

&nbsp;&nbsp;&nbsp;&nbsp;(6) 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).

&nbsp;&nbsp;&nbsp;&nbsp;(7) Other lease liabilities have terms that will expire at various dates between 2026 and 2051.

[**Table of Contents**](#TOC)

***Interest Expense.*** Interest expense for the years ended December 31, 2025, 2024 and 2023 was Ps.7,508.6 million, Ps.7,975.6 million and Ps.7,742.1 million, respectively.

The following table sets forth our interest expense for the years indicated (in millions of U.S. Dollars and millions of Pesos):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> | **Year Ended December 31,**<sup>(1)</sup> |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Interest payable in U.S. Dollars | U.S.$ | 209.6 | U.S.$ | 228.8 | U.S.$ | 215.3 |
| Amounts currently payable under Mexican withholding taxes <sup>(2)</sup> |  | 10.5 |  | 11.2 |  | 11.5 |
| Total interest payable in U.S. Dollars | U.S.$ | 220.1 | U.S.$ | 240.0 | U.S.$ | 226.8 |
| Peso equivalent of interest payable in U.S. Dollars | Ps. | 4281.0 | Ps. | 4368.8 | Ps. | 4094.4 |
| Interest payable in Pesos |  | 3227.6 |  | 3606.8 |  | 3559.9 |
| Discontinued operations |  |  |  |  |  | 87.8 |
| Total interest expense | Ps. | 7508.6 | Ps. | 7975.6 | Ps. | 7742.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) U.S. Dollars are translated into Pesos at the rate prevailing when interest was recognized as an expense for each period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See "Additional Information—Taxation—Federal Mexican Taxation".

#### Contractual Obligations and Commercial Commitments
Our contractual obligations and commercial commitments consist primarily of indebtedness, as described above, and transmission rights obligations.

#### Contractual Obligations on the Balance Sheet
The following table summarizes our contractual obligations on the balance sheet as of December 31, 2025 (these amounts do not include future interest payments):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  |  | **Less Than 12** | **Less Than 12** |  |  |  |  |  |  |
|  |  |  | **Months** | **Months** | **12-36 Months** | **12-36 Months** | **36-60 Months** | **36-60 Months** | **Maturities** | **Maturities** |
|  |  |  | **January 1, 2026 to** | **January 1, 2026 to** | **January 1, 2027** | **January 1, 2027** | **January 1, 2029** | **January 1, 2029** | **Subsequent to** | **Subsequent to** |
|  |  |  | **December 31,** | **December 31,** | **to December 31,** | **to December 31,** | **to December 31,** | **to December 31,** | **December 31,**  | **December 31,**  |
|  | **Total** | **Total** | **2026** | **2026** | **2028** | **2028** | **2030** | **2030** | **2030** | **2030** |
|  | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** |
| 8.5% Senior Notes due 2032 | U.S.$ | 300000 | U.S.$ |  | U.S.$ |  | U.S.$ |  | U.S.$ | 300000 |
| 8.49% Senior Notes due 2037 |  | 249771 |  |  |  |  |  |  |  | 249771 |
| 6.625% Senior Notes due 2040 |  | 600000 |  |  |  |  |  |  |  | 600000 |
| 8.79% Notes due 2027 |  | 249771 |  |  |  | 249771 |  |  |  |  |
| 7.25% Senior Notes due 2043 |  | 345555 |  |  |  |  |  |  |  | 345555 |
| 5% Senior Notes due 2045 |  | 790610 |  |  |  |  |  |  |  | 790610 |
| 4.625% Senior Notes due 2026 <sup>(1)</sup> |  | 207420 |  | 207420 |  |  |  |  |  |  |
| 6.125% Senior Notes due 2046 |  | 879572 |  |  |  |  |  |  |  | 879572 |
| 5.250% Senior Notes due 2049 |  | 660928 |  |  |  |  |  |  |  | 660928 |
| Syndicate Loan due 2029 |  | 555047 |  |  |  |  |  | 555047 |  |  |
| Long-term debt |  | 4838674 |  | 207420 |  | 249771 |  | 555047 |  | 3826436 |
| Accrued interest payable |  | 79097 |  | 79097 |  |  |  |  |  |  |
| Satellite transponder lease agreement |  | 58974 |  | 32777 |  | 26197 |  |  |  |  |
| Telecommunications network lease agreement |  | 28544 |  | 8490 |  | 12114 |  | 7940 |  |  |
| Other lease liabilities  |  | 214204 |  | 46645 |  | 94980 |  | 41700 |  | 30879 |
| Other non-current liabilities |  | 116071 |  |  |  | 40196 |  | 75875 |  |  |
| Total contractual obligations | U.S.$ | 5335564 | U.S.$ | 374429 | U.S.$ | 432258 | U.S.$ | 680562 | U.S.$ | 3857315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The 4.625% Senior Notes due 2026 were repaid at maturity on January 30, 2026.

[**Table of Contents**](#TOC)

#### Contractual Obligations off the Balance Sheet
The following table summarizes our contractual obligations off the balance sheet as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  |  | **Less Than 12** | **Less Than 12** |  |  |  |  |  |  |
|  |  |  | **Months** | **Months** | **12-36 Months** | **12-36 Months** | **36-60 Months** | **36-60 Months** | **Maturities** | **Maturities** |
|  |  |  | **January 1, 2026 to**  | **January 1, 2026 to**  | **January 1, 2027** | **January 1, 2027** | **January 1, 2029** | **January 1, 2029** | **Subsequent to** | **Subsequent to** |
|  |  |  | **December 31,** | **December 31,** | **to December 31,** | **to December 31,** | **to December 31,** | **to December 31,** | **December 31,** | **December 31,** |
|  | **Total** | **Total** | **2026** | **2026** | **2028** | **2028** | **2030** | **2030** | **2030** | **2030** |
|  | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** | **(Thousands of U.S. Dollars)** |
| Interest on debt <sup>(1)</sup> | U.S.$ | 4308379 | U.S.$ | 244309 | U.S.$ | 617686 | U.S.$ | 517620 | U.S.$ | 2928764 |
| Interest on lease liabilities |  | 81670 |  | 24619 |  | 30685 |  | 18376 |  | 7990 |
| Transmission rights <sup>(2)</sup> |  | 458341 |  | 84188 |  | 152018 |  | 148090 |  | 74045 |
| Capital expenditures commitments |  | 135527 |  | 135527 |  |  |  |  |  |  |
| Satellite transponder commitments <sup>(3)</sup> |  | 14017 |  | 5213 |  | 6427 |  | 2377 |  |  |
| Committed financing to GTAC <sup>(4)</sup> |  | 5406 |  | 5406 |  |  |  |  |  |  |
| Total contractual obligations | U.S.$ | 5003340 | U.S.$ | 499262 | U.S.$ | 806816 | U.S.$ | 686463 | U.S.$ | 3010799 |

---

<sup>(1)</sup> Interest to be paid in future years on outstanding debt as of December 31, 2025, was estimated based on contractual interest rates and exchange rates as of that date.

<sup>(2)</sup> These line items reflect our obligations related to programming to be acquired or licensed from third party producers and suppliers, and transmission rights for special events to be acquired from a third party.

<sup>(3)</sup> Reflects our minimum commitments for the use of satellite transponders under operating lease contracts, which payments will be reimbursed by TelevisaUnivision as the final user of these satellite transponders.

<sup>(4)</sup> In connection with a long-term credit facility, we agreed to provide financing to GTAC in 2026 in the aggregate principal amount of Ps.97.4 million (U.S.$5.4 million).

[**Table of Contents**](#TOC)

#### Item 6. Directors, Senior Management and Employees

#### Board of Directors
The following table sets forth the names of our current directors and their alternates, their dates of birth, their principal occupation, their business experience, including other directorships, and their years of service as directors or alternate directors. The general annual stockholders' meeting takes place annually in order to, among other matters, elect and/or ratify the Company's directors. Our current Board of Directors is composed as follows:<sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Principal Occupation** | **Business Experience** | **First Elected** |
| *In alphabetical order:* |  |  |  |
| Alfonso de Angoitia Noriega (01/17/62) | Co-Chief Executive Officer, Member of the Executive Committee of Grupo Televisa. Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Co-Chief Executive Officer of TelevisaUnivision. | Executive Chairman of the Board of TelevisaUnivision. Member of the Boards of Liberty Latin America, Grupo Axo and Grupo Financiero Banorte and Innova (subsidiary of Grupo Televisa). Chairman of the Board of Trustees of Fundación Kardias. Member of the Boards of Trustees of Fundación Mexicana para la Salud, Fundación UNAM and The Paley Center for Media. Former Executive Vice President and Chief Financial Officer of Grupo Televisa. | April 1997 |
| Luis Alejandro Bustos Olivares (01/01/64) | Legal Vice-President and General Counsel of Grupo Televisa. | Former Legal and Regulatory on Telecommunications Vice-President, former Legal General Director of Special Affairs, former Corporate Legal General Director, former Legal Director of Litigation of Grupo Televisa. Former General Counsel of The Pepsi Bottling Group Mexico. Former litigation lawyer at Mr. Ramón Sánchez Medal's law firm. | April 2025 |
| José Antonio Chedraui Eguía (10/06/66) | Member of the Board of Directors and Chief Executive Officer of Grupo Comercial Chedraui, S.A.B. de C.V. | Former Chief Executive Officer of the Galas division of Grupo Comercial Chedraui, S.A.B. de C.V. and member of Board of Directors of Grupo Financiero Banorte, S.A.B. de C.V. | April 2019 |
| Francisco José Chevez Robelo (07/03/29) | In-house advisor, co-founder and retired partner of Chevez, Ruiz, Zamarripa y Cía, S.C., Member of the Audit Committee of Grupo Televisa. Member of the Board of Directors and Member and Chairman of the Audit and Corporate Practices Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). | Former Managing Partner of Ruiz Urquiza y Cia, S.C., representative of Arthur Andersen & Co. Member of the Board of Directors and Chairman of the Audit Committees of Regiomontana de Perfiles y Tubos, S.A. de C.V., Quality Tube, S.A. de <br>C.V. and Pytco, S.A. de C.V. | April 2003 |

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Principal Occupation** | **Business Experience** | **First Elected** |
| Jean Michel Enriquez Dahlhaus (02/05/70) | Partner, Creel, García-Cuéllar, Aiza y Enriquez, S.C. | Partner of Creel, García-Cuéllar, Aiza y Enríquez. Mentor and Member of the Board of Directors of Endeavor. Former professor of Mergers and Acquisitions at Universidad Iberoamericana. Foreign Associate in the New York City office of Cravath, Swaine & Moore LLP. | April 2025 |
| Jon Feltheimer (09/02/51) | Chief Executive Officer of Lionsgate. | Former President of Columbia TriStar Television Group, former Executive Vice President of Sony Pictures Entertainment. Member of the Boards of Lionsgate and Pilgrim Media Group. | April 2015 |
| José Luis Fernández Fernández (05/18/59) | Advisor to Chevez, Ruiz, Zamarripa y Cía., S.C., Member of the Board of Directors of Apuestas Internacionales, S.A. de C.V. and Member of the Audit Committee and Chairman of the Corporate Practices Committee of Grupo Televisa. | Member of the Board of Directors of Controladora Vuela Compañía de Aviación, S.A.B. de C.V. Alternate member of the Board of Directors of Arca Continental Corporativo. Alternate Member of the Board of Directors and Alternate Member of the Audit and Corporate Practices Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). | April 2002 |
| Salvi Rafael Folch Viadero (08/16/67) | Chief Executive Officer of Grupo Jumex. | Former Chief Executive Officer of Grupo Televisa's Cable Division, Member of the Board of Consorcio Ara, S.A.B. Member of the Board and Chairman of the Audit and Corporate Practices Committee of Ollamani. Former Chief Financial Officer of Grupo Televisa. Former Vice President of Financial Planning of Grupo Televisa. Former Member of the Board of Directors and Former Alternate Member of the Executive Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). | April 2002 |

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Principal Occupation** | **Business Experience** | **First Elected** |
| Michael Thomas Fries (02/06/63) | President and Chief Executive Officer of Liberty Global, Ltd. | Vice Chairman of the Board of Liberty Global, Chairman of Sunrise Communications AG, Executive Chairman of the Board of Liberty Latin America, Member of the Boards of Directors of Lionsgate Entertainment, Lionsgate Studios, GSMA and Cable Television Labs, Trustee and Finance Committee Member of The Paley Center for Media and ICT Governor of the World Economic Forum. | April 2015 |
| Guillermo García Naranjo Álvarez (07/02/56) | Chairman of the Audit Committee and member of the Corporate Practices Committee of Grupo Televisa. | Former Chairman of the Board of Trustees of Consejo Mexicano de Normas de Información Financiera. Former Chief Executive Officer and Former Audit Partner of KPMG Cárdenas Dosal, S.C. Member of the Board and Chairman of the Audit Committee of Grupo Financiero Banamex, S.A. de C.V., Banco Nacional de México, S.A., Member of the Board of Directors, Member of the Corporate Practices Committee and Chairman of the Audit Committee of Grupo Posadas, S.A.B. de C.V. and Member of the Audit Committee of Ollamani, S.A.B. de C.V. | April 2018 |
| Bernardo Gómez Martínez (07/24/67) | Co-Chief Executive Officer and Member of the Executive Committee of Grupo Televisa. Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Co-Chief Executive Officer of TelevisaUnivision. | Member of the Boards of TelevisaUnivision and Innova (subsidiary of Grupo Televisa). Former Executive Vice President and Deputy Director of the President of Grupo Televisa and Former President of Cámara Nacional de la Industria de Radio y Televisión. | April 1999 |

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Principal Occupation** | **Business Experience** | **First Elected** |
| Carlos Hank González (09/01/71) | Chairman of the Board of Directors of Grupo Financiero Banorte and Banco Mercantil del Norte (Non-Executive Director). Vice-President of the Board of Directors of Gruma (Non-Executive Director). Chief Executive Officer and member of the Board of Directors of Grupo Hermes and Independent Member of the Board of Directors of Grupo Televisa. | Chairman of the Board of Directors of Cerrey, Chairman of Fundación Banorte, Former Chief Executive Officer of Grupo Financiero Interacciones, Banco Interacciones and Interacciones Casa de Bolsa. Former Deputy General Manager of Grupo Financiero Banorte. Member of the Boards of Directors of Bolsa Mexicana de Valores and Grupo Hermes. | April 2017 |
| Enrique Krauze Kleinbort (09/16/47) | Chief Executive Officer, Chairman of the Board of Directors and Founder of Editorial Clío, Libros y Videos, S.A. de C.V. and Letras Libres, S.A. de C.V. | Member of Academia Mexicana de la Historia and Colegio Nacional. | April 1996 |
| Denise Maerker Salmón (01/08/65) | Executive producer of newscast "En punto". | Cast member on the debate program "Tercer Grado". Former Research Professor and Director of Communication at Centro de Investigación y Docencia Económicas (CIDE). | April 2022 |
| Lorenzo Alejandro Mendoza Giménez (10/05/65) | Chief Executive Officer of Empresas Polar. | Member of the MIT School of Management Board, the Latin American Board of Georgetown University, the Latin America Conservation Council (LACC), and the Board of Trustees of Universidad Metropolitana. Ashoka Fellow and Member of the World Economic Forum (named a Global Young leader in 2005). | April 2009 |
| Guadalupe Phillips Margain<sup>(2)</sup> (02/07/71) | Chief Executive Officer of ICA Tenedora, S.A. de C.V. | Former Chief Restructuring Officer of Empresas ICA, S.A.B. de C.V. Former Vice-President of Finance and Risk of Grupo Televisa (left more than five years ago). Member of the Board of Directors of Grupo Axo, ICA Tenedora, Controladora Vuela de Aviación, Openbank and Auna. | April 2012 |
| Sebastian Mejía (08/24/84) | President and Co-Founder of Rappi.  | Co-Founder of Grability.  | April 2021 |

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Principal Occupation** | **Business Experience** | **First Elected** |
| Enrique Francisco José Senior Hernández (08/03/43) | Managing Director of Allen & Company LLC. | Member of the Boards of Directors of FEMSA, Cinemark USA, Inc., Grupo Televisa and TelevisaUnivision. | April 2001 |
| Eduardo Tricio Haro (08/05/63) | Chairman of the Board of Directors of Grupo Lala, Chairman of the Executive Committee of Aeromexico and Member of the Corporate Practices Committee of Grupo Televisa. | Chairman of Grupo Industrial Nuplen, Fundación Lala and SER, A.C. Member of the Boards of Directors of Grupo Aeroméxico, Aura Solar, Hospital Infantil de México "Federico Gómez", Instituto Tecnológico y de Estudios Superiores de Monterrey, Consejo Mexicano de Negocios and Instituto Nacional de Ciencias Médicas y Nutrición "Salvador Zubirán". | April 2012 |
| David M. Zaslav (01/15/60) | President, Chief Executive Officer and Director of Warner Bros. Discovery, Inc. | Member of the Boards of Sirius XM Radio, Inc., the Paley Center for the Media, American Cinematheque, Syracuse University and NYU Langone. | April 2015 |
| **Alternate Directors:** |  |  |  |
| *In alphabetical order:* |  |  |  |
| Herbert A. Allen III<sup>(3)</sup><sup></sup>(06/08/67) | President of Allen & Company LLC. Director of the Coca-Cola Company. | Former Executive Vice-President and Managing Director of Allen & Company Incorporated. | April 2002 |
| Joaquín Balcárcel Santa Cruz (01/04/69) | Chief of Staff of the Executive Chairman of the Board of Directors of Grupo Televisa. | Member of the Board Directors of Ollamani. Former Vice-President — Legal and General Counsel of Grupo Televisa. Former Vice-President and General Counsel of Television Division. Former Legal Director of Grupo Televisa. | April 2000 |

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Principal Occupation** | **Business Experience** | **First Elected** |
| Jorge Agustín Lutteroth Echegoyen<br>(01/24/53) | Vice-President and Corporate Controller of Grupo Televisa. | Former Senior Partner of Coopers & Lybrand, Despacho Roberto Casas Alatriste, S.C. and former Controller of Televisa Corporación. Alternate Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Alternate Member of the Board of Managers and the Executive Committee of Innova (subsidiary of Grupo Televisa). | April 2000 |
| Raúl Morales Medrano<br>(05/12/70) | Partner of Chévez, Ruiz, Zamarripa y Cia., S.C. | Member of the Board of Directors and of the Audit and Corporate Practices Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). | April 2002 |

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<sup>(1)</sup> Emilio Azcárraga Jean is on leave from his position as Executive Chairman of the Board since October 24, 2024, until the investigation being conducted by the United States Department of Justice, related to FIFA, is resolved. For a description of the investigation, see "Additional Information—Legal Proceedings".

<sup>(2)</sup> Guadalupe Phillips Margain is the sister of Carlos Phillips Margain, the Company's Chief Financial Officer.

<sup>(3)</sup> Alternate of Mr. Enrique Francisco José Senior Hernández.

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#### Our Board of Directors
***General.*** The management of our business is entrusted to our Board of Directors. Our bylaws currently provide for a Board of Directors of 20 members, at least 25% of which must be "independent directors" under Mexican law (as described below). The Mexican Securities Market Law provides that the following persons, among others, do not qualify as independent:

● our key executives or employees, as well as the statutory auditors, or comisarios, of our subsidiaries, including those individuals who have occupied any of the described positions within a period of 12 months preceding the appointment;

● individuals who have significant influence over our decision making processes;

● controlling stockholders, in our case, the beneficiary of the Azcárraga Trust;

● partners or employees of any company which provides advisory services to us or any company that is part of our same economic group and that receives 10% or more of its income from us;

● significant clients, suppliers, debtors or creditors, or members of the Board or executive officers of any such entities; or

● spouses, family relatives up to the fourth degree, or cohabitants of any of the aforementioned individuals.

Our bylaws prohibit the appointment of individuals to our Board of Directors who: (i) are members of the board of directors or other management boards of a company (other than the Company or its subsidiaries) that has one or more concessions to operate telecommunications networks in Mexico; or (ii) directly or indirectly, are shareholders or partners of companies (other than the Company or its subsidiaries), that have one or more concessions to operate telecommunications networks in Mexico, with the exception of ownership stakes that do not allow such individuals to appoint one or more members of the management board or any other operation or decision making board.

***Election of Directors.*** A majority of the members of our Board of Directors must be Mexican nationals and must be elected by Mexican stockholders. All of our current directors and alternate directors were appointed and/or ratified in their positions by our 2026 annual stockholders' special and general meetings, which were held on April 28, 2026. A majority of the holders of the Series "A" Shares voting together elected eleven of our directors and corresponding alternates and a majority of the holders of the Series "B" Shares voting together elected five of our directors and corresponding alternates. At our special stockholders' meetings, a majority of the holders of the Series "L" and Series "D" Shares each elected two of our directors and alternate directors, each of which must be an independent director. Each alternate director may vote in the absence of a corresponding director. The number of directors elected to our Board of Directors is determined by our stockholders pursuant to our bylaws. No other governing body of the Company, including the Corporate Practices Committee, has the authority to set and/or limit the number of directors. Our stockholders' meetings held on April 26, 2024, resolved that our directors and alternate directors be elected annually for a term that will expire when new appointments are approved by our stockholders as provided by our bylaws and applicable law. In addition, if any director is elected for a specific term and such term expires or any director resigns from his or her position, any such director will continue to serve in his or her position for up to a 30-day term; in this case, the Board of Directors is entitled to appoint provisional directors without the approval of the stockholders' meeting.

***Quorum; Voting.*** In order to have a quorum for a meeting of the Board of Directors, generally at least 50% of the directors or their corresponding alternates must be present. However, in the case of a meeting of the Board of Directors to consider certain proposed acquisitions of our capital stock, at least 75% of the directors or their corresponding alternates must be present. In the event of a deadlock of our Board, our Chairman will have the deciding vote.

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***Meetings; Actions Requiring Board Approval.*** Our bylaws provide that our Board must meet at least quarterly, and that our Chairman, 25% of the Board members, our Secretary, alternate Secretary, the Chairman of the Audit Committee or the Chairman of the Corporate Practices Committee may call for a Board meeting.

Pursuant to the Mexican Securities Market Law and our bylaws, our Board of Directors must approve, among other matters:

● our general strategy;

● with input from the Audit Committee, on an individual basis: (i) our financial statements; (ii) unusual or non-recurrent transactions and any transactions or series of related transactions during any calendar year that involve (a) the acquisition or sale of assets with a value equal to or exceeding 5% of our consolidated assets, or (b) the giving of collateral or guarantees or the assumption of liabilities, equal to or exceeding 5% of our consolidated assets; (iii) agreements with our external auditors; and (iv) accounting policies within IFRS;

● with input from the Corporate Practices Committee, on an individual basis: (i) any material transactions with related parties, in accordance with the criteria set forth in the Mexican Securities Market Law, subject to certain limited exceptions; and (ii) the appointment of our Chief Executive Officer (position currently held by our Co-Chief Executive Officers) and his or her compensation;

● creation of special committees and granting them the power and authority, provided that the committees will not have the authority, which by law or under our bylaws is expressly reserved for the stockholders or the Board;

● matters related to antitakeover provisions provided for in our bylaws; and

● the exercise of our general powers in order to comply with our corporate purpose.

***Duty of Care and Duty of Loyalty.*** The Mexican Securities Market Law imposes a duty of care and a duty of loyalty on directors. The duty of care requires our directors to act in good faith and in the best interests of the Company. In carrying out this duty, our directors are required to obtain the necessary information from the Co-Chief Executive Officers, the executive officers, the external auditors or any other person to act in the best interests of the Company. Our directors are liable for damages and losses caused to us and our subsidiaries as a result of violating their duty of care.

The duty of loyalty requires our directors to preserve the confidentiality of information received in connection with the performance of their duties and to abstain from discussing or voting on matters in which they have a conflict of interest. In addition, the duty of loyalty is breached if a stockholder or group of stockholders is knowingly favored or if, without the express approval of the Board of Directors, a director takes advantage of a corporate opportunity. The duty of loyalty is also breached, among other things, by (i) failing to disclose to the Audit Committee or the external auditors any irregularities that the director encounters in the performance of his or her duties; or (ii) disclosing information that is false or misleading or omitting to record any transaction in our records that could affect our financial statements. Directors are liable for damages and losses caused to us and our subsidiaries for violations of this duty of loyalty. This liability also extends to damages and losses caused as a result of benefits obtained by the director or directors or third parties, as a result of actions of such directors.

Our directors may be subject to criminal penalties of up to 12 years imprisonment for certain illegal acts involving willful misconduct that result in losses to us. Such acts include the alteration of financial statements and records.

Liability actions for damages and losses resulting from the violation of the duty of care or the duty of loyalty may be exercised solely for our benefit and may be brought by us, or by stockholders representing 5% or more of our capital stock, and criminal actions only may be brought by the Mexican Ministry of Finance, after consulting with the Mexican National Banking and Securities Commission. As a safe harbor for directors, the liabilities specified above (including criminal liability) will not be applicable if the director acting in good faith: (i) complied with applicable law, (ii) made the decision based upon information provided by our executive officers or third-party experts, the capacity and credibility of which could not be subject to reasonable doubt, (iii) selected the most adequate alternative in good faith or if the negative effects of such decision could not have been foreseeable, and (iv) complied with stockholders' resolutions provided the resolutions do not violate applicable law.

The members of the board are liable to our stockholders only for the loss of net worth suffered as a consequence of disloyal acts carried out in excess of their authority or in violation of our bylaws.

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In accordance with the Mexican Securities Market Law, supervision of our management is entrusted to our Board of Directors, which shall act through the Audit and the Corporate Practices Committees for such purposes, and to our external auditor.

***Audit Committee.*** The Audit Committee is currently composed of three independent members: Guillermo García Naranjo Álvarez, the Chairman, José Luis Fernández Fernández and Francisco José Chevez Robelo. The Chairman of the Audit Committee was ratified at our annual stockholders' meeting held on April 28, 2026, and our Board of Directors appointed the remaining members.

The Audit Committee is responsible for, among other things: (i) submit to the Board of Director's approval, the annual designation and/or ratification of the firm engaged to perform the external audit, as well as the engagement of services other than those related to the external audit to be performed by the external auditors; (ii) evaluating the performance of our external auditors and analyzing their reports, (iii) discussing our financial statements with the persons in charge of their preparation, and based on such discussions, recommending their approval to the Board of Directors, (iv) informing the Board of Directors of the status of our internal controls and their adequacy, (v) requesting reports of executive officers whenever it deems appropriate, (vi) informing the Board of any irregularities that it may encounter as part of the performance of its duties, (vii) receiving and analyzing recommendations and observations made by the stockholders, directors, executive officers, our external auditors or any third party and taking the necessary actions, (viii) review and approve, if applicable, certain related party transactions that are not considered material in accordance with the Mexican Securities Market Law; (ix) calling stockholders' meetings when requested, (x) providing opinions to our Board of Directors with respect to specific matters required under the Mexican Securities Market Law, (xi) requesting and obtaining opinions from independent third parties, as it deems convenient, in connection with the performance of its duties; and (xii) assisting the Board in the preparation of annual reports rendered by the Board to the shareholders and other reporting obligations.

The Chairman of the Audit Committee shall prepare an annual report to our Board of Directors with respect to the activities of the Audit Committee, which shall include, among other things: (i) the status of the internal controls and internal audits and any deviations and deficiencies thereof, taking into consideration the reports of external auditors and independent experts, (ii) the results of any preventive and corrective measures taken based on results of investigations in respect of non-compliance of operating and accounting policies, (iii) the evaluation of external auditors, (iv) the main results from the review of our financial statements and those of our subsidiaries, (v) the description and effects of changes to accounting policies, (vi) the measures adopted as a result of observations of stockholders, directors, executive officers and third parties relating to accounting, internal controls, and internal or external audits, and (vii) compliance with stockholders' and directors' resolutions.

***Corporate Practices Committee.*** The Corporate Practices Committee is currently composed of the following independent members: José Luis Fernández Fernández, the Chairman, Guillermo García Naranjo Álvarez and Eduardo Tricio Haro. The Chairman of the Corporate Practices Committee was ratified at our annual stockholders' meeting held on April 28, 2026, and our Board of Directors appointed the remaining members.

The Corporate Practices Committee is responsible for, among other things: (i) reviewing and approving corporate goals and objectives relevant to the compensation of the Co-Chief Executive Officers, and reviewing the evaluations of the Co-Chief Executive Officers' performance in light of those goals and objectives, (ii) reviewing and approving the annual base salaries and annual incentive opportunities of the relevant executive, reviewing the parameters evaluating the executive officers' performance and recommending executive officer compensation policies and guidelines to our Board of Directors, (iii) reviewing all other incentive awards and opportunities (cash-based and equity-based), any employment agreements, any change in control agreements and change in control provisions affecting compensation and benefits and any special or supplemental compensation and benefits for the relevant executive and individuals who formerly served as executive officers, and (iv) reviewing and recommending certain material transactions entered into with related parties, in accordance with the Mexican Securities Market Law.

The Chairman of the Corporate Practices Committee shall prepare an annual report to the Board of Directors with respect to the activities of the Corporate Practices Committee, which shall include, among other things: (i) observations with respect to the performance of the relevant executives, (ii) material related party transactions entered into during the course of the fiscal year, and (iii) the compensation packages of the relevant executives.

***Executive Committee of Our Board of Directors.*** Our Board of Directors has an Executive Committee. Each member is appointed for a one-year term at each annual general stockholders' meeting. Our bylaws provide that the Executive Committee may generally exercise the powers of the Board of Directors, except those expressly reserved for the Board in our bylaws or by applicable law. The Executive Committee is currently composed by Alfonso de Angoitia Noriega and Bernardo Gómez Martínez. Emilio Azcárraga Jean is on leave from his position as Executive Chairman of the Board since October 24, 2024, until the investigation being conducted by the United States Department of Justice, related to FIFA, is resolved. For a description of the investigation, see "Additional Information—Legal Proceedings".

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#### Executive Officers
The following table sets forth the names of our executive officers, their dates of birth, their current position, their prior business experience and the years in which they were appointed to their current positions:<sup>(1)</sup>

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| | | | |
|:---|:---|:---|:---|
| **Name and Date of Birth** | **Principal Occupation** | **Business Experience** | **First Elected** |
| *In alphabetical order:* |  |  |  |
| Alfonso de Angoitia<br>Noriega<br>(01/17/62) | Co-Chief Executive Officer, Member of the Executive Committee of Grupo Televisa. Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Co-Chief Executive Officer of TelevisaUnivision. | Executive Chairman of the Board of TelevisaUnivision. Member of the Boards of Liberty Latin America, Grupo Axo and Grupo Financiero Banorte and Innova (subsidiary of Grupo Televisa). Chairman of the Board of Trustees of Fundación Kardias. Member of the Boards of Trustees of Fundación Mexicana para la Salud, Fundación UNAM and The Paley Center for Media. Former Executive Vice President and Chief Financial Officer of Grupo Televisa. | April 1997 |
| Bernardo Gómez<br>Martínez (07/24/67) | Co-Chief Executive Officer and Member of the Executive Committee of Grupo Televisa. Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Co-Chief Executive Officer of TelevisaUnivision. | Member of the Boards of TelevisaUnivision and Innova (subsidiary of Grupo Televisa). Former Executive Vice President and Deputy Director of the President of Grupo Televisa and Former President of Cámara Nacional de la Industria de Radio y Televisión. | April 1999 |
| Carlos Phillips Margain<sup>(2)</sup><br>(05/15/74) | Chief Financial Officer of Grupo Televisa. | Former Managing Director of Finance of Grupo Televisa. Former Investment Banker at J.P. Morgan, Goldman Sachs, BBVA, and Itaú. Member of the Board of Managers and the Executive Committee of Innova (subsidiary of Grupo Televisa). Alternate member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). | October 2021 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Emilio Azcárraga Jean is on leave from his position as Executive Chairman of the Board since October 24, 2024, until the investigation being conducted by the United States Department of Justice, related to FIFA, is resolved. For a description of the investigation, see "Additional Information—Legal Proceedings".

&nbsp;&nbsp;&nbsp;&nbsp;(2) Carlos Phillips Margain is the brother of Guadalupe Phillips Margain, a member of the Company's Board of Directors.

#### Compensation of Directors and Officers
For the year ended December 31, 2025, we paid our directors, alternate directors and officers for services in all capacities aggregate compensation of approximately Ps.638.2 million (U.S.$35.4 million using the Interbank Rate, as reported by *Banco Citi México, S.A.*, as of December 31, 2025). This compensation included certain amounts related to the use of assets and services of the Company, as well as travel expenses reimbursed to directors and officers. See "—Use of Certain Assets and Services" below.

On April 28, 2026, at our general stockholders' meeting, our stockholders approved the compensation plan for our Board of Directors and the Secretary of the Board of Directors under which our Directors and the Secretary of the Board may elect to receive (i) U.S.$15,000 for each meeting of the Board to which they attend (or U.S.$25,000 in the case of Board members traveling from outside of Mexico to attend Board meetings), or (ii) an annual award in the form of CPOs (or in its case, other instrument issued based on shares of the Company), in an amount equivalent to U.S.$150,000, which would be released on the first anniversary of such award, in exchange for the payment of Ps.1.60 for each such CPO or equivalent instrument. In our April 28, 2026 general stockholders' meeting, our stockholders also ratified the remuneration of U.S.$15,000 to be paid to alternate members of the Board and members of the Audit and Corporate Practices Committees, for each meeting of the Board and/or the Audit and Corporate Practices Committees to which they attend.

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As of December 31, 2025, we have made Ps.87.5 million in contributions to our pension and seniority premium plans on behalf of our directors, alternate directors and officers. Projected benefit obligations as of December 31, 2025 were approximately Ps.286.1 million.

Our compensation programs for officers play a key role in accomplishing the Company's operating and financial objectives. The primary goals of our compensation programs include (i) motivating our officers to maximize their contribution in order to accomplish the Company's objectives, (ii) aligning our officers' interests with the success of the Company and the creation of shareholder value and (iii) attracting and retaining the most qualified employees for our various businesses.

We place great importance on our ability to attract and retain talented executives and on our capacity to implement incentive programs that motivate executives and reward performance. In general, our compensation programs are designed to take into consideration the specific objectives and circumstances of the business, the scope of an executive's responsibilities, and a determination of what is considered competitive compensation in the market for similar roles, to the extent such data is available. Our compensation programs provide the opportunity to reward executives for contributing to the annual and long-term financial, operational, and share price performance. We continue to refine our compensation programs in order to adjust to market conditions and strengthen the alignment between executive and shareholder interests.

Certain of our officers are entitled to receive annual performance bonuses. The eligibility, parameters and amount vary among the different divisions and/or officers. In general, annual performance bonuses are determined based on a mix of financial, operational and strategic objectives as well as individual performance objectives tailored to each executive's role in the Company. The amounts payable under the annual performance bonus depend on the results achieved and include certain qualitative and/or quantitative objectives that can be related to revenues, EBITDA, cash flow, budgets, market share and others.

**We have entered into certain Compensation and Retention Agreements with several executive officers. The conditions applicable to such contracts were approved by the Board of Directors and include, among other conditions, salary, annual retention bonus, annual performance bonus and long-term equity incentive plan. In order to be entitled to the annual performance bonus, certain qualitative and quantitative targets must be met, including parameters related to revenue and EBITDA. If targets are not met, the amounts to be paid decline, and if targets are exceeded, the bonus can reach up to 120% of the target annual performance bonus. The target annual performance bonus is set at approximately one time the fixed component established in the relevant agreements. The long-term equity incentive plan represents more than half of the total compensation of such executives. These agreements may be updated and extended in the future under similar terms and conditions subject to relevant approvals.**

**In addition, we have granted our executive officers and directors rights to purchase CPOs under the Stock Purchase Plan and the Long-Term Retention Plan. See "—Stock Purchase Plan and Long-Term Retention Plan" below.**

#### Use of Certain Assets and Services
We maintain an overall security program for Mr. Azcárraga and for certain executive officers, as well as, in some cases, for their families, and for other specific employees and service providers, as permitted under our "*Política de Seguridad*", or Security Policy, due to business-related security concerns. We refer to the individuals described above as Key Personnel. Our security program includes the use of our personnel, assets and services to accomplish security objectives.

In accordance with this program, we require, under certain circumstances, that certain authorized Key Personnel use aircrafts, either owned or leased by us, for non-business, as well as business travel for our benefit rather than as a personal benefit. The use of such aircrafts is carried out in accordance with, among others, our "*Política de Seguridad*" policy, which establishes guidelines under which authorized Key Personnel may use such aircrafts for personal purposes. If the use of such aircrafts for personal purposes exceeds the specified number of hours, the relevant Key Personnel must reimburse us for the cost of operating the aircrafts during the excess time of use. The aggregate amount of compensation set forth in "—Compensation of Directors and Officers" does include the cost to us of providing this service.

In addition, certain Key Personnel are provided with security systems and equipment for their residences and/or automobiles and with security advice and personal protection services at their residences. The use of these security services is provided in accordance with our "*Política de Seguridad*" policy. The cost of these systems and services is incurred as a result of business-related concerns and are not considered for their personal benefit. As a result, the Company has not included such cost in "—Compensation of Directors and Officers".

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Further, certain Key Personnel are provided with advisory services, including legal, tax, investment and accounting services, through approved company providers, executives and Company personnel. The Company does not include the cost of these services in the aggregate amount of compensation set forth in "—Compensation of Directors and Officers".

#### Stock Purchase Plan and Long-Term Retention Plan
The stock purchase plan has been implemented in several stages since 1999, through a series of conditional sales to plan participants of CPOs. At our general extraordinary and ordinary stockholders' meeting held on April 30, 2002, our stockholders authorized the creation and implementation of a Long-Term Retention Plan, as well as the creation of one or more special purpose trusts to implement the Long-Term Retention Plan. Pursuant to our Long-Term Retention Plan, we have granted eligible participants, who consist of unionized and non-unionized employees, including key personnel ("Plan Participants"), awards as conditional sales. As of October 2010, our stock purchase plan and our Long-Term Retention Plan were consolidated under a single special purpose trust. Pursuant to the resolutions adopted by our stockholders, we have not, and do not intend to, register shares under the Securities Act that are allocated to the Long-Term Retention Plan.

The CPOs, CPO equivalents and underlying shares that are part of the stock purchase plan will be held by the special purpose trust and will be voted with the majority of the CPOs, CPO equivalents and underlying shares represented at the relevant meeting until these securities are transferred to Plan Participants or otherwise sold in the open market. Our Executive President of the Board, the Board of Directors, the Corporate Practices Committee and the technical committee of the special purpose trust have authority to make decisions related to, and amendments to, the stock purchase plan, including the ability to accelerate vesting terms, to modify the purchase price, and to grant, release or transfer CPOs and/or CPO equivalents, subject to conditional sale agreements, to Plan Participants in connection with sales for purposes of making the payment of the related purchase price.

Historically, the price at which the conditional sales of the awards were made to beneficiaries was based on the lowest of (i) the closing price of the CPO on March 31 of the year of the relevant award, and (ii) the average price of the CPO during the first three months of the year of the relevant award. The resulting price would be reduced by dividends, a liquidity discount and by the growth of the consolidated or relevant segment Operating Income Before Depreciation and Amortization, or OIBDA, (including OIBDA affected by acquisitions) between the date of award and the vesting date, among others.

Beginning with the grants awarded in respect of fiscal year 2020 under the Long-Term Retention Plan, as approved by the Board of Directors of the Company, such awards may also be granted at a sale price equal to the nominal value of the CPO, which was determined at Ps.1.60. This is intended to further align the incentives of Plan Participants with our shareholders and the Company, and the Company believes this reflects current market practices.

In April 2007, the Board of Directors, with input from the then Audit and Corporate Practices Committee, reviewed the compensation of our former Chief Executive Officer and decided to include our former Chief Executive Officer in our Long-Term Retention Plan as well as in any other plan granted to our employees in the future. See "—Compensation of Directors and Officers".

At our annual general ordinary stockholders' meeting held on April 2, 2013, our stockholders approved that the number of CPOs that may be granted annually under the Long-Term Retention Plan shall be up to 1.5% of the capital of the Company. As of December 31, 2025, approximately 4.0 million CPOs or CPO equivalents that were transferred to Long-Term Retention Plan participants were sold in the open market during 2023, 2024 and 2025. Additional sales will continue to take place during or after 2026.

As a result of the Spin-off, the participants of the Long-Term Retention Plan holding CPOs or CPOs equivalents of the Company received the corresponding CPOs or CPOs equivalents of Ollamani, the exercise of which is conditioned on the exercise of the Company's CPOs or CPOs equivalents.

Beginning with the grants awarded in respect of fiscal year 2024, the Board of Directors, with input from the Audit and Corporate Practices Committee, reviewed certain adjustments to closer align the Long-Term Retention Plan with market practices, including narrowing of eligibility of Plan Participants and granting awards at a sale price equal to the nominal value of the CPO.

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As of March 31, 2026, the special purpose trust created to implement the Long-Term Retention Plan owned approximately 266.7 million CPO equivalents. This figure is net of approximately 27.6 million, 20.4 million and 32.3 million CPO equivalents vested in 2023, 2024 and 2025, respectively and the return of CPOs or CPO equivalents as a result of awards terminated in previous years. Of such 266.7 million CPO equivalents, approximately 84.7% are in the form of CPOs and the remaining 15.3% are in the form of "A", "B", "D" and/or Series "L" Shares. As of March 31, 2026, approximately 169.1 million CPO equivalents have been reserved and will become vested between 2026 and 2028 at prices ranging from Ps.1.60 to Ps.17.16 per CPO or CPO equivalent which may be reduced, when applicable, by dividends, a liquidity discount and the growth of the consolidated or relevant segment OIBDA (including OIBDA affected by acquisitions) between the date of award and the vesting date, among others.

As we have done in the past, we may consider further capital increases, among other alternatives, to continue replenishing the Long-Term Retention Plan. Any such capital increases would be subject to the appropriate corporate approvals, including stockholders' preemptive rights as well as the authorization by our stockholders at the stockholders' meeting.

#### Share Ownership of Directors and Officers
Share ownership of our directors, alternate directors and executive officers is set forth in the table under "Major Stockholders and Related Party Transactions". Except as set forth in such table, none of our directors, alternate directors or executive officers is currently the beneficial owner of more than 1% of any class of our capital stock or conditional sale agreements or options representing the right to purchase more than 1% of any class of our capital stock.

#### Employees and Labor Relations
The following table sets forth the number of employees and a breakdown of employees by main category of activity and geographic location as of the end of each year in the three-year period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| Total number of employees | 26599 | 28038 | 32932 |
| Category of activity: |  |  |  |
| Employees | 26551 | 28004 | 32895 |
| Executives | 48 | 34 | 37 |
| Geographic location: |  |  |  |
| Mexico | 26533 | 27962 | 32919 |
| Latin America (other than Mexico) |  |  |  |
| U.S. | 5 | 5 | 4 |
| Europe | 61 | 71 | 9 |

---

As of December 31, 2025, 2024 and 2023, approximately 38%, 38% and 31% of our employees, respectively, were represented by unions. We believe that our relations with our employees are good. Under Mexican law, the agreements between us and most of our television and cable television union employees are subject to renegotiation on an annual basis in January of each year.

**Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

Not applicable.

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#### Item 7. Major Stockholders and Related Party Transactions
The following table sets forth information about the beneficial ownership of our capital stock by our directors, alternate directors, executive officers, and each person who is known by us to own more than 5% of the currently outstanding Series "A" Shares, Series "B" Shares, Series "L" Shares or Series "D" Shares as of March 31, 2026 or as otherwise described below. Except as set forth below, we are not aware of any holder of more than 5% of any class of our Shares.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned**<sup>(1)(2)</sup> | **Shares Beneficially Owned**<sup>(1)(2)</sup> | **Shares Beneficially Owned**<sup>(1)(2)</sup> | **Shares Beneficially Owned**<sup>(1)(2)</sup> | **Shares Beneficially Owned**<sup>(1)(2)</sup> | **Shares Beneficially Owned**<sup>(1)(2)</sup> | **Shares Beneficially Owned**<sup>(1)(2)</sup> | **Shares Beneficially Owned**<sup>(1)(2)</sup> | |
| | **Series "A" Shares** | **Series "A" Shares** | **Series "B" Shares** | **Series "B" Shares** | **Series "D" Shares** | **Series "D" Shares** | **Series "L" Shares** | **Series "L" Shares** | |
| <br>**Identity of Owner** | <br>**Number** | **Percentage**<br>**of Class** | <br>**Number** | **Percentage**<br>**of Class** | <br>**Number** | **Percentage**<br>**of Class** | <br>**Number** | **Percentage**<br>**of Class** | **Aggregate**<br>**Percentage of**<br>**Outstanding** <br>**Shares**<br>**Beneficially**<br>**Owned** |
| Emilio Azcárraga Jean <sup>(3)</sup> | 57784800290 | 48.7% | 1860274548 | 3.4% | 2959527690 | 3.5% | 2959527690 | 3.5% | 19.2% |
| Bernardo Gómez Martínez <sup>(4)</sup> | 14292302527 | 12.0% | 990999790 | 1.8% | 1576590575 | 1.9% | 1576590575 | 1.9% | 5.4% |
| Alfonso de Angoitia Noriega <sup>(5)</sup> | 14289332127 | 12.0% | 988385838 | 1.8% | 1572432015 | 1.9% | 1572432015 | 1.9% | 5.4% |
| Fintech Holdings, Inc.<sup>(6)</sup> | 6507725700 | 5.5% | 5726798616 | 10.4% | 9110815980 | 10.9% | 9110815980 | 10.9% | 8.9% |
| Eduardo Tricio Haro <sup>(7)</sup> | 5146535000 | 4.3% | 4528950800 | 8.3% | 7205149000 | 8.6% | 7205149000 | 8.6% | 7.1% |
| Gamco Investors et al <sup>(8)</sup> | 3641135250 | 3.1% | 3204199020 | 5.8% | 5097589350 | 6.1% | 5097589350 | 6.1% | 5.0% |
| J.P. Morgan Securities LLC <sup>(9)</sup> | 3523300775 | 3.0% | 3100504682 | 5.6% | 4932621085 | 5.9% | 4932621085 | 5.9% | 4.8% |
| BlackRock, Inc.<sup>(10)</sup> | 3360217025 | 2.8% | 2956990982 | 5.4% | 4704303835 | 5.6% | 4704303835 | 5.6% | 4.6% |

---

<sup>(1)</sup> Unless otherwise indicated, the information presented in this section is based on the number of shares authorized, issued and outstanding as of March 31, 2026. The number of shares issued and outstanding for legal purposes as of March 31, 2026 was 59,687,500,000 Series A Shares, 52,525,000,000 Series B Shares, 83,562,500,000 Series D Shares and 83,562,500,000 Series L Shares, in the form of CPOs, and an additional 58,926,613,375 Series A Shares, 2,357,207,692 Series B Shares, 238,595 Series D Shares and 238,595 Series L Shares not in the form of CPOs. For financial reporting purposes under IFRS Accounting Standards only, the number of shares authorized, issued and outstanding as of March 31, 2026 was 53,804,439,750 Series A Shares, 47,347,906,980 Series B Shares, 75,326,215,650 Series D Shares and 75,326,215,650 Series L Shares in the form of CPOs, and an additional 56,523,920,939 Series A Shares, 186,537 Series B Shares, 238,541 Series D Shares and 238,541 Series L Shares not in the form of CPOs. The number of shares authorized, issued and outstanding for financial reporting purposes under IFRS Accounting Standards as of March 31, 2026 does not include 235,322,410 CPOs and an additional 2,402,692,436 Series A Shares, 2,357,021,155 Series B Shares, 54 Series D Shares and 54 Series L Shares not in the form of CPOs acquired primarily by the special purpose trust we created to implement our Long-Term Retention Plan. See Note 17 to our consolidated year-end financial statements.

<sup>(2)</sup> Except for Messrs. Emilio Azcárraga Jean, through the Azcárraga Trust, Alfonso de Angoitia Noriega, Bernardo Gómez Martínez and Eduardo Tricio Haro, none of our directors and executive officers currently beneficially owns more than 1% of our outstanding Series "A" Shares, Series "B" Shares, Series "D" Shares or Series "L" Shares. See "Directors, Senior Management and Employees—Share Ownership of Directors and Officers". This information is based on information provided by directors and executive officers.

<sup>(3)</sup> Includes (i) shares held through the Azcárraga Trust and (ii) shares over which Emilio Azcárraga Jean has the right to vote with respect to the appointment, removal and/or ratification of members of our Board of Directors pursuant to the Transaction Agreement (as defined below). For a description of the Azcárraga Trust and the Transaction Agreement, see "—The Major Stockholders" below. Based on information included in the report on Schedule 13D by Emilio Azcárraga Jean filed on April 1, 2026, as of March 31, 2025, as adjusted for the expiration, exercise and vesting of shares pursuant to the Long-Term Retention Plan.

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<sup>(4)</sup> Includes shares purchased from Emilio Azcárraga Jean and the Azcárraga Trust. Based on information included in the report on Schedule 13D by Bernardo Gómez Martínez filed on April 1, 2026, as of March 31, 2025, as adjusted for the expiration, exercise and vesting of shares pursuant to the Long-Term Retention Plan.

<sup>(5)</sup> Includes shares purchased from Emilio Azcárraga Jean and the Azcárraga Trust. Based on information included in the report on Schedule 13D by Alfonso de Angoitia Noriega filed on April 1, 2026, as of March 31, 2025, as adjusted for the expiration, exercise and vesting of shares pursuant to the Long-Term Retention Plan.

<sup>(6)</sup> Based solely on information included in the report on Schedule 13G by Fintech Holdings, Inc. filed on February 14, 2025, as of December 31, 2024.

<sup>(7)</sup> Based on information included in the report on Schedule 13D by Eduardo Tricio Haro filed on November 14, 2025, as of September 30, 2025, as adjusted for the expiration, exercise and vesting of shares pursuant to the Stock Purchase Plan.

<sup>(8)</sup> Based solely on information included in the report on Schedule 13D by Gamco Investors Inc. et al, filed on November 5, 2025, as of February 10, 2025.

<sup>(9)</sup> Based solely on information included in the report on Schedule 13G by JPMorgan Chase & Co. filed on January 16, 2026, as of December 31, 2025.

<sup>(10)</sup> Based solely on information included in the report on Schedule 13G by Blackrock, Inc. filed on January 16, 2026, as of December 31, 2025.

#### The Major Stockholders
Emilio Azcárraga Jean currently beneficially owns directly, and through the Azcárraga Trust, 48.7% of the outstanding Series "A" Shares, 3.4% of the outstanding Series "B" shares, 3.5% of the outstanding Series "D" Shares and 3.5% of the outstanding Series "L" Shares of the Company. As a result, Emilio Azcárraga Jean currently controls the vote for electing directors of such shares. The Series "A" Shares beneficially owned by Emilio Azcárraga Jean constitute a majority of the Series "A" Shares whose holders are entitled to vote because non-Mexican holders of CPOs or GDSs are not permitted to vote the underlying Series "A" Shares in accordance with the trust agreement governing the CPOs and the Company's bylaws. Accordingly, and so long as non-Mexicans own more than a minimal number of Series "A" Shares, Emilio Azcárraga Jean will have the ability to direct the election of 11 out of 20 members of our Board of Directors.

On January 5, 2026, Alfonso de Angoitia Noriega and Bernardo Gómez Martínez, each a co-Chief Executive Officer of the Company, each entered into a transaction agreement (the "Transaction Agreement") with Emilio Azcárraga Jean and the Azcárraga Trust, pursuant to which they each acquired 13,166,166,402 Series "A" Shares (collectively, the "Acquired Shares") in exchange for available cash on hand in an amount equal to Ps.963,151,805. Pursuant to the Transaction Agreement, Alfonso de Angoitia Noriega and Bernardo Gómez Martínez, each agreed that Emilio Azcárraga Jean, through the Azcárraga Trust, will have the right to exercise all voting rights attached to the Acquired Shares, together with certain CPOs held by each of Alfonso de Angoitia Noriega and Bernardo Gómez Martínez at the time of entering into the Transaction Agreement, with respect to the appointment, removal and/or ratification of members of our Board of Directors, for so long as Emilio Azcárraga Jean is not declared legally dead, incapacitated or absent and holds more than fifty-percent (50%) of the shares in the Azcárraga Trust, other than the Acquired Shares. Each of Alfonso de Angoitia Noriega and Bernardo Gómez Martínez will have the right to exercise all voting rights attached to their respective shares and/or CPOs other than those specified in the preceding sentence. In addition, under the Transaction Agreement, in the event that Emilio Azcárraga Jean, directly or through the Azcárraga Trust, Alfonso de Angoitia Noriega, or Bernardo Gómez Martínez intends to transfer the Acquired Shares or any other shares of or securities representing our capital stock (including CPOs), the other parties thereto will have a right of first refusal allowing them to purchase such shares or securities at the proposed sale price.

Considering that, after giving effect to the transactions described in the Transaction Agreement, Emilio Azcárraga Jean continues to be the single largest beneficial owner of Series "A" Shares whose holders are entitled to vote, he is expected to continue influencing the decisions at our stockholders' meetings.

Pursuant to our bylaws, holders of Series "B" Shares are entitled to elect five out of 20 members of our Board of Directors.

Because the Azcárraga Trust only holds a limited number of Series "B" Shares, there can be no assurance that individuals nominated by the Azcárraga Trust appointees will be elected to our Board.

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We believe that as of March 31, 2026, approximately 230.1 million of GDSs were held of record by 62 persons with U.S. addresses. Those GDSs represent 24.2% of the outstanding Series "A" Shares, 46.1% of the outstanding Series "B" Shares, 48.2% of the outstanding Series "D" Shares and 48.2% of the outstanding Series "L" Shares of the Company. Before giving effect to the 2004 recapitalization, substantially all of the outstanding Series "A" Shares not held through CPOs were owned by Televicentro and a special purpose trust created for our Long-Term Retention Plan, as described under "Major Stockholders and Related Party Transactions" and "Directors, Senior Management and Employees—Stock Purchase Plan and Long-Term Retention Plan". For more information regarding our 2004 recapitalization, please refer to our Form 6-K filed with the SEC on March 25, 2004.

#### Related Party Transactions
***Transactions and Arrangements with Univision.*** We have in the past entered into, and on an ongoing basis continue to enter into, transactions with Univision in the ordinary course of business. In December 2010, the Company and Univision announced the completion of certain agreements pursuant to which, among other transactions, the Company made an investment in BMP (now known as Univision Holdings, Inc., or UHI), the parent company of Univision, and the PLA between the Company and Univision was amended and extended through the later of 2025 or 90 months after the Company voluntarily sells two-thirds of its equity interests in UHI. As a result of these transactions, beginning in December 2010, Univision became a related party of the Company as of December 2010.

On January 31, 2022, we completed the TelevisaUnivision Transaction pursuant to which, among other things, we contributed our former Content business (other than certain assets including the main real estate associated with the production facilities and Mexican over-the-air broadcast concessions and transmission infrastructure, as well as assets relating to our former news business which was transferred at closing to an entity controlled by Emilio Fernando Azcárraga Jean) to Univision. After the closing of the TelevisaUnivision Transaction, news programs are owned by the News Company and licensed to TelevisaUnivision. In consideration for the contribution of our former Content business, we received approximately U.S.$4.5 billion in a combination of cash (U.S.$3.0 billion) and U.S.$1.5 billion of common and preferred shares of TelevisaUnivision, excluding post-closing consideration adjustments. Additionally, as part of the TelevisaUnivision Transaction, we received consideration of Ps.940 million for the transfer of rights of news content production to a related party other than TelevisaUnivision. The TelevisaUnivision Transaction was partially financed by Univision through a new Series C preferred equity investment in TelevisaUnivision of U.S.$1.0 billion in the aggregate led by ForgeLight, along with the SoftBank Latin American Fund, with participation from Google and The Raine Group, as well as debt financing. As of March 31, 2026, we owned a 44.3% equity interest on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options) in TelevisaUnivision and we have certain governance arrangements in connection therewith.

As part of the TelevisaUnivision Transaction, the PLA and the MLA were assigned to an affiliate of UHI, and we will no longer receive any royalties from Univision under the PLA.

Also, as part of the TelevisaUnivision Transaction, we contributed to Univision several intellectual property assets, and TelevisaUnivision granted us a license to use the Televisa trademark for an indefinite term, except in the event of a breach by any of the parties, under a Global Trademark License Agreement entered into by and between us and TelevisaUnivision on January 31, 2022.

Finally, in November 2025, the Company made a capital contribution in cash to TelevisaUnivision in the aggregate amount of U.S.$89.8 million (Ps.1,679.5 million), which was recognized by TelevisaUnivision as additional paid-in capital in accordance with an agreement entered into by the parties.

For a description of our arrangements with Univision, see "Information on the Company—Business Overview—TelevisaUnivision".

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***Transactions and Arrangements with Ollamani.*** As part of the Spin-off, we and Ollamani entered into a Transition Services Agreement, which include administrative, network and infrastructure, information security, legal and regulatory systems, and other related services, which were provided by us to Ollamani for 12 months from the date of the Spin-off. This Transition Services Agreement has been extended for 24 months, subject to early termination, including with respect to the scope of the services, by the mutual agreement of the parties.

***Transactions and Agreements with Our Directors and Officers.*** During 2025, we entered into contracts leasing office space directly or indirectly from certain of our directors and officers for an aggregate amount of Ps.26.68 million. The leases have aggregate annual lease payments for 2026 equal to approximately Ps.28.66 million. We believe that the terms of these leases are comparable to terms that we would have entered into with third parties for similar leases.

Certain of our executive officers have in the past, and from time to time in the future may, purchase debt securities issued by us and/or our subsidiaries from third parties in negotiated transactions. Certain of our executive officers and directors participate in our stock purchase plan and Long-Term Retention Plan. See "Directors, Senior Management and Employees—Stock Purchase Plan and Long-Term Retention Plan".

***Transactions and Arrangements with Affiliates and Related Parties of Our Directors, Officers and Major Stockholders***

***Consulting Services.*** Instituto de Investigaciones Sociales, S.C. ("IIS"), a consulting firm which is controlled by Ariana Azcárraga De Surmont, the sister of Emilio Azcárraga Jean, has from time to time provided consulting and research services to the Company's subsidiaries. IIS provided services to Fundacion Televisa, A.C. in 2025.

***Citibanamex participation in Syndicated Loan and Revolving Credit Facility.*** In June 2019, the Company entered into a long-term credit agreement with a syndicate of banks, including Citibanamex, with maturity in 2024, which was prepaid in April 2024. An affiliate of Citibanamex also acted as joint lead arranger and joint book runner with other banks. In February 2022, the Company renewed its revolving credit facility with several lenders and other financial institutions, including CitiBanamex, with maturity in 2025, which was terminated in April 2024. Those loans were made on terms substantially similar to those offered by Citibanamex to third parties. Emilio Azcárraga Jean was a member of the Board of Citibanamex. For a description of amounts outstanding under, and the terms of, our existing credit facilities with Citibanamex, see "Operating and Financial Review and Prospects—Results of Operations—Liquidity, Foreign Exchange and Capital Resources—Indebtedness".

***Advertising Services.*** Several members of our current Board serve as members of the Boards and/or are stockholders of other companies. See "Directors, Senior Management and Employees". Some of these companies, including Grupo Comercial Chedraui, Grupo Financiero Banorte, Grupo Lala and Grupo Axo, among others, have purchased advertising services from us in connection with the promotion of their respective products and services from time to time.

***Legal and Advisory Services.*** During 2024, Mijares, Angoitia, Cortés y Fuentes, S.C., a Mexican law firm, provided us with legal and advisory services, and we expect that this will continue to be the case in the future. Ricardo Maldonado Yáñez, a partner from the law firm of Mijares, Angoitia, Cortés y Fuentes, S.C., serves also as Secretary of our Board of Directors and Secretary to the Executive Committee of our Board of Directors. We believe that the fees we paid for these services were comparable to those that we would have paid another law firm for similar services. Our co-Chief Executive Officer Alfonso de Angoitia was a founding partner of the firm. Mr. de Angoitia requested a leave of absence in January 2002. In 2012, the leave of absence was formally terminated and Mr. de Angoitia officially ceased being a partner of the firm. Since 2002, when Mr. de Angoitia left the firm, he has not had any role or active participation at the firm, nor has he benefitted from participation in any economic distributions by the firm.

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We have engaged Allen & Company for several years to provide the Company with advisory services related to strategic transactions, and we plan to continue to engage Allen & Company for advisory services related to strategic transactions of the Company. Two of our directors are directors of Allen & Company as well. These agreements were entered into on an arm's length basis. We believe that the amounts paid and to be paid under these agreements to Allen & Company are comparable to those paid to third parties for these types of services. Furthermore, the Company typically considers different advisory services providers and obtains quotes for specific projects before engaging with such providers, and the Company customarily engages more than one firm.

For further information about our related party transactions, see Note 20 to our consolidated year-end financial statements. For information about transactions related to our major stockholders, see "—The Major Stockholders" above.

#### Item 8. Financial Information
See "Financial Statements" and pages F-1 through F-83, which are incorporated in this Item 8 by reference.

#### Item 9. The Offer and Listing

#### Trading Information
Since December 1993, the GDSs have been traded on the New York Stock Exchange, or NYSE, under the symbol "TV" and the CPOs have been traded on the Mexican Stock Exchange under the symbol "TLEVISACPO". In September 2007, we removed JPMorgan Chase Bank, N.A. as the depository for the GDSs and appointed The Bank of New York Mellon pursuant to a new deposit agreement.

Trading prices of the CPOs and the GDSs are influenced by our results of operations, financial condition, cash requirements, future prospects and by economic, financial and other factors and market conditions. See "Key Information—Risk Factors—Risk Factors Related to Mexico—Economic and Political Developments in Mexico May Adversely Affect Our Business, Financial Condition and Results of Operations". We believe that as of March 31, 2026, approximately 230.1 million GDSs were held of record by 62 persons with U.S. addresses.

**Trading on the Mexican Stock Exchange**

#### Overview
The Mexican Stock Exchange, located in Mexico City, operating continuously since 1907, is one of the two stock exchanges in Mexico. The other stock exchange in Mexico is the *Bolsa Institucional de Valores S.A. de C.V.*, which began operations in July 2018 (the "Institutional Stock Exchange" and together with the Mexican Stock Exchange, the "Stock Exchanges in Mexico"). The Mexican Stock Exchange is organized as a *sociedad anónima bursátil de capital variable*, or publicly-traded corporation with variable capital. Securities trading on the Mexican Stock Exchange occurs from 8:30 a.m. to 3:00 p.m., Mexico City time, each business day. All trading on the Mexican Stock Exchange is effected electronically. The Mexican Stock Exchange may impose a number of measures to promote an orderly and transparent trading price of securities, including the operation of a system of automatic suspension of trading in shares of a particular issuer when price fluctuation exceeds certain limits. The Mexican Stock Exchange may also suspend trading in shares of a particular issuer as a result of the disclosure of a material event, or when the changes in the volume traded or share price are not consistent with either the historic performance or information publicly available. The Mexican Stock Exchange may resume trading in the shares when it deems that the material events have been adequately disclosed to public investors or when it deems that the issuer has adequately explained the reasons for the changes in the volume traded or prevailing share price. Under current regulations, in certain cases when the relevant securities are simultaneously traded on a stock exchange outside of Mexico, the Mexican Stock Exchange or the Institutional Stock Exchange, as the case may be, may consider the measures adopted by the other stock exchange in order to suspend and/or resume trading in the issuer's shares. Furthermore, the suspension of trading of a series of a company's securities on one exchange will automatically trigger the suspension of its trading on the other exchange.

Settlement is effected in two business days after a share transaction on both Stock Exchanges in Mexico. Deferred settlement, even by mutual agreement, is not permitted without the approval of the CNBV. All securities traded on the Mexican Stock Exchange or the Institutional Stock Exchange, including the CPOs, are on deposit with *S.D. Indeval, Institución para el Depósito de Valores, S.A. de C.V.*, or Indeval, a privately owned securities depositary that acts as a clearinghouse, depositary and custodian, as well as a settlement, transfer and registration agent for transactions of the Stock Exchanges in Mexico, eliminating the need for physical transfer of securities.

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Although the Mexican Securities Market Law provides for the existence of an over-the-counter market, no such market for securities in Mexico has been developed.

#### Market Regulation and Registration Standards
To offer securities to the public in Mexico, an issuer must meet specific qualitative and quantitative requirements, and generally only securities for which an application for registration in the National Registry of Securities, or NRS, maintained by the CNBV has been approved by the CNBV may be listed on the Mexican Stock Exchange or on the Institutional Stock Exchange. As of the date of this report, we are only listed on the Mexican Stock Exchange, and therefore we must only comply with the CNBV's and the Mexican Stock Exchange's rules and regulations for approval. This approval does not imply any kind of certification or assurance related to the merits or the quality of the securities or the solvency of the issuer.

The CNBV has also issued general rules, or General CNBV Rules, applicable to issuers and other securities market participants that govern issuers and issuer activity, among other things.

The General CNBV Rules have mandated that the Stock Exchanges in Mexico adopt minimum requirements for issuers to be registered with the CNBV and have their securities listed on the Mexican Stock Exchange or on the Institutional Stock Exchange. Pursuant to the internal rules of the Stock Exchanges in Mexico, in order to be registered, issuers will be required to have, among other things:

● a minimum number of years of operating history;

● a minimum financial condition;

● a minimum number of shares or CPOs to be publicly offered to public investors;

● a minimum price for the securities to be offered;

● a minimum of 15% of the capital stock placed among public investors (which percentage may be lowered under certain circumstances);

● a minimum of 100 holders of shares or of shares represented by CPOs, who are deemed to be public investors under the General CNBV Rules, upon the completion of the offering; and

● complied with certain corporate governance requirements.

● To maintain its registration, an issuer will be required to have, among other things:

● a minimum of 12% of the capital stock held by public investors;

● a minimum of 100 holders of shares or of shares represented by CPOs who are deemed to be public investors under the General CNBV Rules; and

● complied with certain corporate governance requirements.

The CNBV has the authority to waive some of these requirements in some circumstances. Also, some of these requirements are applicable for each series of shares of the relevant issuer.

The Stock Exchanges in Mexico must review annually compliance with the foregoing and other requirements, some of which may be further reviewed on a quarterly or semi-annual basis. The Stock Exchanges in Mexico must inform the CNBV of the results of its review and this information must, in turn, be disclosed to investors. If an issuer fails to comply with any of the foregoing requirements, the Stock Exchange in Mexico on which it is listed will request that the issuer propose a plan to cure the violation. If the issuer fails to propose such plan, if the plan is not satisfactory to the relevant Stock Exchange in Mexico or if the issuer does not make substantial progress with respect to the corrective measures, trading of the relevant series of shares on the relevant Stock Exchange in Mexico will be temporarily suspended until the situation is corrected. In addition, if the issuer fails to propose the plan or ceases to follow such plan once proposed, the CNBV may suspend or cancel the registration of the shares. In such event, the issuer must evidence the mechanisms to protect the rights of public investors and market in general.

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Issuers of listed securities are required to file unaudited quarterly financial statements and audited annual financial statements as well as various periodic reports with the CNBV and the Stock Exchange in Mexico on which it is listed. Issuers of listed securities must prepare and disclose their financial information by an approved system for each Stock Exchange in Mexico known as *Sistema Electrónico de Envío y Difusión de Información* or SEDI and to the CNBV through the *Sistema de Transferencia de Información sobre Valores*, or STIV-2. Immediately upon its receipt, the relevant Stock Exchange in Mexico makes that information available to the public.

The General CNBV Rules and the internal regulations of the Stock Exchanges in Mexico require issuers of listed securities to file through EMISNET for the BMV, through DIV for the Institutional Stock Exchange and through and STIV-2 for the CNBV the information on the occurrence of material events affecting the relevant issuer. Material events include, but are not limited to, as long as they have, or could potentially have, an effect on the price of the issuer's securities:

● the entering into or termination of joint venture agreements or agreements with key suppliers;

● the creation of new lines of businesses or services;

● significant deviations in expected or projected operating performance;

● the restructuring or payment of significant indebtedness;

● material litigation or labor conflicts;

● changes in dividend policy;

● the commencement of any insolvency, suspension or bankruptcy proceedings;

● changes in the directors; and

● any other event that may have a material adverse effect on the results, financial condition or operations of the relevant issuer.

If there is unusual price volatility of the securities listed, the issuer would be obliged to immediately inform the CNBV and the corresponding Stock Exchange in Mexico of the causes of such volatility or, if the issuer is unaware of such causes, make a statement to that effect, in order for the corresponding Stock Exchange in Mexico to immediately convey that information to the public. In addition, the corresponding Stock Exchange in Mexico must immediately request that issuers disclose any information relating to relevant material events, when it deems the information currently disclosed to be insufficient, as well as instruct issuers to clarify such information when it deems the information to be confusing. The corresponding Stock Exchange in Mexico may request issuers to confirm or deny any material events that have been disclosed to the public by third parties when it deems that the material event may affect or influence the securities being traded. The corresponding Stock Exchange in Mexico must immediately inform the CNBV of any requests made to issuers. The CNBV may also make any of these requests directly to issuers. An issuer may delay the disclosure of material events under some circumstances, including where the information being offered is not related to transactions that have been completed.

The CNBV and any of the Stock Exchanges in Mexico may suspend the dealing in securities of an issuer:

● if the issuer does not adequately disclose a material event; or

● upon price or volume volatility or changes in the offer or demand in respect of the relevant securities, which are not consistent with the historic performance of the securities and could not be explained solely by the information made publicly available under the General CNBV Rules.

The Stock Exchanges in Mexico must immediately inform the CNBV and the general public of any such suspension. An issuer may request that the CNBV or the relevant Stock Exchange in Mexico resume trading, provided it demonstrates that the causes triggering the suspension have been resolved and that it is in full compliance with the periodic reporting requirements under the applicable law. If its request has been granted, the corresponding Stock Exchange in Mexico will determine the appropriate mechanism to resume trading in its securities. If trading of an issuer is suspended for more than 20 business days and the issuer is authorized to resume trading without conducting a public offering, the issuer must disclose through EMISNET or DIV, as the case may be, and STIV-2, before trading resumes, a description of the causes that resulted in the suspension and reasons why it is now authorized to resume trading.

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Likewise, if the securities of an issuer are traded on any of the Stock Exchanges in Mexico and additionally on a foreign securities market, then that issuer must generally file with the CNBV and the corresponding Stock Exchange in Mexico on a simultaneous basis the information that it is required to file pursuant to the laws and regulations of the relevant other jurisdiction.

Pursuant to the Mexican Securities Market Law, stockholders of issuers listed on any of the Stock Exchanges in Mexico must disclose any transactions, through or outside of any of the Stock Exchanges in Mexico that result in a 10% or more ownership stake of an issuer's capital stock. These stockholders must also inform the CNBV of the results of these transactions the day after their completion. See "Additional Information—Mexican Securities Market Law".

Additionally, related parties of an issuer who increase or decrease their ownership stake, in one or more transactions, by 5% or more, shall disclose such transactions. The Mexican Securities Market Law also requires stockholders holding 10% or more of the capital stock of companies listed in the registry to notify the CNBV of certain ownership changes in shares of the company. Moreover, the CNBV regulations for issuers require issuers to disclose to the CNBV on an annual basis on or before June 30 of each year: (i) the name and ownership percentage of any Board members and relevant officers that maintain 1% or more of the capital stock of an issuer, (ii) the name and ownership percentage of any other individual or entity that maintains 5% or more of the capital stock of an issuer (regardless of whether such stockholder is an officer or director) and (iii) the names and ownership percentages of the 10 stockholders with the largest direct ownership stake in an issuer (regardless of the ownership percentage or whether such stockholder is an officer, director, related party or private investor with no relationship to the issuer). Based on the foregoing, Mexican Securities Regulations require that (i) Board members and relevant officers that own 1% or more of the capital stock of an issuer, (ii) any other individual or entity that owns 5% or more of the capital stock of an entity, and (iii) individuals that own 1% of the capital stock of an entity, provide this information to the relevant issuer on or before May 15 of each year.

In addition, in April 2018, the CNBV issued general rules applicable to entities and issuers supervised by the CNBV that use external auditors in connection with the preparation of their basic financial statements (*Disposiciones de carácter general aplicables a las entidades y emisoras supervisadas por la Comisión Nacional Bancaria y de Valores que contraten servicios de auditoría externa de estados financieros básicos*) (as amended from time to time, the "Mexican Auditors Regulations"). The Mexican Auditors Regulations establish certain rules for external auditors and set forth obligations owed among issuers, their Board of Directors and Audit Committees and the external auditors for their services.

In December 2023, amendments to the Mexican Securities Market Law introduced significant changes to Mexico's securities regulatory framework, including the creation of a streamlined registration regime for "Simplified Issuers" (*Emisoras Simplificadas*), designed to facilitate access to the securities markets through reduced regulatory requirements and expedited registration with the National Registry of Securities, or the *Registro Nacional de Valores*. Under this regime, offerings are limited to institutional and qualified investors, and certain supervisory and review functions have been delegated to securities intermediaries and the Stock Exchanges in Mexico. The reform also provides greater flexibility to publicly traded companies organized as *sociedades anónimas bursátiles* ("SABs"), including enhanced capital structure flexibility and modifications to certain corporate governance and anti-takeover approval thresholds.

In January 2025, the CNBV issued secondary regulations implementing this framework. Although we are not currently subject to the Simplified Issuer regime, these regulatory developments may affect the Mexican securities market structure and the regulatory environment applicable to issuers and market participants in Mexico.

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#### Item 10. &nbsp;&nbsp;&nbsp;&nbsp;Additional Information

#### Mexican Securities Market Law
Under the Mexican Securities Market Law insiders must abstain from purchasing or selling securities of the issuer within 90 days from the last sale or purchase, respectively.

In addition, under the Mexican Securities Market Law, tender offers may be voluntary or mandatory. All tender offers must be open for at least 20 business days and purchases thereunder are required to be made pro-rata to all tendering stockholders. Any intended purchase resulting in a 30% or greater holding requires the tender to be made for the greater of 10% of the company's capital stock or the share capital intended to be acquired; if the purchase is aimed at obtaining control, the tender must be made for 100% of the outstanding shares. In calculating the intended purchase amount, convertible securities, warrants and derivatives the underlying security of which are such shares must be considered. The law also permits the payment of certain amounts to controlling stockholders over and above the offering price if these amounts are fully disclosed, approved by the board of directors and paid in connection with non-compete or similar obligations. The law also contemplates exceptions to the mandatory tender offer requirements and specifically provides for the consequences, to a purchaser, of not complying with these tender offer rules (lack of voting rights, possible annulment of purchases, etc.) and other rights available to prior stockholders of the issuer.

The Mexican Securities Market Law permits public companies to insert provisions in their bylaws pursuant to which the acquisition of control of the company, by the company's stockholders or third parties, may be prevented, if such provisions (i) are approved by stockholders without the negative vote of stockholders representing 5% or more of the outstanding shares, (ii) do not exclude any stockholder or group of stockholders, and (iii) do not restrict, in an absolute manner, the change of control. These provisions are commonly referred to as "poison-pill" or anti-takeover mechanisms under Mexican law.

#### Bylaws
Set forth below is a brief summary of some relevant provisions of our bylaws and Mexican law. This description does not purport to be complete and is qualified by reference in its entirety to our bylaws, which have been filed as an exhibit to this annual report, and Mexican law. For a description of the provisions of our bylaws relating to our Board of Directors, Executive Committee, Audit Committee and Corporate Practices Committee, see "Directors, Senior Management and Employees".

#### Organization and Register
Grupo Televisa, S.A.B. was originally incorporated as a sociedad anónima, or limited liability corporation under the laws of Mexico in accordance with the Mexican Companies Law and later adopted the form of *sociedad anónima bursátil*, or limited liability stock corporation in accordance with the *Ley del Mercado de Valores*, or the Mexican Securities Market Law. It was incorporated under Public Deed Number 30,200, dated December 19, 1990, granted before Notary Public Number 73 of Mexico City, and registered with the Public Registry of Commerce of Mexico City, under Commercial Page (*folio mercantil*) number 142,164. We have a general corporate purpose, the specifics of which can be found in Article Four of our bylaws.

Our stock registry is maintained by Indeval, and in accordance with Mexican law, we only recognize those holders listed in our stock registry as our stockholders. Our stockholders may hold their share in the form of physical certificates or through book-entries with institutions that have accounts with Indeval. The CPO Trustee is the holder of record for Shares represented by CPOs. Accounts may be maintained at Indeval by brokers, banks and other entities approved by the CNBV.

#### Voting Rights and Stockholders' Meetings
*Holders of Series "A" Shares.* Holders of Series "A" Shares have the right to vote on all matters subject to stockholder approval at any general stockholders' meeting and have the right, voting as a class, to appoint eleven members of our Board of Directors and the corresponding alternate directors. In addition to requiring approval by a majority of all Shares entitled to vote together on a particular corporate matter, certain corporate matters must be approved by a majority of the holders of Series "A" Shares voting separately. These matters include mergers, dividend payments, spin-offs, changes in corporate purpose, changes of nationality and amendments to the anti-takeover provisions of our bylaws.

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*Holders of Series "B" Shares.* Holders of Series "B" Shares have the right to vote on all matters subject to stockholder approval at any general stockholders' meeting and have the right, voting as a class, to appoint five members of our Board of Directors and the corresponding alternate directors. The five directors and corresponding alternate directors elected by the holders of the Series "B" Shares are elected at a stockholders' meeting that must be held within the first four months after the end of each year.

*Holders of Series "D" Shares and Series "L" Shares.* Holders of Series "D" Shares, voting as a class, are entitled to vote at special meetings to elect two of the members of our Board of Directors and the corresponding alternate directors, each of which must be an independent director. In addition, holders of Series "D" Shares are entitled to vote on the following matters at extraordinary general meetings:

● our transformation from one type of company to another;

● any merger (even if we are the surviving entity);

● extension of our existence beyond our prescribed duration;

● our dissolution before our prescribed duration (which is currently 99 years from January 30, 2007);

● a change in our corporate purpose;

● a change in our nationality; and

● the cancellation from registration of the Series "D" Shares or the securities which represent the Series "D" Shares from the NRS and with any other Mexican or foreign stock exchange in which such shares or securities are registered.

Holders of Series "L" Shares, voting as a class, are entitled to vote at special meetings to elect two of the members of our Board of Directors and the corresponding alternate directors, each of which must be an independent director. Holders of Series "L" Shares are also entitled to vote at extraordinary general meetings on the following matters:

● our transformation from one type of company to another;

● any merger in which we are not the surviving entity; and

● the cancellation from registration of the Series "L" Shares or the securities that represent the Series "L" Shares with from the NRS.

The two directors and corresponding alternate directors elected by each of the holders of the Series "D" Shares and the Series "L" Shares are elected at a special meeting of those holders which takes place annually. Special meetings of holders of Series "D" Shares and Series "L" Shares must also be held to approve the cancellation from registration of the Series "D" Shares or Series "L" Shares or the securities representing any of such shares with the NRS, as the case may be, and in the case of Series "D" Shares, with any other Mexican or foreign stock exchange in which such shares or securities are registered. Except as otherwise required by law, all other matters on which holders of Series "L" Shares or Series "D" Shares are entitled to vote must be considered at an extraordinary general meeting. Holders of Series "L" Shares and Series "D" Shares are not entitled to attend or to address meetings of stockholders at which they are not entitled to vote. Under Mexican law, holders of Series "L" Shares and Series "D" Shares are entitled to exercise certain minority protections. See "—Other Provisions—Appraisal Rights and Other Minority Protections".

Minority shareholders holding at least 10% of the capital stock represented by Series "A" Shares, will be entitled to appoint one director and its corresponding alternate for each such ten percent. Minority shareholders holding at least ten percent of the capital stock represented by Series "B" Shares, will be entitled to appoint one director and its corresponding alternate for each such ten percent. Minority shareholders holding at least ten percent of the capital stock represented by Series "D" Shares or Series "L" Shares, will be entitled to appoint one director and its corresponding alternate for each such ten percent. Any such appointments by minority shareholders will be counted towards the number of directors that the holders of each such Series are entitled to appoint.

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In connection with the Series "A", Series "B", Series "D" and/or Series "L" shares that are not contributed to, or do not form part of the assets of the CPO Trust, the holders thereof may request the Secretary of the Board of Directors convert such Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, into Series "A", Series "B", Series "D" and/or Series "L" shares, as determined by such shareholder, in accordance with the following:

● Any holder of Series "A", Series "B", Series "D" and/or Series "L" shares seeking to carry out such conversion shall submit a written request addressed to the Secretary of the Board of Directors, which must be delivered at least 5 (five) business days prior to the requested conversion date.

● The Secretary of the Board of Directors shall carry out all necessary actions to implement the conversion of the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, upon delivery by the relevant shareholder of the share certificates representing such shares, in exchange for the certificates representing the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable. Such conversion may cover all or part of the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, represented by the certificates delivered. In the event of a partial conversion, the Secretary shall carry out all necessary actions to ensure the issuance of the new certificates reflecting the Series "A" shares that remain outstanding, as well as the Series "A", Series "B", Series "D" and/or Series "L" shares into which they have been converted.

*Other Rights of Stockholders.* Under Mexican law, holders of shares of any series are also entitled to vote as a class in a special meeting governed by the same rules that apply to extraordinary general meetings, as described below, on any action that would prejudice the rights of holders of shares of such series, but not rights of holders of shares of other series, and a holder of shares of such series would be entitled to judicial relief against any such action taken without such a vote. Generally, the determination of whether a particular stockholder action requires a class vote on these grounds could initially be made by the Board of Directors or other party calling for stockholder action. In some cases, under the Mexican Securities Market Law and the Mexican Companies Law, the Board of Directors, the Audit Committee, the Corporate Practices Committee, or a Mexican court on behalf of those stockholders representing 10% of our capital stock can call a special meeting. A negative determination would be subject to judicial challenge by an affected stockholder, and the necessity for a class vote would ultimately be determined by a court. There are no other procedures for determining whether a particular proposed stockholder action requires a class vote, and Mexican law does not provide extensive guidance on the criteria to be applied in making such a determination.

General stockholders' meetings may be ordinary general meetings or extraordinary general meetings. Extraordinary general meetings are those called to consider specific matters specified in Article 182 of the Mexican Companies Law and our bylaws, including, among others, amendments to our bylaws, our dissolution, liquidation or split-up, our merger and transformation from one form of company to another, increases and reductions in our capital stock, the approval of certain acquisitions of shares, including a change of control, as set forth in the antitakeover provisions in our bylaws and any action for civil liabilities against the members of our Board of Directors, its Secretary, or members of our Audit Committee or Corporate Practices Committee. In addition, our bylaws require an extraordinary general meeting to consider the cancellation of registration of the Series "D" Shares or Series "L" Shares or the securities representing these Shares with the NRS, as the case may be, and in the case of Series "D" Shares, with any other Mexican or foreign stock exchange in which such Shares or securities are registered. General meetings called to consider all other matters are ordinary meetings which are held at least once each year within four months following the end of each fiscal year. Stockholders may be represented at any stockholders' meeting by completing a form of proxy provided by us, which proxy is available within fifteen days prior to such meeting, and designating a representative to vote on their behalf. The form of proxy must comply with certain content requirements as set forth in the Mexican Securities Market Law and in our bylaws.

*Holders of CPOs.* Holders of CPOs who are Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their shares are entitled to exercise voting rights with respect to the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares underlying their CPOs. The CPO Trustee will vote such shares as directed by Mexican holders of CPOs, which must provide evidence of Mexican nationality. Non-Mexican holders of CPOs may only vote the Series "L" Shares held in the CPO Trust and are not entitled to exercise any voting rights with respect to the Series "A" Shares, Series "B" Shares and Series "D" Shares held in the CPO Trust. Voting rights in respect of these Series "A" Shares, Series "B" Shares and Series "D" Shares may only be exercised by the CPO Trustee. Series "A" Shares, Series "B" Shares and Series "D" Shares underlying the CPOs of non-Mexican holders or holders that do not give timely instructions as to voting of such Shares, will be voted by the individuals designated by the CPO Trust's Technical Committee, and at any general shareholders meeting where such series has the right to vote in the same manner as the majority of the outstanding Series "A" Shares held by Mexican nationals or Mexican corporations (directly, or through the CPO Trust, as the case may be) are voted at the relevant meeting. Series "L" Shares underlying the CPOs of any holders that do not give timely instructions as to the voting of such Shares will be voted by the individuals designated by the CPO Trust's Technical Committee, as instructed by such Technical Committee of the CPO Trust. The CPO Trustee must receive voting instructions five business days prior to the stockholders' meeting. Holders of CPOs that are Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their Shares also must provide evidence of nationality, such as a copy of a valid Mexican passport or birth certificate, for individuals, or a copy of the bylaws, for corporations.

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As described in "Major Stockholders and Related Party Transactions", Series "A" Shares beneficially owned by Emilio Azcárraga Jean constitute the largest single block of the Series "A" Shares whose holders are entitled to vote, because non-Mexican holders of CPOs or GDSs are not permitted to vote the underlying Series "A" Shares. Accordingly, the vote of Series "A" Shares beneficially owned by Emilio Azcárraga Jean generally may influence how the Series "A" Shares underlying our CPOs are voted.

*Holders of GDRs.* Global Depositary Receipts, or GDRs, evidencing GDSs are issued by The Bank of New York Mellon, the Depositary, pursuant to the Deposit Agreement we entered into with the Depositary and all holders from time to time of GDSs. A GDR may represent any number of GDSs. Only persons in whose names GDRs are registered on the books of the Depositary will be treated by us and the Depositary as owners and holders of GDRs. Each GDS represents the right to receive five CPOs which will be credited to the account of BBVA Bancomer, S.A., Institución de Banca Múltiple Grupo Financiero BBVA Bancomer, the Custodian, maintained with Indeval for such purpose. Each CPO represents financial interests in, and limited voting rights with respect to, 25 Series "A" Shares, 22 Series "B" Shares, 35 Series "D" Shares and 35 Series "L" Shares held pursuant to the CPO Trust.

The Depositary will mail information on stockholders' meetings to all holders of GDRs. At least six business days prior to the relevant stockholders' meeting, GDR holders may instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the CPOs represented by their GDSs, and the Underlying Shares. Since the CPO Trustee must also receive voting instructions five business days prior to the stockholders' meeting, the Depositary may be unable to vote the CPOs and Underlying Shares in accordance with any written instructions. Holders of GDSs that are Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their Shares are entitled to exercise voting rights with respect to the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares underlying the CPOs represented by their GDSs. Such Mexican holders also must provide evidence of nationality, such as a copy of a valid Mexican passport or birth certificate, for individuals, or a copy of the bylaws, for corporations.

Non-Mexican holders may exercise voting rights only with respect to Series "L" Shares underlying the CPOs represented by their GDSs. They may not direct the CPO Trustee as to how to vote the Series "A" Shares, Series "B" Shares or Series "D" Shares represented by CPOs or attend stockholders' meetings. Under the terms of the CPO Trust Agreement, the CPO Trustee will vote the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares represented by CPOs held by non-Mexican holders (including holders of GDRs) as described under "—Holders of CPOs". If the Depositary does not timely receive instructions from a Mexican or non-Mexican holder of GDRs as to the exercise of voting rights relating to the Series "A" Shares, Series "B" Shares, Series "D" Shares or Series "L" Shares underlying the CPOs, as the case may be, in the relevant stockholders' meeting then, if requested in writing by us, the Depositary will give a discretionary proxy to a person designated by us to vote the Shares. If no such written request is made by us, the Depositary will not represent or vote, attempt to represent or vote any right that attaches to, or instruct the CPO Trustee to represent or vote, the Shares underlying the CPOs in the relevant stockholders' meeting and, as a result, the Underlying Shares will be voted in the same manner described under "—Holders of CPOs" with respect to shares for which timely instructions as to voting are not given.

If the Depositary does not timely receive instructions from a Mexican or non-Mexican holder of GDRs as to the exercise of voting rights relating to the underlying CPOs in the relevant CPO holders' meeting, the Depositary and the Custodian will take such actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements and, unless we in our sole discretion have given prior written notice to the Depositary and the Custodian to the contrary, vote them in the same manner as the majority of the CPOs are voted at the relevant CPOs holders' meeting.

Under the terms of the CPO Trust, beginning in December 2008, a non-Mexican holder of CPOs or GDSs may instruct the CPO Trustee to request that we issue and deliver certificates representing each of the Shares underlying its CPOs so that the CPO Trustee may sell, to a third party entitled to hold the Shares, all of those Shares and deliver to the holder any proceeds derived from the sale.

*Limitation on Appointment of Directors.* Our bylaws prohibit the appointment of individuals to our Board of Directors: who (i) are members of the board of directors or other management boards of a company (other than the Company or its subsidiaries) that has one or more concessions to operate telecommunication networks in Mexico; or (ii) directly or indirectly, are shareholders or partners of companies (other than the Company or its subsidiaries), that have one or more concessions to operate telecommunication networks in Mexico, with the exception of ownership stakes that do not allow such individuals to appoint one or more members of the management board or any other operation or decision making board.

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#### Dividend Rights
At our annual ordinary general stockholders' meeting, our Board of Directors is required to submit our financial statements from the previous fiscal year to the holders of our Series "A" Shares and Series "B" Shares. Once our stockholders approve these financial statements, they must then allocate our net profits for the previous fiscal year. Under Mexican law, at least 5% of our net profits must be allocated to a legal reserve, until the amount of this reserve equals 20% of our paid-in capital stock. Thereafter, our stockholders may allocate our net profits to any special reserve, including a reserve for share repurchases. After this allocation, the remainder of our net profits will be available for distribution as dividends. The vote of the majority of the Series "A" Shares and Series "B" Shares is necessary to approve dividend payments. As described below, in the event that dividends are declared, holders of Series "D" Shares will have preferential rights to dividends as compared to holders of Series "A" Shares, Series "B" Shares and Series "L" Shares. Holders of Series "A" Shares, Series "B" Shares and Series "L" Shares have the same financial or economic rights, including the participation in any of our profits.

#### Preferential Rights of Series "D" Shares
Holders of Series "D" Shares are entitled to receive a preferred annual dividend in the amount of Ps.0.00028932372948 per Series "D" Share before any dividends are payable in respect of Series "A" Shares, Series "B" Shares and Series "L" Shares. If we pay any dividends in addition to the Series "D" Share fixed preferred dividend, then such dividends shall be allocated as follows:

● first, to the payment of dividends with respect to the Series "A" Shares, the Series "B" Shares and the Series "L" Shares, in an equal amount per share, up to the amount of the Series "D" Share fixed preferred dividend; and

● second, to the payment of dividends with respect to the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares, such that the dividend per share is equal.

● Upon any dissolution or liquidation of our company, holders of Series "D" Shares are entitled to a liquidation preference equal to:

● accrued but unpaid dividends in respect of their Series "D" Shares; plus

● the theoretical value of their Series "D" Shares as set forth in our bylaws. See "—Other Provisions—Dissolution or Liquidation".

#### Preemptive Rights
In the event of a capital increase, a holder of existing shares of a given series has a preferential right to subscribe to a sufficient number of shares of the same series in order to maintain the holder's existing proportionate holdings of shares of that series. Stockholders must exercise their preemptive rights within the time period fixed by our stockholders at the meeting approving the issuance of additional shares or Board of Directors meeting, as the case may be. This period must continue for at least fifteen days following a public notice. Under Mexican law, stockholders cannot waive their preemptive rights in advance or be represented by an instrument that is negotiable separately from the corresponding share.

U.S. Holders of GDSs may exercise preemptive rights only if we register any newly issued shares under the Securities Act, as amended, or qualify for an exemption from registration. We intend to evaluate at the time of any offering of preemptive rights the costs and potential liabilities associated with registering additional shares. In addition, if our stockholders' meeting approves the issuance of shares of a particular series, holders of shares of other series may be offered shares of that particular series.

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#### Limitations on Share Ownership
Through our bylaws and the trust governing the CPOs, we have limited the ownership of our Series "A" Shares and Series "B" Shares to Mexican individuals, Mexican companies whose charters contain a foreign exclusion clause, credit institutions acting as trustees (such as the CPO Trustee) in accordance with the Foreign Investment Law and the Foreign Investment Law Regulations, and trusts or stock purchase, investment and retirement plans for Mexican employees. A holder that acquires Series "A" Shares or Series "B" Shares in violation of the restrictions in our bylaws regarding non-Mexican ownership will have none of the rights of a stockholder with respect to those Series "A" Shares or Series "B" Shares. The Series "D" Shares are subject to the same restrictions on ownership as the Series "A" Shares and Series "B" Shares. However, the foregoing limitations do not affect the ability of non-Mexican investors to hold Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares through CPOs, or Series "L" Shares directly. The sum of the total outstanding number of Series "A" Shares and Series "B" Shares is required to exceed at all times the sum of the total outstanding Series "L" Shares and Series "D" Shares.

Non-Mexican states and governments are prohibited under our bylaws and the LMTR from owning Shares of the Company and are, therefore, prohibited from being the beneficial or record owners of Series "A" Shares, Series "B" Shares, Series "D" Shares, Series "L" Shares, CPOs and GDSs. We have been advised by our Mexican counsel, Mijares, Angoitia, Cortés y Fuentes, S.C., that ownership of Series "A" Shares, Series "B" Shares, Series "D" Shares, Series "L" Shares, CPOs and GDSs by pension or retirement funds organized for the benefit of employees of non-Mexican state, municipal or other governmental agencies will not be considered as ownership by non-Mexican states or governments for the purpose of our bylaws or the LMTR.

The former LFTR, now the LMTR, eliminated the restrictions on foreign investment in telecommunications services and satellite communication and increased the maximum permitted foreign-ownership in broadcasting (television and radio) to 49% subject to reciprocity.

We may restrict transfers or, to the extent permitted under applicable law, cause the mandatory sale or disposition of CPOs or GDRs where such transfer or ownership, as the case may be, might result in ownership of CPOs or GDRs exceeding the limits under applicable law or our bylaws, the CPO Trust Agreement or the CPO indenture. Non-Mexican states and governments are prohibited under our bylaws and the LMTR from owning our Shares and are, therefore, prohibited from being beneficial or record owners of GDRs.

#### Other Provisions
Forfeiture of Shares. As required by Mexican law, our bylaws provide that for Series "L" Shares and CPOs, our non-Mexican stockholders formally agree with the Foreign Affairs Ministry:

● to be considered as Mexicans with respect to the Series "L" Shares and CPOs that they acquire or hold, as well as to the property, rights, concessions, participations or interests owned by us or to the rights and obligations derived from any agreements we have with the Mexican government; and

● not to invoke the protection of their own governments with respect to their ownership of Series "L" Shares and CPOs.

Failure to comply is subject to a penalty of forfeiture of such a stockholder's capital interests in favor of Mexico. In the opinion of Mijares, Angoitia, Cortés y Fuentes, S.C., our Mexican counsel, under this provision a non-Mexican stockholder is deemed to have agreed not to invoke the protection of its own government by asking such government to interpose a diplomatic claim against the Mexican government with respect to the stockholder's rights as a stockholder, but is not deemed to have waived any other rights it may have, including any rights under the U.S. securities laws, with respect to its investment in the Company. If the stockholder should invoke governmental protection in violation of this agreement, its shares could be forfeited to the Mexican government.

*Exclusive Jurisdiction.* Our bylaws provide that legal action relating to the execution, interpretation or performance of the bylaws shall be brought only in federal courts located in Mexico City.

*Duration.* Our corporate existence under our bylaws continues until 2106.

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*Dissolution or Liquidation.* Upon any dissolution or liquidation of our company, our stockholders will appoint one or more liquidators at an extraordinary general stockholders' meeting to wind up our affairs. The approval of holders of the majority of the Series "A" Shares is necessary to appoint or remove any liquidator. Upon a dissolution or liquidation, holders of Series "D" Shares will be entitled to both accrued but unpaid dividends in respect of their Series "D" Shares, plus the theoretical value of their Series "D" Shares (as set forth in our bylaws). The theoretical value of our Series "D" Shares is Ps.0.00578647458969 per share. Thereafter, a payment per share will be made to each of the holders of Series "A" Shares, Series "B" Shares and Series "L" Shares equivalent to the payment received by each of the holders of Series "D" Shares. The remainder will be distributed equally among all stockholders in proportion to their number of Shares and amount paid.

*Redemption.* Our bylaws provide that we may redeem our Shares with distributable profits without reducing our capital stock by way of a stockholder resolution at an extraordinary stockholders' meeting. In accordance with Mexican law and our bylaws:

● any redemption shall be made on a pro-rata basis among all of our stockholders;

● to the extent that a redemption is effected through a public tender offer on the Mexican Stock Exchange, the stockholders' resolution approving the redemption may empower our Board to specify the number of shares to be redeemed and appoint the related intermediary or purchase agent; and

● any redeemed shares must be cancelled.

*Share Repurchases.* As provided by Mexican law, our bylaws allow us to repurchase our Shares on the Mexican Stock Exchange at then prevailing market prices. The amount of capital stock allocated to share repurchases and the amount of the corresponding reserve created for this purpose is determined annually by our stockholders at an ordinary general stockholders' meeting. The aggregate amount of resources allocated to share repurchases in any given year cannot exceed the total amount of our net profits in any given year, including retained earnings. Share repurchases must be charged to either our net worth if the repurchased Shares remain in our possession or our capital stock if the repurchased Shares are converted into treasury shares, in which case our capital stock is reduced automatically in an amount equal to the theoretical value of any repurchased Shares, if any. Any surplus is charged to the reserve for share repurchases. If the purchase price of the Shares is less than the theoretical value of the repurchased Shares, our capital stock account will be affected by an amount equal to the theoretical value of the repurchased Shares. Under Mexican law, we are not required to create a special reserve for the repurchase of shares, nor do we need the approval of our Board to effect share repurchases. In addition, any repurchased Shares cannot be represented at any stockholders' meeting.

*Conflicts of Interest.* Under Mexican Law, any stockholder that votes on a transaction in which his, her or its interests conflict with our interests may be liable for damages, but only if the transaction would not have been approved without his, her or its vote. In addition, any member of the Board of Directors that votes on a transaction in which his, her or its interests conflict with our interests may be liable for damages. The Securities Market Law also imposes a duty of care and a duty of loyalty on directors as described in "Directors, Senior Management and Employees—Our Board of Directors—Duty of Care and Duty of Loyalty". In addition, pursuant to the Mexican Securities Market Law, the Board of Directors, with input from the Corporate Practices Committee, must review and approve certain transactions and arrangements with related parties that meet certain thresholds. See "Directors, Senior Management and Employees—Our Board of Directors—Meetings; Actions Requiring Board Approval".

*Appraisal Rights and Other Minority Protections.* Whenever our stockholders approve a change in our corporate purpose or jurisdiction of organization or our transformation from one type of company to another, any stockholder entitled to vote that did not vote in favor of these matters has the right to receive payment for its Series "A" Shares, Series "B" Shares, Series "D" Shares or Series "L" Shares in an amount calculated in accordance with Mexican law. However, stockholders must exercise their appraisal rights within fifteen days after the stockholders' meeting at which the matter was approved. Because the holders of Series "L" Shares and Series "D" Shares may only vote in limited circumstances, appraisal rights are generally not available to them. See "—Voting Rights and Stockholders' Meetings".

Because the CPO Trustee must vote at a general stockholders' meeting, the Series "A" Shares, Series "B" Shares and Series "D" Shares held by non-Mexicans through the CPO Trust will be voted by the individuals appointed by the Technical Committee of the CPO Trust, in the same manner as the majority of the Series "A" Shares held by Mexican nationals (directly, or through the CPO Trust, as the case may be). As a result, the Series "A" Shares, Series "B" Shares and Series "D" Shares underlying CPOs held by non-Mexicans will not be voted against any change that triggers the appraisal rights of the holders of these Shares. Therefore, these appraisal rights will not be available to holders of CPOs (or GDRs) with respect to Series "A" Shares, Series "B" Shares or Series "D" Shares.

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The Mexican Securities Market Law and our bylaws include provisions that permit:

● holders of at least 10% of our outstanding capital stock to request our Chairman of the Board or of the Audit Committee or Corporate Practices Committee to call a stockholders' meeting in which they are entitled to vote;

● subject to the satisfaction of certain requirements under Mexican law, holders of at least 5% of our outstanding capital stock to bring an action for civil liabilities against our directors;

● holders of at least 10% of our Shares that are entitled to vote and are represented at a stockholders' meeting to request postponement of resolutions with respect to any matter on which they were not sufficiently informed; and

● subject to the satisfaction of certain requirements under Mexican law, holders of at least 20% of our outstanding capital stock to contest and suspend any stockholder resolution.

See "Key Information—Risk Factors—Risk Factors Related to Our Securities—The Protections Afforded to Minority Stockholders in Mexico Are Different From Those in the U.S." In addition, in accordance with the Mexican Securities Market Law, we are also subject to certain corporate governance requirements, including the requirement to maintain an audit committee and a corporate practices committee, and to elect independent directors. The protections afforded to minority stockholders under Mexican law are generally different from those in the United States and many other jurisdictions. Substantive Mexican law concerning fiduciary duties of directors has not been the subject of extensive judicial interpretation in Mexico, unlike many states in the U.S. where duties of care and loyalty elaborated by judicial decisions help to shape the rights of minority stockholders. Furthermore, despite the fact that recent amendments to the Mexican Federal Code of Civil Procedures have provided for certain types of class actions, these actions are limited to subject matters related to the use of goods or the provision of public or private services, as well as environmental matters. Therefore, Mexican civil procedure does not contemplate class actions or stockholder derivative actions, which permit stockholders in U.S. courts to bring actions on behalf of other stockholders or to enforce rights of the corporation itself. Stockholders in Mexico also cannot challenge corporate actions taken at stockholders' meetings unless they meet stringent procedural requirements. See "—Voting Rights and Stockholders' Meetings". As a result of these factors, it is generally more difficult for our minority stockholders to enforce rights against us or our directors or Major Stockholders than it is for stockholders of a corporation established under the laws of a state of the U.S. In addition, under U.S. securities laws, as a foreign private issuer we are exempt from certain rules that apply to domestic U.S. issuers with equity securities registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act, including the proxy solicitation rules. We are also exempt from many of the corporate governance requirements of the New York Stock Exchange.

#### Antitakeover Protections
*General*. Our bylaws provide that, subject to certain exceptions: (i) any person that individually or together with any related party, that intends to acquire, directly or indirectly, in one or successive acts, beneficial ownership of ordinary Shares (as defined below) which, when coupled with ordinary Shares previously beneficially owned, represent 10% or more of our outstanding ordinary Shares; (ii) any competitor, that individually or together with any Related Party, that intends to acquire, directly or indirectly, in one or successive acts, beneficial ownership of Shares which, when coupled with Shares previously beneficially owned by such competitor, group or their affiliates, represent 5% or more of our outstanding capital stock; (iii) any person that individually or together with any related party, that wishes to acquire, directly or indirectly, in one or successive acts, beneficial ownership of ordinary Shares representing 10% or more of our outstanding ordinary Shares; and (iv) any competitor that individually or together with any related party, that intends to acquire, directly or indirectly, in one or successive acts, beneficial ownership of Shares representing 5% or more of our capital stock, must obtain the prior approval of our Board of Directors and/or of our stockholders, as the case may be, subject to certain exceptions summarized below. Holders that acquire Shares in violation of these requirements will not be registered in our stock registry. Accordingly, these holders will not be able to vote such Shares or receive any dividends, distributions or other rights in respect of these Shares. In addition, pursuant to our bylaws, these holders will be obligated to pay us a penalty in an amount equal to the market value of the Shares so acquired. Pursuant to our bylaws, "Shares" are defined as the shares (of any class or series) representing our capital stock, and any instruments or securities that represent such shares or that grant any right with respect to or are convertible into those shares, expressly including CPOs; our Series "A" Shares and Series "B" Shares are our ordinary Shares.

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Pursuant to our bylaws, a "competitor" is generally defined as any person or entity dedicated, directly or indirectly, to any of the following businesses or activities: television production and broadcasting, pay-TV production, program licensing, DTH satellite services, publishing (newspaper and/or magazine), publishing distribution, music recording, cable television, the transmission of programming and/or other content by any other means known or to be known, radio broadcasting and production, the promotion of professional sports and other entertainment events, paging services, production, feature film/motion picture production and distribution, dubbing and/or the operation of an Internet portal. A "competitor" is also defined to include any person, entity and/or group that is engaged in any type of business or activity in which we may be engaged from time to time and from which we derive 5% or more of our consolidated income.

*Board Notices, Meetings, Quorum Requirements and Approvals*. To obtain the prior approval of our Board, a potential acquiror must properly deliver a written notice that states, among other things: (i) the number and class/type of our Shares it beneficially owns; (ii) the percentage of Shares it beneficially owns with respect to both our outstanding capital stock and the respective class/type of our Shares; (iii) the number and class/type of Shares it intends to acquire; (iv) the number and class/type of Shares it intends to grant or share a common interest or right; (v) its identity, or in the case of an acquiror which is a corporation, trust or legal entity, its stockholders or beneficiaries as well as the identity and nationality of each person effectively controlling such corporation, trust or legal entity; (vi) its ability to acquire our Shares in accordance with our bylaws and Mexican law, (vii) its source of financing the intended acquisition; (viii) if it has obtained any financing from one of its related parties for the payment of the Shares; (ix) the purpose of the intended acquisition; (x) if it intends to acquire additional Shares in the future; which coupled with the current intended acquisition of ordinary Shares and the ordinary Shares previously beneficially owned by the potential acquiror, would result in ownership of 20% or more of our ordinary Shares; (xi) if it intends to acquire control of us in the future; (xii) if the acquiror is our competitor or if it has any direct or indirect economic interest in or family relationship with one of our competitors; and (xiii) the identity of the financial institution, if any, that will act as the underwriter or broker in connection with any tender offer.

Either the Chairman, the Secretary or the Alternate Secretary of our Board of Directors must call a Board meeting within 10 calendar days following the receipt of the written notice. Action by written consent is not permitted. With the exception of acquisitions that must be approved by the general extraordinary stockholders' meeting as described below in "—Stockholder Notices, Meetings, Quorum Requirements and Approvals" in order to proceed with any acquisition of Shares that require Board authorization as set forth in our bylaws, such acquisition must be approved by at least the majority of the members of our Board present at a meeting at which at least 75% of the members of our Board are present. Such acquisitions must be acted upon by our Board within 60 calendar days following the receipt of the written notice described above, unless the Board determines that it does not have sufficient information upon which to base its decision. In such case, the Board shall deliver a written request to the potential acquiror for any additional information that it deems necessary to make its determination. The 60 calendar days referred to above will commence following the receipt of the additional information from the potential acquiror to render its decision.

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*Stockholder Notices, Meetings, Quorum Requirements and Approvals*. In the event: (i) of a proposed acquisition of Shares that would result in a "change of control"; (ii) that our Board cannot hold a Board meeting for any reason; (iii) of a proposed acquisition by a competitor and having certain characteristics; or (iv) that the Board determines that the proposed acquisition must be approved by our stockholders at a general extraordinary stockholders' meeting, among others, then the proposed acquisition must be approved by the holders of at least 75% of our outstanding ordinary Shares at a general extraordinary stockholders' meeting (both in the case of first and subsequent calls) at which the holders of at least 85% of our outstanding ordinary Shares are present. In addition, any proposed merger, spin-off, or capital increase or decrease which results in a change of control must also be approved by the holders of at least 75% of our outstanding ordinary Shares at a general extraordinary stockholders' meeting (both in the case of first and subsequent calls) at which the holders of at least 85% of our outstanding ordinary Shares are present. Pursuant to our bylaws, a "change of control" is defined as the occurrence of any of the following: (i) the acquisition or transfer of ownership of a majority of our outstanding ordinary Shares; (ii) the ability of a person, entity or group, other than the person who currently has the ability to, directly or indirectly, elect a majority of the members of our Board of Directors, to elect a majority of the members of our Board of Directors; or (iii) the ability of a person, entity or group, other than the person who currently has the ability to, directly or indirectly, determine our administrative decisions or policies, to determine our administrative decisions or policies. In the event that the general extraordinary stockholders' meeting must approve the proposed acquisition, either the Chairman, the Secretary or the Alternate Secretary of our Board of Directors must publish a call for a general extraordinary stockholders' meeting the Publications System of the Ministry of Economy at least 30 calendar days prior to such meeting (both in the case of first and subsequent calls). Once the call for the general extraordinary stockholders' meeting has been published, all information related to the agenda for the meeting must be available for review by the holders of Shares at the offices of our Secretary.

*Mandatory Tender Offers in the Case of Certain Acquisitions*. If either our Board of Directors or our stockholders at a general extraordinary stockholders' meeting, as the case may be, authorize an acquisition of ordinary Shares which increases the acquiror's ownership to 20% or more, but not more than 50%, of our outstanding ordinary Shares, without such acquisition resulting in a change of control, then the acquiror must effect its acquisition by way of a cash tender offer for a specified number of Shares equal to the greater of (x) the percentage of ordinary Shares intended to be acquired or (y) 10% of our outstanding capital stock. In the event that our stockholders approve an acquisition that would result in a change of control, the acquiror must effect its acquisition by way of a cash tender offer for 100% of our total outstanding capital stock at a price which cannot be lower than the highest of the following: (i) the book value of the ordinary Shares and CPOs as reported on the last quarterly income statement approved by the Board of Directors, (ii) the highest closing price of the ordinary Shares, on any stock exchange during any of the three hundred-sixty-five (365) days preceding the date of the stockholders' resolution approving the acquisition; or (iii) the highest price paid for any Shares, at any time by the acquiror. All tender offers must be made in Mexico and the U.S. within 60 days following the date on which the acquisition was approved by our Board of Directors or stockholders' meeting, as the case may be. All holders must be paid the same price for their ordinary Shares. The provisions of our bylaws summarized above regarding mandatory tender offers in the case of certain acquisitions are generally more stringent than those provided for under the Mexican Securities Market Law. In accordance with the Mexican Securities Market Law, bylaw provisions regarding mandatory tender offers in the case of certain acquisitions may differ from the requirements set forth in such law, provided that those provisions are more protective to minority stockholders than those afforded by law. In these cases, the relevant bylaw provisions, and not the relevant provisions of the Mexican Securities Market Law, will apply to certain acquisitions specified therein.

*Amendments to the Antitakeover Provisions*. Any amendments to these antitakeover provisions must be registered before the Public Registry of Commerce at our corporate domicile.

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#### Enforceability of Civil Liabilities
We are a publicly traded corporation (*sociedad anónima bursátil*) organized under the laws of Mexico. Substantially all of our directors, executive officers and controlling persons reside outside of the United States, all or a significant portion of the assets of our directors, executive officers and controlling persons, and substantially all of our assets, are located outside of the United States and some of the experts named in this annual report also reside outside of the U.S. As a result, it may not be possible for investors to effect service of process within the U.S. upon these persons or to enforce against them or us in U.S. courts judgments predicated upon the civil liability provisions of the federal securities laws of the United States. We have been advised by our Mexican counsel, Mijares, Angoitia, Cortés y Fuentes, S.C., that there is doubt as to the enforceability, in original actions in Mexican courts, of liabilities predicated solely on U.S. federal securities laws and as to the enforceability in Mexican courts of judgments of U.S. courts obtained in actions predicated upon the civil liability provisions of U.S. federal securities laws. In the past, Mexican courts have enforced judgments rendered in the U.S. by virtue of the legal principles of reciprocity and comity, consisting of the review in Mexico of the U.S. judgment in order to ascertain whether Mexican legal principles of due process and public policy (*orden público*) have been complied with, without reviewing the merits of the subject matter of the case. See "Key Information—Risk Factors—Risks Factors Related to Our Securities—It May Be Difficult to Enforce Civil Liabilities Against Us or Our Directors, Executive Officers and Controlling Persons".

#### Material Contracts
We have been granted a number of concessions by the Mexican government that authorizes us to broadcast programming over our television stations and our cable and DTH systems. These concessions are described under "Information on the Company—Business Overview—Regulation". If we are unable to renew, or if the Mexican government revokes, any of these concessions, our business would be materially adversely affected. See "Key Information—Risk Factors—Risk Factors Related to Our Business—The Operation of Our Business May Be Adversely Affected if the Mexican Government Does Not Renew or Revokes Our Broadcast or Other Concessions".

In August 2023, we completed a tender offer to purchase in cash a principal amount of up to U.S.$300.0 million of our 4.625% Senior Notes due 2026, 5.000% Senior Notes due 2045, 5.250% Senior Notes due 2049, 6.625% Senior Notes due 2025 and 6.125% Senior Notes due 2046, for an aggregate principal amount of U.S.$300.0 million. The aggregate tender consideration paid amounted to U.S.$281.1 million plus U.S.$3.0 million of accrued and unpaid interest on the settlement date of the tender offer.

In September 2023, we repurchased a principal amount of Ps.221.6 million of our 7.25% Notes due 2043 in an open market purchase, for a trailing aggregate of Ps.274.3 million in 2023.

In April 2024, we, together with Cablemás Telecomunicaciones, S.A. de C.V. and Televisión Internacional, S.A. de C.V., as co-borrowers, executed a credit agreement with a syndicate of banks (the "2024 Credit Agreement") which provides for a five-year term loan in an aggregate principal amount of Ps.10,000 million (the "2024 Term Loans") and a five-year revolving credit facility in an aggregate principal amount of U.S.$500.0 million (the "2024 Revolving Facility"). BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank acted as joint lead arrangers and joint bookrunners. The 2024 Credit Agreement requires the maintenance of certain financial ratios related to indebtedness and interest expense. The loans under the 2024 Credit Agreement will bear interest at a floating rate based on a spread of 125 bps or 150 bps over the 28-day TIIE Rate depending on our net leverage ratio. The 2024 Term Loans were fully funded at closing and part of the proceeds thereof used to prepay in full our existing indebtedness under the credit agreement we entered into in 2019 with a syndicate of banks which was scheduled to mature in 2024. The loans under the 2024 Revolving Facility are funded in Mexican Pesos and their funding is subject to customary conditions. Also, we simultaneously terminated a U.S.$650.0 million revolving credit facility entered into in 2022 with a syndicate of banks (the "2022 Credit Facility") which was scheduled to mature in 2025. We did not borrow any amounts under the 2022 Credit Facility since its execution in 2022.

On June 26, 2025, Corporación Novavisión S. de R.L. de C.V. prepaid the total principal amount of Ps.2,650.0 million of a credit facility with Grupo Financiero Scotiabank.

On January 30, 2026, we repaid at maturity the outstanding principal amount of U.S.$207.4 million of our 4.625% Senior Notes due 2026.

Our transactions and arrangements with related parties are described under "Major Stockholders and Related Party Transactions—Related Party Transactions".

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For a description of our material transactions and arrangements with Univision, see "Information on the Company—Business Overview—TelevisaUnivision".

For a description of our material transactions and arrangements with Ollamani, see "Major Stockholders and Related Party Transactions—Related Party Transactions—Transactions and Arrangements with Ollamani".

**Legal Proceedings**

As the Company previously announced on August 30, 2024, a Department of Justice investigation of FIFA-related activity may have a material impact on the Company's consolidated financial condition or results of operations. The Company cannot predict the outcome of the investigation or whether it will in fact have a material impact. The Company is cooperating with the investigation. Emilio Azcárraga Jean is on leave from his position as Executive Chairman of the Board since October 24, 2024, pending resolution of this investigation.

There are several legal actions and claims pending against us which are filed in the ordinary course of business. In our opinion, none of these actions and claims are expected to have a material adverse effect on our financial statements as a whole; however, we are unable to predict the outcome of any of these legal actions and claims.

#### Exchange Controls
For a description of exchange controls and exchange rate information, see "Key Information—Exchange Rate Information".

#### Taxation

#### U.S. Taxes
General. The following is a summary of the anticipated material U.S. federal income tax consequences of the purchase, ownership and disposition of GDSs, CPOs and the Series "A" Shares, Series "B" Shares, Series "L" Shares and Series "D" Shares underlying the CPOs (referred to herein as the "Underlying Shares"), in each case, except as otherwise noted, by U.S. Holders (as defined below). This discussion does not address all aspects of U.S. federal income taxation that may be relevant to a particular beneficial owner of GDSs, CPOs or Underlying Shares based on the beneficial owner's particular circumstances. For example, with respect to U.S. Holders, the following discussion does not address the U.S. federal income tax consequences to a U.S. Holder:

● that owns, directly, indirectly or through attribution, 2% or more of the total voting power or value of our outstanding Underlying Shares (including through ownership of GDSs and CPOs);

● that is a dealer in securities, insurance company, financial institution, tax-exempt organization, U.S. expatriate, broker-dealer or trader in securities; or

● whose functional currency is not the U.S. Dollar.

● Also, this discussion does not consider:

● the tax consequences to the stockholders, partners or beneficiaries of a U.S. Holder; or

● special tax rules that may apply to a U.S. Holder that holds GDSs, CPOs or Underlying Shares as part of a "straddle", "hedge", "conversion transaction", "synthetic security" or other integrated investment.

U.S. Holders that use an accrual method of accounting for U.S. federal income tax purposes generally are required to include certain amounts in income no later than the time such amounts are reflected on certain applicable financial statements. The application of this rule may require the accrual of income earlier than would be the case under the general U.S. federal income tax rules described below. U.S. Holders that use an accrual method of accounting for U.S. federal income tax purposes should consult with their tax advisors regarding the potential applicability of this rule to their particular situation.

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In addition, the following discussion does not address any aspect of state, local or non-U.S. tax laws other than Mexican tax laws. Further, this discussion generally applies only to U.S. Holders that hold the CPOs, GDSs or Underlying Shares as capital assets within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (referred to herein as the "Code").

The discussion set forth below is based on the U.S. federal income tax laws as in force on the date of this annual report, including:

● the Code, applicable U.S. Treasury regulations and judicial and administrative interpretations; and

● the convention between the Government of the United States of America and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, including the applicable protocols, collectively referred to herein as the "U.S.-Mexico Tax Treaty".

The discussion is subject to changes to those laws and the U.S.-Mexico Tax Treaty subsequent to the date of this annual report, which changes could be made on a retroactive basis, and is also based, in part, on the representations of the Depositary with respect to the GDSs and on the assumption that each obligation in the Deposit Agreement relating to the GDSs and any related agreements will be performed in accordance with their terms.

As used in this section, the term "U.S. Holder" means a beneficial owner of CPOs, GDSs or Underlying Shares that is, for U.S. federal income tax purposes:

● a citizen or individual resident of the United States;

● a corporation (or entity treated as a corporation for such purposes) created or organized in or under the laws of the United States, or any State thereof or the District of Columbia;

● an estate the income of which is included in gross income for U.S. federal income tax purposes regardless of source; or

● a trust, if either (x) it is subject to the primary supervision of a court within the United States and one or more "United States persons" has the authority to control all substantial decisions of the trust or (y) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a "United States person".

If a partnership (or an entity or arrangement classified as a partnership for U.S. federal income tax purposes) holds CPOs, GDSs or Underlying Shares, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Partnerships holding CPOs, GDSs or Underlying Shares, and partners in such partnerships, should consult their own tax advisors regarding the U.S. federal income tax consequences of purchasing, owning and disposing of CPOs, GDSs or Underlying Shares.

An individual may be treated as a resident of the United States in any calendar year for U.S. federal income tax purposes by being present in the United States on at least 31 days in that calendar year and for an aggregate of at least 183 days during a three-year period ending at the close of that year. For purposes of this calculation, all of the days present in the current year, one-third of the days present in the immediately preceding year and one-sixth of the days present in the second preceding year would be counted. Residents are taxed for U.S. federal income purposes as if they were U.S. citizens.

The application of the U.S.-Mexico Tax Treaty to U.S. Holders is conditioned upon, among other things, the assumptions that the U.S. Holder:

● is not a resident of Mexico for purposes of the U.S.-Mexico Tax Treaty;

● is an individual who has a "substantial presence" (within the meaning of the U.S.-Mexico Tax Treaty) in the United States;

● is entitled to the benefits of the U.S.-Mexico Tax Treaty under the limitation on benefits provision contained in Article 17 of the U.S.-Mexico Tax Treaty; and

● does not have a fixed place of business or a permanent establishment in Mexico with which its ownership of CPOs, GDSs or Underlying Shares is effectively connected.

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For U.S. federal income tax purposes, U.S. Holders of GDSs and CPOs will be treated as the beneficial owners of the Underlying Shares represented by the GDSs and CPOs.

***Dividends***. The U.S. Dollar value of any distribution paid by us, including the amount of any Mexican taxes withheld from such distribution, will be included in the gross income of a U.S. Holder as a dividend, treated as ordinary income, to the extent that the distribution is paid out of our current and/or accumulated earnings and profits, as determined under U.S. federal income tax principles. U.S. Holders will not be entitled to claim a dividend received deduction for dividends received from us. Distributions that are treated as dividends received from us by a non-corporate U.S. Holder who meets certain eligibility requirements will qualify for U.S. federal income taxation at a preferential rate of 20% (or lower) if we are a "qualified foreign corporation". We generally will be a "qualified foreign corporation" if either (i) we are eligible for benefits under the U.S.-Mexico Tax Treaty or (ii) the Underlying Shares or GDSs are listed on an established securities market in the United States. As we are eligible for benefits under the U.S.-Mexico Tax Treaty and the GDSs are listed on the New York Stock Exchange, we presently are a "qualified foreign corporation," and we generally expect to be a "qualified foreign corporation" in future taxable years, but no assurance can be given that a change in circumstances will not affect our treatment as a "qualified foreign corporation" in any future taxable years. A non-corporate U.S. Holder will not be eligible for the reduced rate (a) if the U.S. Holder has not held the Underlying Shares, CPOs or GDSs for at least 61 days of the 121-day period beginning on the date which is 60 days before the ex-dividend date, (b) to the extent the U.S. Holder is under an obligation to make related payments on substantially similar or related property or (c) with respect to any portion of a dividend that is taken into account as investment income under Section 163(d)(4)(B) of the Code. Any days during which a U.S. Holder has diminished the U.S. Holder's risk of loss with respect to the Underlying Shares, CPOs or GDSs (for example, by holding an option to sell such Underlying Shares, CPOs or GDSs) are not counted towards meeting the 61-day holding period. Special rules apply in determining the foreign tax credit limitation with respect to dividends subject to U.S. federal income taxation at the reduced rate. U.S. Holders should consult their own tax advisors concerning whether dividends received by them qualify for the reduced rate. In addition, a 3.8% tax may apply to certain investment income recognized by a U.S. Holder. See "—Medicare Tax" below.

To the extent, if any, that the amount of a distribution exceeds our current and/or accumulated earnings and profits, the distribution will first reduce the U.S. Holder's adjusted tax basis in its Underlying Shares, CPOs or GDSs and, to the extent the distribution exceeds the U.S. Holder's adjusted tax basis, it will be treated as gain from the sale of the U.S. Holder's Underlying Shares, CPOs or GDSs. We do not maintain calculations of our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution paid by us will be treated as a dividend, even if that distribution would otherwise be treated as reducing such U.S. Holder's adjusted tax basis in its Underlying Shares, CPOs or GDSs or as gain from the sale of the U.S. Holder's Underlying Shares, CPOs or GDSs under the rules described above.

The U.S. Dollar value of any distributions paid in Pesos, including the amount of any Mexican taxes withheld, will be calculated by reference to the interbank exchange rate in effect on the date of receipt by the U.S. Holder or, with respect to the GDSs, The Bank of New York Mellon, in its capacity as Depositary, regardless of whether the payment is in fact converted into U.S. Dollars. U.S. Holders should consult their own tax advisors regarding the treatment of any foreign currency gain or loss on any distributions paid in Pesos that are not converted into U.S. Dollars on the day the Pesos are received.

Subject to generally applicable limitations and conditions (including a minimum holding period requirement), Mexican dividend withholding tax paid at the appropriate rate applicable to a U.S. Holder may be eligible for a credit against such U.S. Holder's U.S. federal income tax liability. In addition to these generally applicable limitations and conditions, Mexican dividend withholding tax would generally need to satisfy the requirements of foreign tax credit regulations adopted by the U.S. Internal Revenue Service ("IRS") in order to be eligible to be a creditable tax for a U.S. foreign tax credit purposes, unless (i) the U.S. Holder is eligible for, and properly elects, the benefits of the U.S.-Mexico Tax Treaty, in which case the Mexican tax on dividends will be treated as meeting the requirements of the new regulations and therefore as a creditable tax or (ii) the U.S. Holder elects under recently published IRS guidance to treat any Mexican tax on dividends as a creditable tax for foreign tax credit purposes and complies with specific requirements set forth in such guidance. In the case of all other U.S. Holders, the application of these requirements to the Mexican tax on dividends is uncertain and we have not determined whether these requirements have been met. If Mexican tax on dividends is not a creditable or if the U.S. Holder does not elect to claim a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year, the U.S. Holder may be able to deduct the Mexican tax in computing such U.S. Holder's taxable income for U.S. federal income tax purposes. For U.S. foreign tax credit purposes, dividends distributed by us on CPOs, GDSs or Underlying Shares generally will constitute foreign source "passive category income". The availability and calculation of foreign tax credits and deductions for foreign taxes depend on a U.S. Holder's particular circumstances and involve the application of complex rules to those circumstances. U.S. Holders should consult their own tax advisors regarding the application of these rules to their particular situations.

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In general, pro rata distributions of additional shares with respect to the Underlying Shares that are part of a pro rata distribution to all of our stockholders generally (including U.S. Holders of GDSs) will not be subject to U.S. federal income tax.

A beneficial owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder and is not a partnership (or an entity or arrangement classified as a partnership for U.S. federal income tax purposes) will not be subject to U.S. federal income or withholding tax on a dividend paid with respect to the CPOs, GDSs or the Underlying Shares, unless the dividend is effectively connected with the conduct by the beneficial owner of a trade or business in the United States.

***Capital Gains.*** Gain or loss recognized by a U.S. Holder on a taxable sale or exchange of CPOs, GDSs or Underlying Shares will be subject to U.S. federal income taxation as capital gain or loss in an amount equal to the difference between the amount realized on the sale or exchange and the U.S. Holder's adjusted tax basis in the CPOs, GDSs or Underlying Shares. Such capital gain or loss generally will be long-term capital gain or loss if the CPOs, GDSs or Underlying Shares have been held for more than one year at the time of disposition. Long-term capital gain of non-corporate U.S. Holders, including individual U.S. Holders, is subject to U.S. federal income tax at a preferential rate of 20% (or lower). In addition, a 3.8% tax may apply to certain investment income recognized by a U.S. Holder on a sale or exchange of CPOs, GDSs or Underlying Shares. See "—Medicare Tax" below. The deductibility of capital losses is subject to significant limitations.

Under foreign tax credit regulations adopted by the IRS, any Mexican tax imposed such capital gains generally will not be treated as a creditable tax for U.S. foreign tax credit purposes, unless (i) the U.S. Holder is eligible for, and properly elects, the benefits of the U.S.-Mexico Tax Treaty or (ii) the U.S. Holder elects under recently published IRS guidance to treat any Mexican tax on such capital gains as a creditable tax for foreign tax credit purposes and complies with specific requirements set forth in such guidance. If the Mexican tax is not a creditable tax, the tax would reduce the amount realized on the sale or other disposition of CPOs, GDSs or Underlying Shares, even if the U.S. Holder has elected to claim a foreign tax credit for other taxes in the same year. Capital gains realized on the sale or other disposition of CPOs, GDSs or Underlying Shares generally will be U.S. source income, unless the gains are subject to Mexican taxation, in which case such gains generally will be treated as arising in Mexico under the U.S.-Mexico Tax Treaty. If capital gains are subject to Mexican taxation under the U.S.-Mexico Tax Treaty, a U.S. Holder generally may elect to treat such gains as foreign source income for U.S. foreign tax credit limitation purposes. However, any such Mexican taxes may not be used to offset U.S. federal income tax on any other item of income, and foreign taxes on any other item of income cannot be used to offset U.S. federal income tax on such gains. U.S. Holders should consult their tax advisors regarding the potential applicability of these rules to their particular situations.

Capital losses recognized on the sale or exchange of CPOs, GDSs or Underlying Shares generally will offset U.S. source income. Deposits and withdrawals of CPOs for GDSs and of Underlying Shares for CPOs by U.S. Holders will not be subject to U.S. federal income tax.

A beneficial owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder and is not a partnership (or an entity or arrangement classified as a partnership for U.S. federal income tax purposes) generally will not be subject to U.S. federal income tax on gain recognized on a sale or exchange of CPOs, GDSs or Underlying Shares unless:

● the gain is effectively connected with the beneficial owner's conduct of a trade or business in the United States; or

● the beneficial owner is an individual who holds CPOs, GDSs or Underlying Shares as a capital asset, is present in the United States for 183 days or more in the taxable year of the sale or exchange and meets other requirements.

***Medicare Tax.*** A U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will generally be subject to a 3.8% tax on the lesser of (i) the U.S. Holder's "net investment income" for a taxable year and (ii) the excess of the U.S. Holder's modified adjusted gross income for such taxable year over U.S.$200,000 (U.S.$250,000 in the case of joint filers). For these purposes, "net investment income" will generally include dividends paid with respect to CPOs, GDSs or Underlying Shares and net gain attributable to the disposition of CPOs, GDSs or Underlying Shares (in each case, unless such CPOs, GDSs or Underlying Shares are held in connection with certain trades or businesses), but will be reduced by any deductions properly allocable to such income or net gain.

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***U.S. Backup Withholding.*** A U.S. Holder may be subject to U.S. information reporting and U.S. backup withholding on dividends paid on Underlying Shares, and on proceeds from the sale or other disposition of CPOs, GDSs or Underlying Shares, unless the U.S. Holder:

● comes within an exempt category and, if required, certifies its exempt status; or

● provides the applicable withholding agent with the U.S. Holder's taxpayer identification number, certifies as to no loss of exemption from backup withholding tax and otherwise complies with the applicable requirements of the backup withholding rules.

The amount of any backup withholding will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided, however, that certain required information is timely furnished to the U.S. Internal Revenue Service ("IRS"). A beneficial owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder may be required to comply with certification and identification procedures in order to establish its exemption from backup withholding.

***Certain Reporting Requirements.*** U.S. Holders that are individuals (and to the extent specified in applicable U.S. Treasury regulations, certain U.S. Holders that are entities and certain individuals that are not U.S. Holders) and hold "specified foreign financial assets" (as defined in section 6038D of the Code) are required to file a report on IRS Form 8938 with information relating to such assets for each taxable year in which the aggregate value of all such assets exceeds U.S.$75,000 at any time during the taxable year or U.S.$50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable U.S. Treasury regulations). Specified foreign financial assets would include, among other assets, GDSs, CPOs and Underlying Shares that are not held through an account maintained with a U.S. "financial institution" (as defined). Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event a U.S. Holder that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such U.S. Holder for the related tax year may not close until three years after the date that the required information is filed. Beneficial owners of GDSs, CPOs or Underlying Shares should consult their own tax advisors regarding their reporting obligations with respect to "specified foreign financial assets".

#### Federal Mexican Taxation
***General.*** The following is a general summary of the main tax consequences under the Mexican Income Tax Law, Federal Tax Code and rules as currently in effect (the "Mexican Tax Legislation"), all of which are subject to change or interpretation, and under the U.S.-Mexico Tax Treaty, of the purchase, ownership and disposition of CPOs, GDSs or underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares by a person that is not a resident of Mexico for tax purposes, as defined below.

U.S. Holders should consult with their own tax advisors as to their entitlement to benefits afforded by the U.S.-Mexico Tax Treaty. Mexico has also entered into and is negotiating with various countries regarding other tax treaties that may have an effect on the tax treatment of CPOs, GDSs or underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares. Holders should consult with their tax advisors as to their entitlement to the benefits afforded by these treaties.

This discussion does not constitute, and shall not be considered as, legal or tax advice to holders.

According to the Mexican Tax Legislation:

● an individual is a Mexican tax resident if the individual has established his permanent home in Mexico. When an individual, in addition to his permanent home in Mexico, has a permanent home in another country, the individual will be a Mexican tax resident if his center of vital interests is located in Mexico. This will be deemed to occur if, among other circumstances, either (i) more than 50% of the total income obtained by the individual in the calendar year is Mexican source or (ii) when the individual's center of professional activities is located in Mexico. Unless otherwise proven, a Mexican national is considered a Mexican tax resident;

● a legal entity is considered a Mexican tax resident if it maintains the main administration of its head office, business, or the effective location of its management in Mexico.

● a foreign person with a permanent establishment in Mexico will be required to pay taxes in Mexico in accordance with the Mexican Tax Legislation for income attributable to such permanent establishment; and

● a foreign person without a permanent establishment in Mexico will be required to pay taxes in Mexico in respect of revenues proceeding from sources of wealth located in national territory.

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Mexican nationals and legal entities who filed a change of tax residence to a country or jurisdiction that does not have a comprehensive exchange of information agreement with Mexico and an International Treaty that Enables Mutual Administrative Assistance in the Notification, Payment and Collection of Contributions, in which the income of the relevant person is subject to a preferred tax regime pursuant to the provisions of the Mexican Income Tax Law, will be considered as Mexican residents for tax purposes during the year of filing of the notice of such residence change and during the following five years. If the notice is not filed, the nationals or legal entities will continue be considered as Mexican tax residents.

***Dividends.*** Beginning in 2014, dividends, either in cash or in any other form, coming from our "previously taxed net earnings account", or "*cuenta de utilidad fiscal neta*", generated up to 2013 and paid with respect to the shares underlying the CPOs, including those CPOs represented by GDSs, will not be subject to Mexican withholding tax. On the other hand, the dividends coming from our previously taxed net earnings account generated during or after 2014 will be subject to a 10% Mexican withholding tax. We must first utilize the previously taxed net earnings account generated up to 2013 and when this account no longer has a balance, we must utilize the previously taxed net earnings account generated during or after 2014. The latter dividends will be subject to the 10% Mexican withholding tax.

However, under the U.S.-Mexico Tax Treaty, any U.S. Holder that is eligible to claim the benefits of the U.S.-Mexico Tax Treaty may be exempt from or subject to a lower withholding tax rate on dividends paid with respect to the shares underlying the CPOs, including those CPOs represented by GDSs. The U.S. Holder may be subject to a lower withholding tax rate (5%) under the U.S.-Mexico Tax Treaty if the U.S. Holder is a company that owns directly at least 10% of our voting outstanding shares.

On the other hand, the U.S. Holder may be exempt from withholding tax under the U.S.-Mexico Tax Treaty if the U.S. Holder is either (a) a company that has owned shares representing 80 percent or more of our voting outstanding shares for a 12-month period ending on the date the dividend is declared and that (1) prior to October 1, 1998 owned, directly or indirectly, shares representing 80 percent or more of our voting outstanding shares; or (2) is entitled to the benefits of the U.S.-Mexico Tax Treaty under clauses (i) or (ii) of subparagraph d) of paragraph 1 of Article 17 (Limitation on Benefits); or (3) is entitled to the benefits of the U.S.-Mexico Tax Treaty with respect to the dividends under subparagraph g) of paragraph 1 of Article 17; or (4) has received a determination from the relevant competent authority pursuant to paragraph 2 of Article 17; or (b) a trust, company, or other organization constituted and operated exclusively to administer or provide benefits under one or more plans established to provide pension, retirement or other employee benefits and its income is generally exempt from tax in the United States, provided that such dividends are not derived from the carrying on of a business, directly or indirectly, by such trust, company or organization.

Dividends paid to other Holders that are eligible to receive benefits pursuant to other income tax treaties to which Mexico is a party may be exempt from or subject to a lower withholding tax rate in whole or in part. Non-U.S. Holders should consult their own tax advisors as to their possible eligibility under such other income tax treaties. Appropriate tax residence certifications must be obtained by Holders eligible for tax treaty benefits.

When dividends are paid from our previously taxed net earnings account we will not be required to pay any Mexican corporate income tax on the dividends. During 2025, if dividends are not paid from our previously taxed net earnings account we will be required to pay a 30% Mexican corporate income tax on the grossed-up dividends with the factor 1.4286.

***Sales or Other Dispositions.*** Deposits and withdrawals of CPOs for GDSs and of underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares for CPOs will not give rise to Mexican tax or transfer duties.

Beginning on January 1, 2014, the gains on the sale or other disposition of CPOs, GDSs or underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares will be subject to a 10% Mexican withholding tax if the sale is carried out through the Mexican Stock Exchange. This withholding tax will not apply if the Holder is a tax resident of a country that has in effect a Tax Treaty with Mexico, as is the case with the United States; in order to obtain this benefit the Holder must deliver to the withholding agent a letter stating, under oath, (i) that the Holder is resident for purposes of the specific Tax Treaty and (ii) the Holder's tax identification number.

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Sales or other dispositions of CPOs, GDSs or underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares made in other circumstances also would be subject to Mexican income tax. However, under the U.S.-Mexico Tax Treaty, any U.S. Holder that is eligible to claim the benefits of the U.S.-Mexico Tax Treaty may be exempt from Mexican tax on gains realized on a sale or other disposition of CPOs and shares underlying the CPOs in a transaction that is not carried out through the Mexican Stock Exchange. The U.S. Holder will be exempt under the U.S.-Mexico Tax Treaty if the U.S. Holder did not own directly or indirectly 25% or more of our outstanding shares within the 12-month period preceding such sale or disposition. Gains realized by other Holders that are eligible to receive benefits pursuant to other income tax treaties to which Mexico is a party may be exempt from Mexican income tax in whole or in part. Non-U.S. Holders should consult their own tax advisors as to their possible eligibility under such other income tax treaties. Appropriate tax residence certifications must be obtained by Holders eligible for tax treaty benefits.

***Other Mexican Taxes.*** There are no estate, gift or succession taxes applicable to the ownership, transfer or disposition of CPOs, GDSs or underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares. However, a gratuitous transfer of CPOs, GDSs or underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares may, in some circumstances, result in the imposition of a Mexican federal tax upon the recipient. There are no Mexican stamp, issuer, registration or similar taxes or duties payable by holders of GDSs, CPOs, or underlying Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares.

#### Documents on Display
For further information with respect to us and our CPOs and GDSs, we refer you to the filings we have made with the SEC. Statements contained in this annual report concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to any filing we have made with the SEC, we refer you to the copy of the contract or document that has been filed. Each statement in this annual report relating to a contract or document filed as an exhibit to any filing we have made with the SEC is qualified in its entirety by the filed exhibit.

The Company is subject to the informational requirements of the Exchange Act and in accordance therewith files reports and other information with the SEC. Reports and other information filed by the Company with the SEC are available at the SEC's website at www.sec.gov. We maintain a website at http://www.televisair.com/en and make all of our annual, quarterly and current reports and other publicly filed information available, free of charge, on or through our website.

We furnish The Bank of New York Mellon, the depositary for our GDSs, with annual reports in English. These reports contain audited consolidated financial statements that, starting with the annual report for year ended December 31, 2012, have been prepared in accordance with IFRS. The historical financial statements included in these reports have been examined and reported on, with an opinion expressed by, an independent registered public accounting firm. The depositary is required to mail our annual reports to all holders of record of our GDSs. The Deposit Agreement for the GDSs also requires us to furnish the depositary with English translations of all notices of stockholders' meetings and other reports and communications that we send to holders of our CPOs. The depositary is required to mail these notices, reports and communications to holders of record of our GDSs.

As a foreign private issuer, we are not required to furnish proxy statements to holders of our CPOs or GDSs in the United States.

#### Item 11. Quantitative and Qualitative Disclosures About Market Risk

#### Market Risk Disclosures
Market risk is the exposure to an adverse change in the value of financial instruments caused by market factors including changes in equity prices, interest rates, foreign currency exchange rates, commodity prices and inflation rates. The following information includes "forward-looking statements" that involve risks and uncertainties. Actual results could differ from those presented.

***Risk Management.*** We are exposed to market risks arising from changes in equity prices, interest rates, foreign currency exchange rates and inflation rates, in both the Mexican and U.S. markets. Our risk management activities are monitored by our Investments, Risk Management and Treasury Committee.

We monitor our exposure to interest rate risk by: (i) evaluating differences between interest rates on our outstanding debt and short-term investments and market interest rates on similar financial instruments; (ii) reviewing our cash flow needs and financial ratios (indebtedness and interest coverage); (iii) assessing current and forecasted trends in the relevant markets; and (iv) evaluating peer group and industry practices. This approach allows us to establish the interest rate "mix" between variable and fixed rate debt.

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Foreign currency exchange risk is monitored by assessing our net monetary liability position in U.S. Dollars and our forecasted cash flow needs for anticipated U.S. Dollar investments and servicing our U.S. Dollar-denominated debt. Equity price risk is assessed by evaluating the long-term value of our investment in both domestic and foreign affiliates, versus comparable investments in the marketplace. We classify our equity investments in affiliates, both domestic and foreign, as long-term assets.

In compliance with the procedures and controls established by our Investments, Risk Management and Treasury Committee, in 2023, 2024 and 2025, we entered into certain derivative transactions with certain financial institutions in order to manage our exposure to market risks resulting from changes in interest rates, foreign currency exchange rates, and inflation rates. Our objective in managing foreign currency and inflation fluctuations is to reduce earnings and cash flow volatility. See Notes 2(w), 4 and 15 to our consolidated year-end financial statements.

#### Foreign Currency Exchange Rate Risk and Interest Rate Risk
During 2025, the Company entered into forward exchange rate agreements, primarily for coupons and principal of U.S. dollar denominated debt that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$388.2 million and the net fair value of these agreements represents a liability of Ps.267.2 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts for coupons and principal was U.S.$116.4 million and the net fair value of these agreements was a loss of Ps.83.0 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.63.9 million as of December 31, 2025, and Ps.17.8 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso.

During 2025, the Company entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$20.0 million. The net fair value of these agreements represents a liability of Ps.32.4 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$8.0 million. The net fair value of these agreements was a loss of Ps.9.6 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.3.6 million as of December 31, 2025 and Ps.1.2 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso.

During 2025, Cablevisión entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$7.5 million. The net fair value of these agreements represents a liability of Ps.13.0 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$1.5 million. The net fair value of these agreements was a loss of Ps.1.7 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.1.4 million as of December 31, 2025, and Ps.0.3 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso.

During 2025, TVI entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$6.9 million. The net fair value of these agreements represents a liability of Ps.11.7 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$2.4 million. The net fair value of these agreements was a loss of Ps.2.8 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.1.2 million as of December 31, 2025, and Ps.0.4 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso.

During 2025, Corporación Novavisión entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$23.5 million. The net fair value of these agreements represents a liability of Ps.42.0 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$8.5 million. The net fair value of these agreements was a loss of Ps.12.8 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.4.0 million as of December 31, 2025, and Ps.1.3 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso.

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During 2025, Cablemás Telecomunicaciones entered into forward exchange rate agreements, primarily for capital expenditures that were expected to be made during 2025 and 2026. As of December 31, 2025, the notional amount outstanding of the active forward contracts was U.S.$31.6 million. The net fair value of these agreements represents a liability of Ps.46.8 million. As of March 31, 2026, the notional amount outstanding of the active forward contracts was U.S.$16.6 million. The net fair value of these agreements was a loss of Ps.19.8 million. The potential loss in fair value for such instruments from a hypothetical 1.0% change in the exchange rate would be approximately Ps.5.4 million as of December 31, 2025, and Ps.2.5 million as of March 31, 2026. This sensitivity analysis assumes a downward parallel shift in the Mexican Peso.

#### Sensitivity and Fair Value Analyses
The sensitivity analyses that follow are intended to present the hypothetical change in fair value or loss in earnings due to changes in interest rates, inflation rates, foreign currency exchange rates and debt and equity market prices as they affect our financial instruments at December 31, 2025 and 2024. These analyses address market risk only and do not present other risks that we face in the ordinary course of business, including country risk and credit risk. The hypothetical changes reflect our view of changes that are reasonably possible over a one-year period. For purposes of the following sensitivity analyses, we have made conservative assumptions of expected near-term future changes in U.S. interest rates, Mexican interest rates, inflation rates and Peso to U.S. Dollar exchange rates of 10%. The results of the analyses do not purport to represent actual changes in fair value or losses in earnings that we will incur.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  |  |  | **Increase** | **Increase** |
| |  |  |  |  |  |  | **(decrease) of** | **(decrease) of** |
| |  |  |  |  |  |  | **fair value over** | **fair value over** |
| |  |  |  |  |  |  | **carrying amount** | **carrying amount** |
| |  |  |  |  | **Increase** | **Increase** | **assuming a** | **assuming a** |
| |  |  |  |  | **(decrease) of** | **(decrease) of** | **hypothetical** | **hypothetical** |
| |  |  |  |  | **fair value over** | **fair value over** | **10% increase in** | **10% increase in** |
| <br>**December 31, 2025** | **Carrying amount**<sup>(2)</sup> | **Carrying amount**<sup>(2)</sup> | **Fair value**<sup>(3)</sup> | **Fair value**<sup>(3)</sup> | **carrying amount** | **carrying amount** | **fair value** | **fair value** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term loan and interest receivable from GTAC | Ps. | 1030.2 | Ps. | 1033.9 | Ps. | 3.7 | Ps. | 107.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open-Ended Fund |  | 817.3 |  | 817.3 |  |  |  | 81.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicly traded equity instruments |  | 2608.0 |  | 2608.0 |  |  |  | 260.8 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2026 |  | 3737.0 |  | 3731.4 |  | (5.6) |  | 367.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2032 |  | 5405.0 |  | 5761.5 |  | 356.5 |  | 932.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2040 |  | 10809.9 |  | 9393.4 |  | (1416.5) |  | (477.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2045 |  | 14244.0 |  | 9438.2 |  | (4805.8) |  | (3862.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2046 |  | 15846.8 |  | 12059.4 |  | (3787.4) |  | (2581.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2049 |  | 11907.6 |  | 7889.5 |  | (4018.1) |  | (3229.1) |
| Peso-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes due 2027 |  | 4500.0 |  | 4484.0 |  | (16.0) |  | 432.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2037 |  | 4500.0 |  | 3101.8 |  | (1398.2) |  | (1088.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2043 |  | 6225.7 |  | 3756.8 |  | (2468.9) |  | (2093.2) |
| Long-term notes payable to Mexican Banks |  | 10000.0 |  | 10084.0 |  | 84.0 |  | 1092.4 |
| Lease Liabilities |  | 5436.0 |  | 5595.5 |  | 159.5 |  | 719.0 |
| Derivative financial instruments <sup>(1)</sup> |  | 413.2 |  | 413.2 |  |  |  | 41.3 |

---

[**Table of Contents**](#TOC)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  |  |  | **Increase** | **Increase** |
| |  |  |  |  |  |  | **(decrease) of** | **(decrease) of** |
| |  |  |  |  |  |  | **fair value over** | **fair value over** |
| |  |  |  |  |  |  | **carrying amount** | **carrying amount** |
| |  |  |  |  | **Increase**  | **Increase**  | **assuming a** | **assuming a** |
| |  |  |  |  | **(decrease) of**  | **(decrease) of**  | **hypothetical** | **hypothetical** |
| |  |  |  |  | **fair value over**  | **fair value over**  | **10% increase in** | **10% increase in** |
| <br>**December 31, 2024** | **Carrying amount**<sup>(2)</sup> | **Carrying amount**<sup>(2)</sup> | **Fair value**<sup>(3)</sup> | **Fair value**<sup>(3)</sup> | **carrying amount** | **carrying amount** | **fair value** | **fair value** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term loan and interest receivable from GTAC | Ps. | 1024.4 | Ps. | 1031.5 | Ps. | 7.1 | Ps. | 110.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open-Ended Fund |  | 784.8 |  | 784.8 |  |  |  | 78.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicly traded equity instruments |  | 1709.9 |  | 1709.9 |  |  |  | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments<sup>(1)</sup> |  | 2001.0 |  | 2001.0 |  |  |  | 200.1 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2025<sup>(4)</sup> |  | 4579.5 |  | 4577.9 |  | (1.6) |  | 456.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2026 |  | 4328.7 |  | 4254.2 |  | (74.5) |  | 350.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2032 |  | 6260.7 |  | 6838.3 |  | 577.6 |  | 1261.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2040 |  | 12521.5 |  | 11389.8 |  | (1131.7) |  | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2045 |  | 16499.3 |  | 11969.1 |  | (4530.2) |  | (3333.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2046 |  | 18355.9 |  | 15480.1 |  | (2875.8) |  | (1327.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2049 |  | 13792.9 |  | 10280.4 |  | (3512.5) |  | (2484.5) |
| Peso-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes due 2027 |  | 4500.0 |  | 4252.7 |  | (247.3) |  | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2037 |  | 4500.0 |  | 3186.4 |  | (1313.6) |  | (994.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2043 |  | 6225.7 |  | 3608.5 |  | (2617.2) |  | (2256.4) |
| Long-term notes payable to Mexican Banks |  | 12650.0 |  | 12777.2 |  | 127.2 |  | 1405.0 |
| Lease Liabilities |  | 5386.6 |  | 5454.2 |  | 67.5 |  | 612.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Given the nature and the tenor of these derivatives, an increase of 10% in the interest and/or exchange rates would not be an accurate sensitivity analysis.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The carrying value of debt is stated in this table at its principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The fair value of the Senior Notes and Notes due by the Group are within Level 1 of the fair value hierarchy as there is a quoted market price for them. The fair value of the lease liabilities are within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Senior Notes due 2025 were repaid at maturity on March 18, 2025.

[**Table of Contents**](#TOC)

We are also subject to the risk of foreign currency exchange rate fluctuations, resulting from the net monetary position in U.S. Dollars of our Mexican operations, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **(In millions of U.S. Dollars)** | **(In millions of U.S. Dollars)** | **(In millions of U.S. Dollars)** | **(In millions of U.S. Dollars)** |
| U.S. Dollar-denominated and U.S. Dollar-equivalent monetary assets, primarily cash and cash equivalents, short-term investments, and non-current investments in financial instruments<sup>(1)</sup> | U.S.$ | 1655.9 | U.S.$ | 1352.0 |
| U.S. Dollar-denominated and U.S. Dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities<sup>(2)(3)</sup> |  | (3819.7) |  | (3942.2) |
| Net liability position | U.S.$ | (2163.8) | U.S.$ | (2590.2) |

---

<sup>(1)</sup> In 2025 and 2024, include U.S. Dollar equivalent amounts of U.S.$9.5 million and U.S.$33.4 million, respectively, related to other foreign currencies, primarily Euros.

<sup>(2)</sup> In 2025 and 2024, include U.S. Dollar equivalent amounts of U.S.$40.1 million and U.S.$0.1 million, respectively, related to other foreign currencies, primarily Euros.

<sup>(3)</sup> In 2025 and 2024, monetary liabilities included U.S.$2,304.1 million (Ps.41,511.5 million) and U.S.$2,108.7 million (Ps.44,005.8 million), respectively, related to long-term debt designed as a hedging instrument of the Group's investments in TelevisaUnivision and the investment in Open-Ended Fund.

At December 31, 2025, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.252.8 million. At December 31, 2024, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.1,004.9 million.

#### Item 12. Description of Securities Other than Equity Securities

#### Global Depositary Shares
The Bank of New York Mellon, the depositary for the securities underlying our GDSs, collects its fees for delivery and surrender of GDSs directly from investors depositing shares or surrendering GDSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

[**Table of Contents**](#TOC)

The following table summarizes the fees and charges that a GDS holder may be required to pay, directly or indirectly, to the depositary pursuant to the terms of the Deposit Agreement, which was filed with the SEC as an exhibit to our Registration Statement on Form F-6 filed on September 17, 2007:

---

| | |
|:---|:---|
| **Fee** | **Depositary Service** |
| U.S.$5.00 (or less) per 100 GDSs (or portion of 100 GDSs) | ● Issuance of GDSs, including issuances resulting from a distribution of shares or rights or other property<br>|
|  | ● Cancellation of GDSs for the purpose of withdrawal, including if the deposit agreement terminates<br>|
| U.S.$0.02 (or less) per GDS | ● Any cash distribution to GDS registered holders<br>|
| A fee equivalent to the fee that would be payable if securities distributed to holders had been CPOs and the CPOs had been deposited for issuance of GDSs | ● Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to GDS registered holders<br>|
| U.S.$0.02 (or less) per GDS per calendar year | ● Depositary services<br>|
| Registration or transfer fees | ● Transfer and registration of CPOs on our CPO register to or from the name of the depositary or its agent when holders deposit or withdraw CPOs<br>|
| Expenses of the depositary | ● Cable and facsimile transmissions (when expressly provided in the deposit agreement)<br>|
|  | ● Converting foreign currency to U.S. dollars<br>|
| Taxes and other governmental charges the depositary or the custodian have to pay on any GDS or share underlying a GDS, for example, stock transfer taxes, stamp duty or withholding taxes | ● As necessary<br>|
| Any charges incurred by the depositary or its agents for servicing the deposited securities | ● As necessary<br>|

---

Note that the actual amounts charged by the depositary may differ from those set out in the table above, but may not exceed these levels.

The Bank of New York Mellon, as depositary, pays us an agreed amount as reimbursement for certain expenses we incur related to our being a publicly-listed entity in the United States, including, but not limited to, internal and out-of-pocket investor relations expenses, corporate finance and accounting expenses, legal expenses, annual NYSE listing fees, Sarbanes-Oxley compliance, travel expenses related to presentations to rating agencies and investors, road show presentations, or any other similar or related expenses. There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement available to us is not necessarily tied to the amount of fees the depositary collects from investors. In 2025, we received a U.S.$3.3 million reimbursement from the depositary.

#### Part II

#### Item 13. Defaults, Dividend Arrearages and Delinquencies
Not applicable.

#### Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
Not applicable.

[**Table of Contents**](#TOC)

#### Item 15. Controls and Procedures

#### Evaluation of Disclosure Controls and Procedures
Based on the evaluation as of December 31, 2025, our Co-Chief Executive Officers and Principal Financial Officer of the Company have concluded that the Company's disclosure controls and procedures (as defined under Exchange Act Rules 13a-15(e) and 15d-15(e)) are effective to provide reasonable assurance that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including our Co-Chief Executive Officers and the Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

#### Management's Annual Report on Internal Control Over Financial Reporting
The Company's management, including our Co-Chief Executive Officers and Principal Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting and is responsible for the assessment of the effectiveness of internal control over financial reporting as such terms are defined in Rule 13a-15(f) of the Exchange Act.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Internal control over financial reporting has inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements will not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Management concluded that the Company maintained effective internal control over financial reporting as of December 31, 2025.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2025 has been audited by KPMG Cárdenas Dosal, S.C., an independent registered public accounting firm, as stated in their report which appears herein.

#### Changes in Internal Control Over Financial Reporting
There has been no change in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that occurred during the year ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

#### Item 16. Audit Committee Financial Expert
Our board of directors has determined that Mr. Guillermo García Naranjo Álvarez, Chairman of the Audit Committee of the Company, as well as Mr. Francisco José Chevez Robelo, former Chairman of the Audit Committee of the Company, are audit committee financial experts. Mr. García Naranjo and Mr. Chevez are "independent" and meet the requisite qualifications as defined in Item 16A of Form 20-F.

#### Code of Ethics
We have adopted a written code of ethics that applies to all of our employees, including our principal executive officers, principal financial officer, and principal accounting officer. In February 2026, we amended the Code of Ethics to include references to artificial intelligence and the prevention of terrorism financing, as well as to update the provisions related to sustainability, cybersecurity, and data privacy.

We did not grant any waivers to our code of ethics during the fiscal year ended December 31, 2025.

[**Table of Contents**](#TOC)

You may request a copy of our code of ethics, at no cost, by writing to or telephoning us as follows:

Grupo Televisa, S.A.B.

Avenida Vasco de Quiroga, No. 2000

Colonia Santa Fe, 01210 Mexico City, Mexico.

Telephone: (+52) 55 5261-2000.

In addition, the English version of the code of ethics can be found at http://www.televisair.com/en/governance/codes-and-bylaws and the Spanish version at http://www.televisair.com/es-ES/governance/codes-and-bylaws.

#### Principal Accountant Fees and Services
KPMG Cárdenas Dosal, S.C. acted as our independent registered public accounting firm for the fiscal years ended December 31, 2025 and 2024.

The chart below sets forth the total amount billed by our independent registered public accounting firms for services performed in the years 2025 and 2024, and breaks down these amounts by category of service:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **(in millions of Pesos)** | **(in millions of Pesos)** | **(in millions of Pesos)** | **(in millions of Pesos)** |
| Audit Fees | Ps. | 83.7 | Ps. | 101.4 |
| Audit-Related Fees |  | 2.2 |  | 2.6 |
| Tax Fees |  | 6.6 |  | 3.6 |
| Other Fees |  |  |  |  |
| Total | Ps. | 92.5 | Ps. | 107.6 |

---

"Audit Fees" are the aggregate fees billed by our Independent Registered Public Accounting Firms for the audit of our consolidated annual financial statements, services related to regulatory financial filings with the SEC.

"Audit-Related Fees" are fees charged by our Independent Registered Public Accounting Firm for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under "Audit Fees". This category includes fees billed for due diligence reviews in connection with potential acquisitions and business combinations, attestation services that are provided in connection with statutory and regulatory filings or engagements and agreed upon procedures.

[**Table of Contents**](#TOC)

"Tax Fees" are fees for professional services rendered by the Company's Independent Registered Public Accounting Firm for tax compliance in connection with our subsidiaries in Mexico and interests in the United States, as well as tax advice on actual or contemplated transactions.

"Other Fees" are fees charged by our Independent Registered Public Accounting Firm in connection with services rendered other than audit, audit-related and tax services.

We have procedures for the review and pre-approval of any services performed by KPMG Cárdenas Dosal, S.C. The procedures require that all proposed engagements of KPMG Cárdenas Dosal, S.C. for audit and non-audit services are submitted to the Board of Directors for approval, with the favorable opinion of the Audit Committee prior to the beginning of any such services.

#### Audit Committee Pre-approval Policies and Procedures
Our audit committee is responsible, among other things, for the oversight of our external auditors. On the other hand, our Board of Directors, with the support of our audit committee, is responsible, among other things, for the appointment and compensation of our external auditors. All services other than the audit related services must receive a specific approval from our Board of Directors, with the favorable opinion of the audit committee. Our external auditor, on a quarterly basis, provides a report to our audit committee in order for our audit committee to review the services that our external auditor is providing, as well as the status and cost of those services.

During 2025, KPMG, with the prior approval by our Board of Directors and the favorable opinion of our Audit Committee, rendered additional services in our favor and in favor of certain of our subsidiaries consisting of tax consulting, social security and local contributions related services, which were for concepts other than the audit of our Financial Statements. KPMG billed us for such services an amount of Ps.6.6 million, which represents 7.1% of the total amounts that KPMG billed us for on services rendered in 2025.

#### Exemptions from the Listing Standards for Audit Committees
Not applicable.

#### Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The following table sets forth, for the periods indicated, information regarding purchases of any of our equity securities registered pursuant to Section 12 of the Exchange Act made by us or on our behalf or by or on behalf of any affiliated purchaser (as that term is defined in Rule 10b-18(a)(3) under the Exchange Act):

[**Table of Contents**](#TOC)

#### Purchases of Equity Securities by the Company

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Maximum Number (or**  | **Maximum Number (or**  |
| | | | | **Appropriate Peso Value) of** | **Appropriate Peso Value) of** |
| | | | | **CPOs that May Yet Be**  | **CPOs that May Yet Be**  |
| | | | | **Purchased Under the Plans** | **Purchased Under the Plans** |
| <br>**Purchase Date** | <br>**Total Number** <br>**of**<br>**CPOs** <br>**Purchased** | <br>**Average Price** <br>**Paid per CPO**<sup>(1)</sup> | **Total Number of** <br>**CPOs Purchased** <br>**as part of Publicly** <br>**Announced Plans**<br>**or Programs**<sup>(2)</sup> | **or Programs**<sup>(2)</sup> | **or Programs**<sup>(2)</sup> |
| January 1 to January 31 |  | Ps. |  | Ps. | 3000000000 |
| February 1 to February 28 |  |  |  |  | 3000000000 |
| March 1 to March 31 |  |  |  |  | 3000000000 |
| April 1 to April 30 |  |  |  |  | 3000000000 |
| May 1 to May 31 |  |  |  |  | 3000000000 |
| June 1 to June 30 |  |  |  |  | 3000000000 |
| July 1 to July 31 |  |  |  |  | 3000000000 |
| August 1 to August 31 |  |  |  |  | 3000000000 |
| September 1 to September 30 |  |  |  |  | 3000000000 |
| October 1 to October 31 |  |  |  |  | 3000000000 |
| November 1 to November 30 |  |  |  |  | 3000000000 |
| December 1 to December 31 |  |  |  |  | 3000000000 |
| Total |  | Ps. |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The values have not been restated in constant Pesos and therefore represent nominal historical figures.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Our share repurchase program was announced in September 2002 and does not have an expiration date. On November 13, 2017, we announced our intention to reactivate our share repurchase program. Accordingly, we may, from time to time, at management's discretion, seek to acquire shares of the Company's capital stock subject to legal, market and other business conditions at the time of purchase. The total amount of our share repurchase program was limited to Ps.3.0 million during 2025 in accordance with the resolutions that our stockholders approved in the annual shareholders meeting held on April 29, 2025.

#### Purchases of Equity Securities by Special Purpose Trust

#### Formed in Connection with Long-Term Retention Plan<sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Average Price**  | **Average Price**  | | |
| <br>**Purchase Date** | <br>**Total Number of** <br>**CPOs Purchased** | **Paid per CPO**<sup>(2)</sup> | **Paid per CPO**<sup>(2)</sup> | **Total Number of** <br>**CPOs Purchased** <br>**as part of Publicly**<br>**Announced Plans** <br>**or Programs** | **Maximum Number (or**<br>**Appropriate Peso Value) of**<br>**CPOs that May Yet Be**<br>**Purchased Under the Plans**<br>**or Programs**<sup>(3)</sup> |
| January 1 to January 31 |  |  |  |  |  |
| February 1 to February 28 |  |  |  |  |  |
| March 1 to March 31 | 8500000 |  | 7.3608 |  |  |
| April 1 to April 30 | 6500000 |  | 6.9378 |  |  |
| May 1 to May 31 | 18100000 |  | 7.6152 |  |  |
| June 1 to June 30 | 22500000 |  | 8.4988 |  |  |
| July 1 to July 31 |  |  |  |  |  |
| August 1 to August 31 |  |  |  |  |  |
| September 1 to September 30 |  |  |  |  |  |
| October 1 to October 31 |  |  |  |  |  |
| November 1 to November 30 | 2500000 |  | 10.6013 |  |  |
| December 1 to December 31 |  |  |  |  |  |
| Total | 58100000 | Ps. | 7.9729 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See "Directors, Senior Management and Employees—Stock Purchase Plan and Long-Term Retention Plan" for a description of the implementation, limits and other terms of our Long-Term Retention Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents open-market purchases by the special purpose trust formed in connection with our Long-Term Retention Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The values have not been restated in constant Pesos and therefore represent nominal historical figures.

[**Table of Contents**](#TOC)

#### Change in Registrant's Certifying Accountant
Not applicable.

#### Corporate Governance
As a foreign private issuer with shares listed on the NYSE, we are subject to different corporate governance requirements than a U.S. company under the NYSE listing standards. With certain exceptions, foreign private issuers are permitted to follow home country practice standards. Pursuant to Rule 303.A11 of the NYSE listed company manual, we are required to provide a summary of the significant ways in which our corporate governance practices differ from those required for U.S. companies under the NYSE listing standards.

We are a Mexican corporation with shares, in the form of CPOs listed on the *Bolsa Mexicana de Valores*, or Mexican Stock Exchange. Our corporate governance practices are governed by our bylaws, the Mexican Securities Market Law, and the regulations issued by the CNBV and the Mexican Stock Exchange. Although compliance is not mandatory, we also substantially comply with the Mexican Code of Principles and Best Corporate Governance Practices (*Código de Principios y Mejores Prácticas de Gobierno Corporativo*), which was created in January 1999 by a group of Mexican business leaders and was endorsed by the CNBV and last amended in 2018. See "Additional Information—Bylaws" for a more detailed description of our corporate governance practices.

[**Table of Contents**](#TOC)

The table below sets forth a description of the significant differences between corporate governance practices required for U.S. companies under the NYSE listing standards and the Mexican corporate governance standards that govern our practices.

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| | |
|:---|:---|
| **NYSE rules** | **Mexican rules** |
| Listed companies must have a majority of independent directors. | The Mexican Securities Market Law requires that listed companies have at least 25% of independent directors. Our stockholder's meeting is required to assess the independence of the directors. The definition of "independent" under the Mexican Securities Market Law differs in some aspects from the one applicable to U.S. issuers under the NYSE standard and prohibits, among other relationships, an independent director from being an employee or officer of the company or a stockholder that may have influence over our officers, relevant clients and contractors, as well as certain relationships between the independent director and family members of the independent director. In addition, our bylaws broaden the definition of independent director. Our bylaws provide for an executive committee of our board of directors. The executive committee is currently composed of three members, and there are no applicable Mexican rules that require any of the members to be independent. The executive committee may generally exercise the powers of our board of directors, subject to certain exceptions. Our Co-Chief Executive Officers are members of our board of directors and the executive committee. |
| Listed companies must have a nominating/corporate governance committee composed entirely of independent directors. | The Mexican Securities Law requires that listed companies must have a corporate practices committee. The corporate practices committee of publicly traded corporations (*sociedades anónimas bursátiles*) which are controlled by a person or group of persons that own 50% (fifty percent) or more of the capital stock of a company, must be composed of a majority of independent members. Otherwise, the Chairman and all the members must be independent. |
| Listed companies must have a compensation committee composed entirely of independent directors. | The Mexican Code of Principles and Best Corporate Governance Practices recommends listed companies to have a compensation committee. While these rules are not legally binding, companies failing to comply with the Mexican Code of Principles and Best Corporate Governance Practices' recommendation must disclose publicly why their practices differ from those recommended by the Mexican Code of Principles and Best Corporate Governance Practices. |
| Listed companies must have an audit committee with a minimum of three members and must be independent. | The Mexican Securities Market Law requires that listed companies must have an audit committee. The Chairman and the members must be independent. |
| Non-management directors must meet at regularly scheduled executive sessions without management. | Our non-management directors are not required to meet at executive sessions. The Mexican Code of Principles and Best Corporate Governance Practices does not expressly recommend executive sessions. |
| Listed companies must require shareholder approval for equity compensation plans, subject to limited exemptions. | Companies listed on the Mexican Stock Exchange are required to obtain shareholder approval for equity compensation plans, provided that such plans are subject to certain conditions. |
| Listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. | Companies listed on the Mexican Stock Exchange are not required to adopt a code of ethics. However, we have adopted a code of ethics which is available free of charge through our offices or in the website provided in Item 16.B above. See "—Code of Ethics" for directions on how to obtain a copy of our code of ethics. Waivers involving any of our executive officers or directors will be made only by our Board of Directors or a designated committee of the Board or as determined in our Code of Ethics. |

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#### Mine Safety Disclosure
Not applicable.

 **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

**Insider Trading Policies**

We have adopted an insider trading policy (the "Insider Trading Policy"), which, among other things, governs the purchase or sale of our securities by our directors, executive officers and employees. Our Insider Trading Policy aims to promote compliance with applicable insider trading laws, rules and regulations. A copy of our Insider Trading Policy is filed as Exhibit 11.1 to this Form 20-F.

[**Table of Contents**](#TOC)

**Cybersecurity**

*Risk management and strategy*

Our cybersecurity program is designed to protect our network and information systems from cybersecurity threats and to ensure the confidentiality, integrity, and availability of our systems and information. We place special weight on protecting sensitive information, such as the personal information of our clients, subscribers, and employees, and our digital content and other confidential information and intellectual property that could be leveraged by a malicious actor. This involves a comprehensive and ongoing effort to protect against, detect, and respond to cybersecurity threats and vulnerabilities.

We maintain a multidisciplinary enterprise risk management process overseen by our office of Corporate Risk Management ("CRM"), which provides for the identification, evaluation, management, monitoring, and reporting of risks and opportunities within the Company, including cybersecurity risks. The CRM, with oversight from the Audit Committee of the Company, reviews the effectiveness of this process on an annual basis. With respect to cybersecurity, we employ a strategy, aligned with our business objectives and strategic risk management, based on the principles of the National Institute of Standards and Technology Internal Report 8286, Rev. 1, "Integrating Cybersecurity and Enterprise Risk Management", to identify and address internal and external risks.

Our cybersecurity program includes a number of components, such as the adoption of information security protocols, standards, guidelines, and policies consistent with industry-standard practices; tools for threat detection, access controls, risk assessments related to cybersecurity and data privacy; vulnerability testing; and internal audits of the Company's information security protocols. Our cybersecurity program is currently certified as compliant with International Organization for Standardization 27001 and the Payment Card Industry Data Security Standard.

We maintain a training and security awareness program for all employees of the Company. This program consists of deploying training courses, information capsules, webinars, and anti-phishing tests to our employees. It also includes other elements, such as questionnaires, to evaluate the effectiveness of the program, strengthen the permanence of security knowledge within the Company, and increase security awareness in our employees.

Our cybersecurity program includes the deployment of other preventive controls such as annual penetration tests and vulnerability assessments performed by specialized technical internal personnel on our systems, applications, and critical infrastructure. We also maintain an internal team that hunts, collects, monitors, and analyzes industry-specific, regional, and global cybersecurity threat intelligence for possible external threats to the Company.

The Company relies on external security advisors and other third-party information security professionals, who perform annual threat hunting exercises on our infrastructure and critical systems to identify and remove any possible malicious artifacts and threats in our environments, manage a security operations center, and manage and monitor our information security tools. The external security advisors also provide an independent periodic assessment regarding the controls in our environments, which are aimed at strengthening and improving our security practices.

We also maintain an incident response framework for the identification, evaluation, and management of cybersecurity incidents. This framework provides information on how personnel should prepare, detect, analyze, contain, eradicate, and recover from a security incident, including the monitoring of remediation efforts. It also contains an internal, risk-based escalation framework designed to ensure that all relevant individuals are promptly informed of any cybersecurity incident and dictates procedures for determining whether a cybersecurity incident is material, without unreasonable delay.

In the ordinary course of our business, we rely on third-party service providers ("TPSPs") to collect, process and store certain personal information and other data related to us, our clients and subscribers, and our digital content. We assess the cybersecurity practices of our TPSPs prior to onboarding through a variety of measures, including a due diligence process designed to assess and manage the potential cybersecurity risks posed by such TPSPs to the Company. This process involves the evaluation of security questionnaires and the performance of a business impact analysis, review of General Information Technology Controls reports, and periodic, risk-based monitoring and security reviews of TPSPs following onboarding. Despite these measures, we are reliant on the security practices of our TPSPs, which may be outside of our direct control.

[**Table of Contents**](#TOC)

From time to time, the Company has experienced data and cybersecurity incidents. For the period of January 1, 2025 through December 31, 2025, the Company has no evidence of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. However, there can be no guarantee that we will not be materially affected by such risks in the future. For information on the cybersecurity threats and risks we face and the potential impacts on the business related thereto, see "Key Information—Risk Factors—Risk Factors Related to Our Business—Any Incidents Affecting Our Network and Information Systems or Other Technologies Could Have an Adverse Impact on Our Business, Reputation and Results of Operations".

*Governance*

Our cybersecurity program is led by our Chief Information Security Officer ("CISO"), with oversight from our Co-CEOs and CFO. Cybersecurity strategy is also reviewed and approved by the CEO of our subsidiaries, Sky and izzi. Our CISO, together with our Co-CEOs and CFO, are responsible for the coordination of our cybersecurity initiatives and the oversight of cybersecurity risk management across the Company. Our CISO has worked in executive positions related to cybersecurity in multinational financial companies and the telecommunications industry for more than 25 years. The CISO is primarily responsible for designing the strategy and ensuring the execution of the cybersecurity program. The CISO manages a cybersecurity team that holds international certifications related to cybersecurity, and manages the processes for identifying regional, global, and industry-related threats described above. See "—Risk management and strategy".

The CISO periodically provides reports on cybersecurity threats, reports of incidents (if any), projects, and risk management to the executive committee at the subsidiary level, as well as the Company's enterprise-wide Corporate Committee on Information Technology and Security, which consists of Company senior personnel across the Company in the cybersecurity, information technology, risk management, and legal departments (the "Corporate Committee"). The Corporate Committee and Sky and izzi Executive Committee focus on decision making and monitoring compliance with the cybersecurity program. The Corporate Committee also aligns technology and information security strategies across the subsidiaries.

Our Board of Directors takes an active role in overseeing the management of cybersecurity risks to the Company. Primary responsibility for cybersecurity oversight has been delegated to the Audit Committee. The Audit Committee receives regular updates from members of the Corporate Committee on cybersecurity matters, including information related to incidents (if any) that occurred during the reporting period, trending topics, and compliance with internal processes. The Audit Committee provides quarterly reports on cybersecurity issues to the Board.

[**Table of Contents**](#TOC)

#### Part III

#### Item 17. Financial Statements
We have responded to Item 18 in lieu of Item 17.

**Item 18.** **Financial Statements** 

See pages F-1 through F-83, which are incorporated in this Item 18 by reference.

#### Item 19. Exhibits
Documents filed as exhibits to this annual report appear on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.

#### EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibit** |
| 1.1 | [English translation of Amended and Restated Bylaws (Estatutos Sociales) of the Registrant, dated as of April 28, 2026.](tv-20251231xex1d1.htm) |
| 2.1 | Indenture relating to Senior Debt Securities, dated as of August 8, 2000, between the Registrant, as Issuer, and The Bank of New York, as Trustee (previously filed with the Securities and Exchange Commission as Exhibit 4.1 to the Registrant's Registration Statement on Form F-4 (File number 333-12738), as amended, and incorporated herein by reference). |
| 2.2 | Fourth Supplemental Indenture relating to the 8.5% Senior Exchange Notes due 2032 between the Registrant, as Issuer, and The Bank of New York and Dexia Banque Internationale à Luxembourg (previously filed with the Securities Exchange Commission as Exhibit 4.5 to the Registrant's Registration Statement on Form F-4 (the "2002 Form F-4") and incorporated herein by reference). |
| 2.3 | Sixth Supplemental Indenture relating to the 8.5% Senior Notes due 2032 between Registrant, as Issuer, and The Bank of New York and Dexia Banque Internationale à Luxembourg (previously filed with the Securities and Exchange Commission as Exhibit 4.7 to the 2002 Form F-4 and incorporated herein by reference). |
| 2.4 | [Tenth Supplemental Indenture related to the 8.49% Senior Notes due 2037 between Registrant, as Issuer, The Bank of New York and The Bank of New York (Luxembourg) S.A., dated as of May 9, 2007 (previously filed with the Securities and Exchange Commission as Exhibit 2.9 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2006, and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000095012307009252/y35935exv2w9.htm) |
| 2.5 | [Eleventh Supplemental Indenture relating to the 8.49% Senior Exchange Notes due 2037 between Registrant, as Issuer, The Bank of New York and The Bank of New York (Luxembourg) S.A., dated as August 24, 2007 (previously filed with the Securities and Exchange Commission as Exhibit 4.12 to the Registrant's Registration Statement on Form F-4 (File number 333-144460), as amended, and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000095012307010093/y36897a1exv4w12.htm) |
| 2.6 | [Form of Deposit Agreement between the Registrant, The Bank of New York, as depositary and all holders and beneficial owners of the Global Depositary Shares, evidenced by Global Depositary Receipts (previously filed with the Securities and Exchange Commission as an Exhibit to the Registrant's Registration Statement on Form F-6 (File number 333-146130) and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000101915507000270/ardepagmtbnytelevisa.htm) |
| 2.7 | [Fourteenth Supplemental Indenture relating to the 6.625% Senior Notes due 2040 between Registrant, as Issuer, The Bank of New York Mellon and The Bank of New York Mellon (Luxembourg) S.A., dated as of November 30, 2009 (previously filed with the Securities and Exchange Commission as Exhibit 4.15 to the Registrant's Registration Statement on Form F-4 (File number 333-164595), as amended, and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000095012310006796/y81623exv4w15.htm) |
| 2.8 | [Fifteenth Supplemental Indenture relating to the 6.625% Senior Exchange Notes due 2040 between Registrant, as Issuer, The Bank of New York Mellon and The Bank of New York Mellon (Luxembourg) S.A., dated as of March 22, 2010 (previously filed with the Securities and Exchange Commission as Exhibit 2.15 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2009 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000095012310060323/c02087exv2w15.htm) |
| 2.9 | [Sixteenth Supplemental Indenture relating to the 7.25% Peso Denominated Senior Notes due 2043 among the Registrant, as Issuer, The Bank of New York Mellon, as Trustee, Registrar, Paying Agent and Transfer Agent, the Bank of New York Mellon, London Branch, as London Paying Agent and the Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Transfer Agent, dated as of May 14, 2013 (previously filed with the Securities and Exchange Commission as Exhibit 4.1 to the Registrant's Form 6-K filed on May 14, 2013 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312513219886/d537401dex41.htm) |

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[**Table of Contents**](#TOC)

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| | |
|:---|:---|
| 2.10 | [Seventeenth Supplemental Indenture relating to the 5.000% Senior Notes due 2045 among the Registrant, as Issuer, The Bank of New York Mellon, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Transfer Agent, dated as of May 13, 2014 (previously filed with the Securities and Exchange Commission as Exhibit 4.1 to the Registrant's Form 6-K filed on May 13, 2014 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312514196510/d724304dex41.htm) |
| 2.11 | [Nineteenth Supplemental Indenture relating to the 6.125% Senior Notes due 2046 among the Registrant, as Issuer, The Bank of New York Mellon, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Transfer Agent, dated as of November 24, 2015 (previously filed with the Securities and Exchange Commission as Exhibit 4.2 to the Registrant's Form 6-K filed on November 24, 2015 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312515386889/d69106dex42.htm) |
| 2.12 | [Twentieth Supplemental Indenture relating to the 5.250% Senior Notes due 2049 among the Registrant, as Issuer, The Bank of New York Mellon, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Luxembourg Paying Agent and Transfer Agent, dated as of May 24, 2019 (previously filed with the Securities and Exchange Commission as Exhibit 4.1 to the Registrant's Form 6-K filed on May 24, 2019 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000110465919031794/a19-10231_5ex4d1.htm) |
| 2.13 | [Description of the rights of each class of securities registered under Section 12 of the Exchange Act.](tv-20251231xex2d13.htm) |
| 4.1 | Form of Indemnity Agreement between the Registrant and its directors and executive officers (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Registration Statement on Form F-4 (File number 33-69636), as amended, and incorporated herein by reference). |
| 4.2 | Amended and Restated Collateral Trust Agreement, dated as of June 13, 1997, as amended, among PanAmSat Corporation, Hughes Communications, Inc., Satellite Company, LLC, the Registrant and IBJ Schroder Bank and Trust Company (previously filed with the Securities and Exchange Commission as an Exhibit to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2001 and incorporated herein by reference). |
| 4.3 | [Amended and Restated Bylaws (*Estatutos Sociales*) of Innova, S. de R.L. de C.V. ("Innova") dated as of December 22, 1998 (previously filed with the Securities and Exchange Commission as an Exhibit to Innova's Annual Report on Form 20-F for the year ended December 31, 2004 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1044884/000095012305007297/y09848exv1w1.txt) |
| 4.4 | [Full-Time Transponder Service Agreement, dated as of November, 2007, by and among Intelsat Corporation, Intelsat LLC, Corporación de Radio y Televisión del Norte de México, S. de R. L. de C.V. and SKY Brasil Serviços Ltda (previously filed with the Securities and Exchange Commission as Exhibit 4.16 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2007 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000136231008003383/c73656exv4w16.htm) |
| 4.5\* | [Second Amended and Restated Stockholders Agreement, dated as of January 31, 2022, by and among TelevisaUnivision, Inc., Univision Holdings, Inc., Broadcast Media Partners Holdings, Inc., Univision Communications Inc. and certain stockholders of TelevisaUnivision, Inc. (previously filed with the Securities and Exchange Commission as Exhibit 4.11 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2021 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000110465922053835/tv-20211231xex4d11.htm) |
| 4.6 | [Transaction Agreement, dated as of April 13, 2021, by and among Grupo Televisa, S.A.B., Univision Holdings, Inc., and, for the limited purposes set forth therein, Searchlight III UTD GP, LLC, ForgeLight Univision Holdings LLC and Liberty Global Ventures Limited (previously filed with the Securities and Exchange Commission as Exhibit 4.18 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2020 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000110465921059010/tm211632d1_ex4-18.htm) |

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[**Table of Contents**](#TOC)

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|:---|:---|
| 4.7 | [English summary of Amendment and Restatement of the Indenture, dated April 7, 2011, relating to the issuance of the Series 1 and Series 2 Debentures by GSF Telecom Holdings, Sociedad Anónima Promotora de Inversión de Capital Variable with the consent of Deutsche Bank México, Sociedad Anónima, Institución de Banca Múltiple, División Fiduciaria and Assignment Agreement with respect to the Series 1 and Series 2 Debentures, dated April 7, 2011, by and among Mexico Media Investments S.L., Sociedad Unipersonal, as assignor and Corporativo Vasco de Quiroga, S.A. de C.V., as assignee, with the consent of GSF Telecom Holdings, S.A.P.I. de C.V. and Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria (previously filed with the Securities and Exchange Commission as Exhibit 4.34 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2010 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000095012311062480/c19172exv4w34.htm) |
| 4.8 | [English summary of indenture, dated July 31, 2013, related to the issuance of Ps.7,000 million convertible debentures, by Tenedora Ares, S.A.P.I de C.V., together with Banco Invex, Sociedad Anónima, Institución de Banca Múltiple, Invex Grupo Financiero, Fiduciario, in its capacity as common representative for the holders of the debentures (previously filed with the Securities and Exchange Commission as Exhibit 4.31 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2013 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312514167615/d718380dex431.htm) |
| 4.9 | [English summary of call and put option agreement, dated July 31, 2013, by and among Tenedora Ares, S.A.P.I. de C.V., Thomas Stanley Heather Rodríguez, Vamole Inversiones 2013, S.L. Sociedad Unipersonal and Arretis, S.A.P.I. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.32 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2013 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312514167615/d718380dex432.htm) |
| 4.10 | [English summary of conversion of debentures, dated August 13, 2014, by and between Arretis, S.A.P.I. de C.V and Tenedora Ares, S.A.P.I. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.33 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312515156809/d907185dex433.htm) |
| 4.11 | [English summary of share purchase agreement, dated August 13, 2014, by and among Vamole Inversiones 2013, S.L., Sociedad Unipersonal, Thomas Stanley Heather Rodriguez, Arretis, S.A.P.I. de C.V. and San Ángel Telecom, S.A. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.34 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312515156809/d907185dex434.htm) |
| 4.12 | [English summary of share purchase agreement, dated August 13, 2014, by and among Dafel Investments B.V., Mexico Media Investments, S.L., Sociedad Unipersonal, Cable TV Investments, S.L., Sociedad Unipersonal, Tenedora Ares, S.A.P.I. de C.V. and San Ángel Telecom, S.A. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.35 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312515156809/d907185dex435.htm) |
| 4.13 | [English summary of share purchase agreement, dated July 9, 2014, by and among Invex Grupo Financiero, as trustee of Trust F/1017 and Grupo Salinas Telecom, S.A. de C.V., with the acknowledgement of GSF Telecom Holdings, S.A.P.I. de C.V. and Corporativo Vasco de Quiroga, S.A. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.36 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312515156809/d907185dex436.htm) |
| 4.14 | [English summary of merger agreement, dated January 8, 2015, by and among Consorcio Nekeas, S.A. de C.V., Galavisión DTH, S. de R.L. de C.V. and Inmobiliaria Hevi, S.A. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.37 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312515156809/d907185dex437.htm) |
| 4.15 | [English summary of stock purchase agreement, dated January 8, 2015, by and among Mara del Carmen Ordóñez Valverde, Axel Eduardo Vielma Ordóñez, Héctor Vielma Ordóñez, José Francisco Vielma Ordóñez, Luis Edmundo Vielma Ordóñez and Corporativo Vasco de Quiroga, S.A. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.38 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2014 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000119312515156809/d907185dex438.htm) |
| 4.16 | [English summary of merger agreement, dated March 4, 2016, by and among Corporativo Vasco de Quiroga, S.A. de C.V. and Grupo TVI Telecom, S.A. de C.V. (previously filed with the Securities and Exchange Commission as Exhibit 4.41 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2015 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000110465916116243/a16-8662_1ex4d41.htm) |
| 4.17 | [Credit Agreement, dated as of April 9, 2024, among Grupo Televisa, S.A.B., Cablemás Telecomunicaciones, S.A. de C.V., and Televisión Internacional, S.A. de C.V. as Borrowers, the several lenders and other financial institutions from time to time parties thereto, BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México as Administrative Agent, BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat as Joint Lead Arrangers and Joint Bookrunners (previously filed with the Securities and Exchange Commission as Exhibit 4.17 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2024 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000141057825001050/tv-20241231xex4d17.htm) |
| 4.17 | [Credit Agreement, dated as of April 9, 2024, among Grupo Televisa, S.A.B., Cablemás Telecomunicaciones, S.A. de C.V., and Televisión Internacional, S.A. de C.V. as Borrowers, the several lenders and other financial institutions from time to time parties thereto, BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México as Administrative Agent, BBVA México, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat as Joint Lead Arrangers and Joint Bookrunners (previously filed with the Securities and Exchange Commission as Exhibit 4.17 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2024 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000141057825001050/tv-20241231xex4d17.htm) |

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|:---|:---|
| 8.1 | [List of Subsidiaries of Registrant.](tv-20251231xex8d1.htm) |
| 11.1 | [English Translation of Grupo Televisa, S.A.B. Insider Trading Policy (previously filed with the Securities and Exchange Commission as Exhibit 11.1 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2024 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000141057825001050/tv-20241231xex11d1.htm) |
| 12.1 | [Co-CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated April 30, 2026.](tv-20251231xex12d1.htm) |
| 12.2 | [Co-CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated April 30, 2026.](tv-20251231xex12d2.htm) |
| 12.3 | [Principal Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated April 30, 2026.](tv-20251231xex12d3.htm) |
| 13.1 | [Co-CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated April 30, 2026.](tv-20251231xex13d1.htm) |
| 13.2 | [Co-CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated April 30, 2026.](tv-20251231xex13d2.htm) |
| 13.3 | [Principal Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated April 30, 2026.](tv-20251231xex13d3.htm) |
| 23.1 | [Consent of KPMG Cárdenas Dosal, S.C.](tv-20251231xex23d1.htm) |
| 23.2 | [Consent of Ernst & Young LLP, independent auditors of TelevisaUnivision, Inc.](tv-20251231xex23d2.htm) |
| 23.3 | [Consent of KPMG LLP, independent auditors of TelevisaUnivision, Inc.](tv-20251231xex23d3.htm) |
| 97.1 | [Grupo Televisa, S.A.B. Compensation Recovery Policy (previously filed with the Securities and Exchange Commission as Exhibit 97.1 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2023 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/912892/000110465924055002/tv-20231231xex97d1.htm) |
| 99.1\*\* | [Audited Financial Statements of TelevisaUnivision, Inc. as of and for the three years ended December 31, 2025.](tv-20251231xex99d1.htm)  |
| 101 | The following materials from the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2025, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Statements of Financial Position as of December 31, 2025 and 2024; (ii) Consolidated Statements of Income for the Years Ended December 31, 2025, 2024 and 2023; (iii) Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023; (iv) Consolidated Statements of Changes in Equity for the Years ended December 31, 2025, 2024 and 2023; (v) Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023; and (vi) Notes to Consolidated Financial Statements for the Years Ended December 31, 2025, 2024 and 2023. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Portions of this exhibit have been omitted in accordance with Instruction 4 to Item 19 of Form 20-F.

\*\* The financial statements as of and for the three years ended December 31, 2025 of TelevisaUnivision, Inc., prepared by TelevisaUnivision, Inc. and audited by its independent auditors, KPMG LLP for the two years ended December 31, 2025 and 2024, and Ernst & Young LLP for the year ended December 31, 2023, are included in this Annual Report pursuant to Rule 3-09 of Regulation S-X.

Instruments defining the rights of holders of certain issues of long-term debt of the Registrant and its consolidated subsidiaries have not been filed as exhibits to this Form 20-F because the authorized principal amount of any one of such issues does not exceed 10% of the total assets of the Registrant and its subsidiaries on a consolidated basis. The Registrant agrees to furnish a copy of each such instrument to the SEC upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Financial Statement Schedules

All financial statement schedules relating to the Registrant are omitted because they are not required or because the required information, if material, is contained in the audited year-end financial statements or notes thereto.

[**Table of Contents**](#TOC)

#### SIGNATURE
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | | |
|:---|:---|:---|:---|
|  | **GRUPO TELEVISA, S.A.B.** | **GRUPO TELEVISA, S.A.B.** | **GRUPO TELEVISA, S.A.B.** |
|  | By: | /s/ Carlos Phillips Margain | /s/ Carlos Phillips Margain |
|  |  | Name: | Carlos Phillips Margain |
|  |  | Title: | Chief Financial Officer |
| Date: April 30, 2026 |  |  |  |

---

[**Table of Contents**](#TOC)

#### GRUPO TELEVISA, S. A. B. AND SUBSIDIARIES

#### INDEX TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS AS OF

#### DECEMBER 31, 2025 AND 2024

---

| | |
|:---|:---|
|  | **Page** |
| [Reports of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccou) (KPMG Cardenas Dosal, S.C., Mexico, Audit Firm ID: 1141) | F-2 |
| [Consolidated Statements of Financial Position as of December 31, 2025 and 2024](#ConsolidatedStatementsofFinancialPositio) | F-5 |
| [Consolidated Statements of Income or Loss for the Years Ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofIncome_888144) | F-7 |
| [Consolidated Statements of Comprehensive Income or Loss for the Years Ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofComprehensiveInc) | F-8 |
| [Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofChangesinEquity_) | F-9 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofCashFlows_442515) | F-10 |
| [Notes to Consolidated Financial Statements for the Years Ended December 31, 2025, 2024 and 2023](#NotestoConsolidatedFinancialStatements_6) | F-11 |

---

[**Table of Contents**](#TOC)

#### Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors

Grupo Televisa, S.A.B.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statements of financial position of Grupo Televisa, S.A.B. and subsidiaries (the "Group") as of December 31, 2025 and 2024, the related consolidated statements of income or loss, comprehensive income or loss, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated April 30, 2026 expressed an unqualified opinion on the effectiveness of the Group's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

***Impairment assessment of goodwill and intangible assets with indefinite useful life***

As described in Notes 2(l),2(m), 5(a) and 13 to the consolidated financial statements, impairment reviews of goodwill and intangible assets with indefinite useful life are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying amount related to the Residential and Enterprise cash-generating units (CGUs) includes the goodwill and intangible assets with indefinite useful life balance and is compared to the recoverable amount, which is the higher of the value in use (VIU) and the fair value less costs to sell (FVLCS). Any impairment loss for goodwill is recognized as an expense in the consolidated statement of income or loss and is not subject to be reversed in subsequent periods. Any impairment loss shall be allocated to reduce the carrying amount of any goodwill and intangible assets with indefinite useful-life of the cash-generating unit; and then, to the other long-lived assets of the CGUs. As described in Note 13, the goodwill and intangible assets with indefinite-useful life balance as of December 31, 2025 was Ps.28,557,851 thousand, the substantial majority of which relates to the Residential and Enterprise CGUs.

[**Table of Contents**](#TOC)

We identified the evaluation of the impairment assessment of goodwill and intangible assets with indefinite useful life of the Residential and Enterprise CGUs as a critical audit matter. Subjective auditor judgment was required in the evaluation of the key assumptions used to determine the recoverable amounts, which included the forecasted revenue growth rates, the long-term growth rates, and the discount rates. Minor changes to these key assumptions could have had a significant effect on the VIU of the CGUs. In addition, specialized skills and knowledge were required to assess the long-term growth rates and the discount rates used to determine the VIU of the CGUs.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Group's impairment assessment process. This included controls related to the development of the key assumptions for the Residential and Enterprise CGUs. We assessed the forecasted revenue growth rates by evaluating management's process to develop the forecasted revenue growth rates and comparing the forecasted revenue growth rates to historical growth rates including current year actual results and industry data, using publicly available data. We involved valuation professionals with specialized skills and knowledge, who assisted in:

● evaluating the Group's long-term growth rate by comparing it to economic growth expectations using publicly available third-party data

● evaluating the reasonableness of the discount rates by comparing the inputs used by management to develop the discount rates to publicly available data

● performing sensitivity analyses of the VIU of the CGUs using the Company's cash flow forecasts and an independently developed discount rate and comparing the results of our estimates to the Company's estimates of VIU

● recalculating the Group's VIU model.

/s/ KPMG Cárdenas Dosal, S.C.

We have served as the Company's auditor since 2018.

Mexico City, Mexico

April 30, 2026

[**Table of Contents**](#TOC)

To the Stockholders and Board of Directors

Grupo Televisa, S.A.B.:

*Opinion on Internal Control Over Financial Reporting*

We have audited Grupo Televisa, S.A.B. and subsidiaries' (the Group) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Group as of December 31, 2025 and 2024, the related consolidated statements of income or loss, comprehensive income or loss, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated April 30, 2026 expressed an unqualified opinion on those consolidated financial statements.

*Basis for Opinion*

The Group's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Group's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG Cárdenas Dosal, S.C.

Mexico City, Mexico

April 30, 2026

[**Table of Contents**](#TOC)

**Consolidated Statements of Financial Position**

As of December 31, 2025 and 2024

(In thousands of Mexican pesos)

(Notes 1, 2 and 3)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **2025** | **2025** | 2024 | 2024 |
| **ASSETS** |  |  |  |  |  |
| **Current assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | 6 | **Ps.** | **27607244** | Ps. | 46193173 |
| &nbsp;&nbsp;Short-term investments | 6 |  | **11397798** |  |  |
| &nbsp;&nbsp;Trade accounts receivable, net | 7 |  | **5720759** |  | 6175819 |
| &nbsp;&nbsp;Other accounts receivable, net |  |  | **70603** |  | 125486 |
| &nbsp;&nbsp;Income taxes receivable |  |  | **6135537** |  | 6374140 |
| &nbsp;&nbsp;Other recoverable taxes |  |  | **3624351** |  | 3207830 |
| &nbsp;&nbsp;Derivative financial instruments | 15 |  | **—** |  | 1297000 |
| &nbsp;&nbsp;Due from related parties | 20 |  | **727476** |  | 339553 |
| &nbsp;&nbsp;Transmission rights | 8 |  | **877745** |  | 950751 |
| &nbsp;&nbsp;Inventories |  |  | **584878** |  | 463225 |
| &nbsp;&nbsp;Contract costs | 2 (s) |  | **1499798** |  | 1483022 |
| &nbsp;&nbsp;Other current assets |  |  | **1970065** |  | 1657507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets |  |  | **60216254** |  | 68267506 |
| **Non-current assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Trade accounts receivable, net of current portion | 7 |  | **3024** |  | 484506 |
| &nbsp;&nbsp;Due from related party | 20 |  | **—** |  | 3293463 |
| &nbsp;&nbsp;Derivative financial instruments | 15 |  | **—** |  | 704051 |
| &nbsp;&nbsp;Transmission rights | 8 |  | **74234** |  | 74234 |
| &nbsp;&nbsp;Investments in financial instruments | 9 |  | **3425359** |  | 2494711 |
| &nbsp;&nbsp;Investments in associates and joint ventures | 10 |  | **41900090** |  | 44436697 |
| &nbsp;&nbsp;Property, plant and equipment, net | 11 |  | **60698200** |  | 63664261 |
| &nbsp;&nbsp;Investment property, net | 11 |  | **2624274** |  | 2706528 |
| &nbsp;&nbsp;Right-of-use assets, net | 12 |  | **4184501** |  | 3336917 |
| &nbsp;&nbsp;Intangible assets, net | 13 |  | **24913435** |  | 25472091 |
| &nbsp;&nbsp;Goodwill | 13 |  | **13454998** |  | 13454998 |
| &nbsp;&nbsp;Deferred income tax assets | 24 |  | **14083042** |  | 20630753 |
| &nbsp;&nbsp;Contract costs | 2 (s) |  | **2653026** |  | 2488120 |
| &nbsp;&nbsp;Other non-current assets |  |  | **187588** |  | 149060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets |  |  | **168201771** |  | 183390390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets |  | **Ps.** | **228418025** | Ps. | 251657896 |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **2025** | **2025** | 2024 | 2024 |
| **LIABILITIES** |  |  |  |  |  |
| **Current liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Current portion of long-term debt | 14 | **Ps.** | **3736982** | Ps. | 4556950 |
| &nbsp;&nbsp;Interest payable | 14 |  | **1425047** |  | 1674544 |
| &nbsp;&nbsp;Current portion of lease liabilities | 14 |  | **1583871** |  | 1242957 |
| &nbsp;&nbsp;Derivative financial instruments | 15 |  | **413188** |  |  |
| &nbsp;&nbsp;Trade accounts payable and accrued expenses |  |  | **14039754** |  | 11329869 |
| &nbsp;&nbsp;Customer advances |  |  | **958192** |  | 1130479 |
| &nbsp;&nbsp;Income taxes payable | 24 |  | **287899** |  | 1320644 |
| &nbsp;&nbsp;Other taxes payable |  |  | **1833074** |  | 2610072 |
| &nbsp;&nbsp;Employee benefits |  |  | **1249587** |  | 1258587 |
| &nbsp;&nbsp;Due to related parties | 20 |  | **224606** |  | 202414 |
| &nbsp;&nbsp;Current portion of deferred revenue | 20 |  | **287667** |  | 287667 |
| &nbsp;&nbsp;Other current liabilities |  |  | **2065170** |  | 1688913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities |  |  | **28105037** |  | 27303096 |
| **Non-current liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Long-term debt, net of current portion | 14 |  | **82257158** |  | 98398223 |
| &nbsp;&nbsp;Lease liabilities, net of current portion | 14 |  | **3852117** |  | 4143682 |
| &nbsp;&nbsp;Deferred revenue, net of current portion | 20 |  | **4315012** |  | 4602679 |
| &nbsp;&nbsp;Deferred income tax liabilities | 24 |  | **2667520** |  | 1251440 |
| &nbsp;&nbsp;Post-employment benefits | 16 |  | **954248** |  | 772482 |
| &nbsp;&nbsp;Other non-current liabilities |  |  | **3738072** |  | 3490669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities |  |  | **97784127** |  | 112659175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  |  | **125889164** |  | 139962271 |
| **EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;Capital stock | 17 |  | **3933549** |  | 3933549 |
| &nbsp;&nbsp;Additional paid-in capital |  |  | **13359470** |  | 13359470 |
| &nbsp;&nbsp;Retained earnings | 18 |  | **102652140** |  | 112041102 |
| &nbsp;&nbsp;Accumulated other comprehensive loss, net | 18 |  | **(11872777)** |  | (12882775) |
| &nbsp;&nbsp;Shares repurchased | 17 |  | **(15016244)** |  | (13997290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity attributable to stockholders of the Company |  |  | **93056138** |  | 102454056 |
| &nbsp;&nbsp;Non-controlling interests | 19 |  | **9472723** |  | 9241569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity |  |  | **102528861** |  | 111695625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity |  | **Ps.** | **228418025** | Ps. | 251657896 |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

**Consolidated Statements of Income or Loss**

For the years ended December 31, 2025, 2024 and 2023

(In thousands of Mexican pesos, except per CPO amounts)

(Notes 1, 2 and 3)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
| Revenues | 26 | **Ps.** | **58878150** | Ps. | 62260864 | Ps. | 66222836 |
| Cost of sales | 21 |  | **(36394735)** |  | (41117033) |  | (43297440) |
| Selling expenses | 21 |  | **(7721811)** |  | (8815211) |  | (8848181) |
| Administrative expenses | 21 |  | **(9522888)** |  | (10592581) |  | (11305619) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before other expense |  |  | **5238716** |  | 1736039 |  | 2771596 |
| Other expense, net | 22 |  | **(1013824)** |  | (4554900) |  | (913801) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 26 |  | **4224892** |  | (2818861) |  | 1857795 |
| Finance expense | 23 |  | **(7508600)** |  | (8812754) |  | (8026093) |
| Finance income | 23 |  | **3368314** |  | 4117583 |  | 3180192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expense, net |  |  | **(4140286)** |  | (4695171) |  | (4845901) |
| Share of loss of associates and joint ventures, net | 10 |  | **(1088121)** |  | (182577) |  | (4086628) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes |  |  | **(1003515)** |  | (7696609) |  | (7074734) |
| Income taxes | 24 |  | **(7931514)** |  | (688587) |  | (2360634) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations |  |  | **(8935029)** |  | (8385196) |  | (9435368) |
| Income from discontinued operations, net | 28 |  | **—** |  | 56816 |  | 628116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  | **Ps.** | **(8935029)** | Ps. | (8328380) | Ps. | (8807252) |
| Net (loss) income attributable to: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Stockholders of the Company |  | **Ps.** | **(9168271)** | Ps. | (8265520) | Ps. | (8422730) |
| &nbsp;&nbsp;Non-controlling interests | 19 |  | **233242** |  | (62860) |  | (384522) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  | **Ps.** | **(8935029)** | Ps. | (8328380) | Ps. | (8807252) |
| Basic (loss) earnings per CPO attributable to stockholders of the Company: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations |  | **Ps.** | **(3.42)** | Ps. | (3.06) | Ps. | (3.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations  | 25 |  | **—** |  | 0.02 |  | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | **Ps.** | **(3.42)** | Ps. | (3.04) | Ps. | (3.01) |
| Diluted (loss) earnings per CPO attributable to stockholders of the Company: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations  |  | **Ps.** | **(3.42)** | Ps. | (3.06) | Ps. | (3.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations  | 25 |  | **—** |  | 0.02 |  | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | **Ps.** | **(3.42)** | Ps. | (3.04) | Ps. | (3.01) |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

**Consolidated Statements of Comprehensive Income or Loss**

For the years ended December 31, 2025, 2024 and 2023

(In thousands of Mexican pesos)

(Notes 1, 2 and 3)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
| Net loss |  | **Ps.** | **(8935029)** | Ps. | (8328380) | Ps. | (8807252) |
| Other comprehensive income (loss): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Items that will not be reclassified to income or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of post-employment benefit obligations | 16 |  | **(88707)** |  | (62779) |  | 83935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open-Ended Fund, net of hedge | 9 |  | **149092** |  | (66098) |  | (741) |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicly traded equity instruments | 9 |  | **898085** |  | (202208) |  | (698903) |
| &nbsp;&nbsp;Items that may be subsequently reclassified to income or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translating foreign operations |  |  | **(130627)** |  | 285502 |  | (758835) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges |  |  | **(2242294)** |  | 1857456 |  | (287536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of other comprehensive income (loss) of associates and joint ventures | 10 |  | **3905450** |  | (7061676) |  | 4278531 |
| &nbsp;&nbsp;Other comprehensive income (loss) before income taxes |  |  | **2490999** |  | (5249803) |  | 2616451 |
| &nbsp;&nbsp;Income tax (expense) benefit | 24 |  | **(1483089)** |  | 2226054 |  | (1704735) |
| &nbsp;&nbsp;Other comprehensive income (loss), net of income taxes |  |  | **1007910** |  | (3023749) |  | 911716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss |  | **Ps.** | **(7927119)** | Ps. | (11352129) | Ps. | (7895536) |
| Comprehensive (loss) income attributable to: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Stockholders of the Company |  | **Ps.** | **(8158273)** | Ps. | (11281502) | Ps. | (7465645) |
| &nbsp;&nbsp;Non-controlling interests | 19 |  | **231154** |  | (70627) |  | (429891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive loss |  | **Ps.** | **(7927119)** | Ps. | (11352129) | Ps. | (7895536) |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

**Consolidated Statements of Changes in Equity**

For the years ended December 31, 2025, 2024 and 2023

(In thousands of Mexican pesos)

(Notes 1, 2 and 3)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Accumulated** | **Accumulated** |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Other** | **Other** |  |  | **Equity** | **Equity** |  |  |  |  |
|  |  |  |  |  | **Retained** | **Retained** | **Comprehensive** | **Comprehensive** | **Shares** | **Shares** | **Attributable to** | **Attributable to** | **Non-controlling** | **Non-controlling** |  |  |
|  | **Capital Stock** | **Capital Stock** | **Additional** | **Additional** | **Earnings** | **Earnings** | **Loss, Net** | **Loss, Net** | **Repurchased** | **Repurchased** | **Stockholders of** | **Stockholders of** | **Interests** | **Interests** |  |  |
|  | **(Note 17)** | **(Note 17)** | **Paid-in Capital** | **Paid-in Capital** | **(Note 18)** | **(Note 18)** | **(Note 18)** | **(Note 18)** | **(Note 17)** | **(Note 17)** | **the Company** | **the Company** | **(Note 19)** | **(Note 19)** | **Total Equity** | **Total Equity** |
| **Balance at January 1, 2023** | Ps. | 4836708 | Ps. | 15889819 | Ps. | 131053859 | Ps. | (10823878) | Ps. | (12648558) | Ps. | 128307950 | Ps. | 15821955 | Ps. | 144129905 |
| Funding for acquisition of shares under the Long-term Retention Plan |  |  |  |  |  |  |  |  |  | (86000) |  | (86000) |  |  |  | (86000) |
| Dividends |  |  |  |  |  | (1027354) |  |  |  |  |  | (1027354) |  |  |  | (1027354) |
| Share cancellation |  | (113932) |  |  |  | (1339107) |  |  |  | 1453039 |  |  |  |  |  |  |
| Repurchase of CPOs |  |  |  |  |  |  |  |  |  | (1197082) |  | (1197082) |  |  |  | (1197082) |
| Shares repurchased |  |  |  |  |  |  |  |  |  | (172976) |  | (172976) |  |  |  | (172976) |
| Sale of shares |  |  |  |  |  | (692062) |  |  |  | 865038 |  | 172976 |  |  |  | 172976 |
| Cancellation of sale of shares |  |  |  |  |  | 79196 |  |  |  | (79196) |  |  |  |  |  |  |
| Share-based compensation |  |  |  |  |  | 748500 |  |  |  |  |  | 748500 |  |  |  | 748500 |
| Comprehensive (loss) income |  |  |  |  |  | (8422730) |  | 957085 |  |  |  | (7465645) |  | (429891) |  | (7895536) |
| **Balance at December 31, 2023** |  | 4722776 |  | 15889819 |  | 120400302 |  | (9866793) |  | (11865735) |  | 119280369 |  | 15392064 |  | 134672433 |
| Funding for acquisition of shares under the Long-term Retention Plan |  |  |  |  |  |  |  |  |  | (132572) |  | (132572) |  |  |  | (132572) |
| Equity distribution of Spun-off Businesses |  | (752071) |  | (2530349) |  | (5901618) |  |  |  |  |  | (9184038) |  |  |  | (9184038) |
| Dividends |  |  |  |  |  | (1018954) |  |  |  |  |  | (1018954) |  |  |  | (1018954) |
| Share cancellation |  | (37156) |  |  |  | (336213) |  |  |  | 373369 |  |  |  |  |  |  |
| Shares repurchased |  |  |  |  |  |  |  |  |  | (378894) |  | (378894) |  |  |  | (378894) |
| Sale of shares |  |  |  |  |  | 736165 |  |  |  | (357271) |  | 378894 |  |  |  | 378894 |
| Cancellation of sale of shares |  |  |  |  |  | 1636187 |  |  |  | (1636187) |  |  |  |  |  |  |
| Share-based compensation |  |  |  |  |  | 488832 |  |  |  |  |  | 488832 |  |  |  | 488832 |
| Acquisition of non-controlling interests in Sky |  |  |  |  |  | 4301921 |  |  |  |  |  | 4301921 |  | (6075488) |  | (1773567) |
| Other |  |  |  |  |  |  |  |  |  |  |  |  |  | (4380) |  | (4380) |
| Comprehensive loss |  |  |  |  |  | (8265520) |  | (3015982) |  |  |  | (11281502) |  | (70627) |  | (11352129) |
| **Balance at December 31, 2024** |  | 3933549 |  | 13359470 |  | 112041102 |  | (12882775) |  | (13997290) |  | 102454056 |  | 9241569 |  | 111695625 |
| Funding for acquisition of shares under the Long-term Retention Plan |  | **—** |  | **—** |  | **—** |  | **—** |  | **(594200)** |  | **(594200)** |  | **—** |  | **(594200)** |
| Dividends |  | **—** |  | **—** |  | **(1018954)** |  | **—** |  | **—** |  | **(1018954)** |  | **—** |  | **(1018954)** |
| Shares repurchased |  | **—** |  | **—** |  | **—** |  | **—** |  | **(495832)** |  | **(495832)** |  | **—** |  | **(495832)** |
| Sale of shares |  | **—** |  | **—** |  | **(185210)** |  | **—** |  | **681042** |  | **495832** |  | **—** |  | **495832** |
| Cancellation of sale of shares |  | **—** |  | **—** |  | **609964** |  | **—** |  | **(609964)** |  | **—** |  | **—** |  | **—** |
| Share-based compensation |  | **—** |  | **—** |  | **373509** |  | **—** |  | **—** |  | **373509** |  | **—** |  | **373509** |
| Comprehensive (loss) income |  | **—** |  | **—** |  | **(9168271)** |  | **1009998** |  | **—** |  | **(8158273)** |  | **231154** |  | **(7927119)** |
| **Balance at December 31, 2025** | **Ps.** | **3933549** | **Ps.** | **13359470** | **Ps.** | **102652140** | **Ps.** | **(11872777)** | **Ps.** | **(15016244)** | **Ps.** | **93056138** | **Ps.** | **9472723** | **Ps.** | **102528861** |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

#### Consolidated Statements of Cash Flows
For the years ended December 31, 2025, 2024 and 2023

(In thousands of Mexican pesos)

(Notes 1, 2 and 3)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
| **Operating Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss before income taxes from continuing operations | **Ps.** | **(1003515)** | Ps. | (7696609) | Ps. | (7074734) |
| &nbsp;&nbsp;&nbsp;Income before income taxes from discontinued operations |  | **—** |  | 70644 |  | 945727 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile income or loss before income taxes to net cash provided by operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of loss of associates and joint ventures |  | **1088121** |  | 182577 |  | 4086628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | **17160521** |  | 20542361 |  | 21469152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other amortization of assets |  | **1376** |  | 47628 |  | 422065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets |  | **—** |  | 3064319 |  | 69467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposition of property and equipment and intangible assets <sup>(1)</sup> |  | **78276** |  | (2321248) |  | 233612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss of trade accounts receivable and other receivables |  | **1197831** |  | 1294125 |  | 1107996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-employment benefits |  | **141393** |  | 135731 |  | 87657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | **(227414)** |  | (685846) |  | (675550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  | **373509** |  | 488832 |  | 748500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other finance gain, net |  | **(302287)** |  | (773727) |  | 134847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense |  | **(38737)** |  | 1259756 |  | (734421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | **7508600** |  | 7984754 |  | 7654334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss, net |  | **(4348211)** |  | 5664559 |  | (3740149) |
|  |  | **21629463** |  | 29257856 |  | 24735131 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in trade accounts receivable |  | **(260566)** |  | 142995 |  | 523619 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in transmission rights |  | **71481** |  | 1344981 |  | (456857) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from related parties, net |  | **(176900)** |  | 2306030 |  | 1708178 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories |  | **(48090)** |  | 1099637 |  | 564745 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other accounts receivable, contract costs and other assets |  | **(1424778)** |  | 1456804 |  | 1271583 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in trade accounts payable and accrued expenses |  | **2688670** |  | (738598) |  | (3216450) |
| &nbsp;&nbsp;&nbsp;Decrease in deferred revenue and customer advances |  | **(457397)** |  | (526698) |  | (734349) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in other liabilities and taxes payable |  | **61631** |  | (748232) |  | (2316886) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in post-employment benefits |  | **(57334)** |  | (228444) |  | 136993 |
| &nbsp;&nbsp;&nbsp;Income taxes paid <sup>(2)</sup> |  | **(1934090)** |  | (812215) |  | (7014309) |
|  |  | **(1537373)** |  | 3296260 |  | (9533733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities |  | **20092090** |  | 32554116 |  | 15201398 |
| **Investing activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Increase of short-term investments |  | **(11397798)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital contribution to TelevisaUnivision |  | **(1671501)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepayment of long-term loan due from related party |  | **3218618** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from preferred shares |  | **780077** |  | 777838 |  | 716905 |
| &nbsp;&nbsp;&nbsp;Disposition or investment in associate and joint ventures |  | **116268** |  | 50767 |  | 45556 |
| &nbsp;&nbsp;&nbsp;Dividends received |  | **5000** |  | 10000 |  | 8000 |
| &nbsp;&nbsp;&nbsp;Investments in property, plant and equipment |  | **(12186505)** |  | (9097397) |  | (14708016) |
| &nbsp;&nbsp;&nbsp;Disposition of property, plant and equipment |  | **133177** |  | 627973 |  | 48873 |
| &nbsp;&nbsp;&nbsp;Other investments in intangible assets |  | **(1287110)** |  | (1378854) |  | (1869707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities |  | **(22289774)** |  | (9009673) |  | (15758389) |
| **Financing activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Partial prepayment of Senior Notes due 2025, 2026, 2045, 2046 and 2049 |  | **—** |  |  |  | (4718250) |
| &nbsp;&nbsp;&nbsp;Repurchase of Senior Notes due 2043 |  | **—** |  |  |  | (181731) |
| &nbsp;&nbsp;&nbsp;Payment of long-term loans from Mexican banks |  | **(2650000)** |  | (10000000) |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Mexican banks long-term loans |  | **—** |  | 10000000 |  | 400000 |
| &nbsp;&nbsp;&nbsp;Repayment of Senior Notes due 2025 |  | **(3906655)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepayment of Mexican peso debt related to Sky |  | **—** |  |  |  | (1400000) |
| &nbsp;&nbsp;&nbsp;Payments of lease liabilities |  | **(1809670)** |  | (1567300) |  | (1793602) |
| &nbsp;&nbsp;&nbsp;Interest paid |  | **(6816000)** |  | (7417915) |  | (7553938) |
| &nbsp;&nbsp;&nbsp;Funding for acquisition of shares under the Long-term Retention Plan |  | **(594200)** |  | (132572) |  | (86000) |
| &nbsp;&nbsp;&nbsp;Repurchases of CPOs under a share repurchase program |  | **—** |  |  |  | (1197082) |
| &nbsp;&nbsp;&nbsp;Repurchase of capital stock |  | **(495832)** |  | (378894) |  | (172976) |
| &nbsp;&nbsp;&nbsp;Sale of capital stock |  | **495832** |  | 378894 |  | 172976 |
| &nbsp;&nbsp;&nbsp;Dividends paid |  | **(1018954)** |  | (1018954) |  | (1027354) |
| &nbsp;&nbsp;&nbsp;Derivative financial instruments |  | **474233** |  | 747746 |  | (195055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities |  | **(16321246)** |  | (9388995) |  | (17753012) |
| Foreign currency translation on cash and cash equivalents |  | **(66999)** |  | 148289 |  | (234637) |
| Net (decrease) increase in cash and cash equivalents |  | **(18585929)** |  | 14303737 |  | (18544640) |
| Cash and cash equivalents at beginning of year |  | **46193173** |  | 32586352 |  | 51130992 |
| Cash and cash equivalents of Spun-off Businesses  |  | **—** |  | (696916) |  |  |
| Cash and cash equivalents at end of year | **Ps.** | **27607244** | Ps. | 46193173 | Ps. | 32586352 |

---

<sup>(1)</sup> In 2024, this line item included a realized gain on sale of property of Ps.2,582,339, in connection with the Spun-off Businesses (see Notes 3 and 22).

<sup>(2)</sup> In 2025 and 2024, income taxes paid were net of income tax reimbursements of Ps.367,716, and Ps.1,324,442, respectively.

**Non-cash transactions:**

The principal non-cash transactions in 2024 included the Spun-off Businesses and the acquisition of non-controlling interest in Sky (see Note 3).

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

#### Notes to Consolidated Financial Statements
For the Years Ended December 31, 2025, 2024 and 2023

(In thousands of Mexican pesos, except per CPO, per share and exchange rate amounts, unless otherwise indicated)

&nbsp;&nbsp;&nbsp;&nbsp;1. **Corporate Information** 

Grupo Televisa, S.A.B. (the "Company") is a limited liability public stock corporation ("Sociedad Anónima Bursátil" or "S.A.B."), incorporated under the laws of Mexico. Pursuant to the terms of the Company's bylaws ("Estatutos Sociales") its corporate existence continues through 2106. The shares of the Company are listed and traded in the form of "Certificados de Participación Ordinarios" or "CPOs" on the Mexican Stock Exchange ("Bolsa Mexicana de Valores" or "BMV") under the ticker symbol TLEVISA CPO, and in the form of Global Depositary Shares or "GDSs", on the New York Stock Exchange, or "NYSE", under the ticker symbol TV. The Company's principal executive offices are located at Av. Vasco de Quiroga No. 2000, Colonia Santa Fe, 01210 Mexico City, Mexico.

The Company together with its subsidiaries (collectively, the "Group") is a major telecommunications company that owns and operates one of the most significant cable network groups as well as a leading direct-to-home satellite pay television system in Mexico. The Group's cable networks offer integrated services, including high-speed data, video, mobile, and voice to residential and commercial customers as well as telecommunications managed services to domestic and international enterprises. The Group also offers pay television through its direct-to-home satellite system. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, Inc. ("TelevisaUnivision"), and the Group's cable networks and satellite system. In addition, the Group is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the United States and over 50 countries through television networks, cable operators and over-the-top or OTT services.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Material Accounting Policies** 

The material accounting policies followed by the Group and used in the preparation of these consolidated financial statements are summarized below.

(a) Basis of Presentation

The consolidated financial statements of the Group as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, are presented in accordance with International Financial Reporting Standards ("IFRS Accounting Standards"), as issued by the International Accounting Standards Board ("IASB").

The consolidated financial statements have been prepared on a historical cost basis, except for the measurement at fair value of derivative financial instruments, certain financial assets, investments in equity financial instruments, plan assets of post-employment benefits and share-based payments, as described in the notes to the financial statements below.

The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires the use of certain accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate. The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are material to the Group's financial statements, are disclosed in Note 5 to these consolidated financial statements.

[**Table of Contents**](#TOC)

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, Telecom, with three categories of revenues: Residential, Satellite and Enterprise. Beginning in the fourth quarter of 2025, the Group presents the operating results of its Cable and Sky businesses as a single reportable segment. This change in segment reporting is a 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 a chief financial officer of the Group's Cable and Sky businesses as a single business; and (ii) a restructuring and integration process of the 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 areas including commercial, sales commissions, programming, information technology, technology, finance, and marketing, among others. Through September 30, 2025, the operating results of the Group's Cable and Sky businesses were presented as separate reportable segments. As a result of this change in the Group's segment reporting, the operations previously reported under the Group's former Cable and Sky segments are now classified into a single reportable segment for any comparative periods presented (see Notes 2 (d) and 26).

The consolidated statements of income or loss of the Group for the years ended December 31, 2024 and 2023 have been prepared to present the discontinued operations following the spin-off of most of the businesses of the Group's former Other Businesses segment effective on January 31, 2024. Accordingly, the consolidated statement of income or loss of the Group for the year ended December 31, 2023 has been re-presented from that originally reported by the Company, to present in that year the results from discontinued operations of the businesses that were spun off by the Group on January 31, 2024 (see Notes 3 and 28).

The consolidated financial statements were authorized by the Group's Corporate Vice President of Finance for issuance on March 27, 2026, and for issuance in the Company's annual report on Form 20-F on April 30, 2026, and subsequent events have been considered through that date (see Note 29).

(b) Consolidation

The financial statements of the Group are prepared on a consolidated basis and include the assets, liabilities, and results of operations of all companies in which the Company has a controlling interest (subsidiaries). All intercompany balances and transactions have been eliminated from the Group's consolidated financial statements.

#### Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effects of potential voting rights that are currently exercisable or convertible are considered when assessing whether or not the Company controls another entity. The subsidiaries are consolidated from the date on which control is obtained by the Company and cease to be consolidated from the date on which said control is lost.

The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis at the non-controlling interest's proportionate share of the recognized amounts of acquiree's identifiable net assets.

Acquisition-related costs are expensed as incurred.

Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in income or loss.

[**Table of Contents**](#TOC)

#### Changes in Ownership Interests in Subsidiaries without Change of Control
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions—that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the interest acquired of the carrying amount of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity.

#### Loss of Control of a Subsidiary
When the Company ceases to have control of a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in income or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognized in other comprehensive income are reclassified to income or loss except for certain equity financial instruments designated irrevocably with changes in other comprehensive income or loss.

**Discontinued Operations**

A discontinued operation is a component of the Group that either has been disposed of or is classified as held for sale, for which its operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Group and represents a separate major line of business or operations.

Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale.

When an operation is classified as a discontinued operation, the comparative consolidated statements of income are re-presented as if the operation had been discontinued from the start of the comparative period.

**Subsidiaries of the Company**

At December 31, 2025 and 2024, the main direct and indirect subsidiaries of the Company were as follows:

---

| | | |
|:---|:---|:---|
| | **Company's** | **Company's** |
| | **Ownership** | **Ownership** |
| | **Interest** <sup>(1)</sup> | **Interest** <sup>(1)</sup> |
| <br>**Subsidiaries** | **2025** | **2024** |
| **Telecom** <sup>(2)</sup>**:** |  |  |
| Corporativo Vasco de Quiroga, S.A. de C.V. ("CVQ") and subsidiaries <sup>(3)</sup> | 100% | 100% |
| Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, "Empresas Cablevisión") <sup>(3)</sup> | 51.5% | 51.5% |
| Cablestar, S.A. de C.V. and subsidiaries (collectively, "Bestel") <sup>(3)</sup> | 66.4% | 66.4% |
| Cablemás and subsidiaries (collectively, "Cablemás") <sup>(3)</sup> | 100% | 100% |
| Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, "TVI") <sup>(3)</sup> | 100% | 100% |
| Sky DTH, S.A. de C.V. ("Sky DTH") <sup>(3) (4)</sup> | 100% | 100% |
| Innova Holdings, S. de R.L. de C.V. ("Innova Holdings") <sup>(3) (4)</sup> | 100% | 100% |
| Innova, S. de R.L. de C.V. ("Innova") and subsidiaries (collectively, "Sky") <sup>(3) (4)</sup> | 100% | 100% |
| **Corporate Entities:** |  |  |
| Grupo Telesistema, S.A. de C.V. ("Grupo Telesistema") and subsidiaries <sup>(5)</sup> | 100% | 100% |
| Multimedia Telecom, S.A. de C.V. ("Multimedia Telecom") <sup>(5)</sup> | 100% | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Percentage of equity interest directly or indirectly held by the Company as of December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See Note 26 for a description of the Group's segment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;(3) CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Bestel, Cablemás, TVI, Sky DTH, Innova Holdings, and Sky. Cablestar, S.A. de C.V. is an indirect majority-owned subsidiary of Empresas Cablevisión.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;(4) Innova is an indirect subsidiary of the Company, CVQ and Sky DTH, and a direct wholly-owned subsidiary of Innova Holdings. Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Through May 2024, the Company held a 58.7% interest in Innova Holdings and Innova. In June 2024, the Company acquired the remaining 41.3% non-controlling interest in these companies held by AT&T, by which the Company became an indirect owner of 100% of the capital stock of Innova Holdings and Innova (see Notes 3 and 19).

&nbsp;&nbsp;&nbsp;&nbsp;(5) Grupo Telesistema is a direct subsidiary of the Company and the parent company of Multimedia Telecom. As of December 31, 2025 and 2024, Grupo Telesistema and Multimedia Telecom, together with the Company, owned most of the Group's corporate assets, including the Group's aggregate investment in common and preferred shares of TelevisaUnivision (see Notes 3, 10 and 26).

**Concessions and Permits**

The Group's Telecom operations, as well as the concessions held by the Group to broadcast programming over television stations for the signals of TelevisaUnivision, require governmental concessions and special authorizations for the provision of telecommunications and broadcasting services in Mexico. Such concessions were granted for a fixed term by the Mexican Institute of Telecommunications (*Instituto Federal de Telecomunicaciones* or "IFT"), subject originally to renewal in accordance with the Mexican Telecommunications and Broadcasting Law (*Ley Federal de Telecomunicaciones y Radiodifusión* or "LFTR").

On July 16, 2025, the Mexican Law on Telecommunications and Broadcasting (Ley en Materia de Telecomunicaciones y Radiodifusión, or "LMTR") was published in the Official Gazette of the Federation. The LMTR, which supersedes the LFTR as of October 20, 2025, transfers the functions of the IFT to the Mexican Telecommunications Regulatory Commission (Comisión Reguladora de Telecomunicaciones, or "CRT"). The CRT is a decentralized entity within the Mexican Digital Transformation and Telecommunications Agency (Agencia de Transformación Digital y Telecomunicaciones, or "ATDT"), a federal agency of the Mexican government.

Under the LTRM, renewal of concessions for the Group's Telecom operations require, among others: (i) to request its renewal to the CRT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder's obligations under the LMTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by the CRT. The CRT shall resolve any request for renewal of the telecommunications concessions within 180 business days of its request. Failure to respond within such period of time shall be interpreted as if the request for renewal has been granted.

The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision. The payments made by the Group for these broadcasting concessions are accounted for as intangible assets in the Group's consolidated statement of financial position (see Notes 13, 20 and 26).

Under the LMTR, the renewal of broadcasting concessions for broadcast programming operations over television stations for TelevisaUnivision signals requires, among other things: (i) that the concessionaire submit the renewal request to the CRT, in the case of broadcasting services, no later than six months prior to the expiration of the term of the relevant concession; (ii) that the concessionaire be in compliance with its obligations under the LMTR, other applicable regulations, and the concession title; (iii) a determination by the CRT, within thirty business days following the submission of the request, as to whether there is a public interest in recovering the spectrum granted under the relevant concession, in which case the CRT will notify the concessionaire and the concession will terminate upon expiration of its term; and (iv) if no such public interest exists, the granting of the requested extension, subject to the concessionaire's prior acceptance of the new conditions established by the CRT, which will include the payment of a corresponding fee.

The regulations of the telecommunications and the broadcasting concessions establish that at the end of the concessions, the frequency bands or spectrum attached to the services provided in the concessions shall return to the Mexican government. In addition, at the end of the concession, the Mexican government will have the preferential right to acquire infrastructure, equipment and other goods directly used in the provision of the concession. If the Mexican government were to exercise its right to acquire infrastructure, equipment and other goods, it would be required to pay a price that is equivalent to a formula that is similar to fair value. To the knowledge of the Company's management, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in at least the past three decades for public interest reasons. However, the Company's management is unable to predict the outcome of any action by CRT in this regard. In addition, these assets, by themselves, would not be enough to immediately begin broadcasting or offering satellite pay TV services or telecommunications services, as no content producing assets or other equipment necessary to operate the business would be included.

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Additionally, the Group's Satellite business in Central America and the Dominican Republic require concessions or permits granted by local regulatory authorities for a fixed term, subject to renewal in accordance with local laws.

The accounting guidelines provided by IFRIC 12 *Service Concession Arrangements,* are not applicable to the Group due primarily to the following factors: (i) the Mexican government does not substantially control the Group's infrastructure, what services are provided with the infrastructure and the price at which such services are offered; (ii) the Group's broadcasting service does not constitute a public service as per the definition in IFRIC 12; and (iii) the Group is unable to divide its infrastructure among the public (telephony and possibly Internet services) and non-public (pay TV) service components.

At December 31, 2025, the expiration dates of the Group's concessions and permits were as follows:

---

| | |
|:---|:---|
| **Operations** | **Expiration Dates** |
| Telecom: |  |
| &nbsp;&nbsp;&nbsp;Telecommunications concessions and permits | Various from 2026 to 2059 |
| Corporate assets: |  |
| &nbsp;&nbsp;&nbsp;Broadcasting concessions <sup>(1)</sup> | In 2042 and 2052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Broadcasting concessions include 23 concessions for the use of spectrum that comprise the Group's 225 TV stations for the signals of TelevisaUnivision, for a term of 20 years, starting in January 2022 and ending in January 2042, and six concessions to provide digital broadcasting television services on such TV stations, for a term of 30 years, starting in January 2022 and ending in January 2052. In 2018, the Group paid an aggregate amount of Ps. 5,753,349 in cash for the broadcasting concessions for the use of spectrum and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Notes 13, 20 and 26).

The concessions or permits held by the Group are not subject to any significant pricing regulations in the ordinary course of business.

(c) Investments in Associates and Joint Ventures

Associates are those entities over which the Group has significant influence but not control or joint control, over the financial and operating policies, generally those entities with a shareholding of between 20% and 50% of the voting rights. Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. Joint ventures are those joint arrangements where the Group exercises joint control with one or more stockholders, without exercising control individually, and have rights to the net assets of the joint arrangements. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor's share of the net assets of the investee after the date of acquisition. The investor's income or loss includes its share of the investee's income or loss and the investor's other comprehensive income includes its share of the investee's other comprehensive income.

The Group's investments in associates include an equity interest in TelevisaUnivision represented by 43.2% and 43.0% of the outstanding total common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision) as of December 31, 2025 and 2024, respectively (see Note 10).

If the Group's share of losses of an associate or a joint venture equals or exceeds its interest in the investee, the Group discontinues recognizing its share of further losses. The interest in an associate or a joint venture is the carrying amount of the investment in the investee under the equity method together with any other long-term investment that, in substance, form part of the Group's net investment in the investee. After the Group's interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.

Any gain or loss resulting from a downstream transaction involving assets that constitute a business, as defined in IFRS 3 *Business Combinations*, between the Company (including its consolidated subsidiaries) and its associate or joint venture is recognized in full in the Group's financial statements.

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(d) Segment Reporting

Beginning in the fourth quarter of 2025, the Group's single operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources and assessing performance for the Group's single operating segment (see Notes 2 (a) and 26).

(e) Foreign Currency Translation

#### Functional and Presentation Currency
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which each of the Group´s entity operates ("functional currency"). The presentation currency of the Group's consolidated financial statements is the Mexican peso.

#### Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or measurement where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as part of finance income or expense, except when recognized in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges.

Changes in the fair value of monetary securities denominated in foreign currency classified as investments in financial instruments are analyzed between exchange differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortized cost are recognized in income or loss, and other changes in carrying amount are recognized in other comprehensive income or loss.

#### Translation of Foreign Operations
The financial statements of the Group's foreign entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (a) assets and liabilities are translated at the closing rate at the date of the statement of financial position; (b) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); (c) stockholders' equity accounts are translated at the prevailing exchange rate at the time capital contributions were made and earnings were generated and (d) all resulting translation differences are recognized in other comprehensive income or loss.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Translation differences arising are recognized in other comprehensive income or loss.

Assets and liabilities in foreign currencies of non-Mexican subsidiaries that have the Mexican Peso as a functional currency and that keep its books and records in a different currency are initially converted to Mexican Pesos by utilizing the exchange rate on the statement of financial position date for monetary assets and liabilities, and historical exchange rates for non-monetary items, with the related adjustment included in the consolidated statement of income as finance income or expense.

A portion of the Group's outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item "Long-term debt, net of current portion" of the consolidated statement of financial position) has been designated as a hedge of a net investment in a foreign operation in connection with the Group's investment in shares of TelevisaUnivision (hedged item), which amounted to U.S.$2,258.7 million (Ps.40,694,190) and U.S.$2,071.1 million (Ps.43,220,986) as of December 31, 2025 and 2024, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss as a cumulative result from foreign currency translation to the extent that the hedge is effective (see Notes 10, 14 and 18).

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A portion of the Group's outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item "Long-term debt, net of current portion" of the consolidated statement of financial position) has been designated as a fair value hedge of foreign exchange exposure related to its investment in Open-Ended Fund (hedged item), which amounted to U.S.$45.4 million (Ps.817,332) and U.S.$37.6 million (Ps.784,769), as of December 31, 2025 and 2024, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss to the extent that the hedge is effective, along with the recognition in the same line item of any foreign currency gain or loss of this investment in Open-Ended Fund (see Notes 9, 14 and 18).

(f) Cash and Cash Equivalents and Short-term Investments

Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity of three months or less at the date of acquisition. Cash is stated at nominal value and cash equivalents are measured at fair value, and the changes in the fair value are recognized in the statement of income.

Short-term investments consist of financial instruments with a maturity of over three months and up to one year at the date of acquisition. Short-term investments are measured at fair value with changes in fair value recognized in finance income in the consolidated income statement.

As of December 31, 2025 and 2024, cash equivalents primarily consisted of fixed short-term deposits and corporate fixed income securities denominated in U.S. dollars and Mexican pesos, with an average yield of approximately 4.10% for U.S. dollar deposits and 8.55% for Mexican peso deposits in 2025, and approximately 4.99% for U.S. dollar deposits and 10.73% for Mexican peso deposits in 2024.

(g) Transmission Rights

The Group incurs costs related to the license of the rights to use content owned by third parties and sports rights on its owned pay television platforms, which are described as transmission rights in the Group's consolidated statement of financial position. The Group classifies transmission rights as current and non-current assets.

Transmission rights are valued at the lesser of acquisition cost and net realizable value.

Transmission rights are recognized from the point at which the legally enforceable license period begins. Until the license term commences and the transmission rights are available, payments made are recognized as prepayments. Cost of revenues is calculated and recorded for the month in which transmission rights are matched with related revenues.

Transmission rights are recognized in income on a straight-line basis over the lives of the contracts.

(h) Inventories

Inventories of materials and supplies for maintenance of technical equipment are recorded at the lower of cost or its net realizable value. The net realizable value is the estimated selling price in the normal course of business, less estimated costs to conduct the sale. Cost is determined using the average cost method.

(i) Financial Assets

The Group classifies its financial assets in accordance with IFRS 9 *Financial Instruments* ("IFRS 9"). Under the guidelines of IFRS 9, the Group classifies financial assets as subsequently measured at amortized cost, fair value through other comprehensive income or loss ("FVOCIL"), or fair value through income or loss ("FVIL"), based on the Company's business model for managing the financial assets and the contractual cash flows characteristics of the financial asset.

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#### Financial Assets Measured at Amortized Cost
Financial assets are measured at amortized cost when the objective of holding such financial assets is to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are only payments of principal and interest on the principal amount outstanding. These financial assets are initially recognized at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest rate method, with changes in carrying amount recognized in the consolidated statement of income in the line which most appropriately reflects the nature of the item or transaction. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period that are included in non-current assets. The Group's financial assets measured at amortized costs are primarily presented as "trade accounts receivable", "other accounts receivable", and "due from related parties" in the consolidated statement of financial position (see Note 7).

#### Financial Assets Measured at FVOCIL
Financial assets are measured at FVOCIL when the objective of holding such financial assets is both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Group's investments in certain equity instruments have been designated to be measured at FVOCIL, as permitted by IFRS 9. In connection with this designation, any amounts presented in consolidated other comprehensive income or loss are not subsequently transferred to consolidated income. Dividends from these equity instruments are recognized in consolidated income or loss when the right to receive payment of the dividend is established, and such dividend is probable to be paid to the Group.

#### Financial Assets at FVIL
Financial assets at FVIL are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.

#### Impairment of Financial Assets
The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at FVOCIL. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade accounts receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the trade accounts receivables (see Note 7).

#### Offsetting of Financial Instruments
Financial assets are offset against financial liabilities and the net amount reported in the consolidated statement of financial position if, and only when the Group: (i) currently has a legally enforceable right to set off the recognized amounts; and (ii) intends either to settle on a net basis, or to realize the assets and settle the liability simultaneously.

(j) Property, Plant and Equipment, and Investment Property

Property, plant and equipment are recorded at acquisition cost.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of such item. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to income or loss during the financial period in which they are incurred.

The costs of dismantling items of property, plant and equipment are recognized at the present value of the expected cost related to the dismantling obligations. These dismantling obligations are primarily related to the use of the Group's cable networks during a particular period and presented as part of other long-term liabilities in the Group's consolidated statements of financial position. As of December 31, 2025 and 2024, the present value of the Group's dismantling obligations amounted to Ps.1,151,342 and Ps.1,126,997, respectively.

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Depreciation of property, plant and equipment is based upon the carrying amount of the assets, less their estimated residual values, if any, and is computed using the straight-line method over the estimated useful lives of the asset, as follows:

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| | |
|:---|:---|
|  | **Estimated**<br>**Useful Lives** |
| Buildings | 20-50 years |
| Networks and technical equipment | 3-30 years |
| Satellite transponders | 15 years |
| Furniture and fixtures | 10-15 years |
| Transportation equipment | 4-8 years |
| Computer equipment | 3-6 years |
| Leasehold improvements | 5-20 years |

---

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is higher than its estimated recoverable amount.

Gains and losses on disposals of assets are determined by comparing the proceeds with the carrying amount and are recognized within other income or expense in the consolidated statement of income or loss.

If significant parts of an item of property, plant and equipment have different useful lives, then they are classified as separate items (major components) of property, plant and equipment.

**Investment Property**

Investment property is property of the Group (land or a building or part of a building or both) held to earn rentals rather than for use in the production or supply of goods or services, or for administrative purposes, or sale in the ordinary course of business.

Depreciation of investment property is based upon the carrying amount of the assets in use and the estimated residual value of the assets, if any and is computed using the straight-line method over the estimated useful lives of the asset, as follows:

---

| | |
|:---|:---|
|  | **Estimated Useful Lives** |
| Buildings | 20-65 years |

---

The Group's investment property is measured at cost less any accumulated depreciation and any accumulated impairment losses.

(k) Lease Agreements

As a lessee, the Group recognizes a right-of-use asset representing its right to use the underlying asset in a lease agreement, and a lease liability representing its obligation to make lease payments.

Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs and restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term, on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life.

Payments associated with short-term leases of equipment and vehicles and mostly leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

The Group recognizes a depreciation of right-of-use assets for long-term lease agreements, and a finance expense for interest from related lease liabilities.

The Group leases its investment property consisting of certain owned building and land property (see Note 11). These lease agreements are classified as operating leases from a lessor perspective.

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**(l) Intangible Assets and Goodwill**

Intangible assets and goodwill are recognized at acquisition cost. Intangible assets and goodwill acquired through business combinations are recorded at fair value at the date of acquisition. Intangible assets with indefinite useful lives, which include trademarks, concessions, and goodwill, are not amortized, and subsequently recognized at cost less accumulated impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives, as follows:

---

| | |
|:---|:---|
|  | **Estimated**<br>**Useful Lives** |
| Trademarks with finite useful lives | 4 years |
| Licenses | 3-10 years |
| Subscriber lists | 4-5 years |
| Payments for renewal of concessions | 20 years |
| Other intangible assets | 3-20 years |

---

#### Trademarks
The Group determines its acquired trademarks to have an indefinite life when they are expected to generate net cash inflows for the Group indefinitely. Additionally, the Group considers that there are no legal, regulatory or contractual provisions that limit the useful lives of trademarks. The Group has not capitalized any amounts associated with internally developed trademarks.

#### Concessions
The Group defined concessions to have an indefinite useful life due to the fact that the Group has a history of renewing its concessions upon expiration, has maintained the concessions granted by the Mexican government, and has no foreseeable limit to the period over which the assets are expected to generate net cash inflows. In addition, the Group is committed to continue to invest for the long term to extend the period over which the broadcasting and telecommunications concessions are expected to continue to provide economic benefits. These concessions are not amortized, but instead they are subject to impairment testing at least annually. The useful life of concessions that is not being amortized is reviewed in each annual reporting period to determine whether events and circumstances continue to support an indefinite useful life for these concessions. Historically, the Group has renewed its telecommunications' concessions upon expiration and generally all conditions necessary to obtain renewal have been satisfied and the cost to renew these concessions has not been significant.

Any fees paid by the Group to regulatory authorities for concessions renewed are determined to have finite useful lives and are amortized on a straight-line basis over the fixed term of the related concession.

#### Goodwill
Goodwill arises on the acquisition of a business and represents the excess of the consideration transferred over the Group's interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of the non-controlling interest in the acquiree.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units ("CGUs"), or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.

Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying amount of goodwill is compared to the recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment of goodwill is recognized as an expense in the consolidated statement of income or loss and is not subject to be reversed in subsequent periods.

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(m) Impairment of Long-lived Assets

The Group reviews for impairment the carrying amounts of its long-lived assets, tangible and intangible, whenever events or changes in business circumstances indicate that these carrying amounts may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. To determine whether an impairment exists, the carrying amount of the cash generating unit is compared with its recoverable amount. Any impairment loss shall be allocated to reduce the carrying amount of any goodwill and intangible assets with indefinite useful-life of the cash-generating unit; and then, to the other long-lived assets of the CGUs. Fair value estimates are based on quoted market values in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including discounted value of estimated future cash flows, market multiples or third-party appraisal valuations. Any impairment of long-lived assets other than goodwill may be subsequently reversed under certain circumstances.

(n) Trade Accounts Payable and Accrued Expenses

Trade accounts payable and accrued expenses are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade accounts payable and accrued expenses are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade accounts payable and accrued expenses are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Trade accounts payable and accrued expenses are presented as a single item of consolidated current liabilities in the consolidated statements of financial position as of December 31, 2025 and 2024.

(o) Debt

Debt is recognized initially at fair value, net of transaction costs incurred. Debt is subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of income or loss over the period in which the debt is outstanding using the effective interest method.

Fees paid on the establishment of debt facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortized over the period of the facility to which it relates. The fee is deducted from the amount of the financial liability when it is initially recognized, or recognized in the consolidated statement of income when the issue is no longer expected to be completed.

Current portion of long-term debt and interest payable are presented as a separate line item in the consolidated statements of financial position as of December 31, 2025 and 2024.

Debt early redemption costs are recognized as finance expense in the consolidated statement of income.

(p) Customer Advances

Customer advance agreements are contract liabilities presented by the Group in the consolidated statement of financial position. The Group recognizes a contract liability when a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional, before the Group transfers services or goods to the customer. A contract liability is a Group's obligation to transfer services or goods to a customer for which the Group has received consideration (or an amount of consideration is due) to a customer. In addition, the Group recognizes contract assets upon the approval of non-cancellable contracts that generate an unconditional right to receive cash consideration prior to services being rendered. The Company's management has consistently recognized that an amount of consideration is due, for legal, finance and accounting purposes, when a short-term non-interest bearing note is received from a customer in connection with an advance agreement entered into with the customer for services or goods to be provided by the Group in the short term.

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(q) Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognized for future operating losses.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized as interest expense.

(r) Equity

The capital stock includes the effect of restatement through December 31, 1997, determined by applying a general price index that reflected changes in general purchasing power from the dates capital was contributed until December 31, 1997, the date through which the Mexican economy was considered hyperinflationary under the guidelines of IFRS Accounting Standards.

Where any company in the Group purchases shares of the Company's capital stock (shares repurchased), the consideration paid, including any directly attributable incremental costs is deducted from equity attributable to stockholders of the Company until the shares are cancelled, reissued, or sold. Where such shares repurchased are subsequently reissued or sold, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to stockholders of the Company.

(s) Revenue Recognition and Contract Costs

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided. The Group recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Group's activities, as described below. The Group bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

The Group derives the majority of its revenues from telecommunications-related business activities (see Notes 3 and 26). Revenues are recognized when the service is provided, and collection is probable. A summary of revenue recognition policies by significant activity is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.

&nbsp;&nbsp;&nbsp;&nbsp;● Satellite program service revenues, including advances from customers for future direct-to-home ("DTH") program services, are recognized at the time the service is provided.

&nbsp;&nbsp;&nbsp;&nbsp;● Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications services include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities.

&nbsp;&nbsp;&nbsp;&nbsp;● In respect of revenues from multiple products or services, the Group evaluates whether it has fair value evidence for each deliverable in the transaction. The Group sells cable television, internet and telephone subscription to subscribers in a bundled package at a lower rate than if the subscriber purchases each product on an individual basis.

**Contract Costs**

Incremental costs for obtaining contracts with customers, primarily commissions, are recognized as contract costs (assets) in the Group's consolidated statement of financial position and amortized in the expected life of contracts with customers.

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The Group has recognized assets from incremental costs of obtaining contracts with customers, primarily commissions, which were classified as current and non-current assets in its consolidated financial statements as of December 31, 2025 and 2024, as follows:

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| | | |
|:---|:---|:---|
| **Contract costs:** |  |  |
| &nbsp;&nbsp;At January 1, 2025 | **Ps.** | **3971142** |
| &nbsp;&nbsp;Additions |  | **1772471** |
| &nbsp;&nbsp;Amortization |  | **(1590789)** |
| **Total contract costs at December 31, 2025** |  | **4152824** |
| &nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;Current Contract Costs |  | **1499798** |
| Total non-current contract costs | **Ps.** | **2653026** |

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---

| | | |
|:---|:---|:---|
| **Contract costs:** |  |  |
| &nbsp;&nbsp;At January 1, 2024 | Ps. | 5330186 |
| &nbsp;&nbsp;Additions |  | 1414599 |
| &nbsp;&nbsp;Amortization |  | (1680496) |
| &nbsp;&nbsp;Impairment |  | (1093147) |
| **Total contract costs at December 31, 2024** |  | 3971142 |
| &nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;Current Contract Costs |  | 1483022 |
| Total non-current contract costs | Ps. | 2488120 |

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Amortization of contract costs is based upon the carrying amount of the assets in use and is computed using the straight-line method over estimated useful lives of five years.

(t) Interest Income

Interest income is recognized using the effective interest method. When a loan and receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument and continues unwinding the discount as interest income. Interest income on impaired loans and receivables is recognized using the original effective interest rate.

(u) Employee Benefits

#### Pension and Seniority Premium Obligations
Plans exist for pensions and seniority premiums (post-employment benefits), for most of the Group's employees, and are partially funded through irrevocable trusts. Increases or decreases in the consolidated liability for post-employment benefits are based upon actuarial calculations. Contributions to the trusts are determined at discretion of management based on actuarial estimates of funding requirements. Payments of post-employment benefits are made by the trust administrators. The defined benefit obligation is calculated annually using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation.

Remeasurement of post-employment benefit obligations related to experience adjustments and changes in actuarial assumptions of post-employment benefits are recognized in the period in which they are incurred as part of other comprehensive income or loss in consolidated equity.

[**Table of Contents**](#TOC)

#### Profit Sharing
The employees' profit sharing required to be paid under certain circumstances in Mexico, is recognized as a direct benefit to employees in the consolidated statements of income in the period in which it is incurred. The profit sharing is paid to employees on a yearly basis and calculated by the Mexican companies in the Group at the statutory rate of 10% on their respective adjusted income in accordance with the Federal Labor Law. There is a cap on the payment of profit sharing of up to three months of salary per employee (see Note 21).

#### Termination Benefits
Termination benefits, which mainly represent severance payments by law, are recorded in the consolidated statement of income. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring plan that involves the payment of termination benefits.

(v) Income Taxes

The income taxes for the period comprise current and deferred income taxes. Income taxes are recognized in the consolidated statement of income, except to the extent that they relate to items recognized in other comprehensive income or directly in equity. In this case, the income taxes are recognized in other comprehensive income.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income taxes are recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements of the consolidated companies in the Group. However, deferred income tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income taxes are not accounted for if they arise from initial recognition of an asset or liability in a transaction (other than in a business combination) that at the time of the transaction affects neither accounting nor taxable income or loss. Deferred income taxes are determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is recovered, or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and tax loss carryforwards can be utilized. For this purpose, the Group takes into consideration all available positive and negative evidence, including factors such as market conditions, industry analysis, projected taxable income, carryforward periods, current tax structure, potential changes or adjustments in tax structure, and future reversals of existing temporary differences.

Deferred income tax liabilities are provided on taxable temporary differences associated with investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are provided on deductible temporary differences associated with investments in subsidiaries, joint ventures and associates, to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefit of the temporary difference, and it is expected to reverse in the foreseeable future.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

[**Table of Contents**](#TOC)

(w) Derivative Financial Instruments

The Group recognizes derivative financial instruments as either assets or liabilities in the consolidated statements of financial position and measures such instruments at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on the intended use of the derivative financial instrument and the resulting designation. For a derivative financial instrument designated as a cash flow hedge, the effective portion of such derivative's gain or loss is initially reported as a component of other comprehensive income or loss and subsequently reclassified into income or loss when the hedged exposure affects income. The ineffective portion of the gain or loss is reported in income immediately. For a derivative financial instrument designated as a fair value hedge, the gain or loss is recognized in income or loss in the period of change together with the offsetting loss or gain on the hedged item attributed to the risk being hedged. When a hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument that has been recognized in other comprehensive income remains in equity until the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to income or loss. For derivative financial instruments that are not designated as accounting hedges, changes in fair value are recognized in income or loss in the period of change. During the years ended December 31, 2025, 2024 and 2023, certain derivative financial instruments qualified for hedge accounting (see Note 15).

(x) Comprehensive Income or Loss

Comprehensive income or loss for the period includes the net income or loss for the period presented in the consolidated statement of income or loss plus other comprehensive income or loss for the period reflected in the consolidated statement of comprehensive income or loss.

(y) Share-based Payment Agreements

Key officers and employees of certain subsidiaries of the Company have entered into agreements for the conditional sale of the Company's shares under the Company's Long-Term Retention Plan ("LTRP"). The share-based compensation expense is measured at fair value at the date the equity benefits are conditionally sold to these officers and employees and recognized as a charge to consolidated income or loss (administrative expense) over the vesting period. The Group recognized a share-based compensation expense of Ps.373,509, Ps.488,832 and Ps.748,500 for the years ended December 31, 2025, 2024 and 2023, respectively, which was credited in consolidated stockholders' equity for each of those years, respectively (see Note 17).

(z) New and Amended IFRS Accounting Standards

The Group adopted some amendments and improvements to certain IFRS Accounting Standards that became effective in 2025, 2024 and 2023, which did not have any significant impact on the Group's consolidated financial statements.

Below is a list of the new and amended IFRS Accounting Standards that have been issued by the IASB and will be effective for annual reporting periods beginning on January 1, 2026 and 2027.

---

| | | |
|:---|:---|:---|
| <br>**New or Amended IFRS Accounting Standard** | <br>**Title of the IFRS Accounting Standard** | **Effective for Annual**<br>**Reporting**<br>**Periods Beginning**<br>**On or After** |
| Annual Improvements <sup>(1)</sup> | *Annual Improvements to IFRS Accounting Standards – Volume 11* | January 1, 2026 |
| Amendments to IFRS 9 and IFRS 7 <sup>(1)</sup> | *Amendments to the classification and Measurement of Financial Instruments* | January 1, 2026 |
| IFRS 18 | *Presentation and Disclosure in Financial Statements* | January 1, 2027 |
| IFRS 19 <sup>(1) (2)</sup> | *Subsidiaries without Public Accountability: Disclosures* | January 1, 2027 |
| Amendments to IFRS 10 and IAS 28 | *Sale or Contribution of Assets between an Investor and its Associate or Joint Venture* | Postponed |
| Amendments to IFRS 9 and IFRS 7 <sup>(1)</sup> | *Contracts Referencing Nature-dependent Electricity* | January 1, 2026 |
| Amendments to IFRS 19 <sup>(1)</sup> | *Subsidiaries without Public Accountability: Disclosures* | January 1, 2027 |
| Amendments to IAS 21 <sup>(1)</sup> | *Translation to a Hyperinflationary Presentation Currency* | January 1, 2027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This new or amended IFRS Accounting Standard is not expected to have a significant impact on the Group's consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) An entity may elect to apply this IFRS Accounting Standard for reporting periods beginning on or after this date.

[**Table of Contents**](#TOC)

*Annual Improvements to IFRS Accounting Standards – Volume 11*, were issued by the IASB in July 2024. These amendments include clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. These amendments are effective for annual periods beginning on or after 1 January 2026, with early application permitted. The following table lists the amended IFRS Accounting Standards or guidance and the subject of the amendments.

---

| | |
|:---|:---|
| **Amended IFRS Accounting Standard or Guidance** | **Subject of Amendments** |
| IFRS 1 *First-time Adoption of International Financial Reporting Standards* | Hedge accounting by a first-time adopter |
| IFRS 7 *Financial Instruments: Disclosures* | Gain or loss on derecognition |
| Guidance on implementing IFRS 7 *Financial Instruments: Disclosures* | Introduction - Disclosure of deferred difference between fair value and transaction price - Credit risk disclosures |
| IFRS 9 *Financial Instruments* | Derecognition of lease liabilities - Transaction price |
| IFRS 10 *Consolidated Financial Statements*  | Determination of a 'de facto agent' |
| IAS 7 *Statement of Cash Flows* | Cost method  |

---

Amendments to IFRS 9 and IFRS 7 *Amendments to the Classification and Measurement of Financial Instruments*, were issued by the IASB in May 2024, to address the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, by clarifying how the contractual cash flows on loans with ESG-linked features should be assessed. These amendments also address the settlement of liabilities through electronic payment systems, by clarifying the date on which a financial asset or financial liability is derecognized and developing an accounting policy option to allow a company to derecognize a financial liability before it delivers cash on the settlement date if specified criteria are met. The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted.

IFRS 18 *Presentation and Disclosure in Financial Statements* ("IFRS 18"), was issued by the IASB in April 2024, introducing new requirements to improve comparability in the statement of income; enhance transparency of management-defined performance measures; and provide more useful grouping of information in the financial statements. IFRS 18 replaces IAS 1 *Presentation of Financial Statements* ("IAS 1") and carries forward many requirements from IAS 1 unchanged. IFRS 18 introduces three defined categories for income and expenses: operating, investing and financing, to improve the structure of the statement of income, and requires all companies to provide new defined subtotals, including operating profit. All entities are additionally required to use the operating profit subtotal as the single starting point for the indirect method of reporting cash flows from operating activities. IFRS 18 also requires companies to disclose explanations of those company-specific measures that are related to the statement of income, referred to as management-defined performance measures ("MPMs"). MPMs are required to be disclosed in the financial statements in a single note with reconciliations to IFRS Accounting Standards measures. IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted. Upon adoption, IFRS 18 should be applied on a fully retrospective basis, requiring the restatement of the comparative periods presented in an entity's financial statements. The Group's management continues assessing the impact of adoption of IFRS 18 on its consolidated financial statements and has started the implementation of this IFRS Accounting Standard. The adoption of IFRS 18 will primarily affect (i) the classification of certain items of income and expense into the new categories of the consolidated statement of income, with an impact on the reported consolidated operating income, which effect has not been determined yet; and (ii) certain presentation of the operating activities in the consolidated statement of cash flows.

IFRS 19 *Subsidiaries without Public Accountability: Disclosures* ("IFRS 19"), was issued by the IASB in May 2024, to permit eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries' financial statements while maintaining the usefulness of the information for users of their financial statements. When a parent company prepares consolidated financial statements that comply with IFRS Accounting Standards, its subsidiaries are required to report to the parent using IFRS Accounting Standards. However, for their own financial statements, subsidiaries are permitted to use IFRS Accounting Standards, the IFRS for SMEs Accounting Standard or national accounting standards. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability, and their parent company applies IFRS Accounting Standards in their consolidated financial statements. A subsidiary does not have public accountability if it does not have equities or debt listed on a stock exchange and does not hold assets in a fiduciary capacity for a broad group of outsiders. An entity may elect to apply this Standard for reporting periods beginning on or after 1 January 2027. Earlier application is permitted.

Amendments to IFRS 10 and IAS 28 *Sale or Contribution of Assets between an Investor and its Associate or Joint Venture*, were issued by the IASB in September 2014, and addressed and acknowledged an inconsistency between the requirements in IFRS 10 *Consolidated Financial Statements* and those in IAS 28 *Investments in Associates and Joint Ventures*, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015, the IASB decided to postpone the effective date of these amendments indefinitely. Entities are required to apply these amendments prospectively to the sale or contribution of assets occurring in annual periods beginning on or after a date to be determined by the IASB. Earlier application is permitted. If an entity applies these amendments earlier, it shall disclose that fact.

[**Table of Contents**](#TOC)

Amendments to IFRS 9 and IFRS 7 *Contracts Referencing Nature-dependent Electricity,* were issued by the IASB in December 2024, to help companies report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company's performance. These amendments are required to be applied for annual reporting periods beginning on or after 1 January 2026. Companies can apply the amendments earlier.

Amendments to IFRS 19 *Subsidiaries without Public Accountability: Disclosures*, were issued by the IASB in August 2025, and included reduced disclosure requirements for other Standards or amendments issued up to February 2021. The newly issued amendments to IFRS 19 help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically: (i) IFRS 18 Presentation and Disclosure in Financial Statements; (ii) Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7); (iii) International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12); (iv) Lack of Exchangeability (Amendments to IAS 21); and (v) Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). With these amendments, IFRS 19 reflects the changes to IFRS Accounting Standards that take effect up to January 1, 2027, when IFRS 19 will be applicable.

Amendments to IAS 21 *Translation to a Hyperinflationary Presentation Currency*, were issued by the IASB in November 2025 and clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. These amendments require an entity to translate amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy using the closing rate at the date of the most recent statement of financial position. The amendments to IAS 21 *The Effect of Changes in Foreign Exchange Rates* are effective for annual periods beginning on or after January 1, 2027, with early application permitted.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Spun-off Businesses and Acquisition of Non-controlling Interest in Sky** 

**Spun-off Businesses**

In 2022 and 2023, the Board of Directors and the Stockholders of the Company, respectively, approved a spin-off of certain businesses that were part of its former Other Businesses segment (the "Spin-off"), including its *fútbol* operations, the Azteca Stadium, the gaming operations, and publishing and distribution of magazines, as well as certain related assets and liabilities ("Spun-off Businesses"). The Spin-off was carried out on January 31, 2024, by creating a new controlling entity of the Spun-off Businesses, Ollamani, S.A.B. ("Ollamani"), which at the time of the Spin-off had the same shareholding structure as the Company. The Group and Ollamani obtained all required corporate and regulatory authorizations for the Spin-off, and the shares of Ollamani began trading separately from the Company on the Mexican Stock Exchange on February 20, 2024, in the form of CPOs, under the ticker symbol "AGUILAS CPO". Beginning in the first quarter of 2024, the Group began presenting the results of operations of the Spun-off Businesses as discontinued operations in its consolidated statements of income for the period of one month ended January 31, 2024, and for any comparative periods presented (see Notes 17, 26 and 28).

The carrying amount of consolidated net assets of the Group's Spun-off Businesses as of December 31, 2023, represented 4.5% of the Group's consolidated equity as of that date. The segment revenues and segment income of the Group's Spun-off Businesses for the year ended December 31, 2023, represented 8.3% and 4.7%, respectively, of the Group's total segment revenues and total segment income, respectively, for that year.

**Acquisition of Non-controlling Interest in Sky**

In April 2024, the Group reached an agreement with AT&T Inc. ("AT&T") for the acquisition of a non-controlling interest in Sky to become owner of 100% of the equity stock of Sky. In June 2024, the Group received approval from the IFT for this transaction and acquired the 41.3% interest in Sky previously held by AT&T. As part of this agreement, the transaction price will be paid by the Group in 2027 and 2028 (see Notes 2 (b) and 19).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;4. **Financial Risk Management** 

(a) Market Risk

Market risk is the exposure to an adverse change in the value of financial instruments caused by market factors including changes in equity prices, interest rates, foreign currency exchange rates, commodity prices and inflation rates.

The Group is exposed to market risks arising from changes in equity prices, interest rates, foreign currency exchange rates and inflation rates, in both the Mexican and U.S. markets. Market risk management activities are monitored by the Investments, Risk Management and Treasury Committee on a quarterly basis.

**(i)&nbsp;&nbsp;&nbsp;&nbsp;Foreign Exchange Risk**

The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. dollar and in those subsidiaries with functional currency other than the Mexican peso. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.

Foreign currency exchange risk is monitored by assessing the net monetary liability position in U.S. dollars and the forecasted cash flow needs for anticipated U.S. dollar investments and servicing the Group's U.S. dollar-denominated debt.

Management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. To manage their foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, entities in the Group use forward contracts. In compliance with the procedures and controls established by the Risk Management Committee, in 2025 and 2024, the Group entered into certain derivative transactions with certain financial institutions in order to manage its exposure to market risks resulting from changes in interest rates and foreign currency exchange rates. The objective in managing foreign currency fluctuations is to reduce earnings and cash flow volatility.

#### Foreign Currency Position
The foreign currency position of monetary items of the Group at December 31, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Year-End** | **Year-End** |  |  |
|  | **Foreign**<br>**Currency**<br>**Amounts**<br>**(Thousands)** | **Exchange Rate** | **Exchange Rate** | **Mexican Pesos** | **Mexican Pesos** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;U.S. dollars | **1646412** | **Ps.** | **18.0165** | **Ps.** | **29662582** |
| &nbsp;&nbsp;Euros | **3255** |  | **21.1459** |  | **68830** |
| &nbsp;&nbsp;Swiss francs | **4514** |  | **22.7147** |  | **102534** |
| &nbsp;&nbsp;Other currencies | **—** |  | **—** |  | **9** |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;U.S. dollars <sup>(1)</sup> | **3779613** | **Ps.** | **18.0165** | **Ps.** | **68095398** |
| &nbsp;&nbsp;Euros | **29470** |  | **21.1459** |  | **623170** |
| &nbsp;&nbsp;Swiss francs | **4326** |  | **22.7147** |  | **98264** |
| &nbsp;&nbsp;Other currencies | **—** |  | **—** |  | **919** |

---

[**Table of Contents**](#TOC)

The foreign currency position of monetary items of the Group at December 31, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Year-End** | **Year-End** |  |  |
|  | **Foreign**<br>**Currency**<br>**Amounts**<br>**(Thousands)** | **Exchange Rate** | **Exchange Rate** | **Mexican Pesos** | **Mexican Pesos** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;U.S. dollars | 1318668 | Ps. | 20.8691 | Ps. | 27519414 |
| &nbsp;&nbsp;Euros | 32919 |  | 21.6510 |  | 712729 |
| &nbsp;&nbsp;Swiss francs | 219 |  | 23.0485 |  | 5048 |
| &nbsp;&nbsp;Other currencies |  |  |  |  | 15 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;U.S. dollars <sup>(1)</sup> | 3942186 | Ps. | 20.8691 | Ps. | 82269874 |
| &nbsp;&nbsp;Euros | 3626 |  | 21.6510 |  | 78507 |
| &nbsp;&nbsp;Swiss francs | 41 |  | 23.0485 |  | 945 |
| &nbsp;&nbsp;Other currencies |  |  |  |  | 80 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of December 31, 2025 and 2024, monetary liabilities include U.S. $2,304.1 million (Ps. 41,511,522) and U.S. $2,108.7 million (Ps. 44,005,755), respectively, related to long-term debt designated as a hedging instrument of the Group's investments in TelevisaUnivision and Open-Ended Fund (see Note 14).

As of March 27, 2026, the exchange rate was Ps.18.1311 per U.S. dollar, which represents the interbank free market exchange rate on that date as reported by *Banco Citi México S.A.*

The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group's Mexican operations, as follows (in millions of U.S. dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2025** | **2024** | **2024** |
| U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, short-term investments, and non-current investments in financial instruments <sup>(1)</sup> | **U.S.$** | **1655.9** | U.S.$ | 1352.0 |
| U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities <sup>(2) (3)</sup> |  | **(3819.7)** |  | (3942.2) |
| Net liability position | **U.S.$** | **(2163.8)** | U.S.$ | (2590.2) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of December 31, 2025 and 2024, this line includes U.S. dollar equivalent amounts of U.S. $9.5 million and U.S. $33.4 million, respectively, related to other foreign currencies, primarily Euros.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As of December 31, 2025 and 2024, this line includes U.S. dollar equivalent amounts of U.S. $40.1 million and U.S. $0.1 million, respectively, related to other foreign currencies, primarily Euros.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As of December 31, 2025 and 2024, monetary liabilities include U.S. $2,304.1 million (Ps. 41,511,522) and U.S. $2,108.7 million (Ps. 44,005,755), respectively, related to long-term debt designated as a hedging instrument of the Group's investments in TelevisaUnivision and the investment in Open-Ended Fund (see Note 14).

At December 31, 2025, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.252,766 in the consolidated statement of income or loss. At December 31, 2024, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.1,004,917 in the consolidated statement of income or loss.

**(ii)&nbsp;&nbsp;&nbsp;&nbsp;Cash Flow Interest Rate Risk**

The Group monitors the exposure to interest rate risk by: (i) evaluating differences between interest rates on its outstanding debt and short-term investments and market interest rates on similar financial instruments; (ii) reviewing its cash flow needs and financial ratios (indebtedness and interest coverage); (iii) assessing current and forecasted trends in the relevant markets; and (iv) evaluating peer Group and industry practices. This approach allows the Group to determine the interest rate "mix" between variable and fixed rate debt.

[**Table of Contents**](#TOC)

The Group's interest rate risk arises from long-term debt. Debt issued at variable rates exposes the Group to cash flow interest rate risk, which is partially offset by cash and cash equivalents and short-term investments held at variable rates. Debt issued at fixed rates exposes the Group to fair value interest rate risk. During recent years, the Group has maintained most of its debt in fixed rate instruments (see Note 14).

Based on various scenarios, the Group manages its cash flow interest rate risk by using cross-currency interest rate swaps, exchange rate agreements and floating-to-fixed interest rate swaps. Cross-currency interest rate swap agreements allow the Group to hedge against Mexican peso depreciation on the interest payments for medium-term periods. Interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates.

#### Sensitivity and Fair Value Analysis
The sensitivity analyses that follow are intended to present the hypothetical changes in fair value or loss in earnings due to changes in interest rates, inflation rates, foreign currency exchange rates and debt and equity market prices and the effect that they would have had on the Group's financial instruments at December 31, 2025 and 2024. These analyses address market risk only and do not take into consideration other risks that the Group faces in the ordinary course of business, including country risk and credit risk. The hypothetical changes reflect management's view of changes that are reasonably possible over a one-year period. For purposes of the following sensitivity analyses, the Group has made assumptions of a hypothetical change in fair value of 10% for expected near-term future changes in the United States interest rates, Mexican interest rates, inflation rates and Mexican peso to U.S. dollar exchange rate. The results of the analyses do not purport to represent actual changes in fair value or losses in earnings that the Group will incur.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  |  |  | **Difference between** | **Difference between** |
| |  |  |  |  |  |  | **Fair Value and** | **Fair Value and** |
| |  |  |  |  |  |  | **Carrying Amount** | **Carrying Amount** |
| |  |  |  |  |  |  | **Assuming a** | **Assuming a** |
| |  |  |  |  | **Difference between** | **Difference between** | **Hypothetical** | **Hypothetical** |
| |  |  |  |  | **Fair Value and** | **Fair Value and** | **10% Increase in** | **10% Increase in** |
| <br>**December 31, 2025** | **Carrying Amount** | **Carrying Amount** | **Fair Value** | **Fair Value** | **Carrying Amount** | **Carrying Amount** | **Fair Value** | **Fair Value** |
| **Assets:** |  |  |  |  |  |  |  |  |
| Long-term loan and interest receivable from GTAC | **Ps.** | **1030233** | **Ps.** | **1033922** | **Ps.** | **3689** | **Ps.** | **107081** |
| Open-Ended Fund |  | **817332** |  | **817332** |  | **—** |  | **81733** |
| Publicly traded equity instruments |  | **2608027** |  | **2608027** |  | **—** |  | **260803** |
| **Liabilities**<sup>(2) (3)</sup>: |  |  |  |  |  |  |  |  |
| U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior Notes due 2026 |  | **3736982** |  | **3731414** |  | **(5568)** |  | **367573** |
| &nbsp;&nbsp;Senior Notes due 2032 |  | **5404950** |  | **5761514** |  | **356564** |  | **932715** |
| &nbsp;&nbsp;Senior Notes due 2040 |  | **10809900** |  | **9393371** |  | **(1416529)** |  | **(477192)** |
| &nbsp;&nbsp;Senior Notes due 2045 |  | **14244025** |  | **9438233** |  | **(4805792)** |  | **(3861969)** |
| &nbsp;&nbsp;Senior Notes due 2046 |  | **15846809** |  | **12059422** |  | **(3787387)** |  | **(2581445)** |
| &nbsp;&nbsp;Senior Notes due 2049 |  | **11907609** |  | **7889506** |  | **(4018103)** |  | **(3229152)** |
| Peso-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notes due 2027 |  | **4500000** |  | **4483980** |  | **(16020)** |  | **432378** |
| &nbsp;&nbsp;Senior Notes due 2037 |  | **4500000** |  | **3101760** |  | **(1398240)** |  | **(1088064)** |
| &nbsp;&nbsp;Senior Notes due 2043 |  | **6225690** |  | **3756830** |  | **(2468860)** |  | **(2093177)** |
| &nbsp;&nbsp;Long-term loans payable to Mexican banks |  | **10000000** |  | **10083966** |  | **83966** |  | **1092363** |
| &nbsp;&nbsp;Lease liabilities |  | **5435988** |  | **5595514** |  | **159526** |  | **719077** |
| Derivative financial instruments <sup>(1)</sup> |  | **413188** |  | **413188** |  | **—** |  | **41319** |

---

[**Table of Contents**](#TOC)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  |  |  | **Difference between** | **Difference between** |
| |  |  |  |  |  |  | **Fair Value and** | **Fair Value and** |
| |  |  |  |  |  |  | **Carrying Amount** | **Carrying Amount** |
| |  |  |  |  |  |  | **Assuming a** | **Assuming a** |
| |  |  |  |  | **Difference between** | **Difference between** | **Hypothetical** | **Hypothetical** |
| |  |  |  |  | **Fair Value and** | **Fair Value and** | **10% Increase in** | **10% Increase in** |
| <br>**December 31, 2024** | **Carrying Amount** | **Carrying Amount** | **Fair Value** | **Fair Value** | **Carrying Amount** | **Carrying Amount** | **Fair Value** | **Fair Value** |
| **Assets:** |  |  |  |  |  |  |  |  |
| Long-term loan and interest receivable from GTAC | Ps. | 1024371 | Ps. | 1031497 | Ps. | 7126 | Ps. | 110276 |
| Open-Ended Fund |  | 784769 |  | 784769 |  |  |  | 78477 |
| Publicly traded equity instruments |  | 1709942 |  | 1709942 |  |  |  | 170994 |
| Derivative financial instruments <sup>(1)</sup> |  | 2001051 |  | 2001051 |  |  |  | 200105 |
| **Liabilities**<sup>(2) (3)</sup>: |  |  |  |  |  |  |  |  |
| U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior Notes due 2025 |  | 4579474 |  | 4577917 |  | (1557) |  | 456235 |
| &nbsp;&nbsp;Senior Notes due 2026 |  | 4328669 |  | 4254172 |  | (74497) |  | 350920 |
| &nbsp;&nbsp;Senior Notes due 2032 |  | 6260730 |  | 6838345 |  | 577615 |  | 1261450 |
| &nbsp;&nbsp;Senior Notes due 2040 |  | 12521460 |  | 11389770 |  | (1131690) |  | 7287 |
| &nbsp;&nbsp;Senior Notes due 2045 |  | 16499319 |  | 11969101 |  | (4530218) |  | (3333308) |
| &nbsp;&nbsp;Senior Notes due 2046 |  | 18355876 |  | 15480061 |  | (2875815) |  | (1327809) |
| &nbsp;&nbsp;Senior Notes due 2049 |  | 13792972 |  | 10280454 |  | (3512518) |  | (2484473) |
| Peso-denominated debt: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notes due 2027 |  | 4500000 |  | 4252725 |  | (247275) |  | 177998 |
| &nbsp;&nbsp;Senior Notes due 2037 |  | 4500000 |  | 3186405 |  | (1313595) |  | (994955) |
| &nbsp;&nbsp;Senior Notes due 2043 |  | 6225690 |  | 3608472 |  | (2617218) |  | (2256371) |
| &nbsp;&nbsp;Long-term loans payable to Mexican banks |  | 12650000 |  | 12777242 |  | 127242 |  | 1404966 |
| &nbsp;&nbsp;Lease liabilities |  | 5386639 |  | 5454171 |  | 67532 |  | 612949 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Given the nature and the tenor of these derivative financial instruments, an increase of 10% in interest and/or exchange rates would not be an accurate sensitivity analysis on the fair value of these financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The carrying amount of debt is stated in this table at its principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The fair value of the Senior Notes and Notes issued by the Group are within Level 1 of the fair value hierarchy as there are quoted market prices for such notes. The fair value of the lease liabilities is within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities.

**(iii) Price Risk**

The Group is exposed to equity securities price risk because of investments held by the Group and classified in the consolidated statements of financial position as non-current investments in financial instruments. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. The Group is not exposed to commodity price risk.

(b) Credit Risk

Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each subsidiary is responsible for managing and analyzing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents and short-term investments, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposure to customers, including outstanding receivables and committed transactions. For banks and financial institutions, only independently rated parties with a minimum rating of "AA" in local scale for domestic institutions and "BBB" in global scale for foreign institutions are accepted. If customers are independently rated, these ratings are used. If there is no independent rating, the Group's risk control function assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Company's management. See Note 7 for further disclosure on credit risk.

[**Table of Contents**](#TOC)

No credit limits were exceeded during the reporting period, and management does not expect any losses from non-performance by any counterparties.

Historically, the Group has not incurred significant credit losses arising from customers.

(c) Liquidity Risk

Cash flow forecasting is performed in the operating entities of the Group and aggregated by corporate management. Corporate management monitors rolling forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs while always maintaining sufficient headroom on its borrowing facilities so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Group's debt financing plans, covenant compliance, compliance with internal statement of financial position ratio targets and, if applicable, external regulatory or legal requirements.

Surplus cash held by the operating entities over and above balance required for working capital management are transferred to the Group treasury. Group treasury invests surplus cash in interest bearing current accounts, time deposits, money market deposits and marketable securities, choosing investments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts. At December 31, 2025 and 2024, the Group held cash and cash equivalents of Ps.27,607,244 and Ps.46,193,173, respectively; and short-term investments of Ps.11,397,798 at December 31, 2025. (see Note 6).

The table below analyses the Group's non-derivative and derivative financial liabilities as well as related contractual interest on debt and lease liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table below are the contractual undiscounted cash flows (except for lease liabilities that are stated at present value).

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12-36 Months** | **12-36 Months** | **36-60 Months** | **36-60 Months** | **Maturities** | **Maturities** |  |  |
|  | **January 1, 2026 to** | **January 1, 2026 to** | **January 1, 2027 to** | **January 1, 2027 to** | **January 1, 2029 to** | **January 1, 2029 to** | **Subsequent to** | **Subsequent to** |  |  |
|  | **December 31, 2026** | **December 31, 2026** | **December 31, 2028** | **December 31, 2028** | **December 31, 2030** | **December 31, 2030** | **December 31, 2030** | **December 31, 2030** | **Total** | **Total** |
| **At December 31, 2025** |  |  |  |  |  |  |  |  |  |  |
| Debt <sup>(1)</sup> | **Ps.** | **3736982** | **Ps.** | **4500000** | **Ps.** | **10000000** | **Ps.** | **68938983** | **Ps.** | **87175965** |
| Lease liabilities |  | **1583871** |  | **2401449** |  | **894328** |  | **556340** |  | **5435988** |
| Trade and other liabilities |  | **19700090** |  | **79493** |  | **—** |  | **4612827** |  | **24392410** |
| Interest on debt <sup>(2)</sup> |  | **4401579** |  | **11128543** |  | **9325699** |  | **52766083** |  | **77621904** |
| Interest on lease liabilities |  | **443546** |  | **552835** |  | **331066** |  | **143957** |  | **1471404** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12-36 Months** | **12-36 Months** | **36-60 Months** | **36-60 Months** | **Maturities** | **Maturities** |  |  |
|  | **January 1, 2025 to** | **January 1, 2025 to** | **January 1, 2026 to** | **January 1, 2026 to** | **January 1, 2028 to** | **January 1, 2028 to** | **Subsequent to** | **Subsequent to** |  |  |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2027** | **December 31, 2027** | **December 31, 2029** | **December 31, 2029** | **December 31, 2029** | **December 31, 2029** | **Total** | **Total** |
| **At December 31, 2024** |  |  |  |  |  |  |  |  |  |  |
| Debt <sup>(1)</sup> | Ps. | 4579474 | Ps. | 11478669 | Ps. | 10000000 | Ps. | 78156047 | Ps. | 104214190 |
| Lease liabilities |  | 1242957 |  | 2387918 |  | 865556 |  | 890208 |  | 5386639 |
| Trade and other liabilities |  | 18410499 |  | 84453 |  | 32503 |  | 4146195 |  | 22673650 |
| Interest on debt <sup>(2)</sup> |  | 5428409 |  | 12561501 |  | 10787915 |  | 58559426 |  | 87337251 |
| Interest on lease liabilities |  | 462912 |  | 618152 |  | 378067 |  | 252519 |  | 1711650 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts of debt are disclosed on a principal amount basis (see Note 14).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Interest to be paid in future years on outstanding debt as of December 31, 2025 and 2024, based on contractual interest rates and exchange rates as of that date.

#### Capital Management
The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for stockholders and benefits for other stakeholders and to maintain an optimal capital structure in order to minimize the cost of capital.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;5. **Accounting Estimates and Assumptions** 

Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the related actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of consolidated assets and liabilities within the next financial year are addressed below:

(a) Goodwill and Other Indefinite-lived Intangible Assets

Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at least annually. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount.

The recoverable amount of each of the CGUs has been determined based on the higher of value in use and fair value less costs to disposal calculations. These calculations require the use of estimates, which include management's expectations of future revenue growth, operating costs, profit margins and operating cash flows for each CGU, long-term growth rates and discount rates based on weighted average cost of capital, among others.

**During 2024, the Group recorded impairment adjustments for goodwill and intangible assets with indefinite and finite useful lives in two of the Group's CGUs (see Notes 11, 12, 13 and 22). See Note 2 (b) and (l), for disclosure regarding concession intangible assets.**

(b) Long-lived Assets

The Group presents certain long-lived assets other than goodwill and indefinite-lived intangible assets in its consolidated statement of financial position. Long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Recoverability is analyzed based on projected cash flows. Estimates of future cash flows involve considerable judgment on the part of management. These estimates are based on historical data, future revenue growth, market conditions, management plans, and assumptions regarding projected rates of inflation and currency fluctuations, among other factors. If these assumptions were modified because of changes in economic or legal circumstances, the Group could recognize a write-off or write-down or accelerate the amortization schedule related to the carrying amount of these assets. The Group recorded an impairment loss for the year ended December 31, 2024 (see Notes 2 (m), 13 and 22).

(c) Deferred Income Tax Assets

The Group records its deferred tax assets based on the likelihood that these assets will be realized in the future. This likelihood is assessed by taking into consideration the future taxable income. In the event the Group were to determine that it would be able to realize its deferred tax assets in the future in excess of the net recorded amount, an adjustment to the deferred tax asset would increase income in the period such determination was made. Should the Group determine that it would not be able to realize all or part of its net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income or loss in the period such determination was made. The Group recognized write-offs of deferred income tax assets for the year ended December 31, 2025, derived from capital tax losses that expired on that date, and certain deductible temporary differences which are not expected to be used with available future taxable income (see Notes 2 (v) and 24).

(d) Financial Assets Measured at Fair Value

The Group has a significant amount of financial assets that are measured at fair value on a recurring basis. The degree of management's judgment involved in determining the fair value of a financial asset varies depending upon the availability of quoted market prices. When observable quoted market prices exist, that is the fair value estimate the Group uses. To the extent such quoted market prices do not exist, management uses other means to determine fair value (see Notes 4 and 15).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;6. **Cash and Cash Equivalents and Short-term Investments** 

Cash and cash equivalents as of December 31, 2025 and 2024, consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Cash and bank accounts | **Ps.** | **2538819** | Ps. | 3905893 |
| Highly liquid investments <sup>(1)</sup> |  | **25068425** |  | 42287280 |
| Total cash and cash equivalents | **Ps.** | **27607244** | Ps. | 46193173 |

---

<sup>(1)</sup> Highly liquid investments with an original maturity of three months or less at the date of acquisition.

Short-term investments as of December 31, 2025, amounted to Ps.11,397,798, and consisted of investments in financial instruments with a maturity of over three months and up to one year at the date of acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Trade Accounts Receivable, Net** 

Current trade accounts receivable, net as of December 31, 2025 and 2024, consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Trade accounts receivable | **Ps.** | **7390674** | Ps. | 7854322 |
| Allowance for expected credit losses |  | **(1669915)** |  | (1678503) |
|  | **Ps.** | **5720759** | Ps. | 6175819 |

---

Non-current trade receivables as of December 31, 2025 and 2024, amounted to Ps.3,024 and Ps.484,506, respectively.

As of December 31, 2025 and 2024, the aging analysis of the current trade accounts receivable that were past due was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| 1 to 90 days | **Ps.** | **1,984,209** | Ps. | 1,615,364 |
| 91 to 180 days |  | **600,205** |  | 805,530 |
| More than 180 days |  | **986,714** |  | 1,608,244 |

---

As of December 31, 2025 and 2024, the carrying amounts of the Group's trade accounts receivable denominated in currencies other than the Mexican peso were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| U.S. dollar | **Ps.** | **351,394** | Ps. | 437,959 |
| Other currencies |  | **4,234** |  |  |
|  | **Ps.** | **355,628** | Ps. | 437,959 |

---

Changes in the allowance for expected credit losses of trade accounts receivable were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| At January 1 | **Ps.** | **(1678503)** | Ps. | (1774151) |
| Expected credit losses |  | **(1163209)** |  | (1294362) |
| Write-off of receivables |  | **1171797** |  | 1313016 |
| Spun-off Businesses |  | **—** |  | 76994 |
| At December 31 | **Ps.** | **(1669915)** | Ps. | (1678503) |

---

The maximum exposure to credit risk of the trade accounts receivable as of December 31, 2025 and 2024, was the carrying amount of each class of receivables (see Note 4).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;8. **Transmission Rights** 

At December 31, 2025 and 2024, transmission rights and programming consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Transmission rights | **Ps.** | **951979** | Ps. | 1024985 |
| Non-current portion of: |  |  |  |  |
| &nbsp;&nbsp;Transmission rights |  | **74234** |  | 74234 |
| Current portion of transmission rights | **Ps.** | **877745** | Ps. | 950751 |

---

Transmission rights charged to consolidated cost of revenues for the years ended December 31, 2025, 2024 and 2023, amounted to Ps.1,047,108, Ps.865,507 and Ps.1,372,309, respectively (see Note 21).

&nbsp;&nbsp;&nbsp;&nbsp;9. **Investments in Financial Instruments** 

At December 31, 2025 and 2024, the Group had the following investments in financial instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Equity instruments measured at FVOCIL: |  |  |  |  |
| &nbsp;&nbsp;Open-Ended Fund <sup>(1)</sup> | **Ps.** | **817332** | Ps. | 784769 |
| &nbsp;&nbsp;Publicly traded equity instruments <sup>(2)</sup> |  | **2608027** |  | 1709942 |
|  | **Ps.** | **3425359** | Ps. | 2494711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value ("NAV") per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date.

A roll forward of investments in financial assets at FVOCIL for the years ended December 31, 2025 and 2024 is presented as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Publicly Traded**  | **Publicly Traded**  |  |  |
|  | **Open-Ended** | **Open-Ended** | **Equity** | **Equity** |  |  |
|  | **Fund** <sup>(1)</sup> | **Fund** <sup>(1)</sup> | **Instruments** | **Instruments** | **Total** | **Total** |
| At January 1, 2025 | **Ps.** | **784769** | **Ps.** | **1709942** | **Ps.** | **2494711** |
| Change in fair value in other comprehensive income |  | **32563** |  | **898085** |  | **930648** |
| **At December 31, 2025** | **Ps.** | **817332** | **Ps.** | **2608027** | **Ps.** | **3425359** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Publicly Traded**  | **Publicly Traded**  |  |  |
|  | **Open-Ended** | **Open-Ended** | **Equity** | **Equity** |  |  |
|  | **Fund** <sup>(1)</sup> | **Fund** <sup>(1)</sup> | **Instruments** | **Instruments** | **Total** | **Total** |
| At January 1, 2024 | Ps. | 674451 | Ps. | 1912150 | Ps. | 2586601 |
| Change in fair value in other comprehensive income (loss) |  | 110318 |  | (202208) |  | (91890) |
| At December 31, 2024 | Ps. | 784769 | Ps. | 1709942 | Ps. | 2494711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The foreign exchange gain or loss derived from the investment in the Open-Ended Fund for the years ended December 31, 2025 and 2024, respectively, was hedged by a foreign exchange loss or gain derived from Senior Notes of the Company designated as hedging instruments for the years ended December 31, 2025 and 2024, respectively, in the amount of Ps. 116,529 and Ps. 176,416 , respectively (see Notes 14 and 23).

The maximum exposure to credit risk of investments in financial instruments as of December 31, 2025 and 2024, was the carrying amounts of the financial assets (see Note 4).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;10. **Investments in Associates and Joint Ventures** 

At December 31, 2025 and 2024, the Group had the following investments in associates and joint ventures accounted for by the equity method:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ownership as of** | **Ownership as of** |  |  |  |  |
|  | **December 31,**  | **December 31,**  |  |  |  |  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Associates: |  |  |  |  |  |  |
| &nbsp;&nbsp;TelevisaUnivision and subsidiaries | **43.2%** | 43.0% | **Ps.** | **40694190** | Ps. | 43220986 |
| &nbsp;&nbsp;Other |  |  |  | **45698** |  | 63658 |
| Joint ventures: |  |  |  |  |  |  |
| &nbsp;&nbsp;Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (collectively "GTAC") <sup>(1)</sup> | **33.3%** | 33.3% |  | **956508** |  | 952721 |
| &nbsp;&nbsp;Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively, "PDS") <sup>(2)</sup> | **50.0%** | 50.0% |  | **203694** |  | 199332 |
|  |  |  | **Ps.** | **41900090** | Ps. | 44436697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. and a subsidiary of Megacable, S.A. de C.V., have an equal equity participation of 33.3% . A subsidiary of the Company entered into long-term loans to provide financing to GTAC for an aggregate principal amount of Ps. 1,614,040 , with an annual interest of the Mexican Interbank Interest Rate ()"*Tasa de Interés Interbancaria de Equilibrio*" or "TIIE") plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these long-term loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2026 and 2034. During the years ended December 31, 2025 and 2024, GTAC paid principal and interest to the Group in connection with these long-term loans in the aggregate principal amount of Ps. 184,495 and Ps. 183,031 , respectively. The net investment in GTAC as of December 31, 2025 and 2024, included amounts receivable in connection with these long-term loans to GTAC in the aggregate amount of Ps. 1,030,233 and Ps. 1,024,371 , respectively. These amounts receivable are in substance a part of the Group's net investment in this investee (see Note 15).

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of December 31, 2025 and 2024, the Group's investment in PDS included intangible assets and goodwill in the aggregate amount of Ps. 113,837 .

**TelevisaUnivision**

The Group accounts for its investment in common stock of TelevisaUnivision, the parent company of Univision Communications Inc. ("Univision"), under the equity method due to the Group's ability to exercise significant influence, as defined under IFRS Accounting Standards, over TelevisaUnivision operations. The Group has the ability to exercise significant influence over the operating and financial policies of TelevisaUnivision because (i) it owned 9,291,000 and 9,290,999 Class A Common Stock shares of TelevisaUnivision as of December 31, 2025 and 2024, respectively, and 750,000 Series B Preferred Stock shares of TelevisaUnivision as of December 31, 2025 and 2024, respectively, representing 43.2% and 43.0% of the outstanding common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision), respectively, and 42.9% and 44.0% of the outstanding voting common shares of TelevisaUnivision, respectively; and (ii) it has designated three members of the Board of Directors of TelevisaUnivision, one of which serves as the Chairman. The Chairman does not presently have a tie-breaking vote or other similar power in connection with any decisions of the Board. The governing documents of TelevisaUnivision provide for an 11-member Board of Directors; however, the Board of Directors currently consists of nine members, and the Group has the right to appoint two additional members.

[**Table of Contents**](#TOC)

The Series B Preferred Stock shares of TelevisaUnivision, with an annual preferred dividend of 5.5% payable on a quarterly basis, are entitled or permitted to vote on any matter required or permitted to be voted upon by the stockholders of TelevisaUnivision. The investment in Series B Preferred Stock shares of TelevisaUnivision has been classified by the Group as investments in associates and joint ventures because this investment has in substance potential voting rights and gives access to the returns associated with an ownership in TelevisaUnivision. In connection with this investment, the Group received from TelevisaUnivision a preferred dividend in cash in the aggregate amount of U.S.$41.3 million (Ps.780,077), U.S.$41.3 million (Ps.777,838) and U.S.$41.3 million (Ps.716,905) for the years ended December 31, 2025, 2024 and 2023, respectively, which was accounted for in share of income or loss of associates in the Group's consolidated statement of income or loss for those years.

In November 2025, a subsidiary of the Company made a capital contribution in cash to TelevisaUnivision in the aggregate amount of U.S.$89.8 million (Ps.1,671,501), which was recognized as additional paid-in capital by TelevisaUnivision in accordance with an agreement entered into by the parties. This capital contribution was made by the Group in support of TelevisaUnivision's strategy and financial profile, in conjunction with the relevance of TelevisaUnivision as a strategic Group asset with long-term growth potential. In connection with this capital contribution, the Group received one share of Class A Common Stock, at its par value, which was issued by TelevisaUnivision. As a result of the Group's interest on this capital contribution, the Group recognized a share of loss in TelevisaUnivision in the amount of U.S.$51.0 million (Ps.949,699) for the year ended December 31, 2025.

The Group also recognized a dilution gain or loss in its investment in capital stock of TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023, resulting from a change in its share in TelevisaUnivision from 43.0% to 43.2%, from 43.7% to 43.0%, and from 44.4% to 43.7%, respectively, on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision).

A roll forward of investments in associates and joint ventures for the years ended December 31, 2025 and 2024, is presented as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| At January 1 | **Ps.** | **44436697** | Ps. | 43427638 |
| Share of loss of associates and joint ventures, net |  | **(1868198)** |  | (960415) |
| Share of other comprehensive income (loss) of associates |  | **3905450** |  | (7061676) |
| Long-term loans granted to GTAC, net |  | **86142** |  | 128881 |
| Foreign currency translation adjustments |  | **(6227452)** |  | 8946557 |
| Capital contribution to TelevisaUnivision  |  | **1671501** |  |  |
| GTAC payments of principal and interest |  | **(184495)** |  | (183031) |
| Dividends from PDS |  | **(5000)** |  | (10000) |
| Other |  | **85445** |  | 148743 |
| At December 31 | **Ps.** | **41900090** | Ps. | 44436697 |

---

**IFRS Accounting Standards Summarized Financial Information of TelevisaUnivision**

IFRS Accounting Standards summarized financial information of TelevisaUnivision as of December 31, 2025 and 2024, respectively (amounts in thousands of U.S. dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Current assets (include cash and cash equivalents for U.S.$439,500 and U.S.$329,800, respectively) | **U.S.$** | **2921100** | U.S.$ | 2616600 |
| Non-current assets |  | **13440900** |  | 13160000 |
| &nbsp;&nbsp;Total assets |  | **16362000** |  | 15776600 |
| Current liabilities (include debt and financial liabilities for U.S.$270,400 and U.S.$240,800, respectively) |  | **1594200** |  | 1450900 |
| Non-current liabilities (include debt and financial liabilities for U.S.$9,386,800 and U.S.$9,314,500 respectively) |  | **12118900** |  | 12100700 |
| &nbsp;&nbsp;Total liabilities |  | **13713100** |  | 13551600 |
| &nbsp;&nbsp;Total net assets | **U.S.$** | **2648900** | U.S.$ | 2225000 |

---

[**Table of Contents**](#TOC)

The table below reconciles the summarized financial information of TelevisaUnivision to the carrying amount of the Group's interest TelevisaUnivision as of December 31, 2025 and 2024, respectively (amounts in thousands of U.S. dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Ownership as of December 31 |  | **43.2%**  |  | 43.0% |
| Group's share of net assets | **U.S.$** | **1143371** | U.S.$ | 955705 |
| Group's share of net assets | **Ps.** | **20599548** | Ps. | 19944707 |
| Goodwill and other indefinite-lived intangible assets |  | **6582267** |  | 7624454 |
| Group's investment in preferred shares |  | **13512375** |  | 15651825 |
| &nbsp;&nbsp;Carrying amount of the Group´s interest in TelevisaUnivision | **Ps.** | **40694190** | Ps. | 43220986 |

---

IFRS Accounting Standards summarized financial information of TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands of U.S. dollars):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Revenue | **U.S.$** | **4827200** | U.S.$ | 5055500 | U.S.$ | 4928000 |
| Depreciation and amortization |  | **531900** |  | 551600 |  | 570700 |
| Finance income |  | **26400** |  | 212200 |  | 100300 |
| Finance expense |  | **863500** |  | 791600 |  | 752400 |
| Loss from continuing operations |  | **(183700)** |  | (62500) |  | (513000) |
| Income tax (benefit) expense |  | **38700** |  | (31400) |  | (129200) |
| Net loss |  | **(145000)** |  | (93900) |  | (642200) |
| Other comprehensive income (loss) |  | **469300** |  | (883900) |  | 535400 |
| Total comprehensive income (loss) |  | **324300** |  | (977800) |  | (106800) |
| Preferred dividends received from TelevisaUnivision |  | **41250** |  | 41250 |  | 41250 |

---

The table below reconciles the summarized financial information of TelevisaUnivision to the carrying amount of the Group´s interest in TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands of U.S. dollars):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Net loss | **U.S.$** | **(62568)** | U.S.$ | (40333) | U.S.$ | (280533) |
| Other comprehensive income (loss) |  | **202569** |  | (379662) |  | 233880 |
| Net loss | **Ps.** | **(1127613)** | Ps. | (838874) | Ps. | (4940904) |
| Other comprehensive income (loss) |  | **3905473** |  | (7061645) |  | 4278446 |
| Purchase price allocation and other adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) adjustments |  | **200993** |  | (151397) |  | 128148 |
| &nbsp;&nbsp;Share of loss on capital contribution to TelevisaUnivision |  | **(949699)** |  |  |  |  |
| Group's interest in TelevisaUnivision: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net loss |  | **(1876319)** |  | (990271) |  | (4812756) |
| &nbsp;&nbsp;Other comprehensive income (loss) |  | **3905473** |  | (7061645) |  | 4278446 |

---

Combined condensed balance sheet information related to the Group's share in associates other than TelevisaUnivision as of December 31, 2025 and 2024, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Current assets | **Ps.** | **18141** | Ps. | 17847 |
| Non-current assets |  | **39774** |  | 43983 |
| &nbsp;&nbsp;Total assets |  | **57915** |  | 61830 |
| Current liabilities |  | **14515** |  | 13849 |
| Non-current liabilities |  | **20704** |  | 26095 |
| &nbsp;&nbsp;Total liabilities |  | **35219** |  | 39944 |
| &nbsp;&nbsp;Net assets | **Ps.** | **22696** | Ps. | 21886 |
| &nbsp;&nbsp;Goodwill, purchase price allocation and other adjustments |  | **23002** |  | 41772 |
| &nbsp;&nbsp;Carrying amount of the Group's interest in associates | **Ps.** | **45698** | Ps. | 63658 |

---

[**Table of Contents**](#TOC)

Combined condensed balance sheet information related to the Group's share in joint ventures as of December 31, 2025 and 2024, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Current assets | **Ps.** | **178732** | Ps. | 175520 |
| Non-current assets |  | **1075367** |  | 1065472 |
| &nbsp;&nbsp;Total assets |  | **1254099** |  | 1240992 |
| Current liabilities |  | **85406** |  | 56799 |
| Non-current liabilities |  | **1152561** |  | 1170348 |
| &nbsp;&nbsp;Total liabilities |  | **1237967** |  | 1227147 |
| &nbsp;&nbsp;Net assets | **Ps.** | **16132** | Ps. | 13845 |
| &nbsp;&nbsp;Goodwill, purchase price allocation and other adjustments |  | **113837** |  | 113837 |
| &nbsp;&nbsp;Long-term loans granted to GTAC, net |  | **1030233** |  | 1024371 |
| &nbsp;&nbsp;Carrying amount of the Group´s interest in joint ventures | **Ps.** | **1160202** | Ps. | 1152053 |

---

The Group recognized its share of comprehensive income of associates and joint ventures other than TelevisaUnivision for the years ended December 31, 2025, 2024 and 2023, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Share of income of associates and joint ventures, net | **Ps.** | **8121** | Ps. | 29856 | Ps. | 9223 |
| Share of other comprehensive income of associates and joint ventures: |  |  |  |  |  |  |
| &nbsp;&nbsp;Other items of comprehensive (loss) income, net |  | **(23)** |  | (31) |  | 85 |
|  |  | **(23)** |  | (31) |  | 85 |
| Share of comprehensive income of associates and joint ventures | **Ps.** | **8098** | Ps. | 29825 | Ps. | 9308 |

---

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;11. **Property, Plant and Equipment, Net, and Investment Property, Net** 

**Property, Plant and Equipment, Net**

Changes in the carrying amounts of property, plant and equipment for the years ended December 31, 2025 and 2024, are as follows:

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Networks and**  | **Networks and**  |  |  |  |  |  |  |  |  |  |  | **Construction**  | **Construction**  |  |  |
|  | **Buildings**  | **Buildings**  | **technical** | **technical** | **Satellite** | **Satellite** | **Furniture** | **Furniture** | **Transportation** | **Transportation** | **Computer** | **Computer** | **Leasehold** | **Leasehold** | **and Projects** | **and Projects** |  |  |
|  | **and Land** | **and Land** | **Equipment** | **Equipment** | **Transponders** | **Transponders** | **and Fixtures** | **and Fixtures** | **Equipment** | **Equipment** | **Equipment** | **Equipment** | **Improvements** | **Improvements** | **in Progress** <sup>(1)</sup> | **in Progress** <sup>(1)</sup> | **Total** | **Total** |
| **Cost:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 1, 2024 | Ps. | 11619447 | Ps. | 197794121 | Ps. | 6026094 | Ps. | 1261892 | Ps. | 2963827 | Ps. | 9682066 | Ps. | 3874655 | Ps. | 8950492 | Ps. | 242172594 |
| Additions |  | 20922 |  | 5013043 |  |  |  | 8206 |  | 22488 |  | 32133 |  | 43381 |  | 3957224 |  | 9097397 |
| Dismantling cost  |  |  |  | 12122 |  |  |  |  |  |  |  |  |  |  |  |  |  | 12122 |
| Retirements and reclassifications to other accounts |  | (5535721) |  | (9541826) |  |  |  | (122101) |  | (1242130) |  | (2951681) |  | (1347560) |  | 1194187 |  | (19546832) |
| Transfers from intangibles assets, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (770090) |  | (770090) |
| Transfers and reclassifications |  | 21292 |  | 5907840 |  |  |  | 25154 |  | 4894 |  | 75477 |  | 106827 |  | (6141484) |  |  |
| Effect of translation |  |  |  | 946672 |  |  |  | 494 |  | 3818 |  | 2978 |  | 1274 |  | 1150 |  | 956386 |
| December 31, 2024 |  | 6125940 |  | 200131972 |  | 6026094 |  | 1173645 |  | 1752897 |  | 6840973 |  | 2678577 |  | 7191479 |  | 231921577 |
| Additions |  | 10265 |  | 3913469 |  |  |  | 2115 |  |  |  | 11196 |  | 9283 |  | 8240177 |  | 12186505 |
| Dismantling cost  |  |  |  | 30837 |  |  |  |  |  |  |  |  |  |  |  |  |  | 30837 |
| Retirements and reclassifications to other accounts |  | (29684) |  | (3402988) |  |  |  | (287) |  | (121702) |  | (144699) |  | (2765) |  | 886463 |  | (2815662) |
| Transfers from intangibles assets, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (211083) |  | (211083) |
| Transfers and reclassifications |  | 20267 |  | 6733040 |  |  |  | 10892 |  | 1476 |  | 46636 |  | 108656 |  | (6920967) |  |  |
| Effect of translation |  |  |  | (680277) |  |  |  | (354) |  | (1611) |  | (2605) |  | (970) |  | (79) |  | (685896) |
| **December 31, 2025** | **Ps.** | **6126788** | **Ps.** | **206726053** | **Ps.** | **6026094** | **Ps.** | **1186011** | **Ps.** | **1631060** | **Ps.** | **6751501** | **Ps.** | **2792781** | **Ps.** | **9185990** | **Ps.** | **240426278** |
| **Accumulated depreciation:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 1, 2024 | Ps. | (4656426) | Ps. | (140697874) | Ps. | (4818311) | Ps. | (883332) | Ps. | (2089619) | Ps. | (8075441) | Ps. | (3103015) | Ps. |  | Ps. | (164324018) |
| Depreciation of the year |  | (119869) |  | (15299488) |  | (282414) |  | (69291) |  | (120510) |  | (184693) |  | (182509) |  |  |  | (16258774) |
| Impairment |  |  |  |  |  | (20044) |  |  |  |  |  |  |  |  |  |  |  | (20044) |
| Retirements |  | 2162396 |  | 7387294 |  |  |  | 95404 |  | 664112 |  | 1949903 |  | 1062713 |  |  |  | 13321822 |
| Transfers investment property |  | (83645) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (83645) |
| Effect of translation |  |  |  | (887584) |  |  |  | (148) |  | (1728) |  | (2623) |  | (574) |  |  |  | (892657) |
| December 31, 2024 |  | (2697544) |  | (149497652) |  | (5120769) |  | (857367) |  | (1547745) |  | (6312854) |  | (2223385) |  |  |  | (168257316) |
| Depreciation of the year |  | (106836) |  | (13540058) |  | (162148) |  | (68269) |  | (55813) |  | (151513) |  | (173496) |  |  |  | (14258133) |
| Retirements |  | 81615 |  | 2035019 |  |  |  | 107 |  | 48388 |  | 76410 |  | 2167 |  |  |  | 2243706 |
| Transfers investment property |  | (82254) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (82254) |
| Effect of translation |  |  |  | 622317 |  |  |  | 113 |  | 881 |  | 1914 |  | 694 |  |  |  | 625919 |
| **December 31, 2025** | **Ps.** | **(2805019)** | **Ps.** | **(160380374)** | **Ps.** | **(5282917)** | **Ps.** | **(925416)** | **Ps.** | **(1554289)** | **Ps.** | **(6386043)** | **Ps.** | **(2394020)** | **Ps.** | **—** | **Ps.** | **(179728078)** |
| **Carrying amount:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| January 1, 2024 | Ps. | 6963021 | Ps. | 57096247 | Ps. | 1207783 | Ps. | 378560 | Ps. | 874208 | Ps. | 1606625 | Ps. | 771640 | Ps. | 8950492 | Ps. | 77848576 |
| December 31, 2024 | Ps. | 3428396 | Ps. | 50634320 | Ps. | 905325 | Ps. | 316278 | Ps. | 205152 | Ps. | 528119 | Ps. | 455192 | Ps. | 7191479 | Ps. | 63664261 |
| **December 31, 2025** | **Ps.** | **3321769** | **Ps.** | **46345679** | **Ps.** | **743177** | **Ps.** | **260595** | **Ps.** | **76771** | **Ps.** | **365458** | **Ps.** | **398761** | **Ps.** | **9185990** | **Ps.** | **60698200** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Retirements and reclassifications to other accounts include: (i) set-up box refurbishment projects that are subsequently reclassified to inventory in order to be assigned or sold to a customer and (ii) projects in progress related to certain costs that are reclassified to programming when a specific program benefits from those costs.

Depreciation charges are presented in Note 21. Depreciation charged to income for the years ended December 31, 2025 and 2024, was Ps.14,258,133 and Ps.16,258,774, respectively. Depreciation for the year ended December 31, 2024 included Ps.21,340, corresponding to depreciation of discontinued operations for the period of one month ended January 31, 2024.

Derived from the annual impairment test of intangible assets with indefinite useful lives at the Satellite CGU (Sky), in the fourth quarter of 2024 the Group recognized an impairment loss in satellite transponders in the aggregate amount of Ps.20,044 (see Note 22).

Property, plant and equipment include the following carrying amounts of technical equipment leased to subscribers as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Subscriber leased set-top equipment | **Ps.** | **63753419** | Ps. | 60963692 |
| Accumulated depreciation |  | **(48483463)** |  | (43883230) |
|  | **Ps.** | **15269956** | Ps. | 17080462 |

---

[**Table of Contents**](#TOC)

Property, plant and equipment include the following carrying amounts of dismantling costs (technical equipment) related to obligations incurred as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Dismantling costs | **Ps.** | **1185283** | Ps. | 1154446 |
| Accumulated depreciation |  | **(801861)** |  | (726813) |
|  | **Ps.** | **383422** | Ps. | 427633 |

---

**Investment Property, Net**

The Group leases some buildings and land to TelevisaUnivision under operating lease agreements. These operating lease agreements contain initial non-cancellable periods between 7 and 19 years. Subsequent renewals are negotiated with the lessee and average renewal periods are of five years. The leased buildings and land are in Mexico City and include the Group's *San Angel*, *Chapultepec* facilities and part of the Company's headquarters. These properties are classified as investment properties in accordance with IFRS Accounting Standards given that such properties are held by the Group primarily to earn rentals rather than for use in the production or supply of goods or services or for administrative purposes, or sale in the ordinary course of business (see Note 3).

Changes in the carrying amount of investment property for the years ended December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Buildings and Land** | **Buildings and Land** |
| **Cost:** |  |  |
| &nbsp;&nbsp;January 1, 2024 | Ps. | 3867406 |
| &nbsp;&nbsp;Transfers investment property |  |  |
| &nbsp;&nbsp;December 31, 2024 |  | 3867406 |
| &nbsp;&nbsp;Transfers investment property |  |  |
| &nbsp;&nbsp;**December 31, 2025** | **Ps.** | **3867406** |
| **Accumulated depreciation:** |  |  |
| &nbsp;&nbsp;January 1, 2024 | Ps. | (1077233) |
| &nbsp;&nbsp;Depreciation of the period |  | (83645) |
| &nbsp;&nbsp;December 31, 2024 |  | (1160878) |
| &nbsp;&nbsp;Depreciation of the period |  | (82254) |
| &nbsp;&nbsp;**December 31, 2025** | **Ps.** | **(1243132)** |
| **Carrying amount:**  |  |  |
| &nbsp;&nbsp;December 31, 2024 | Ps. | 2706528 |
| &nbsp;&nbsp;**December 31, 2025** | **Ps.** | **2624274** |

---

Depreciation charges are presented in Note 21.

As of December 31, 2025 and 2024, the fair value of the Group's investment property amounted to Ps.11,888,707 and Ps.11,264,339, respectively, as measured by an independent appraiser who holds a recognized and relevant professional qualification and experience in the investment property being valued.

Net lease income from investment property, net of direct operating expenses amounted to Ps.354,815, Ps.360,813 and Ps.325,205, for the years ended December 31, 2025, 2024 and 2023, respectively, and was accounted for as a reduction of the Group's corporate expense included in administrative expenses (see Note 21).

[**Table of Contents**](#TOC)

A maturity analysis of undiscounted contractual lease payments to be received by the Group as of December 31, 2025 for buildings and land subject to operating leases is presented as follows (Thousands of U.S. dollars):

---

| | | |
|:---|:---|:---|
| | **Undiscounted** | **Undiscounted** |
| <br>**Year** | **Lease Payments** | **Lease Payments** |
| 2026 | U.S.$ | 22604 |
| 2027 |  | 22604 |
| 2028 |  | 22604 |
| 2029 |  | 21042 |
| 2030 |  | 19273 |
| Thereafter |  | 259627 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Right-of-use Assets, Net** 

Changes in the carrying amounts of right-of-use assets, net for the years ended December 31, 2025 and 2024, are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Networks** | **Networks** |  |  |  |  |  |  |
|  |  |  |  |  | **and** | **and** |  |  |  |  |  |  |
|  |  |  | **Satellite** | **Satellite** | **Technical** | **Technical** | **Computer** | **Computer** |  |  |  |  |
|  | **Buildings** | **Buildings** | **Transponders** | **Transponders** | **Equipment** | **Equipment** | **Equipment** | **Equipment** | **Others** | **Others** | **Total** | **Total** |
| **Cost:** |  |  |  |  |  |  |  |  |  |  |  |  |
| January 1, 2024 | Ps. | 6265727 | Ps. | 4275619 | Ps. | 2230176 | Ps. | 142203 | Ps. | 539945 | Ps. | 13453670 |
| Additions |  | 559229 |  |  |  | 118164 |  |  |  | 166940 |  | 844333 |
| Retirements |  | (2336761) |  |  |  |  |  | (39562) |  | (35942) |  | (2412265) |
| Effect of translation |  | 8060 |  |  |  |  |  |  |  |  |  | 8060 |
| December 31, 2024 |  | 4496255 |  | 4275619 |  | 2348340 |  | 102641 |  | 670943 |  | 11893798 |
| Additions  |  | **196653** |  | **—** |  | **797359** |  | **—** |  | **799850** |  | **1793862** |
| Retirements |  | **(99995)** |  | **—** |  | **—** |  | **(102641)** |  | **(1876)** |  | **(204512)** |
| Effect of translation |  | **(4839)** |  | **—** |  | **—** |  | **—** |  | **—** |  | **(4839)** |
| **December 31, 2025** | **Ps.** | **4588074** | **Ps.** | **4275619** | **Ps.** | **3145699** | **Ps.** | **—** | **Ps.** | **1468917** | **Ps.** | **13478309** |
| **Accumulated depreciation:** |  |  |  |  |  |  |  |  |  |  |  |  |
| January 1, 2024 | Ps. | (2352892) | Ps. | (3206714) | Ps. | (1401532) | Ps. | (82675) | Ps. | (323996) | Ps. | (7367809) |
| Depreciation of the year |  | (481146) |  | (285041) |  | (182738) |  | (25398) |  | (105417) |  | (1079740) |
| Retirements and impairment adjustments |  | 658778 |  | (783864) |  | 8962 |  | 11115 |  |  |  | (105009) |
| Effect of translation |  | (4323) |  |  |  |  |  |  |  |  |  | (4323) |
| December 31, 2024 |  | (2179583) |  | (4275619) |  | (1575308) |  | (96958) |  | (429413) |  | (8556881) |
| Depreciation of the year |  | **(457132)** |  | **—** |  | **(273905)** |  | **(19798)** |  | **(152418)** |  | **(903253)** |
| Retirements |  | **45605** |  | **—** |  | **—** |  | **116756** |  | **—** |  | **162361** |
| Effect of translation |  | **3965** |  | **—** |  | **—** |  | **—** |  | **—** |  | **3965** |
| **December 31, 2025** | **Ps.** | **(2587145)** | **Ps.** | **(4275619)** | **Ps.** | **(1849213)** | **Ps.** | **—** | **Ps.** | **(581831)** | **Ps.** | **(9293808)** |
| **Carrying amount:** |  |  |  |  |  |  |  |  |  |  |  |  |
| January 1, 2024 | Ps. | 3912835 | Ps. | 1068905 | Ps. | 828644 | Ps. | 59528 | Ps. | 215949 | Ps. | 6085861 |
| December 31, 2024 | Ps. | 2316672 | Ps. |  | Ps. | 773032 | Ps. | 5683 | Ps. | 241530 | Ps. | 3336917 |
| **December 31, 2025** | **Ps.** | **2000929** | **Ps.** |  | **Ps.** | **1296486** | **Ps.** | **—** | **Ps.** | **887086** | **Ps.** | **4184501** |

---

Depreciation charges are presented in Note 21. Depreciation charged to income or loss in relation to the right-of-use assets for the years ended December 31, 2025 and 2024, was Ps.903,253 and Ps.1,079,740, respectively. Depreciation for the year ended December 31, 2024, included Ps.10,168, corresponding to depreciation of discontinued operations for the one-month period ended January 31, 2024.

Derived from the annual impairment test of intangible assets with indefinite useful lives at the Satellite CGU (Sky), in the fourth quarter of 2024 the Group recognized an impairment loss in right of use assets of satellite transponders in the aggregate amount of Ps.783,864 (see Note 22).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;13. **Intangible Assets, Net and Goodwill** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  |  | **Accumulated** | **Accumulated** | **Carrying** | **Carrying** |  |  | **Accumulated** | **Accumulated** | **Carrying** | **Carrying** |
|  | **Cost** | **Cost** | **Amortization** | **Amortization** | **Amount** | **Amount** | **Cost** | **Cost** | **Amortization** | **Amortization** | **Amount** | **Amount** |
| **Intangible assets with indefinite useful lives and goodwill:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Trademarks | **Ps.** | **32828** | **Ps.** | **—** | **Ps.** | **32828** | Ps. | 32828 | Ps. |  | Ps. | 32828 |
| Concessions |  | **15070025** |  | **—** |  | **15070025** |  | 15070025 |  |  |  | 15070025 |
| Goodwill |  | **13454998** |  | **—** |  | **13454998** |  | 13454998 |  |  |  | 13454998 |
|  |  | **28557851** |  | **—** |  | **28557851** |  | 28557851 |  |  |  | 28557851 |
| **Intangible assets with finite useful lives:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Trademarks |  | **2245835** |  | **(2245835)** |  | **—** |  | 2245835 |  | (2245835) |  |  |
| Licenses and software |  | **22629288** |  | **(18076491)** |  | **4552797** |  | 21320603 |  | (16716480) |  | 4604123 |
| Subscriber lists |  | **8392469** |  | **(8384818)** |  | **7651** |  | 8663463 |  | (8468156) |  | 195307 |
| Payments for concessions |  | **5824365** |  | **(1150669)** |  | **4673696** |  | 5824365 |  | (863002) |  | 4961363 |
| Other intangible assets |  | **2365713** |  | **(1789275)** |  | **576438** |  | 2306185 |  | (1697740) |  | 608445 |
|  |  | **41457670** |  | **(31647088)** |  | **9810582** |  | 40360451 |  | (29991213) |  | 10369238 |
|  | **Ps.** | **70015521** | **Ps.** | **(31647088)** | **Ps.** | **38368433** | Ps. | 68918302 | Ps. | (29991213) | Ps. | 38927089 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Trademarks** | **Trademarks** | **Concessions** | **Concessions** | **Goodwill** | **Goodwill** | **Total** | **Total** |
| **Cost:** |  |  |  |  |  |  |  |  |
| Balance at January 1, 2025 | **Ps.** | **32828** | **Ps.** | **15070025** | **Ps.** | **13454998** | **Ps.** | **28557851** |
| Acquisitions |  | **—** |  | **—** |  | **—** |  | **—** |
| **Balance at December 31, 2025** | **Ps.** | **32828** | **Ps.** | **15070025** | **Ps.** | **13454998** | **Ps.** | **28557851** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Trademarks** | **Trademarks** | **Concessions** | **Concessions** | **Goodwill** | **Goodwill** | **Total** | **Total** |
| **Cost:** |  |  |  |  |  |  |  |  |
| Balance at January 1, 2024 | Ps. | 32828 | Ps. | 15166067 | Ps. | 13904998 | Ps. | 29103893 |
| Acquisitions |  |  |  | 21564 |  |  |  | 21564 |
| Retirements and impairment adjustments |  |  |  | (117606) |  | (450000) |  | (567606) |
| Balance at December 31, 2024 | Ps. | 32828 | Ps. | 15070025 | Ps. | 13454998 | Ps. | 28557851 |

---

[**Table of Contents**](#TOC)

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  |  | **Licenses** | **Licenses** |  |  |  |  | **Other** | **Other** |  |  |
|  |  |  | **and** | **and** | **Subscriber** | **Subscriber** | **Payments for** | **Payments for** | **Intangible** | **Intangible** |  |  |
|  | **Trademarks** | **Trademarks** | **Software** | **Software** | **Lists** | **Lists** | **Concessions** | **Concessions** | **Assets** | **Assets** | **Total** | **Total** |
| **Cost:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Balance at January 1, 2025 | **Ps.** | **2245835** | **Ps.** | **21320603** | **Ps.** | **8663463** | **Ps.** | **5824365** | **Ps.** | **2306185** | **Ps.** | **40360451** |
| Additions |  | **—** |  | **1184996** |  | **—** |  | **—** |  | **102114** |  | **1287110** |
| Transfers from property, plant and equipment |  | **—** |  | **211083** |  | **—** |  | **—** |  | **—** |  | **211083** |
| Reclassifications from other accounts |  | **—** |  | **340** |  | **5100** |  | **—** |  | **(5440)** |  | **—** |
| Retirements |  | **—** |  | **(42480)** |  | **(262906)** |  | **—** |  | **(37146)** |  | **(342532)** |
| Effect of translation |  | **—** |  | **(45254)** |  | **(13188)** |  | **—** |  | **—** |  | **(58442)** |
| Balance at December 31, 2025 |  | **2245835** |  | **22629288** |  | **8392469** |  | **5824365** |  | **2365713** |  | **41457670** |
| **Accumulated amortization:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Balance at January 1, 2025 |  | **(2245835)** |  | **(16716480)** |  | **(8468156)** |  | **(863002)** |  | **(1697740)** |  | **(29991213)** |
| Amortization of the year |  | **—** |  | **(1342296)** |  | **(230997)** |  | **(287667)** |  | **(55921)** |  | **(1916881)** |
| Other amortization of the year |  | **—** |  | **—** |  | **—** |  | **—** |  | **(1376)** |  | **(1376)** |
| Transfers and reclassifications |  | **—** |  | **(340)** |  | **38241** |  | **—** |  | **(37901)** |  | **—** |
| Reclassifications from other accounts |  | **—** |  | **(62736)** |  | **—** |  | **—** |  | **—** |  | **(62736)** |
| Retirements |  | **—** |  | **680** |  | **262906** |  | **—** |  | **3663** |  | **267249** |
| Effect of translation |  | **—** |  | **44681** |  | **13188** |  | **—** |  | **—** |  | **57869** |
| Balance at December 31, 2025 |  | **(2245835)** |  | **(18076491)** |  | **(8384818)** |  | **(1150669)** |  | **(1789275)** |  | **(31647088)** |
|  | **Ps.** | **—** | **Ps.** | **4552797** | **Ps.** | **7651** | **Ps.** | **4673696** | **Ps.** | **576438** | **Ps.** | **9810582** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  |  | **Licenses** | **Licenses** |  |  |  |  | **Other** | **Other** |  |  |
|  |  |  | **and** | **and** | **Subscriber** | **Subscriber** | **Payments for** | **Payments for** | **Intangible** | **Intangible** |  |  |
|  | **Trademarks** | **Trademarks** | **Software** | **Software** | **Lists** | **Lists** | **Concessions** | **Concessions** | **Assets** | **Assets** | **Total** | **Total** |
| **Cost:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Balance at January 1, 2024 | Ps. | 2236012 | Ps. | 16990167 | Ps. | 8779649 | Ps. | 5824365 | Ps. | 3680220 | Ps. | 37510413 |
| Additions |  | 9823 |  | 1266988 |  |  |  |  |  | 80479 |  | 1357290 |
| Transfers from property, plant and equipment |  |  |  | 770090 |  |  |  |  |  |  |  | 770090 |
| Reclassifications from other accounts |  |  |  | 2435700 |  |  |  |  |  | 356674 |  | 2792374 |
| Retirements and impairment adjustments |  |  |  | (204742) |  | (134846) |  |  |  | (1814206) |  | (2153794) |
| Effect of translation |  |  |  | 62400 |  | 18660 |  |  |  | 3018 |  | 84078 |
| Balance at December 31, 2024 |  | 2245835 |  | 21320603 |  | 8663463 |  | 5824365 |  | 2306185 |  | 40360451 |
| **Accumulated amortization:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Balance at January 1, 2024 |  | (2187698) |  | (12594645) |  | (8177490) |  | (575335) |  | (2689296) |  | (26224464) |
| Amortization of the year |  | (58137) |  | (2395212) |  | (312184) |  | (287667) |  | (67002) |  | (3120202) |
| Other amortization of the year <sup>(1)</sup> |  |  |  |  |  |  |  |  |  | (47628) |  | (47628) |
| Transfers and reclassifications |  |  |  |  |  | 4770 |  |  |  | (4770) |  |  |
| Reclassifications from other accounts |  |  |  | (1242761) |  | (79806) |  |  |  | (83289) |  | (1405856) |
| Retirements and impairment adjustments |  |  |  | (421290) |  | 115214 |  |  |  | 1196395 |  | 890319 |
| Effect of translation |  |  |  | (62572) |  | (18660) |  |  |  | (2150) |  | (83382) |
| Balance at December 31, 2024 |  | (2245835) |  | (16716480) |  | (8468156) |  | (863002) |  | (1697740) |  | (29991213) |
|  | Ps. |  | Ps. | 4604123 | Ps. | 195307 | Ps. | 4961363 | Ps. | 608445 | Ps. | 10369238 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

[**Table of Contents**](#TOC)

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** | **Indefinite-lived** | **Indefinite-lived** |
|  | **Goodwill** | **Goodwill** | **Trademarks** | **Trademarks** | **Concessions** | **Concessions** |
| Balance as of January 1, 2024 | Ps. | 13904998 | Ps. | 32828 | Ps. | 15166067 |
| Acquisitions |  |  |  |  |  | 21564 |
| Impairment adjustments |  | (450000) |  |  |  | (117606) |
| Balance at December 31, 2024 |  | 13454998 |  | 32828 |  | 15070025 |
| Acquisitions |  |  |  |  |  |  |
| Impairment adjustments |  |  |  |  |  |  |
| Balance at December 31, 2025 | **Ps.** | **13454998** | **Ps.** | **32828** | **Ps.** | **15070025** |

---

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** | **Telecom** | **Telecom** | **Telecom** | **Telecom** |
|  | **Residential** | **Residential** | **Satellite** | **Enterprise** | **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** |

---

[**Table of Contents**](#TOC)

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** | **Telecom** | **Telecom** | **Telecom** | **Telecom** |
|  | **Residential** | **Residential** | **Satellite** | **Enterprise** | **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).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Debt and Lease Liabilities** 

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
|  |  |  |  |  | **Finance** | **Finance** | **Principal, Net** | **Principal, Net** | | **Interest**  | **Interest**  | **Principal, Net** | **Principal, Net** |
|  | **U.S. Dollars** | **U.S. Dollars** | **Principal** | **Principal** | **Costs** | **Costs** | **of Finance Costs** | **of Finance Costs** | **Effective**<br>**Interest Rate** | **Payable** | **Payable** | **of Finance Costs** | **of Finance Costs** |
| **U.S. dollar Senior Notes:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625% Senior Notes due 2025 <sup>(1)</sup> | U.S.$ |  | Ps. |  | Ps. |  | **Ps.** | **—** | **—** | Ps. |  | Ps. | 4556950 |
| &nbsp;&nbsp;&nbsp;4.625% Senior Notes due 2026 <sup>(1)</sup> |  | 207420 |  | 3736982 |  |  |  | **3736982** | 5.03% |  | 86418 |  | 4323522 |
| &nbsp;&nbsp;&nbsp;8.5% Senior Notes due 2032 <sup>(1)</sup> |  | 300000 |  | 5404950 |  | (31109) |  | **5373841** | 9.00% |  | 140378 |  | 6226262 |
| &nbsp;&nbsp;&nbsp;6.625% Senior Notes due 2040 <sup>(1)</sup> |  | 600000 |  | 10809900 |  | (136097) |  | **10673803** | 7.05% |  | 326249 |  | 12379847 |
| &nbsp;&nbsp;&nbsp;5% Senior Notes due 2045 <sup>(1)</sup> |  | 790610 |  | 14244025 |  | (440422) |  | **13803603** | 5.39% |  | 102874 |  | 16045657 |
| &nbsp;&nbsp;&nbsp;6.125% Senior Notes due 2046 <sup>(1)</sup> |  | 879572 |  | 15846809 |  | (127888) |  | **15718921** | 6.47% |  | 485308 |  | 18229310 |
| &nbsp;&nbsp;&nbsp;5.250% Senior Notes due 2049 <sup>(1)</sup> |  | 660928 |  | 11907609 |  | (308781) |  | **11598828** | 5.59% |  | 62515 |  | 13477395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. dollar debt |  | 3438530 |  | 61950275 |  | (1044297) |  | **60905978** |  |  | 1203742 |  | 75238943 |
| **Mexican peso debt:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.79% Notes due 2027 <sup>(2)</sup> |  |  |  | 4500000 |  | (5982) |  | **4494018** | 8.84% |  | 103283 |  | 4491175 |
| &nbsp;&nbsp;&nbsp;8.49% Senior Notes due 2037 <sup>(1)</sup> |  |  |  | 4500000 |  | (14832) |  | **4485168** | 8.94% |  | 39266 |  | 4484450 |
| &nbsp;&nbsp;&nbsp;7.25% Senior Notes due 2043 <sup>(1)</sup> |  |  |  | 6225690 |  | (61807) |  | **6163883** | 7.92% |  | 30091 |  | 6162407 |
| &nbsp;&nbsp;&nbsp;Bank loans <sup>(3)</sup> |  |  |  | 10000000 |  | (54907) |  | **9945093** | 8.76% |  | 48665 |  | 9928198 |
| &nbsp;&nbsp;&nbsp;Bank loans (Sky) <sup>(4)</sup> |  |  |  |  |  |  |  | **—** |  |  |  |  | 2650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mexican peso debt |  |  |  | 25225690 |  | (137528) |  | **25088162** |  |  | 221305 |  | 27716230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt <sup>(5)</sup> |  | 3438530 |  | 87175965 |  | (1181825) |  | **85994140** |  |  | 1425047 |  | 102955173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Current portion of long-term debt |  | 207420 |  | 3736982 |  |  |  | **3736982** |  |  | 1425047 |  | 4556950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current portion | U.S.$ | 3231110 | Ps. | 83438983 | Ps. | (1181825) | **Ps.** | **82257158** |  | Ps. |  | Ps. | 98398223 |
|  |  |  |  |  |  |  |  |  |  | **2025** | **2025** | **2024** | **2024** |
| **Lease liabilities:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Satellite transponder lease agreement <sup>(6)</sup> |  |  |  |  |  |  |  |  |  | **Ps.** | **1062504** | Ps. | 1866747 |
| &nbsp;&nbsp;&nbsp;Telecommunications network lease agreement <sup>(7)</sup> |  |  |  |  |  |  |  |  |  |  | **514269** |  | 538356 |
| &nbsp;&nbsp;&nbsp;Other lease liabilities <sup>(8)</sup> |  |  |  |  |  |  |  |  |  |  | **3859215** |  | 2981536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease liabilities |  |  |  |  |  |  |  |  |  |  | **5435988** |  | 5386639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Current portion |  |  |  |  |  |  |  |  |  |  | **1583871** |  | 1242957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities, net of current portion |  |  |  |  |  |  |  |  |  | **Ps.** | **3852117** | Ps. | 4143682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 .

&nbsp;&nbsp;&nbsp;&nbsp;(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 .

&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Millions of** | **Millions of** | **Thousands of** | **Thousands of** | **Millions of**  | **Millions of**  | **Thousands of** | **Thousands of** |
| <br>**Hedged Items** | **U.S. Dollars** | **U.S. Dollars** | **Mexican Pesos** | **Mexican Pesos** | **U.S. Dollars** | **U.S. Dollars** | **Mexican Pesos** | **Mexican Pesos** |
| Investment in shares of TelevisaUnivision (net investment hedge) | **U.S.$** | **2258.7** | **Ps.** | **40694190** | U.S.$ | 2071.1 | Ps. | 43220986 |
| Open-Ended Fund (foreign currency fair value hedge) |  | **45.4** |  | **817332** |  | 37.6 |  | 784769 |
| &nbsp;&nbsp;Total | **U.S.$** | **2304.1** | **Ps.** | **41511522** | U.S.$ | 2108.7 | Ps. | 44005755 |

---

[**Table of Contents**](#TOC)

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** | **2025** | **2024** | **2024** |
| **Recognized in:** |  |  |  |  |
| &nbsp;&nbsp;Comprehensive gain (loss) | **Ps.** | **6343981** | Ps. | (9122973) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total foreign exchange gain (loss) derived from hedging Senior Notes | **Ps.** | **6343981** | Ps. | (9122973) |
| **Offset against:** |  |  |  |  |
| &nbsp;&nbsp;Foreign currency translation (loss) gain derived from the hedged net investment in shares of TelevisaUnivision | **Ps.** | **(6227452)** | Ps. | 8946557 |
| &nbsp;&nbsp;Foreign exchange (loss) gain derived from the hedged Open-Ended Fund |  | **(116529)** |  | 176416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total foreign currency translation and foreign exchange (loss) gain derived from hedged assets | **Ps.** | **(6343981)** | Ps. | 9122973 |

---

#### Maturities of Debt and Lease Liabilities
Debt maturities for the years subsequent to December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Unamortized** | **Unamortized** |
|  | **Nominal** | **Nominal** | **Finance Costs** | **Finance Costs** |
| 2026 | Ps. | 3736982 | Ps. |  |
| 2027 |  | 4500000 |  | 5982 |
| 2029 |  | 10000000 |  | 54907 |
| 2032 |  | 5404950 |  | 31109 |
| Thereafter |  | 63534033 |  | 1089827 |
|  | Ps. | 87175965 | Ps. | 1181825 |

---

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

---

| | | |
|:---|:---|:---|
| 2026 | Ps. | 2027418 |
| 2027 |  | 1792087 |
| 2028 |  | 1162194 |
| 2029 |  | 721198 |
| 2030 |  | 504197 |
| Thereafter |  | 700298 |
|  |  | 6907392 |
| Less: Amount representing interest |  | (1471404) |
|  | Ps. | 5435988 |

---

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** | **Cash Flow** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** |  |  |
|  |  |  |  |  |  |  | **Foreign** | **Foreign** |  |  |  |  |
|  | **Balance as of**  | **Balance as of**  |  |  |  |  | **Exchange** | **Exchange** |  |  | **Balance as of** | **Balance as of** |
|  | **January 1, 2025** | **January 1, 2025** | **Payments** | **Payments** | **New Leases** | **New Leases** | **Income** | **Income** | **Interest** | **Interest** | **December 31, 2025** | **December 31, 2025** |
| Debt | Ps. | 104214190 | Ps. | (6556655) | Ps. |  | Ps. | (10481570) | Ps. |  | **Ps.** | **87175965** |
| Lease liabilities |  | 5386639 |  | (1809670) |  | 1750836 |  | (200570) |  | 308753 |  | **5435988** |
| Total debt and lease liabilities | Ps. | 109600829 | Ps. | (8366325) | Ps. | 1750836 | Ps. | (10682140) | Ps. | 308753 | **Ps.** | **92611953** |

---

[**Table of Contents**](#TOC)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** | **Non-Cash Changes** |  |  |
|  |  |  |  |  |  |  |  |  |  |  | **Foreign** | **Foreign** |  |  |  |  |
|  | **Balance as of**  | **Balance as of**  |  |  |  |  |  |  |  |  | **Exchange** | **Exchange** |  |  | **Balance as of** | **Balance as of** |
|  | **January 1, 2024** | **January 1, 2024** | **Payments** | **Payments** | **New Debt** | **New Debt** | **New Leases** | **New Leases** | **Spun-off** | **Spun-off** | **Income** | **Income** | **Interest** | **Interest** | **December 31, 2024** | **December 31, 2024** |
| Debt | Ps. | 89814233 | Ps. | (10000000) | Ps. | 10000000 | Ps. |  | Ps. |  | Ps. | 14399957 | Ps. |  | Ps. | 104214190 |
| Lease liabilities |  | 7291550 |  | (1567300) |  |  |  | 87890 |  | (1117157) |  | 391372 |  | 300284 |  | 5386639 |
| Total debt and lease liabilities | Ps. | 97105783 | Ps. | (11567300) | Ps. | 10000000 | Ps. | 87890 | Ps. | (1117157) | Ps. | 14791329 | Ps. | 300284 | Ps. | 109600829 |

---

**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.

&nbsp;&nbsp;&nbsp;&nbsp;15. **Financial Instruments** 

The Group's financial instruments presented in the consolidated statements of financial position included cash and cash equivalents, short-term investments, accounts receivable, a long-term loan receivable from GTAC as a part of the investment in this associate, non-current investments in publicly traded equity securities and in securities in the form of an open-ended fund, accounts payable, outstanding debt, lease liabilities, and derivative financial instruments. For cash and cash equivalents, accounts receivable, accounts payable, and the current portion of long-term debt and lease liabilities, the carrying amounts approximate fair value due to the short maturity of these instruments. The fair value of the Group's long-term debt securities is based on quoted market prices.

The fair value of long-term loans that the Group borrowed from leading Mexican banks (see Note 14), has been estimated using the borrowing rates currently available to the Group for bank loans with similar terms and average maturities. The fair value of non-current investments in financial instruments, and currency option and interest rate swap agreements were determined by using valuation techniques that maximize the use of observable market data.

The carrying amount and estimated fair values of the Group's non-derivative financial instruments as of December 31, 2025 and 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Carrying Amount** | **Carrying Amount** | **Fair Value** | **Fair Value** | **Carrying Amount** | **Carrying Amount** | **Fair Value** | **Fair Value** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | **Ps.** | **27607244** | **Ps.** | **27607244** | Ps. | 46193173 | Ps. | 46193173 |
| &nbsp;&nbsp;Short-term investments |  | **11397798** |  | **11397798** |  |  |  |  |
| &nbsp;&nbsp;Trade accounts receivable, net |  | **5720759** |  | **5720759** |  | 6175819 |  | 6175819 |
| &nbsp;&nbsp;Long-term loan and interest receivable from GTAC (see Note 10) |  | **1030233** |  | **1033922** |  | 1024371 |  | 1031497 |
| &nbsp;&nbsp;Open-Ended Fund (see Note 9) |  | **817332** |  | **817332** |  | 784769 |  | 784769 |
| &nbsp;&nbsp;Publicly traded equity instruments (see Note 9) |  | **2608027** |  | **2608027** |  | 1709942 |  | 1709942 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior Notes due 2025, 2032 and 2040 | **Ps.** | **16214850** | **Ps.** | **15154885** | Ps. | 23361664 | Ps. | 22806032 |
| &nbsp;&nbsp;Senior Notes due 2045 |  | **14244025** |  | **9438233** |  | 16499319 |  | 11969101 |
| &nbsp;&nbsp;Senior Notes due 2037 and 2043 |  | **10725690** |  | **6858590** |  | 10725690 |  | 6794877 |
| &nbsp;&nbsp;Senior Notes due 2026 and 2046 |  | **19583791** |  | **15790836** |  | 22684545 |  | 19734233 |
| &nbsp;&nbsp;Senior Notes due 2049 |  | **11907609** |  | **7889506** |  | 13792972 |  | 10280454 |
| &nbsp;&nbsp;Notes due 2027 |  | **4500000** |  | **4483980** |  | 4500000 |  | 4252725 |
| &nbsp;&nbsp;Long-term loans payable to Mexican banks |  | **10000000** |  | **10083966** |  | 12650000 |  | 12777242 |
| &nbsp;&nbsp;Lease liabilities |  | **5435988** |  | **5595514** |  | 5386639 |  | 5454171 |

---

[**Table of Contents**](#TOC)

The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group's derivative financial instruments as of December 31, 2025 and 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  |  | **Notional** | **Notional** | |
| |  |  | **Amount** | **Amount** | |
| | **Carrying** | **Carrying** | **(U.S. Dollars in** | **(U.S. Dollars in** | |
| <br>**December 31, 2025:**<br>**Derivative Financial Instruments** | **Amount** | **Amount** | **Thousands)** | **Thousands)** | <br>**Maturity Date** |
| **Liabilities:** |  |  |  |  |  |
| Derivatives recorded as accounting hedges (cash flow hedges): |  |  |  |  |  |
| &nbsp;&nbsp;Forwards <sup>(a)</sup> | **Ps.** | **267224** | U.S.$ | 388220 | January through November 2026 |
| Derivatives not recorded as accounting hedges: |  |  |  |  |  |
| &nbsp;&nbsp;TVI's Forwards <sup>(b)</sup> |  | **11671** | U.S.$ | 6900 | February through April 2026 |
| &nbsp;&nbsp;Empresas Cablevision's Forwards <sup>(c)</sup> |  | **13070** | U.S.$ | 7500 | March through April 2026 |
| &nbsp;&nbsp;Cablemás's Forwards <sup>(d)</sup> |  | **46840** | U.S.$ | 31600 | January through May 2026 |
| &nbsp;&nbsp;Sky's Forwards <sup>(e)</sup> |  | **41960** | U.S.$ | 23500 | January through May 2026 |
| &nbsp;&nbsp;Forwards <sup>(f)</sup> |  | **32423** | U.S.$ | 20000 | January through May 2026 |
| &nbsp;&nbsp;Total liabilities | **Ps.** | **413188** |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  |  | **Notional** | **Notional** | |
| |  |  | **Amount** | **Amount** | |
| | **Carrying** | **Carrying** | **(U.S. Dollars in** | **(U.S. Dollars in** | |
| <br>**December 31, 2024:**<br>**Derivative Financial Instruments** | **Amount** | **Amount** | **Thousands)** | **Thousands)** | <br>**Maturity Date** |
| **Assets:** |  |  |  |  |  |
| Derivatives recorded as accounting hedges (cash flow hedges): |  |  |  |  |  |
| &nbsp;&nbsp;Forwards <sup>(a)</sup> | Ps. | 1975071 | U.S.$ | 592005 | January 2025 through January 2026 |
| Derivatives not recorded as accounting hedges: |  |  |  |  |  |
| &nbsp;&nbsp;TVI's Forwards <sup>(b)</sup> |  | 4408 | U.S.$ | 8000 | January through March 2025 |
| &nbsp;&nbsp;Empresas Cablevision's Forwards <sup>(c)</sup> |  | 2502 | U.S.$ | 4000 | February through March 2025 |
| &nbsp;&nbsp;Cablemás's Forwards <sup>(d)</sup> |  | 2180 | U.S.$ | 5000 | January 2025 |
| &nbsp;&nbsp;Sky's Forwards <sup>(e)</sup> |  | 8072 | U.S.$ | 15000 | March 2025 |
| &nbsp;&nbsp;Forwards <sup>(f)</sup> |  | 8818 | U.S.$ | 14000 | January through March 2025 |
| &nbsp;&nbsp;Total assets | Ps. | 2001051 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of December 31, 2025 and 2024, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S. $388 million and U.S. $592 million, respectively, at an average exchange rate of Ps. 18.8517 and Ps. 18.0059 , respectively. The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative income of Ps. 2,242,294 and Ps. 1,857,456 respectively, for this transaction agreement in other comprehensive income or loss as of December 31, 2025 and 2024, respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps. (747,698) and Ps. 456,559 , in consolidated other finance income or expense, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) As of December 31, 2025 and 2024, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $7 million and U.S. $8 million, respectively, at an average rate of Ps. 19.8344 and Ps. 20.4503 , respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps. (58,536) and Ps. 39,791 , in consolidated other finance income or expense, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) As of December 31, 2025 and 2024, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $8 million and U.S. $4 million, respectively, at an average rate of Ps. 19.9257 and Ps. 20.4637 , respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps. (44,919) and Ps. 36,474 , in consolidated other finance income or expense, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) As of December 31, 2025 and 2024, Cablemás had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $32 million and U.S. $5 million, respectively, at an average rate of Ps. 19.6552 and Ps. 20.4915 , respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps. (76,178) and Ps. 2,181 , in consolidated other finance income or expense, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(e) As of December 31, 2025 and 2024, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $24 million and U.S. $15 million, respectively, at an average rate of Ps. 19.9350 and Ps. 20.4548 , respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps. (120,308) and Ps. 82,065 , in consolidated other finance income or expense, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(f) As of December 31, 2025 and 2024, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $20 million and U.S. $14 million, respectively, at an average rate of Ps. 19.7829 and Ps. 20.4645 , respectively. As a result of the change in fair value of these agreements, in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps. (145,470) and Ps. 149,593 , in consolidated other finance income or expense, respectively.

[**Table of Contents**](#TOC)

**Fair Value Measurement**

#### Assets Measured at Fair Value on a Recurring Basis
All fair value adjustments as of December 31, 2025 and 2024, represent assets or liabilities measured at fair value on a recurring basis. In determining fair value, the Group's financial instruments are separated into two categories: investments in financial assets at FVOCIL and derivative financial instruments.

Financial assets and liabilities measured at fair value as of December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Quoted Prices in**  | **Quoted Prices in**  | **Internal Models**  | **Internal Models**  | |
|  | **Balance as of**  | **Balance as of**  | **Active Markets**  | **Active Markets**  | **with Significant**  | **with Significant**  | |
|  | **December 31,**  | **December 31,**  | **for Identical**  | **for Identical**  | **Observable**  | **Observable**  | |
|  | **2025** | **2025** | **Assets (Level 1)** | **Assets (Level 1)** | **Inputs (Level 2)** | **Inputs (Level 2)** | **Internal Models** <br>**with Significant**<br>**Unobservable** <br>**Inputs (Level 3)** |
| **Assets:** |  |  |  |  |  |  |  |
| At FVOCIL: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Open-Ended Fund | **Ps.** | **817332** | Ps. |  | Ps. | 817332 | Ps. |
| &nbsp;&nbsp;Publicly traded equity instruments |  | **2608027** |  | 2608027 |  |  |  |
|  | **Ps.** | **3425359** | Ps. | 2608027 | Ps. | 817332 | Ps. |
| **Liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivative financial instruments | **Ps.** | **413188** | Ps. |  | Ps. | 413188 | Ps. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Quoted Prices in**  | **Quoted Prices in**  | **Internal Models**  | **Internal Models**  | |
|  | **Balance as of**  | **Balance as of**  | **Active Markets**  | **Active Markets**  | **with Significant**  | **with Significant**  | |
|  | **December 31,**  | **December 31,**  | **for Identical**  | **for Identical**  | **Observable**  | **Observable**  | |
|  | **2024** | **2024** | **Assets (Level 1)** | **Assets (Level 1)** | **Inputs (Level 2)** | **Inputs (Level 2)** | **Internal Models**<br>**with Significant** <br>**Unobservable**<br>**Inputs (Level 3)** |
| **Assets:** |  |  |  |  |  |  |  |
| At FVOCIL: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Open-Ended Fund | Ps. | 784769 | Ps. |  | Ps. | 784769 | Ps. |
| &nbsp;&nbsp;Publicly traded equity instruments |  | 1709942 |  | 1709942 |  |  |  |
| Derivative financial instruments |  | 2001051 |  |  |  | 2001051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | Ps. | 4495762 | Ps. | 1709942 | Ps. | 2785820 | Ps. |

---

#### Non-current Financial Assets
Investments in debt securities or with readily determinable fair values are classified as non-current investments in financial instruments, and are recorded at fair value with unrealized gains and losses included in consolidated stockholders' equity as accumulated other comprehensive income or loss.

Non-current financial assets are generally valued using quoted market prices or alternative pricing sources with reasonable levels of price transparency. Such instruments are classified in Level 1, Level 2, and Level 3, depending on the observability of the significant inputs.

#### Open-Ended Fund
The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the NAV per share as of such redemption date (see Notes 4 and 9).

[**Table of Contents**](#TOC)

#### Disclosures for Each Class of Assets and Liabilities Subject to Recurring Fair Value Measurements Categorized Within Level 3
The Corporate Finance Department of the Company has established rules for a proper portfolio asset classification according to the fair value hierarchy defined by the IFRS Accounting Standards. On a monthly basis, any new assets recognized in the portfolio are classified according to these criteria. Subsequently, there is a quarterly review of the portfolio in order to analyze the need for a change in classification of any of these assets.

A sensitivity analysis is performed on the Group's investments with significant unobservable inputs (Level 3) in order to obtain a reasonable range of possible alternative valuations. This analysis is carried out by the Corporate Finance Department of the Company.

#### Derivative Financial Instruments
Derivative financial instruments include swaps, forwards and options (see Notes 2 (w), 4 and 15).

The Group's derivative portfolio is entirely over-the-counter ("OTC"). The Group's derivatives are valued using industry standard valuation models; projecting future cash flows discounted to present value, using market-based observable inputs including interest rate curves, foreign exchange rates, and forward and spot prices for currencies.

When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit spread considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management's best estimate is used. All derivatives are classified in Level 2.

#### Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The majority of the Group's non-financial instruments, which include the investment in shares of TelevisaUnivision, goodwill, intangible assets, inventories, transmission rights, property, plant and equipment and right-of-use assets are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually in the fourth quarter for goodwill and indefinite-lived intangible assets) such that a non-financial instrument is required to be evaluated for impairment, a resulting asset impairment would require that, the non-financial instrument be recorded at the lower of carrying amount or its recoverable amount.

The impairment test for goodwill involves a comparison of the recoverable amount of each of the Group's reporting units to its carrying amount, including goodwill. The Group determines the recoverable amount of a reporting unit using the higher between the value in use and the fair value less costs to sell, which utilize significant unobservable inputs (Level 3) within the fair value hierarchy. The impairment test for intangible assets not subject to amortization involves a comparison of the estimated recoverable amount of the intangible asset with its carrying amount. The Group determines the recoverable amount of the intangible asset using a discounted cash flow analysis, which utilizes significant unobservable inputs (Level 3) within the fair value hierarchy. Determining recoverable amount requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates, the amount and timing of expected future cash flows for a period of time that normally comprises five years, as well as relevant comparable company earnings multiples for the market-based approach.

Once an asset has been impaired, it is not remeasured at fair value on a recurring basis; however, it is still subject to recoverable amount measurements to test for recoverability of the carrying amount.

&nbsp;&nbsp;&nbsp;&nbsp;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.

[**Table of Contents**](#TOC)

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** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  |  | **Seniority**  | **Seniority**  |  |  |
|  | **Pensions** | **Pensions** | **Premiums** | **Premiums** | **2025** | **2025** |
| Vested benefit obligations | Ps. | 300574 | Ps. | 347809 | **Ps.** | **648383** |
| Unvested benefit obligations |  | 286472 |  | 439796 |  | **726268** |
| Defined benefit obligations |  | 587046 |  | 787605 |  | **1374651** |
| Fair value of plan assets |  | 374381 |  | 46022 |  | **420403** |
| Underfunded status of the plans | Ps. | 212665 | Ps. | 741583 | **Ps.** | **954248** |
| Post-employment benefit liability | Ps. | 212665 | Ps. | 741583 | **Ps.** | **954248** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  | **Seniority**  | **Seniority**  |  |  |
|  | **Pensions** | **Pensions** | **Premiums** | **Premiums** | **2024** | **2024** |
| Vested benefit obligations | Ps. | 322385 | Ps. | 270291 | Ps. | 592676 |
| Unvested benefit obligations |  | 239811 |  | 371977 |  | 611788 |
| Defined benefit obligations |  | 562196 |  | 642268 |  | 1204464 |
| Fair value of plan assets |  | 389703 |  | 42279 |  | 431982 |
| Underfunded status of the plans | Ps. | 172493 | Ps. | 599989 | Ps. | 772482 |
| Post-employment benefit liability | Ps. | 172493 | Ps. | 599989 | Ps. | 772482 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Service cost | **Ps.** | **81802** | Ps. | 76323 |
| Interest cost |  | **114506** |  | 109698 |
| Prior service cost for plan amendments |  | **(18034)** |  | (14694) |
| Interest on plan assets |  | **(36881)** |  | (35596) |
| Net periodic cost | **Ps.** | **141393** | Ps. | 135731 |

---

[**Table of Contents**](#TOC)

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**  | **Seniority**  |  |  |  |  |
|  | **Pensions** | **Pensions** | **Premiums** | **Premiums** | **2025** | **2025** | **2024** | **2024** |
| **Defined benefit obligations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | Ps. | 562196 | Ps. | 642268 | **Ps.** | **1204464** | Ps. | 1207528 |
| &nbsp;&nbsp;Retirement of spun-off businesses |  |  |  |  |  | **—** |  | (85955) |
| &nbsp;&nbsp;Service cost |  | 20162 |  | 61640 |  | **81802** |  | 76323 |
| &nbsp;&nbsp;Interest cost |  | 49505 |  | 65001 |  | **114506** |  | 109698 |
| &nbsp;&nbsp;Benefits paid |  | (72997) |  | (25277) |  | **(98274)** |  | (158525) |
| &nbsp;&nbsp;Remeasurement of post-employment benefit obligations |  | 28868 |  | 61319 |  | **90187** |  | 70089 |
| &nbsp;&nbsp;Past service cost |  | (688) |  | (17346) |  | **(18034)** |  | (14694) |
| &nbsp;&nbsp;End of year |  | 587046 |  | 787605 |  | **1374651** |  | 1204464 |
| **Fair value of plan assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year |  | 389703 |  | 42279 |  | **431982** |  | 474479 |
| &nbsp;&nbsp;Retirement |  | (23286) |  | (117) |  | **(23403)** |  | (1888) |
| &nbsp;&nbsp;Return on plan assets |  | 33045 |  | 3836 |  | **36881** |  | 35596 |
| &nbsp;&nbsp;Remeasurement of plan assets |  | 1456 |  | 24 |  | **1480** |  | 7310 |
| &nbsp;&nbsp;Benefits paid |  | (26537) |  |  |  | **(26537)** |  | (83515) |
| &nbsp;&nbsp;End of year |  | 374381 |  | 46022 |  | **420403** |  | 431982 |
| &nbsp;&nbsp;Unfunded status of the plans | Ps. | 212665 | Ps. | 741583 | **Ps.** | **954248** | Ps. | 772482 |

---

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**  | **Seniority**  |  |  |  |  |
|  | **Pensions** | **Pensions** | **Premiums** | **Premiums** | **2025** | **2025** | **2024** | **2024** |
| Net post-employment liability at beginning of year | Ps. | 172493 | Ps. | 599989 | **Ps.** | **772482** | Ps. | 733049 |
| Retirement |  | 23286 |  | 117 |  | **23403** |  | (84067) |
| Net periodic cost |  | 35934 |  | 105459 |  | **141393** |  | 135731 |
| Remeasurement of post-employment benefits |  | 27412 |  | 61295 |  | **88707** |  | 62779 |
| Benefits paid |  | (46460) |  | (25277) |  | **(71737)** |  | (75010) |
| Net post-employment liability at end of year | Ps. | 212665 | Ps. | 741583 | **Ps.** | **954248** | Ps. | 772482 |

---

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** | **2025** | **2024** | **2024** |
| **Pensions:** |  |  |  |  |
| &nbsp;&nbsp;Defined benefit obligations | **Ps.** | **587046** | Ps. | 562196 |
| &nbsp;&nbsp;Plan assets |  | **374381** |  | 389703 |
| &nbsp;&nbsp;Unfunded status of plans |  | **212665** |  | 172493 |
| &nbsp;&nbsp;Remeasurements adjustments <sup>(1)</sup> |  | **27412** |  | (10297) |
| **Seniority premiums:** |  |  |  |  |
| &nbsp;&nbsp;Defined benefit obligations | **Ps.** | **787605** | Ps. | 642268 |
| &nbsp;&nbsp;Plan assets |  | **46022** |  | 42279 |
| &nbsp;&nbsp;Unfunded status of plans |  | **741583** |  | 599989 |
| &nbsp;&nbsp;Remeasurements adjustments <sup>(1)</sup> |  | **61295** |  | 73076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On defined benefit obligations and plan assets.

[**Table of Contents**](#TOC)

#### 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 <sup>(1)</sup> | **24.0%**  | 45.0% |
| Fixed rate instruments | **76.0%**  | 55.0% |
| Total | **100.0%**  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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**  | **Quoted Prices in**  | | |
|  | **Balance as of**  | **Balance as of**  | **Active Markets**  | **Active Markets**  | | |
|  | **December 31,**  | **December 31,**  | **for Identical**  | **for Identical**  | | |
|  | **2025** | **2025** | **Assets (Level 1)** | **Assets (Level 1)** | **Internal Models** <br>**with Significant** <br>**Observable** <br>**Inputs (Level 2)** | **Internal Models** <br>**with Significant** <br>**Unobservable** <br>**Inputs (Level 3)** |
| Common Stocks <sup>(1)</sup> | **Ps.** | **32239** | Ps. | 32239 | Ps. | Ps. |
| Mutual funds (fixed rate instruments) <sup>(2)</sup> |  | **28894** |  | 28894 |  |  |
| Money market securities <sup>(3)</sup> |  | **169603** |  | 169603 |  |  |
| Other equity securities |  | **176215** |  | 176215 |  |  |
| Total investment assets |  | **406951** |  | 406951 |  |  |
| Cash management |  | **13452** |  |  |  |  |
| Total investment assets and cash management | **Ps.** | **420403** | Ps. | 406951 | Ps. | Ps. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Quoted Prices in** | **Quoted Prices in** | | |
|  | **Balance as of** | **Balance as of** | **Active Markets** | **Active Markets** | | |
|  | **December 31,**  | **December 31,**  | **for Identical** | **for Identical** | | |
|  | **2024** | **2024** | **Assets (Level 1)** | **Assets (Level 1)** | **Internal Models**<br>**with Significant**<br>**Observable**<br>**Inputs (Level 2)** | **Internal Models**<br>**with Significant**<br>**Unobservable**<br>**Inputs (Level 3)** |
| Common Stocks <sup>(1)</sup> | Ps. | 21236 | Ps. | 21236 | Ps. | Ps. |
| Mutual funds (fixed rate instruments) <sup>(2)</sup> |  | 25095 |  | 25095 |  |  |
| Money market securities <sup>(3)</sup> |  | 207910 |  | 207910 |  |  |
| Other equity securities |  | 165755 |  | 165755 |  |  |
| Total investment assets |  | 419996 |  | 419996 |  |  |
| Cash management |  | 11986 |  |  |  |  |
| Total investment assets and cash management | Ps. | 431982 | Ps. | 419996 | Ps. | Ps. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

[**Table of Contents**](#TOC)

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 |

---

**17.**Capital Stock and Long-Term Retention Plan

#### Capital Stock
The Company has four classes of capital stock: Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares, with no par value. The Series "A" Shares and Series "B" Shares are common shares. The Series "D" Shares are limited-voting and preferred dividend shares, with a preference upon liquidation. The Series "L" Shares are limited-voting shares.

The Company's shares are publicly traded in Mexico, primarily in the form of Ordinary Participation Certificates ("CPOs"), each CPO representing 117 shares comprised of 25 Series "A" Shares, 22 Series "B" Shares, 35 Series "D" Shares and 35 Series "L" Shares; and in the United States in the form of Global Depositary Shares ("GDS"), each GDS representing five CPOs. Non-Mexican holders of CPOs do not have voting rights with respect to the Series "A", Series "B" and Series "D" Shares.

At December 31, 2025, shares of capital stock and CPOs consisted of (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Authorized and**<br>**Issued** <sup>(1)</sup>  | **Repurchased**<br>**by the**<br>**Company** <sup>(2)</sup>  | **Held by a**<br>**Company's** <br>**Trust** <sup>(3)</sup>  | <br>**Outstanding** |
| Series "A" Shares | 118614.2 | 0.0 | (7690.6) | 110923.6 |
| Series "B" Shares | 54882.2 | 0.0 | (7010.4) | 47871.8 |
| Series "D" Shares | 83562.7 | 0.0 | (7403.0) | 76159.7 |
| Series "L" Shares | 83562.7 | 0.0 | (7403.0) | 76159.7 |
| &nbsp;&nbsp;Total | **340621.8** | **0.0** | **(29507.0)** | **311114.8** |
| Shares in the form of CPOs | 279337.5 | 0.0 | (24747.3) | 254590.2 |
| Shares not in the form of CPOs | 61284.3 | 0.0 | (4759.7) | 56524.6 |
| &nbsp;&nbsp;Total | **340621.8** | **0.0** | **(29507.0)** | **311114.8** |
| CPOs | 2387.5 | 0.0 | (211.5) | 2176.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of December 31, 2025, the authorized and issued capital stock amounted to Ps. 3,933,549 (nominal Ps. 1,970,999). In connection with the Spin-off carried out on January 31, 2024, and the Company's distribution of the Spun-off Businesses to Ollamani, the Company reduced its capital stock on that date in the amount of Ps. 752,071 (nominal Ps. 376,844), without having modified the number of outstanding shares of the Company (see Notes 3 and 28).

&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with a share repurchase program that was approved by the Company's stockholders and is exercised at the discretion of management. During the years ended December 31, 2025 and 2024, the Company did not buy any shares under this program. In April 2024, the Company´s stockholders approved the cancellation in May 2024 of 3,217.5 million shares of the Company's capital stock in the form of 27.5 million CPOs, which were repurchased by the Company in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Primarily in connection with the Company's Long-Term Retention Plan ("LTRP") described below.

[**Table of Contents**](#TOC)

A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2025 and 2024, is presented as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series "A"**<br>**Shares** | **Series "B"**<br>**Shares** | **Series "D"**<br>**Shares** | **Series "L"**<br>**Shares** | **Shares**<br>**Outstanding** | **CPOs**<br>**Outstanding** |
| As of January 1, 2024 | 113441.7 | 50345.4 | 80094.7 | 80094.7 | 323976.5 | 2288.4 |
| &nbsp;&nbsp;Acquired <sup>(1)</sup> | (976.2) | (859.2) | (1366.8) | (1366.8) | (4569.0) | (39.0) |
| &nbsp;&nbsp;Forfeited <sup>(1)</sup> | (1466.9) | (1290.9) | (2053.6) | (2053.6) | (6865.0) | (58.7) |
| &nbsp;&nbsp;Released <sup>(1)</sup> | 621.7 | 547.0 | 870.3 | 870.3 | 2909.3 | 24.9 |
| As of December 31, 2024 | 111620.3 | 48742.3 | 77544.6 | 77544.6 | 315451.8 | 2215.6 |
| &nbsp;&nbsp;Acquired <sup>(1)</sup> | (1535.3) | (1351.0) | (2149.3) | (2149.3) | (7184.9) | (61.4) |
| &nbsp;&nbsp;Forfeited <sup>(1)</sup> | (320.9) | (282.4) | (449.3) | (449.3) | (1501.9) | (12.8) |
| &nbsp;&nbsp;Released <sup>(1)</sup> | 1159.5 | 762.9 | 1213.7 | 1213.7 | 4349.8 | 34.6 |
| **As of December 31, 2025** | **110923.6** | **47871.8** | **76159.7** | **76159.7** | **311114.8** | **2176.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Acquired, forfeited or released by a Company's trust in connection with the LTRP described below.

Under the Company's bylaws, the Company's Board of Directors consists of 20 members, of which the holders of Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares, each voting as a class, are entitled to elect eleven members, five members, two members and two members, respectively.

Holders of Series "D" Shares are entitled to receive a preferred dividend equal to 5% of the nominal capital attributable to those Shares (nominal Ps.0.00028932372948 per share) before any dividends are payable in respect of Series "A" Shares, Series "B" Shares or Series "L" Shares. Holders of Series "A" Shares, Series "B" Shares and Series "L" Shares are entitled to receive the same dividends as holders of Series "D" Shares if stockholders declare dividends in addition to the preferred dividend that holders of Series "D" Shares are entitled to. If the Company is liquidated, Series "D" Shares are entitled to a liquidation preference equal to the nominal capital attributable to those Shares nominal Ps.0.00578647458969 per share before any distribution is made in respect of Series "A" Shares, Series "B" Shares and Series "L" Shares.

At December 31, 2025, the restated for inflation tax value of the Company's common stock was Ps.54,652,277. In the event of any capital reduction in excess of the tax value of the Company's common stock, such excess will be treated as dividends for income tax purposes (see Note 18).

#### Long-Term Retention Plan
The Company has adopted an LTRP for the conditional sale of the Company's capital stock to key Group officers and employees under a special purpose trust.

At the Company's annual general ordinary stockholders' meeting held on April 2, 2013, the Company's stockholders approved that the number of CPOs that may be granted annually under the LTRP shall be up to 1.5% of the capital of the Company. As of December 31, 2025, approximately 4.0 million CPOs or CPO equivalents that were transferred to LTRP participants were sold in the open market during 2023, 2024 and 2025. Additional sales will continue to take place during or after 2026.

The special purpose trust created to implement the LTRP as of December 31, 2025 had approximately 246.8 million CPOs or CPO equivalents. This figure is net of approximately 28.6 million, 20.4 million and 32.3 million CPOs or CPO equivalents vested in 2023, 2024 and 2025, respectively. Of the 246.8 million CPOs or CPO equivalents approximately 83.5% are in the form of CPOs and the remaining 16.5% are in the form of Series "A", Series "B", Series "D" and Series "L" Shares, not in the form of CPO units. As of December 31, 2025, approximately 169,116 million CPOs or CPO equivalents were held by a Company trust and will become vested between 2026 and 2028 at prices ranging from Ps.17.16 to Ps.1.60 per CPO, which may be reduced by dividends, a liquidity discount and the growth of the consolidated or relevant segment Operating Income Before Depreciation and Amortization, or OIBDA (including OIBDA affected by acquisitions) between the date of award and the vesting date, among others.

[**Table of Contents**](#TOC)

Historically, the price at which the conditional sales of the awards were made to beneficiaries was based on the lowest of (i) the closing price of the CPO on March 31 of the year of the relevant award and (ii) the average price of the CPO during the first three months of the year of the relevant award. Beginning with the grants awarded in respect of fiscal year 2020 under the LTRP, a portion of such awards is granted at the sale price described before, and the remaining part of the relevant awards at a sale price equal to the nominal value of the CPO, which was determined at Ps.1.60 per CPO.

During the year ended December 31, 2025, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of (i) 7,184.9 million shares of the Company in the form of 61.4 million CPOs, which were acquired in the amount of Ps.495,832 and (ii) 1,501.9 million shares in the form of 12.8 million CPOs, in connection with forfeited rights under this Plan. Also, the trust released 4,057.3 million shares of the Company in the form of 34.6 million CPOs and 292.5 million Serie "A" Shares not in the form of CPOs.

During the year ended December 31, 2024, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of (i) 4,569.0 million shares of the Company in the form of 39.0 million CPOs, which were acquired in the amount of Ps.378,894; (ii) 4,284.7 million shares of the Company in the form of 36.6 million CPOs and 88.1 million shares of the Company in the form of 0.8 million CPOs which were cancelled in the third and fourth quarter of 2024, respectively, in connection with agreements entered into by the Company and certain officers for shares that were conditionally sold to these executives in 2019, which conditions had not yet been satisfied; and (iii) 2,492.2 million shares of the Company in the form of 21.3 million CPOs, in connection with forfeited rights under this Plan. Also, the trust for the LTRP released 2,909.3 million shares of the Company in the form of 24.9 million CPOs.

During the years ended December 31, 2025 and 2024, the Company made a funding for acquisition of shares in the aggregate amount of Ps.594,200 and Ps.132,572, respectively, to the trust held for the Company's LTRP.

The Group has determined its share-based compensation expense (see Note 2 (y)), by using the BSPM at the date on which the stock was conditionally sold to certain officers and employees of the Company under the Company's LTRP, based on the following arrangements and weighted-average assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **Long-Term Retention Plan** | **Long-Term Retention Plan** | **Long-Term Retention Plan** |
| **Arrangements:** |  |  |  |
| &nbsp;&nbsp;Year of grant | 2023  | 2024  | 2025  |
| &nbsp;&nbsp;Number of CPOs or CPOs equivalent granted | 11600 | 52539 | 106458 |
| &nbsp;&nbsp;Contractual life | 3.00 years | 3.00 years | 3.00 years |
| **Assumptions:** |  |  |  |
| &nbsp;&nbsp;Dividend yield | 2.5% | 3.21% | 4.8% |
| &nbsp;&nbsp;Expected volatility <sup>(1)</sup> | 45.51% | 42.83% | 43.91% |
| &nbsp;&nbsp;Risk-free interest rate | 9.05% | 9.57% | 7.95% |
| &nbsp;&nbsp;Expected average life of awards | 3.00 years | 3.00 years | 3.00 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Volatility was determined by reference to historically observed prices of the Company's CPOs.

A summary of the stock conditionally sold to employees under the LTRP as of December 31, 2025 and 2024, is presented below (in Mexican pesos and thousands of CPOs):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **CPOs or CPOs**<br>**Equivalent** | **Weighted-Average** <br>**Exercise Price** | **CPOs or CPOs**<br>**Equivalent** | **Weighted-Average** <br>**Exercise Price** |
| Long-Term Retention Plan: |  |  |  |  |
| &nbsp;&nbsp;Outstanding at beginning of year | 159953 | 11.64 | 176898 | 23.72 |
| &nbsp;&nbsp;Conditionally sold | 106458 | 4.41 | 52539 | 6.25 |
| &nbsp;&nbsp;Paid by employees | (45631) | 1.60 | (3841) | 1.60 |
| &nbsp;&nbsp;Forfeited | (12744) | 38.39 | (65643) | 41.09 |
| &nbsp;&nbsp;Outstanding at end of year | 208036 | 8.45 | 159953 | 11.64 |
| &nbsp;&nbsp;To be paid by employees at end of year | 38920 | 23.61 | 63643 | 17.09 |

---

As of December 31, 2025 and 2024, the weighted-average remaining contractual life of the stock conditionally sold to employees under the LTRP is 1.29 years and 1.16 years, respectively.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;18. **Retained Earnings and Accumulated Other Comprehensive Income or loss** 

(a) Retained Earnings:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Legal** | **Legal** | **Unappropriated** | **Unappropriated** | **Net Loss** | **Net Loss** | **Retained** | **Retained** |
|  | **Reserve** | **Reserve** | **Earnings** | **Earnings** | **for the Year** | **for the Year** | **Earnings** | **Earnings** |
| Balance at January 1, 2024 | Ps. | 2139007 |  | 126684025 |  | (8422730) |  | 120400302 |
| Spun-off Businesses to Ollamani  |  | (340623) |  | (5560995) |  |  |  | (5901618) |
| Appropriation of net loss relating to 2023 |  |  |  | (8422730) |  | 8422730 |  |  |
| Dividends |  |  |  | (1018954) |  |  |  | (1018954) |
| Sale of repurchased shares |  |  |  | 736165 |  |  |  | 736165 |
| Cancellation of sale of shares |  |  |  | 1636187 |  |  |  | 1636187 |
| Share-based compensation |  |  |  | 488832 |  |  |  | 488832 |
| Shares cancellation |  |  |  | (336213) |  |  |  | (336213) |
| Acquisition of non-controlling interests in Sky |  |  |  | 4301921 |  |  |  | 4301921 |
| Net loss attributable to stockholders of the Company |  |  |  |  |  | (8265520) |  | (8265520) |
| Balance at December 31, 2024 |  | 1798384 |  | 118508238 |  | (8265520) |  | 112041102 |
| Appropriation of net loss relating to 2024 |  | **—** |  | **(8265520)** |  | **8265520** |  | **—** |
| Dividends |  | **—** |  | **(1018954)** |  | **—** |  | **(1018954)** |
| Sale of repurchased shares |  | **—** |  | **(185210)** |  | **—** |  | **(185210)** |
| Cancellation of sale of shares |  | **—** |  | **609964** |  | **—** |  | **609964** |
| Share-based compensation |  | **—** |  | **373509** |  | **—** |  | **373509** |
| Net loss attributable to stockholders of the Company |  | **—** |  | **—** |  | **(9168271)** |  | **(9168271)** |
| **Balance at December 31, 2025** | **Ps.** | **1798384** | **Ps.** | **110022027** | **Ps.** | **(9168271)** | **Ps.** | **102652140** |

---

In accordance with Mexican law, the legal reserve must be increased by 5% of annual net profits until it reaches 20% of the capital stock amount. As of December 31, 2025 and 2024, the Company's legal reserve amounted to Ps.1,798,384, respectively, and was classified into retained earnings in consolidated equity. As the legal reserve reached 20% of the capital stock amount, no additional increases were required in 2025, 2024 and 2023. This reserve is not available for dividends but may be used to reduce a deficit or may be transferred to stated capital. Other appropriations of profits require the vote of the Company's stockholders.

In April 2023, the Company's stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series "A," "B," "D" and "L" Shares, not in the form of a CPO unit, which was paid in cash in May 2023, in the aggregate amount of Ps.1,027,354.

In April 2024, the Company's stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series "A," "B," "D" and "L" Shares, not in the form of a CPO unit, which was paid in cash in May 2024, in the aggregate amount of Ps.1,018,954.

In April 2025, the Company's stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series "A," "B," "D" and "L" Shares, not in the form of a CPO unit, which was paid in cash in June 2025, in the aggregate amount of Ps.1,018,954.

Dividends, either in cash or in other forms, paid by the Mexican companies in the Group will be subject to income tax if the dividends are paid from earnings that have not been subject to Mexican income tax computed on an individual company basis under the provisions of the Mexican Income Tax Law. In this case, dividends will be taxable by multiplying such dividends by a 1.4286 factor and applying to the resulting amount the income tax rate of 30%. This income tax will be paid by the company paying the dividends.

In addition, the entities that distribute dividends to its stockholders who are individuals or foreign residents must withhold 10% thereof for income tax purposes, which will be paid in Mexico. The foregoing will not be applicable when distributed dividends arise from the "taxed net earnings account" computed on an individual company basis generated through December 31, 2013.

As of December 31, 2025, cumulative earnings that have been subject to income tax and can be distributed by the Company free of Mexican income tax amounted to Ps.100,593,396.

[**Table of Contents**](#TOC)

(b) Accumulated Other Comprehensive Income or (Loss):

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Exchange** | **Exchange** | **Remeasurement** | **Remeasurement** | **Derivative** | **Derivative** | **Share of** | **Share of** |  |  |  |  |
|  |  |  |  |  |  |  | **Differences on** | **Differences on** | **of Post-** | **of Post-** | **Financial** | **Financial** | **Income** | **Income** |  |  |  |  |
|  |  |  | **Other** | **Other** |  |  | **Translating** | **Translating** | **Employment** | **Employment** | **Instruments** | **Instruments** | **of Associates** | **of Associates** |  |  |  |  |
|  | **Open-Ended** | **Open-Ended** | **Equity** | **Equity** | **Exercised** | **Exercised** | **Foreign** | **Foreign** | **Benefit** | **Benefit** | **Cash Flow** | **Cash Flow** | **and Joint** | **and Joint** | **Income** | **Income** |  |  |
|  | **Fund** | **Fund** | **Instruments** | **Instruments** | **Warrants** | **Warrants** | **Operations** | **Operations** | **Obligations** | **Obligations** | **Hedges** | **Hedges** | **Ventures** | **Ventures** | **Taxes** | **Taxes** | **Total** | **Total** |
| Accumulated at January 1, 2024 | Ps. | 1372444 | Ps. | (1090514) | Ps. | (23602220) | Ps. | 98451 | Ps. | (826795) | Ps. | 120364 | Ps. | 8633343 | Ps. | 5428134 | Ps. | (9866793) |
| Changes in other comprehensive (loss) income  |  | (66098) |  | (202208) |  |  |  | 285502 |  | (51684) |  | 1857456 |  | (7061676) |  | 2222726 |  | (3015982) |
| Accumulated at December 31, 2024 |  | 1306346 |  | (1292722) |  | (23602220) |  | 383953 |  | (878479) |  | 1977820 |  | 1571667 |  | 7650860 |  | (12882775) |
| Changes in other comprehensive (loss) income  |  | 149092 |  | 898085 |  |  |  | (130627) |  | (85724) |  | (2242294) |  | 3905450 |  | (1483984) |  | 1009998 |
| **Accumulated at December 31, 2025** | **Ps.** | **1455438** | **Ps.** | **(394637)** | **Ps.** | **(23602220)** | **Ps.** | **253326** | **Ps.** | **(964203)** | **Ps.** | **(264474)** | **Ps.** | **5477117** | **Ps.** | **6166876** | **Ps.** | **(11872777)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;19. **Non-controlling Interests** 

Non-controlling interests as of December 31, 2025 and 2024, consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Capital stock | **Ps.** | **747477** | Ps. | 771485 |
| Additional paid-in capital |  | **2952806** |  | 2952806 |
| Legal reserve |  | **149749** |  | 149970 |
| Retained earnings from prior years <sup>(1)</sup> |  | **5411143** |  | 5449774 |
| Net income (loss) for the year |  | **233242** |  | (62860) |
| Accumulated other comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;Remeasurement of post-employment benefit obligations on defined benefit plans |  | **(21694)** |  | (19606) |
|  | **Ps.** | **9472723** | Ps. | 9241569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In the years ended December 31, 2025 and 2024, the Group did no t pay dividends to its non-controlling interests.

In June 2024, the Group concluded an agreement for the acquisition of an interest in Sky previously held by AT&T as a non-controlling interest and became owner of 100% of the equity of Sky. As a result of this transaction, the Group (i) reduced its non-controlling interests in consolidated equity; (ii) increased its consolidated retained earnings attributable to stockholders of the Company in the amount of Ps.4,301,921, which resulted primarily from the excess of the amount of the non-controlling interest acquired measured in accordance with IFRS Accounting Standards over the fair value of the liability assumed by the Group; and (iii) accounted for the transaction price to be paid in 2027 and 2028, as part of other long-term liabilities in the Group's consolidated statement of financial position as of December 31, 2025 and 2024 (see Notes 3 and 14).

Amounts of consolidated current assets, non-current assets, current liabilities and non-current liabilities of Empresas Cablevisión as of December 31, 2025 and 2024, are set forth as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Empresas Cablevisión** <sup>(1)</sup> | **Empresas Cablevisión** <sup>(1)</sup> | **Empresas Cablevisión** <sup>(1)</sup> | **Empresas Cablevisión** <sup>(1)</sup> |
|  | **2025** | **2025** | **2024** | **2024** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;Current assets | **Ps.** | **10456163** | Ps. | 8351193 |
| &nbsp;&nbsp;Non-current assets |  | **18187625** |  | 19935495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets |  | **28643788** |  | 28286688 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Current liabilities |  | **6134255** |  | 7050863 |
| &nbsp;&nbsp;Non-current liabilities |  | **2798253** |  | 1727061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  | **8932508** |  | 8777924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | **Ps.** | **19711280** | Ps. | 19508764 |

---

<sup>(1)</sup> Company's non-controlling interest of 48.5% as of December 31, 2025, and 2024, respectively.

[**Table of Contents**](#TOC)

Amounts of consolidated revenues, net income and comprehensive income of Empresas Cablevisión for the years ended December 31, 2025 and 2024, are set forth as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Empresas Cablevisión** | **Empresas Cablevisión** | **Empresas Cablevisión** | **Empresas Cablevisión** |
|  | **2025** | **2025** | **2024** | **2024** |
| Revenues | **Ps.** | **14588889** | Ps. | 14628084 |
| Net income (loss) |  | **456967** |  | (93660) |
| Comprehensive income (loss) |  | **455528** |  | (110247) |

---

Amounts of consolidated summarized cash flows of Empresas Cablevisión for the years ended December 31, 2025 and 2024, are set forth as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Empresas Cablevisión** | **Empresas Cablevisión** | **Empresas Cablevisión** | **Empresas Cablevisión** |
|  | **2025** | **2025** | **2024** | **2024** |
| Cash flows from operating activities | **Ps.** | **3808357** | Ps. | 5037835 |
| Cash flows used in investing activities |  | **(1698126)** |  | (1696109) |
| Cash flows used in financing activities |  | **(634624)** |  | (1575575) |
| Net increase in cash and cash equivalents | **Ps.** | **1475607** | Ps. | 1766151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;20. **Related Parties** 

The principal transactions carried out by the Group with related parties, including affiliated companies, equity investees, stockholders and entities in which stockholders have an equity interest, for the years ended December 31, 2025, 2024 and 2023, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Revenues, other income and interest income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Royalties <sup>(a)</sup> | **Ps.** | **106218** | Ps. | 111766 | Ps. |  |
| &nbsp;&nbsp;Transmission rights <sup>(b)</sup> |  | **1309149** |  | 1312319 |  | 1516369 |
| &nbsp;&nbsp;Telecom services <sup>(c)</sup> |  | **264753** |  | 650197 |  | 466957 |
| &nbsp;&nbsp;Administrative services <sup>(d)</sup> |  | **226341** |  | 220027 |  | 73430 |
| &nbsp;&nbsp;Advertising <sup>(e)</sup> |  | **2344001** |  | 1659121 |  | 1902307 |
| &nbsp;&nbsp;Interest income <sup>(f)</sup> |  | **271314** |  | 540488 |  | 685098 |
| &nbsp;&nbsp;Lease <sup>(g)</sup> |  | **419332** |  | 529716 |  | 412329 |
|  | **Ps.** | **4941108** | Ps. | 5023634 | Ps. | 5056490 |
| **Costs and expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Donations | **Ps.** | **15000** | Ps. | 30000 | Ps. | 30000 |
| &nbsp;&nbsp;Advertising |  | **37526** |  | 167079 |  | 266834 |
| &nbsp;&nbsp;Administrative services <sup>(d)</sup> |  | **66844** |  | 83870 |  | 66597 |
| &nbsp;&nbsp;Interests expense |  | **—** |  | 12798 |  |  |
| &nbsp;&nbsp;Technical services <sup>(h)</sup> |  | **—** |  |  |  | 299192 |
| &nbsp;&nbsp;Programming production, transmission rights and telecom <sup>(i)</sup> |  | **3637672** |  | 4412001 |  | 5176944 |
|  | **Ps.** | **3757042** | Ps. | 4705748 | Ps. | 5839567 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) In 2025 and 2024 the Group received royalties from Ollamani for the use of certain brands.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Group received other income in respect of services rendered to TelevisaUnivision in 2025, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Group received revenue in respect of services provided to Ollamani in 2025, to TelevisaUnivision in 2025, 2024 and 2023, and to a subsidiary of AT&T in 2023. Until June 2024, AT&T was a related party (see Note 3).

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Group received other income from affiliates for various services, such as property and equipment rental, security, and other services, at rates which are negotiated. The Group provided management services to affiliates, which reimburse the Group for incurred payroll and related expenses. Included administrative services provided to Tritón, TelevisaUnivision and Ollamani.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In 2025, 2024 and 2023 the Group recognized advertising revenue from TelevisaUnivision.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;(f) In 2025, 2024 and 2023, included interest income from GTAC and Televisa, S. de R.L. de C.V., the latter in connection with a long-term credit agreement with the Company, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Group received other income in respect of operating lease agreements with certain companies of TelevisaUnivision, Ollamani and Tritón.

&nbsp;&nbsp;&nbsp;&nbsp;(h) In 2023, Sky received services from a subsidiary of AT&T for play-out, uplink and downlink of signals.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Group made payments for telecom services to GTAC, the cost of programming of TelevisaUnivision, and payments for transmission rights to AT&T in 2023.

Other transactions with related parties carried out by the Group in the normal course of business include the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Two Mexican banks have made loans to the Group. Some members of the Company's Board serve or have served as Board members of these banks.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Several other current members of the Company's Board serve as members of the Boards and/or are stockholders of other companies, some of which purchased advertising services from the Group in connection with the promotion of their respective products and services.

&nbsp;&nbsp;&nbsp;&nbsp;(3) During 2025, 2024 and 2023, a professional services firm in which the current Secretary of the Company's Board maintains an interest, provided legal advisory services to the Group in connection with various corporate matters. Total fees for such services amounted to Ps. 30,483 , Ps. 38,110 and Ps. 31,168 , respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During 2025, 2024 and 2023, a professional services firm in which two current directors of the Company maintain an interest provided finance advisory services to the Group in connection with various corporate matters. Total fees for such services amounted to Ps. 19,599 , Ps. 18,815 and Ps. 17,068 , respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(5) In 2025, 2024 and 2023, the Group entered into contracts leasing office space directly or indirectly from certain of our directors and officers for an aggregate annual amount of Ps. 28,661 , Ps. 27,743 and Ps. 32,263 , respectively.

During 2025, 2024 and 2023, the Group paid to its directors, alternate directors and officers an aggregate compensation of Ps.638,176, Ps.527,596 and Ps.692,869, respectively, for services in all capacities. This compensation included certain amounts related to the use of assets and services of the Group, as well as travel expenses reimbursed to directors and officers. Projected benefit obligations related to the Group's directors, alternate directors and officers amounted to Ps.286,140, Ps.228,912 and Ps.206,851 as of December 31, 2025, 2024 and 2023, respectively. Cumulative contributions made by the Group to the pension and seniority premium plans on behalf of these directors and officers amounted to Ps.87,508, Ps.78,808 and Ps.75,479 as of December 31, 2025, 2024 and 2023, respectively. In addition, the Group has made conditional sales of the Company's CPOs to its directors and officers under the LTRP.

[**Table of Contents**](#TOC)

The balances of receivables and payables between the Group and related parties as of December 31, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| **Current receivables:** |  |  |  |  |
| &nbsp;&nbsp;Televisa, S. de R.L. de C.V. ("Televisa") <sup>(1) (2)</sup> | **Ps.** | **383118** | Ps. | 200156 |
| &nbsp;&nbsp;Ollamani <sup>(3)</sup> |  | **243072** |  | 30179 |
| &nbsp;&nbsp;Televisa Producciones, S.A. de C.V. <sup>(1)</sup> |  | **28100** |  | 24020 |
| &nbsp;&nbsp;ECO Producciones, S.A. de C.V. <sup>(1)</sup> |  | **10811** |  | 11012 |
| &nbsp;&nbsp;Tritón Comunicaciones, S.A. de C.V. |  | **21288** |  | 20803 |
| &nbsp;&nbsp;TelevisaUnivision  |  | **5237** |  | 6837 |
| &nbsp;&nbsp;Other |  | **35850** |  | 46546 |
|  | **Ps.** | **727476** | Ps. | 339553 |
| **Non-current receivables:** |  |  |  |  |
| &nbsp;&nbsp;Televisa <sup>(1) (4)</sup> | **Ps.** | **—** | Ps. | 3293463 |
| **Current payables:** |  |  |  |  |
| &nbsp;&nbsp;Televisa <sup>(1)</sup> <sup>(2)</sup> | **Ps.** | **216436** | Ps. | 195820 |
| &nbsp;&nbsp;Televisa Producciones, S.A. de C.V. <sup>(1)</sup> |  | **3920** |  | 613 |
| &nbsp;&nbsp;Ollamani |  | **1586** |  | 4841 |
| &nbsp;&nbsp;Desarrollo Vista Hermosa, S.A. de C.V. <sup>(1)</sup> |  | **320** |  |  |
| &nbsp;&nbsp;Other |  | **2344** |  | 1140 |
|  | **Ps.** | **224606** | Ps. | 202414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) An indirect subsidiary of TelevisaUnivision.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents current receivables from Televisa, which included transmission services as of December 31, 2025 and 2024; and advertising services as of December 31, 2025. Current payables to Televisa were related primarily to programming services for our Telecom segment.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents current receivables from Ollamani, which included administrative and network services as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(4) In January 2022, Televisa entered into a long-term credit agreement with the Company in the principal amount of Ps. 5,738,832 , with a fixed annual interest rate of 10.2% through October 2023, and 12.8% thereafter. Under the terms of this agreement, principal and interest were payable at maturity on April 30, 2026, and prepayments of principal could be made by debtor at any time without any penalty. In 2023 and 2024, Televisa made prepayments of principal in the amounts of Ps. 2,374,640 and Ps. 1,817,076 , respectively. As of December 31, 2024, amounts receivable from Televisa in connection with this long-term credit amounted to Ps. 3,293,463 . On October 31, 2025, Televisa prepaid to the Company all of the remaining amounts payable as of that date under this credit agreement in the aggregate amount of Ps. 3,218,617 .

The Group has recognized as deferred revenue a prepayment made by TelevisaUnivision in January 2022 in the aggregate amount of U.S.$276.2 million (Ps.5,729,377), for the use of concession rights owned by the Group over a period ending in January 2042. The current and non-current portions of this deferred revenue amounted to Ps.287,667 and Ps.4,315,012, and to Ps.287,667 and Ps.4,602,679, as of December 31, 2025 and 2024, respectively (see Note 2).

All significant current account balances included in amounts due from related parties bear interest. In 2025 and 2024, the Group charged average interest rates of 9.4% and 12.0%, respectively. Advances and receivables are short-term in nature; however, these current accounts do not have specific due dates.

In 2012, a subsidiary of the Company entered into an amended lease contract with GTAC for the right to use certain capacity in a telecommunication network. This amended lease agreement contemplates annual payments to GTAC in the amount of Ps.41,400 through 2029, with an annual interest rate of the lower of TIIE plus 122 basis points or 6% (see Notes 10, 11 and 14).

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;21. **Cost of Revenues, Selling Expenses and Administrative Expenses** 

Cost of revenues include cost of acquired transmission rights at the moment of broadcasting, benefits to employees and post-employment benefits, network maintenance and interconnections, satellite links, depreciation of property, plant and equipment, leases of real estate property, and amortization of intangible assets.

Selling expenses and administrative expenses include primarily benefits to employees, sale commissions, post-employment benefits, share-based compensation to employees, depreciation of property, plant and equipment, leases of real estate property, and amortization of intangibles.

The amounts of depreciation, amortization and other amortization included in cost of revenues, selling expenses, administrative expenses and discontinued operations for the years ended December 31, 2025, 2024 and 2023, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Cost of revenues | **Ps.** | **14306963** | Ps. | 16403197 | Ps. | 17938429 |
| Selling expenses |  | **143095** |  | 160392 |  | 237581 |
| Administrative expenses |  | **2711839** |  | 3994892 |  | 3353367 |
| Discontinued operations |  | **—** |  | 31508 |  | 361840 |
|  | **Ps.** | **17161897** | Ps. | 20589989 | Ps. | 21891217 |

---

The amounts of expenses related to IFRS 16 included in cost of revenues, selling expenses and administrative expenses for the years ended December 31, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Expenses relating to variable lease payment not included in the measurement of the lease liability | **Ps.** | **335313** | Ps. | 281709 |
| Expenses relating to short-term leases and leases of low-value assets |  | **260958** |  | 177946 |
| Total | **Ps.** | **596271** | Ps. | 459655 |

---

Expenses related to short-term employee benefits, share-based compensation and post-employment benefits and incurred by the Group for the years ended December 31, 2025, 2024 and 2023, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Short-term employee benefits | **Ps.** | **12244970** | Ps. | 12768333 | Ps. | 14066490 |
| Other short-term employee benefits |  | **762818** |  | 571359 |  | 795740 |
| Share-based compensation |  | **373509** |  | 488832 |  | 748500 |
| Post-employment benefits |  | **141393** |  | 135731 |  | 87657 |
| Discontinued operations |  | **—** |  | 2044661 |  | 1494544 |
|  | **Ps.** | **13522690** | Ps. | 16008916 | Ps. | 17192931 |

---

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;22. **Other Expense, Net** 

Other (expense) income for the years ended December 31, 2025, 2024 and 2023, is analyzed as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| (Loss) gain on disposition of property and equipment | **Ps.** | **(706583)** | Ps. | (622233) | Ps. | 48036 |
| Dismissal severance expense <sup>(1)</sup> |  | **(420774)** |  | (776069) |  | (1003358) |
| Legal and financial advisory and professional services <sup>(2)</sup> |  | **(199331)** |  | (1048698) |  | (265310) |
| Donations |  | **(15000)** |  | (30000) |  | (30000) |
| Recovery of an insurance claim |  | **372991** |  |  |  |  |
| Write-off of unrecoverable indirect taxes, net <sup>(3)</sup> |  | **—** |  | (1151869) |  |  |
| Impairment adjustments <sup>(4)</sup> |  | **—** |  | (3064319) |  |  |
| Surcharges for payments of income taxes from prior years <sup>(5)</sup> |  | **—** |  | (405916) |  |  |
| Gain on sale of property <sup>(6)</sup> |  | **—** |  | 2582339 |  |  |
| Interest income related to Asset Tax recovered from prior years |  | **—** |  | 182923 |  | 315778 |
| Expense related to Hurricane "Otis" <sup>(7)</sup> |  | **—** |  |  |  | (329721) |
| Deferred compensation plan liability <sup>(8)</sup> |  | **—** |  |  |  | 337450 |
| Other, net |  | **(45127)** |  | (221058) |  | 13324 |
|  |  | **(1013824)** |  | (4554900) |  | (913801) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Included severance expenses for dismissals of personnel in the Group's Telecom segment, as a part of a continued cost reduction plan.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Included primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters. In 2024, included a provision for legal expenses in the amount of Ps. 772,157 (see Notes 3 and 20).

&nbsp;&nbsp;&nbsp;&nbsp;(3) In 2024, the Group made a net write-off of unrecoverable indirect taxes.

&nbsp;&nbsp;&nbsp;&nbsp;(4) In 2024, included impairment adjustments of Ps. 450,000 in goodwill, and Ps. 2,614,319 in intangible assets with indefinite useful lives and other long-lived assets (see Notes 2(s), 11, 12 and 13).

&nbsp;&nbsp;&nbsp;&nbsp;(5) In 2024, included surcharges for income taxes in connection with income tax assessments made by the Mexican Tax authority for prior years.

&nbsp;&nbsp;&nbsp;&nbsp;(6) In 2023 some companies in the Group sold property to companies in the Group's former Other Businesses segment, which gain on sale of property became realized on January 31, 2024, in connection with the Spin-off carried on by the Company on that date (see Note 3).

&nbsp;&nbsp;&nbsp;&nbsp;(7) In 2023, includes non-recurring expense related to damage caused by Hurricane "Otis".

&nbsp;&nbsp;&nbsp;&nbsp;(8) In the fourth quarter of 2023, the Group cancelled a deferred compensation plan for certain officers and recognized an income for the write-off of the related liability.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;23. **Finance Expense, Net** 

Finance (expense) income, net, for the years ended December 31, 2025, 2024 and 2023, included:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Interest expense <sup>(1)</sup> | **Ps.** | **(7508600)** | Ps. | (7975554) | Ps. | (7742095) |
| Other finance expense, net <sup>(2)</sup> |  | **—** |  |  |  | (134847) |
| Foreign exchange loss, net <sup>(4)</sup> |  | **—** |  | (837200) |  | (149151) |
| &nbsp;&nbsp;Finance expense |  | **(7508600)** |  | (8812754) |  | (8026093) |
| Interest income <sup>(3)</sup> |  | **2666834** |  | 3343856 |  | 3180192 |
| Other finance income, net <sup>(2)</sup> |  | **302287** |  | 773727 |  |  |
| Foreign exchange gain, net <sup>(4)</sup> |  | **399193** |  |  |  |  |
| &nbsp;&nbsp;Finance income |  | **3368314** |  | 4117583 |  | 3180192 |
| &nbsp;&nbsp;Finance expense, net | **Ps.** | **(4140286)** | Ps. | (4695171) | Ps. | (4845901) |

---

<sup>(1)</sup> Interest expense for the years ended December 31, 2025, 2024 and 2023 included: (i) interest related to lease liabilities in the aggregate amount of Ps.308,753, Ps.291,802 and Ps.347,365, respectively; (ii) interest related to satellite transponder lease agreements that were recognized before adoption of IFRS 16, in the aggregate amount of Ps.154,267, Ps.177,128 and Ps.202,864, respectively; (iii) interest related to obligations incurred for dismantling certain equipment of the Group's networks, in the aggregate amount of Ps.56,668, Ps.58,051 and Ps.61,762, respectively; (iv) amortization of finance costs in the aggregate amount of Ps.89,862, Ps.144,212 and Ps.147,165, respectively; and (v) finance expense (income) related to prepayment of long-term debt in the aggregate amount of Ps.78,579 and Ps.(423204), for the years ended December 31, 2024 and 2023, respectively (see Notes 2 and 14).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other finance income or expense, net, included fair value net gain or loss from derivative financial instruments (see Note 15).

&nbsp;&nbsp;&nbsp;&nbsp;(3) Interest income included primarily interest from cash equivalents in 2025, 2024 and 2023, and short-term investments in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Foreign exchange gain or loss, net, for the years ended December 31, 2025, 2024 and 2023, resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group's average U.S. dollar-denominated net asset or liability position, excluding designated hedging long-term debt of the Group's investments in TelevisaUnivision and Open-Ended Fund (see Notes 2(e), 4 and 14). The exchange rate of the Mexican peso against the U.S. dollar was of Ps. 18.0165 , Ps. 20.8691 and Ps. 16.9325 , as of December 31, 2025, 2024 and 2023, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;24. **Income Taxes** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Income taxes, current <sup>(1)</sup> | **Ps.** | **417424** | Ps. | (4238483) | Ps. | (1771404) |
| Income taxes, deferred |  | **(8348938)** |  | 3549896 |  | (589230) |
|  | **Ps.** | **(7931514)** | Ps. | (688587) | Ps. | (2360634) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

[**Table of Contents**](#TOC)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **%**<br>**2025** | **%**<br>**2024** | **%**<br>**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 <sup>(1)</sup> | **(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) |

---

<sup>(1)</sup> 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** | **Tax Loss** |
| | **Carryforwards** | **Carryforwards** |
| | **for Which** | **for Which** |
| | **Deferred Taxes**  | **Deferred Taxes**  |
| <br>**Year of Expiration** | **Were Recognized** | **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.

[**Table of Contents**](#TOC)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| **Deferred Income Tax Assets:** |  |  |  |  |
| &nbsp;&nbsp;Accrued liabilities <sup>(1)</sup> | **Ps.** | **4245105** | Ps. | 3058391 |
| &nbsp;&nbsp;Allowance for expected credit losses |  | **434023** |  | 458366 |
| &nbsp;&nbsp;Customer advances |  | **1651555** |  | 1820602 |
| &nbsp;&nbsp;Property, plant and equipment, net |  | **3192183** |  | 6798230 |
| &nbsp;&nbsp;Financial expenses pending tax deduction |  | **4078692** |  | 4904829 |
| &nbsp;&nbsp;Derivative financial instruments |  | **113924** |  |  |
| &nbsp;&nbsp;Investments  |  | **—** |  | 398 |
| &nbsp;&nbsp;Tax loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating |  | **3395685** |  | 3129246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital <sup>(2)</sup> |  | **75791** |  | 3642421 |
| **Deferred Income Tax Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Investments  |  | **(318240)** |  |  |
| &nbsp;&nbsp;Prepaid expenses and other items <sup>(1)</sup> |  | **(2393891)** |  | (824656) |
| &nbsp;&nbsp;Derivative financial instruments |  | **—** |  | (550399) |
| &nbsp;&nbsp;Intangible assets and transmission rights |  | **(3415330)** |  | (3491393) |
| Deferred income tax assets of Mexican companies |  | **11059497** |  | 18946035 |
| Deferred income tax assets of certain foreign subsidiaries |  | **356025** |  | 433278 |
| Deferred income tax assets, net | **Ps.** | **11415522** | Ps. | 19379313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 .

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **2025** | **2024** | **2024** |
| At January 1 | **Ps.** | **19379313** | Ps. | 17149590 |
| Statement of income (charge) credit  |  | **(8348938)** |  | 3549896 |
| Other comprehensive income ("OCI") credit (charge) |  | **385147** |  | (457913) |
| Retained earnings credit |  | **—** |  | (15589) |
| Discontinued operations |  | **—** |  | 5151 |
| Spun-off Businesses |  | **—** |  | (851822) |
| At December 31 | **Ps.** | **11415522** | Ps. | 19379313 |

---

[**Table of Contents**](#TOC)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Credit**  | **Credit**  |  |  |  |  |
|  |  |  | **(Charge) to** | **(Charge) to** |  |  |  |  |
|  |  |  | **Consolidated** | **Consolidated** | **Credit** | **Credit** |  |  |
|  |  |  | **Statement of**  | **Statement of**  | **(Charge)**  | **(Charge)**  |  |  |
|  |  |  | **Income** | **Income** | **to OCI and**  | **to OCI and**  |  |  |
|  | **At January 1,** | **At January 1,** | **(Continuing**  | **(Continuing**  | **Retained** | **Retained** | **At December 31,**  | **At December 31,**  |
|  | **2025** | **2025** | **Operations)** | **Operations)** | **Earnings** | **Earnings** | **2025** | **2025** |
| **Deferred Income Tax Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accrued liabilities | Ps. | 3058391 | Ps. | 1186714 | Ps. |  | **Ps.** | **4245105** |
| &nbsp;&nbsp;Allowance for expected credit losses |  | 458366 |  | (24343) |  |  |  | **434023** |
| &nbsp;&nbsp;Customer advances |  | 1820602 |  | (169047) |  |  |  | **1651555** |
| &nbsp;&nbsp;Property, plant and equipment, net |  | 6798230 |  | (3606047) |  |  |  | **3192183** |
| &nbsp;&nbsp;Derivative financial instruments |  |  |  | (558764) |  | 672688 |  | **113924** |
| &nbsp;&nbsp;Financial expenses pending tax deduction |  | 4904829 |  | (826137) |  |  |  | **4078692** |
| &nbsp;&nbsp;Investments |  | 398 |  | (398) |  |  |  | **—** |
| &nbsp;&nbsp;Tax loss carryforwards |  | 6771667 |  | (3300191) |  |  |  | **3471476** |
| &nbsp;&nbsp;Deferred income tax assets of foreign subsidiaries |  | 433278 |  | (77253) |  |  |  | **356025** |
| **Deferred Income Tax Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments |  |  |  | (4087) |  | (314153) |  | **(318240)** |
| &nbsp;&nbsp;Prepaid expenses and other items |  | (824656) |  | (1595847) |  | 26612 |  | **(2393891)** |
| &nbsp;&nbsp;Derivative financial instruments |  | (550399) |  | 550399 |  |  |  | **—** |
| &nbsp;&nbsp;Intangible assets and transmission rights |  | (3491393) |  | 76063 |  |  |  | **(3415330)** |
| Deferred income tax assets, net | Ps. | 19379313 | Ps. | (8348938) | Ps. | 385147 | **Ps.** | **11415522** |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Credit**  | **Credit**  | **Credit**  | **Credit**  |  |  |  |  |  |  |
|  |  |  | **(Charge) to** | **(Charge) to** | **(Charge) to** | **(Charge) to** |  |  |  |  |  |  |
|  |  |  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |  |  | **Credit**  | **Credit**  |  |  |
|  |  |  | **Statement of**  | **Statement of**  | **Statement of**  | **Statement of**  |  |  | **(Charge)**  | **(Charge)**  |  |  |
|  |  |  | **Income**  | **Income**  | **Income** | **Income** |  |  | **to OCI and**  | **to OCI and**  |  |  |
|  | **At January 1,** | **At January 1,** | **(Continuing**  | **(Continuing**  | **(Discontinued** | **(Discontinued** | **Spun-off** | **Spun-off** | **Retained** | **Retained** | **At December 31,**  | **At December 31,**  |
|  | **2024** | **2024** | **Operations)** | **Operations)** | **Operations)** | **Operations)** | **Businesses** | **Businesses** | **Earnings** | **Earnings** | **2024** | **2024** |
| **Deferred Income Tax Assets:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accrued liabilities | Ps. | 3115699 | Ps. | 220536 | Ps. |  | Ps. | (277844) | Ps. |  | Ps. | 3058391 |
| &nbsp;&nbsp;Allowance for expected credit losses |  | 606257 |  | (104516) |  |  |  | (43375) |  |  |  | 458366 |
| &nbsp;&nbsp;Customer advances |  | 1583352 |  | 239752 |  |  |  | (2502) |  |  |  | 1820602 |
| &nbsp;&nbsp;Property, plant and equipment, net |  | 4643270 |  | 2247022 |  |  |  | (92062) |  |  |  | 6798230 |
| &nbsp;&nbsp;Financial expenses pending tax deduction |  | 1112726 |  | 3850444 |  |  |  | (58341) |  |  |  | 4904829 |
| &nbsp;&nbsp;Investments |  |  |  | 398 |  |  |  |  |  |  |  | 398 |
| &nbsp;&nbsp;Tax loss carryforwards |  | 9838300 |  | (3054606) |  |  |  | (12027) |  |  |  | 6771667 |
| &nbsp;&nbsp;Deferred income tax assets of foreign subsidiaries |  | 335651 |  | 97627 |  |  |  |  |  |  |  | 433278 |
| **Deferred Income Tax Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments |  | (722530) |  | 657628 |  |  |  |  |  | 64902 |  |  |
| &nbsp;&nbsp;Prepaid expenses and other items |  | (476430) |  | (340671) |  | 5151 |  | (31539) |  | 18833 |  | (824656) |
| &nbsp;&nbsp;Derivative financial instruments |  | (44618) |  | 51456 |  |  |  |  |  | (557237) |  | (550399) |
| &nbsp;&nbsp;Intangible assets and transmission rights |  | (2842087) |  | (315174) |  |  |  | (334132) |  |  |  | (3491393) |
| Deferred income tax assets, net | Ps. | 17149590 | Ps. | 3549896 | Ps. | 5151 | Ps. | (851822) | Ps. | (473502) | Ps. | 19379313 |

---

[**Table of Contents**](#TOC)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  |  | **Tax Credit** | **Tax Credit** |  |  |
|  | **Before Tax** | **Before Tax** | **(Charge)** | **(Charge)** | **After Tax** | **After Tax** |
| Remeasurement of post-employment benefit obligations | **Ps.** | **(88707)** | **Ps.** | **26612** | **Ps.** | **(62095)** |
| Exchange differences on translating foreign operations |  | **(130627)** |  | **(1868236)** |  | **(1998863)** |
| Derivative financial instruments cash flow hedges |  | **(2242294)** |  | **672688** |  | **(1569606)** |
| Open-Ended Fund |  | **149092** |  | **(44728)** |  | **104364** |
| Other equity instruments |  | **898085** |  | **(269425)** |  | **628660** |
| Share of income of associates and joint ventures |  | **3905450** |  | **—** |  | **3905450** |
| Other comprehensive income | **Ps.** | **2490999** | **Ps.** | **(1483089)** | **Ps.** | **1007910** |
| Current tax |  |  | **Ps.** | **(1868236)** |  |  |
| Deferred tax |  |  |  | **385147** |  |  |
|  |  |  | **Ps.** | **(1483089)** |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  |  | **Tax Credit** | **Tax Credit** |  |  |
|  | **Before Tax** | **Before Tax** | **(Charge)** | **(Charge)** | **After Tax** | **After Tax** |
| Remeasurement of post-employment benefit obligations | Ps. | (62779) | Ps. | 18833 | Ps. | (43946) |
| Exchange differences on translating foreign operations |  | 285502 |  | 2683967 |  | 2969469 |
| Derivative financial instruments cash flow hedges |  | 1857456 |  | (557237) |  | 1300219 |
| Open-Ended Fund |  | (66098) |  | 19829 |  | (46269) |
| Other equity instruments |  | (202208) |  | 60662 |  | (141546) |
| Share of income of associates and joint ventures |  | (7061676) |  |  |  | (7061676) |
| Other comprehensive income | Ps. | (5249803) | Ps. | 2226054 | Ps. | (3023749) |
| Current tax |  |  | Ps. | 2683967 |  |  |
| Deferred tax |  |  |  | (457913) |  |  |
|  |  |  | Ps. | 2226054 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
|  |  |  | **Tax (Charge)** | **Tax (Charge)** |  |  |
|  | **Before Tax** | **Before Tax** | **Credit** | **Credit** | **After Tax** | **After Tax** |
| Remeasurement of post-employment benefit obligations | Ps. | 83935 | Ps. | (25181) | Ps. | 58754 |
| Exchange differences on translating foreign operations |  | (758835) |  | (1975708) |  | (2734543) |
| Derivative financial instruments cash flow hedges |  | (287536) |  | 86261 |  | (201275) |
| Open-Ended Fund |  | (741) |  | 222 |  | (519) |
| Other equity instruments |  | (698903) |  | 209671 |  | (489232) |
| Share of income of associates and joint ventures |  | 4278531 |  |  |  | 4278531 |
| Other comprehensive income | Ps. | 2616451 | Ps. | (1704735) | Ps. | 911716 |
| Current tax |  |  | Ps. | (1975708) |  |  |
| Deferred tax |  |  |  | 270973 |  |  |
|  |  |  | Ps. | (1704735) |  |  |

---

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.

[**Table of Contents**](#TOC)

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.

&nbsp;&nbsp;&nbsp;&nbsp;25. **Earnings or Loss per CPO/Share** 

**Basic Loss per CPO/Share**

For the years ended December 31, 2025 and 2024, the weighted average for basic loss per CPO/Share of outstanding total shares, CPOs and Series "A," Series "B," Series "D," and Series "L" Shares (not in the form of CPO units), was as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Total Shares | **313478311** | 317805944 |
| CPOs | **2197224** | 2235675 |
| Shares not in the form of CPO units: |  |  |
| &nbsp;&nbsp;Series "A" Shares | **56402405** | 56231339 |
| &nbsp;&nbsp;Series "B" Shares | **187** | 187 |
| &nbsp;&nbsp;Series "D" Shares | **239** | 239 |
| &nbsp;&nbsp;Series "L" Shares | **239** | 239 |

---

Basic loss per CPO and per each Series "A," Series "B," Series "D," and Series "L" Share (not in the form of a CPO unit) attributable to stockholders of the Company for the years ended December 31, 2025, 2024 and 2023, are presented as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  |  |  | **Per** | **Per** |  |  | **Per** | **Per** |  |  | **Per** | **Per** |
|  | **Per CPO** | **Per CPO** | **Share (\*)** | **Share (\*)** | **Per CPO** | **Per CPO** | **Share (\*)** | **Share (\*)** | **Per CPO** | **Per CPO** | **Share (\*)** | **Share (\*)** |
| Continuing operations | **Ps.** | **(3.42)** | **Ps.** | **(0.03)** | Ps. | (3.06) | Ps. | (0.03) | Ps. | (3.24) | Ps. | (0.03) |
| Discontinued operations |  | **0.0** |  | **0.0** |  | 0.02 |  | 0.0 |  | 0.23 |  | 0.0 |
| Basic loss per CPO/Share attributable to stockholders of the Company | **Ps.** | **(3.42)** | **Ps.** | **(0.03)** | Ps. | (3.04) | Ps. | (0.03) | Ps. | (3.01) | Ps. | (0.03) |

---

(\*) Series "A", "B", "D", and "L" Shares not in the form of CPO units.

**Diluted Loss per CPO/Share**

Diluted loss per CPO and per Share attributable to stockholders of the Company are calculated in connection with CPOs and shares in the LTRP unless anti-dilutive.

For the years ended December 31, 2025 and 2024, the weighted average for diluted (loss) earnings per CPO/Share of outstanding total shares, CPOs and Series "A," Series "B," Series "D," and Series "L" Shares (not in the form of CPO units), was as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Total Shares | **340621798** | 340621798 |
| CPOs | **2387500** | 2387500 |
| Shares not in the form of CPO units: |  |  |
| &nbsp;&nbsp;Series "A" Shares | **58926613** | 58926613 |
| &nbsp;&nbsp;Series "B" Shares | **2357208** | 2357208 |
| &nbsp;&nbsp;Series "D" Shares | **239** | 239 |
| &nbsp;&nbsp;Series "L" Shares | **239** | 239 |

---

[**Table of Contents**](#TOC)

Diluted loss per CPO and per each Series "A," Series "B," Series "D," and Series "L" Share (not in the form of a CPO unit) attributable to stockholders of the Company for the years ended December 31, 2025, 2024 and 2023, are presented as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  |  |  | **Per** | **Per** |  |  | **Per** | **Per** |  |  | **Per** | **Per** |
|  | **Per CPO** | **Per CPO** | **Share (\*)** | **Share (\*)** | **Per CPO** | **Per CPO** | **Share (\*)** | **Share (\*)** | **Per CPO** | **Per CPO** | **Share (\*)** | **Share (\*)** |
| Continuing operations | **Ps.** | **(3.42)** | **Ps.** | **(0.03)** | Ps. | (3.06) | Ps. | (0.03) | Ps. | (3.24) | Ps. | (0.03) |
| Discontinued operations |  | **0.0** |  | **0.0** |  | 0.02 |  | 0.0 |  | 0.23 |  | 0.0 |
| Diluted loss per CPO/Share attributable to stockholders of the Company | **Ps.** | **(3.42)** | **Ps.** | **(0.03)** | Ps. | (3.04) | Ps. | (0.03) | Ps. | (3.01) | Ps. | (0.03) |

---

(\*) Series "A", "B", "D", and "L" Shares not in the form of CPO units.

&nbsp;&nbsp;&nbsp;&nbsp;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)).

[**Table of Contents**](#TOC)

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** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Telecom revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential | **Ps.** | **42181601** | Ps. | 42960423 | Ps. | 44110948 |
| &nbsp;&nbsp;Satellite |  | **12396984** |  | 15034659 |  | 17582229 |
| &nbsp;&nbsp;Enterprise |  | **4299565** |  | 4265782 |  | 4529659 |
| **Consolidated revenues** | **Ps.** | **58878150** | Ps. | 62260864 | Ps. | 66222836 |
| Reconciliation of operating segment income to consolidated operating income: |  |  |  |  |  |  |
| &nbsp;&nbsp;Telecom operating segment income | **Ps.** | **23021884** | Ps. | 23157927 | Ps. | 25030497 |
| &nbsp;&nbsp;Corporate expenses |  | **(448896)** |  | (756045) |  | (1031223) |
| &nbsp;&nbsp;Intercompany operations |  | **(173751)** |  | (154990) |  | (120366) |
| &nbsp;&nbsp;Depreciation and amortization |  | **(17160521)** |  | (20510853) |  | (21107312) |
| &nbsp;&nbsp;Other expense, net |  | **(1013824)** |  | (4554900) |  | (913801) |
| **Consolidated operating income** | **Ps.** | **4224892** | Ps. | (2818861) | Ps. | 1857795 |

---

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

---

[**Table of Contents**](#TOC)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Segment assets: | **Ps.** | **120532090** | Ps. | 126885466 |
| Equity investments attributable to: |  |  |  |  |
| &nbsp;&nbsp;Telecom |  | **956508** |  | 952721 |
| &nbsp;&nbsp;Other <sup>(1)</sup> |  | **3674751** |  | 2757701 |
| Goodwill attributable to: |  |  |  |  |
| &nbsp;&nbsp;Telecom |  | **13344684** |  | 13344684 |
| &nbsp;&nbsp;Other |  | **110314** |  | 110314 |
| Corporate assets: |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents  |  | **16539384** |  | 36364456 |
| &nbsp;&nbsp;Short-term investments |  | **11397798** |  |  |
| &nbsp;&nbsp;Other accounts receivable, net |  | **211129** |  | 3827795 |
| &nbsp;&nbsp;Income taxes receivable and other recoverable taxes  |  | **3967566** |  | 1593254 |
| &nbsp;&nbsp;Non-current account receivable due from related party |  | **341719** |  | 3538497 |
| &nbsp;&nbsp;Equity investment in TelevisaUnivision |  | **40694190** |  | 43220986 |
| &nbsp;&nbsp;Property and equipment, net |  | **2655391** |  | 2700730 |
| &nbsp;&nbsp;Investment property, net |  | **2624274** |  | 2706528 |
| &nbsp;&nbsp;Intangible assets, net  |  | **4704579** |  | 5013835 |
| &nbsp;&nbsp;Deferred income tax assets |  | **5857009** |  | 6400422 |
| &nbsp;&nbsp;Other corporate assets |  | **806639** |  | 2240507 |
| Total assets | **Ps.** | **228418025** | Ps. | 251657896 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **2025** | **2024** | **2024** |
| Segment liabilities | **Ps.** | **39932152** | Ps. | 38161060 |
| Debt not allocated to segments |  | **76049047** |  | 90376976 |
| Other corporate liabilities |  | **9907965** |  | 11424235 |
| Total liabilities | **Ps.** | **125889164** | Ps. | 139962271 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Continuing operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;Telecom | **Ps.** | **12053756** | Ps. | 8888444 | Ps. | 13900991 |
| &nbsp;&nbsp;Discontinued operations |  | **—** |  |  |  | 768182 |
| &nbsp;&nbsp;Corporate assets |  | **132749** |  | 208953 |  | 38843 |
| **Total** | **Ps.** | **12186505** | Ps. | 9097397 | Ps. | 14708016 |

---

[**Table of Contents**](#TOC)

Geographical segment information:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Additions to** | **Additions to** |
|  |  |  | **Segment Assets at** | **Segment Assets at** | **Property, Plant and** | **Property, Plant and** |
|  | **Total Revenues** | **Total Revenues** | **Year-End** | **Year-End** | **Equipment** | **Equipment** |
| **2025:** |  |  |  |  |  |  |
| Mexico | **Ps.** | **57790527** | **Ps.** | **105053762** | **Ps.** | **11975898** |
| Other countries <sup>(1)</sup> |  | **1087623** |  | **15478328** |  | **210607** |
|  | **Ps.** | **58878150** | **Ps.** | **120532090** | **Ps.** | **12186505** |
| 2024: |  |  |  |  |  |  |
| Mexico | Ps. | 61115393 | Ps. | 110590724 | Ps. | 8997716 |
| Other countries <sup>(1)</sup> |  | 1145471 |  | 16294742 |  | 99681 |
|  | Ps. | 62260864 | Ps. | 126885466 | Ps. | 9097397 |
| 2023: |  |  |  |  |  |  |
| Mexico | Ps. | 65250298 | Ps. | 144856678 | Ps. | 14565065 |
| Other countries <sup>(1)</sup> |  | 972538 |  | 13424941 |  | 142951 |
|  | Ps. | 66222836 | Ps. | 158281619 | Ps. | 14708016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **Domestic** | **Abroad** | **Abroad** | **Total** | **Total** |
| **2025:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband <sup>(a)</sup> | **Ps.** | **25272930** | **Ps.** | **—** | **Ps.** | **25272930** |
| &nbsp;&nbsp;&nbsp;&nbsp;Content <sup>(a)</sup> |  | **11060407** |  | **—** |  | **11060407** |
| &nbsp;&nbsp;&nbsp;&nbsp;Telephony <sup>(a)</sup> |  | **2749340** |  | **—** |  | **2749340** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising |  | **2730359** |  | **—** |  | **2730359** |
| &nbsp;&nbsp;&nbsp;&nbsp;DTH Broadcast Satellite TV <sup>(a)</sup> |  | **11159663** |  | **604283** |  | **11763946** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |  | **999733** |  | **1870** |  | **1001603** |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise |  | **3818095** |  | **481470** |  | **4299565** |
| Consolidated revenues | **Ps.** | **57790527** | **Ps.** | **1087623** | **Ps.** | **58878150** |

---

[**Table of Contents**](#TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic** | **Domestic** | **Abroad** | **Abroad** | **Total** | **Total** |
| **2024:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband <sup>(a)</sup> | Ps. | 23948229 | Ps. |  | Ps. | 23948229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Content <sup>(a)</sup> |  | 12988987 |  |  |  | 12988987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telephony <sup>(a)</sup> |  | 2964230 |  |  |  | 2964230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising |  | 2565552 |  |  |  | 2565552 |
| &nbsp;&nbsp;&nbsp;&nbsp;DTH Broadcast Satellite TV <sup>(a)</sup> |  | 13719683 |  | 665409 |  | 14385092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |  | 1138006 |  | 4986 |  | 1142992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise |  | 3790706 |  | 475076 |  | 4265782 |
| Consolidated revenues | Ps. | 61115393 | Ps. | 1145471 | Ps. | 62260864 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic** | **Domestic** | **Abroad** | **Abroad** | **Total** | **Total** |
| **2023:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadband <sup>(a)</sup> | Ps. | 21440699 | Ps. |  | Ps. | 21440699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Content <sup>(a)</sup> |  | 15019807 |  |  |  | 15019807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telephony <sup>(a)</sup> |  | 4464983 |  |  |  | 4464983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising |  | 3201421 |  |  |  | 3201421 |
| &nbsp;&nbsp;&nbsp;&nbsp;DTH Broadcast Satellite TV <sup>(a)</sup> |  | 15803026 |  | 687994 |  | 16491020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |  | 1068170 |  | 7077 |  | 1075247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise |  | 4252192 |  | 277467 |  | 4529659 |
| Consolidated revenues | Ps. | 65250298 | Ps. | 972538 | Ps. | 66222836 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Services | **Ps.** | **47459402** | Ps. | 50128039 | Ps. | 54088100 |
| Leases <sup>(1)</sup> |  | **11269709** |  | 11903236 |  | 11830805 |
| Goods |  | **149039** |  | 229589 |  | 303931 |
| Total | **Ps.** | **58878150** | Ps. | 62260864 | Ps. | 66222836 |

---

<sup>(1)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;27. **Commitments and Contingencies** 

#### Commitments
As of December 31, 2025, the Group had commitments for transmission rights to be acquired, mainly related to special events, in the aggregate amount of U.S.$458.3 million (Ps.8,257,702) with various payment commitments to be made between 2026 and 2031.

As of December 31, 2025, the Group had commitments in the aggregate amount of Ps.2,441,731, of which Ps.2,274,003, were primarily commitments for cable network improvements and upgrades, and Ps.167,728, were commitments for the acquisition of software and related services.

As of December 31, 2025, in connection with a long-term credit facility, the Group had commitments to provide financing to GTAC in the principal amounts of U.S.$2.8 million (Ps.50,446) and Ps.46,954 in 2026 (see Note 10).

[**Table of Contents**](#TOC)

At December 31, 2025, the Group had the following aggregate minimum annual commitments (undiscounted) for the use of satellite transponders, which payments will be reimbursed by TelevisaUnivision as the final user of these satellite transponders:

---

| | | |
|:---|:---|:---|
|  | **Thousands of** | **Thousands of** |
|  | **U.S. Dollars** | **U.S. Dollars** |
| 2026 | **U.S.$** | **5213** |
| 2027 |  | **4307** |
| 2028 |  | **2120** |
| 2029 |  | **2038** |
| 2030 and thereafter |  | **339** |
|  | **U.S.$** | **14017** |

---

***Preponderant Economic Agent***

On March 6, 2014, the IFT issued a decision whereby it determined that the Company, together with certain subsidiaries with concessions to provide broadcast television, are preponderant economic agents in the broadcasting sector in Mexico (together, the "Preponderant Economic Agent"). The preponderance decision imposes on the Preponderant Economic Agent various measures, terms, conditions and restrictive obligations, some of which may adversely affect the activities of the Group's broadcasting businesses, as well as their results of operations and financial condition. Among these measures, terms, conditions and restrictive obligations are included the following:

Infrastructure sharing – The Preponderant Economic Agent must make its passive broadcasting infrastructure (as defined in the preponderance decision) available to third-party concessionaires of broadcast television (as defined in the preponderance decision) for commercial purposes in a non-discriminatory and non-exclusive manner, with the exception of broadcasters that, at the time the measures enter into force, have 12 MHz or more of radio-electric spectrum in the geographic area concerned.

Advertising sales – The Preponderant Economic Agent must deliver to IFT and publish the terms and conditions of certain broadcast advertising services and fee structures, including, without limitation, commercials, packages, bonuses and discount plans and any other commercial offerings, and publish them on its webpage.

Prohibition on acquiring certain exclusive content – The Preponderant Economic Agent may not acquire transmission rights, on an exclusive basis, for any location within Mexico with respect to certain relevant content, determined by IFT in the Ruling whereby IFT identifies the relevant audiovisual contents in terms and for the purposes of the fourth measure and the second transitory article of the fourth attachment whereby the Preponderant Economic Agent in the telecommunication sector was resolved and the eighteenth and thirteenth transitory articles of the first attachment of the resolution whereby the Preponderant Economic Agent in the broadcasting sector as resolved (the "Relevant Content Ruling"), which may be updated every two years by IFT.

Over-the-air channels – When the Preponderant Economic Agent offers any of its over-the-air channels, or channels that have at least 50% of the programming broadcasted between 6:00 a.m. and midnight on such channels in the same day, to its affiliates, subsidiaries, related parties and third parties, for distribution through a different technological platform than over the air broadcast television, the Preponderant Economic Agent must offer these channels to any other person that asks for distribution over the same platform as the Preponderant Economic Agent has offered, on the same terms and conditions.

Prohibition on participating in "buyers' clubs" or syndicates to acquire audiovisual content, without IFT's prior approval – The Preponderant Economic Agent may not enter into or remain a member of any "buyers' club" or syndicates of audiovisual content unless it has received the prior approval of IFT.

There are currently no resolutions from the IFT, judgments or orders that would require the Group to divest any of the assets as a result of being declared a Preponderant Economic Agent in the broadcasting sector.

On February 27, 2017, as part of the biannual review of the broadcasting sector preponderance rules, the IFT issued a ruling that amended some of the existing preponderance rules in broadcasting and included some additional obligations on the Company and some of its subsidiaries (the "New Preponderance Measures"), as follows:

[**Table of Contents**](#TOC)

Infrastructure sharing – In addition to the previously imposed obligations regarding the sharing of passive infrastructure, the New Preponderance Measures have included the service of signal emissions only in the event that no passive infrastructure exists on the requested site. In addition, the New Preponderance Measures strengthen the supervision of the infrastructure services provided by the Group, including certain rules relating to the publicity of its tariffs. In addition, more specifications for the Electronic Management System (*Sistema Electrónico de Gestión* or "SEG") as part of the new measures are included. Likewise, the IFT determined specific tariffs for our infrastructure offers.

Prohibition on acquiring certain exclusive content for broadcasting – This measure has been modified by enabling the Preponderant Economic Agent to acquire relevant content under certain circumstances, as long as it obtains the right to sublicense such transmission rights to the other broadcasters in Mexico on non-discriminatory terms. In December 2018, the Relevant Content Ruling was updated.

Advertising sales – IFT modified this measure mainly by including specific requirements to the Preponderant Economic Agent in its provision of over the air advertising services, particularly, to telecommunications companies. Such requirements include, among others: a) publishing and delivering to IFT specific information regarding tariffs, discount plans, contracting and sales terms and conditions, contract forms and other relevant practices; and b) terms and conditions that prohibit discrimination, or refusals to deal, conditioned sales and other conditions that inhibit competition. The Preponderant Economic Agent began the process of providing very detailed information to IFT on a recurrent basis of over the air advertising services related to telecommunications companies.

Accounting separation – The Group, as Preponderant Economic Agent, is required to implement an accounting separation methodology under the criteria defined by IFT, published in the Official Gazette of the Federation on December 29, 2017, as amended.

On March 28, 2014, the Company, together with its subsidiaries determined to be the Preponderant Economic Agent in the broadcasting sector, filed an *amparo* proceeding challenging the constitutionality of the Preponderance Decision. The Supreme Court resolved the *amparo* proceeding, resolving the constitutionality of the Preponderance Decision and therefore, it is still valid.

Additionally, on March 31, 2017, the Company, together with its subsidiaries, filed an *amparo* proceeding challenging the constitutionality of the New Preponderance Measures. On November 21, 2019, the Second Chamber of the Supreme Court granted the *amparo* and revoked the New Preponderance Measures. Consequently, the valid and applicable measures in force are resolved in accordance with the Preponderance Decision.

The biannual review of the broadcasting sector preponderance rules that began in 2019 was concluded due to the resolution of the *amparo*. A new biannual review began in 2023 and ended in 2024. The modifications to the previous ruling include updating requirements and specific elements to be considered in the Public Offering of Passive Infrastructure and its SEG, including in connection with tariffs negotiation; the prohibition against acquiring Relevant Audiovisual Content on an exclusive basis continues unless the right to sublicense such content to other broadcasters in Mexico is acquired; and the addition of specific requirements for the provision of advertising services, particularly for the promotion of telecommunications services.

The Company will continue to assess the extent and impact of the various measures, terms, conditions and restrictive obligations in connection with its designation by IFT as Preponderant Economic Agent, including the revised preponderance measures that may arise from the 2023 biannual review that concluded in 2024, and will analyze carefully any actions and/or remedies (legal, business and otherwise) that the Company should take and/or implement regarding these matters.

***Substantial Power Economic Agent***

On November 26, 2020, the IFT notified the Company of the final resolution confirming the existence of substantial power in the 35 relevant markets of restricted television and audio services. Consequently, on December 17, 2020, the Company filed three *amparos* challenging the constitutionality of the resolution. On January 25, 2024, a Federal Court entered a final judgment ordering the IFT to revoke the resolution on substantial power. On March 6, 2024, in compliance with the ruling, the IFT left the substantial power resolution void and determined to close the file only for Televisa, S. de R.L. de C.V. The two remaining *amparos* are now under review by the competent court. Some of the consequences derived from the determination of substantial market power, are applicable as a matter of law and others may be imposed by IFT in a new procedure in accordance with the LFTR; these may consist of: (i) the obligation to obtain IFT's approval and to register the rates for our services; (ii) to inform the IFT in case of the adoption of new technology or modifications to the network; (iii) the agent with substantial power may not be entitled to the benefits of some rules of the "must carry" and "must offer" provisions; and (iv) the implementation of accounting separation.

[**Table of Contents**](#TOC)

In October 2022, the Company, Televisa (an indirect subsidiary of TelevisaUnivision) and certain subsidiaries of the Company in the Group's former Cable and Sky segments (the "Complainants") obtained favorable *amparo* resolutions from a Federal specialized judge, ruling the determination by the IFT of substantial power in the market of restricted television and audio services in 35 municipalities of Mexico as a result of the acquisition of the residential optical fiber-to-the home and related assets from Axtel, S.A.B. de C.V., on 2018, to be unconstitutional. In the event the authority challenges this resolution, the Complainants would continue defending the judgment and will seek to extend the effects of its protection. On January 25, 2024, a Federal Court entered a final judgment ordering the IFT to revoke the resolution on substantial power. On March 6, 2024, in compliance with the ruling, the IFT left the substantial power resolution void and determined to close the file only for Televisa. The two remaining *amparos* are now under review by the competent court.

On June 21, 2024, the IFT notified the Company of a resolution through which such authority determined to repeal the determination that declared the Company, its concessionaires of restricted television and audio services and other entities as Economic Agent with Substantial Power in 35 relevant markets of restricted television and audio services. This, in compliance with guidelines issued by a federal court. With this resolution, a procedure initiated by the IFT to impose asymmetrical measures on the Company and its subsidiaries has also been repealed, and the measures provided in the current regulations for these purposes are no longer applicable.

On July 16, 2025, the Mexican Law on Telecommunications and Broadcasting (Ley en Materia de Telecomunicaciones y Radiodifusión, or "LMTR") was published in the Official Gazette of the Federation. The LMTR, which supersedes the LFTR as of October 20, 2025, transfers the functions of the IFT to the Mexican Telecommunications Regulatory Commission (Comisión Reguladora de Telecomunicaciones, or "CRT"). The CRT is a decentralized entity within the Mexican Digital Transformation and Telecommunications Agency (Agencia de Transformación Digital y Telecomunicaciones, or "ATDT"), a federal agency of the Mexican government.

#### Contingencies
On April 27, 2017, the tax authorities initiated a tax audit to the Company, with the purpose of verifying compliance with tax provisions for the fiscal period from January 1 to December 31, 2011, regarding federal taxes as direct subject of Income Tax (*Impuesto sobre la Renta or* "ISR"), Flat tax (*Impuesto Empresarial a Tasa Única*) and Value Added Tax (*Impuesto al Valor Agregado*). On April 25, 2018, the authorities informed the observations determined as a result of such audit, that could entail a default on the payment of the abovementioned taxes. On May 25, 2018, by a document submitted before the authority, the Company asserted arguments and offered evidence to challenge the authority's observations. On June 27, 2019, the Company was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.682 million for ISR. On August 22, 2019, the Company filed an administrative proceeding (*recurso de revocación)* against such tax liability, before the Legal area of the tax authorities. On July 7, 2023, the resolution to the administrative proceeding was notified, in which the appealed resolution was confirmed. On September 4, 2023, a claim (*juicio de nulidad*) against the resolution issued in the referred administrative proceeding was filed in the Third Regional Court of Mexico City of the Federal Court of Administrative Justice (*Tribunal Federal de Justicia Administrativa*), which is still pending resolution. As of the date of these financial statements, there are no elements to determine if the outcome would be adverse to the Company's interests. As of December 31, 2025, this contingency amounted to Ps.942 million.

[**Table of Contents**](#TOC)

On August 12, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company's indirect subsidiaries (Cablebox. S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on importation of merchandise, as well as compliance with non-customs regulations and restrictions applicable to 26 foreign trade operations carried out during fiscal year 2016. On April 30, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to non-compliance with the payment of the referred contributions. On April 30, 2020, the tax authority informed the facts and omissions detected during the development of the verification process, that could entail a default on several provisions of the Customs Act (*Ley Aduanera*). On June 2 and 29, 2020, by several documents submitted before the authorities, the Company's subsidiary asserted arguments and offered evidence to challenge the facts and omissions included in the tax authority's last partial record. On July 16, 2020 such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.290 million for a fine consisting of 70% of the commercial value of the merchandise subject to review, due to the alleged failure to comply with the *Norma Oficial Mexicana*, or Official Mexican Standards (NOM-019-SCFI-1998), as well as on the amount of the commercial value of the merchandise due to the material impossibility of the merchandise becoming property of the Federal Treasury. On August 27, 2020, an administrative proceeding *(recurso de revocación*) was filed before the Legal department of the Tax Authority. On January 7, 2025, the resolution to the administrative proceeding was notified, in which the appealed resolution was confirmed. On February 19, 2025, a claim (*juicio de nulidad*) against the resolution issued in the referred administrative proceeding was filed in the Fourteenth Regional Court of Mexico City of the Federal Court of Administrative Justice (*Tribunal Federal de Justicia Administrativa*), which is still pending resolution. As of the date of these financial statements, there are no elements to determine if the outcome would be adverse to the Company's interests. As of December 31, 2025, this contingency amounted to Ps.590 million.

On July 29, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company's indirect subsidiaries (CM Equipos y Soporte, S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on the importation of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 32 foreign trade operations carried out during fiscal year 2016. On July 10, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to a determination of non-compliance with the payment of the referred contributions. On August 21, 2020, through several documents submitted to the authorities, the Company's subsidiary asserted arguments and offered evidence to challenge the facts and omissions included in the tax authority's most recent partial record. On May 28, 2021, the subsidiary was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.256.3 million for a fine consisting of 70% of the commercial value of the merchandise subject to review, due to the alleged failure to comply with the *Normas Oficiales Mexicanas*, or Official Mexican Standards (NOM-019-SCFI-1998, NOM-EM-015-SCFI-2015 and NOM-024-SCFI-2013), as well as on the amount of the commercial value of the merchandise due to the material impossibility of the merchandise becoming property of the Federal Treasury. On July 12, 2021, an administrative proceeding (*recurso de revocación*) was filed before the Legal department of the Tax Authority, which is in the process of being resolved. As of the date of these financial statements, there are no elements to determine if the outcome would be adverse to the Company's interests. As of December 31, 2025, this contingency amounted to Ps.518 million.

On March 29, 2022, the tax authority initiated a tax audit of a subsidiary of the Company (Cablemás Telecomunicaciones, S.A. de C.V.). The purpose of the tax audit was to verify compliance with tax provisions for the period from January 1 to December 31, 2016, regarding income tax as a direct subject. On March 23, 2023, the authority informed the relevant entity of the facts and omissions detected during the development of the verification process that could entail a default on the payment of the tax. On April 25, 2023, through several documents submitted to the authorities, the Company's subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the tax authority's report. On August 23, 2024, the referred subsidiary was notified of the outcome of the audit, determining a tax credit in the amount of Ps.214.3 million. On October 8, 2024, an administrative proceeding (*recurso de revocación*) was filed before the Legal department of the Tax Authority, which is in process of being resolved. As of the date of these financial statements, there are no elements to determine if the outcome would be adverse to the Company's interests. As of December 31, 2025, this contingency amounted to Ps.278 million.

The contingencies discussed in the previous paragraphs did not require the recognition of a provision as of December 31, 2025.

As the Company previously announced on August 30, 2024, a U.S. Department of Justice investigation of FIFA-related activity may have a material impact on the Company's consolidated financial condition or results of operations. The Company cannot predict the outcome of the investigation or whether it will in fact have a material impact. The Company is cooperating with the investigation.

There are several legal actions and claims pending against the Group, which are filed in the ordinary course of business. In the opinion of the Company's management, none of these actions and claims is expected now to have a material adverse effect on the Group's financial statements as a whole; however, the Company's management is unable to predict the outcome of any of these legal actions and claims.

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Income from Discontinued Operations, Net** 

The operations of most of the Group's former Other Businesses segment were discontinued on January 31, 2024, in connection with the Spin-off of the Company carried out on that date and the Company's distribution of the related Spun-off Businesses to Ollamani. As a result, the Group's consolidated statements of income for the years ended December 31, 2024 and 2023, present as income from discontinued operations, net, the results of operations of the Spun-off Businesses for the month ended January 31, 2024, and the year ended December 31, 2023 (see Notes 2 and 3).

The carrying amounts of the consolidated net assets distributed to Ollamani on January 31, 2024, in connection with the Company's Spin-off carried out on that date, were as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2024** | **January 31, 2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | Ps. | 696916 |
| &nbsp;&nbsp;Trade accounts and notes receivable, net |  | 514284 |
| &nbsp;&nbsp;Other accounts, taxes receivable and notes receivable, net |  | 925632 |
| &nbsp;&nbsp;Inventories |  | 130645 |
| &nbsp;&nbsp;Other current assets |  | 587439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets |  | 2854916 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;Property and equipment, net |  | 4057271 |
| &nbsp;&nbsp;Right-of-use assets, net |  | 982190 |
| &nbsp;&nbsp;Intangible assets, net |  | 583885 |
| &nbsp;&nbsp;Deferred income tax assets |  | 1619305 |
| &nbsp;&nbsp;Other assets |  | 15466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets |  | 7258117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets |  | 10113033 |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Current portion of lease liabilities |  | 99376 |
| &nbsp;&nbsp;Trade accounts payable and accrued expenses |  | 821530 |
| &nbsp;&nbsp;Customer deposits and advances |  | 26496 |
| &nbsp;&nbsp;Income taxes payable |  | 218003 |
| &nbsp;&nbsp;Employee benefits |  | 182394 |
| &nbsp;&nbsp;Other current liabilities |  | 47320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities |  | 1395119 |
| Non-currents liabilities: |  |  |
| &nbsp;&nbsp;Lease liabilities, net of current portion |  | 1017781 |
| &nbsp;&nbsp;Post-employment benefits |  | 55000 |
| &nbsp;&nbsp;Other non-current liabilities |  | 340435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities |  | 1413216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  | 2808335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | **Ps.** | **7304698** |

---

The Group's consolidated net assets of the Spun-off Businesses as of January 31, 2024, decreased the Group's equity attributable to stockholders of the Company in the amount of Ps.7,304,698, as of that date (see Notes 17 and 18).

[**Table of Contents**](#TOC)

Income from discontinued operations, net, for the month ended January 31, 2024 and the year ended December 31, 2023, is presented as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| Net income from discontinued operations | **Ps.** | **56816** | Ps. | 628116 |
| Gain on disposition of discontinued operations, net |  | **—** |  |  |
| &nbsp;&nbsp;Income from discontinued operations, net | **Ps.** | **56816** | Ps. | 628116 |

---

Gain on disposition of discontinued operations, net, for the month ended January 31, 2024 and the year ended December 31, 2023, is presented as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| Gain on disposition of discontinued operations before income taxes | **Ps.** | **70644** | Ps. | 945727 |
| Income taxes |  | **13828** |  | 317611 |
| &nbsp;&nbsp;Gain on disposition of discontinued operations, net | **Ps.** | **56816** | Ps. | 628116 |

---

Income from discontinued operations, net, for the month ended January 31, 2024 and the year ended December 31, 2023, is presented as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| Revenues | **Ps.** | **439479** | Ps. | 6183398 |
| Cost of revenues and operating expenses |  | **375677** |  | 5397390 |
| &nbsp;&nbsp;Income before other income |  | **63802** |  | 786008 |
| Other (expense) income, net |  | **(2268)** |  | 20460 |
| &nbsp;&nbsp;Operating income |  | **61534** |  | 806468 |
| Finance income, net |  | **9110** |  | 139259 |
| &nbsp;&nbsp;Income before income taxes |  | **70644** |  | 945727 |
| Income taxes |  | **(13828)** |  | (317611) |
| &nbsp;&nbsp;Income from discontinued operations, net | **Ps.** | **56816** | Ps. | 628116 |

---

Cash flows provided by (used in) discontinued operations for the month ended January 31, 2024 and the year ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| Net cash (used in) provided by operating activities | **Ps.** | **(170212)** | Ps. | 791780 |
| Net cash provided by investing activities |  | **14955** |  | 647555 |
| Net cash used in financing activities |  | **(304418)** |  | (215965) |
| &nbsp;&nbsp;Net cash flows | **Ps.** | **(459675)** | Ps. | 1223370 |

---

**29. Events after the Reporting Period**

On January 30, 2026, the Company repaid all of the amounts payable under the remaining 4.625% Senior Notes due 2026 in the aggregate amount of U.S.$212.2 million (Ps.3,758,822), including the principal amount of U.S.$207.4 million (Ps.3,673,863).

On February 26, 2026, the Company's Board of Directors approved suspending the payment of an annual dividend in 2026, in conjunction with the Company's current analysis of several investment opportunities in the Mexican telecommunications sector. There is no assurance that any of these potential opportunities will be consummated.

On April 28, 2026, the Company's stockholders approved, among other resolutions, (i) the audited consolidated financial statements of the Company as of December 31, 2025, and for the year ended on that date; and (ii) a capital increase of the Company in the amount of up to Ps.7,200,000, and the delegation of authority to the Board of Directors of the Company to determine certain terms for offering the corresponding shares for subscription and payment in accordance with the Mexican Securities Market Law, which may be in the form of convertible notes, rights offerings, private placements or any other forms of financings.

## Exhibit 1.1

**Exhibit 1.1**

**Amended and Restated as of April 28, 2026**

**English Version for Reference Purposes Only**

**BY-LAWS**

**CHAPTER I**

**CORPORATE NAME, DOMICILE, DURATION, CORPORATE PURPOSE AND NATIONALITY**

**ARTICLE FIRST.-** The company shall be named "**GRUPO TELEVISA**", a corporate name which must always be followed by the words "**SOCIEDAD ANÓNIMA BURSÁTIL**" (Limited Liability Stock Corporation) or by its abbreviation "**S.A.B.**".

**ARTICLE SECOND.-** The corporate domicile of the company shall be MEXICO CITY, but it may establish agencies and branches anywhere within the Mexican Republic or abroad and agree upon conventional domiciles, without it being understood as having changed the corporate domicile.

**ARTICLE THIRD.-** The duration of the company shall be NINETY-NINE years starting from the execution date hereof.

**ARTICLE FOURTH.-** The purpose of the Company is to:

I. Promote, incorporate, establish, organize, manage, take an interest in the capital and equity of all kinds of corporations, civil partnerships, associations or industrial, commercial or services companies, or of another kind, either national and foreign, as well as to participate in their management or winding up.

II. Purchase, sell, lease, exchange, encumber, manage with all kinds of real estate and safeguard of income-producing assets or the collection of credits and their interest.

III. Perform all kind of acts and enter into all kind of contracts and agreements allowed by the Mexican law, both with individuals and legal entities of private or public nature, including all kind of trusts, and to obtain therefrom concessions, licenses, permits and authorizations directly or indirectly related to its corporate purpose.

Only for purposes of carrying out the activities described above, the Company may carry out the following:

a) The acquisition, negotiation, safeguard and disposal of any title, shares, bonds, debentures, rights, assets, currencies, financial instruments, negotiable instruments, securities and equity interests of limited companies, civil partnerships or associations of any kind, both national and foreign, including the granting or receipt of the guarantees related to the aforementioned activities.

b) To take out or grant loans, granting or receiving the corresponding guarantees, issue debentures with or without a specific guarantee, to accept, draw, endorse and guarantee all kinds of negotiable instruments and grant bonds or guarantees of any kind with respect to the obligations undertaken by the Company or of the issued certificates accepted by third parties.

c) To receive all kinds of specialized services or technical, administrative, audit, financial, accounting, legal, oversight, organization, marketing, research, development, engineering, cleaning, safety, maintenance counseling and, in general, any kind of services not related to the industrial or commercial activities of this Company, whether of the Mexican Republic or abroad.

d) To produce, obtain, acquire, use, exploit, transfer, register or dispose of all kinds of patents, trademarks or trade names, franchises or industrial property rights, either in Mexico or abroad.

e) To produce, use and exploit works which may be protected under copyrights and related rights, as well as to acquire, exploit and transfer the title thereon or carry out acts at law related to the foregoing.

f) To lease, sublease, take and grant in bailment, use, possess, acquire, purchase, sell, build, repair, dispose of and operate, under any legal title, all kinds of equipment, warehouses, storehouses, plants, offices, rooms, premises and

------

**English Version for Reference Purposes Only**

other establishments necessary or convenient for the attainment of the Company's purposes, including the acquisition and disposal of movable and immovable property and rights in rem which are deemed and considered essential and allowed by the law.

g) To represent individuals or legal entities, national or foreign, both in the United Mexican States and abroad which are directly related to the Company's activities and act as representative, agent, intermediary, mediator, agent, consignee, agent or commission agent thereof.

h) To take out all kinds of financing or loans, with or without specific guarantee, to grant loans to limited companies or civil partnerships in which the Company has an interest or business relationships and issue debentures and commercial paper, to accept, draw, endorse or guarantee all kinds of negotiable instruments and grant bonds or guarantees of any kind with respect to the obligations undertaken or the certificates issued or accepted by third parties, with which the Company has business relationships.

i) To grant all kinds of guarantees with respect to debentures or negotiable instruments at the expense of companies in which the Company has an interest, as well as of other companies or people with which the Company has a business relationship.

j) In general, to carry out or enter into all kinds of acts, agreements and related, ancillary or supplementary transactions which are necessary or convenient for the attainment of the aforementioned purposes.

**ARTICLE FIFTH.-** The capital stock will be represented by Series "A", "B", "D" and "L" shares, in accordance with the provisions set forth in Article Six of these By-laws.

Series "A", "B" and "D" shares may only be acquired by:

ONE. Individuals of Mexican nationality;

TWO. Mexican companies whose articles of association or By-laws contain a foreigner exclusion clause, whereby only Mexican individuals and Mexican companies whose articles of incorporation, in turn, contain a foreigner exclusion clause may be shareholders;

THREE Mexican credit institutions, guarantee institutions, insurance institutions, financial leasing companies, financial factoring companies, credit unions and Mexican investment companies, all of which must have a foreigner exclusion clause in their by-laws;

FOUR. Credit institutions, acting as trustees in trusts for funds or stock assignment/allotment and acquisition plans and retirement plans for Mexican employees, executives and workers; and

FIVE. Credit institutions, acting as trustees according to the Foreign Investment Law (Ley de Inversion Extranjera) and the Regulations of the Foreign Investment Law (Reglamento de la Ley de Inversion Extranjera) and the National Foreign Investments Registry (Registro Nacional de Inversiones Extranjeras).

The Company shall not admit, directly or indirectly, as shareholders those holding Series "A", Series "B" or Series "D" shares, foreign investors nor companies with a foreigner admission clause. Should such investors or companies acquire Series "A", Series "B" or Series "D" shares, the Company will not grant them any shareholders' rights whatsoever. The foregoing, in the understanding, however, that such investors and corporations may hold ordinary participation certificates issued based on the Company's shares, regardless of the series represented by such shares, provided that the trust to which such shares are affected is considered and has been authorized as a neutral investment in accordance with the applicable law.

Series "L" shares shall be considered neutral investment shares and may be acquired by Mexican investors and by foreign individuals or corporations and economic units, or by the persons or entities included in sections II and III of article Second of the Foreign Investment Law. The "L" Series shares will not be computed for the purpose of

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**English Version for Reference Purposes Only**

determining the amount and proportion of the foreign investors' participation in the capital stock, according to the applicable legal provisions.

In the event that any present or future foreigner, directly or indirectly, acquires Series "L" shares, by the mere fact of the acquisition thereof, formally undertakes, before the Ministry of Foreign Affairs, to consider itself a national with respect to the Series "L" shares that it acquires or of which it is the holder, as well as the assets, rights, concessions, participations or interests which are owned by the Company, or else with respect to the rights and obligations resulting from the agreement with respect to which the Company is a party with Mexican authorities, and to refrain from invoking the protection of its Government, under penalty, otherwise, of forfeiting to the acquired shares in favor of the Nation.

Holders of ordinary participation certificates issued based on Series "A", "B", "D" and "L" shares of the Company, who are foreign nationals or Mexican companies with a foreigner admission clause, may only and exclusively exercise the corporate rights associated with the Series "L" shares, which may not confer upon their holders, in any case, the right to appoint more than two members of the Company's Board of Directors.

Under no circumstances shall foreign governments or states be admitted as shareholders of the Company.

Control over the Company, at no time and under no circumstances, may be held, individually or jointly, de jure or de facto, by foreign individuals, legal entities of a nationality other than Mexican and/or Mexican companies with a majority of foreign capital. For purposes of this paragraph, "control" shall have the meaning provided in Section Two of Article Nine hereof.

**ARTICLE SIXTH.**- Capital stock is fixed.

The authorized fixed capital stock is $2,531,032,608.06 (two billion five hundred thirty-one million thirty-two thousand six hundred eight pesos 06/100), represented by up to 437,404,946,522 (four hundred thirty-seven billion four hundred four million nine hundred forty-six thousand five hundred twenty-two) nominative shares, without par value, which will be divided into four series of shares, as follows:

i) Series "A" comprised by up to 151,346,706,434 ordinary shares;

ii) Series "B" comprised by up to 70,198,644,806 ordinary shares;

iii) Series "D" comprised by up to 107,929,797,641 shares with limited voting rights and preferential dividends, issued in accordance with Article One Hundred and Thirteen of the Mexican Companies Law (Ley General de Sociedades Mercantiles); and

iv) Series "L" comprised by up to 107,929,797,641 voting shares and other restricted corporate rights.

Series "A" and Series "B" will be comprised of ordinary shares, with full voting rights that will, at all times, represent 100% (one hundred percent) of the total ordinary shares.

Series "D" will be comprised of shares with limited voting rights and preferred dividends issued pursuant to article one hundred and thirteen of the Mexican Companies Law.

Series "L" will be comprised of restricted voting shares and with the limitation of other corporate rights.

The Company may entrust shares representing its capital stock and/or ordinary participation certificates, with credit institutions, in order to establish option plans in order to purchase or subscribe such securities, for the benefit of its executives and employees or for the benefit of the executives and employees of its subsidiaries, or of persons rendering services to the Company, its subsidiaries or to the companies in which it participates.

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The Company may issue unsubscribed shares, which will be kept in the Company's treasury for delivery as long as they are subscribed and paid for.

Likewise, the Company may issue unsubscribed shares for their placement among the investing public, pursuant to the terms and provided that the conditions established for such purpose by Article 53 (fifty-three) of the Securities Market Law (Ley del Mercado de Valores) and other applicable legal provisions are met, including the obtainment of the public offering authorization from the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores). The preemptive subscription right referred to in Article 132 (one hundred and thirty-two) of the Mexican Companies Law and Article Eleventh of these By-laws shall not be applicable in case of capital increases through public offerings.

In connection with the Series "A", Series "B", Series "D" and/or Series "L" shares that are not contributed to, or do not form part of the assets of the trust established for the issuance of ordinary participation certificates, the holders thereof may request the Secretary of the Board of Directors to convert such Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, into Series "A", Series "B", Series "D" and/or Series "L" shares, as determined by such shareholder, in accordance with the following:

Any holder of Series "A", Series "B", Series "D" and/or Series "L" seeking to carry out such conversion shall submit a written request addressed to the Secretary of the Board of Directors of the Company, which must be delivered at least 5 (five) business days prior to the requested conversion date.

The Secretary of the Board of Directors of the Company shall carry out all necessary actions to implement the conversion of the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, upon delivery by the relevant shareholder of the share certificates representing such shares, in exchange for the certificates representing the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable. Such conversion may cover all or part of the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, represented by the certificates delivered. In the event of a partial conversion, the Secretary shall carry out all necessary actions to ensure the issuance of the new certificates reflecting the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, that remain outstanding, as well as the Series "A", Series "B", Series "D" and/or Series "L" shares into which they have been converted.

**ARTICLE SEVENTH**.- Within their corresponding Series, each share shall grant equal rights and obligations to its holders.

Each Series "A" and Series "B" common share shall confer the right to 1 (one) vote at Shareholders Meetings.

I. The holders of Series "A" shares shall have the right to appoint and remove eleven proprietary members of the Board of Directors and their corresponding alternates, as well as the Chairman of the Board of Directors, to appoint or ratify the appointment of the Company's Chairman or Chief Executive Officer and the Secretary and Alternate Secretaries of the Board of Directors, pursuant to the provisions set forth in Article Twenty-Second of these By-laws. Holders of Series "A" shares shall have all the ordinary patrimonial or pecuniary rights conferred by law and by these By-laws, including, without limitation, profit sharing and the preferential right to subscribe for such series' new issued shares, in the proportion corresponding to them within the series itself.

II. The holders of Series "B" shares shall have the right to appoint and remove five proprietary members of the Board of Directors and their corresponding alternates, pursuant to the provisions set forth in Article Twenty-Second of these By-laws. Holders of Series "B" shares shall have all the ordinary patrimonial or pecuniary rights conferred by law and by these By-laws, including, without limitation, profit sharing and the preemptive right to subscribe for such series' new issued shares, in the proportion corresponding to them within the series itself.

III. Series "D" shares shall confer upon their holders their voting right, at the rate of one vote per share, in accordance with article one hundred and thirteen of the Mexican Companies Law, that is, when shareholders are summoned to hear any of the matters referred to in sections I, II, IV, V, VI and VII of article one hundred and eighty-two of the Mexican Companies Law and shall be entitled to the privileges set forth in such article. Consequently, Series "D" shares confer upon their holders their voting right, at the rate of one vote per share, when the General Extraordinary Shareholders Meeting meets to discuss any of the following matters:

1 (one). Extension of the Company's duration.

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2 (two). Company's early dissolution.

3 (three). Change in the Company's corporate purpose.

4 (four). Change in the Company's nationality.

5 (five). Company's transformation; and

6 (six). Merger with another Company.

The holders of Series "D" shares, by resolution adopted by a Special Meeting called for such purpose, shall have the right to appoint and remove two proprietary members of the Board of Directors and their corresponding alternates, through the favorable vote of at least fifty percent of the holders of the outstanding Series "D" shares and whose resolution shall be notified to the General Ordinary Shareholders Meeting, through the person whom may have acted as secretary at the corresponding Special Meeting. The Proprietary and Alternate Directors whom are appointed by the holders of Series "D" shares, must comply with the requirements referred to in Article Twenty-First hereof. Except as provided in Article Twenty-Seventh of these By-laws, the removal of the Directors appointed by the holders of Series "D" shares shall be resolved at a Special Meeting and subsequently notified to the General Ordinary Shareholders Meeting in the same manner as the appointments.

In addition, the holders of the Series "D" shares will have the voting right, with respect to the cancellation of the registration of the Company's Series "D" shares or with respect to other securities issued with respect of such shares before the National Securities Registry (Registro Nacional de Valores) and in other national or foreign stock exchanges in which they are inscribed or registered.

Holders of Series "D" shares will have the preferential right to subscribe such series' new issued shares, in the proportion corresponding to them within the series itself.

The holders of Series "D" shares shall also be entitled to the payment of dividends referred to in articles sixteen fraction I, one hundred and twelve and one hundred and seventeen of the Mexican Companies Law, on the same terms as the other Company's shareholders, after deduction of the minimum preferential dividend that has been covered as per the second paragraph of article one hundred and thirteen of the Mexican Companies Law, in accordance with the following:

a. According with article one hundred and thirteen of the Mexican Companies Law, no dividends may be assigned to the holders of ordinary shares without first paying those of Series "D" with a limited vote an annual dividend consisting of 0.00034177575 (zero point zero zero zero three four one seven seven five seven five) pesos, National Currency, per share, equivalent to five percent over the theoretical value of the Series "D" shares which amounts to 0.00683551495 (zero point zero zero six eight three five five one four nine five) pesos, National Currency, per share. When dividends are not declared in any fiscal year or are less than five percent, they shall be covered within the following years in accordance with the aforementioned priority.

b. Once the dividend provided for in paragraph a. above has been paid, if the General Shareholders Meeting declares the payment of additional dividends, the holders of Series "A", "B" and "L" shares shall receive the same dividend amount which may have been received by the holders of Series "D" shares according to paragraph a. above, in order for all shareholders to receive the same dividend amount.

c. If the Company pays additional dividends, holders of all Series "A", "B", "D" and "L" shares will receive, per share, the same dividend amount, so that each Series "D" share will receive additional dividends in the same form and amount as each of the Series "A", "B" or "L" shares.

IV. Holders of Series "L" shares with restricted voting rights and with the limitation on other corporate rights will be entitled to attend and vote at the rate of one vote per share, solely and exclusively at such Series' Special Meetings and at the Extraordinary Shareholders Meetings that meet to discuss the following matters: (i) Company's transformation; (ii) Merger with another company or companies, whenever the Company is merged; and (iii)

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Cancellation of the Company's registration of Series "L" shares or other securities issued in respect of such shares before the National Securities Registry. The holders of Series "L" shares, by resolution adopted by a Special Meeting called for such purpose, shall be entitled to appoint and remove two proprietary members of the Board of Directors and their corresponding alternates, which shall be done by the favorable vote of at least fifty percent of the holders of the outstanding Series "L" shares, and whose resolution shall be notified to the General Ordinary Shareholders Meeting, through the person whom acted as secretary at the corresponding Special Meeting. The Proprietary and Alternate Directors appointed by the holders of Series "L" shares, if any, must comply with the requirements referred to in Article Twenty-First hereof. Except as provided in Article Twenty-Seventh of these By-laws, the removal of the Directors appointed by the holders of Series "L" shares shall be resolved at a Special Meeting and subsequently notified to the General Ordinary Shareholders Meeting in the same manner as the appointments. The holders of Series "L" shares will have the same patrimonial or pecuniary rights as the holders of the Series "A" and Series "B" ordinary shares, including the participation in profits and the preferential right to subscribe the new shares issued from that Series "L", in the proportion corresponding to them within the Series "L" itself.

**ARTICLE EIGHTH**.- The Company may acquire shares representing its capital stock or credit instruments representing such shares, without the prohibition referred to in the first paragraph of Article 134 (one hundred and thirty-four) of the Mexican Companies Law being applicable.

The acquisition of own shares shall be carried out in accordance with the provisions set forth in article 56 (fifty-six) of the Securities Market Law and other provisions in force at the time of the transaction, including those issued by the National Banking and Securities Commission.

**ARTICLE NINTH**.- <u>First Section</u>. The Company shall keep a share registry, in accordance with articles one hundred and twenty-eight and one hundred and twenty-nine of the Mexican Companies Law, either directly or in accordance with article 57 (fifty-seven), fraction IV, section b) of the Securities Market Law, which may be in charge of the Secretary of the Company's Board of Directors; of an institution for the deposit of securities, of a credit institution or of the person indicated by the Board of Directors to act in the name and on behalf of the Company as Registrar agent.

For a term that will expire precisely on December tenth of the year two thousand eight, the Company's shares will necessarily be documented in titles that unite one or more Series "A" shares, Series "B" shares, Series "D" shares, Series "L" shares and, if applicable, such other series as the shareholders meeting may determine. In this way, as soon as the shares representing the capital stock are organized by means of these securities, the Company will register, for such term, in its share registry, only the "A", "B", "D", "L" shares and, if applicable, the other series in question, in the form of these securities and only at the end of such term, the Company will be able to acknowledge and register the shares corresponding to the different series independently. The securities referred to in this paragraph shall be entrust for the purpose of having the trustee issue ordinary certificates of participation listed on the securities markets.

The provisions provided in the precedent paragraph shall not be applicable (i) with respect to Series "A" shares or any other series held by the person holding the majority of Series "A" shares and permanent shareholder of the Company or any of its beneficiaries, successors or assigns or to credit institutions acting as trustees on behalf of any of them and (ii) with respect to Series "A" shares or any other series which, as the case may be, are contributed or affected in favor of credit institutions acting as trustees in trusts constituted for the purpose of establishing plans for the benefit of employees and executives of the Company or its subsidiaries, or for the benefit of persons rendering services to the Company, its subsidiaries or the companies in which these participate, same which, by virtue thereof, may hold shares of these series independently in the such trusts' trust estate.

The stock registry shall remain closed during the periods from the fifth business day prior to the holding of any Shareholders Meeting, up to and including the date in which such Meeting is held. No entry shall be made into the Registry during such periods.

However, the Board of Directors or the Executive Committee, indistinctly, may order that such registry be closed, when they deem it convenient, with greater anticipation, provided that it is so specified in the call and that such call is published at least ten days in advance to the closing of said registry. Likewise, the Board of Directors or the Executive Committee may cancel any registrations made in the registry in the event of non-compliance with respect to the provisions set forth in Section Second hereof.

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The Company shall consider as legitimate holders those holders whom are registered as such within the share registry itself, considering the provisions set forth in article seventy-eight of the Securities Market Law, the latter, subject to the provisions set forth in Section Second hereof.

<u>Section Second</u>. (A) Any Person (as defined below) who individually or jointly with a Related Person (as defined below), intends to acquire ordinary Shares (as defined below) or rights in ordinary Shares, by any means or title, directly or indirectly, either in an act or in a succession of acts with no time limit between them, the consequence of which is that its shareholding individually or jointly with the Shares a Related Person acquires, has acquired or intends to acquire or its ownership of rights over ordinary Shares, individually or jointly with the rights over Shares a Related Person acquires, has acquired or intends to acquire, directly or indirectly, is equal to or greater than 10% (ten percent) of the total ordinary Shares; (B) any Person whom, individually or jointly with a Related Person, intends to acquire ordinary Shares or rights over ordinary Shares, by any means or title, directly or indirectly, either through one act or in a succession of acts with no time limit between them, representing individually or jointly with the Shares a Related Person acquires, has acquired or intends to acquire, 10% (ten percent) or more of the total of the ordinary Shares; (C) any Person whom is a Competitor (as defined below) of the Company or of any Subsidiary (as defined below) or Affiliate (as defined below) of the Company, who individually or jointly with a Related Person, intends to acquire Shares or rights over Shares, by any means or title, directly or indirectly, either in one act or in a succession of acts without any time limit between them, the consequence of which is that its shareholding individually or jointly with the Shares a Related Person acquires, has acquired or intends to acquire or its ownership of rights over Shares, individually or jointly with the rights over Shares a Related Person acquires, has acquired or intends to acquire, directly or indirectly, is equal to or greater than 5% (five per cent) of the total Shares issued; and (D) any Person whom is a Competitor of the Company or of any Subsidiary or Affiliate of the Company, whom individually or jointly with a Related Person, intends to acquire Shares or rights over Shares, by any means or title, directly or indirectly, either in one act or in a succession of acts with no time limit between them, that individually or jointly with the Shares that a Related Person acquires, has acquired or intends to acquire, represent 5% (five percent) or more of the total Shares issued, shall require the prior written authorization of the Board of Directors and/or the Shareholders Meeting, as indicated below. For these purposes, the corresponding Person shall comply with the following:

I. <u>Board of Directors' approval</u>:

1 (one). The Person in question must submit a written authorization request to the Board of Directors. Such request must be addressed and delivered without any doubt to the Chairman of the Board of Directors, with a copy to the Secretary and to the Alternate Secretaries of the Board itself. The application must state and detail the following:

(a) the number and class or series of Shares with respect to which the Person concerned or any Related Person thereto (i) is the owner or co-owner, either directly or through any Person or through any relative by consanguinity, affinity or civil to the fifth degree or any spouse or concubine or through any other person; or (ii) in respect of which it has, shares or enjoys any right, whether contractually or otherwise;

(b) the number and class or series of Shares that the Person concerned or any Related Person thereto intends to acquire (i) either directly or through any Person in which it has any interest or participation, whether in the capital stock or in the management, administration or operation or else, through any relative by consanguinity, affinity or civil up to the fifth degree or any spouse or concubinary or through any other person;

(c) the number and class or series of Shares with respect to which it purports to obtain or share any right, whether by contract or otherwise;

(d) (i) the percentage that the Shares referred to in section (a) above represent, with respect to the total Shares issued by the Company; (ii) the percentage that the Shares referred to in section (a) above represent with respect to the corresponding class or series; (iii) the percentage that the Shares referred to in sections (b) and (c) above represent, with respect to the total Shares issued by the Company; and (iv) the percentage that the Shares referred to in sections (b) and (c) above represent with respect to the corresponding class or series;

(e) the identity and nationality of the Person or group of Persons intending to acquire the Shares, provided that if any such Person is a legal entity, trust or its equivalent, or any other vehicle, entity, enterprise or form of economic or trade association, the identity and nationality of the partners or shareholders, settlors and trustees, or their equivalent,

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members of the technical committee, or its equivalent, successors, members or associates must be specified, as well as the identity and nationality of the Person or Persons whom control (as defined in this concept below), directly or indirectly, the legal entity, trust or its equivalent, vehicle, entity, company or economic or mercantile association in question, until the natural person or persons holding any right, interest or participation of any nature in the legal entity, trust or its equivalent, vehicle, entity, company or economic or commercial association in question are identified;

(f) the reasons and objectives for which it intends to acquire the Shares which are the subject of the authorization requested, mentioning in particular whether it intends to acquire, directly or indirectly, (i) Shares additional to those referred to in the application for authorization, (ii) a Significant Shareholding or (iii) Control of the Company;

(g) whether if it is, directly or indirectly, a Competitor of the Company itself or of any Subsidiary or Affiliate of the Company and whether it has the power to acquire the Shares lawfully in accordance with these By-laws and the applicable law; in addition, it must be specified if whether the Person intending to acquire the Shares in question has relatives by consanguinity, affinity or civil to the fifth degree or any spouse or concubine, whom may be considered a Competitor of the Company or of any Subsidiary or Affiliate of the Company, or if it has any economic relationship with a Competitor or any interest or participation in either the equity or the management, administration or operation of a Competitor, directly or through any Person or relative by consanguinity, affinity or civil to the fifth degree or any spouse or concubine;

(h) the origin of the economic resources which it intends to use in order to pay the price of the Shares subject matter to the application; in the event that the resources originate from any financing, the identity and nationality of the Person providing such resources shall be specified and the documentation signed by such Person, accrediting and explaining the conditions of such financing, shall be submitted together with the authorization application; and

(i) if it is part of any economic group, comprised by one or more Related Persons, which as such, in an act or succession of acts, intends to acquire Shares or rights therein or, if applicable, if such economic group owns Shares or rights therein:

(j) if it has received economic resources as result of a loan or in any other capacity from a Related Person or if it has provided economic resources on loan or in any other capacity to a Related Person for purposes of paying the price of the Shares;

(k) the identity and nationality of the financial institution that would act as the lead broker if the acquisition in question is made through a public offer.

2 (two). Within ten (10) days following the date of receipt of the authorization request referred to in numeral I.1 (Roman numeral one point one) above, the Chairman or the Secretary or, in the absence of the latter, any Alternate Secretary, shall call upon the Board of Directors to discuss and decide on the aforementioned authorization request. Alternate directors shall only deliberate and vote if the corresponding proprietary director does not attend the meeting called. The calls must specify the time, date, place of meeting and the respective Agenda.

3 (three). Except as provided in the last paragraph of this subsection I.3 (Roman numeral one point three), the Board of Directors shall decide on any authorization application submitted to it within sixty (60) days after the date in which such application is submitted to it. The Board of Directors may, in any case, and without incurring any liability, submit the authorization request to the general extraordinary shareholders meeting so that the latter may resolve the matter. Notwithstanding the foregoing, it shall be the general extraordinary shareholders meeting whom necessarily decides on any authorization request in the following cases:

(a) when the acquisition of Shares which is the subject matter of the application involves a change of Control in the Company; or

(b) when, having been called in terms of the provisions hereof, the Board of Directors could not have been installed for any reason; or

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(c) when, having been called in terms of the provisions hereof, the Board of Directors does not rule on the authorization request submitted to it, except in cases whereby it does not rule because it has requested the documentation or clarifications referred to in the next paragraph.

The Board of Directors may request from the Person who intends to acquire the Shares in question such additional documentation and clarifications as it may deem necessary in order to resolve on the authorization request submitted to it, including the documentation accrediting the veracity of the information referred to in paragraphs I.1 (Roman numeral one point one) (a) to I.1 (Roman numeral one point one) (k) of this Article. In the event that the Board of Directors requests the aforementioned clarifications or documentation, the sixty (60) days term provided set forth in the first paragraph of this section I.3 (Roman numeral one point three) shall be computed starting from the date on which the aforementioned Person makes or delivers, as the case may be, the clarifications or documentation requested by the Board of Directors itself, through its Chairman, the Secretary or any Alternate Secretary.

4 (four). In order for the Board to validly meet, at least 75% (seventy-five percent) of the corresponding proprietary or alternate directors must be present, and their agreements and resolutions, in order to be rendered valid, must be adopted by the favorable vote of the majority of the directors present. The Chairman of the Board shall have the deciding vote in the event of a tie.

The meetings of the Board of Directors called in order to resolve on the aforementioned authorization requests shall consider and adopt resolutions only in relation to the authorization request referred to in this numeral I. The meetings of the Board of Directors called in order to resolve on the authorization requests shall consider and adopt resolutions only in relation to the authorization request referred to in this numeral I.

5 (five). In the event that the Board of Directors authorizes the proposed acquisition of Shares and that such acquisition involves the acquisition of a Significant Shareholding (as defined below) without such acquisition exceeding half of the ordinary Shares with voting rights or implying a change of Control in the Company, the Person intending to acquire the Shares in question must make a public offer to purchase, at a price payable in cash, the percentage of Shares equivalent to the percentage of ordinary Shares with voting rights which it intends to acquire or for 10% (ten per cent) of the Shares, whichever is greater.

The public purchase offer to which this subsection I.5 (Roman numeral one point five) refers must be made simultaneously in Mexico and in the United States of America within sixty (60) days following the date on which the acquisition of the Shares in question may have been authorized by the Board of Directors. The price paid for the Shares shall be the same, regardless of the corresponding class or series.

In the event that there are securities or instruments representing two or more shares representative of the Company's capital stock and shares issued and independently outstanding, the price of the latter shall be determined by dividing the price of the aforementioned securities or instruments by the number of the underlying shares thereby represented.

6 (six). Any Person whom is a Competitor of the Company or a Competitor of any Subsidiary or Affiliate of the Company, whom intends to acquire Shares or rights over Shares, by any means or title, directly or indirectly, either in one act or in a succession of acts without time limit between them, the consequence of which is that their shareholding or their ownership of rights over Shares, directly or indirectly, is equal to or greater than 5% (five per cent) of the total Shares issued and any Person whom is a Competitor of the Company or of any Subsidiary or Affiliate of the Company, whom intends to acquire Shares or rights over Shares, by any means or title, directly or indirectly, either in an act or in a succession of acts with no time limit between them, representing 5% (five per cent) or more of the total Shares issued, shall require the prior written authorization of the Shareholders Meeting. The corresponding authorization request must be submitted to the Board of Directors, which must be cited in accordance with the provisions set forth in I.1 (Roman numeral one point two). and I.2 (Roman numeral one point two) hereof. The Board of Directors may deny the requested authorization or submit the authorization request in question to the consideration of the general extraordinary shareholders meeting so that the latter may resolve on the matter.

II. <u>The shareholders meeting approval</u>:

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1 (one). In the event that the authorization request referred to herein is submitted to the consideration of the general extraordinary shareholders meeting, the Board of Directors, through the Chairman or the Secretary or, in the absence of the latter, by any Alternate Secretary, shall call its own general extraordinary shareholders meeting.

2 (two). For purposes of the provisions set forth herein, the notice of the general extraordinary shareholders' meeting must be published in the electronic system established by the Ministry of Economy, at least thirty (30) days prior to the date set for the corresponding meeting; in case of a second call, the publication must also be made with at least thirty (30) days before the date set for the holding of the corresponding meeting; in the understanding that this last notice may not be published until after the date for which the meeting was called on a first notice and it may have not been installed.

The notice shall contain the Agenda and must be signed by the Chairman or the Secretary or, in the absence of the latter, by any Alternate Secretary of the Board of Directors.

3 (three). For purposes of this Article, in order for a general extraordinary shareholders meeting to be deemed legally assembled by virtue of first or subsequent notice, at least 85% (eighty-five per cent) of the ordinary Shares with voting rights must be duly represented and its resolutions will be valid when adopted by the favorable vote of the holders of Shares representing at least 75% (seventy-five per cent) of the ordinary Shares with voting rights.

As soon as the notice for the shareholders meeting referred to herein is published, the information and documents relating to the Agenda and, therefore, the authorization request provided for in numeral I.1 (Roman numeral one point one) hereof, as well as any opinion and/or recommendation which the Board of Directors may have issued in relation to the aforementioned authorization request, must be immediately placed at their disposal, free of charge, both at the offices of the Company's Secretariat, and, if applicable, by electronic means established in the corresponding notice of the meeting.

4 (four). In the event that the general extraordinary shareholders meeting authorizes the proposed Share acquisition and such acquisition involves the acquisition of a Significant Shareholding (as defined below) without such acquisition exceeding one-half of the ordinary Shares with voting rights or implying a change of Control in the Company, the Person intending to acquire the Shares in question must make a public purchase offer, at a price payable in cash, for the percentage of Shares equivalent to the percentage of ordinary Shares with voting rights it intends to acquire or for 10% (ten per cent) of the Shares, whichever is greater.

The public purchase offer referred to in paragraph 4 (four) above will have to be simultaneously made in Mexico and in the United States of America within sixty (60) days following the date on which the corresponding Share acquisition was authorized by the general extraordinary shareholders meeting. The price paid for the Shares shall be the same, irrespective of the corresponding class or series. In the event that there are securities or instruments representing two or more shares representing the Company's capital stock and shares issued and independently outstanding, the price of the latter shall be determined by dividing the price of the aforementioned securities or instruments by the number of underlying shares thereby represented.

5 (five). In the event that the general extraordinary shareholders meeting authorizes the proposed acquisition of Shares and such acquisition implies a change of Control in the Company, the Person intending to acquire the Shares in question must make a public purchase offer for 100% (one hundred per cent) minus one of the outstanding Shares, at a price payable in cash not lower than the price that is higher than the following:

a. the Share's book value in accordance with the last quarterly income statement approved by the Board of Directors, or

b. the highest closing price of any of the three hundred and sixty-five (365) days prior to the date of the authorization granted by the general extraordinary shareholders meeting, or

c. the highest price paid for Shares, at any time, by the Person acquiring the Shares subject to the application authorized by the general extraordinary shareholders meeting.

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The public purchase offer referred to in paragraph 5 (five) above must simultaneously be made in Mexico and in the United States of America within sixty (60) days following the date on which the acquisition of the corresponding Shares was authorized by the general extraordinary shareholders meeting. The price paid for the Shares shall be the same, regardless of the corresponding class or series. In the event that there are securities or instruments representing two or more shares representative of the Company's capital stock and shares issued and independently outstanding, the price of the latter shall be determined by dividing the price of the aforementioned securities or instruments by the number of underlying shares thereby represented.

6 (six). The Person whom carries out any Share acquisition authorized by the general extraordinary shareholders meeting shall not be entered into the Company's share registry until such time as the public purchase offer referred to in items II.4 (Roman numeral two point four) and II.5 (Roman numeral two point five) above has been completed. Consequently, such Person may not exercise the corporate or economic rights corresponding to the Shares which acquisition may have been authorized until such time as the public purchase offer has been concluded.

In the case of Persons whom are already considered Company's shareholders and, therefore, are registered within the Company's share registry, the acquisition of Shares which may be authorized by the general extraordinary shareholders meeting will not be registered within the Company's share registry until such time as the public purchase offer has been concluded and, consequently, such Persons may not exercise the corporate or economic rights corresponding to the acquired Shares.

The Board of Directors and the Shareholders Meeting, as the case may be, shall have the right to determine whether one or more Persons intending to acquire Shares are acting in a joint, coordinated or concerted manner with others, in which case, the Persons in question shall be considered as a single person for the purposes hereof.

Likewise, the Board of Directors and the Shareholders Meeting, as the case may be, may determine the cases whereby the Shares held by different Persons shall, for the purposes hereof, be considered as Shares held by the same Person. To that effect, it shall be understood that Shares of the same Person are the Shares held by a Person, in addition to the Shares (i) which are held by any relative by consanguinity, affinity or civil up to the fifth degree or any spouse or concubine of that Person or (ii) which are owned by any corporate entity, trust or its equivalent, vehicle, entity, company or economic or commercial association, when that legal person, trust or commercial trust or its equivalent, vehicle, entity, company or economic or commercial association is Controlled by the aforementioned Person or (iii) which are owned by any Person Related to such Person.

In their evaluation of the authorization requests referred to herein, the Board of Directors and/or the Shareholders Meeting, as the case may be, shall take into account the factors they deem pertinent, considering the Company's interests as well as those of its shareholders, including financial, market, business and other factors.

In order for a general extraordinary shareholders meeting, which is intended to deal with a merger, a spin-off or an increase or reduction in the Company's capital stock involving a change of Control in the Company, to be considered as having been legally called by virtue of a first or subsequent call, at least 85% (eighty-five per cent) of the ordinary Shares with voting rights must be represented therein and its resolutions will be valid when adopted by the favorable vote of the holders of Shares representing at least 75% (seventy-five per cent) of the ordinary Shares with voting rights.

The Person whom acquires Shares without having complied with any of the formalities, requirements and other provisions set forth herein shall not be registered in the Company's share registry and consequently, such Person may not exercise the corporate or economic rights corresponding to such Shares, including specifically the exercise of the voting right at shareholders meetings. In the case of Persons whom are already Company's shareholders and are, therefore, registered within the Company's share registry, the acquisition of Shares carried out without having complied with any of the formalities, requirements and other provisions set forth herein will not be registered within the Company's share registry and, consequently, such Persons may not exercise the corporate or economic rights corresponding to such Shares, including, specifically, the exercise of the voting right at shareholders meetings. In cases whereby any of the formalities, requirements and other provisions set forth herein have not been met, the certificates or list referred to in the first paragraph of article 78 (seventy-eight) of the Securities Market Law shall not evidence ownership of the Shares or accredit the right to attend shareholders meetings and registration within the Company's share registry, nor shall they legitimize the exercise of any action, including those of a procedural nature.

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The authorizations granted by the Board of Directors or by the Shareholders Meeting pursuant to the provisions of this Article shall cease to have effect if the information and documentation, on the basis of which such authorizations were granted, is not or ceases to be true.

In addition and pursuant to the provisions set forth in article 2117 (two thousand one hundred and seventeen) of the Federal Civil Code, any Person whom acquires Shares in violation of the provisions hereof shall be obligated to pay a conventional penalty to the Company for an amount equivalent to the market value of all the Shares which it may have acquired without the authorization referred to herein. In case of acquisitions of Shares carried out in violation of the provisions set forth herein and made free of charge, the conventional penalty shall be for an amount equivalent to the market value of the Shares subject to the corresponding acquisition.

The provisions of Section Second hereof shall not be applicable with respect to (a) acquisitions or transfers of Shares made by succession, whether by inheritance or legacy, or (b) the acquisition of Shares (i) by the Person or group of Persons whom, directly or indirectly, has the power or possibility of appointing the largest number of members of the Company's board of directors (either individually if part of a group of Persons, or as part of the group of Persons); (ii) by any corporation, trust or its equivalent, vehicle, entity, enterprise or other form of economic or commercial association which is under Control of the Person referred to in (i) above or of which the Person referred to in (i) above is a beneficiary in whole or in part; (iii) by succession of property with respect to the Person referred to in (i) above; (iv) by the ascendants or descendants in a straight line up to the third degree corresponding to the Person referred to in subsection (i) above; or (v) by the Person referred to in subsection (i) above, when its repurchasing the Shares of any corporation, trust or its equivalent, vehicle, entity, enterprise, form of economic or commercial association, ascendants or descendants referred to in subsections (ii) and (iv) above; and (vi) by the Company or its Subsidiaries, or by trusts constituted by the Company itself or by its Subsidiaries or by any other Person Controlled by the Company or by its Subsidiaries.

For the purposes hereof, the following terms or concepts shall have the following meanings:

<u>"Shares</u>" means the shares representing the Company's capital stock, whatever their class or series may be, or any title, security or instrument issued with respect to such shares or conferring any right over such shares or convertible into such shares, including specifically ordinary participation certificates representing the Company's shares.

<u>"Affiliate</u>" means any Company which Controls, is Controlled by, or is under Common Control with, any Person.

<u>"Competitor</u>" means any Person engaged, directly or indirectly, (i) in the business of television production, television broadcasting, pay-per-view television programming, distribution of television programs, direct-to-home satellite services, periodicals, publishing and distribution thereof, music recording, cable television or any other medium known or to be known, radio production, radio broadcasting, promotion of professional sports and other entertainment events, radiolocation services, film production and distribution, dubbing, the operation of any Internet portal and/or (ii) any activity performed by the Company or by its Subsidiaries representing 5% (five percent) or more of the Company's and its subsidiaries consolidated income.

"<u>Control</u>", "<u>Controlling</u>" or "<u>Controlled</u>" means: (i) owning a majority of the voting ordinary shares representative of a company's capital stock or of securities or instruments issued on the basis of such shares; or (ii) the power or possibility of appointing the majority of the members of the board of directors or the administrator of a legal entity, trust or trust or its equivalent, vehicle, entity, company or other form of economic or commercial association, either directly or indirectly, through the exercise of the voting right corresponding to the shares or equity interests owned by a Person, with respect to any agreement in the sense that the voting right corresponding to shares or equity interests corresponding to the company owned by a third party is exercised in the same way in which the voting right corresponding to the shares or equity interests of the company owned by the aforementioned Person is exercised or in any other way; or (iii) the authority to determine, directly or indirectly, the policies and/or decisions corresponding to the management or operation of a legal entity or trust or its equivalent, vehicle, entity, enterprise or any other form of economic or commercial association;

<u>"Significant Shareholding</u>" means the ownership or holding, directly or indirectly, of 20% (twenty percent) or more of the Common Shares with voting rights.

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<u>"Person</u>" means any individual or legal entity, corporation, trust or its equivalent, vehicle, entity, company or any other form of economic or commercial association or any of their Subsidiaries or Affiliates or, if so determined by the Board of Directors or the Shareholders' Meeting, any group of Persons acting in a joint, concerted or coordinated manner in accordance with the provisions set forth herein.

<u>"Related Person</u>" means any individual or legal entity, corporation, trust or its equivalent, vehicle, entity, company or any other form of economic or commercial association, or any relative by consanguinity, affinity or civil up to the fifth degree or any spouse or concubine, or any of the Subsidiaries or Affiliates of all of the foregoing, (i) which are part of the same economic or interest group as the Person intending to acquire Shares or which is a Subsidiary or Affiliate thereof or (ii) acting together with the Person intending to acquire Shares.

<u>"Subsidiary</u>" means any corporation with respect to which a Person owns a majority of the shares representing its capital stock or with respect to which a Person has the right to appoint the majority its board of directors' members or its administrator.

The provisions contained herein shall apply regardless of the laws and general provisions relating to the mandatory securities acquisition on the markets on which the Shares or other securities issued in connection therewith or rights derived therefrom are listed (i) which must be disclosed to the authorities or (ii) which must be carried out through a public offer.

This agreement shall be registered before the Public Registry of Commerce corresponding to the Company's corporate domicile and shall be noted on the titles of the shares representing the Company's capital stock, so that it may be effective against third parties.

**ARTICLE TENTH**.- Legal entities controlled by the Company may not acquire, directly or indirectly, shares representing the Company's capital stock or credit instruments representing such shares, except in those cases provided for by the Securities Market Law and in the event that such legal entities acquire Company's shares in order to comply with options or sale plans granted or designed, or which may be granted or designed in favor of employees or officers corresponding to such persons or to the Company, provided that the number of such acquired shares does not exceed 25% (Twenty-five percent) of the Company's total outstanding shares and there is no prohibition in this respect in the applicable legislation.

**CHAPTER III**

**CAPITAL INCREASES AND DECREASES**

**ARTICLE ELEVENTH**.- Capital increases shall be carried out by resolution of the General Extraordinary Shareholders Meeting and the subsequent amendment to the By-laws. When the corresponding resolutions are adopted, the Shareholders Meeting decreeing the increase or any subsequent Shareholders Meeting shall establish the terms and bases according to which such increase shall be carried out. The foregoing, subject to the provisions of Section Second of Article Ninth hereof.

With respect to capital increases, the issuance of shares may be agreed upon, but in no case may the Series "L" or Series "D" shares exceed the maximum amount referred to in Article Sixth hereof.

Capital increases shall be carried out by means of: (i) capitalization of stockholders' equity accounts referred to in Article One Hundred and Sixteen of the Mexican Companies Law, (ii) payment in cash or in kind, (iii) capitalization of liabilities, or (iv) according to Article fifty-three of the Securities Market Law, in which case the preemptive subscription right referred to in article one hundred and thirty-two of the Mexican Companies Law shall not be applicable. In increases by capitalization of stockholders' equity accounts, all holders of shares shall be entitled to their proportional share with respect to such accounts. With respect to increases for payment in cash or in kind or for capitalization of liabilities, the shareholders holding the existing outstanding shares at the time the increase is determined shall have preference, with the prerogatives and limitations established by the applicable law of each country, as the case may be, in order to subscribe the new shares which are issued or placed into circulation so as to represent the increase, in proportion to the shares held within the corresponding Series at the time of the increase, during a term of at least fifteen days provided for such purpose by the Shareholders Meeting decreeing the increase.

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Such term shall be computed from the date in which the corresponding notice is published in the electronic system established by the Ministry of Economy or calculated from the date the Shareholders Meeting is held, in the event that all the shares into which the corporate capital is divided have been represented at the Shareholders Meeting.

In case after the expiration of the term during which the shareholders should exercise the preference hereby granted to them, some shares still remain unsubscribed, they may be offered for subscription and payment, under the conditions and terms established by the Shareholders Meeting decreeing the capital increase itself, or in accordance with the terms established by the Board of Directors, the Executive Committee or the Delegates appointed by the Shareholders Meeting for this purpose, in the understanding that the price at which the shares are offered to third parties may not be lower than the price at which they were offered to the Company's shareholders for subscription and payment.

The Shareholders meeting may delegate to the Board of Directors the authority to increase the capital stock and to determine the terms of the subscription of shares, including the exclusion of the preemptive subscription right with respect to the share issuances that are subject to delegation. In the event that such issued shares are offered exclusively to institutional and qualified investors or shareholders with preemptive subscription rights, their placement will not require a placement prospectus, nor prior updating in the National Securities Registry. The Company, in the event it carries out an offering under the terms of this paragraph, will disclose to the public the terms of the capital increase and the subscription of the shares issued, through the stock exchange where its securities are listed. The disclosure of the terms of the capital increase may be made on the same day the offering is carried out. Once the placement of the shares is made under the terms of this paragraph, the Company will request the update of its registration in the National Securities Registry, within the timeframes established in the applicable legal provisions.

**ARTICLE TWELFTH**.- The capital stock may be reduced by resolution of the Extraordinary Shareholders Meeting, in accordance with the rules set forth herein. Reductions in the capital stock will be adopted by resolution of the General Extraordinary Shareholders Meeting and the consequent amendment of the By-laws, complying, in any cases, with the provisions set forth in Article Ninth and, where applicable, One Hundred and Thirty Five of the Mexican Companies Law. Likewise, the capital stock may be reduced in accordance with the provisions set forth in Article Fifty-Sixth of the Securities Market Law. The foregoing, also subject to the provisions contained in Section Second of Article Ninth hereof.

Decreases in capital stock may be made in order to absorb losses, to reimburse shareholders or to release them from unmade payments, for the acquisition of the Company's own shares or, as the case may be, for the amortization of shares with distributable profits, as well as in any other case in accordance with applicable law.

In no case may capital stock decreases shall be made or repurchase shares representing the corporate capital stock or securities representing them in such manner that the number of outstanding Series "L" or Series "D" shares exceeds the maximum referred to in Article Sixth hereof.

Capital stock decreases in order to absorb losses shall be made proportionally in all capital shares, without it being necessary to cancel shares, since these do not contain par value.

The Company may redeem shares with distributable profits, without reducing its capital stock, for which, the Extraordinary Shareholders Meeting agreeing on the redemption, in addition to the provisions set forth in Article One Hundred and Thirty-Six of the Mexican Companies Law, shall observe the following rules:

a) The Shareholders Meeting may resolve to redeem shares to all shareholders, which shall be carried out in such a way that, after such redemption, the shareholders preserve the same percentages with respect to the capital stock and the shareholding they previously held.

b) When the redemption of shares is carried out through their acquisition on the stock exchange, through a public purchase offer, the Shareholders Meeting, after adopting the corresponding resolutions, may authorize the Board of Directors to specify the number of shares which will be redeemed and to designate the person whom will act as intermediary or purchasing agent, as well as any other provisions which may be rendered necessary.

c) The titles corresponding to the redeemed shares will be extinguished.

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In no case may shares be redeemed in such a way that the number of outstanding Series "L" or Series "D" shares exceeds the maximum number referred to in Article Sixth hereof.

**ARTICLE THIRTEENTH**.- The definitive titles or provisional certificates representing the shares shall be nominative and may cover one or more shares, shall contain the mentions referred to in Article One Hundred and Twenty-five of the Mexican Companies Law, the indication of the Series to which they correspond, shall bear the text contained in Article Sixth and Article Ninth hereof, and shall be subscribed by two Board of Directors' proprietary members.

The signatures of the aforementioned administrators may be handwritten or printed in facsimile, provided, in the case of the latter, that the original of the corresponding signatures is deposited before the Public Registry of Commerce of the corporate domicile. In case of definitive titles, these shall bear the nominative coupons numbered in accordance with the applicable law or as determined by the Board of Directors.

**CHAPTER IV**

**SHAREHOLDERS MEETINGS**

**ARTICLE FOURTEENTH**.- Shareholders Meetings shall be General or Special and Extraordinary or Ordinary.

Extraordinary Meetings shall be those called in order to deal with any of the matters indicated in article One Hundred Eighty-two of the Mexican Companies Law and Articles Ninth, Section Second, Twenty-First and Twenty-third hereof, and those other acts which, by express provision of the law or these By-laws, must be dealt with, deliberated upon and resolved at an Extraordinary Meeting. Likewise, Extraordinary Meetings will be those which agree on the cancellation of the registration of the Company's shares before the National Securities Registry and in other national stock exchanges or foreign markets before which they are registered. All others shall be rendered Ordinary Meetings.

Special Meetings will be those which meet in order to deal with the following matters, as they correspond to the corresponding Series and will be subject to the provisions set forth in Article Twenty Fifth hereof, and, insofar as it is not provided herein, to the provisions applicable to Extraordinary Meetings:

<u>(i) Special Meetings of Series "D" Shares</u>:

Special meetings of Series "D" Shares will be held by the shareholders of such Series in order to:

(a) Appoint and remove the Board of Directors' proprietary members and their corresponding alternates which Series "D" is responsible for appointing in accordance with the provisions of Articles Seventh, Twenty Sixth and other relative articles hereof.

(b) Discuss and approve, in advance, any proposal which may prejudice the rights conferred by these By-laws on Series "D" shares and not on those of the other series.

<u>(ii) Special Meetings of Series "L" Shares</u>:

Special meetings of Series "L" Shares will be held by the shareholders of such Series in order to:

(a) Appoint and remove the Board of Directors' proprietary members and their corresponding alternates which Series "L" is responsible for appointing in accordance with the provisions of Articles Seventh, Twenty Sixth and other relative articles hereof.

(b) Discuss and approve, in advance, any proposal which may prejudice the rights conferred by these By-laws on Series "L" shares and not on those of the other series.

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**ARTICLE FIFTEENTH**.- Calls for Shareholders Meetings must be carried out by the Board of Directors or by any of the Audit or Corporate Practices Committees in accordance with the terms of the Securities Market Law; however, shareholders representing at least ten percent of the capital stock, with voting rights, as applicable, may request, in writing, at any time, that the Board of Directors or any of the Audit or Corporate Practices Committees, through their corresponding Chairman, call a General Shareholders Meeting in order to discuss the matters specified in their request, in accordance with article one hundred and eighty four of the Mexican Companies Law. The foregoing, regardless of the provisions contained in Article Ninth, Section Second hereof.

Any shareholder owning a voting share shall have the same right, in any of the cases referred to in article One Hundred Eighty-Five of the Mexican Companies Law. If the call is not made within fifteen days following the date of the request, a Civil or District Judge within the Company's domicile shall make it at the request of any of the interested parties, whom must exhibit their shares for this purpose.

**ARTICLE SIXTEENTH**.- Calls for Shareholders Meetings must be published in the electronic system established by the Ministry of Economy, at least fifteen days prior to the date set for the Shareholders Meeting, in case of a call for the General Ordinary Shareholders Meeting, and at least eight days prior to the date set for the Shareholders Meeting, in case of a call to the General Extraordinary Meeting or to the Special Shareholders Meeting. In case of a second call, the publication must be made at least eight days prior to the date set for the holding of the corresponding meeting, regardless if the meeting is general or special, ordinary or extraordinary.

Shareholders meetings may be called by the Board of Directors, by the Chairman and/or the Secretary of the Board of Directors and by any of the Audit or Corporate Practices Committees, through their corresponding Chairman. The calls shall contain the Agenda and must be signed by the person or persons making them, in the understanding that if they are made by the Board of Directors, the signature of the Secretary or the Alternate Secretary shall suffice. The notice referred to in this paragraph shall be made and published in the form and terms set forth in Article Ninth, Section Second hereof, when dealing with the resolution of the matters referred to therein.

When Shareholders Meetings are held in order to discuss matters in which the holders of Series "D" and Series "L" shares do not have a voting right, they may be held without prior notice, if the total of the Series "A" and Series "B" shares were completely represented at the time of voting. If at Shareholders Meeting, whether General, Special, Ordinary or Extraordinary, all the shareholders with a voting right at the corresponding Shareholders Meeting are present, such Meeting may resolve on matters of any nature and even on those not contained in the corresponding Agenda.

Shareholders' Meetings, whether Ordinary, Extraordinary, or Special, as determined in the corresponding call, may be held in person or through the use of electronic, optical, or any other technology, or in a mixed format, allowing participation by such means of all or part of the shareholders and/or their duly accredited representatives, provided that participation is simultaneous and interaction in the deliberations is functionally equivalent to an in-person meeting, having the same validity in any case. In the case of Shareholders Meetings held through the use of electronic, optical, or any other technology or in a mixed format, the corresponding call will establish the mechanisms or measures that allow access, verification of identity, and confirmation of the vote of the participants, and that the corresponding evidence must be generated.

**ARTICLE SEVENTEENTH.-** Shareholders whom are registered within the share registry kept by the Company as owners of one or more shares thereof shall be admitted to the Shareholders Meeting, which Registry shall be considered as having been closed five days prior to the date set for the holding of the Shareholders Meeting. The foregoing, regardless of the provisions set forth in Article Ninth, Section Second hereof.

In order to attend the Shareholders Meetings, the shareholders must exhibit the corresponding admission card, which shall be issued only at the request of the persons whom are registered as holders of shares within the Company's share registry, which request must be submitted at least forty-eight hours before the time scheduled or the Shareholders Meeting, together with the deposit, at the Company's Secretariat, of the corresponding share certificates or titles or the deposit certificates or evidence thereof issued by an securities deposit institution, by a credit institution, national or foreign, or by authorized brokerage firms. The shares deposited in order to have the right to attend the Shareholders Meetings shall not be returned until after they have been held, by delivery of the receipt issued by them in favor of the shareholder.

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**English Version for Reference Purposes Only**

The Company may, in accordance with section VII of article 280 (two hundred and eighty) of the Securities Market Law, request that such registry of nominative shares be kept by a securities deposit institution authorized for such purpose.

**ARTICLE EIGHTEENTH.**- Shareholders may be represented at Meetings by the person or persons appointed by them by means of a power of attorney necessarily granted in accordance with the form prepared for such purpose by the Company, which must meet, in addition to the requirements set forth in article Forty-Nine of the Securities Market Law, the following information requirements: (a) the mention, express and under penalty of committing perjury, in the sense of whether the shareholder (or holder of titles referring to the shares representing the Company's capital stock) and/or his/her spouse or concubine, as well as his/her relatives by consanguinity, affinity or civil, up to the fifth degree, without any limitation, is (are) a Competitor (as such term is defined in Article Ninth Section Second hereof) of the Company or of any of its subsidiaries; (b) the mention, express and under penalty of committing perjury, of whether such shareholder (or holder of titles referring to the shares representing the Company's capital stock), or his spouse or concubine, as well as his relatives by consanguinity, affinity or civil, up to the fifth degree, without any limitation, is the owner(s) or beneficiary(ies) as of that date, directly or indirectly, of Company's shares (or of titles referring to these) representing 5% (five percent) or more of the total shares issued by the Company, or, as the case may be, direct or indirect holders or beneficiaries of rights of any kind over Company's shares (or over titles referring to these) representing such percentage; (c) the mention, express and under penalty of committing perjury, of whether any Related Person (as defined in Article Ninth, Section Second hereof) with respect to such shareholder (or holder of securities referring to shares representing the Company's capital stock) owns shares or rights over shares issued by the Company; (d) the identity and nationality of each shareholder (or holder of securities referring to the shares representing the Company's capital stock) whom is to be represented at the meeting by means of the power of attorney granted as previously mentioned, in the understanding that if the power of attorney is being granted in favor of a legal entity, trustee of a trust or its equivalent, or any other vehicle, entity, company or form of economic or commercial association, the identity and nationality of the partners or shareholders, beneficiaries of a trust and trustees or their equivalent, members of the technical committee or its equivalent, successors in title, members or associates must be specified, as well as the identity and nationality of the Controlling Person or Persons (as defined in Article Ninth Section Second), directly or indirectly, to the corresponding legal entity, trust or its equivalent, vehicle, entity, company or economic or commercial association, until the corresponding person or persons are identified; and (e) any other requirement determined by the Board of Directors.

The Board of Directors and the Company's Executive Committee, indistinctly, shall be authorized to establish exceptions with respect to the requirements set forth in the preceding paragraph.

The members of the Board of Directors, the Audit Committee, the Corporate Practices Committee and/or the external auditor may not be entitled to represent shareholders at any Meeting.

**ARTICLE NINETEENTH**.- The Shareholders Meetings' minutes shall be recorded in the corresponding Book and shall be signed by the Meeting's Chairman and Secretary, either with autograph or electronic signature.

**ARTICLE TWENTIETH**.- The shareholders meetings shall be chaired by the Chairman of the Board of Directors and, in his or her absence, by the Vice-Chairmen of the Board, if any, in the order in which their appointments were made. In his/her absence, the meetings shall be chaired by the person appointed by the majority vote of the shareholders present.

The secretary whom shall act at the shareholders' meeting shall be the same person who holds the same position at the Board of Directors and, in the absence thereof, by the Board's alternate secretaries, in the order in which their appointments were made. Failing this, the secretary shall be the person designated for this purpose by the shareholders present by a majority of votes. The President shall appoint scrutineers to count the shares present.

**ARTICLE TWENTY-FIRST**.- General Ordinary Shareholders Meetings shall be held at least once a year, within four months following the close of the fiscal year. In addition to the matters specified in the Agenda, and in the applicable legislation itself, they must discuss, approve or modify and resolve the relevant matters in relation with:

1 (one) - the Board of Directors' report in accordance with Article One Hundred and Seventy-two b) of the Mexican Companies Law;

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2 (two) - the discussion, approval or amendment of the reports of the Chairmen or Chairman of the Corporate Practices Committee and of the Audit Committee, and the report of the Chief Executive Officer;

3 (three) - become aware of the Board of Directors' opinion on the contents of the Chief Executive Officer's report;

4 (four) - the consolidated and unconsolidated financial statements audited by an independent public accountant, including the corresponding complementary and explanatory notes;

5 (five) - such other reports, opinions and documents as may be established by the applicable law;

6 (six).- decide on the application of the result for the financial year;

7 (seven) - the appointment and, if applicable, removal of the members of the Board of Directors and their corresponding alternates and to qualify the independent nature of the directors;

8 (eight) - the appointment and, as the case may be, removal of the Chairman of the Board of Directors, the Chairman or Chief Executive Officer of the Company, and the appointment of the Secretary and Alternate Secretaries, who may not be members of the Board, and the determination of their remuneration; and

9 (nine).- the determination of the maximum amount of resources which may be allocated to the purchase of own shares, pursuant to the provisions set forth in the Securities Market Law.

10 (ten) - the appointment of the members of the Executive Committee and the appointment or removal of the Chairman of the Audit Committee and of the Corporate Practices Committee.

The appointment and/or removal of the Board of Directors' Chairman and Secretary and Alternate Secretaries shall correspond to the holders of Series "A" shares.

In accordance with the provisions set forth in Articles Seventh and Twenty-Second hereof, in order for the meeting to resolve favorably on the matters listed from 1 (one) to 9 (nine) above, the favorable vote of the majority of the Series "A" shares represented at the corresponding General Ordinary Shareholders Meeting will be required.

The Extraordinary Meeting will meet whenever it is necessary in order to deal with any of the matters within its competence, including all those matters which, expressly provided by the law or by these By-laws, are reserved to its exclusive competence and deliberation. Based on section XII of article 182 (one hundred and eighty-two) of the Mexican Companies Law, the following matters, in particular, shall be for the exclusive competence and deliberation of the General Extraordinary Meeting:

(i) An increase or decrease in the Company's capital stock.

(ii) The change in the Company's corporate purpose.

(iii) The issuance of preferential shares.

(iv) The redemption, by the Company, of its own shares and the issuance of shares in good standing (acciones de goce), without this being applicable to share repurchases referred to in article Fifty-Six (56) of the Securities Market Law and article Eighth hereof.

(v) The issuance of any kind of bonds or debentures.

(vi) The Company's merger.

(vii) The Company's spin-off.

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(viii) The resolution on the exercise of the responsibility action and other acts referred to in Articles Thirty Eight (38) of the Securities Market Law and One Hundred and Sixty One (161) and One Hundred and Sixty Two (162) of the Mexican Companies Law.

(ix) The resolution of the matters referred to in Article Ninth, Section Second hereof.

(x) Any amendment to the By-laws.

The matters referred to in paragraphs (i) to (x) above shall be subject to the quorum for installation and voting set forth in Article Twenty Third hereof.

The Series "D" and "L" Special Shareholders Meetings in charge of appointing the proprietary and alternate members of the Board of Directors corresponding to each one of such Series, respectively, in terms of Articles Seventh, Twenty Sixth and other relative articles hereof, must be held at least once a year, within the four months following the closing of each fiscal year, prior to the holding of the General Ordinary Meeting in which the Board of Directors is appointed. The appointment of directors carried out by each of the Special Meetings shall be communicated to the corresponding General Ordinary Meeting, through the person whom has acted as secretary of each of the Special Meetings.

The proprietary and alternate Directors to be appointed by the Series "D" and Series "L" Special Shareholders Meetings as referred to above, must be independent from the Company, for which purpose they will not be considered as independent, including, but not limited to: (a) any Company's shareholder, (b) any employee of any shareholder of the Company or of any company which is under the Control (as defined in Article Ninth Section Second hereof) of any shareholder, (c) those persons who do not hold such character in accordance with the provisions set forth in the Securities Market Law and other applicable provisions, (d) those persons who the corresponding Shareholders Meeting determines as not being independent, (e) any consultant or service provider who receives more than 1% (one percent) of its income from any shareholder, (f) those persons who are partners or employees of corporations or associations providing advisory or consulting services to the Corporation or to companies belonging to the same economic group with respect to which the Corporation is a part of, whose income resulting from the provision of such services represents 10% (ten percent) or more of its income, (g) employees of a foundation, association or civil partnership whom receive significant donations from the Corporation, (h) general directors or senior executives of a company on which board of directors the Company's Chairman, the Vice-Chairmen, the General Manager or any other senior executive are serving, (i) those persons who are deemed to be a Competitor (as such term is defined in Article Ninth Section Second hereof) of the Company or any of its Subsidiaries or Affiliates or Related Persons (as such concepts are defined in Article Ninth Section Second hereof), (j) those persons who are significant shareholders, officers, directors, customers, suppliers, creditors or debtors of a Competitor (as such term is defined in Article Ninth Section Second hereof) of the Company or any of its Subsidiaries or Affiliates or Related Persons (as such concepts are defined in Article Ninth Section Second hereof), (k) those persons who, directly or indirectly, have a business or contractual relationship with a Competitor of the Company or that of its Subsidiaries or Affiliates or Related Persons (as defined in Article Ninth Section Second hereof) or have or have had the legal representation or who are attorneys-in-fact for a Competitor of the Company or that of its Subsidiaries or Affiliates or Related Persons (as defined in Article Ninth Section Second hereof) or receive, directly or indirectly, any fee, benefit or economic benefit from a Competitor of the Company or that of its Subsidiaries or Affiliates or Related Persons (as defined in Article Ninth, Section Second hereof), (l) those persons who, directly or indirectly, render their services or advise a Competitor of the Company or that of its Subsidiaries or Affiliates or Related Persons (as these concepts are defined in Article Ninth Section Second hereof), regardless of the amount of the fees, benefits, remuneration or economic benefits they receive from that Competitor or by those persons whom, directly or indirectly, have rendered their services or have advised a Competitor of the Company or that of its Subsidiaries or Affiliates or Related Persons (as these concepts are defined in Article Ninth Section Second hereof) or have received any honorarium, benefit, compensation or economic benefit from a Competitor of the Company or that of its Subsidiaries or Affiliates or Related Persons (as defined in Article Ninth, Second Section hereof) during the 5 (five) years prior to the date in which it is intended to appoint the corresponding person to act as a Company's member, (m) those persons who directly or through any Person or any Related Person (as defined in Article Ninth of the Second Section hereof) directly or through any Person or any Related Person (as defined in Article Ninth of the Second Section hereof) to them, are shareholders of a Person (as defined in Article Ninth Second Section hereof) who owns 10% (ten percent) or more of the shares issued by the Company or has the right, individually or jointly with a Related Person (as defined in Article Ninth Second Section hereof), to exercise a voting right on shares issued by the Company, representing 10% (ten percent) or more of the capital stock,

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and (n) the spouse or concubine, as well as their relatives by consanguinity, affinity or civil status, up to the fifth degree, without any limitation, of the persons referred to in (a) to (k) above.

**ARTICLE TWENTY-SECOND**.- In order for an Ordinary Shareholders Meeting to be considered legally convened on a first call, at least fifty percent of the ordinary shares with voting rights must be represented therein and, except as set forth below, its resolutions shall be rendered valid when adopted by the vote of the majority of the shares present. In the event of second or subsequent call, Ordinary Shareholders Meetings may be validly held regardless of the number of ordinary shares represented at the Meeting and, except as hereinafter provided, their resolutions shall be rendered valid when adopted by the majority vote of the ordinary shares represented at the Meeting.

For an Ordinary Shareholders Meeting to validly adopt resolutions, either on first or subsequent call, on the matters mentioned below, the favorable vote of the majority of the Series "A" shares represented at the corresponding Meeting will necessarily be required:

(i) The Board of Directors' report presented to the Shareholders Meeting in accordance with Article One Hundred and Seventy-two b) of the Mexican Companies Law;

(ii) The report of the Chairman of the Audit Committee, the report of the Corporate Practices Committee and the report of the Chief Executive Officer;

(iii) Consolidated and unconsolidated financial statements audited by an independent public accountant, including accompanying notes and clarifications.

(iv) the application of results, including, expressly, the payment of dividends in cash or shares, in any form.

(v) The appointment and, if applicable, removal of the 11 (eleven) members comprising the Board of Directors and their corresponding Alternates, corresponding to the Series "A" shares.

(vi) The appointment and, as the case may be, removal of the Board of Directors' Chairman, the Company's Chairman or Chief Executive Officer, the Secretary and Alternate Secretaries.

(vii) The establishment of the amount that may be destined for the acquisition of own shares, as well as to establish the percentage of the capital stock susceptible of such operations.

(viii) The appointment and, when appropriate, removal of the Chairman of the Audit Committee and the Chairman of the Corporate Practices Committee.

(ix) The appointment and, if applicable, removal of the Company's members of the Executive Committee, the Audit Committee and the Corporate Practices Committee, in the event that it is the shareholders meeting in charge of designating or removing them.

Likewise, at the Ordinary Shareholders Meeting dealing with the appointment and/or, if applicable, removal of the proprietary and alternate members of the Company's Board of Directors, voting must necessarily be carried out and computed separately for each series of shares represented at the meeting itself. Accordingly, (i) the shareholders holding Series "A" shares shall appoint and/or remove at the General Ordinary Meeting, by the resolution of the majority of the Series "A" shares represented at the meeting, the eleven proprietary members and their corresponding alternates whom, pursuant to Articles Seventh and Twenty-sixth hereof, are in charge of designating and/or removing such Series "A", as well as the Chairman and the Secretary and Alternate Secretaries of the Board of Directors and the Chairman or Chief Executive Officer of the Company, in which case the shareholders corresponding to other series will be prevented from participating in the corresponding deliberations and resolutions; and (ii) the shareholders holding Series "B" shares will appoint and/or, if applicable, remove, at the General Ordinary Meeting, by resolution of the majority of such Series "B" shares thereby represented, the five proprietary members and their corresponding alternates whom, pursuant to Articles Seventh and Twenty Sixth, are responsible for appointing and/or removing such Series "B", in which case the shareholders of other series will be prevented from participating in the corresponding deliberations and resolutions.

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**ARTICLE TWENTY-THIRD**.- The Extraordinary Meetings shall be considered legally installed and their resolutions shall be deemed valid, according to the following rules:

I. <u>First Notice</u>.

I.1 (Roman numeral one point one). Based on section XII of article 182 (one hundred and eighty-two) of the Mexican Companies Law, in case of a meeting held by virtue of a first notice for the purpose of deliberating and resolving on the acts listed below, at least, seventy-five percent of the shares with voting rights must be represented therein and their resolutions shall be rendered valid when adopted by the favorable vote of the shareholders representing at least fifty percent of the voting shares, provided that such percentage includes the favorable vote of the majority of the Series "A" shares represented at the meeting:

(i) An increase or decrease in the Company's capital stock.

(ii) A change in the Company's corporate purpose.

(iii) The issuance of preferential shares.

(iv) The redemption, by the Company, of its own shares and the issuance of shares in good standing (acciones de goce), without this being applicable to share repurchases referred to in article 56 (fifty-six) of the Securities Market Law and article eighth hereof.

(v) The issuance of any kind of bonds or debentures.

(vi) The Company's merger.

(vii) The Company's spin-off.

(viii) Any amendment to the By-laws.

(ix) Amortization by the Company of its capital stock's shares with distributable profits and issuance of shares with limited voting rights, preferential shares or of any class other than ordinary shares.

(x) Increase in capital stock pursuant to Article 53 (fifty-three) of the Securities Market Law.

(xi) Other matters for which the applicable law or the By-laws expressly require a special quorum.

In any case, the provisions of Article Twenty-Fourth hereof must be observed.

I.2 (Roman numeral one point two). Based on section XII of article 182 (one hundred and eighty-two) of the Mexican Companies Law, regarding a meeting gathered by virtue of a first notice for purposes of deliberating and resolving on the exercise of the responsibility action and other acts referred to in articles Thirty-eight (38) of the Securities Market Law and One Hundred and Sixty-One (161) and One Hundred and Sixty-two (162) of the Mexican Companies Law, against any of the members of the Board of Directors, of the Audit Committee or of the Corporate Practices Committee, at least eighty-five percent of the voting shares must be represented at the meeting, and its resolutions will be rendered valid when adopted by the favorable vote of the shareholders representing at least fifty percent of the voting shares, provided that such percentage includes the favorable vote of the majority of the Series "A" shares represented at the meeting.

In any case, the provisions set forth in Article Twenty-Fourth of these By-laws must be observed.

I.3 (Roman numeral one point three). Based on section XII of article 182 (one hundred and eighty-two) of the Mexican Companies Law, in case of a meeting held by virtue of a first call for the purposes of deliberating and resolving on the acts referred to in Article Ninth Section Second hereof, at least eighty-five percent of the voting shares must be represented at the meeting and their resolutions shall be rendered valid when adopted by the favorable vote of the

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shareholders representing at least seventy-five percent of the voting shares pursuant to the provisions set forth in such provision, provided that such percentage includes the favorable vote of the majority of the Series "A" shares represented at the meeting.

II. <u>Second Notice</u>.

II.1 (Roman numeral two point one). In case of a meeting called by virtue of a second or subsequent notice in order to deliberate and resolve on the acts listed below, at least fifty percent of the voting shares must be represented at the meeting and its resolutions shall be rendered valid when adopted by the favorable vote of the shareholders representing at least fifty percent of the voting shares, provided that such percentage includes the favorable vote of the majority of the Series "A" shares represented at the meeting:

(i) An increase or decrease in the Company's capital stock.

(ii) A change in the Company's corporate purpose.

(iii) The issuance of preferential shares.

(iv) The redemption, by the Company, of its own shares and the issuance of shares in good standing (acciones de goce), without this being applicable to share repurchases referred to in article 56 (fifty-six) of the Securities Market Law and article Eighth hereof.

(v) The issuance of any kind of bonds or debentures.

(vi) The Company's merger.

(vii) The Company's spin-off.

(viii) Any amendment to the By-laws.

(ix) Amortization, by the Company, of its capital stock's shares with distributable profits and issuance of shares with limited voting rights, preferential shares or of any class other than ordinary shares.

(x) Increase in capital stock pursuant to Article 53 (fifty-three) of the Securities Market Law.

(xi) Other matters for which the applicable law or the By-laws expressly require a special quorum.

In any case, the provisions of Article Twenty-Fourth hereof must be observed.

II.2 (Roman numeral two point two). This is a meeting gathered by virtue of second or subsequent notice for purposes of deliberating and resolving on the exercise of the liability action and other acts referred to in Articles Thirty Eight (38) of the Securities Market Law and One Hundred and Sixty One (161) and One Hundred and Sixty Two (162) of the Mexican Companies Law, against any of the members of the Board of Directors, the Audit Committee or the Corporate Practices Committee, At least eighty-five per cent of the voting shares must be represented at the meeting, and its resolutions shall be rendered valid when adopted by the favorable vote of the shareholders representing at least fifty per cent of the voting shares, provided that such percentage includes the favorable vote of the majority of the Series "A" shares represented at the meeting.

In any case, the provisions of Article Twenty-Fourth hereof must be observed.

II.3 (Roman numeral two point three). In case of a Shareholders Meeting called by virtue of a second or subsequent notice for purposes of deliberating and resolving on the acts referred to in Article Ninth Section Second hereof, at least fifty percent of the voting shares must be represented at the meeting and its resolutions shall be rendered valid when adopted by the favorable vote of the shareholders representing, at least fifty percent of the voting shares pursuant

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to such provision of the By-laws, provided that this percentage includes the favorable vote of the majority of the Series "A" shares represented at the meeting.

**ARTICLE TWENTY-FOURTH**.- In order for the resolutions adopted at the Extraordinary Shareholders Meetings, by virtue of first or subsequent notice in order to discuss some of the matters in which the holders of Series "L" shares or, as the case may be, of Series "D" shares have the voting right, to be validly adopted, it shall be required, in addition to the requirements established in the preceding Article, that they be approved by the majority of the Series "A" shareholders. Likewise, the approval of the Special Meeting of Series "D" or Series "L" shareholders, as applicable, will be required for the resolutions of the General Extraordinary Meetings in order to be valid regarding the cancellation of the registration of the Series "D" or Series "L" shares, as the case may be, or of the securities representing them, in the National Securities Registry and in other domestic or foreign stock exchanges in which they are registered.

**ARTICLE TWENTY-FIFTH**.- Special Meetings shall be considered legally installed and their resolutions shall be rendered valid, in accordance with the following rules:

ONE). In order for the Series "D" and "L" shareholders' Special Meetings to be validly installed by virtue of a first notice, the shares representing at least seventy-five percent of the outstanding Series "D" or Series "L" shares, as the case may be, must be present or represented, and their resolutions must be adopted by the favorable vote of the shareholders representing at least fifty percent of the outstanding Series "D" or Series "L" shares, as the case may be.

TWO). In order for the Series "D" and "L" shareholders' Special Meetings to be validly installed by virtue of a second or subsequent notice, the shares representing at least fifty percent of the outstanding Series "D" or Series "L" shares, as the case may be, shall be required to be present or represented, and their resolutions must be adopted by the favorable vote of the shareholders representing at least fifty percent of the outstanding Series "D" or Series "L" shares, as the case may be. Likewise, in the case of a second or subsequent call, such call must be published in accordance with article Sixteenth hereof, expressing such circumstance, once the Special Meeting on first notice has not been installed.

**CHAPTER V**

**THE COMPANY'S ADMINISTRATION**

**SECTION I**

**GENERALITIES**

**ARTICLE TWENTY-SIXTH**.- The management and administration of the Company's business and assets shall be entrusted to a Chairman or Chief Executive Officer and a Board of Directors, the latter comprised by twenty proprietary members, who shall be appointed in accordance with the following:

(i) Series "A" shareholders shall have the right to appoint eleven proprietary members and their corresponding alternates; such appointment shall be made in accordance with the provisions set forth in Article Twenty-Second and other relative provisions hereof;

(ii) Series "B" shareholders shall have the right to appoint five proprietary members and their corresponding alternates; such appointment shall be made in accordance with the provisions set forth in Article Twenty-Second and other relative provisions hereof;

(iii) Series "D" shareholders shall have the right to appoint two proprietary members and their corresponding alternates; such appointment shall be made pursuant to the provisions of Articles Seventh, Twenty-First, Twenty-Fifth and other relative articles hereof, in the understanding that the persons whose appointment is made must comply with the requirements provided in said Article Twenty-First; and

(iv) Series "L" shareholders shall have the right to appoint two proprietary members and their corresponding alternates; such appointment shall be made pursuant to the provisions of Articles Seventh, Twenty-First, Twenty-Fifth

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and other relative articles hereof, in the understanding that the persons whose appointment is made must comply with the requirements provided in said Article Twenty-First.

In accordance with the provisions set forth in article 24 (twenty-four) of the Securities Market Law, at least twenty-five percent of the proprietary directors must be independent directors, who in order to be considered as such must not be in any of the situations referred to in the Securities Market Law and Article Twenty-First hereof. An alternate will be appointed for each proprietary director, in the understanding that the alternate directors with respect to the independent directors must hold the same capacity. The alternates appointed by the Series "A", "B", "D" or "L" shareholders may only replace the proprietary directors appointed by the same Series.

Likewise, the directors appointed by the Series "D" or Series "L" shareholders will necessarily be independent in accordance with the provisions set forth in Article Twenty-First hereof.

The General Ordinary Shareholders' Meeting may appoint honorary life directors, who may attend the Board of Directors' meetings, with voice but without a vote, and their presence or absence shall not be taken into account in order to determine the number of persons comprising the Board of Directors or the quorum required for the Board's legal operation.

The shareholders or group of minority shareholders may appoint the number of proprietary directors and alternates to which they are entitled, in accordance with the provisions set forth in the following Article.

**ARTICLE TWENTY-SEVENTH.-** The majority of the members of the Company's Board of Directors must be Mexican nationals. The following may not be members of the Board of Directors of the Company: (i) persons who participate in the Board of Directors or any other decision-making or operational body of any legal entity, other than the Company or its subsidiaries, holding one or more public telecommunications networks concessions in Mexico; and (ii) persons whom are partners or shareholders, directly or indirectly, of other legal entities, other than the Company or its subsidiaries, holding one or more public telecommunications networks concessions in Mexico, except in those cases in which its participation in the capital stock does not enable it to appoint one or more members of its governing body or of any other decision-making or operational body.

When any shareholder or group of shareholders having and exercising the use of the minority right in order to appoint directors hereby conferred is prevented from participating in the deliberation and appointment of the remaining directors which may correspond to corresponding Series, in the understanding that, in order to compute the majority of votes required to carry out the appointment of the latter directors, the votes of the minority shareholders that have exercised the aforementioned right will not be computed or considered.

Minority shareholders representing at least ten percent of the capital stock, represented exclusively by Series "A" ordinary shares, pursuant to article one hundred and forty-four of the Mexican Companies Law and the Securities Market Law, may appoint one proprietary director and its corresponding alternate for each ten percent of the capital stock thereby represented. Appointments made by minority shareholders will be exclusively made within the number of directors corresponding to this Series "A" of shares.

Minority shareholders representing at least ten percent of the capital stock, represented exclusively by Series "B" ordinary shares, pursuant to article one hundred and forty-four of the Mexican Companies Law and the Securities Market Law, may appoint one proprietary director and its corresponding alternate for each ten percent of the capital stock thereby represented. Appointments made by minority shareholders will be made exclusively within the number of directors corresponding to this Series "B" of shares.

Series "D" and Series "L" shareholders representing at least ten percent of the capital stock in one or both series of shares shall have the right to appoint at least one director and its corresponding alternate at each of such series' Special Meetings held for that purpose. In the absence of this minorities designation during these Special Meetings, each of these series' shareholders shall have the right to appoint two directors and their corresponding alternates, by majority vote in each of these series' Special Meetings held separately for this purpose. In case of the latter, the appointments, as well as the substitutions and revocations of the directors appointed by each of these series, shall be agreed upon at

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a Special Meeting. Appointments made by minority shareholders will be made exclusively within the number of directors corresponding to Series "D" or Series "L" shares, as the case may be.

In the case of Series "D" and Series "L" shares, the minority right provided herein must be exercised, at all times, at the Special Meeting in charge of appointing the corresponding directors, according to the corresponding capital stock Series pursuant to Article Twenty Five hereof. If this minority right is not exercised in the corresponding Special Meeting, it shall be precluded in its terms.

The directors appointed by the Series "D" and Series "L" shareholders pursuant to the provisions hereof must be independent, pursuant to the provisions contained in Article Twenty-First hereof.

Appointments of directors appointed by the holders of Series "A" shares may not be revoked until such revocation is resolved at the Ordinary Meeting with the favorable vote of the majority of the holders of Series "A" shares. Likewise, the appointments of the directors appointed by the holders of Series "B" shares may not be revoked until such revocation is resolved at the Ordinary Meeting with the favorable vote of the majority of the holders of Series "B" shares.

The appointments of the directors appointed by the holders of Series "D" and "L" shares may not be revoked until such revocation is resolved by the Special Meeting whose director is concerned in accordance with Articles Seventh, Fourteenth and Twenty-First above or, if such revocation is intended to be made at an General Ordinary Meeting, until the appointments of all the other directors are also revoked.

**ARTICLE TWENTY-EIGHTH.-** Except for the proprietary and alternates directors referred to in the last paragraph of Article Twenty-First of these By-laws, which must comply with the independence requirements established herein, the proprietary and alternates directors may or may not be shareholders. Directors shall continue to perform their duties, even when the term for which they have been appointed has expired or by resignation, for up to thirty calendar days, in case of an absence in the appointment of the substitute or when the latter does not take office, without being subject to the provisions set forth in article 154 (one hundred and fifty-four) of the Mexican Companies Law.

**ARTICLE TWENTY-NINTH.-** A. When appointing Directors, the Ordinary Shareholders Meeting shall appoint from among them the Chairman and, if applicable, one or more Vice-Chairmen of the Board of Directors. The meeting shall appoint a secretary and one or two alternate secretaries, in the understanding that these will not be a part of the Board of Directors.

B. In case the meeting does not make the appointments indicated in the previous paragraph, the Board of Directors shall make the appointments.

C. When the Chairman and the Secretary are absent, they will be respectively replaced by the Vice-Chairmen in the order of their designation, and by the Alternate Secretary, respectively, and, in case these are also absent, the Board will appoint those who must replace the proprietary members.

D. The Chairman of the Board shall hold the powers set forth herein as well as those conferred upon him or her as a result of his or her appointment. The Chairman of the Board shall represent such body before all kinds of authorities and individuals, except as provided in point B. of Article thirty-third of these By-laws; likewise, he or she shall ensure the compliance of these By-laws, of the Company's regulations as well as the due execution of the resolutions adopted by the shareholders meetings, the board itself or the Board's executive committee or other committees.

E. The Chairman of the Board shall have the broadest general power of attorney for lawsuits and collections and for acts of administration, with all the general powers and even the special powers required by Law or special clause, in accordance with the first two paragraphs of article two thousand five hundred and fifty-four and two thousand five hundred and eighty-seven of the Federal CIVIL CODE and its correlative articles of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place where they are exercised. It shall also have a general power of attorney for acts of ownership, in accordance with the provisions set forth in the third paragraph of article two thousand five hundred and fifty-four of the Federal Civil Code and its correlative articles of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican

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Republic or abroad, depending on the place where they are exercised, and to draw, accept, endorse, grant and guarantee, or in any other manner subscribe credit instruments (títulos de crédito), in accordance with the provisions of article nine of the General Law of Credit Instruments and Transactions.

F. The general and special managers shall indistinctly have the Company's and the Board of Directors' legal representation before any natural or legal person, or before any kind of authorities of any order and degree, whether municipal, local or federal, fiscal, judicial, civil, criminal, administrative, labor or any other nature, in all controversies, arbitrations and lawsuits to which the Company is a party and shall have the authorities mentioned in point B. of Article Thirty Third hereof. Consequently, the Chairman and the other members of the Board of Directors, the members of the Executive Committee, the Chairman and the Executive Vice-Presidents of the Company and other officers are not authorized to represent the Board or the Company in any controversy, arbitration or lawsuit to which the Company is a party, except as referred to at the beginning of paragraph F hereof.

**ARTICLE THIRTIETH**.

A. The Board of Directors shall meet at the Company's corporate domicile or at any other place, as the Board itself may determine or as it may otherwise be necessary. The sessions of the Board, as well as the sessions of the Board committees, may be held in person or through the use of electronic, optical, or any other technology or in a mixed format, as if they were in-person sessions, allowing the participation of some or all attendees in person or by electronic, optical, or any other technology, having the same validity as one or the other.

B. Board meetings may be held at any time when called by the Chairman, the Chairman of the Audit Committee, the Chairman of the Corporate Practices Committee or 25% (twenty-five percent) of the Directors or by the Secretary or Alternate Secretary. The Board shall meet at least four times in each financial year. The foregoing, regardless of the provisions set forth in Article Ninth, Section Second hereof.

C. Notices for Board meetings must be made in writing and sent by the Secretary or, in his/her absence, by any of the Alternate Secretaries to each of the Proprietary Directors with at least five days in advance, by registered mail, private courier, e-mail, to their domiciles or e-mail addresses which the Directors themselves have indicated in writing for this purpose. In the event that a Proprietary Director is unable to attend the meeting that is called, the corresponding alternate directors must be called by the quickest possible means in the manner hereby established or, failing that, by the Shareholders Meeting which appointed them. The notices must specify the time, date, place and Agenda of the corresponding meeting. The Company's external auditor may be called to the Board of Directors meetings, which he/she will attend as a guest with the right to speak but without the right to vote, refraining from being present with respect to those matters on the agenda in which he/she has a conflict of interest or which may compromise his/her independence. The foregoing, with the exception of the provisions set forth in Article Ninth, Section Second hereof.

D. When all Board of Directors proprietary members or their corresponding alternates are present and in agreement with the Agenda, it will not be necessary to exhaust the formalities for the notice. The foregoing shall not be applicable in the cases set forth in Article Ninth, Section Second hereof.

E. The Board of Directors' meetings shall consider and adopt resolutions only in relation to the matters provided in the Agenda. Matters may be included on the Agenda at the request of any director, provided that such inclusion is unanimously approved by the directors there present. The decisions of the Board, as well as the decisions of the Board Committees, may be made through the use of electronic, optical, or any other technology in accordance with these by-laws.

F. In order for the Board to meet validly, at least half of the corresponding proprietary or alternate directors must be present, and their agreements and resolutions, in order to be rendered valid, must be adopted by the favorable vote of the majority of the directors there present. The foregoing, except for the provisions set forth in Article Ninth Section Second hereof, in which case the installation of such body and the resolutions adopted therein shall attend to the installation and voting quorums referred to therein.

G. Each director shall have one vote. However, the Chairman of the Board shall have a casting vote in the event of a tie.

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H. The Board of Directors may adopt resolutions in lieu of a meeting by the unanimous vote of the proprietary directors or their corresponding alternates. Such resolutions shall, for all legal purposes, have the same validity as if they may have been adopted by the directors at a board of directors' meeting, provided that they are confirmed in writing. The document evidencing each director's written confirmation must be sent to the Chairman, Secretary or Alternate Secretary of the Board of Directors of the Company, who will transcribe the respective resolutions in the corresponding meeting minutes book, and will certify that such resolutions were adopted in accordance with the provisions set forth herein. The foregoing shall not be applicable with respect to the meetings and resolutions, if any, adopted by the Board of Directors whilst resolving the acts referred to in Article Ninth Section Second hereof, in which case such body's meeting shall be required to be called and installed for such purpose, under the terms and subject to the provisions contained in Article Ninth Section Second hereof.

**ARTICLE THIRTY-FIRST**.- Minutes shall be prepared with respect to each Board meeting within the corresponding book, whereby the agreements and resolutions adopted shall be recorded and signed by the Chairman and the Secretary, or whomever is acting instead of them, either with autograph or electronic signature.

**ARTICLE THIRTY-SECOND**.- In the absence of an express appointment by the Shareholders Meeting, the Board of Directors, in its first Session immediately after the Shareholders Meeting which appointed its members, it shall appoint, from among its members, the Chairman and, if applicable, one or more Vice-Chairmen. The Board of Directors may also appoint the Secretary and one or two Alternate Secretaries, who may not be members of the Board of Directors.

The Chairman of the Board of Directors shall chair the sessions of the Board of Directors and, in his/her absence, they shall be chaired by the Vice-Chairmen of the Board, in the order of their appointments. In the absence of the aforementioned persons, the sessions shall be chaired by one of the members designated by the majority vote of the other attendees.

Copies or certificates of the Board meetings minutes and Shareholders Meetings minutes, as well as of the entries contained in the Company's non-accounting books and records and, in general, of any document found in the Company's files, may be authorized and certified by the Secretary or by the Alternate Secretary, who, in the absence of designation of other person, shall be permanent Delegates in order to appear before the Notary Public of their choosing in order to formalize the minutes of the Shareholders Meetings, of the Board of Directors' meetings and of the Executive Committee's meetings, as well as to grant, as delegates, the powers granted by the Board itself. Likewise, the Secretary or Alternate Secretary shall be responsible for drafting and recording, within their corresponding books, the Shareholders Meetings' minutes, Board of Directors' meetings minutes and of the Executive Committee's meetings minutes, as well as issuing certificates and certifications in relation therewith and with the appointments, signatures and authorities of the Company's officers.

**SECTION II**

**POWERS AND DUTIES OF THE BOARD OF DIRECTORS**

**ARTICLE THIRTY-THIRD**.- A. Except for the legal representation delegated onto the Company's general managers and special managers, in order to represent it in all controversies, arbitrations and lawsuits to which it is a party with the powers mentioned in point B. hereof, the board of directors shall have the broadest powers in order to enter into all agreements and carry out all acts and operations not expressly reserved by law or by the By-laws to the shareholders meeting, to manage, direct and supervise the Company's affairs, to fulfill the Company's corporate purpose and to legally represent the Company before any individual and judicial, criminal, civil, labor or administrative authority, whether federal, state or municipal, with such broad authority as is appropriate in law, including, without limitation, those mentioned in the following paragraphs.

1 (one). To manage the business and social assets, with broad powers of administration in accordance with article two thousand five hundred and fifty-four, second paragraph, of the Federal Civil Code and its correlatives of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic, depending on the place in which it is exercised;

2 (two). To exercise ownership acts with respect to the Company's movable and immovable assets or of its real or personal rights, in accordance with the third paragraph of article two thousand five hundred and fifty-four of the

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Federal Civil Code and its correlatives of the Civil Code for the Federal District and of the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place in which it is exercised.

3 (three). To manage the Company's business as well as its movable and immovable assets, with general powers of attorney for lawsuits and collections, with all general powers and even those special powers required by law or special clause, in accordance with the first paragraph of article two thousand five hundred and fifty-four (2,554) and two thousand five hundred and eighty-seven (2,587), except for the authority indicated in section IV of the Federal CIVIL CODE and its correlatives of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place where it is practiced, so that it shall represent the Company before any individual or legal entity, or before any class of authorities of any order and degree, whether municipal, local or federal, fiscal, judicial, civil, criminal, administrative, or of any other nature, before any class of labor boards, whether federal or local and other labor authorities, and before arbitrators and arbiters.

4 (four). File denouncements, complaints and criminal charges and grant pardons referred to in article ninety-three (93) of the Federal Criminal Code and its correlatives of the Criminal Code for the Federal District and the Criminal Codes of the other States of the Mexican Republic, depending on the place where it is so exercised, as well as to cooperate and collaborate with the Public Prosecutor's Office, and demand reparation for the damage resulting from the crime.

5 (five). Initiate and desist from all kinds of lawsuits, challenges, incidents, appeals and ordinary or extraordinary appeals, actions and procedures whether civil, commercial, criminal, administrative, contentious and labor, including initiating the amparo trial and desist from it.

6 (six). Assign assets, settle, receive payments, present tenders, make bids and improvements in auctions, arbitrate,

7 (seven). To draw, accept, endorse, grant and guarantee, or in any other way subscribe credit instruments, pursuant to the provisions set forth in article nine (9) of the General Law of Negotiable Instrument and Credit Transactions;

8 (eight). To contract or grant loans granting or receiving the corresponding guarantees; to issue obligations with or without a specific guarantee; to accept, issue, endorse and guarantee all kinds of credit instruments and to any kind of bonds or guarantees with respect to the obligations contracted by the Company or the securities issued or accepted by third parties;

9 (nine). Contributing movable and immovable assets to other companies and subscribe shares or acquire participations or parts of interest in other companies;

10 (ten). To cancel any registrations made within the share registry in the event of non-compliance with the provisions set forth in Article Ninth, Section Second hereof.

11 (eleven). To appoint and remove the directors, including the Chief Executive Officer, appointment or removal that must be approved by the majority of the shareholders owning Series "A" shares, general managers, special managers, managers, sub-managers, external auditors and attorneys-in-fact which are necessary for the due attention of the affairs of the Company and those of its subsidiaries, explaining to them their faculties, duties and compensations, as long as they have not been appointed by the shareholders meeting;

12 (twelve). To grant and revoke such powers as they deem appropriate, with or without a substitution right, being able to grant therein the powers that these By-laws confer on the Board of Directors, as the case may be, preserving the exercise thereof;

13 (thirteen). To decide on the acquisition or disposal of assets, the granting of guarantees or on the assumption of liabilities, for the amounts, in the cases, and subject to the exceptions provided for in the Securities Market Law.;

14 (fourteen). To authorize both the temporary acquisition of shares representing the Company's capital stock, in accordance with these By-laws and the applicable law, and to appoint, for such purpose, the person or persons responsible for the acquisition and its subsequent placement;

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15 (fifteen). To propose, negotiate and approve the terms and conditions for the establishment of programs for, and/or the issuance and placement of, promissory notes and other debt instruments at both the national and international levels; to appoint the persons in charge of carrying out their negotiation to whom general or special powers of attorney may be conferred, as well as to appoint representatives abroad for the purposes related therewith.

16 (sixteen). To open and close bank accounts on behalf of the Company, as well as to make deposits and draw against them and to appoint persons to draw against them;

17 (seventeen). Establish branches and agencies of the Company at any part of the Mexican Republic or abroad;

18 (eighteen). Formulate internal work regulations;

19 (nineteen). Execute the shareholders meeting's resolutions, delegate its functions to one or more of the Directors, Company's officers or attorneys-in-fact designated for this purpose, so that they may exercise them in the business or businesses and in accordance with the terms and conditions indicated by the Board itself;

20 (twenty). To determine expenditures; to approve the annual budgets of the Company, their amendments, as well as any extraordinary items;

21. (twenty-one). Formulate financial statements;

22 (twenty-two). Call meetings;

23 (twenty-three). To establish the Executive Committee, the Audit Committee and the Corporate Practices Committee, in accordance with these By-laws and to appoint and remove their members, as well as to establish such special committees or commissions, as it deems necessary, for the development of the Company's operations, establishing the powers and obligations of such committees or commissions,the number of members and the manner in which to appointing their members, as well as the rules governing their operation, in the understanding that such committees or commissions will not have powers which, according to the Law or these By-laws, correspond exclusively to the shareholders meeting or to the Board of Directors. The foregoing is notwithstanding the fact that the Chairman or Chief Executive Officer may establish operational committees in order to resolve the Company's day-to-day affairs.

24 (twenty-four). To know, deliberate and resolve on the matters referred to in Article Ninth Section Second hereof in the terms and with strict compliance with what is provided therein.

25 (twenty-five). To submit to the General Shareholders Meeting, which is held on the occasion of the close of the fiscal year, the annual report of the Audit Committee, the report of the Corporate Practices Committee, the report of the General Director referred to in Article 172 (one hundred and seventy-two) of the Mexican Companies Law and the Securities Market Law, as well as such other reports, opinions and documents as may be required pursuant to and in accordance with the Securities Market Law, the Mexican Companies Law and other applicable legal provisions.

26 (twenty-six). In general, to carry out the acts and operations which are necessary or convenient for the Company's corporate purpose as well as those that the Securities Market Law attributes or entrusts to it, except for those expressly reserved by Law or by these By-laws to the meeting or other corporate body.

The meeting may limit or regulate such powers. No member of the Board of Directors may exercise, jointly or separately, any of the powers set forth in point A. hereof, except when expressly authorized by the Board of Directors or by the Shareholders Meeting, or when otherwise provided for herein.

B. General and special managers are granted the Company's legal representation as well as the legal representation of the Board of Directors and the Executive Committee or the other Board's Committees, so that they may appear indistinctly before any individual or legal entity, or before any kind of authorities of any order and degree, whether municipal, local or federal, fiscal, judicial, civil, criminal, administrative, labor or of any other nature, to defend the

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Company's best interests, in all controversies, arbitrations and lawsuits to which it is a party. Whilst exercising their offices, the general and special managers shall jointly or separately enjoy the following powers:

i) General power of attorney for lawsuits and collections, to be exercised jointly or separately, with all the general powers and even the special powers which according to the Law require special power or clause, in accordance with the first paragraph of Article Two Thousand Five Hundred and Fifty-Four and Article Two Thousand Five Hundred and Eighty-Seven, except for the power indicated in section V of the Federal CIVIL CODE and its correlatives articles of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place where it is exercised, so that they will be able to represent the Board of Directors, the Executive Committee and the Company before all kinds of individuals or legal entities or authorities of any order and degree, whether municipal, local or federal, fiscal, judicial, civil, criminal, administrative, labor or any other kind, and may initiate and desist from all kinds of lawsuits, actions and procedures whether civil, commercial, criminal, administrative, contentious and labor, including promoting and desisting from amparo proceedings, answering and making questions, settling, receiving payments, presenting positions, tendering and improving bids, arbitrating, attempting and pursuing lawsuits, incidents, appeals and ordinary or extraordinary appeals, recusing, filing complaints, criminal complaints and accusations and granting the pardon referred to in article ninety-three of the Federal Criminal Code, and its correlatives articles of the Criminal Code for the Federal District and the Criminal Codes of the other States of the Mexican Republic where it is exercised, to cooperate as a civil party with the Public Ministry, as well as to demand the reparation for the damage resulting from the crime, being authorized to sign as many public or private documents as may be necessary for the full fulfillment hereof.

ii) Manage the Company's labor relations, for which reason they may enter into, terminate, amend and terminate individual and collective labor contracts, establish and modify labor conditions, issue internal labor regulations, and, in general, appear before individuals and all labor authorities, especially those listed in article five hundred and twenty-three (523) of the Federal Labor Law, as well as before the Institute of the National Housing Fund for Workers (Instituto del Fondo Nacional de la Vivienda para los Trabajadores) (INFONAVIT for its Spanish acronym), the Mexican Social Security Institute (Instituto Mexicano del Seguro Social) (IMSS for its Spanish acronym) and the Fund for the Promotion and Guarantee of Expenditures by Workers (Fondo de Fomento y Garantía para el Consumo de los Trabajadores) (FONACOT for its Spanish acronym), in order to carry out all the necessary steps and formalities for the solution of the matters offered to the Company, with respect to which they will appear in their capacity as representatives in accordance with article eleven (11) of the Federal Labor Law, which expressly provides that: "The directors, administrators, managers and other persons exercising management functions in the company or establishment, will be considered employer's representatives and as such oblige it in its relations with the workers". Consequently, in relation therewith, they may exercise the aforementioned powers, that is, appear as directors and, therefore, as Company's representatives, in accordance with articles eleven (11), six hundred and ninety-two (692), second fraction, seven hundred and eighty-six (786) and eight hundred and seventy-six (876) of the Federal Labor Law, as well as to appear at the conciliation hearings in which the Company is cited by the Labor Boards, with all the general powers and even the special powers required by law or special clause.

(iii). To appear indistinctly on behalf of the Board of Directors, the Executive Committee and the Company in conciliation proceedings before the Federal Consumer Protection Agency (Procuraduría Federal del Consumidor) and its delegations within the Mexican Republic, considering them duly empowered for such purpose, being able to carry out all types of formalities and proceedings in relation to matters in which the Company has an interest, being authorized to sign any corresponding act or document.

(iv). General power for acts of administration, in accordance with the second paragraph of article two thousand five hundred and fifty-four of the Federal Civil Code, and its correlative articles in the Civil Code for the Federal District and in the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place in which it is exercised, with all the general powers and even the special powers that according to the Law require special power or clause, in order to exercise it jointly or separately.

General managers shall be individually authorized in order to grant general or special powers within the powers vested in them, retaining their exercise and revoking them, in accordance with articles Two Thousand Five Hundred and Seventy-Four (2,574) and Two Thousand Five Hundred and Ninety-Three (2,593) of the Civil Code in force for the Federal District and its correlative articles of the place where it is exercised.

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C. <u>Duties, Liability and Limitations of Liability of the Directors</u>.

1 (one). <u>Duty of Diligence</u>. The Board of Directors' members must act in accordance with the duty of diligence provided in the Securities Market Law.

2 (two). <u>Duty of Loyalty</u>. The Board of Directors' members and its secretary must act in accordance with the duty of loyalty contemplated by the Securities Market Law.

3 (three). <u>Liability Action</u>. The liability resulting from the violation of the duty of diligence or the duty of loyalty shall be act exclusively in favor of the Company or of the legal entity controlled by it and may be exercised by the Company or by the shareholders who, individually or jointly, hold shares, whether common or with limited voting rights, restricted or without voting rights, representing five percent (5%) or more of the capital stock. The corresponding claimant may only settle in court the amount of the indemnity for damages in case the Board of Directors has approved the terms and conditions of the corresponding judicial agreement.

4 (four). <u>Excluding Liability</u>. The Board of Directors' members shall not be liable for any damages caused onto the Company or to the legal entities controlled by it, when the corresponding director acts in good faith and any liability exclusion is updated in accordance with the provisions set forth in the Securities Market Law and other applicable legislation.

**SECTION III**

**THE EXECUTIVE COMMITTEE**

**ARTICLE THIRTY-FOURTH**.

A. The Company may have an Executive Committee comprised by the number of proprietary or alternate members of the Board of Directors of the Company or by any other persons who are not directors, which are indistinctly appointed by the Company's Board of Directors or by the Chairman or Chief Executive Officer. The persons appointed to this Executive Committee shall form a collegiate body delegated by the Board. If this power is exercised by both the Company's Board of Directors and the Chairman or Chief Executive Officer, the appointments made by the latter shall prevail.

B. The Board of Directors and the Company's Chairman or Chief Executive Officer may appoint an alternate member for each proprietary member of the Executive Committee they may have appointed. The alternate members shall take office in the absence of the proprietary members for who they may have been expressly appointed. If the Company's Board of Directors or the Chairman or Chief Executive Officer, at the time of their appointment, have not indicated a special order for this purpose, the alternates shall be called in the order in which they may have been appointed.

C. The Executive Committee's members shall hold office for one year, unless they are relieved of their duties by resolution of the Company's Board of Directors or by the Chairman or Chief Executive Officer, but, in any case, they shall continue in office until the persons appointed to replace them take office; they may be re-elected and shall receive such remuneration as the Board of Directors or, as the case may be, the Company's Chairman or Chief Executive Officer may determine.

D. When appointing the members of the Company's Executive Committee, the Board of Directors or the President or Chief Executive Officer, they shall appoint, from among them, the Chairman and, where appropriate, one or more Vice-Chairmen of the Executive Committee.

E. The positions of the Executive Committee's Secretary and Alternate Secretaries shall be held by the same persons occupying such positions at the Board of Directors.

F. When the Chairman and the Secretary are absent, they shall be replaced respectively by the Vice-Chairmen, in the order of their appointment, and by the Assistant Secretary, respectively, and, if these are also absent, the other members of the Committee shall appoint those who must replace the proprietary members.

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G. The Committee's Chairman shall have a very broad general power of attorney for lawsuits and collections and for acts of administration, with all the general powers and even the special powers required by law or special clause, in accordance with the first two paragraphs of article two thousand five hundred and fifty-four and two thousand five hundred and eighty-seven of the Federal Civil Code, and its correlative articles of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place where it is exercised. It shall also hold general power of attorney for acts of ownership, in accordance with the provisions set forth in the third paragraph of article two thousand five hundred and fifty-four of the Federal Civil Code and its correlative articles of the Civil Code for the Federal District and of the Civil Codes of the other States of the Mexican Republic or abroad in which it is exercised, and in order to draw, accept, endorse, grant and guarantee, or in any other manner subscribe credit instruments, in accordance with the provisions set forth in article nine of the General Law of Credit Instruments and Transactions.

H. The Executive Committee shall meet at the Chairman's request, any of the Vice-Chairmen, the Secretary, the Alternate Secretary or any two of the Executive Committee's members, with five days notice given to the other members of the Executive Committee. The Company's external auditor may be called to the Executive Committee's meetings, who shall attend with a voice but no vote. The notice must be sent by mail, e-mail or any other means ensuring that the Committee's members receive it, at least five days prior to the date of the meeting.

I. The notice shall specify the time, date, place and the corresponding Agenda for the meeting which shall be signed by the person making it. A notice will not be necessary when all of the Executive Committee's members meet.

J. For the Executive Committee's meetings to be considered legally installed, the attendance of at least the majority of its members shall be required. The resolutions of the Executive Committee shall be approved by the favorable vote of the majority of its members present at each meeting.

K. The Executive Committee may adopt resolutions in lieu of a meeting by the unanimous vote of the proprietary members or their respective alternates. Such resolutions shall, for all legal effects, have the same validity as if they may have been adopted by the members gathered at a committee's meeting, provided that they are confirmed in writing. The document evidencing the written confirmation of each member shall be sent to the Chairman, Secretary or Alternate Secretary of the Executive Committee of the Company, whom shall transcribe the respective resolutions in the corresponding book of minutes, and shall certify that such resolutions were adopted in accordance with the provisions set forth herein.

L. The Executive Committee shall hold the powers granted to the Board of Directors in paragraph A. of Article Thirty Third hereof, except for those indicated in numerals Thirteen, Fourteen, Twenty (in this case, unless the shareholders meeting may have empowered the Executive Committee in order to execute the resolutions adopted at the shareholders meeting itself), Twenty-two, Twenty-three, Twenty-four, Twenty-five, Twenty-six, as well as those expressly reserved to the Board of Directors or other Committee by the applicable law. Likewise, the Executive Committee is empowered to create Special Committees and to appoint the persons whom must integrate them, indicating their authorities, duties and remunerations.

M. The Executive Committee shall not engage in any of the activities reserved by the Securities Market Law and other applicable laws, or by these By-laws, to the Shareholders Meeting, to the Board of Directors, to any other Committee or to the Chairman or Chief Executive Officer. The Executive Committee may not, in turn, delegate all its powers to any person but may grant general and special powers when it deems it appropriate as well as to indicate the persons whom must carry out its resolutions. In the absence of such indication, the Chairman, the Vice Chairman(en), the Secretary and the Alternate Secretary shall be empowered to jointly (any two of them) carry them out.

N. The Executive Committee must inform the Board of Directors, through its Chairman, of the resolutions it adopts when, in the Committee's opinion, relevant events or acts for the Company arise.

O. Minutes shall be prepared with respect to each Executive Committee's meeting and shall be transcribed in a special book; the resolutions adopted shall be recorded in the minutes, signed by those acting as Chairman and Secretary, either with autograph or electronic signature.

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P. The sessions of the Executive Committee may be held in person or through the use of electronic, optical, or any other technology or in a mixed format, as if they were in-person sessions, allowing the participation of some or all attendees in person or by electronic, optical, or any other technology, having the same validity as one or the other. The decisions of the Executive Committee may be made through the use of electronic, optical, or any other technology in accordance with these by-laws.

**SECTION IV**

**THE COMPANY'S CHAIRMAN OR CHIEF EXECUTIVE OFFICER**

**ARTICLE THIRTY-FIFTH**.- The Company shall have a Chairman or Chief Executive Officer, who shall be appointed by the Board of Directors. This appointment must be approved or ratified by a majority vote of the holders of Series "A" shares represented at the corresponding General Shareholders Meeting.

The functions pertaining to management, conduction and execution of the Company's business and that of the legal entities controlled by the Company shall be the Chairman's or Chief Executive Officer's responsibility in accordance with the provisions set forth in the Securities Market Law, subject to the strategies, policies and guidelines approved by the Board of Directors.

The Chairman or Chief Executive Officer, for the exercise of his/her functions and activities, as well as for the due fulfillment of his/her obligations, will be assisted by the corresponding directors appointed for such purpose and by any employee of the Company or by the legal entities controlled by the Company.

The Company's Chairman or Chief Executive Officer, by the mere fact of his or her appointment, shall be the Company's main executive and, in addition to the powers corresponding to him or her under applicable law, shall have the following powers:

A) To execute the resolutions and measures issued by the Shareholders Meetings, by the Board of Directors and by the Executive Committee.

B) Appoint and remove the Company's Vice Presidents, as well as other officers, employees, external auditors and attorneys-in-fact which may be necessary for the due attention to the affairs of the Company and those pertaining to its subsidiaries, indicating their powers, duties and remunerations.

C) To manage business and social assets, with broad power of administration in the terms of article two thousand five hundred and fifty-four, second paragraph, of the Federal Civil Code, and its correlative articles of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place in which it is exercised.

D) Manage the Company's business and the movable and immovable property thereof, with general power of attorney for lawsuits and collections, with all general powers and even the special powers required by law or special clause, in accordance with the first paragraph of article two thousand five hundred and fifty-four and two thousand five hundred and eighty-seven of the Federal Civil Code, and its correlative articles of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place where it is exercised, so it shall represent the Company before any natural or legal person, or before any class of authorities of any order and degree, whether municipal, local or federal, fiscal, judicial, civil, criminal, administrative or of any other nature, before all kinds of labor boards, whether federal or local and other labor authorities, and before arbitrators and arbiters.

E) File denouncements, complaints and criminal charges and grant the pardon referred to in article ninety-three of the Federal Criminal Code and its correlative articles of the Criminal Code for the Federal District, and the other states of the Mexican Republic where it is exercised, cooperate as a civil party with the Public Prosecutor's Office, as well as demand reparation for the damage resulting from the crime.

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F) Attempt and desist from all kinds of trials, challenges, incidents, appeals and ordinary or extraordinary appeals, actions and procedures, whether civil, commercial, criminal, administrative, contentious and labor, including promoting the amparo trial and desist from it.

G) Subject to the terms and conditions established by the Board of Directors, it shall also have general power for acts of ownership, in the terms of the third paragraph of article two thousand five hundred and fifty-four of the Federal Civil Code, and its correlative articles of the Civil Code for the Federal District and the Civil Codes of the other States of the Mexican Republic or abroad, depending on the place where it is exercised.

H) To draw, accept, endorse, grant and guarantee, or in any other manner subscribe credit instruments, in accordance with the provisions of article nine of the General Law of Credit Instruments and Transactions.

I) It shall be empowered to the Company appoint attorneys-in-fact, granting them the powers it deems pertinent, within the sphere corresponding to it, and may revoke the powers it has granted.

J) To open and cancel bank accounts in the name of the Company, as well as to make deposits and draw against them and to appoint persons to draw against them.

K) To appoint attorneys-in-fact in order to attend the company's Shareholders Meetings in whose capital this Company participates and in order to vote on the matters for which they were called.

L) To appoint the members of the Company's Executive Committee.

M) The creation of Special Committees and the appointment of the persons which must integrate them, indicating their powers, duties and remunerations.

The Chairman or Chief Executive Officer shall likewise have the functions and duties provided for in the Securities Market Law.

**CHAPTER VI**

**THE COMPANY'S SURVEILLANCE**

**ARTICLE THIRTY-SIXTH**.- The surveillance of the management, conduction and execution of the Company's business as well as that of the legal entities controlled by the Company shall be responsibility of the Board of Directors through the Corporate Practices Committee and the Audit Committee, as well as through the legal entity that carries out the Company's external audit.

The Company will have a Corporate Practices Committee and an Audit Committee, in accordance with the provisions set forth in the Securities Market Law and other applicable legal provisions. The auditing and corporate practices functions may be carried out by a single Committee.

The Corporate Practices Committee and the Audit Committee, in accordance with the provisions set forth in the applicable law, shall have the following functions:

1 (one). <u>Corporate Practices Committee</u>. The Corporate Practices Committee shall have the functions referred to in the Securities Market Law, the general provisions issued for this purpose by the National Banking and Securities Commission and other applicable legal provisions, as well as those determined by the Shareholders Meeting or by the Board of Directors. It shall also perform all those functions with respect to which it must submit a report in accordance with the provisions set forth in the Securities Market Law.

2 (two). <u>Audit Committee</u>. The Audit Committee shall have the functions referred to in the Securities Market Law, the general provisions issued for this purpose by the National Banking and Securities Commission and other applicable legal provisions, as well as those determined by the Shareholders Meeting or by the Board of Directors. It shall also perform all those functions with respect to which it must submit a report in accordance with the provisions of the Securities Market Law.

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**ARTICLE THIRTY-SEVENTH.-** The members of the Board of Directors, the members of the Executive Committee, of the Audit Committee or of the Corporate Practices Committee, the Secretaries, or the corresponding alternates of all of the foregoing, shall have no obligation whatsoever in order to provide guarantees so as to ensure the fulfillment of the responsibilities in which they may incur during the performance of their offices, unless the Shareholders Meeting appointing them establishes such obligation.

**CHAPTER VII**

**FINANCIAL YEAR AND FINANCIAL INFORMATION**

**ARTICLE THIRTY-EIGHTH**.- The Company's fiscal year will coincide with the calendar year. In the event that the Company goes into liquidation or is merged, its fiscal year will conclude in advance on the date on which it goes into liquidation or merges and it will be considered that a fiscal year exists during all the time in which the Company is under liquidation, the latter must coincide with what the applicable fiscal laws establish for this purpose.

**ARTICLE THIRTY-NINTH**.- Within four months following each fiscal year's closing, the Board of Directors and the Chairman or Chief Executive Officer shall prepare, in accordance with the provisions of the Securities Market Law, at least the following information:

a) The report referred to in article 172 (one hundred and seventy-two) paragraph b) of the Mexican Companies Law.

b) The report on the operations and activities in which the Board of Directors has intervened pursuant to the provisions set forth in the Securities Market Law.

c) The report referred to in article 172 (one hundred and seventy-two) of the Mexican Companies Law, except as provided in paragraph b) thereof.

d) Any other reports, opinions and documents required pursuant to the provisions contained in the Securities Market Law and the Mexican Companies Law.

**CHAPTER VIII**

**PROFITS AND LOSSES**

**ARTICLE FOURTIETH**.- The following applications shall be made with respect to the net profits corresponding to each fiscal year shown in the financial statements, once the necessary amounts have been deducted: (i) make payments or provisions in order to pay the corresponding taxes; (ii) such separations as may be required by law; (iii) where applicable, amortization of losses from previous financial years; and (iv) payments which may have been made from general expenses of the financial year in order to remunerate the Board of Directors' members and the Chief Executive Officer:

1 (one). Five percent in order to constitute, increase or, as the case may be, replenish the reserve fund, until such fund is equivalent to twenty percent of the paid-in capital stock.

2 (two). The amounts which the Shareholders Meeting agrees to allocate for creations or increases of general or special reserves, including, where appropriate, the reserve for the acquisition of own shares or securities representing them, referred to in Article Eighth hereof.

3 (three). From the carry over, the sum which is necessary in order to cover the shareholders' dividends, if any, declared by resolution of the Shareholders Meeting and in accordance with Article Seventh hereof, shall be taken.

4 (four). The surplus, if any, shall remain at the Shareholders Meeting's disposal, or at the disposal of the Board of Directors, in case of the latter, if so authorized by the Shareholders Meeting itself. The Shareholders Meeting may provide the surplus with the application it deems appropriate for the interests of the company and those of its shareholders.

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5 (five). In the case of capitalization of the total equity's accounts, all shareholders shall be entitled to the proportional part corresponding to such accounts, for which purpose they shall receive shares of the class or series determined by the shareholders meeting.

**ARTICLE FORTY-FIRST**.- Losses, if any, shall be borne by all shareholders in proportion to the number of their shares, without their liability exceeding the amount of their contributions.

**CHAPTER IX**

**DISSOLUTION AND LIQUIDATION**

**ARTICLE FORTY-SECOND**.- The company shall be dissolved in any of the cases provided for in article two hundred and twenty-nine of the Mexican Companies Law.

**ARTICLE FORTY-THIRD**.- Once the Company has been dissolved, it shall be placed into liquidation. The Extraordinary Shareholders Meeting shall appoint one or more liquidators, owners being able to appoint the corresponding alternates, if so desired, whom shall have the powers determined by law or by the Shareholders Meeting appointing them.

**ARTICLE FORTY-FOURTH**.- Once the Company has been dissolved, it shall be placed into liquidation, which shall be the responsibility of one or more liquidators. In order to adopt valid resolutions with respect to the appointment and/or removal of the liquidator or liquidators, the favorable vote of the majority of the Series "A" shares represented at the corresponding General Extraordinary Shareholders Meeting shall be necessary. The liquidator or liquidators appointed pursuant to the provisions set forth herein and in the Mexican Companies Law shall carry out the liquidation in accordance with the bases, if any, determined by the Shareholders Meeting and, failing that, in accordance with the following provisions and contained in the corresponding chapter of the Mexican Companies Law itself:

a). They shall conclude business as they see fit;

b). They will cover the credits and pay the debts by disposing of the Company's assets which require to be sold for this purpose;

c). Prepare the Final Liquidation Balance; and

d). Once the Final Liquidation Balance is approved, they will distribute the distributable liquid asset as follows:

d.1 (d point one). The shareholders holding the Series "D" shares will be paid the cumulative preferential dividend equivalent to five percent of the theoretical value of the shares corresponding to them which may have not been covered, as indicated, before distributing the distributable carryover.

d.2 (d point two). Subsequently, once the dividend referred to in paragraph d.1 (d point one) above has been paid, the shareholders holding Series "D" shares shall be paid a reimbursement per share equivalent to their theoretical value consisting of 0.00683551495 (zero point zero zero six eight three five five one four nine five) pesos, National Currency per share.

d.3 (d point three). Once the concepts referred to in points d.1 (d point one) and d.2 (d point two) above have been paid, a payment per share will be made to each of the shareholders holding Series "A", "B" and "L" shares, equivalent to that which may have been received by each of the shareholders holding Series "D" shares, in accordance with those two previous paragraphs.

d.4 (d point four). The remainder shall be equally distributed among all the shareholders and in proportion to the number of shares (held by each of them) and their amount exhibited.

In case of a disagreement between the liquidators, the Audit Committee shall call a Shareholders Meeting in order to resolve any conflicting issues.

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**ARTICLE FORTY-FIFTH**.- During the liquidation, the Shareholders Meeting will meet in the manner provided for herein, it or the liquidators will carry out functions equivalent to those corresponding to the Board of Directors during the Company ordinary course of business, and the Audit and Corporate Practices Committees will continue performing, with respect to the liquidator or liquidators, the functions, that during the validity of the corporate agreement, they perform with respect to the Board of Directors.

**CHAPTER X**

**JURISDICTION AND COMPETENCE**

**ARTICLE FORTY-SIXTH**.- For the interpretation and compliance of these By-laws, the shareholders expressly submit themselves to the jurisdiction of the competent federal courts of Mexico City, for which reason they waive any other jurisdiction which may correspond to them due to their domicile.

**CHAPTER XI**

**SPECIAL PROVISIONS**

**ARTICLE FORTY-SEVENTH**.- In the event of cancellation of the shares' registration representing the Company's capital stock or of securities representing them from the National Securities Registry, the provisions of Article 108 (one hundred and eight) of the Securities Market Law and other applicable provisions must be complied with and the persons referred to in such article shall be subject to the provisions thereof.

In the event that the Company requests the cancellation of the shares' registration in the National Securities Registry, in accordance with the provisions of article 108 (one hundred and eight), section II of the Securities Market Law, it shall be exempt from carrying out the public offering referred to in such legal provision, provided that it accredits the National Banking and Securities Commission having the consent on behalf of the shareholders representing at least 95% (ninety-five percent) of the Company's capital stock, granted by means of a meeting resolution; that the offered amount for shares placed among the general investing public amount to less than 300,000 (three hundred thousand) investment units, and to incorporate the trust referred to in the last paragraph of section II above, as well as to notify the cancellation and constitution of such trust through the stock exchange's applicable electronic information system.

**ARTICLE FORTY-EIGHTH**.- The provisions contained in the Securities Market Law, the Mexican Companies Law and other applicable legal provisions shall apply to all matters not provided for herein.

**ARTICLE FORTY-NINTH.-** Insofar as permitted by applicable law, whenever a signature is required in accordance with these by-laws, such requirement shall be deemed satisfied by an Electronic Signature. For purposes of these by-laws, the term "Electronic Signature" means a signature generated, sent, received, or stored by electronic, optical, or any other technology (including, but not limited to, PDF format or any similar format or through the use of the DocuSign program or any similar program).

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## Exhibit 2.13

**Exhibit 2.13**

**DESCRIPTION OF THE RIGHTS OF EACH CLASS OF SECURITIES**

**REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT**

The following summary is a brief description of the securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") of Grupo Televisa S.A.B., a limited liability public stock corporation *(sociedad anónima bursátil*) organized under the laws of the United Mexican States. Unless the context requires otherwise, references to "we," "us," "our" or "Company" refer to Grupo Televisa, S.A.B. and, where the context requires, its consolidated entities. "Group" refers to Grupo Televisa, S.A.B. and its consolidated entities. Capitalized terms used and not defined herein have the meaning ascribed to them in our annual report on Form 20-F for the fiscal year ended December 31, 2025, to which this description of securities is an exhibit (the "Form 20-F").

The following description sets forth certain material provisions of these securities. The following summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of (i) the Company's Amended and Restated Bylaws (the "Bylaws"); and (ii) the Deposit Agreement between the Company, The Bank of New York, as depositary and all holders and beneficial owners of the GDSs, evidenced by Global Depositary Receipts ("GDRs"). We encourage you to refer to the Bylaws and the Deposit Agreement, as applicable, for additional information.

**Capital Stock**

We have four classes of capital stock: Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares, Our shares are publicly traded in Mexico, primarily in the form of *certificados de participacion ordinarios* ("CPOs"), each representing 117 shares, consisting of 25 Series "A" Shares, 22 Series "B" Shares, 35 Series "D" Shares and 35 Series "L" Shares, which are held in the CPO Trust. Our shares also are publicly traded in the United States in the form of global depositary shares ("GDSs"), each of which represents five CPOs.

The Series "A" Shares and the Series "B" Shares are common or ordinary shares, with no par value, no dividend preference and no preference upon liquidation. The Series "D" Shares are limited-voting and preferred shares, with no par value, with the limited voting rights as described under "Voting Rights and Stockholders' Meetings— Holders of Series "D" Shares and Series "L" Shares" below, and the dividend preference and liquidation preference described under "Preferential Rights of Series "D" Shares" below.

The L Shares are limited-voting shares, with no par value, no dividend preference, no preference upon liquidation and limited voting rights, as described under "Voting Rights and Stockholders' Meetings—Holders of Series "D" Shares and Series "L" Shares" below.

As of December 31, 2025, our outstanding capital stock consisted of 110,923,532,639 Series "A" Shares, 47,871,844,833 Series "B" Shares, 76,159,694,921 Series "D" Shares and 76,159,694,921 Series "L" Shares.

**Major Stockholders**

Emilio Azcárraga Jean, directly and indirectly through a trust for his benefit, beneficially owns 48.7% of the outstanding Series "A" Shares, 3.4% of the outstanding Series "B" shares, 3.5% of the outstanding Series "D" Shares and 3.5% of the outstanding Series "L" Shares of the Company. As a result, Emilio Fernando Azcárraga Jean controls the vote for electing directors of such shares. The Series "A" Shares beneficially owned by Emilio Azcárraga Jean constitute a majority of the Series "A" Shares whose holders are entitled to vote because non-Mexican holders of CPOs and GDSs are not permitted to vote the underlying Series "A" Shares in accordance with the trust agreement governing the CPOs and the Company's bylaws. Accordingly, and so long as non-Mexicans own more than a minimal number of Series "A" Shares, Emilio Azcárraga Jean will have the ability to direct the election of 11 out of 20 members of our Board of Directors.

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On January 5, 2026, Alfonso de Angoitia Noriega and Bernardo Gómez Martínez, each a co-Chief Executive Officer of the Company, each entered into a transaction agreement (the "Transaction Agreement") with Emilio Azcárraga Jean and the Azcárraga Trust, pursuant to which they each acquired 13,166,166,402 Series "A" Shares (collectively, the "Acquired Shares") in exchange for available cash on hand in an amount equal to Ps.963,151,805. Pursuant to the Transaction Agreement, Alfonso de Angoitia Noriega and Bernardo Gómez Martínez, each agreed that Emilio Azcárraga Jean, through the Azcárraga Trust, will have the right to exercise all voting rights attached to the Acquired Shares, together with certain CPOs held by each of Alfonso de Angoitia Noriega and Bernardo Gómez Martínez at the time of entering into the Transaction Agreement, with respect to the appointment, removal and/or ratification of members of our Board of Directors, for so long as Emilio Azcárraga Jean is not declared legally dead, incapacitated or absent and holds more than fifty-percent (50%) of the shares in the Azcárraga Trust, other than the Acquired Shares. Each of Alfonso de Angoitia Noriega and Bernardo Gómez Martínez will have the right to exercise all voting rights attached to their respective shares and/or CPOs other than those specified in the preceding sentence. In addition, under the Transaction Agreement, in the event that Emilio Azcárraga Jean, directly or through the Azcárraga Trust, Alfonso de Angoitia Noriega, or Bernardo Gómez Martínez intends to transfer the Acquired Shares or any other shares of or securities representing our capital stock (including CPOs), the other parties thereto will have a right of first refusal allowing them to purchase such shares or securities at the proposed sale price.

Considering that, after giving effect to the transactions described in the Transaction Agreement, Emilio Azcárraga Jean continues to be the single largest beneficial owner of Series "A" Shares whose holders are entitled to vote, he is expected to continue influencing the decisions at our stockholders' meetings.

Pursuant to our bylaws, holders of Series "B" Shares are entitled to elect five out of 20 members of our Board of Directors.

Because the Azcárraga Trust only holds a limited number of Series "B" Shares, there can be no assurance that individuals nominated by the Azcárraga Trust appointees will be elected to our Board.

We believe that as of March 31, 2026, approximately 230.1 million of GDSs were held of record by 62 persons with U.S. addresses. Those GDSs represent 24.2% of the outstanding Series "A" Shares, 46.1% of the outstanding Series "B" Shares, 48.2% of the outstanding Series "D" Shares and 48.2% of the outstanding Series "L" Shares of the Company.

**Voting Rights and Stockholders' Meetings**

*Holders of Series "A" Shares.* Holders of Series "A" Shares have the right to vote on all matters subject to stockholder approval at any general stockholders' meeting and have the right, voting as a class, to appoint 11 members of our Board of Directors and the corresponding alternate directors. In addition to requiring approval by a majority of all Shares entitled to vote together on a particular corporate matter, certain corporate matters must be approved by a majority of the holders of Series "A" Shares voting separately. These matters include mergers, dividend payments, spin-offs, changes in corporate purpose, changes of nationality and amendments to the anti-takeover provisions of our bylaws.

*Holders of Series "B" Shares.* Holders of Series "B" Shares have the right to vote on all matters subject to stockholder approval at any general stockholders' meeting and have the right, voting as a class, to appoint five members of our Board of Directors and the corresponding alternate directors. The five directors and corresponding alternate directors elected by the holders of the Series "B" Shares are elected at a stockholders' meeting that must be held within the first four months after the end of each year.

*Holders of Series "D" Shares and Series "L" Shares.* Holders of Series "D" Shares, voting as a class, are entitled to vote at special meetings to elect two of the members of our Board of Directors and the corresponding alternate directors, each of which must be an independent director. In addition, holders of Series "D" Shares are entitled to vote on the following matters at extraordinary general meetings:

● our transformation from one type of company to another;

● any merger (even if we are the surviving entity);

● extension of our existence beyond our prescribed duration;

● our dissolution before our prescribed duration (which is currently 99 years from January 30, 2007);

● a change in our corporate purpose;

● a change in our nationality; and

● the cancellation from registration of the Series "D" Shares or the securities which represent the Series "D" Shares from the NRS and with any other Mexican or foreign stock exchange in which such shares or securities are registered.

Holders of Series "L" Shares, voting as a class, are entitled to vote at special meetings to elect two of the members of our Board of Directors and the corresponding alternate directors, each of which must be an independent director. Holders of Series "L" Shares are also entitled to vote at extraordinary general meetings on the following matters:

● our transformation from one type of company to another;

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● any merger in which we are not the surviving entity; and

● the cancellation from registration of the Series "L" Shares or the securities that represent the Series "L" Shares from NRS.

The two directors and corresponding alternate directors elected by each of the holders of the Series "D" Shares and the Series "L" Shares are elected at a special meeting of those holders which takes place annually. Special meetings of holders of Series "D" Shares and Series "L" Shares must also be held to approve the cancellation from registration of the Series "D" Shares or Series "L" Shares or the securities representing any of such shares with the NRS, as the case may be, and in the case of Series "D" Shares, with any other Mexican or foreign stock exchange in which such shares or securities are registered. Except as otherwise required by law, all other matters on which holders of Series "L" Shares or Series "D" Shares are entitled to vote must be considered at an extraordinary general meeting. Holders of Series "L" Shares and Series "D" Shares are not entitled to attend or to address meetings of stockholders at which they are not entitled to vote. Under Mexican law, holders of Series "L" Shares and Series "D" Shares are entitled to exercise certain minority protections. See "Other Provisions — Appraisal Rights and Other Minority Protections" below.

Minority shareholders holding at least ten percent of the capital stock represented by Series "A" Shares, will be entitled to appoint one director and its corresponding alternate for each such ten percent. Minority shareholders holding at least ten percent of the capital stock represented by Series "B" Shares, will be entitled to appoint one director and its corresponding alternate for each such ten percent. Minority shareholders holding at least ten percent of the capital stock represented by Series "D" Shares or Series "L" Shares, will be entitled to appoint one director and its corresponding alternate for each such ten percent. Any such appointments by minority shareholders will be counted towards the number of directors that the holders of each such Series are entitled to appoint.

In connection with the Series "A", Series "B", Series "D" and/or Series "L" Shares that are not contributed to, or do not form part of the assets of the CPO Trust, the holders thereof may request the Secretary of the Board of Directors convert such Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, into Series "A", Series "B" Shares, Series "D" Shares and/or Series "L" Shares, as determined by such shareholder, in accordance with the following:

● Any holder of Series "A", Series "B", Series "D" and/or Series "L" Shares seeking to carry out such conversion shall submit a written request addressed to the Secretary of the Board of Directors, which must be delivered at least 5 (five) business days prior to the requested conversion date.

● The Secretary of the Board of Directors shall carry out all necessary actions to implement the conversion of the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, upon delivery by the relevant shareholder of the share certificates representing such shares, in exchange for the certificates representing the Series "A", Series "B" Shares, Series "D" Shares and/or Series "L" Shares, as applicable. Such conversion may cover all or part of the Series "A", Series "B", Series "D" and/or Series "L" shares, as applicable, represented by the certificates delivered. In the event of a partial conversion, the Secretary shall carry out all necessary actions to ensure the issuance of the new certificates reflecting the Series "A" Shares that remain outstanding, as well as the Series "A", Series "B" Shares, Series "D" Shares and/or Series "L" Shares into which they have been converted.

*Other Rights of Stockholders.* Under Mexican law, holders of shares of any series are also entitled to vote as a class in a special meeting governed by the same rules that apply to extraordinary general meetings, as described below, on any action that would prejudice the rights of holders of shares of such series, but not rights of holders of shares of other series, and a holder of shares of such series would be entitled to judicial relief against any such action taken without such a vote. Generally, the determination of whether a particular stockholder action requires a class vote on these grounds could initially be made by the Board of Directors or other party calling for stockholder action. In some cases, under the Mexican Securities Market Law and the Mexican Companies Law, the Board of Directors, the Audit Committee, the Corporate Practices Committee, or a Mexican court on behalf of those stockholders representing 10% of our capital stock can call a special meeting. A negative determination would be subject to judicial challenge by an affected stockholder, and the necessity for a class vote would ultimately be determined by a court. There are no other procedures for determining whether a particular proposed stockholder action requires a class vote, and Mexican law does not provide extensive guidance on the criteria to be applied in making such a determination.

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General stockholders' meetings may be ordinary general meetings or extraordinary general meetings. Extraordinary general meetings are those called to consider specific matters specified in Article 182 of the Mexican Companies Law and our bylaws, including, among others, amendments to our bylaws, our dissolution, liquidation or split-up, our merger and transformation from one form of company to another, increases and reductions in our capital stock, the approval of certain acquisitions of shares, including a change of control, as set forth in the antitakeover provisions in our bylaws and any action for civil liabilities against the members of our Board of Directors, its Secretary, or members of our Audit Committee or Corporate Practices Committee. In addition, our bylaws require an extraordinary general meeting to consider the cancellation of registration of the Series "D" Shares or Series "L" Shares or the securities representing these Shares with the NRS, as the case may be, and in the case of Series "D" Shares, with any other Mexican or foreign stock exchange in which such Shares or securities are registered. General meetings called to consider all other matters are ordinary meetings which are held at least once each year within four months following the end of each fiscal year. Stockholders may be represented at any stockholders' meeting by completing a form of proxy provided by us, which proxy is available within fifteen days prior to such meeting, and designating a representative to vote on their behalf. The form of proxy must comply with certain content requirements as set forth in the Mexican Securities Market Law and in our bylaws.

*Holders of CPOs.* Holders of CPOs who are Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their shares are entitled to exercise voting rights with respect to the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares underlying their CPOs. The CPO Trustee will vote such shares as directed by Mexican holders of CPOs, which must provide evidence of Mexican nationality. Non-Mexican holders of CPOs may only vote the Series "L" Shares held in the CPO Trust and are not entitled to exercise any voting rights with respect to the Series "A" Shares, Series "B" Shares and Series "D" Shares held in the CPO Trust. Voting rights in respect of these Series "A" Shares, Series "B" Shares and Series "D" Shares may only be exercised by the CPO Trustee. Series "A" Shares, Series "B" Shares and Series "D" Shares underlying the CPOs of non-Mexican holders or holders that do not give timely instructions as to voting of such Shares, will be voted by this individuals designated by the CPO Trust's Technical Committee, and at any general shareholders meeting where such series has the right to vote in the same manner as the majority of the outstanding Series "A" Shares held by Mexican nationals or Mexican corporations (directly, or through the CPO Trust, as the case may be) are voted at the relevant meeting. Series "L" Shares underlying the CPOs of any holders that do not give timely instructions as to the voting of such Shares will be voted by individuals designated by the CPO Trust's Technical Committee, as instructed by such Technical Committee of the CPO Trust. The CPO Trustee must receive voting instructions five business days prior to the stockholders' meeting. Holders of CPOs that are Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their Shares also must provide evidence of nationality, such as a copy of a valid Mexican passport or birth certificate, for individuals, or a copy of the bylaws, for corporations.

As described in "Major Stockholders" above, Series "A" Shares beneficially owned by Emilio Azcárraga Jean constitute the largest single block of the Series "A" Shares whose holders are entitled to vote, because non-Mexican holders of CPOs or GDSs are not permitted to vote the underlying Series "A" Shares. Accordingly, the vote of Series "A" Shares beneficially owned by Emilio Azcárraga Jean generally may influence how the Series "A" Shares underlying our CPOs are voted.

*Holders of GDRs.* Global Depositary Receipts, or GDRs, evidencing GDSs are issued by The Bank of New York Mellon, the Depositary, pursuant to the Deposit Agreement we entered into with the Depositary and all holders from time to time of GDSs. A GDR may represent any number of GDSs. Only persons in whose names GDRs are registered on the books of the Depositary will be treated by us and the Depositary as owners and holders of GDRs. Each GDS represents the right to receive five CPOs which will be credited to the account of BBVA Bancomer, S.A., Institución de Banca Múltiple Grupo Financiero BBVA Bancomer, the Custodian, maintained with Indeval for such purpose. Each CPO represents financial interests in, and limited voting rights with respect to, 25 Series "A" Shares, 22 Series "B" Shares, 35 Series "D" Shares and 35 Series "L" Shares held pursuant to the CPO Trust.

The Depositary will mail information on stockholders' meetings to all holders of GDRs. At least six business days prior to the relevant stockholders' meeting, GDR holders may instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the CPOs represented by their GDSs, and the underlying Shares. Since the CPO Trustee must also receive voting instructions five business days prior to the stockholders' meeting, the Depositary may be unable to vote the CPOs and underlying Shares in accordance with any written instructions. Holders of GDSs that are Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their Shares are entitled to exercise voting rights with respect to the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares underlying the CPOs represented by their GDSs. Such Mexican holders also must provide evidence of nationality, such as a copy of a valid Mexican passport or birth certificate, for individuals, or a copy of the bylaws, for corporations.

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Non-Mexican holders may exercise voting rights only with respect to Series "L" Shares underlying the CPOs represented by their GDSs. They may not direct the CPO Trustee as to how to vote the Series "A" Shares, Series "B" Shares or Series "D" Shares represented by CPOs or attend stockholders' meetings. Under the terms of the CPO Trust Agreement, the CPO Trustee will vote the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares represented by CPOs held by non-Mexican holders (including holders of GDRs) as described under "— Holders of CPOs". If the Depositary does not timely receive instructions from a Mexican or non-Mexican holder of GDRs as to the exercise of voting rights relating to the Series "A" Shares, Series "B" Shares, Series "D" Shares or Series "L" Shares underlying the CPOs, as the case may be, in the relevant stockholders' meeting then, if requested in writing by us, the Depositary will give a discretionary proxy to a person designated by us to vote the Shares. If no such written request is made by us, the Depositary will not represent or vote, attempt to represent or vote any right that attaches to, or instruct the CPO Trustee to represent or vote, the Shares underlying the CPOs in the relevant stockholders' meeting and, as a result, the underlying shares will be voted in the same manner described under "— Holders of CPOs" with respect to shares for which timely instructions as to voting are not given.

If the Depositary does not timely receive instructions from a Mexican or non-Mexican holder of GDRs as to the exercise of voting rights relating to the underlying CPOs in the relevant CPO holders' meeting, the Depositary and the Custodian will take such actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements and, unless we in our sole discretion have given prior written notice to the Depositary and the Custodian to the contrary, vote them in the same manner as the majority of the CPOs are voted at the relevant CPOs holders' meeting.

Under the terms of the CPO Trust, beginning in December 2008, a non-Mexican holder of CPOs or GDSs may instruct the CPO Trustee to request that we issue and deliver certificates representing each of the Shares underlying its CPOs so that the CPO Trustee may sell, to a third party entitled to hold the Shares, all of those Shares and deliver to the holder any proceeds derived from the sale.

*Limitation on Appointment of Directors.* Our bylaws prohibit the appointment of individuals to our Board of Directors: who (i) are members of the board of directors or other management boards of a company (other than the Company or its subsidiaries) that has one or more concessions to operate telecommunication networks in Mexico; or (ii) directly or indirectly, are stockholders or partners of companies (other than the Company or its subsidiaries), that have one or more concessions to operate telecommunication networks in Mexico, with the exception of ownership stakes that do not allow such individuals to appoint one or more members of the management board or any other operation or decision making board.

**Dividend Rights**

At our annual ordinary general stockholders' meeting, our Board of Directors is required to submit our financial statements from the previous fiscal year to the holders of our Series "A" Shares and Series "B" Shares. Once our stockholders approve these financial statements, they must then allocate our net profits for the previous fiscal year. Under Mexican law, at least 5% of our net profits must be allocated to a legal reserve, until the amount of this reserve equals 20% of our paid-in capital stock. Thereafter, our stockholders may allocate our net profits to any special reserve, including a reserve for share repurchases. After this allocation, the remainder of our net profits will be available for distribution as dividends. The vote of the majority of the Series "A" Shares and Series "B" Shares is necessary to approve dividend payments. As described below, in the event that dividends are declared, holders of Series "D" Shares will have preferential rights to dividends as compared to holders of Series "A" Shares, Series "B" Shares and Series "L" Shares. Holders of Series "A" Shares, Series "B" Shares and Series "L" Shares have the same financial or economic rights, including the participation in any of our profits.

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**Preferential Rights of Series "D" Shares**

Holders of Series "D" Shares are entitled to receive a preferred annual dividend in the amount of Ps.0.00028932372948 per Series "D" Share before any dividends are payable in respect of Series "A" Shares, Series "B" Shares and Series "L" Shares. If we pay any dividends in addition to the Series "D" Share fixed preferred dividend, then such dividends shall be allocated as follows:

● first, to the payment of dividends with respect to the Series "A" Shares, the Series "B" Shares and the Series "L" Shares, in an equal amount per share, up to the amount of the Series "D" Share fixed preferred dividend; and

● second, to the payment of dividends with respect to the Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares, such that the dividend per share is equal.

Upon any dissolution or liquidation of our company, holders of Series "D" Shares are entitled to a liquidation preference equal to:

● accrued but unpaid dividends in respect of their Series "D" Shares; plus

● the theoretical value of their Series "D" Shares as set forth in our bylaws. See "Other Provisions — Dissolution or Liquidation".

**Preemptive Rights**

In the event of a capital increase, a holder of existing shares of a given series has a preferential right to subscribe to a sufficient number of shares of the same series in order to maintain the holder's existing proportionate holdings of shares of that series. Stockholders must exercise their preemptive rights within the time period fixed by our stockholders at the meeting approving the issuance of additional shares or Board of Directors meeting, as the case may be. This period must continue for at least fifteen days following a public notice. Under Mexican law, stockholders cannot waive their preemptive rights in advance or be represented by an instrument that is negotiable separately from the corresponding share.

U.S. Holders of GDSs may exercise preemptive rights only if we register any newly issued shares under the Securities Act, as amended, or qualify for an exemption from registration. We intend to evaluate at the time of any offering of preemptive rights the costs and potential liabilities associated with registering additional shares. In addition, if our stockholders' meeting approves the issuance of shares of a particular series, holders of shares of other series may be offered shares of that particular series.

**Limitations on Share Ownership**

Through our bylaws and the trust governing the CPOs, we have limited the ownership of our Series "A" Shares and Series "B" Shares to Mexican individuals, Mexican companies whose charters contain a foreign exclusion clause, credit institutions acting as trustees (such as the CPO Trustee) in accordance with the Foreign Investment Law and the Foreign Investment Law Regulations, and trusts or stock purchase, investment and retirement plans for Mexican employees. A holder that acquires Series "A" Shares or Series "B" Shares in violation of the restrictions in our bylaws regarding non-Mexican ownership will have none of the rights of a stockholder with respect to those Series "A" Shares or Series "B" Shares. The Series "D" Shares are subject to the same restrictions on ownership as the Series "A" Shares and Series "B" Shares. However, the foregoing limitations do not affect the ability of non-Mexican investors to hold Series "A" Shares, Series "B" Shares, Series "D" Shares and Series "L" Shares through CPOs, or Series "L" Shares directly. The sum of the total outstanding number of Series "A" Shares and Series "B" Shares is required to exceed at all times the sum of the total outstanding Series "L" Shares and Series "D" Shares.

Non-Mexican states and governments are prohibited under our bylaws and the LMTR from owning Shares of the Company and are, therefore, prohibited from being the beneficial or record owners of Series "A" Shares, Series "B" Shares, Series "D" Shares, Series "L" Shares, CPOs and GDSs. We have been advised by our Mexican counsel, Mijares, Angoitia, Cortés y Fuentes, S.C., that ownership of Series "A" Shares, Series "B" Shares, Series "D" Shares, Series "L" Shares, CPOs and GDSs by pension or retirement funds organized for the benefit of employees of non-Mexican state, municipal or other governmental agencies will not be considered as ownership by non-Mexican states or governments for the purpose of our bylaws or the LMTR.

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The former LFTR, now the LMTR, eliminated the restrictions on foreign investment in telecommunications services and satellite communication and increased the maximum permitted foreign-ownership in broadcasting (television and radio) to 49% subject to reciprocity.

**Ownership Restrictions**

We may restrict transfers or, to the extent permitted under applicable law, cause the mandatory sale or disposition of CPOs or GDRs where such transfer or ownership, as the case may be, might result in ownership of CPOs or GDRs exceeding the limits under applicable law or our bylaws, the CPO Trust Agreement or the CPO indenture. Non-Mexican states and governments are prohibited under our bylaws and the LMTR from owning our Shares and are, therefore, prohibited from being beneficial or record owners of GDRs.

**Other Provisions**

*Forfeiture of Shares.* As required by Mexican law, our bylaws provide that for Series "L" Shares and CPOs, our non-Mexican stockholders formally agree with the Foreign Affairs Ministry:

● to be considered as Mexicans with respect to the Series "L" Shares and CPOs that they acquire or hold, as well as to the property, rights, concessions, participations or interests owned by us or to the rights and obligations derived from any agreements we have with the Mexican government; and

● not to invoke the protection of their own governments with respect to their ownership of Series "L" Shares and CPOs.

Failure to comply is subject to a penalty of forfeiture of such a stockholder's capital interests in favor of Mexico. In the opinion of Mijares, Angoitia, Cortés y Fuentes, S.C., our Mexican counsel, under this provision a non-Mexican stockholder is deemed to have agreed not to invoke the protection of its own government by asking such government to interpose a diplomatic claim against the Mexican government with respect to the stockholder's rights as a stockholder, but is not deemed to have waived any other rights it may have, including any rights under the U.S. securities laws, with respect to its investment in the Company. If the stockholder should invoke governmental protection in violation of this agreement, its shares could be forfeited to the Mexican government.

*Exclusive Jurisdiction.* Our bylaws provide that legal action relating to the execution, interpretation or performance of the bylaws shall be brought only in federal courts located in Mexico City.

*Duration.* Our corporate existence under our bylaws continues until 2106.

*Dissolution or Liquidation.* Upon any dissolution or liquidation of our company, our stockholders will appoint one or more liquidators at an extraordinary general stockholders' meeting to wind up our affairs. The approval of holders of the majority of the Series "A" Shares is necessary to appoint or remove any liquidator. Upon a dissolution or liquidation, holders of Series "D" Shares will be entitled to both accrued but unpaid dividends in respect of their Series "D" Shares, plus the theoretical value of their Series "D" Shares (as set forth in our bylaws). The theoretical value of our Series "D" Shares is Ps.0.00578647458969 per share. Thereafter, a payment per share will be made to each of the holders of Series "A" Shares, Series "B" Shares and Series "L" Shares equivalent to the payment received by each of the holders of Series "D" Shares. The remainder will be distributed equally among all stockholders in proportion to their number of Shares and amount paid.

*Redemption.* Our bylaws provide that we may redeem our Shares with distributable profits without reducing our capital stock by way of a stockholder resolution at an extraordinary stockholders' meeting. In accordance with Mexican law and our bylaws:

● any redemption shall be made on a pro-rata basis among all of our stockholders;

● to the extent that a redemption is effected through a public tender offer on the Mexican Stock Exchange, the stockholders' resolution approving the redemption may empower our Board to specify the number of shares to be redeemed and appoint the related intermediary or purchase agent; and

● any redeemed shares must be cancelled.

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*Share Repurchases.* As provided by Mexican law, our bylaws allow us to repurchase our Shares on the Mexican Stock Exchange at then prevailing market prices. The amount of capital stock allocated to share repurchases and the amount of the corresponding reserve created for this purpose is determined annually by our stockholders at an ordinary general stockholders' meeting. The aggregate amount of resources allocated to share repurchases in any given year cannot exceed the total amount of our net profits in any given year, including retained earnings. Share repurchases must be charged to either our net worth if the repurchased Shares remain in our possession or our capital stock if the repurchased Shares are converted into treasury shares, in which case our capital stock is reduced automatically in an amount equal to the theoretical value of any repurchased Shares, if any. Any surplus is charged to the reserve for share repurchases. If the purchase price of the Shares is less than the theoretical value of the repurchased Shares, our capital stock account will be affected by an amount equal to the theoretical value of the repurchased Shares. Under Mexican law, we are not required to create a special reserve for the repurchase of shares, nor do we need the approval of our Board to effect share repurchases. In addition, any repurchased Shares cannot be represented at any stockholders' meeting.

*Conflicts of Interest.* Under the Mexican Securities Market Law, any stockholder that votes on a transaction in which his, her or its interests conflict with our interests may be liable for damages, but only if the transaction would not have been approved without his, her or its vote. In addition, any member of the Board of Directors that votes on a transaction in which his, her or its interests conflict with our interests may be liable for damages. The Mexican Securities Market Law also imposes a duty of care and a duty of loyalty on directors as described in "Directors, Senior Management and Employees — Our Board of Directors — Duty of Care and Duty of Loyalty" in the Form 20-F. In addition, pursuant to the Mexican Securities Market Law, the Board of Directors, with input from the Corporate Practices Committee, must review and approve transactions and arrangements with related parties.

*Appraisal Rights and Other Minority Protections.* Whenever our stockholders approve a change in our corporate purpose or jurisdiction of organization or our transformation from one type of company to another, any stockholder entitled to vote that did not vote in favor of these matters has the right to receive payment for its Series "A" Shares, Series "B" Shares, Series "D" Shares or Series "L" Shares in an amount calculated in accordance with Mexican law. However, stockholders must exercise their appraisal rights within fifteen days after the stockholders' meeting at which the matter was approved. Because the holders of Series "L" Shares and Series "D" Shares may only vote in limited circumstances, appraisal rights are generally not available to them. See "Voting Rights and Stockholders' Meetings" above.

Because the CPO Trustee must vote at a general stockholders' meeting, the Series "A" Shares, Series "B" Shares and Series "D" Shares held by non-Mexicans through the CPO Trust will be voted by individuals appointed by the Technical Committee of the CPO Trust, in the same manner as the majority of the Series "A" Shares held by Mexican nationals (directly, or through the CPO Trust, as the case may be). As a result, the Series "A" Shares, Series "B" Shares and Series "D" Shares underlying CPOs held by non-Mexicans will not be voted against any change that triggers the appraisal rights of the holders of these Shares. Therefore, these appraisal rights will not be available to holders of CPOs (or GDRs) with respect to Series "A" Shares, Series "B" Shares or Series "D" Shares.

The Mexican Securities Market Law and our bylaws include provisions that permit:

● holders of at least 10% of our outstanding capital stock to request our Chairman of the Board or of the Audit Committee or Corporate Practices Committee to call a stockholders' meeting in which they are entitled to vote;

● subject to the satisfaction of certain requirements under Mexican law, holders of at least 5% of our outstanding capital stock to bring an action for civil liabilities against our directors;

● holders of at least 10% of our Shares that are entitled to vote and are represented at a stockholders' meeting to request postponement of resolutions with respect to any matter on which they were not sufficiently informed; and

● subject to the satisfaction of certain requirements under Mexican law, holders of at least 20% of our outstanding capital stock to contest and suspend any stockholder resolution.

------

In addition, in accordance with the Mexican Securities Market Law, we are also subject to certain corporate governance requirements, including the requirement to maintain an audit committee and a corporate practices committee, and to elect independent directors. The protections afforded to minority stockholders under Mexican law are generally different from those in the U.S. and many other jurisdictions. Substantive Mexican law concerning fiduciary duties of directors has not been the subject of extensive judicial interpretation in Mexico, unlike many states in the U.S. where duties of care and loyalty elaborated by judicial decisions help to shape the rights of minority stockholders. Furthermore, despite the fact that recent amendments to the Mexican Federal Code of Civil Procedures have provided for certain types of class actions, these actions are limited to subject matters related to the use of goods or the provision of public or private services, as well as environmental matters. Therefore, Mexican civil procedure does not contemplate class actions or stockholder derivative actions, which permit stockholders in U.S. courts to bring actions on behalf of other stockholders or to enforce rights of the corporation itself. Stockholders in Mexico also cannot challenge corporate actions taken at stockholders' meetings unless they meet stringent procedural requirements. See "Voting Rights and Stockholders' Meetings" above. As a result of these factors, it is generally more difficult for our minority stockholders to enforce rights against us or our directors or Major Stockholders than it is for stockholders of a corporation established under the laws of a state of the U.S. In addition, under U.S. securities laws, as a foreign private issuer we are exempt from certain rules that apply to domestic U.S. issuers with equity securities registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act, including the proxy solicitation rules. We are also exempt from many of the corporate governance requirements of the New York Stock Exchange.

**Antitakeover Protections**

*General*. Our bylaws provide that, subject to certain exceptions: (i) any person that individually or together with any related party, that intends to acquire, directly or indirectly, in one or successive acts, beneficial ownership of ordinary Shares (as defined below) which, when coupled with ordinary Shares previously beneficially owned, represent 10% or more of our outstanding ordinary Shares; (ii) any competitor, that individually or together with any Related Party, that intends to acquire, directly or indirectly, in one or successive acts, beneficial ownership of Shares which, when coupled with Shares previously beneficially owned by such competitor, group or their affiliates, represent 5% or more of our outstanding capital stock; (iii) any person that individually or together with any related party, that wishes to acquire, directly or indirectly, in one or successive acts, beneficial ownership of ordinary Shares representing 10% or more of our outstanding ordinary Shares; and (iv) any competitor that individually or together with any related party, that intends to acquire, directly or indirectly, in one or successive acts, beneficial ownership of Shares representing 5% or more of our capital stock, must obtain the prior approval of our Board of Directors and/or of our stockholders, as the case may be, subject to certain exceptions summarized below. Holders that acquire Shares in violation of these requirements will not be registered in our stock registry. Accordingly, these holders will not be able to vote such Shares or receive any dividends, distributions or other rights in respect of these Shares. In addition, pursuant to our bylaws, these holders will be obligated to pay us a penalty in an amount equal to the market value of the Shares so acquired. Pursuant to our bylaws, "Shares" are defined as the shares (of any class or series) representing our capital stock, and any instruments or securities that represent such shares or that grant any right with respect to or are convertible into those shares, expressly including CPOs; our Series "A" Shares and Series "B" Shares are our ordinary Shares.

Pursuant to our bylaws, a "competitor" is generally defined as any person or entity dedicated, directly or indirectly, to any of the following businesses or activities: television production and broadcasting, pay-TV production, program licensing, DTH satellite services, publishing (newspaper and/or magazine), publishing distribution, music recording, cable television, the transmission of programming and/or other content by any other means known or to be known, radio broadcasting and production, the promotion of professional sports and other entertainment events, paging services, production, feature film/motion picture production and distribution, dubbing and/or the operation of an Internet portal. A "competitor" is also defined to include any person, entity and/or group that is engaged in any type of business or activity in which we may be engaged from time to time and from which we derive 5% or more of our consolidated income.

------

*Board Notices, Meetings, Quorum Requirements and Approvals*. To obtain the prior approval of our Board, a potential acquiror must properly deliver a written notice that states, among other things: (i) the number and class/type of our Shares it beneficially owns; (ii) the percentage of Shares it beneficially owns with respect to both our outstanding capital stock and the respective class/type of our Shares; (iii) the number and class/type of Shares it intends to acquire; (iv) the number and class/type of Shares it intends to grant or share a common interest or right; (v) its identity, or in the case of an acquiror which is a corporation, trust or legal entity, its stockholders or beneficiaries as well as the identity and nationality of each person effectively controlling such corporation, trust or legal entity; (vi) its ability to acquire our Shares in accordance with our bylaws and Mexican law, (vii) its source of financing the intended acquisition; (viii) if it has obtained any financing from one of its related parties for the payment of the Shares; (ix) the purpose of the intended acquisition; (x) if it intends to acquire additional Shares in the future; which coupled with the current intended acquisition of ordinary Shares and the ordinary Shares previously beneficially owned by the potential acquiror, would result in ownership of 20% or more of our ordinary Shares; (xi) if it intends to acquire control of us in the future; (xii) if the acquiror is our competitor or if it has any direct or indirect economic interest in or family relationship with one of our competitors; and (xiii) the identity of the financial institution, if any, that will act as the underwriter or broker in connection with any tender offer.

Either the Chairman, the Secretary or the Alternate Secretary of our Board of Directors must call a Board meeting within 10 calendar days following the receipt of the written notice. Action by written consent is not permitted. With the exception of acquisitions that must be approved by the general extraordinary stockholders' meeting as described below in "—Stockholder Notices, Meetings, Quorum Requirements and Approvals" in order to proceed with any acquisition of Shares that require Board authorization as set forth in our bylaws, such acquisition must be approved by at least the majority of the members of our Board present at a meeting at which at least 75% of the members of our Board are present. Such acquisitions must be acted upon by our Board within 60 calendar days following the receipt of the written notice described above, unless the Board determines that it does not have sufficient information upon which to base its decision. In such case, the Board shall deliver a written request to the potential acquiror for any additional information that it deems necessary to make its determination. The 60 calendar days referred to above will commence following the receipt of the additional information from the potential acquiror to render its decision.

*Stockholder Notices, Meetings, Quorum Requirements and Approvals*. In the event: (i) of a proposed acquisition of Shares that would result in a "change of control"; (ii) that our Board cannot hold a Board meeting for any reason; (iii) of a proposed acquisition by a competitor and having certain characteristics; or (iv) that the Board determines that the proposed acquisition must be approved by our stockholders at a general extraordinary stockholders' meeting, among others, then the proposed acquisition must be approved by the holders of at least 75% of our outstanding ordinary Shares at a general extraordinary stockholders' meeting (both in the case of first and subsequent calls) at which the holders of at least 85% of our outstanding ordinary Shares are present. In addition, any proposed merger, spin-off, or capital increase or decrease which results in a change of control must also be approved by the holders of at least 75% of our outstanding ordinary Shares at a general extraordinary stockholders' meeting (both in the case of first and subsequent calls) at which the holders of at least 85% of our outstanding ordinary Shares are present. Pursuant to our bylaws, a "change of control" is defined as the occurrence of any of the following: (i) the acquisition or transfer of ownership of a majority of our outstanding ordinary Shares; (ii) the ability of a person, entity or group, other than the person who currently has the ability to, directly or indirectly, elect a majority of the members of our Board of Directors, to elect a majority of the members of our Board of Directors; or (iii) the ability of a person, entity or group, other than the person who currently has the ability to, directly or indirectly, determine our administrative decisions or policies, to determine our administrative decisions or policies. In the event that the general extraordinary stockholders' meeting must approve the proposed acquisition, either the Chairman, the Secretary or the Alternate Secretary of our Board of Directors must publish a call for a general extraordinary stockholders' meeting in the Publications System of the Ministry of Economy at least 30 calendar days prior to such meeting (both in the case of first and subsequent calls). Once the call for the general extraordinary stockholders' meeting has been published, all information related to the agenda for the meeting must be available for review by the holders of Shares at the offices of our Secretary.

------

*Mandatory Tender Offers in the Case of Certain Acquisitions*. If either our Board of Directors or our stockholders at a general extraordinary stockholders' meeting, as the case may be, authorize an acquisition of ordinary Shares which increases the acquiror's ownership to 20% or more, but not more than 50%, of our outstanding ordinary Shares, without such acquisition resulting in a change of control, then the acquiror must effect its acquisition by way of a cash tender offer for a specified number of Shares equal to the greater of (x) the percentage of ordinary Shares intended to be acquired or (y) 10% of our outstanding capital stock. In the event that our stockholders approve an acquisition that would result in a change of control, the acquiror must effect its acquisition by way of a cash tender offer for 100% of our total outstanding capital stock at a price which cannot be lower than the highest of the following: (i) the book value of the ordinary Shares and CPOs as reported on the last quarterly income statement approved by the Board of Directors, (ii) the highest closing price of the ordinary Shares, on any stock exchange during any of the three hundred-sixty-five (365) days preceding the date of the stockholders' resolution approving the acquisition; or (iii) the highest price paid for any Shares, at any time by the acquiror. All tender offers must be made in Mexico and the U.S. within 60 days following the date on which the acquisition was approved by our Board of Directors or stockholders' meeting, as the case may be. All holders must be paid the same price for their ordinary Shares. The provisions of our bylaws summarized above regarding mandatory tender offers in the case of certain acquisitions are generally more stringent than those provided for under the Mexican Securities Market Law. In accordance with the Mexican Securities Market Law, bylaw provisions regarding mandatory tender offers in the case of certain acquisitions may differ from the requirements set forth in such law, provided that those provisions are more protective to minority stockholders than those afforded by law. In these cases, the relevant bylaw provisions, and not the relevant provisions of the Mexican Securities Market Law, will apply to certain acquisitions specified therein.

*Amendments to the Antitakeover Provisions*. Any amendments to these antitakeover provisions must be registered before the Public Registry of Commerce at our corporate domicile.

------

## Exhibit 8.1

**Exhibit 8.1**

**Grupo Televisa, S.A.B.**

**Subsidiaries, Associates and Joint Ventures**

**as of December 31, 2025**

---

| | |
|:---|:---|
| **Name of Company** | **Country of Incorporation** |
| Acctel, S.A. de C.V. (\*) (2) | Mexico |
| Corporativo Vasco de Quiroga, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokers Mol, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable y Comunicación de Morelia, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable TV Internacional, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablemás Telecomunicaciones, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apoyo Telefónico Cablemás, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aryadeba, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablemás International Telecomm, LLC (1) | United States of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caredteletv Servicios Administrativos FTTH de México, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CM Equipos y Soporte, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constructora Cablemás, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Mapsani, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desarrollos H5, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DKM Broker, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTH Europa, S.A.U. | Spain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresas Cablevisión, S.A.B. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milar, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablebox, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablestar, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bestel USA, Inc. | United States of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operbes, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicios Operbes, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevisión, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexicano de Cable, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integravisión de Occidente, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicios Cablevisión, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicios Técnicos Cablevisión, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (\*) | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inmobiliaria Cablemás, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Com-M Servicios, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operadora de Redes, S.A. de C.V. (\*) (1) | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profesionales en Ventas y Mercadeo, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Ángel Telecom, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicios Administrativos Cablemás, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky DTH, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innova Holdings, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innova, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporación Novaimagen, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporación Novavisión, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporación Satelital Novavisión Dominicana, S.A.S. | Dominican Republic |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novavision Group, Inc. | United States of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novavisión Honduras, S.A. de C.V. | Honduras |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novavisión Panamá, S.A. | Panama |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Visión de Panamá, S.A. | Panama |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Manor, S.R.L. | Spain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicios Directos de Satélite, S.A. | Costa Rica |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky El Salvador, S.A. de C.V. | El Salvador |

---

------

---

| | |
|:---|:---|
| **Name of Company** | **Country of Incorporation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisión Novavisión de Guatemala, S.A. | Guatemala |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporación de Radio y Televisión del Norte de México, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Nicaragua, S.A. | Nicaragua |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novabox, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicios Corporativos de Telefonía, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicios Novasat, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tele Cable de Michoacán, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisión Internacional, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Administradora, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Servicios Corporativos, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Servicomunicación, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;México Red de Telecomunicaciones, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metrored Telecom Services, Inc. | United States of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multibip, S.A. de C.V. (1) | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sintonia Fina, S.A. de C.V. (1) | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Técnica Avanzada en Cableados, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televicable Regional, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIN, S.A. de C.V. | Mexico |
| Flyacross, S.A. de C.V. (\*) | Mexico |
| Grupo Comunicación y Esfuerzo Comercial, S.A. de C.V. (2) | Mexico |
| Grupo Telesistema, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altavista Sur Inmobiliaria, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Rent Acuario, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa Argentina, S.A. (1) | Argentina |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporativo TD Sports, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coisa, Consultores Industriales, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;En Vivo Espectáculos, S. de R.L. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Televisa-D, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medios y Estrategias Promocionales, S.A. de C.V. (2) | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexvisa Ltd. | Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountrigi Management Group Ltd. | Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operadora Dos Mil, S.A. de C.V. (2) | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisión Independiente de México, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio Televisión, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleimagen del Noroeste, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telemercado Alameda, S. de R.L. de C.V. (\*) (2) | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televimex, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisora de Navojoa, S.A. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisora de Occidente, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisora Peninsular, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terma, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Todos Los Jugadores, S.A. de C.V. (\*) | Mexico |
| Marcas y Desarrollos, S.A. de C.V. (\*) (1) | Mexico |
| Mednet, S.A. de C.V. (\*) (2) | Mexico |
| Multimedia CTI, S.A. de C.V. | Mexico |
| Multimedia Telecom, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TelevisaUnivision, Inc. and subsidiaries (\*) | United States of America |

---

------

---

| | |
|:---|:---|
| **Name of Company** | **Country of Incorporation** |
| Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (\*) | Mexico |
| Productora Contadero, S.A. de C.V. (\*) (1) | Mexico |
| Promo-Industrias Metropolitanas, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribuidora Panamex, S.A. (1) | Panama |
| Televisa Corporación, S.A. de C.V. | Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administradora de Prestaciones Sociales, S.C. | Mexico |
| TelevisaUnivision, Inc. and subsidiaries (\*) | United States of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(\*) Associate or Joint Venture. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Without current operations. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In Process of liquidation. |  |

---

------

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Alfonso de Angoitia Noriega, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 |  |  |
|  | By: | /s/ Alfonso de Angoitia Noriega |
|  |  | Name: Alfonso de Angoitia Noriega |
|  |  | Title: Co-Chief Executive Officer |

---

------

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Bernardo Gómez Martínez, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 |  |  |
|  | By: | /s/ Bernardo Gómez Martínez |
|  |  | Name: Bernardo Gómez Martínez |
|  |  | Title: Co-Chief Executive Officer |

---

------

## Exhibit 12.3

**Exhibit 12.3**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Carlos Phillips Margain, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 |  |  |
|  | By: | /s/ Carlos Phillips Margain |
|  |  | Name: Carlos Phillips Margain |
|  |  | Title: Chief Financial Officer |

---

------

## Exhibit 13.1

**Exhibit 13.1**

**GRUPO TELEVISA, S.A.B.**

**SECTION 906 CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

I, Alfonso de Angoitia Noriega, Co-Chief Executive Officer of Grupo Televisa, S.A.B. (the "Company"), hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company's annual report on Form 20-F for the fiscal year ended December 31, 2025, to which this statement is filed as an exhibit (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 |  |  |
|  | By: | /s/ Alfonso de Angoitia Noriega |
|  |  | Name: Alfonso de Angoitia Noriega |
|  |  | Title: Co-Chief Executive Officer |

---

------

## Exhibit 13.2

**Exhibit 13.2**

**GRUPO TELEVISA, S.A.B.**

**SECTION 906 CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

I, Bernardo Gómez Martínez, Co-Chief Executive Officer of Grupo Televisa, S.A.B. (the "Company"), hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company's annual report on Form 20-F for the fiscal year ended December 31, 2025, to which this statement is filed as an exhibit (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 |  |  |
|  | By: | /s/ Bernardo Gómez Martínez |
|  |  | Name: Bernardo Gómez Martínez |
|  |  | Title: Co-Chief Executive Officer |

---

------

## Exhibit 13.3

**Exhibit 13.3**

**GRUPO TELEVISA, S.A.B.**

**SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Carlos Phillips Margain, Chief Financial Officer of Grupo Televisa, S.A.B. (the "Company"), hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company's annual report on Form 20-F for the fiscal year ended December 31, 2025, to which this statement is filed as an exhibit (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 |  |  |
|  | By: | /s/ Carlos Phillips Margain |
|  |  | Name: Carlos Phillips Margain |
|  |  | Title: Chief Financial Officer |

---

------

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements on Form S-8 (No. 333-126827) and Form F-3 (No. 333-289316) of our reports dated April 30, 2026, with respect to the consolidated financial statements of Grupo Televisa, S.A.B. and the effectiveness of internal control over financial reporting.

/s/ KPMG Cardenas Dosal, S. C.

Mexico City, Mexico

April 30, 2026

------

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT AUDITORS**

We consent to the incorporation by reference in the following Registration Statements of Grupo Televisa, S.A.B.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Registration Statement on Form S-8 (No. 333-126827); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Registration Statement on Form F-3 (No. 333-289316).

of our report dated April 15, 2024, with respect to the consolidated financial statements of TelevisaUnivision, Inc. included in this Annual Report on Form 20-F of Grupo Televisa, S.A.B. for the year ended December 31, 2025.

/s/ Ernst & Young LLP

New York, New York

April 30, 2026

------

## Exhibit 23.3

**Exhibit 23.3**

---

| |
|:---|
| &nbsp;&nbsp;![Graphic](tv-20251231xex23d3001.jpg)<br>|
| &nbsp;&nbsp;KPMG LLP<br>Brickell City Centre, Suite 1200<br>78 SW 7 Street<br>Miami, FL 33130 |

---

**Consent of Independent Auditors**

We consent to the incorporation by reference in the registration statements (No. 333-126827) on Form S-8 and (No. 333-289316) on Form F-3 of Grupo Televisa, S.A.B. of our report dated March 20, 2026, with respect to the consolidated financial statements of TelevisaUnivision, Inc., which report appears in the Form 20-F of Grupo Televisa, S.A.B. dated April 30, 2026.

/s/ KPMG LLP

Miami, Florida<br>April 30, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of<br>the KPMG global organization of independent member firms affiliated with KPMG<br>International Limited, a private English company limited by guarantee.<br>

------

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES 2025 Year End Financial Information |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES INDEX Page Financial Information: Reports of Independent Auditors............................................................................................................................... 3 Consolidated Balance Sheets at December 31, 2025 and December 31, 2024.......................................................... 7 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 .......................... 8 Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024, and 2023 ........................................................................................................................................................................... 9 Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity for the years ended December 31, 2025, 2024, and 2023 ............................................................................................... 10 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 ......................... 11 Notes to Consolidated Financial Statements.............................................................................................................. 12 2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG LLP Brickell City Centre, Suite 1200 78 SW 7 Street Miami, FL 33130 KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Independent Auditors' Report The Board of Directors and Stockholders TelevisaUnivision, Inc.: Opinion We have audited the consolidated financial statements of TelevisaUnivision, Inc. and its subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of operations, comprehensive income (loss), changes in redeemable convertible preferred stock and stockholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes to the consolidated financial statements. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in accordance with U.S. generally accepted accounting principles. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the consolidated financial statements are issued. Auditors' Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements. 3 |

---

![GRAPHIC](tv-20251231xex99d1g004.jpg) In performing an audit in accordance with GAAS, we: ● Exercise professional judgment and maintain professional skepticism throughout the audit. ● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. ● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed. ● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements. ● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Miami, Florida March 20, 2026 4

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst & Young LLP 1 Manhattan West New York, NY 10001-2177 Tel: +1 212 773 3000 Fax: +1 212 773 6350 ey.com Report of Independent Auditors Board of Directors and Stockholders of TelevisaUnivision, Inc. and subsidiaries Opinion We have audited the consolidated financial statements of TelevisaUnivision, Inc. and subsidiaries (the Company), which comprise the consolidated statements of operations, comprehensive (income) loss, changes in redeemable convertible preferred stock and stockholders' equity and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the accompanying financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2023 in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit. 5 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. April 15, 2024 6 |

---

---

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents ............................................................................................................................ $439,500 $329,800 Accounts receivable, net............................................................................................................................... 1,127,400 1,032,200 Current portion of program rights and prepayments, net.............................................................................. 345,000 122,700 Income taxes................................................................................................................................................. 223,100 222,000 Prepaid expenses and other current assets.................................................................................................... 246,100 224,400 Total current assets............................................................................................................................. 2,381,100 1,931,100 Property and equipment, net.................................................................................................................................... 997,400 955,500 Intangible assets, net................................................................................................................................................ 4,496,300 4,678,800 Goodwill.................................................................................................................................................................. 5,797,100 5,528,600 Program rights and prepayments, net ...................................................................................................................... 719,900 1,094,600 Investments.............................................................................................................................................................. 419,400 296,900 Operating lease right-of-use assets, net................................................................................................................... 166,400 162,200 Deferred tax assets................................................................................................................................................... 217,200 154,100 Other assets.............................................................................................................................................................. 69,300 71,200 Total assets .............................................................................................................................................................. $15,264,100 $14,873,000 LIABILITIES, REDEEMABLE CONVERTIBLE STOCK AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities...................................................................................................... $1,057,400 $1,024,600 Current deferred revenue .............................................................................................................................. 420,000 224,300 Current operating lease liabilities................................................................................................................. 41,700 43,400 Current portion of long-term debt and finance lease obligations ................................................................. 75,100 158,600 Total current liabilities....................................................................................................................... 1,594,200 1,450,900 Long-term debt and finance lease obligations......................................................................................................... 9,254,200 9,329,900 Deferred tax liabilities, net ...................................................................................................................................... 370,400 483,700 Non-current deferred revenue.................................................................................................................................. 14,300 115,100 Non-current operating lease liabilities..................................................................................................................... 143,200 141,800 Other long-term liabilities ....................................................................................................................................... 230,800 189,500 Total liabilities......................................................................................................................................................... 11,607,100 11,710,900 Redeemable Convertible Preferred Stock: Series A Preferred Stock, par value $1,000 per share, 500,000 authorized, none issued at December 31, 2025 and 2024 .................................................................................................................................................................. — — Series B Preferred Shares, par value $1,000 per share, 750,000 authorized and issued at December 31, 2025 and 2024 .................................................................................................................................................................. 852,600 852,600 Series C Preferred Shares, par value $1,000 per share, 1,008,640 authorized and 1,008,014 issued at December 31, 2025 and 2024 ................................................................................................................................................... 1,007,100 1,007,100 Stockholders' equity: Class A Common Stock, par value $0.001 per share, 50,000,000 authorized, 20,957,879 issued at December 31, 2025 and 20,256,986 issued at December 31, 2024 .......................................................................................... — — Class C Subordinated Common Stock, par value $0.001 per share, 5,000,000 authorized, none issued at December 31, 2025 and 842,128 issued at December 31, 2024.............................................................................. — — Additional paid-in-capital........................................................................................................................................ 3,569,300 3,508,200 Treasury stock.......................................................................................................................................................... (9600) (9600) Accumulated deficit................................................................................................................................................. (2378100) (2341800) Accumulated other comprehensive income............................................................................................................. 615,700 145,600 Total stockholders' equity ....................................................................................................................................... 1,797,300 1,302,400 Total liabilities, redeemable convertible preferred stock, and stockholders' equity............................................... $15,264,100 $14,873,000 See Notes to Consolidated Financial Statements. 7 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) Year Ended December 31, 2025 2024 2023 Revenues............................................................................................................. $4,827,200 $5,055,500 $4,928,000 Direct operating expenses................................................................................... 2,208,100 2,203,400 1,914,900 Selling, general and administrative expenses..................................................... 1,431,300 1,544,200 1,496,100 Impairment loss................................................................................................... 30,000 900,200 1,011,800 Restructuring, severance and related charges..................................................... 22,100 72,900 53,400 Depreciation and amortization............................................................................ 531,900 551,600 570,700 Gain on dispositions, net..................................................................................... (900) (155200) (27500) Operating income (loss)...................................................................................... 604,700 (61600) (91400) Other expense (income): Interest expense ............................................................................................. 712,600 725,600 695,800 Interest income ............................................................................................... (26400) (21200) (19800) (Gain) loss on refinancing of debt.................................................................. (31700) 9,400 (6900) Other, net........................................................................................................ (7500) 47,300 60,000 Loss before income taxes.................................................................................... (42300) (822700) (820500) (Benefit) provision for income taxes.................................................................. (6000) (157800) 33,500 Net loss ............................................................................................................... $(36300) $(664900) $(854000) See Notes to Consolidated Financial Statements. 8 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) Year Ended December 31, 2025 2024 2023 Net loss................................................................................................................. $(36300) $(664900) $(854000) Other comprehensive income, net of tax: Unrealized loss on hedging activities................................................................. (35400) (29200) (37200) Reclassification of hedging activities................................................................. (19700) (19400) (17400) Unrealized (loss) gain on pension activities, net of taxes................................... 2,200 (6600) (9100) Amortization of unrealized gain on pension activities, net of taxes................... (800) (1800) (1300) Currency translation adjustment......................................................................... 523,800 (823200) 605,300 Other comprehensive income (loss) ..................................................................... 470,100 (880200) 540,300 Comprehensive income (loss)............................................................................... $433,800 $(1545100) $(313700) See Notes to Consolidated Financial Statements. 9 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (In thousands) Redeemable Convertible Preferred Stock Common Stock Additional Paid-in-Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive Income Total Equity Shares '000 Amount Shares '000 Amount Balance, December 31, 2022 ................... 1,758 $1,859,700 19,565 $— $3,417,400 $(9600) $(822900) $485,500 $3,070,400 Net loss..................................................... — — — — — — (854000) — (854000) Other comprehensive income .................. — — — — — — — 540,300 540,300 Issuance of common stock....................... — — 147 — — — — — — Net share settlement on equity awards to employees............................................ — — 272 — — — — — — Share-Based compensation ...................... — — — — 87,800 — — — 87,800 Dividend payments.................................. — — — — (42400) — — — (42400) Balance, December 31, 2023 ................... 1,758 $1,859,700 19,985 $— $3,462,800 $(9600) $(1676900) $1,025,800 $2,802,100 Net loss..................................................... — — — — — — (664900) — (664900) Other comprehensive loss........................ — — — — — — — (880200) (880200) Net share settlement on equity awards to employees............................................ — — 272 — — — — — — Share-Based compensation ...................... — — — — 86,700 — — — 86,700 Dividend payments.................................. — — — — (41300) — — — (41300) Balance, December 31, 2024 ................... 1,758 $1,859,700 20,257 $— $3,508,200 $(9600) $(2341800) $145,600 $1,302,400 Net loss..................................................... — — — — — — (36300) — (36300) Other comprehensive income .................. — — — — — — — 470,100 470,100 Net share settlement on equity awards to employees ................................................ — — 285 — (1100) — — — (1100) Issuance of Class A common stock ........ — — 416 — — — — — — Share-Based compensation ...................... — — — — 14,700 — — — 14,700 Dividend payments.................................. — — — — (42300) — — — (42300) Capital contribution ................................. — — — — 89,800 — — — 89,800 Balance, December 31, 2025 ................... 1,758 $1,859,700 20,958 $— $3,569,300 $(9600) $(2378100) $615,700 $1,797,300 See Notes to Consolidated Financial Statements 10 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2025 2024 2023 Cash flows from operating activities: Net loss............................................................................................................................................................... $(36300) $(664900) $(854000) Adjustments to reconcile net loss to net cash provided by operating activities:................................................ Depreciation................................................................................................................................................... 217,800 216,000 223,300 Amortization of intangible assets................................................................................................................... 314,100 335,600 347,400 Amortization of deferred financing costs ...................................................................................................... 20,700 18,900 15,400 Amortization and impairment of program rights and prepayments............................................................... 1,339,500 1,133,300 889,300 Deferred income taxes................................................................................................................................... (139400) (337700) (81800) Non-cash deferred advertising commitments................................................................................................ (71800) (71700) (37300) Impairment loss.............................................................................................................................................. 30,000 900,200 1,011,800 (Gain) loss on refinancing of debt ................................................................................................................. (31700) 9,400 — Share-based compensation............................................................................................................................. 14,700 86,700 87,800 Gain on dispositions, net................................................................................................................................ (900) (155200) (27500) Other non-cash items..................................................................................................................................... (59700) (6700) 12,900 Changes in assets and liabilities: Accounts receivable, net ......................................................................................................................... (151900) 70,500 (181300) Program rights and prepayments, net...................................................................................................... (1129200) (1140300) (1345100) Prepaid expenses and other..................................................................................................................... (51000) 18,900 (42000) Accounts payable and accrued liabilities................................................................................................ 9,600 46,400 (21100) Deferred revenue..................................................................................................................................... 34,000 6,900 75,200 Other long-term liabilities....................................................................................................................... 19,300 (65200) 40,500 Other assets............................................................................................................................................. 3,100 13,600 (10500) Net cash provided by operating activities.......................................................................................................... 330,900 414,700 103,000 Cash flows from investing activities: Capital expenditures....................................................................................................................................... (119400) (115300) (168400) Proceeds on sale of assets.............................................................................................................................. 1,400 166,000 1,200 Investments and other, net ............................................................................................................................. — 8,700 (67400) Acquisition of businesses, net of cash acquired............................................................................................. — — 100 Net cash (used in) provided by investing activities............................................................................................ (118000) 59,400 (234500) Cash flows from financing activities: Proceeds from issuance of long-term debt..................................................................................................... 2,263,600 2,093,100 1,503,500 Payments of long-term debt and finance leases............................................................................................. (2450300) (2446800) (1708600) Payments of refinancing fees and others ....................................................................................................... (30700) (20900) (14200) Proceeds from swap interest .......................................................................................................................... 51,300 75,200 70,600 Dividend payments........................................................................................................................................ (42300) (41300) (42400) Capital contribution ....................................................................................................................................... 89,800 — — Net cash used in financing activities.................................................................................................................. (118600) (340700) (191100) Net increase in cash, cash equivalents, and restricted cash................................................................................ 94,300 133,400 (322600) Effect of exchange rate changes on cash, cash equivalents, and restricted cash................................................ 15,500 (29000) 4,900 Cash, cash equivalents, and restricted cash, beginning of period ...................................................................... 331,900 227,500 545,200 Cash, cash equivalents, and restricted cash, end of period................................................................................. $441,700 $331,900 $227,500 Supplemental disclosure of cash flow information:........................................................................................... Interest paid ..................................................................................................................................................... $780,400 $691,900 $691,700 Income taxes paid............................................................................................................................................ $66,600 $99,600 $165,300 Finance lease obligations incurred to acquire assets....................................................................................... $53,000 $7,300 $8,800 See Notes to Consolidated Financial Statements. 11 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELEVISAUNIVISION INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2025 (Dollars in thousands, except share and per-share data, unless otherwise indicated) 1. Company Background Nature of operations—TelevisaUnivision, Inc. ("TelevisaUnivision" or "the Company"), (formerly known as Univision Holdings II, Inc. ("UH Holdco") or Searchlight III UTD L.P. ("Searchlight")) is a holding company and the ultimate parent of Univision Communications Inc. Searchlight was originally formed on February 19, 2020 and held a 26.04% equity investment in Univision Holdings, Inc. ("UHI"). UH Holdco became the owner of 100% of the issued and outstanding capital stock of UHI on May 18, 2021. UHI owns Broadcast Media Partners Holdings, Inc. ("Broadcast Holdings") which owns Univision Communications Inc. (together with its subsidiaries, collectively referred to herein as "UCI"), has operations in linear/digital (formerly Media Networks) and radio. UH Holdco was renamed TelevisaUnivision upon the completion of the TelevisaUnivision Transaction (see "TelevisaUnivision Transaction" below). TelevisaUnivision together with its subsidiaries, are collectively referred to herein as the "Company", except where the context indicates otherwise. TelevisaUnivision features the largest Spanish-language library of owned content and industry-leading production capabilities that power its streaming, digital and linear television offerings, as well as its radio platforms. The Company's linear networks include the top-rated broadcast networks Univision and UniMás in the United States ("U.S.") and Las Estrellas, Foro TV, Canal 5 and Canal 9 in Mexico. TelevisaUnivision is home to 38 Spanish- language cable networks, including Galavisión and TUDN, the No. 1 Spanish-language sports network in the U.S. and Mexico. With the most compelling portfolio of Spanish-language sports rights in the world, the Company has solidified itself as the home of soccer. The Company also owns and manages 59 local television stations across the U.S., and 16 local television stations in Mexico and Videocine studio. The Company is home to premium streaming services ViX, which host over 50,000 hours of high-quality, original Spanish-language programming from distinguished producers and top talent. The Company's prominent digital assets include Univision.com, Univision NOW, and several top-rated digital apps. The Radio operations, known as the Uforia Audio Network, the Home of Latin Music, which encompasses 35 owned or operated U.S. radio stations, a live event series and a robust digital audio footprint. Additionally, the Company incurs corporate expenses separate from the linear/digital and radio operations, which include general corporate overhead and unallocated, shared company expenses related to human resources, finance, legal and executive services, all of which are centrally managed and support the Company's operating and financing activities. TelevisaUnivision Transaction—On January 31, 2022 Grupo Televisa, S.A.B ("Televisa"; NYSE:TV; BMV:TLEVISA CPO) and UH Holdco (together with its wholly owned subsidiary, UCI) announced the completion of the transaction between Televisa's media content and production assets and UCI (the "TelevisaUnivision Transaction"). The combined new company, which was named TelevisaUnivision, Inc., created the world's leading Spanish-language media and content company. TelevisaUnivision produces and delivers premium content for its own platforms and for others, while also providing innovative solutions for advertisers and distributors globally. As a result of the TelevisaUnivision Transaction, TelevisaUnivision reaches nearly 60% of the respective TV audiences in both the U.S. and Mexico. Across television, digital, streaming, and audio, the Company reaches over 100 million Spanish speakers every day, holding leading positions in both markets. Disposition of non-core broadcast tower assets—On September 6, 2024, UCI sold a portion of its non-core tower portfolio for $166.0 million, and simultaneously entered into an operating lease for the respective broadcast tower assets needed to operate UCI's linear network business (the "Tower Assets Sale"). The disposed non-core radio broadcast tower assets had a carrying amount of $1.3 million. UCI recorded a gain on dispositions related to the Tower Assets Sale of $160.4 million in the consolidated statement of operations. UCI used proceeds from the Tower Assets Sale to make a $150.0 million partial repayment of the 2026 term loans on September 16, 2024. 2. Summary of Significant Accounting Policies Basis of presentation—The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States. Principles of consolidation—The consolidated financial statements include the accounts and operations of the Company and its majority owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated. Non-controlling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity. Non-controlling interest is recorded for the portion of an investment's equity which is not controlled by the Company. The Company has 12 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consolidated the special purpose entities associated with its accounts receivable facility (see Note 13. Debt). This determination was based on the fact that these special purpose entities lack sufficient equity to finance their activities without additional support from the Company and, additionally, that the Company retains the risks and rewards of their activities. The consolidation of these special purpose entities does not have a significant impact on the Company's consolidated financial statements. The Company accounts for investments over which it has significant influence, but not a controlling financial interest using the equity method of accounting. Under the equity method of accounting, the Company's share of the earnings and losses of these companies is included in "Other, net" in the accompanying consolidated statements of operations of the Company. For equity investments which are not accounted for under the equity method, the Company measures these investments at fair value, with changes in fair value recognized in earnings. The Company holds equity positions in several small early-stage entities which may not have readily determinable fair values. For such securities, the Company utilizes the measurement alternative to carry these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. A security will be considered identical or similar if it has identical or similar rights to the equity securities held by the Company. The Company reviews its investments in equity securities without readily determinable fair values for impairment during each reporting period when qualitative factors exist or events that indicate possible impairment. Factors that the Company considers in making this determination include, but are not limited to, negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. When indicators of impairment exist, the Company prepares quantitative assessments of the fair value of its investments in equity securities, which require judgment and the use of estimates. When the Company's assessment indicates that the fair value of the investment is below its carrying amount, the Company writes down the investment to its fair value and records the corresponding charge in "Other, net", within the Company's consolidated statements of operations. Use of estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses, including impairments, during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but not limited to, estimated credit losses, business combinations, shared-based compensation, the valuation of derivatives, pension and post-retirement benefits, lease assets and liabilities, investments, property, plant and equipment, definite lived intangibles, the recoverability of goodwill and indefinite-lived intangible assets; amortization of program rights and prepayments; the fair value of equity securities without readily determinable fair values; and reserves for income tax uncertainties and other contingencies. Reclassifications— Certain reclassifications have been made to the prior years' financial information to conform to the current year presentation. Foreign Currency—The reporting currency of the Company is the U.S. dollar. The functional currency of most of the Company's international subsidiaries is the local currency. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in "Other, net". For the years ended December 31, 2025, 2024, and 2023, the Company recorded a total foreign currency transaction gain of $15.2 million, a loss of $11.7 million and a loss of $2.6 million, respectively, within "Other, net" in the consolidated statement of operations. Cash equivalents—The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Fair value measurements—The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date; • Level 2 Inputs: Other than quoted prices included in Level 1, inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; or 13 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Revenue—Revenue is recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those services or goods. Revenues do not include taxes collected from customers on behalf of taxing authorities such as sales tax and value-added tax. Advertising—The Company generates advertising revenue from the sale of commercial time on broadcast and cable networks, local television and radio stations. The Company also generates revenue from the sale of display, mobile and video advertising, as well as sponsorships on our various digital properties. In some cases, the network advertising sales are subject to ratings guarantees that require the Company to provide additional advertising time if the guaranteed audience levels are not achieved. Revenues for any audience deficiencies are deferred until the guaranteed audience levels are achieved through the Company's provision of additional advertising time. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date. Advertising revenue from the sale of advertising on broadcast and cable networks, local television and radio stations is recognized when advertising spots are aired and performance guarantees, if any, are achieved. The achievement of performance guarantees related to U.S. broadcasting operations are based on audience ratings from an independent research company. If there is a guarantee to deliver a targeted audience rating, revenues are recognized based on the proportion of the audience rating delivered compared to the total guaranteed in the contract. For impression-based digital advertising, revenue is recognized when "impressions" are delivered, while revenue from non-impression-based digital advertising (primarily sponsorship) is recognized over the period that the advertisement runs. "Impressions" are defined as the number of times that an advertisement appears in pages viewed by users of the Company's digital properties. Sponsorship advertisement revenue is recognized ratably over the contract period. Subscription and licensing revenue consist of subscriber fees and program licensing: Subscriber Fees—These are charged for the right to view the programming content of the Company's broadcast networks, cable networks and stations through a variety of distribution platforms and viewing devices. Subscriber fee revenue is principally comprised of fees received from multichannel video programming distributors ("MVPDs") and third-party live streaming services ("virtual MVPD's") for authorizing carriage of the Company's networks and for retransmission consent of Univision and UniMás broadcast networks aired on the Company's owned television stations as well as fees for digital content. Typically, the Company's networks and stations are aired by MVPDs and virtual MVPDs pursuant to multi-year carriage agreements that provide for the level of carriage that the Company's networks and stations will receive, and if applicable, for annual rate increases. Subscriber fee revenue is largely dependent on market demand for the content that the Company provides, the contractual rate-per-subscriber negotiated in the agreements, and the number of subscribers that receive the Company's networks or content. Subscriber fees received from cable and satellite MVPDs are recognized as revenue in the period during which services are provided. Additionally, the Company's subscriber fee revenue includes monthly fees related to access to our Subscription Video on Demand ("SVOD") global streaming platform. Subscribers are billed on a monthly basis in advance of obtaining access to the platform. Subscription fees related to the SVOD service are recognized ratably over the term of the subscription. The Company also receives retransmission consent fees related to television stations that the Company does not own (referred to as "affiliates") that are affiliated with Univision and UniMás broadcast networks. The Company has agreements with its affiliates whereby the Company negotiates the terms of retransmission consent agreements for substantially all of its Univision and UniMás stations with MVPDs. As part of these arrangements, the Company shares the retransmission consent fees received with certain of its affiliates and records revenue on a net basis. Program Licensing—The Company licenses programming content for digital streaming and to other cable and satellite providers. Program licensing revenue is recognized when the content is delivered, and all related obligations have been satisfied. For licenses of internally-produced television programming, each individual episode delivered represents a separate performance obligation and revenue is recognized when the episode is made available to the licensee for exhibition and the license period has begun. All revenue is recognized only when it is probable that the Company will collect substantially all of the consideration for the program licensing. Other Revenue—The Company classifies revenue from contractual commitments (including non-cash advertising and promotional revenue) primarily related to Televisa as "Other Revenue". The Company also recognizes other revenue related to support 14 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;services provided to joint ventures and related to spectrum access in channel sharing arrangements. From time to time, the Company enters into transactions involving its spectrum. Program rights and prepayments—The Company produces and acquires program rights to exhibit programming on its broadcast and cable networks and one digital streaming platform. Program rights principally consist of television series, specials, movies, and sporting events. Program rights aired on the Company's broadcast and cable networks and digital streaming platforms is sourced from a wide range of third-party producers, wholly-owned production studios, and sports associations. Costs for internally-produced and acquired programming rights, including prepayments for such costs, are recorded within the non-current portion of "Program rights and prepayments, net" on the consolidated balance sheet, with the exception of content acquired with an initial license period of 12 months or less and prepaid sports rights expected to air within 12 months. The Company capitalizes costs for produced program rights, including direct production costs, development costs, and production overhead, of original programs when incurred. For licensed program rights, the costs incurred to acquire programming are capitalized as a program right and prepayment and a corresponding liability payable to the licensor are recorded when (i) the cost of the programming is reasonably determined; (ii) the programming has been accepted in accordance with the terms of the agreement; (iii) the programming is available for its first showing or telecast; and (iv) the license period has commenced. Programming rights and prepayments includes advance payments for rights to air sporting events that will take place in the future. For purposes of amortization and impairment, the capitalized content costs are classified based on their predominant monetization strategy. Programs rights are either monetized individually or as part of a film group. The substantial majority of our program rights and prepayments are predominantly monetized as a film group on our broadcast and cable networks and/or digital streaming platform. For programming rights that are predominantly monetized as part of our broadcast and cable networks film group, which includes licensed content and internally-produced television programs, capitalized costs are amortized based on an estimate of the timing of our usage of and benefit from such programming, generally resulting in an accelerated or straight-line amortization pattern. Programming rights that are predominantly monetized as part of our digital streaming platform are generally amortized on a straight-line basis over an initial estimated economic life of six (6) years or the lesser of a license period, if applicable. The Company has limited historical usage pattern or viewership information on its digital platform as it continues to scale subscribers. As we obtain more historical information, our estimate used to amortize our programming rights monetized on our digital streaming platform will be adjusted as necessary. Adjustments to projected usage are applied prospectively in the period of the change. Such changes in the future could be material. Programming costs that are predominantly monetized on an individual basis are amortized utilizing an individual-film-forecast-computation method over the title's life cycle based upon the ratio of current period revenue to estimated remaining total expected revenue. Licensed content for multi-year sports programming arrangements are generally amortized over the license period based on the ratio of current-period direct revenue to estimated remaining total direct revenue over the remaining contract period. Licensed content costs for entertainment programming are generally amortized over the shorter of the estimated period of benefit or licensed period. Amortization expense of program rights and prepayments is included in "Direct Operating Expense," in the Company's consolidated statement of operations. All program rights and prepayments on the Company's balance sheet are subject to regular recoverability assessments. The Company has a three-year development cycle which begins with the initial capitalization of the development costs. Those film development costs that have not been set for production are expensed within three years unless they are abandoned earlier, in which case these projects are written down to their estimated fair value in the period the decision to abandon the project is determined. The Company's predominant monetization strategy determines how the impairment testing is performed for program rights and prepayments whenever events or changes in circumstances indicate that the carrying amount of content monetized on its own or as a film group may exceed its estimated fair value. In addition, a change in the predominant monetization strategy is considered a triggering event for impairment testing before a title is accounted for as part of a film group. If the carrying amount of an individual monetized content or film group, exceeds the estimated fair value, an impairment charge will be recorded in the amount of the difference. For content that is predominately monetized individually, we utilize estimates including ultimate revenues and additional costs to be incurred (including exploitation and participation costs), in order to determine whether the carrying amount of the program rights is impaired. In the event the Company decides not to air a program or substantively abandon content due to lower viewership, an impairment loss reducing the corresponding asset to zero is recorded to reflect the programming asset abandonment. Accounting for goodwill, other intangibles and long-lived assets—Goodwill and other intangible assets with indefinite lives are tested annually for impairment on October 1 or more frequently if circumstances indicate a possible impairment exists. The Company first assesses the qualitative factors for reporting units that carry goodwill. A reporting unit is defined as an operating segment or one level below an operating segment. In performing a qualitative assessment, the Company considers relevant 15 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;events and circumstances that could affect the reporting unit fair value. These circumstances may include macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and entity-specific events, business plans, and strategy. The Company considers the totality of these events, in the context of the reporting unit, and determines if it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying amount, then no further testing is performed for that reporting unit. When a qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level. The quantitative impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying value exceeds the fair value, an impairment charge is recognized equal to the difference between the carrying value of the reporting unit and its fair value, considering the related income tax effect of any goodwill deductible for tax purpose. In performing the quantitative assessment, we measure the fair value of the reporting unit using a combination of the income and market approaches. The assessment requires us to make judgments and involves the use of significant estimates and assumptions. Under the income approach, the Company calculates the present value of the reporting unit's estimated future cash flows ("discounted cash flow analysis"). Significant estimates and assumptions include the amount and timing of expected future cash flow, risk-adjusted discount rates based on a weighted-average cost of capital ("WACC") adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting unit's ability to execute on its projected cash flows. The expected cash flows used in the income approach are based on the Company's most recent forecast and budget and, for years beyond the budget, the Company's estimates, which are based, in part, on forecasted growth rates. Assumptions used in the estimate of future cash flows, including the WACC, are assessed based on the reporting units' current results and forecasted future performance, as well as macroeconomic and industry specific factors. Determining fair value using a market approach considers multiples of financial metrics based on both acquisitions and trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is then applied to financial metrics to estimate the fair value of a reporting unit. The Company also has indefinite-lived intangible assets, such as television and radio broadcast licenses and tradenames. The Company's U.S. television and radio broadcast licenses have indefinite lives because the Company expects to renew them and renewals are routinely granted with little cost, provided that the licensee has complied with the applicable rules and regulations of the Federal Communications Commission ("FCC"). Historically, all material television and radio licenses that have been up for renewal have been renewed. Indefinite-lived intangible assets are tested for impairment annually or more frequently if circumstances indicate a possible impairment exists. The fair value of the television and radio broadcast licenses is determined using the direct valuation method or greenfield method which is classified as a Level 3 measurement. The Company's broadcast license impairment testing, significant unobservable inputs utilized included discount rates and terminal growth rates. Under the direct valuation method, the fair value of the television and radio broadcast licenses is calculated at the network or market level as applicable. The application of the direct valuation method attempts to isolate the income that is properly attributable to the television and radio broadcast licenses alone (that is, apart from tangible and identified intangible assets). It is based upon modeling a hypothetical "greenfield" build-up to a "normalized" enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for (or added) as part of the build-up process. Under the direct valuation method, it is assumed that rather than acquiring television and radio broadcast licenses as part of a going concern business, the buyer hypothetically develops television and radio broadcast licenses and builds a new operation with similar attributes from inception. Thus, the buyer incurs start-up costs during the build-up phase. Initial capital costs are deducted from the discounted cash flow model, which results in a value that is directly attributable to the indefinite-lived intangible assets. The key assumptions used in the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. The market revenue growth rate assumption is impacted by, among others, factors affecting the local advertising market for local television and radio stations. This data is populated using industry normalized information representing an average FCC license within a market. The Company is unable to predict the effect that further technological changes will have on the television and radio industry or the future results of its television and radio broadcast businesses. Univision Network and UniMás network programming is broadcast on the television stations. FCC broadcast licenses for television stations that are not dependent on network programming are tested for impairment at the local market level. Radio broadcast licenses are tested for impairment at the local market level. 16 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has the option to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. If the qualitative assessment determines that it is more likely than not that the fair value of the intangible asset is more than its carrying amount, then the Company concludes that the intangible asset is not impaired. If the Company does not choose to perform the qualitative assessment, or if the qualitative assessment determines that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, then the Company calculates the fair value of the intangible asset and compares it to the corresponding carrying value. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized for the excess carrying value over the fair value. Long-lived assets, such as property and equipment, intangible assets with definite lives, channel-sharing arrangements and program right prepayments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. Derivative instruments—The Company recognizes all derivative instruments as either assets or liabilities in the consolidated balance sheet at their respective fair values. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. For all hedging relationships, the Company formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument's effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. The Company also formally assesses, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions. For derivative instruments that are designated and qualify as part of a cash flow hedging relationship, the gain or loss on the derivative is reported as a component of other comprehensive (loss) income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments not designated as hedging instruments, the derivative is marked to market with the change in fair value recorded directly into interest expense. The Company classifies cash flows from its derivative transactions as cash flow from operating activities in the consolidated statement of cash flows. For derivative transactions that have an other-than-insignificant financing element, all cash flows are classified as cash flows from financing activities in the consolidated statement of cash flows. The Company discontinues hedge accounting prospectively when (i) it determines that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk; (ii) the derivative expires or is sold, terminated, or exercised; (iii) the cash flow hedge is de-designated because a forecasted transaction is not probable of occurring; or (iv) management determines to remove the designation of the cash flow hedge. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company continues to carry the derivative at its fair value on the consolidated balance sheet and recognizes any subsequent changes in its fair value in earnings, and any associated balance in accumulated other comprehensive (loss) income will be reclassified into interest expense in the same periods during which the forecasted transactions that originally were being hedged affect earnings. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and recognizes immediately in earnings gains and losses that were accumulated in other comprehensive (loss) income related to the hedging relationship. Treasury Stock — When stock is acquired for purposes other than formal or constructive retirement, the purchase price of the acquired stock is recorded in a separate treasury stock account, which is separately reported as a reduction of equity. Property and equipment, net—Property and equipment are carried at historical cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The Company removes the cost and accumulated depreciation of its property and equipment upon the retirement or disposal of such assets and the resulting gain or loss, if any, is then recognized. Land improvements are depreciated up to 15 years, buildings and improvements are depreciated up to 50 years, broadcast equipment over 5 to 20 years and furniture, computer and other equipment over 3 to 7 years. Property and equipment financed with finance leases are amortized over the shorter of their useful life or the remaining life of the lease. Repairs and maintenance costs are expensed as incurred. 17 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases—The Company has long-term operating leases expiring on various dates for office, studio, automobile and tower rentals. the Company's operating leases, which are primarily related to buildings and tower properties, have various renewal terms and escalation clauses. The Company also has long-term finance lease obligations for facilities and transmission and technical equipment assets that are used to transmit and receive its network signals in the U.S. and Mexico. Our leases generally have remaining terms ranging from 3 to 45 years and often contain renewal options to extend the lease for periods ranging from 5 years to 25 years. For leases that contain renewal options, we include the renewal period in the lease term if it is reasonably certain that the option will be exercised. We evaluate whether our contractual arrangements contain leases at the inception of such arrangements. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Contracts containing a lease are further evaluated for classification as an operating or finance lease where the Company is a lessee. Our right-of-use operating lease assets represent our right to use an underlying asset for the lease term, and our operating lease liabilities represent our obligation to make lease payments. The underlying assets under finance leases are recorded as components of property and equipment and the corresponding finance lease liability is recorded as a component of long-term debt and finance lease obligations. Variable lease payments consist primarily of common area maintenance and service related costs, personnel costs, utilities and taxes, which are not included in the recognition of Right-of-Use ("ROU") assets and related lease liabilities. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Both the operating lease right to use asset and liability are recognized as of the lease commencement date at the present value of the lease payments over the lease term. Most of our leases do not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate, which is determined using secured borrowings of companies with similar credit ratings and adjusted for the Company's current issuing rates for senior secured debt. The Company combines the lease and non-lease components of lease payments in determining right-of-use assets and related lease liabilities. Lease expense is recognized on a straight-line basis over the term of the lease. As permitted by ASC 842, leases with an initial term of twelve months or less ("short-term leases") are not recorded on the accompanying consolidated balance sheet. Lease cost for finance leases includes the amortization of the ROU asset included within property and equipment, which is amortized on a straight-line basis and recorded to Depreciation and amortization, and interest expense on the finance lease liability, which is calculated using the interest method and recorded to Interest expense. The Company also has operating subleases which have been accounted for by reference to the underlying asset subject to the lease rather than by reference to their associated right-of-use asset. Deferred financing costs—Deferred financing costs consist of payments made by the Company in connection with its debt offerings, primarily ratings fees, legal fees, accounting fees, private placement fees and costs related to the offering circular and other related expenses. Deferred financing costs are amortized over the life of the related debt using the effective interest method. Advertising and promotional costs—The Company expenses advertising and promotional costs in the period in which they are incurred. The Company recorded advertising and promotional costs of $387.7 million, $405.9 million and $380.9 million for years ended December 31, 2025, 2024, and 2023, respectively. Share-based compensation—Compensation expense relating to share-based payments is recognized in earnings using a fair-value measurement method. The Company uses the straight-line attribution method of recognizing compensation expense over the requisite service period which generally matches the stated vesting schedule. The Company's stock options vest over periods of between three and five years from the date of grant. The Company's restricted and performance stock unit awards vest over periods of between three and four years from the date of grant. The fair value of each new stock option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model was developed for use in estimating the value of traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions. Inherent in this model are assumptions related to stock price, expected stock-price volatility, expected term, risk-free interest rate and dividend yield. The risk-free interest rate is based on data derived from public sources. In general, the estimated stock price is based on comparable public company information and the Company's estimated discounted cash flows. The expected stock-price volatility is primarily based on comparable public company information. Expected term and dividend yield assumptions are based on management's estimates. The fair value of restricted stock units awarded to employees is measured at estimated intrinsic value at the date of grant. The fair value of performance stock units awarded to employees is measured at the date of grant using the same option pricing model as is used for stock options. The option pricing model 18 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assumes that performance metrics will be achieved. When the performance metrics are not met, no compensation cost is recognized and any recognized compensation cost is reversed. The Company accounts for forfeitures when they occur. Employee benefits—The Company maintains a defined benefit retirement pension plan and seniority premium plan that covers Mexican based employees. Under the provisions of Mexican Labor Law, seniority premiums plans are payable based on salary and years of service to employees who resign or are terminated prior to reaching retirement age. After retirement age, employees are no longer eligible for seniority premiums plans. The Company has legal indemnity employee benefit that required by Mexican Labor Law and it covers employees who are dismissed unjustifiably. Such employees receive up to three months of salary, plus 20 days of salary for each year of service. We recognize the funded status of defined benefit postretirement plans in the consolidated balance sheet. The funded status is measured as the difference between the fair value of plan assets and the projected benefit obligation. We recognize the net changes in the funded status of these plans as a component of other comprehensive (loss) income in the year in which such changes occur. Actuarial gains and losses in excess of 10% of the greater of the (i) benefit obligation or (ii) market value of plan assets are amortized over the average remaining service period of active employees or the remaining average expected life if a plan's participants are predominantly inactive. These post-employment benefits are funded through Company contributions to irrevocable trusts. These post-employment benefits increase or decrease based upon actuarial calculations. Contributions to the trusts are determined in accordance with actuarial estimates of funding requirements. Payments of post-employment benefits are made by the trust administrators. The defined benefit obligation is calculated annually using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Income taxes—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company classifies all deferred tax assets and liabilities, net as non-current on the consolidated balance sheet. Valuation allowances are established when management determines that it is more likely than not that some portion or the entire deferred tax asset will not be realized. The future realization of deferred tax assets depends on the existence of sufficient taxable income of the appropriate character in either the carry back or carry forward period under the tax law for the deferred tax asset. In a situation where the net operating losses are more likely than not to expire prior to being utilized the Company has established the appropriate valuation allowance. If estimates of future taxable income during the net operating loss carryforward period are reduced the realization of the deferred tax assets may be impacted. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. There is considerable judgment involved in assessing whether deferred tax assets will be realized and in determining whether positions taken on the Company's tax returns are more likely than not of being sustained. Concentration of credit risk—Financial instruments that potentially subject the Company to concentrations of credit risk include primarily cash and cash equivalents, trade receivables and financial instruments used in hedging activities. The Company's objective for its cash and cash equivalents is to invest in high-quality money market funds that are prime AAA rated, have diversified portfolios and have strong financial institutions backing them. The Company sells its services and products to a large number of diverse customers in a number of different industries, thus spreading the trade credit risk. No one customer represented more than 10% of revenue of the Company for the years ended December 31, 2025, 2024, and 2023, or more than 10% of the Company's accounts receivable as of December 31, 2025 and December 31, 2024. The Company extends credit based on an evaluation of the customers' financial condition and historical experience. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses by considering a number of factors in estimating the credit losses associated with its accounts receivable including historical experience, the current financial condition of an individual customer and overall market conditions. The counterparties to the agreements relating to the Company's financial instruments consist of major international institutions. The Company does not believe that there is significant risk of nonperformance by these counterparties as the Company monitors the credit ratings of such counterparties and limits the financial exposure with any one institution. 19 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitizations—Securitization transactions in connection with UCI's accounts receivable facility are classified as debt on UCI's consolidated balance sheet and the related consolidated cash flows from any advances or reductions are reflected as cash flows from financing activities. UCI sells to investors, on a revolving non-recourse basis, a percentage ownership interest in certain accounts receivable through wholly owned special purpose entities. UCI retains interests in the accounts receivable that have not been sold to investors. The retained interest is subordinated to the sold interest in that it absorbs 100% of any credit losses on the sold receivable interests. UCI services the receivables sold under the accounts receivable facility. Pending accounting guidance — In November 2025, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") No. 2025-09: Hedge Accounting Improvements allows entity's financial reporting to closely reflect economic hedging strategies for highly effective cash flow hedges forecasted transactions, including nonfinancial forecasted transactions. The provisions of ASU 2025-09 are effective for fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the potential impact adoption of this guidance could have on its consolidated financial statements. In September 2025, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") No. 2025-06: Targeted Improvements to the Accounting for Internal-Use Software which requires cost capitalization to begin when (i) management has authorized and committed to funding the project and (ii) it is probable the project will be completed and the software used to perform its intended function (the "probable-to-complete" threshold). The provisions of ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the potential impact adoption of this guidance could have on its consolidated financial statements. In November 2024, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") No. 2024-03: Disaggregation of Income Statement Expenses which requires disaggregated disclosures to provide more transparent information about the nature of expenses included in the income statement. The provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and early adoption is permitted. The Company is currently evaluating the potential impact adoption of this guidance could have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (ASC 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2025, with early adoption permitted, including adoption in an interim period. The Company is currently evaluating the potential impact that adopting this guidance could have on its consolidated financial statements including but not limited to the income taxes footnote disclosures. Subsequent events—The Company evaluates subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but before the financial statements are issued. The effects of conditions that existed at the date of the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. For purposes of preparing the accompanying consolidated financial statements and the following notes to these financial statements, the Company evaluated subsequent events through March 20, 2026, the date the financial statements were issued. See Note 21. Subsequent Events for subsequent events. 3. Cash, Cash Equivalents and Restricted Cash The following table provides the balance sheet details that sum to the total of cash, cash equivalents and restricted cash in the statement of cash flows: December 31, 2025 2024 2023 Cash and cash equivalents................................................................................................. $439,500 $329,800 $220,900 Restricted cash included in Prepaid expenses and other................................................... 100 100 5,100 Restricted cash included in Other assets ........................................................................... 2,100 2,000 1,500 Total cash, cash equivalents and restricted cash shown in the statement of cash flows ... $441,700 $331,900 $227,500 20 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Property and Equipment Property and equipment consists of the following: December 31, 2025 2024 Land and improvements............................................................................................................................. $86,300 $81,200 Buildings and improvements...................................................................................................................... 414,100 373,100 Broadcast and production equipment......................................................................................................... 613,100 616,900 Furniture, computer and other equipment.................................................................................................. 722,500 580,400 Land, building, transponder equipment and vehicles financed with finance leases................................... 563,900 477,600 2,399,900 2,129,200 Accumulated depreciation .......................................................................................................................... (1402500) (1173700) Property and equipment, net....................................................................................................................... $997,400 $955,500 Depreciation expense on property and equipment was $217.8 million, $216.0 million and $223.3 million during the years ended December 31, 2025, 2024, and 2023, respectively. Accumulated depreciation related to assets financed with finance leases at December 31, 2025, and 2024, was $116.0 million and $96.0 million, respectively. Disposition of non-core broadcast tower assets: On September 6, 2024, UCI sold a portion of its non-core tower portfolio for $166.0 million, and simultaneously entered into an operating lease for the respective broadcast tower assets needed to operate UCI's linear network business (the "Tower Assets Sale"). The disposed non-core radio broadcast tower assets had a carrying amount of $1.3 million. UCI recorded a gain on dispositions related to the Tower Assets Sale of $160.4 million in the consolidated statement of operations. UCI used proceeds from the Tower Assets Sale to make a $150.0 million partial repayment of the 2026 term loans on September 16, 2024. 5. Leases The Company's leases are primarily related to buildings (office and studios), automobiles and tower properties, that have various renewal terms and escalation clauses. The Company also has lease obligations for facilities, transmission and technical equipment assets that are used to transmit and receive its network signals in the U.S. and Mexico. The components of lease costs are as follows: Year Ended December 31, 2025 2024 2023 Finance lease cost Amortization of right-of-use assets................................................................................ $20,800 $15,500 $26,900 Interest on lease liabilities.............................................................................................. 32,100 29,500 35,100 Operating lease cost.......................................................................................................... 39,800 36,700 37,500 Variable lease cost and other (a)....................................................................................... 50,800 53,900 52,800 Short term lease cost......................................................................................................... 12,300 18,500 31,600 Total lease cost.................................................................................................................. $155,800 $154,100 $183,900 (a) Represents variable lease costs that are not based on an index or rate related to finance leases arrangements acquired in the TelevisaUnivision Transaction between the Company and Televisa and its affiliates, for the buildings, transmission and technical equipment assets required to transmit and receive broadcast signals in Mexico. For further details on related party balances and transactions, See Note 12. Related Party Transactions. 21 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's finance and operating leases weighted average discount rate and remaining lease term are as follows: Year Ended December 31, 2025 2024 2023 Finance leases Discount rate...................................................................................................... 7.40% 7.31% 7.29% Period (years)..................................................................................................... 17.6 19.6 20.8 Operating leases Discount rate...................................................................................................... 5.23% 5.56% 4.83% Period (years)..................................................................................................... 5.9 7.1 6.6 There was no impairment related to operating lease right-of-use assets recognized for the years ended December 31, 2025, 2024, and 2023. Cash paid for amounts included in the measurement of operating and finance lease liabilities were as follows: Year Ended December 31, 2025 2024 2023 Finance lease liabilities........................................................................................... $39,000 $42,700 $42,100 Operating lease liabilities ....................................................................................... 44,200 37,300 44,700 Total........................................................................................................................ $83,200 $80,000 $86,800 The expected future payments relating to the Company's operating and finance lease liabilities at December 31, 2025 are as follows: Operating Finance 2026.............................................................................................................................................. $42,700 $46,000 2027.............................................................................................................................................. 39,900 44,700 2028.............................................................................................................................................. 33,200 41,300 2029.............................................................................................................................................. 21,400 34,200 2030.............................................................................................................................................. 16,700 32,100 2031 and thereafter....................................................................................................................... 106,500 735,100 Total minimum payments............................................................................................................. $260,400 $933,400 Less amounts representing interest.............................................................................................. 75,500 505,200 Present value of minimum payments........................................................................................... $184,900 $428,200 As of December 31, 2025, we had no material leases that were executed but not yet commenced. 22 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Goodwill and Other Intangible Assets Goodwill The carrying amount and changes in the carrying amount of goodwill were as follows: 2025 2024 Balance as of January 1, ............................................................................................................................. Goodwill..................................................................................................................................................... $7,805,300 $8,187,900 Accumulated impairment losses................................................................................................................. (2276700) (2276700) Balance as of January 1, ............................................................................................................................. $5,528,600 $5,911,200 Goodwill adjustment related to PPA remeasurement................................................................................. — 10,000 Foreign exchange impact............................................................................................................................ 268,500 (392600) Balances as of December 31,...................................................................................................................... Goodwill, gross........................................................................................................................................... $8,073,800 $7,805,300 Accumulated impairment losses................................................................................................................. (2276700) (2276700) Goodwill, net.............................................................................................................................................. $5,797,100 $5,528,600 See Note 2. Summary of Significant Accounting Policies for further discussion of the Company's assessments of goodwill and indefinite-lived intangible assets impairment. The Company's goodwill is associated with the linear/digital reporting unit and tested quantitatively for impairment on October 1, of each year. For the year ended December 31, 2025, the Company performed a qualitative goodwill impairment assessment for the reporting unit and determined that it was more likely than not that the fair value of those reporting units exceeded their carrying values, therefore, no quantitative goodwill impairment analysis was performed. For the years ended December 31 2024, and 2023, the Company performed a quantitative goodwill impairment assessment using equal weighting on the discount cash flow and market based valuation methods, which resulted in impairment of none and $778.7 million, respectively, which primarily reflects an increased risk adjusted discount rate and reduced estimated future cash flows as a result of macroeconomic conditions, and was recorded in the impairment loss within the consolidated statement of operations. The discount cash flow method's significant judgments and assumptions include the amount and timing of future cash flows (including growth rates, operating margins and capital expenditures for a projection period, plus the terminal value of the business at the end of the projection period), long-term growth rates from 1.1% to 2%, and a discount rate from 9.5% to 12%. The significant judgments and assumptions included in the market-based valuation method are the multiples of earnings before interest, taxes, depreciation and amortization. Intangible Assets Indefinite-Lived Intangible Assets For the years ended December 31, 2025, 2024, and 2023, the Company recognized a non-cash impairment loss of zero, $534.2 million, and $211.1 million, respectively, related to certain FCC television broadcast licenses due to the macro-economic conditions affecting traditional cable television in the United States, and was recorded in the impairment loss within the consolidated statement of operations. The fair value of the FCC television broadcast licenses was determined based on the greenfield method, by valuing a hypothetical start-up broadcast station in the relevant market and adding discounted cash flows over a ten-year build-up period to a residual value. The assumptions for the build-up period include industry projections of overall market revenues, the start-up station's operating costs and capital expenditures, which are based on both industry and internal data, and average market share. For the years ended December 31, 2025, 2024, and 2023, the discount rate ranges from 7.5% to 10%, and was determined based on the industry and market-based risks, such as risks related to the ability to achieve projected cash flows, and the residual value calculated using a long-term growth rate range from 0% to 2%, based on projected long-range inflation and industry projections. For the years ended December 31, 2025, 2024, and 2023, the Company recognized a non-cash impairment loss of $30.0 million, $32.9 million, and $4.6 million, respectively, related to certain trade names, mainly due macro-economic conditions affecting 23 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the media entertainment industry, and was recorded in the impairment loss within the consolidated statement of operations. For the years ended December 31, 2025, 2024, and 2023, the fair value of trade names was determined using the relief from royalty method, with significant judgments and assumptions that included the amount and timing of future cash flows, royalty rate ranges of 2% to 5%, long-term growth rate ranges of 0% to 2%, and discount rate ranges of 9% to 12%. Definite-Lived Intangible Assets For the year ended December 31 2025, the Company had no non-cash impairment loss. For the years ended December 31, 2024, the Company recognized non-cash impairment of $333.1 million, related to broadcast and multi system operator relationships due to macro-economic conditions impacting traditional television, and was recorded in the impairment loss within the consolidated statement of operations. The fair value was determined using the excess earnings method, with significant judgments and assumptions that included the amount and timing of future cash flows, attrition rate, long-term growth rate of 1% and discount rate of 11.5% for the year ended December 31, 2024. For the year ended December 31 2023, the Company had no non-cash impairment loss. The Company has various intangible assets with definite lives that are being amortized on a straight-line basis. Advertiser relationships are primarily being amortized through 2029, broadcast and multi system operator relationships are primarily being amortized through 2035, Mexican broadcast license primarily being amortized through 2041 and other amortizable intangibles. For the years ended December 31, 2025, 2024, and 2023, the Company incurred amortization expenses of $314.1 million, $335.6 million, and $347.4 million, respectively. The carrying amount and changes in the carrying amount of intangible assets were as follows: As of December 31, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Being Amortized Broadcast and Multi System Operator relationships....................................... $2,086,600 $734,200 $1,352,400 Advertiser relationships................................................................................... 1,309,600 565,200 744,400 Mexican Broadcast license.............................................................................. 273,200 55,000 218,200 Other amortizable intangibles.......................................................................... 159,800 66,900 92,900 Total....................................................................................................... $3,829,200 $1,421,300 $2,407,900 Intangible Assets Not Being Amortized Broadcast licenses........................................................................................................................................................ $1,311,200 Trade names and other assets ...................................................................................................................................... 645,600 Total................................................................................................................................................................... 1,956,800 Impairment loss .......................................................................................................................................................... (30000) Foreign exchange rate impact...................................................................................................................................... 161,600 Total intangible assets, net........................................................................................................................................... $4,496,300 24 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying amount and changes in the carrying amount of intangible assets were as follows: As of December 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Being Amortized Broadcast and Multi System Operator relationships ................................... $2,169,700 $602,900 $1,566,800 Advertiser relationships............................................................................... 1,493,200 468,900 1,024,300 Mexican Broadcast license .......................................................................... 336,700 48,100 288,600 Other amortizable intangibles...................................................................... 159,800 50,200 109,600 Total................................................................................................... $4,159,400 $1,170,100 $2,989,300 Intangible Assets Not Being Amortized Broadcast licenses ....................................................................................................................................................... $1,845,400 Trade names and other assets...................................................................................................................................... 731,400 Total................................................................................................................................................................... 2,576,800 Impairment loss........................................................................................................................................................... (567100) Foreign exchange rate impact...................................................................................................................................... (320200) Total intangible assets, net.......................................................................................................................................... $4,678,800 The Company's estimated amortization expense is $311.8 million, $308.3 million, $307.7 million, $267.9 million, and $243.3 million, for each of the years ending December 31, 2026, 2027, 2028, 2029, and 2030, respectively. 7. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: December 31, 2025 2024 Trade accounts payable .............................................................................................................................. $211,700 $214,600 Accrued compensation ............................................................................................................................... 193,100 175,200 Program rights obligations.......................................................................................................................... 32,500 35,700 Related party obligations (See Note 12)..................................................................................................... 39,600 30,000 Accrued Value Added Tax payable............................................................................................................ 92,400 42,200 Accrued interest.......................................................................................................................................... 158,600 204,500 Studio production payable .......................................................................................................................... 33,800 29,600 Accrued restructuring, severance and related charges................................................................................ 11,900 43,900 Income tax payable..................................................................................................................................... 38,400 21,900 Other accounts payable and accrued liabilities........................................................................................... 245,400 227,000 $1,057,400 $1,024,600 25 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring, Severance and Related Charges The Company's restructuring, severance and related charges, net of reversals are as follows: Year Ended December 31, 2025 2024 2023 Restructuring: Activities initiated in 2020 and prior.............................................................................. Contract Termination cost/other................................................................................. $5,400 $3,600 $5,200 Activities related to recent acquisitions.......................................................................... Employee termination benefits................................................................................... (1700) 300 38,100 Contract Termination cost/other................................................................................. 3,200 7,900 10,100 Total Restructuring ........................................................................................................ $6,900 $11,800 $53,400 Severance for individual employees and related charges ............................................... 15,200 61,100 — Total restructuring, severance, and related charges...................................................... $22,100 $72,900 $53,400 The restructuring activities initiated in 2020 and prior were primarily intended to rationalize costs, including lease related expenses for leased properties no longer used. Future charges arising from additional activities associated with these restructuring activities cannot be estimated but are not expected to be material. Severance for individual employees and related charges relate primarily to severance arrangements with former employees unrelated to the Company's restructuring activities. The following tables present the activity in the restructuring liabilities for the years ended December 31, 2025, and 2024: Accrued Restructuring as of December 31, 2024 Restructuring Expense Reversals Cash Payments and Other Accrued Restructuring as of December 31, 2025 Restructuring Activities Initiated in 2020 and Prior Employee termination benefits...................... $500 $— $— $— $500 Contract termination costs/other ................... — 5,400 — (5400) — Restructuring Activities Related to Recent Acquisitions Employee termination benefits...................... 9,100 700 (2400) (5600) 1,800 Contract termination costs/other ................... 2,200 3,200 — (3800) 1,600 Consolidated....................................... $11,800 $9,300 $(2400) $(14800) $3,900 Accrued Restructuring as of December 31, 2023 Restructuring Expense Reversals Cash Payments and Other Accrued Restructuring as of December 31, 2024 Restructuring Activities Initiated in 2020 and Prior Employee termination benefits...................... $500 $— $— $— $500 Contract termination costs/other ................... — 3,600 — (3600) — Restructuring Activities Related to Recent Acquisitions Employee termination benefits...................... 27,200 3,200 (2900) (18400) 9,100 Contract termination costs/other ................... 1,700 7,900 — (7400) 2,200 Consolidated....................................... $29,400 $14,700 $(2900) $(29400) $11,800 Employee termination benefits accrued as of December 31, 2025, are expected to be paid within twelve months. Contract termination costs and other costs primarily relate to non-employees related items and lease obligations for leased properties no longer used. All of the restructuring activities accrued as of December 31, 2025, and 2024, are included in current liabilities on the consolidated balance sheet. 26 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Revenue Recognition Revenue Recognition The following tables presents revenues for the years ended December 31, 2025, 2024, and 2023, respectively: Year Ended December 31, 2025 2024 2023 Advertising ........................................................................................................................ $2,916,900 $3,085,100 $2,982,300 Subscriber and licensing.................................................................................................... 1,820,200 1,861,300 1,813,400 Other.................................................................................................................................. 90,100 109,100 132,300 Total ............................................................................................................................... $4,827,200 $5,055,500 $4,928,000 Contract Liabilities For certain contractual arrangements, the Company receives cash consideration prior to providing the associated services resulting in deferred revenue recognition. In addition, the Company has recorded non-cash deferred revenue in connection with equity received in companies in exchange for advertising services. The Company also has non-cash deferred revenue in connection with an obligation to Televisa to provide future advertising and promotion time. See Note 12. Related Party Transactions, under the heading "Televisa." The following table presents the Company's deferred revenue balances as of: December 31, 2025 2024 Current portion Deferred advertising revenue ...................................................................................................... $361,100 $151,200 Televisa deferred advertising revenue ........................................................................................ 4,700 11,000 Other deferred revenue................................................................................................................ 54,200 62,100 Total current deferred revenue ................................................................................................. $420,000 $224,300 Non-current portion Deferred advertising and licensing revenue................................................................................ $— $95,500 Televisa deferred advertising...................................................................................................... — 4,700 Other deferred revenue................................................................................................................ 14,300 14,900 Total non-current deferred revenue .......................................................................................... $14,300 $115,100 Total deferred revenue ........................................................................................................... $434,300 $339,400 At December 31, 2025, approximately $157.8 million of revenue was recognized that was included in the deferred revenue balance at December 31, 2024. At December 31, 2024, approximately $231.7 million of revenue was recognized that was included in the deferred revenue balance at December 31, 2023. The recognized revenue includes $71.8 million and $71.7 million for the years ended December 31, 2025, and 2024, respectively, in connection with equity received in companies in exchange for advertising services and non cash advertising services provided to Ollamani, S.A.B. (a related party of Televisa). (See Note 12. Related Party Transactions). As of December 31, 2025, the aggregate amount of transaction price that is allocated to future performance obligations was approximately $169.8 million and is expected to be recognized during the year ended December 31, 2026. The amount disclosed does not include revenues related to performance obligations that are part of contracts with original expected durations of twelve months or less or portions of the contracts that remain subject to cancellations. Further, the disclosure does not include contracts for which the transaction price is a variable consideration that corresponds directly with the Company's performance. 27 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Program Rights and Prepayments The table below presents the components of the Company's program rights and prepayments, net: December 31, 2025 2024 Film group monetization Internally produced program rights.......................................................................................................... Completed and released......................................................................................................................... $311,700 $424,700 Completed and not released................................................................................................................... 53,000 53,300 In-production ......................................................................................................................................... 170,200 210,500 Licensed movies and series program rights............................................................................................. 143,500 189,000 Individual monetization Licensed program rights and prepayments including sports rights.......................................................... 386,500 339,800 Total program rights and prepayments, net................................................................................................ 1,064,900 1,217,300 Current portion......................................................................................................................................... (345000) (122700) Non-current portion.................................................................................................................................. $719,900 $1,094,600 Program rights amortization and impairments are as follows: Year Ended December 31, 2025 2024 2023 Film group monetization: Program rights amortization ......................................................................................... $692,900 $678,200 $590,900 Program rights impairment........................................................................................... 303,900 152,200 10,900 Individual monetization: Program rights amortization ......................................................................................... 303,100 298,000 298,400 Program rights impairment........................................................................................... 39,600 4,900 6,500 Total program rights amortization and impairment expense .......................................... $1,339,500 $1,133,300 $906,700 For the year ended December 31, 2025, the Company recognized a non-cash program right impairment of $343.5 million recorded as part of the direct operating expense line of the consolidated statement of operations. The program rights impairment related to: (i) $303.9 million of certain ViX original programming and licensed entertainment, that was abandoned in connection with the Company's strategic revamp of ViX implemented in the fourth quarter of 2025, and (ii) $39.6 million of sports rights for which certain payments were made in excess of the recoverable amount. While the ViX originals provided valuable insights during the streaming platform ramp-up period they are not expected to have ongoing value under the Company's go-forward content strategy. For the year ended December 31, 2024, the Company recognized non-cash program right impairment of $157.1 million, recorded as part of the direct operating expense line within the consolidated statement of operations. The program rights impairment is primarily related to ViX originals that were produced before launch of the service, and used as the ViX streaming platform continue to scale audience and gather data to determine usage patterns or viewership. The ViX originals provided valuable insights and are expected to be of no value in the Company's go-forward content strategy. For the year ended December 31, 2023, the Company recognized non-cash program right impairment of $17.4 million, recorded as part of the impairment loss line within the consolidated statement of operations. Each of the program rights impairment relates to program rights which will no longer be aired and sports rights with certain payments made in excess of the recoverable amount. 28 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expected amortization by fiscal year of completed (released and not released) produced, licensed and acquired library content on the consolidated balance sheet as of December 31, 2025 is as follows: Monetized As a Group Monetized Individually Total Produced content Completed and released 2026................................................................................................................................. $195,100 $— $195,100 2027................................................................................................................................. 70,000 — 70,000 2028................................................................................................................................. 34,100 — 34,100 Completed and not released 2026................................................................................................................................. 53,000 — 53,000 Licensed content - Program rights and advances 2026................................................................................................................................. 42,100 340,500 382,600 2027................................................................................................................................. 37,700 31,100 68,800 2028................................................................................................................................. 38,700 14,900 53,600 10. Financial Instruments and Fair Value Measures The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value. Accounts Receivable—The following table provides the details of the Company's allowance for credit losses: Balance as of December 31, 2024 Provision for expected credit losses Write-offs Recoveries Foreign currency exchange rate impact and others Balance as of December 31, 2025 Allowance for Credit Losses ............ $21,600 $23,100 $(16200) $(200) $7,600 $35,900 Balance as of December 31, 2023 Provision for expected credit losses Write-offs Recoveries Foreign currency exchange rate impact and others Balance as of December 31, 2024 Allowance for Credit Losses ............ $31,200 $30,700 $(10900) $(15800) $(13600) $21,600 Interest Rate Swaps—The Company uses interest rate swaps to manage its interest rate risk. These interest rate swaps are measured at fair value primarily using significant other observable inputs (Level 2). In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. See Note 14. Interest Rate Swaps. The majority of inputs into the valuations of the Company's interest rate swap derivatives include market-observable data such as interest rate curves, volatilities, and information derived from, or corroborated by, market-observable data. Additionally, a specific unobservable input used by the Company in determining the fair value of its interest rate derivatives is an estimation of current credit spreads to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. The inputs utilized for the Company's own credit spread are based on implied spreads from its privately placed debt securities with an established trading market. For counterparties with publicly available credit information, the credit spreads over the Secured Overnight Financing Rate ("SOFR") used in the calculations represent implied credit default swap spreads obtained from a third-party credit data provider. Once these spreads have been obtained, they are used in the fair value calculation to determine the credit valuation adjustment ("CVA") component of the derivative valuation. Based on the Company's assessment of the significance of the CVA, it is not considered a significant input. The Company has determined that its derivative valuations in their entirety are classified as Level 2 measurements. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Equity Investments Not Accounted for Under the Equity Method—The fair value of the Entravision Communications Corporation ("Entravision") investment is based on the market value of Entravision's Class A common stock which is a Level 1 input. 29 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Note 11. Investments. The Company holds equity positions in several small early-stage entities which may not have readily determinable fair values. The Company enters into these investments in exchange for advertising services and cash. For such securities, the Company utilizes the measurement alternative to carry these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. When indicators of impairment exist for these investments, the Company prepares quantitative assessments of the fair value of its investments in equity securities, which require judgment and the use of estimates that are generally based on unobservable Level 3 inputs. Asset measured at fair value on a nonrecurring basis—The Company's non-financial assets, such as goodwill, intangible assets, right of use assets, property and equipment, are adjusted to fair value when an impairment is recognized and purchase accounting occurs. The Company's financial assets, comprising equity securities without readily determinable fair values, are adjusted to fair value when observable price changes are identified or an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs. Fair Value of Debt Instruments—The carrying amount and fair value of the Company's debt instruments as of December 31, 2025, and 2024, are set out in the following tables. The fair values of the credit facilities are based on market prices (Level 1). The fair values of the senior notes are based on market yield curves based on credit rating (Level 2). See Note 13. Debt for information on recent financing transactions. As of December 31, 2025 As of December 31, 2024 Carrying Amount Fair Value Carrying Amount Fair Value Bank senior secured revolving credit facility maturing in 2030 ............... $— $— $— $— 2022 Term Loan A Facility maturing in 2027 .......................................... — — 804,900 805,400 2025 Term Loan A Facility maturing in 2030 .......................................... 743,000 725,900 — — 2022 Bank senior secured term loan facility maturing in January 2029... 988,700 1,004,300 992,100 1,018,500 2024 Bank senior secured term loan facility maturing in January 2029... 486,900 492,800 489,300 503,100 2022 Term Loan B Facility maturing in June 2029 .................................. 474,200 484,300 476,300 489,300 Senior Secured Notes: 6.625% Senior Secured Notes due 2027.............................................. — — 1,544,900 1,495,900 8.000% Senior Secured Notes due 2028.............................................. 1,435,800 1,492,700 1,433,700 1,468,700 4.500% Senior Secured Notes due 2029.............................................. 1,041,800 1,009,800 1,039,300 939,500 7.375% Senior Secured Notes due 2030.............................................. 894,900 916,000 893,800 861,200 8.500% Senior Secured Notes due 2031.............................................. 1,246,400 1,311,900 1,244,900 1,233,100 9.375% Senior Secured Notes due 2032.............................................. 1,483,600 1,613,900 — — Accounts receivable facility maturing in 2029.......................................... 100,000 100,000 100,000 100,000 Note payable with Grupo Televisa............................................................ — — 74,100 66,900 Other long-term debt ................................................................................. 5,800 5,800 5,200 5,200 $8,901,100 $9,157,400 $9,098,500 $8,986,800 11. Investments The carrying amount of the Company's unconsolidated investments is as follows: December 31, 2025 2024 Entravision................................................................................................................................ $27,400 $22,000 Equity method investments ...................................................................................................... 1,100 1,100 Equity investments without readily determinable values......................................................... 390,900 273,800 Total investments................................................................................................................... $419,400 $296,900 Entravision 30 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company holds 9.4 million shares of Entravision Class U shares, which have limited voting rights and are not publicly traded but are convertible into Class A common stock upon sale to a third party. The Company considers these Class U shares to have a readily determinable fair value based on Entravision's Class A shares. The Company's Entravision investment fair value as of December 31, 2025, and 2024, was $27.4 million and $22.0 million, respectively. For the years ended December 31, 2025, 2024, and 2023, the Company recorded a gain of $5.4 million, a loss of $17.0 million and a loss of $5.9 million respectively, in "Other, net" within the consolidated statements of operations to reflect changes in the fair value of Entravision's shares. Equity investments without readily determinable fair values The Company holds several equity positions in small early-stage entities in various industries and these equity investment do not have readily determinable fair values. During the years ended December 31, 2025, and 2024, the Company invested non-cash consideration of $124.0 million and $46.0 million, respectively. The following table presents a summary of the unrealized pre-tax gains and losses in "Other, net" within the Company's consolidated statements of operations as adjustments to the carrying amounts of equity securities without readily determinable fair values held at: December 31, 2025 2024 2023 Upward adjustments gross unrealized ................................................................ $(12300) $(8900) $— Downward adjustments gross unrealized............................................................ 7,300 16,600 17,100 Total unrealized adjustments, net..................................................................... $(5000) $7,700 $17,100 12. Related Party Transactions Management Services Agreement and CEO Transition An affiliate of ForgeLight (the "Consultant") and the Company's Former Chief Executive Officer ("Former CEO"), Mr. Wade Davis, entered into a management services agreement with UHI and the Company dated January 28, 2021. The term of the management services agreement was indefinite, subject to certain rights of termination and resignation by either party. In compensation for the services provided under the management services agreement, the Company agreed to pay the Consultant an annual management services fee of $3.0 million, a supplemental fee in a target amount of 100% of the management services fee, certain aircraft allowances and certain other benefits. In addition, the Consultant held a vested equity grant of 842,128 Class C subordinated common stock of TelevisaUnivision after satisfaction of the time-based vesting and automatic vesting upon the occurrence of certain specified events. On September 18, 2024, in connection with the transition of Mr. Davis from the role of the Company's Chief Executive Officer ("CEO"), the Company entered into a CEO Severance and Release Agreement with Mr. Davis and the Consultant (the "CEO Severance and Release Agreement"), pursuant to which the Management Services Agreement was terminated effective September 19, 2024. On September 19, 2025, pursuant to the terms of the CEO Severance Agreement, Mr. Davis holding of 842,128 Class C subordinated common stock were automatically converted into 416,090 Class A Common stock of TelevisaUnivision on the one-year anniversary of Mr. Davis' transition at an exchange rate based on the fair market value of such shares. As of December 31, 2025, Mr. Davis has 416,090 Class A Common stock of TelevisaUnivision. Following Mr. Davis' transition, pursuant to the terms of the CEO Severance and Release Agreement, TelevisaUnivision agreed to pay a termination fee of 150% of the management services fee over the twelve months following the date of his transition, a prorated portion of the supplemental fee and the continuation of certain other benefits. In addition, the Company entered into a consulting agreement with Mr. Davis for a period of one year with a consulting fee of $2.0 million, payable annually. Televisa Transactions In conjunction with the TelevisaUnivision Transaction, the Company entered into an agreement to provide free advertising for use by Televisa and its subsidiaries at no cost for promotion of the soccer team and related assets of Club Fútbol América, S.A. de C.V., a subsidiary of Ollamani, S.A.B. and subsidiaries (a related party of Televisa), through the 2025/2026 Mexican soccer season, which was determined to have a fair value of $45.7 million. As of December 31, 2025, and 2024, the remaining deferred balance was $4.7 million and $15.7 million, respectively. See Note 8. Revenue Recognition. For the years ended December 31, 2025, 2024, and 2023, the Company satisfied its commitment to provide advertising and promotion time at no charge to Televisa for the periods resulting in revenue recognized of $11.0 million, $10.6 million, and $10.3 31 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, respectively. The deferred revenue is earned and revenue is recognized as advertising revenue as the related advertising and promotion time is provided. As a result of the TelevisaUnivision Transaction, the Company and its subsidiaries, and Televisa and its subsidiaries, have entered into a number of commercial agreements with respect to certain broadcasting rights, licenses, leasing agreements, and transition services. The following table lists the significant related party arrangements between the Company and Televisa and its affiliates as of December 31, 2025, and 2024: Description Consolidated Balance Sheet Location December 31, 2025 December 31, 2024 Accounts receivable (a).................................... Accounts receivable, net $39,600 $30,000 Prepaid assets................................................... Prepaid expenses and other 7,900 5,600 Accrued interest (b).......................................... Accounts payable & accrued liabilities — 83,700 Accrued expenses (a)....................................... Accounts payable & accrued liabilities 39,600 22,400 Televisa deferred advertising - current............ Deferred revenue 4,700 11,000 Televisa deferred advertising - non-current..... Deferred revenue (non-current) — 4,700 Note Payable - current (b)................................ Current portion of long-term debt and finance lease obligations — 74,100 Finance lease obligation - current.................... Current portion of long-term debt and finance lease obligations 5,000 7,900 Finance lease obligation - non-current............. Long-term debt and finance lease obligations 296,700 313,800 (a) Accounts receivable primarily relates to advertising and subscription revenue with Televisa and its affiliates. The Company recognized $258.9 million and $338.9 million primarily of subscription revenue from Televisa for the years ended December 31, 2025 and 2024, respectively. The Company recognized $105.8 million, $124.3 million, and $224.8 million, primarily related to depreciation expense and interest expense related to leases, interest expense related to the note payable and other administrated services from Televisa and its affiliates for the years ended December 31, 2025, 2024, and 2023, respectively. Accrued expenses primarily relates to administrative services provided by Televisa and its affiliates, net of certain related party receivables. As of December 31, 2025, and 2024, the Company paid $326.1 million and $212.2 million, respectively to Televisa and its affiliates. (b) On October 31, 2025, the Company repaid in full the outstanding principal balance of $83.3 million under the unsecured note payable to Grupo Televisa, together with $104.4 million of accrued interest. See Note 13. Debt. During the year ended December 31, 2025, 2024, and 2023, the Company paid Series B cumulative preferred stock dividends of $41.3 million, $41.3 million and $41.3 million, respectively. On November 3, 2025, Grupo Televisa made an equity contribution of $89.8 million, which was recorded as additional paid-in capital in the Company's consolidated financial statements. 32 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Debt Long-term debt consists of the following: December 31, 2025 December 31, 2024 Bank senior secured revolving credit facility maturing in 2030 .............................................. $— $— 2022 Term Loan A Facility maturing in 2027 ......................................................................... — 804,900 2025 Term Loan A Facility maturing in 2030 ......................................................................... 743,000 — 2022 Bank senior secured term loan facility maturing in January 2029.................................. 988,700 992,100 2024 Bank senior secured term loan facility maturing in January 2029.................................. 486,900 489,300 2022 Term Loan B Facility maturing in June 2029 ................................................................. 474,200 476,300 Senior Secured Notes: 6.625% Senior Secured Notes due 2027 ............................................................................. — 1,544,900 8.000% Senior Secured Notes due 2028 ............................................................................. 1,435,800 1,433,700 4.500% Senior Secured Notes due 2029 ............................................................................. 1,041,800 1,039,300 7.375% Senior Secured Notes due 2030 ............................................................................. 894,900 893,800 8.500% Senior Secured Notes due 2031 ............................................................................. 1,246,400 1,244,900 9.375% Senior Secured Notes due 2032 ............................................................................. 1,483,600 — Accounts receivable facility maturing in 2029......................................................................... 100,000 100,000 Note payable to Grupo Televisa............................................................................................... — 74,100 Finance lease ............................................................................................................................ 428,200 390,000 Other long-term debt................................................................................................................ 5,800 5,200 9,329,300 9,488,500 Less current portion.................................................................................................................. (75100) (158600) Long-term debt and finance lease and other obligations.......................................................... $9,254,200 $9,329,900 As of December 31, 2025, and 2024, UCI presented deferred financing costs of $86.2 million and $79.7 million, respectively, as a direct reduction of the long-term debt in the consolidated balance sheet. At December 31, 2025, and 2024, other assets include $1.3 million and $0.7 million, respectively, of deferred financing costs related to the revolving credit facilities. The following table details the principal and carrying amounts of the UCI's long-term debt as of December 31, 2025. The difference between principal and carrying amount is made up of the $86.2 million of deferred financing costs discussed above and $3.8 million of unamortized fair value adjustments resulting from the prior period purchase accounting and the premium or discount arising from the new debt issuance. Principal Fair Value Adjustments/ (Discount) and (Deferred Financing Costs) Carrying Amount 2025 Term Loan A Facility maturing in 2030 ................................................. $754,000 $(11000) $743,000 2022 Bank senior secured term loan facility maturing in January 2029.......... 1,010,600 (21900) 988,700 2024 Bank senior secured term loan facility maturing in January 2029.......... 492,500 (5600) 486,900 2022 Term Loan B Facility maturing in June 2029......................................... 482,500 (8300) 474,200 Senior Secured Notes: 8.000% Senior Secured Notes due 2028 ..................................................... 1,440,700 (4900) 1,435,800 4.500% Senior Secured Notes due 2029 ..................................................... 1,050,000 (8200) 1,041,800 7.375% Senior Secured Notes due 2030 ..................................................... 900,000 (5100) 894,900 8.500% Senior Secured Notes due 2031 ..................................................... 1,255,000 (8600) 1,246,400 9.375% Senior Secured Notes due 2032 ..................................................... 1,500,000 (16400) 1,483,600 Accounts receivable facility maturing in 2029 ................................................ 100,000 — 100,000 Finance lease.................................................................................................... 428,200 — 428,200 Other long-term debt........................................................................................ 5,800 — 5,800 Total................................................................................................................. $9,419,300 $(90000) $9,329,300 33 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Instruments 2025 Financing Transactions On September 26, 2025, UCI amended its accounts receivable sale facility (as amended, the "Facility"), which, among other things, (i) extended the expiration date of the Facility from October 5, 2026 to September 26, 2029, and (ii) lowered the interest rate on the borrowings under the Facility to SOFR plus a margin of 1.25% per annum. Interest is paid monthly on the Facility. The Facility has a $100.0 million term component and a $300.0 million revolving component that are subject to the availability of qualifying receivables. On July 25, 2025, UCI entered into an amendment of its 2007 Credit Agreement, pursuant to which $763.5 million aggregate principal amount of term loans under the Term Loan A Facility was converted into a new tranche of senior secured term loans under the 2007 Credit Agreement (the "July 2025 Term Loan A Facility"). UCI concurrently utilized the proceeds of the July 2025 Term Loan A Facility, together with cash from the balance sheet, to prepay in full the Term Loan A Facility maturing in 2027. On July 25, 2025, UCI also amended its 2007 Credit Agreement to, among other things, extend the maturity date of an aggregate principal amount of $500.2 million in revolving credit commitments, to mature in July 25, 2030 (subject to the Springing Maturity Date (as defined below)). On July 22, 2025, UCI issued $1,500.0 million aggregate principal amount of 9.375% senior notes due August 1, 2032 (the "2032 senior notes"). The 2032 senior notes were priced at par. UCI used the proceeds to redeem the 6.625% senior notes due 2027. 2024 Financing Transactions On October 7, 2024, UCI issued an additional $755.0 million aggregate principal amount of its existing 8.500% senior notes due July 31, 2031 (the "additional 2031 senior notes"). The additional 2031 senior notes were issued under the same indenture governing the 2031 senior notes, have the same terms as the 2031 senior notes and are treated as a single series with the 2031 senior notes. The additional 2031 senior notes were priced at par. UCI used the proceeds to redeem all of the remaining outstanding 2026 term loans due March 15, 2026. On September 16, 2024, UCI used proceeds from its tower assets sale to make a $150.0 million partial repayment of the 2026 term loans. On June 7, 2024, UCI issued $500.0 million aggregate principal amount of its 8.500% senior notes due July 31, 2031 (the "2031 senior notes"). UCI used the proceeds to make a $500.0 million partial repayment of the 2026 term loans. On June 6, 2024, UCI entered into an amendment to its 2007 Credit Agreement, pursuant to which $500.0 million aggregate principal amount of its 2026 term loans was converted into a new tranche made up of a bank senior secured term loan facility maturing in 2029 (the "2029 new term loans"). UCI utilized the proceeds of the 2029 new term loans to make a $500.0 million partial repayment of the 2026 term loans. On January 22, 2024, UCI issued an additional $240.7 million aggregate principal amount of its existing 8.000% senior notes due August 15, 2028 (the "additional 2028 senior notes"). The additional 2028 senior notes were issued under the same indenture governing the 2028 senior notes, have the same terms as the 2028 senior notes and are treated as a single series with the 2028 senior notes. The additional 2028 senior notes were priced at 101.000%. UCI used the proceeds to redeem all of the remaining outstanding 5.125% senior notes due 2025. On January 4, 2024, UCI issued senior secured debt of $100.0 million made up of a bank senior secured term loan A facility maturing in 2027, which constituted part of the same class of indebtedness as the Term Loan A Facility under the 2007 Credit Agreement (the "January 2024 Term Loan A Facility"). UCI utilized the proceeds of the January 2024 Term Loan A Facility to make a $100.0 million partial redemption of the 5.125% senior notes due 2025. Senior Secured Credit Facilities Bank senior secured revolving credit facility — At December 31, 2025, UCI had $500.2 million available and no outstanding balance under its bank senior secured revolving credit facility following the July 2025 Amendment (as defined below). On June 24, 2022, UCI entered into an amendment (the "June 2022 Amendment") to the 2007 Credit Agreement governing its bank senior secured revolving credit facility and bank senior secured term loan facility, which are referred to collectively as the 34 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Senior Secured Credit Facilities" to, among other things, establish a new class of revolving credit commitments in an aggregate principal amount of $522.0 million, which had a five year maturity date (subject to an earlier maturity if certain indebtedness of UCI is not repaid or refinanced on or prior to the dates set forth in the credit agreement and accrued interest at the Term SOFR rate with an interest rate margin tied to UCI's leverage ratio ranging from 2.75% to 3.75% per annum for Term SOFR loans and ranging from 1.75% to 2.75% per annum for base rate loans, which replaced substantially all of the existing senior secured revolving credit facility described above, with exception to Deutsche Bank AG New York Branch's $88.0 million commitment which matured on April 30, 2025. On July 25, 2025, UCI entered into an amendment and restatement (the "July 2025 Amendment") to its Senior Secured Credit Facilities to, among other things, extend the maturity date of an aggregate principal amount of $500.2 million in revolving credit commitments to July 25, 2030 (subject to an earlier maturity if certain indebtedness of UCI is not repaid or refinanced on or prior to the dates set forth in the credit agreement; such earlier date that is 91 days prior to the final scheduled maturity date, the "Springing Maturity Date"). The extended senior secured revolving credit facility accrues interest at the Term SOFR rate with an interest rate margin tied to UCI's leverage ratio ranging from 2.00% to 3.00% per annum for Term SOFR loans and ranging from 1.00% to 2.00% per annum for base rate loans. Bank senior secured term loan facility maturing in 2027 - On June 24, 2022, UCI entered into the June 2022 Amendment to its Senior Secured Credit Facilities to, among other things, (a) establish a non-fungible tranche of senior secured "term A" loans (the "2022 Term Loan A Facility") and (b) make a prepayment of the 2024 term loans. The 2022 Term Loan A Facility had a five-year maturity date (subject to an earlier maturity if certain indebtedness of UCI is not repaid or refinanced on or prior to the dates set forth in the credit agreement) and has an interest rate margin tied to UCI's leverage ratio ranging from 2.75% to 3.75% per annum for Term SOFR loans and ranging from 1.75% to 2.75% per annum for base rate loans. The loans under the Term Loan A Facility amortize at 5.0% per annum on a quarterly basis, commencing on September 30, 2022. UCI used the proceeds from the issuance of the 2022 Term Loan A Facility to fund the partial prepayment of the 2024 terms loans. The partial prepayment occurred concurrently with the closing of the 2022 Term Loan A Facility on June 24, 2022. On June 30, 2023, UCI issued a $100.0 million bank senior secured term loan A facility maturing in 2027 (subject to an earlier maturity if certain indebtedness of UCI is not repaid or refinanced on or prior to the dates set forth in the credit agreement), which constitutes part of the same class of indebtedness as the 2022 Term Loan A Facility under the 2007 Credit Agreement (the "June 2023 Term Loan A Facility"). The loans under the June 2023 Term Loan A Facility bore interest and amortized at the same rates as the loans under the 2022 Term Loan A Facility. UCI used the proceeds from the issuance of the June 2023 Term Loan A Facility to make a partial prepayment of the 2024 term loans. The partial prepayment occurred concurrently with the closing of the June 2023 Term Loan A Facility on June 30, 2023. On July 26, 2023, UCI issued a $100.0 million bank senior secured term loan A facility maturing in 2027 (subject to an earlier maturity if certain indebtedness of UCI is not repaid or refinanced on or prior to the dates set forth in the credit agreement), which constitutes part of the same class of indebtedness as the Term Loan A Facility under the 2007 Credit Agreement (the "July 2023 Term Loan A Facility"). The loans under the July 2023 Term Loan A Facility bore interest and amortized at the same rates as the loans under the 2022 Term Loan A Facility. UCI used the proceeds from the issuance of the July 2023 Term Loan A Facility to make a partial prepayment of the 2024 term loans. The partial prepayment occurred concurrently with the closing of the July 2023 Term Loan A Facility on July 26, 2023. On August 28, 2023, UCI issued a $100.0 million bank senior secured term loan A facility maturing in 2027 (subject to an earlier maturity if certain indebtedness of UCI is not repaid or refinanced on or prior to the dates set forth in the credit agreement), which constitutes part of the same class of indebtedness as the Term Loan A Facility under the 2007 Credit Agreement (the "August 2023 Term Loan A Facility"). The loans under the August 2023 Term Loan A Facility bore interest and amortized at the same rates as the loans under the 2022 Term Loan A Facility. UCI used the proceeds from the issuance of the August 2023 Term Loan A Facility to make a partial prepayment of the 5.125% senior notes due 2025. The partial prepayment occurred concurrently with the closing of the August 2023 Term Loan A Facility on August 28, 2023. On January 4, 2024, UCI issued senior secured debt of $100.0 million made up of a bank senior secured term loan A facility maturing in 2027 (subject to an earlier maturity if certain indebtedness of UCI is not repaid or refinanced on or prior to the dates set forth in the credit agreement), which constitutes part of the same class of indebtedness as the 2022 Term Loan A Facility under the 2007 Credit Agreement (the "January 2024 Term Loan A Facility"). The loans under the January 2024 Term Loan A Facility bore interest and amortized at the same rates as the loans under the 2022 Term Loan A Facility. UCI concurrently utilized the proceeds of the January 2024 Term Loan A Facility to make a $100.0 million partial redemption of the 5.125% senior notes due 2025. The partial prepayment occurred concurrently with the closing of the January 2024 Term Loan A Facility on January 29, 2024. 35 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 25, 2025, UCI concurrently utilized the proceeds of the July 2025 Term Loan A Facility, together with cash from the balance sheet, to make a full prepayment of the 2022 Term Loan A Facility maturing in 2027. 2022 Bank senior secured term loan facilities maturing in 2029 – On January 31, 2022, UCI entered into the 2022 Credit Agreement, which initially provided for the January 2029 term loans that were funded in full in connection with the closing of the TelevisaUnivision Transaction on January 31, 2022. UCI may choose to pay interest on the January 2029 term loans at either a SOFR-based rate (with a SOFR floor of 0.75%) or a base rate, in each case plus a margin of (i) 2.250% per annum for base rate loans or (ii) 3.250% per annum for SOFR rate loans. The January 2029 term loans are subject to amortization in equal quarterly installments (commencing on June 30, 2022) of principal in an aggregate amount equal to 1.00% per annum, with the remaining balance payable at the final date of maturity. The January 2029 term loans are guaranteed by Broadcast Holdings and UCI's material, wholly-owned restricted domestic subsidiaries (subject to certain exceptions), and are secured by, among other things, substantially all of the assets of UCI, Broadcast Holdings and UCI's material, wholly-owned restricted domestic subsidiaries (subject to certain exceptions). The priority of security interests and related creditors' rights for the January 2029 term loans are set forth in an intercreditor agreement. As of December 31, 2025, the total aggregate principal amount of the January 2029 term loans was $1,010.6 million, and the unamortized deferred financing costs balance was $21.9 million. On June 24, 2022, UCI entered into the June 2022 Amendment of the 2022 Credit Agreement to, among other things, (a) establish a new class of incremental first lien term B loans constituting the 2022 Term Loan B Facility and (b) make a prepayment of the 2024 term loans (the term loans outstanding under the 2022 Credit Agreement, as amended, are referred to collectively as the "2022 Term Loan Facility"). The loans under the 2022 Term Loan B Facility bear an interest rate margin of 4.25% per annum for Term SOFR loans and 3.25% per annum for base rate loans. The loans under the 2022 Term Loan B Facility have a maturity date of June 24, 2029 and amortize at 1.0% per annum on a quarterly basis, commencing on September 30, 2022. As of December 31, 2025, the total aggregate principal amount of the 2022 Term Loan B Facility was $482.5 million, the unamortized deferred financing costs balance was $2.0 million, and the unamortized discount was $6.3 million. The 2022 Credit Agreement provides for an incremental facility that UCI may use to add one or more incremental term loan facilities, increase commitments under the existing term loan facility and/or add one or more incremental revolving loan facilities by up to (i) a fixed amount of $750.0 million, plus (ii) an unlimited amount of additional first-lien obligations so long as the consolidated first-lien leverage ratio, on a pro forma basis, does not exceed 6.00:1.00 or, if incurred in connection with an acquisition or other investment permitted under the credit agreement, would be leverage neutral, plus (iii) an unlimited amount of additional junior lien obligations, so long as the consolidated secured leverage ratio, on a pro forma basis, does not exceed 7:00:1.00, plus (iv) an unlimited amount of additional unsecured debt, so long as the consolidated total leverage ratio, on a pro forma basis, does not exceed 8.50:1.00, in each case, subject to other customary conditions and exceptions. Additionally, UCI will be permitted to further refinance (whether by repayment, conversion or extension) its existing Senior Secured Credit Facilities and the 2022 Term Loan Facility (in addition to the new incremental facilities described above) with certain permitted additional first-lien, second-lien, senior and/or subordinated indebtedness, in each case if certain conditions are met. In addition, mandatory prepayments will be required to prepay amounts outstanding under the 2022 Term Loan Facility in an amount equal to: • 100% (which percentage will be reduced upon the achievement of specified performance targets) of net cash proceeds from certain asset dispositions by UCI or any of its restricted subsidiaries, subject to certain exceptions, ratable sharing provisions and reinvestment provisions; and • 100% of the net cash proceeds from the issuance or incurrence after the closing date of any additional debt by UCI or any of its restricted subsidiaries (excluding debt permitted under the 2022 Credit Agreement, other than any indebtedness which serves to refinance or extend indebtedness then outstanding under the 2022 Credit Agreement, which shall be required to prepay loans as set forth in such credit agreement). Voluntary prepayments of principal amounts outstanding under loans governed by the 2022 Credit Agreement will be permitted at any time; however, if a prepayment of principal is made with respect to an adjusted Term SOFR loan on a date other than the last day of the applicable interest period, the lenders will require compensation for any funding losses and expenses incurred as a result of the prepayment. The 2022 Credit Agreement contains restrictive covenants which, among other things, limit the incurrence of additional indebtedness, investments, dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, prepayments of 36 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subordinated indebtedness, liens and encumbrances and other matters customarily restricted in such agreements. The 2022 Credit Agreement does not contain any financial maintenance covenant. The 2022 Credit Agreement contains customary events of default, including without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other indebtedness in excess of specified amounts, certain events of bankruptcy and insolvency, judgment defaults in excess of specified amounts, failure of any material provision of any guaranty or security document supporting the term loans thereunder to be in full force and effect, and a change of control. UCI used the proceeds from the issuance of the 2022 Term Loan B Facility to fund the partial prepayment of the 2024 term loans. The partial prepayment occurred concurrently with the closing of the 2022 Term Loan B Facility on June 24, 2022. For the years ended December 31, 2025, the effective interest rate related to UCI's senior secured term loans was 5.13% including the impact of interest rate swaps and 7.92% excluding the impact of interest rate swaps. UCI is permitted to further refinance (whether by repayment, conversion or extension) UCI's Senior Secured Credit Facilities (including the extended credit facilities) with certain permitted additional first-lien, second-lien, senior and/or subordinated indebtedness, in each case, if certain conditions are met. Bank senior secured term loan facilities maturing in 2029 – On June 6, 2024, UCI entered into an amendment to its 2007 Credit Agreement, pursuant to which $500.0 million aggregate principal amount of its outstanding 2026 term loans were converted into a new tranche of term loans. The 2029 new term loans bear interest at adjusted Term SOFR plus a margin of 3.50% per annum with a 0.50% per annum SOFR floor or an alternate base rate and a margin of 2.50% per annum with a 1.50% per annum ABR floor. The 2029 new term loans are subject to amortization in equal quarterly installments (commencing on September 30, 2024) of principal in an aggregate amount equal to 1.00% per annum, with the remaining balance payable at the final date of maturity, January 31, 2029. As of December 31, 2025, the total aggregate principal amount of the 2029 term loans was $492.5 million, and the unamortized deferred financing costs balance was $3.0 million and the unamortized discount was $2.6 million. Bank senior secured term loan facility maturing in 2030 - On July 25, 2025, UCI entered into the July 2025 Amendment, pursuant to which $763.5 million aggregate principal amount of the senior secured term loans under the 2007 Credit Agreement (the "July 2025 Term Loan A Facility") was issued. The July 2025 Term Loan A Facility matures on July 25, 2030 (subject to the Springing Maturity Date) and has an interest rate margin tied to UCI's leverage ratio ranging from 2.00% to 3.00% per annum for Term SOFR loans and ranging from 1.00% to 2.00% per annum for base rate loans. The loans under the July 2025 Term Loan A Facility are subject to amortization in equal quarterly installments (commencing on December 31, 2025) of principal in an aggregate amount equal to 5.00% per annum, with the remaining balance payable at the final date of maturity. UCI capitalized deferred financing costs of $11.9 million relating to the issuance of the July 2025 Term Loan A Facility. As of December 31, 2025, the total aggregate principal amount of the July 2025 Term Loan A Facility was $754.0 million, and the unamortized deferred financing costs balance was $11.0 million. 8.000% Senior Secured Notes due 2028 On August 7, 2023, UCI issued $500.0 million aggregate principal amount of 8.000% senior notes due 2028, on December 18, 2023, UCI issued an additional $700.0 million aggregate principal amount of the 8.000% senior notes due on 2028 at a premium of 100.500% and on January 22, 2024, UCI issued an additional $100.0 million aggregate principal amount of the 8.000% senior notes due on 2028 at a premium of 101.000% plus accrued and unpaid interest from August 7, 2023 (collectively, the "2028 senior notes"). The 2028 senior notes mature on August 15, 2028 UCI will pay interest on the 2028 senior notes at a fixed rate of 8.000% per annum semi-annually in cash in arrears on February 15 and August 15 of each year, commencing on February 15, 2024. UCI concurrently used the proceeds to prepay all of the $161.3 million remaining balance of the 2024 term loans and to make a $1,279.4 million full redemption of the 5.125% senior notes due 2025. The 2028 senior notes are jointly and severally guaranteed by substantially all of UCI's material, direct and indirect wholly-owned restricted domestic subsidiaries (subject to certain exceptions) that guarantee its Senior Secured Credit Facilities. The 2028 senior notes and the related guarantees are secured by a first priority lien, subject to permitted liens, on substantially all of the assets of UCI and UCI's material, wholly-owned restricted domestic subsidiaries (subject to certain exceptions) and the guarantors' property and assets that secure obligations under UCI's Senior Secured Credit Facilities, UCI's 2022 Term Loan Facility and existing senior notes. 37 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If redeemed on or after August 15, 2025, UCI may redeem the 2028 senior notes at the redemption price set forth next to the corresponding year, plus accrued and unpaid interest, if any, to, but excluding the applicable redemption date: 2025 (104.000%), 2026 (102.000%), 2027 and thereafter (100.000%). At December 31, 2025, the outstanding principal balance of the 2028 senior notes was $1,440.7 million and the unamortized deferred financing costs balance was $8.5 million and the unamortized premium was $3.6 million. If UCI undergoes a change of control, it will be required to offer to purchase the 2028 senior notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest, unless a third party makes an offer to purchase all of the 2028 senior notes or UCI has previously or concurrently sent a redemption notice with respect to all the outstanding 2028 senior notes. 4.500% Senior Secured Notes due 2029 On May 21, 2021, UCI issued $1,050.0 million aggregate principal amount of 4.500% senior secured notes due 2029 (the "2029 senior notes") at par plus accrued and unpaid interest from May 21, 2021. The 2029 senior notes will mature on May 1, 2029. UCI will pay interest on the 2029 senior notes at a fixed rate of 4.500% per annum semi-annually in cash in arrears on May 1 and November 1 of each year. UCI used the net proceeds from the issuance of the 2029 senior notes to finance a portion of the purchase price for the TelevisaUnivision Transaction and to pay certain related transaction fees and expenses. At December 31, 2025, the outstanding principal balance of the 2029 senior notes was $1,050.0 million and the unamortized deferred financing costs balance was $8.2 million. The 2029 senior notes are jointly and severally guaranteed by substantially all of UCI's material, direct and indirect wholly-owned restricted domestic subsidiaries (subject to certain exceptions) that guarantee its Senior Secured Credit Facilities. The 2029 senior notes and the related guarantees are secured by a first priority lien, subject to permitted liens, on substantially all of the assets of UCI and UCI's material, wholly-owned restricted domestic subsidiaries (subject to certain exceptions) and the guarantors' property and assets that secure obligations under UCI's Senior Secured Credit Facilities, UCI's 2022 Term Loan Facility and existing senior notes. UCI may redeem the 2029 senior notes, at UCI's option, in whole or in part, upon not less than 10 nor more than 60 days' notice at any time and from time to time at the redemption prices forth below. The 2029 senior notes will be redeemable at the applicable redemption price (expressed as percentages of principal amount of the 2029 senior notes to be redeemed) plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date if redeemed during the twelve-month period beginning on May 1 of each of the following years: 2024 (102.250%), 2025 (101.125%) and 2026 and thereafter (100.000%). In addition, if UCI undergoes a change of control, it may be required to offer to purchase the 2029 senior notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest. 7.375% Senior Secured Notes due 2030 UCI issued $500.0 million aggregate principal amount of 7.375% senior secured notes due 2030 on June 24, 2022, at an original issuance discount of 99.255%, plus accrued and unpaid interest from June 24, 2022, and $400.0 million additional aggregate principal amount of the 2030 senior notes on August 26, 2022 at a premium of 101.500%, plus accrued and unpaid interest from June 24, 2022 (collectively, the "2030 senior notes"). The 2030 senior notes will mature on June 30, 2030. UCI will pay interest on the 2030 senior notes at a fixed rate of 7.375% per annum semi-annually in cash in arrears on June 30 and December 30 of each year, commencing December 30, 2022. At December 31, 2025, the outstanding principal balance of the 2030 senior notes was $900.0 million, the unamortized deferred financing costs balance was $6.6 million and the unamortized premium was $1.5 million. UCI may redeem the 2030 senior notes, at UCI's option, in whole or in part, upon not less than 10 nor more than 60 days' notice at any time and from time to time at the redemption prices set forth below. The 2030 senior notes will be redeemable at the applicable redemption price (expressed as percentages of principal amount of the 2030 senior notes to be redeemed) plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date if redeemed during the twelve-month period beginning on June 30 of each of the following years: 2025 (103.688%), 2026 (101.844%) and 2027 and thereafter (100.000%). In addition, if UCI undergoes a change of control, it may be required to offer to purchase the 2030 senior notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest. 38 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UCI used the net proceeds from the issuance of the 2030 senior notes and the bank senior secured term loan facility maturing in June 2029 to fund the redemption of all $370.0 million outstanding aggregate principal amount of its 9.500% 2025 senior notes and discharged all obligations under the indenture pursuant to which the 9.500% 2025 senior notes were issued. The redemption occurred concurrently with the closing of the 2030 senior notes on June 24, 2022. 8.500% Senior Secured Notes due 2031 UCI issued $500.0 million aggregate principal amount of 8.500% senior secured notes due 2031 on June 7, 2024, at par, and on October 7, 2024, UCI issued an additional $755.0 million aggregate principal amount of the 8.500% senior notes due on 2031 at par, plus accrued and unpaid interest from June 7, 2024 (collectively, the "2031 senior notes"). The 2031 senior notes will mature on July 31, 2031. UCI will pay interest on the 2031 senior notes at a fixed rate of 8.500% per annum semi-annually in cash in arrears on January 31 and July 31 of each year, commencing January 31, 2025. UCI may redeem the 2031 senior notes, at UCI's option, in whole or in part, upon not less than 10 nor more than 60 days' notice at any time and from time to time at the redemption prices set forth below. The 2031 senior notes will be redeemable at the applicable redemption price (expressed as percentages of principal amount of the 2031 senior notes to be redeemed) plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date if redeemed during the twelve-month period beginning on July 31 of each of the following years: 2027 (104.250%), 2028 (102.125%) and 2029 and thereafter (100.000%). At any time prior to July 31, 2027, UCI may redeem the 2031 senior notes at a redemption price equal to 100% of the principal amount of the 2031 senior notes to be redeemed plus accrued and unpaid interest plus the greater of (i) 1.0% of the principal amount and (ii) the excess, if any, of (A) an amount equal to the present value at such redemption date of (1) the redemption price of such note at July 31, 2027, plus (2) all required interest payments due on such note through July 31, 2027 (excluding accrued but unpaid interest to, but excluding, the redemption date), computed using a discount rate equal to the Treasury Rate (as defined in the indenture) as of such redemption date plus 50 basis points; over (B) the principal amount of such note to be redeemed on such redemption date. At any time, or from time to time, until July 31, 2027, UCI may use the net cash proceeds of one or more equity offerings to redeem up to 40% of the then outstanding aggregate principal amount of the 2031 senior notes issued under the indenture at a redemption price equal to 108.500% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, provided that (1) at least 50% of the aggregate principal amount of notes originally issued under the indenture remains outstanding and (2) UCI makes such redemption not more than 180 days after the consummation of any such equity offering. In addition, if UCI undergoes a change of control, it may be required to offer to purchase the 2031 senior notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest. UCI used the net proceeds from the issuance of the 2031 senior notes to fund the $1,255.0 million repayment of the 2026 term loans. At December 31, 2025, the outstanding principal balance of the 2031 senior notes was $1,255.0 million and the unamortized deferred financing costs balance was $8.6 million. 9.375% Senior Secured Notes due 2032 UCI issued $1,500.0 million aggregate principal amount of 9.375% senior secured notes due 2032 on July 22, 2025, at par (the "2032 senior notes"). The 2032 senior notes will mature on August 1, 2032. UCI will pay interest on the 2032 senior notes at a fixed rate of 9.375% per annum semi-annually in cash in arrears on February 1 and August 1 of each year, commencing February 1, 2026. UCI may redeem the 2032 senior notes, at UCI's option, in whole or in part, upon not less than 10 nor more than 60 days' notice at any time and from time to time at the redemption prices set forth below. The 2032 senior notes will be redeemable at the applicable redemption price (expressed as percentages of principal amount of the 2032 senior notes to be redeemed) plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date if redeemed during the twelve-month period beginning on August 1 of each of the following years: 2028 (104.688%), 2029 (102.344%) and 2030 and thereafter (100.000%). At any time prior to August 1, 2028, UCI may redeem the 2032 senior notes at a redemption price equal to 100% of the principal amount of the 2032 senior notes to be redeemed plus accrued and unpaid interest plus the greater of (i) 1.0% of the principal amount and (ii) the excess, if any, of (A) an amount equal to the present value at such redemption date of (1) the redemption price of such note at August 1, 2028, plus (2) all required interest payments due on such note through August 1, 2028 (excluding accrued but unpaid interest to, but excluding, the redemption date), computed using a discount rate equal to the Treasury Rate (as defined in the indenture) as of such redemption date plus 50 basis points; over (B) the principal amount of such note to be redeemed on such redemption date. 39 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time, or from time to time, until August 1, 2028, UCI may use the net cash proceeds of one or more equity offerings to redeem up to 40% of the then outstanding aggregate principal amount of the 2032 senior notes issued under the indenture at a redemption price equal to 109.375% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, provided that (1) at least 50% of the aggregate principal amount of notes originally issued under the indenture remains outstanding and (2) UCI makes such redemption not more than 180 days after the consummation of any such equity offering. In addition, if UCI undergoes a change of control, it may be required to offer to purchase the 2032 senior notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest. UCI capitalized deferred financing costs of $17.5 million relating to the issuance of the 2032 senior notes. UCI used the net proceeds from the issuance of the 2032 senior notes to fund the $1,500.0 million repayment of the 2027 senior notes. At December 31, 2025, the outstanding principal balance of the 2032 senior notes was $1,500.0 million and the unamortized deferred financing costs balance was $16.4 million. Accounts Receivable Facility On September 26, 2025, UCI amended its accounts receivable sale facility (as amended, the "Facility"), which, among other things, (i) extended the expiration date of the Facility from October 5, 2026 to September 26, 2029, and (ii) lowered the interest rate on the borrowings under the Facility to SOFR plus a margin of 1.25% per annum. Interest is paid monthly on the Facility. Under the terms of the Facility, certain subsidiaries of UCI sell accounts receivable on a true sale and non-recourse basis to their respective wholly-owned special purpose subsidiaries, and these special purpose subsidiaries in turn sell such accounts receivable to Univision Receivables Co., LLC, a bankruptcy-remote subsidiary in which certain special purpose subsidiaries of UCI and its parent, Broadcasting Partners, each holds a 50% voting interest (the "Receivables Entity"). Thereafter, the Receivables Entity sells to investors, on a revolving non-recourse basis, senior undivided interests in such accounts receivable pursuant to the Receivables Purchase Agreement. UCI (through certain special purpose subsidiaries) holds a 100% economic interest in the Receivables Entity. The assets of the special purpose entities and the Receivables Entity are not available to satisfy the obligations of UCI or its other subsidiaries. The Facility has a $100.0 million term component and a $300.0 million revolving component that are subject to the availability of qualifying receivables. In addition, the Facility has a letter of credit sublimit of $160.0 million under the revolving component. At December 31, 2025, UCI had $100.0 million outstanding under the term component and none outstanding under the revolving component, and the interest rate was 4.938% applicable to both the term component and the revolving component. In addition, at December 31, 2025, there was $46.9 million of outstanding letters of credit against the accounts receivable revolving component resulting in $253.1 million being available for borrowing under the accounts receivable revolving facility. The Receivables Entity is obligated to pay a commitment fee to the purchasers, such fee to be calculated based on the unused portion of the Facility. The Receivables Purchase Agreement contains customary default and termination provisions, which provide for the early termination of the Facility upon the occurrence of certain specified events including, but not limited to, failure by the Receivables Entity to pay amounts due, defaults on certain indebtedness, change in control, bankruptcy and insolvency events. The Receivables Entity is consolidated in UCI's consolidated financial statements. Note Payable to Grupo Televisa On October 31, 2025, UCI repaid in full the outstanding principal balance associated with the unsecured note payable to Grupo Televisa of $83.3 million and accrued interest since inception of $104.4 million based on the Mexican Peso/ U.S. Dollar exchange rate as of that date. The loan had payment dates on October 31 of 2023, 2024, 2025 and April 30, 2026. The note payable had a fixed annual interest rate of 12.8%. The outstanding principal balance was translated from Mexican pesos to U.S. dollars using the spot rate at each consolidated balance sheet date. UCI repaid $90.7 million and $136.4 million of the note payable on October 31, 2024, and 2023, respectively. Other long-term debt As of December 31, 2025, UCI had other bank loans with an outstanding principal balance of $5.8 million. The outstanding principal balance is translated from Mexican pesos to U.S. dollars at the spot rate. 40 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on refinancing of debt For the year ended December 31, 2025, UCI recorded a gain on refinancing of debt of $31.7 million due to the write-off of the fair value adjustments recorded in connection with the May 2021 reorganization on the prepaid 6.625% Senior Secured Notes due 2027 and unamortized deferred financing costs relating to the 2022 Term Loan A due 2027. For the year ended December 31, 2024, UCI recorded a loss on refinancing of debt of $9.4 million, due to the write-off of unamortized deferred financing costs and unamortized discount that relates to the redemption of the 2026 term loans, partially offset by write-off of unamortized premium and Reorganization fair value adjustment for the redemption of all of the remaining outstanding 5.125% Senior Notes due 2025. For the year ended December 31, 2023, UCI recorded a gain on refinancing of debt of $6.9 million, due to the write-off of unamortized premium for the partial redemption of the 5.125% Senior Notes due 2025 and paid down 2024 Term Loan. Other Matters Related to Debt Voluntary prepayment of principal amounts outstanding under the Senior Secured Credit Facilities and/or the 2022 Term Loan Facility is permitted at any time; however, if a prepayment of principal is made with respect to an adjusted SOFR loan on a date other than the last day of the applicable interest period, the lenders may require compensation for any funding losses and expenses incurred as a result of the prepayment. The agreements governing the Senior Secured Credit Facilities, the 2022 Term Loan Facility and the senior secured notes contain various covenants and a breach of any covenant could result in an event of default under those agreements. If any such event of default occurs, the lenders of the Senior Secured Credit Facilities, the 2022 Term Loan Facility or the holders of the senior secured notes may elect (after the expiration of any applicable notice or grace periods) to declare all outstanding borrowings, together with accrued and unpaid interest and other amounts payable thereunder, to be immediately due and payable. In addition, an event of default under the indentures governing the senior secured notes would cause an event of default under the Senior Secured Credit Facilities and the 2022 Term Loan Facility, and the acceleration of debt under the Senior Secured Credit Facilities and/or the 2022 Term Loan Facility or the failure to pay that debt when due would cause an event of default under the indentures governing the senior secured notes (assuming certain amounts of that debt were outstanding at the time). The lenders under the Senior Secured Credit Facilities also have the right upon an event of default thereunder to terminate any commitments they have to provide further borrowings. Further, following an event of default under the Senior Secured Credit Facilities, the lenders will have the right to proceed against the collateral. The Senior Secured Credit Facilities, the 2022 Term Loan Facility, the 2032 senior notes, the 2031 senior notes, the 2030 senior notes, the 2029 senior notes and the 2028 senior notes are secured by, among other things (a) a first priority security interest in substantially all of the assets of UCI, and UCI's material restricted domestic subsidiaries (subject to certain exceptions), including without limitation, all receivables, contracts, contract rights, equipment, intellectual property, inventory, and other tangible and intangible assets, subject to certain customary exceptions; (b) a pledge of (i) all of the present and future capital stock of each subsidiary guarantor's direct domestic subsidiaries and the direct domestic subsidiaries of UCI and (ii) 65% of the voting stock of each of UCI's and each guarantor's material direct foreign subsidiaries, subject to certain exceptions; and (c) all proceeds and products of the property and assets described above. In addition, the Senior Secured Credit Facilities and the 2022 Term Loan Facility (but not the 2032 senior notes, the 2031 senior notes, the 2030 senior notes, the 2029 senior notes or the 2028 senior notes) are secured by all of the assets of Broadcast Holdings and a pledge of the capital stock of UCI and all proceeds of the foregoing. Additionally, the agreements governing the Senior Secured Credit Facilities, the 2022 Term Loan Facility and the senior secured notes include various restrictive covenants (including in the credit agreement governing the Senior Secured Credit Facilities when there are certain amounts outstanding under the senior secured revolving credit facility thereunder on the last day of a fiscal quarter, a first lien debt ratio covenant) which, among other things, limit the incurrence of indebtedness, making of investments, payment of dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, prepayments of other indebtedness, liens and encumbrances and other matters customarily restricted in such agreements. The credit agreements governing the Senior Secured Facilities and the 2022 Term Loan Facility and the indentures governing the senior secured notes thereunder allow UCI to make certain pro forma adjustments for purposes of calculating certain financial ratios, some of which would be applied to adjusted operating income before depreciation and amortization ("Bank Credit Adjusted OIBDA"). UCI is in compliance with these financial covenants under the agreements governing its Senior Secured Credit Facilities, 2022 Term Loan Facility and senior secured notes. UCI may from time to time designate a subsidiary as "unrestricted subsidiaries" for purposes of its credit agreements governing the Senior Secured Credit Facilities and the 2022 Term Loan Facility and indentures governing the senior secured notes. As unrestricted subsidiaries, the operations of these subsidiaries are excluded from, among other things, covenant compliance calculations and compliance with the affirmative and negative covenants of the credit agreements governing the Senior Secured Credit Facilities the 2022 Term Loan Facility and indentures governing the senior secured notes. UCI may redesignate these subsidiaries as restricted subsidiaries at any time at its option, subject to compliance with the terms of its credit agreements governing the Senior Secured Credit Facilities and the 2022 Term Loan Facility and indentures governing the senior secured notes. 41 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subsidiary guarantors under UCI's Senior Secured Credit Facilities, the 2022 Term Loan Facility and senior secured notes are substantially all of UCI's domestic subsidiaries. The subsidiaries that are not guarantors include certain immaterial subsidiaries, special purpose subsidiaries that are party to UCI's Facility and the designated unrestricted subsidiaries. The guarantees are full and unconditional and joint and several. Univision Communications Inc. has no independent assets or operations. UCI and its subsidiaries, affiliates or significant shareholders may from time to time, in their sole discretion, purchase, repay, redeem or retire any of UCI's outstanding debt or equity securities (including any privately placed debt securities with an established trading market), in privately negotiated or open market transactions, by tender offer or otherwise. Contractual maturities of long-term debt as of December 31, 2025 are as follows: Year Amount 2026 .................................................................................................................................................. $59,400 2027 .................................................................................................................................................. 59,700 2028 .................................................................................................................................................. 1,500,400 2029 .................................................................................................................................................. 3,113,300 2030 .................................................................................................................................................. 1,503,300 Thereafter.......................................................................................................................................... 2,755,000 8,991,100 Less current portion .......................................................................................................................... (59400) Long-term debt, excluding finance leases........................................................................................ $8,931,700 14. Interest Rate Swaps The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. These rate swaps involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. UCI has agreements with each of its interest rate swap counterparties which provide that UCI could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to UCI's default on the indebtedness. UCI does not enter into derivatives for trading purposes. Derivatives Designated as Hedging Instruments On February 28, 2020, UCI entered into two forward-starting interest rate swaps that converted the interest payable on $2.5 billion of variable rate debt into fixed rate debt, at a weighted-average rate of approximately 2.94% became effective and were to mature in February 2024. On September 10, 2021, UCI modified these two outstanding forward-starting interest rate swaps to extend the maturity from February 2024 to February 2026 and the floor was reduced from 1.00% to 0.75%. As a result of this modification, there was an other-than-insignificant financing element identified which resulted in our swap settlement payments being classified as financing cash flows. In June 2023, UCI entered into bilateral agreements with its swap counterparties to transition all of its interest rate swap agreements to SOFR. UCI made various ASC 848 elections related to changes in critical terms of the hedging relationships due to reference rate reform to not result in a de-designation of these hedging relationships. As result of the SOFR transition, the floor was also reduced from 0.75% to 0.63552% on the two outstanding forward-starting interest rate swaps maturing in February 2026. The weighted average interest rate as of December 31, 2025 was approximately 2.23% . As of December 31, 2025, the Company has two remaining effective cash flow hedges, as shown in the table below: Number of Instruments Current Notional (in whole dollars) Interest Rate Derivatives: Interest Rate Swap Contracts (February 2020 through February 2026) ...................................... 2 $2,500,000,000 42 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of Interest Rate Derivatives on the Consolidated Financial Statements The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the consolidated balance sheets: Consolidated Balance Sheet Location As of December 31, 2025 As of December 31, 2024 Derivatives Designated as Hedging Instruments: Interest Rate Swap Contracts—Current Assets...................... Prepaid expenses and other $5,700 $46,300 Interest Rate Swap Contracts—Non-Current Assets.............. Other assets $— $6,500 The Company does not offset the fair value of interest rate swaps in an asset position against the fair value of interest rate swaps in a liability position on the balance sheet. Because all of the Company's interest rate swaps were in an asset position as of December 31, 2025, and 2024, if the Company had presented the fair value of the interest rate swaps on a net basis by counterparty, there would be no change to the consolidated balance sheet as of that date. As of December 31, 2025, the Company has not posted any collateral related to any of the interest rate swap contracts. The table below presents the effect of the Company's derivative financial instruments designated as cash flow hedges on the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the years ended December 31, 2025, and 2024: Derivatives Designated as Cash Flow Hedges Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Location of Gain or (Loss) Reclassified from AOCLI into Income Amount of Gain or (Loss) Reclassified from AOCLI into Income(a) Total Interest Expense on the Statement of Operations For the year ended December 31, 2025 ................................ $4,200 Interest expense $77,300 $712,600 For the year ended December 31, 2024 ................................ $131,300 $35,700 Interest expense $100,500 $725,600 For the year ended December 31, 2023 ................................ $21,100 Interest expense $94,200 $695,800 (a) For the years ended December 31, 2025, 2024, and 2023, the amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income ("AOCLI") into income includes amounts that have been reclassified related to current effective hedging relationships as well as amortizing AOCLI amounts related to the off market component of the hedges due to the May 2021 reorganization and subsequent modification of the outstanding swaps. For the years ended December 31, 2025, 2024, and 2023, the Company amortized $26.1 million, $25.8 million and $23.3 million, respectively, of a reduction to interest expense on hedging activities from AOCLI based on the aforementioned activity. During the next twelve months, from December 31, 2025, approximately $10.0 million of net unrealized gain will be reclassified from AOCLI to interest expense (inclusive of the amounts being amortized related to discontinued cash flow hedging relationships). 15. Capital Stock On January 31, 2022, (the "acquisition date"), Televisa and UH Holdco (together with its wholly owned subsidiary, Univision Communications Inc.) announced the completion of the TelevisaUnivision Transaction. In connection with the consummation of the TelevisaUnivision Transaction, UH Holdco changed its name to TelevisaUnivision, Inc. and filed a certificate of incorporation providing for the following classes of capital stock: • 50,000,000 shares of Class A common stock, with a par value of $0.001 per share; • 50,000,000 shares of Class B common stock, with a par value of $0.001 per share; • 5,000,000 shares of Class C subordinated common stock, with a par value of $0.001 per share, which were further divided into four subclasses; Class C-1 Subordinated common stock, Class C-2 Subordinated common stock, Class C-3 Subordinated common stock, and Class C-4 Subordinated common stock, and • 5,000,000 shares of preferred stock (of which 100,000 shares were designated as Series A preferred stock, 750,000 shares were designated as Series B preferred stock, pursuant to a certificate of designation filed on January 31, 2022, and 1,008,640 shares were designated as Series C preferred stock, pursuant to a certificate of designation filed on January 31, 2022), with a par value of $1,000 per share. 43 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g044.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the TelevisaUnivision Transaction acquisition date, TelevisaUnivision issued the following shares of capital stock: • 3,589,664 shares of Class A common stock to Grupo Televisa, S.A.B. and its affiliates for an aggregate principal amount of $750.0 million; • 750,000 shares of Series B preferred stock to Grupo Televisa and its affiliates for an aggregate principal amount of $852.6 million; • 1,008,014 shares of Series C preferred stock to, among other parties, Forgelight, Google, SoftBank Latin American Fund and The Raine Group for an aggregate principal amount of $1,007.1 million; and • 1,000 shares of Series D preferred stock to Guggenheim Securities, LLC. for an aggregate principal amount of $1.0 million. Immediately following the acquisition date, the issued and outstanding capital stock of the Company consisted of Class A common stock, Class C subordinated common stock, Series B preferred stock, Series C preferred stock and Series D preferred stock. Description of Common Stock Holders of the Company's common stock are entitled to the rights, preferences, privileges and limitations summarized below. Voting Rights: Holders of Class A common stock have all voting powers and voting rights, and vote together as a single class, with each share entitled to one vote. Directors will be elected by the stockholders subject to the board designation rights of certain stockholders set forth in the stockholders agreement among certain stockholders of the Company (the "Stockholders Agreement"). Dividend Rights: Except as described below with respect to shares of Class C Subordinated common stock, holders of common stock will share, on a pro rata basis, in any dividend declared by the Company's board, subject to the rights of the holders of outstanding shares of Series A preferred stock and any other preferred stock and the approval rights of Class A common stockholders with respect to certain dividends provided for in the Certificate of Incorporation. Each of the sub-classes of the Class C Subordinated common stock is subject to a liquidation preference that is reduced by dividends or distributions paid to holders of the Company's common stock. The holders of shares of Class A common stock, Class B common stock, and any sub-class of Class C Subordinated common stock whose liquidation preference has been reduced to $0.00 will share, on a pro rata basis, in any dividend declared by the Company's board. The shares of any sub-class of Class C Subordinated common stock whose liquidation preference has not been reduced to $0.00 will not share in any dividend declared by the Company's board. Stock Split, Reverse Stock Splits and Stock Dividends: In the event of a subdivision, increase or combination in any manner (by stock split, reverse stock split, stock dividend or other similar manner) of the outstanding shares of any class of common stock, the outstanding shares of the other classes of common stock will be adjusted proportionally, subject to approval rights of Class A common stockholders with respect to certain stock split and reverse stock splits provided for in the Certificate of Incorporation. Conversion Rights: Optional Conversions. The following conversion rights are exercisable at the holder's option, subject in certain cases to federal stock ownership regulations applicable to U.S. broadcast companies and restrictions set forth in the Certificate of Incorporation and the Stockholders Agreement: • Each share of Class A common stock may be converted at any time into one share of Class B common stock; • Each share of Class B common stock may be converted into one share of Class A common stock; • In the event of any registered public offering, holders of Class C Subordinated common stock shall have the option, but not the obligation, to convert shares of Class C Subordinated common stock into shares of Class A common stock to be sold in such public offering (or shares of Class B common stock if the shares sold are required to be non-voting). Each share of any sub-class of Class C Subordinated common stock converted for such sale shall be converted into a number of shares of Class A common stock or Class B common stock, as applicable, equal to (i) the value of a share of such sub-class of Class C Subordinated stock as determined by a third-party valuation firm as of the time of such public offering, divided by (ii) the offering/sale price of a share of Class A common stock or Class B common stock, as applicable. Mandatory Conversions. The Company may require a holder of Class A common stock to convert its shares of Class A common stock into shares of Class B common stock if such holder does not provide certain information required by the Certificate of 44 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g045.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation or if the Company concludes in its sole discretion that such holder's ownership or exercise of rights of ownership would result in certain events, in each case in relation to the application of federal communications laws. Liquidation Rights: In the event of voluntary or involuntary liquidation, dissolution or winding up of the Company, holders of common stock will share, on a pro rata basis, in any distribution of the assets of the Company to the stockholders, subject to the rights of the holders of outstanding shares of Series A preferred stock and any other preferred stock; provided that holders of shares of Class C Subordinated common stock will share in such distributions only to the extent such shares would share in a dividend, as further described under "—Dividend Rights" above. Preferred Stock: Subject to the consent rights of various parties under the Stockholders Agreement and the Certificate of Incorporation and the rights of the holders of outstanding shares of preferred stock, the Company's board is authorized to provide for the issuance of preferred stock in one or more series. See Note 12. Related Party Transactions, under the heading "Redeemable Shares." Series A Preferred Stock In connection with the Stock Purchase Agreement dated February 24, 2020, on December 29, 2020 (Predecessor), UHI authorized and issued 100,000 Series A convertible preferred stock (the "Series A preferred stock") to Liberty through the Certificate of Designation ("CoD"), each with a stated value of $1,000 (the "Series A Stated Price"), for an aggregate principal amount of $100.0 million. The Series A preferred stock are not entitled or permitted to vote on any matter required or permitted to be voted upon by the stockholders of the Company. Due to the May 2021 Reorganization, the Series A preferred stock consisting of 100,000 shares in UHI were exchanged for the same number of shares of the same class in UH Holdco that were fair valued at $369.4 million. As a result of the TelevisaUnivision Transaction, Liberty converted its Series A preferred stock into 1,845,293 Class A common stock of TelevisaUnivision. Series B Preferred Stock Voting Rights: Holders of Series B preferred stock have the right to vote along with holders of the class A common stock on an as-converted basis. Dividend Rights: The Series B preferred stock is entitled to preferential cumulative dividends equal to 5.5% per annum. Holders of Series B preferred stock will share with holders of common stock in any dividend declared by the Company's board as if such shares were converted into common stock on the record date of such dividend. Conversion Rights and Anti-Dilution Adjustments: Each share of Series B preferred stock may be converted at the option of the holder at any time into a number of shares of Class A common stock or Class B common stock equal to $1,000 divided by the conversion price then in effect. At the date of issuance of the Series B preferred stock, the conversion ratio was 4.16 per common share. The conversion price and the securities into which shares of Series B preferred stock are convertible are subject to customary anti-dilution adjustments in the event of dividends, subdivisions, combinations or reclassifications of common stock. Redemption: Redemption By the Company. The Company may redeem each share of Series B preferred stock for cash or conversion into class A common stock, at any time after the later of the fifth anniversary of the issuance date upon the consummation of an initial public offering under certain circumstances. Redemption upon Change of Control. The Company is required to redeem each share of Series B preferred stock prior to the consummation of the change of control for (i) at the election of the holder, per share consideration equal to the Accumulated Stated Value or the consideration such holder would be entitled to receive if the Series B preferred stock were converted into Class A common stock, and (ii) if prior to the fifth anniversary of the issuance date, at the redemption price payable in cash. Redemption upon Liquidation. Each share of Series B preferred stock is entitled to a preference upon liquidation of the Company equal to at least the Accumulated Stated Value described therein, and thereafter will share ratably in any distributions or payments on an as-converted basis with the holders of Common Stock. 45 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g046.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation Rights: In the event of voluntary or involuntary liquidation, dissolution or winding up of the Company, holders of Series B preferred stock will share, on a pro rata basis, with any other capital stock that ranks on a pari passu basis with it in any distribution of the assets of the Company to the stockholders in an amount equal to the greater of (i) $1,000 per share of Series B preferred stock and (ii) the amount payable upon such liquidation, dissolution or wind-up in respect of the number of shares of common stock into which shares of Series B preferred stock were convertible immediately prior thereto. Such distribution to the Series B preferred stock will be made prior to any payment to the common stock or other junior stock. As of December 31, 2025, and 2024, the Series B Preferred Stock of $852.6 million is classified as temporary equity and presented in Redeemable Shares within the Consolidated Balance Sheet. Series C Preferred Stock In connection with the TelevisaUnivision Transaction, the Company issued 1,000,000 shares of the Series C preferred stock to Forgelight, Google, SoftBank Latin American Fund and The Raine Group, among others. Voting Rights: Holders of Series C preferred stock have the right to vote along with holders of the class A common stock on an as-converted basis. Dividend Rights: Holders of Series C preferred stock will share with holders of common stock in any dividend declared by the Company's board as if such shares were converted into common stock on the record date of such dividend. Conversion Rights and Anti-Dilution Adjustments: Each share of Series C preferred stock may be converted at the option of the holder at any time into a number of shares of Class A common stock or Class B common stock equal to $1,000 divided by the conversion price then in effect. At the date of issuance of the Series C preferred stock, the conversion ratio was 4.7862 per common share. The conversion price and the securities into which shares of Series C preferred stock are convertible are subject to customary anti-dilution adjustments in the event of dividends, subdivisions, combinations, or reclassifications of common stock. Redemption: Redemption By the Company. The Company may redeem each share of Series C preferred stock at any time after the later of the fifth anniversary of the issuance date upon the consummation of an initial public offering under certain circumstances. Redemption upon Change of Control. The Company is required to redeem each share of Series C preferred stock prior to the consummation of the change of control for (i) at the election of the holder, per share consideration equal to the Accumulated Stated Value or the consideration such holder would be entitled to receive if the Series C preferred stock were converted into Class A common stock, and (ii) if prior to the fifth anniversary of the issuance date, at the redemption price payable in cash. Redemption upon Liquidation. Each share of Series C preferred stock is entitled to a preference upon liquidation of the Company equal to at least the Accumulated Stated Value described therein, and thereafter will share ratably in any distributions or payments on an as-converted basis with the holders of Common Stock. Liquidation Rights: In the event of voluntary or involuntary liquidation, dissolution or winding up of the Company, holders of Series C preferred stock will share, on a pro rata basis, with any other capital stock that ranks on a pari passu basis with it in any distribution of the assets of the Company to the stockholders in an amount equal to the greater of (i) $1,000 per share of Series C preferred stock and (ii) the amount payable upon such liquidation, dissolution or wind-up in respect of the number of shares of common stock into which shares of Series C preferred stock were convertible immediately prior thereto. Such distribution to the Series C preferred stock will be made prior to any payment to the common stock or other junior stock. As of December 31, 2025, and 2024, the Series C Preferred Stock of $1,007.1 million is classified as temporary equity and presented in Redeemable Shares within the Consolidated Balance Sheet. Treasury Stock In November 2022, the Company repurchased 128,004 shares of its Class A common stock and designated them as treasury stock. As of December 31, 2025, and 2024, the Company had 128,004 treasury stock of its Class A common stock. 46 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g047.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Accumulated Other Comprehensive (Loss) Income The Company's other comprehensive (loss) income includes foreign currency translation adjustments, unrealized gain (loss) on hedging activities and the amortization of unrealized (gain) loss on hedging activities, pension and post-retirement benefits. The following tables present the changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2025, 2024, and 2023. All amounts are net of tax. Gains and (Losses) on Hedging Activities Unrealized Gain (Loss) on Pension Activities Currency Translation Adjustment Total Balance as of December 31, 2022 ............................................................... $164,100 $7,800 $313,600 $485,500 Other comprehensive loss before reclassifications................................ (37200) — — (37200) Amounts reclassified from accumulated other comprehensive income (17400) — — (17400) Unrealized loss on pension activities, net of taxes................................ — (9100) — (9100) Amortization of unrealized gain on pension activities, net of taxes...... — (1300) — (1300) Currency translation adjustments.......................................................... — — 605,300 605,300 Net other comprehensive income.............................................................. (54600) (10400) 605,300 540,300 Balance as of December 31, 2023 ............................................................... $109,500 $(2600) $918,900 $1,025,800 Other comprehensive loss before reclassifications................................ (29200) — — (29200) Amounts reclassified from accumulated other comprehensive income (19400) — — (19400) Unrealized loss on pension activities, net of taxes................................ — (6600) — (6600) Amortization of unrealized gain on pension activities, net of taxes...... — (1800) — (1800) Currency translation adjustments.......................................................... — — (823200) (823200) Net other comprehensive income.............................................................. (48600) (8400) (823200) (880200) Balance as of December 31, 2024 $60,900 $(11000) $95,700 $145,600 Other comprehensive loss before reclassifications.................................. (35400) — — (35400) Amounts reclassified from accumulated other comprehensive income... (19700) — — (19700) Unrealized loss on pension activities....................................................... — 2,200 — 2,200 Amortization of unrealized gain on pension activities, net of taxes........ — (800) — (800) Currency translation adjustments............................................................. — — 523,800 523,800 Net other comprehensive loss................................................................... (55100) 1,400 523,800 470,100 Balance as of December 31, 2025 ............................................................... $5,800 $(9600) $619,500 $615,700 For the years ended December 31, 2025, 2024, and 2023, unrealized gain on hedging activities is primarily due to the change in one-month SOFR rates for interest rate swaps. Amounts reclassified from accumulated other comprehensive income related to hedging activities are recorded to interest expense. See Note 14. Interest Rate Swaps for further information related to amounts reclassified from accumulated other comprehensive income. 47 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g048.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Income Taxes The (benefit) provision for income tax for the years ended December 31, 2025, 2024, and 2023, comprised the following charges and (benefits): Year Ended December 31, 2025 2024 2023 Current: Federal..................................................................................................................... $61,000 $96,300 $75,600 State ......................................................................................................................... 12,300 2,300 (8000) Foreign..................................................................................................................... 60,100 4,000 47,700 Total current income tax expense ............................................................................ $133,400 $102,600 $115,300 Deferred: Federal..................................................................................................................... $(67100) $(192500) $(64600) State ......................................................................................................................... 1,500 (55500) (27300) Foreign..................................................................................................................... (73800) (12400) 10,100 Total deferred income tax benefit............................................................................ (139400) (260400) (81800) Income tax (benefit) expense............................................................................................. $(6000) $(157800) $33,500 For the years ended December 31, 2025, 2024, and 2023, a reconciliation of the federal statutory tax rate to the Company's effective tax rate is as follows: Year Ended December 31, 2025 2024 2023 Federal statutory tax rate................................................................................................ 21.0% 21.0% 21.0% State and local income taxes, net of federal tax benefit................................................. (26.6) 6.5 4.5 Effect of international operations................................................................................... 19.6 0.9 (0.5) Valuation allowance....................................................................................................... (153.8) (14.7) 2.2 Equity based compensation............................................................................................ (3.0) (1.9) (2.5) Foreign rate differential.................................................................................................. (22.2) 1.9 2.7 Base erosion tax ............................................................................................................. (51.8) (1.2) 2.4 Inflationary Adjustment................................................................................................. (19.4) (0.8) (1.9) Goodwill impairment..................................................................................................... — — (22.9) Puerto Rico disposition .................................................................................................. — (17.6) (8.2) Tax basis step-up — 29.9 — Prior period adjustment.................................................................................................. 232.0 2.5 (0.3) Other............................................................................................................................... 18.4 (7.4) (0.6) Total effective tax rate.......................................................................................... 14.2% 19.1% (4.1)% As a result of the TelevisaUnivision Transaction, the Company's international operations that are subject to local income taxes has increased significantly. The acquired entities operate in territories where the statutory rate is in excess of the 21% U.S. federal statutory rate. With the exception of certain licenses and other assets acquired directly by the Company, the TelevisaUnivision Transaction was a non-taxable business combination resulting in goodwill that is not tax deductible. 48 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g049.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows: December 31, 2025 2024 Deferred tax assets: Tax loss carry-forwards .......................................................................................................................... $102,800 $112,800 Investments related ................................................................................................................................ 57,900 46,700 Interest..................................................................................................................................................... 161,000 142,300 Tax credits............................................................................................................................................... 123,400 92,900 Compensation related costs..................................................................................................................... 69,800 63,500 Lease liability.......................................................................................................................................... 167,400 141,100 Debt related............................................................................................................................................. 12,200 14,300 Deferred revenue..................................................................................................................................... 99,600 132,600 Programming Rights............................................................................................................................... 133,400 52,200 Other ....................................................................................................................................................... 10,300 50,000 Valuation allowance................................................................................................................................ (584800) (506000) Total deferred tax assets.......................................................................................................................... 353,000 342,400 Deferred tax liabilities: Property, equipment and intangible assets.............................................................................................. (333000) (457000) Right-of-use asset.................................................................................................................................... (157500) (145400) Accrued Liabilities (13200) (48600) Other ....................................................................................................................................................... (2500) (21000) Total deferred tax liability....................................................................................................................... (506200) (672000) Net deferred tax liability............................................................................................................................. $(153200) $(329600) At December 31, 2025, the Company had State net operating loss carryforwards of $283.0 million and no U.S. Federal net operating loss carryforwards. The Company have $303.5 million of foreign tax losses in various international jurisdictions, primarily related to jurisdictions with an indefinite carryforward period. In addition, the Company have $30.6 million of U.S. foreign tax credits and $92.7 million of various U.S. State credit carryforwards at December 31, 2025. The utilization of these carryforwards as an available offset to future taxable income is subject to limitations under U.S. and foreign income tax laws. These carryforwards begin to expire in fiscal year 2029. At December 31, 2024, the Company had state-level net operating loss carryforwards of $296.4 million and no U.S. federal net operating loss carryforwards. We have $287.0 million of foreign tax losses in various international jurisdictions, primarily related to jurisdictions with an indefinite carryforward period. In addition, we have $20.1 million of U.S. foreign tax credits and $72.8 million of various U.S. state-level credit carryforwards at December 31, 2024. The utilization of these carryforwards as an available offset to future taxable income is subject to limitations under U.S. and foreign income tax laws. These carryforwards begin to expire in fiscal year 2029. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. At December 31, 2025 and 2024, the Company maintained a valuation allowance in the amount of $584.8 million and $506.1 million, respectively. These valuation allowances were primarily comprised of foreign net operating loss carryforwards and tax credits, as it is more likely than not that the benefits of these deductible differences will not be realized. The $78.7 million increase to the valuation allowance, primarily driven by the increase in the foreign net operating loss carryforwards and state tax credit carryforwards for which a valuation allowance is required. 49 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g050.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance at December 31, 2022 .......................................................................................................................................... $33,000 Addition based on tax positions related to current year..................................................................................................... 4,200 Decrease for tax position of prior years............................................................................................................................. (2600) Lapse in statute of limitations............................................................................................................................................ (18400) Balance at December 31, 2023 .......................................................................................................................................... $16,200 Addition based on tax positions related to current year..................................................................................................... 5,900 Addition for tax position of prior years 4,500 Lapse in statute of limitations............................................................................................................................................ (3000) Balance at December 31, 2024 .......................................................................................................................................... $23,600 Addition based on tax positions related to current year..................................................................................................... 4,200 Reduction for tax position of prior years........................................................................................................................... (3100) Lapse in statute of limitations............................................................................................................................................ (1600) Balance at December 31, 2025 .......................................................................................................................................... $23,100 For the years ended December 31, 2025, 2024, and 2023, the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is approximately $18.2 million, $18.7 million, $13.4 million in the aggregate respectively. The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. The Company had approximately $10.2 million and $6.1 million of accrued interest and penalties related to uncertain tax positions as of December 31, 2025 and December 31, 2024, respectively. The Company recognized interest and penalties of $2.3 million, $0.9 million, and $7.2 million related to uncertain tax positions for the years ended December 31, 2025, 2024, and 2023, respectively. It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next twelve months, which could result in a decrease in unrecognized tax benefits of approximately $18.2 million that would, if recognized, impact the effective tax rate. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The Company assessed these provisions and reflected cash tax benefits in 2025 primarily related to the deductibility of interest expense, the deduction of previously capitalized IRC Section 174 expenses, and enhanced accelerated depreciation deductions. Any impacts to the Company's financial statement effective tax rate were immaterial. The Company and its subsidiaries file income tax returns with the IRS and various state and international jurisdictions. The Company files a consolidated federal income tax return for U.S. purposes and has substantially concluded all U.S. federal income tax matters for years through 2021. Tax authorities are also conducting examinations of Company subsidiaries in various international and state and local jurisdictions. The Company has concluded substantially all income tax matters for all major jurisdictions through 2017. 18. Share-Based Compensation On December 1, 2010, UHI established the 2010 Equity Incentive Plan (the "2010 Plan"), which replaced the amended and restated 2007 Equity Incentive Plan (the "2007 Plan"). The 2010 Plan expired on January 2, 2021. On June 16, 2021, UH Holdco established the 2021 Equity Incentive Plan (the "2021 Plan"). The 2010 Plan reflected the recapitalization of UHI and Broadcast Holdings whereby the original Class A common stock and Class L common stock of UHI and shares of Preferred Stock of Broadcast Holdings were converted to new classes of stock of UHI. Shares and strike prices for awards made under the 2007 Plan were converted to reflect such capital structure. Both the 2021 Plan and 2010 Plan were adopted to attract, retain and motivate officers and employees of, consultants to, and non-employee directors. Under the 2021 Plan, the maximum number of shares that may be issued pursuant to awards made under the plan is 2,350,000 shares of all classes of stock. The Committee or Board of Directors, as applicable, may grant options, stock appreciation rights, restricted stock, restricted stock units, performance stock units or other stock-based awards. Awards may also be made under the 2021 Plan, in the Board of Directors or Committee's sole discretion, in assumption of, or substitution for, outstanding awards previously granted by UH Holdco or an affiliate or a company acquired by UH Holdco or an affiliate or a company with which UH Holdco combines. Upon the exercise of a stock option award or the vesting of a restricted stock unit, shares of UH Holdco common stock are issued from authorized but unissued shares. 50 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g051.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of stock options granted pursuant to the 2021 Plan and 2010 Plan may not be less than 100% of the fair market value of UH Holdco's common stock on the date of grant. No non-qualified stock option or stock appreciation right award will be exercisable after ten years from the date granted. The number of shares subject to an award, the consequences of a participant's termination of service with UH Holdco or any subsidiary or affiliate, and the dates and events on which all or any portion of an award shall be vested and non-forfeitable is set out in an individual award agreement. The Company's share-based compensation pre-tax expense is recorded within direct operating and selling, general and administrative expenses in the consolidated statement of operations: Year Ended December 31, 2025 2024 2023 Employee share-based compensation.............................................................................. $14,700 $86,700 $87,800 The total income tax benefit for share-based compensation recognized in the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023, were $2.3 million, $4.3 million, and $4.3 million, respectively. Stock Options A summary of stock options as of December 31, 2025, and the changes during the year then ended is presented below: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Outstanding at December 31, 2024 ................................... 1,109,188 $211.67 5.4 $— Granted .............................................................................. 42,000 208.93 Exercised ........................................................................... — — Forfeited, canceled, or expired .......................................... (549916) 208.58 Outstanding at December 31, 2025 ................................... 601,272 $214.31 4.6 $— Exercisable at December 31, 2025 .................................... 568,633 $212.19 4.4 $— The weighted-average grant-date fair value of options granted during the years ended December 31, 2025, 2024, and 2023, was $58.02, $63.24, and $50.58, respectively. The majority of the Company's stock options are time-based and vest over periods of between three and five years. The fair value of options vested during the years ended December 31, 2025, 2024, and 2023, was $129.20, $137.64, and $162.65, respectively. The total intrinsic value of options outstanding during the years ended December 31, 2025, 2024, and 2023, was zero, zero, and $0.5 million. Total unrecognized compensation cost related to unvested stock options that will vest upon satisfaction of service conditions as of December 31, 2025, was $2.9 million, which is expected to be recognized over a weighted-average period of 2.8 years. Restricted Stock Units The following table presents the changes in the number of restricted stock unit awards during the year ended December 31, 2025: Restricted Stock Unit Awards Weighted Average Grant-date Fair Value Outstanding at December 31, 2024............................................................................................ 280,889 $164.41 Granted....................................................................................................................................... 13,700 116.99 Vested......................................................................................................................................... (281318) 109.25 Surrendered/Canceled ................................................................................................................ — — Outstanding at December 31, 2025............................................................................................ 13,271 $119.34 51 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g052.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The restricted stock unit awards vest over periods of between three and four years from the date of grant. The fair value of restricted stock units awarded to employees is measured at the estimated intrinsic value at the grant date. The weighted-average grant-date fair value of restricted stock units granted during the years ended December 31, 2025, 2024, and 2023, was $129.20, $130.12, and $130.49, respectively. The total fair value of shares vested during the years ended December 31, 2025, 2024, and 2023, was $36.3 million, $76.6 million, and $44.3 million, respectively. Total unrecognized compensation cost related to unvested restricted stock awards that will vest upon satisfaction of service conditions as of December 31, 2025, was $1.3 million, which is expected to be recognized over a weighted-average period of 2.8 years. Performance Stock Units The following table presents the changes in the number of performance stock unit awards during the year ended December 31, 2025: Performance Stock Unit Awards Weighted Average Grant-date Fair Value Outstanding at December 31, 2024 ...................................................................................... 88,501 $130.12 Granted ................................................................................................................................. 16,800 109.25 Vested ................................................................................................................................... — — Surrendered/Canceled........................................................................................................... — — Outstanding at December 31, 2025 ...................................................................................... 105,301 $126.79 The performance stock unit awards vest over periods of between three and four years from the date of grant and when the applicable performance metrics have been met. Total unrecognized compensation cost related to unvested performance stock units that will vest upon satisfaction of service and performance conditions as of December 31, 2025, was $7.9 million, which is expected to be recognized over a weighted-average period of 2.0 years. 19. Employee Benefits The Company has a pension and seniority premium (post-retirement benefits) obligations relating to the defined benefit plan for its Mexican employees. The Company also has a legal indemnity, per the Mexican Labor Law, that covers employees in Mexico who are dismissed unjustifiably and entitles such employees to three months of salary, plus 20 days of salary per year of service. Pension Plan and Seniority Premium Plan The defined benefit retirement pension plan and seniority premium plan (the "Retirement Plans") covers Mexican based employees. Under the provisions of the Mexican Labor Law, seniority premiums plans are payable based on salary and years of service to employees who resign or are terminated prior to reaching retirement age. After retirement age, employees are no longer eligible for seniority premiums plans. The actuarial assumptions to determine the present value of defined benefit obligations and the net periodic pension costs for the defined benefit obligations are as follows: December 31, 2025 2024 Discount rate............................................................................................................................................... 9.30% 10.49% Salary increase............................................................................................................................................ 5.25% 5.25% Inflation rate ............................................................................................................................................... 3.75% 3.75% Expected return on plan assets ................................................................................................................... 9.30% 10.39% 52 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g053.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The components of net periodic cost of the Retirement Plans for the years ended December 31, 2025, 2024, and 2023, other than the service costs component, are included in "Other, net" within the consolidated statement of operations, consisted of the following: Year Ended December 31, 2025 2024 2023 Retirement Plans Service cost .................................................................................................................................... $4,100 $4,300 $4,300 Interest cost .................................................................................................................................... 7,800 8,200 9,300 Expected return on plan assets....................................................................................................... (1600) (2300) (2200) Actuarial loss (gain) - amortization................................................................................................ 1,500 4,600 (1400) Prior service cost............................................................................................................................ 1,200 100 — Curtailment gain............................................................................................................................. (300) (700) — Net periodic cost ............................................................................................................................... $12,700 $14,200 $10,000 The Company's defined benefit obligations, plan assets, and the funded status balances of the retirement pension plans are as follows: December 31, 2025 2024 Change in benefit obligations: Benefit obligation, beginning of the year.................................................................................................... $(73500) $(96600) Service cost............................................................................................................................................. (4100) (4300) Interest cost............................................................................................................................................. (7800) (8200) Benefits paid........................................................................................................................................... 11,000 15,200 Actuarial loss.......................................................................................................................................... (5600) (100) Foreign currency translation (loss) gain................................................................................................. (12000) 20,500 Benefit obligation, end of the year.............................................................................................................. $(92000) $(73500) Change in plan assets: Fair value of plan assets, beginning of the year.......................................................................................... $17,600 $29,400 Return on plan assets.............................................................................................................................. 1,800 1,800 Actuarial loss.......................................................................................................................................... (4300) (3900) Benefits paid........................................................................................................................................... (2900) (5100) Foreign currency exchange translation (loss) gain................................................................................. 2,400 (4600) Fair value of plan assets, end of the year .................................................................................................... $14,600 $17,600 Under funded status, end of the year........................................................................................................... $(77400) $(55900) The net unfunded retirement pension plans balance is recorded in the "Other long-term liabilities" within the Company's consolidated balance sheet. Plan Assets - Pension and Seniority Premium 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 plan assets are to preserve principal, diversify the portfolio, maintain a high degree of liquidity and credit quality, and deliver competitive returns subject to prevailing market conditions. 53 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g054.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The weighted average asset allocation by asset category was as follows: December 31, 2025 2024 Equity securities ...................................................................................................................................... 29% 23% Fixed rate instruments ............................................................................................................................. 71% 77% Total......................................................................................................................................................... 100% 100% The weighted average expected long-term rate of return of plan assets was 7.53% as of December 31, 2025. 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 the above investments. The plan assets are measured at fair value annually. The Company plan assets in the aggregate amount of $14.6 million as of December 31, 2025 includes primarily investments in equity securities and mutual funds (fixed rate instruments). Investments in equity securities, are measured at the closing price reported on the active market on which the individual securities are traded. Investments in mutual funds consist of fixed rate instruments and are measured at the net asset value provided by the administrator of the fund. The plan assets return for $1.8 million for the year ended December 31, 2025. The weighted average durations of the defined benefit plans were as follows: December 31, 2025 2024 Pensions .............................................................................................................................................. 11.05 years 9.8 years Seniority Premiums............................................................................................................................. 10.38 years 9.3 years Pension and Seniority Premium - Expected Benefit Payments The following table presents the estimated future benefit payments expected to be paid out from the retirement pension plans over the next ten years: Year Amount 2026........................................................................................................................................................................... $14,200 2027........................................................................................................................................................................... 11,600 2028........................................................................................................................................................................... 13,500 2029........................................................................................................................................................................... 14,200 2030........................................................................................................................................................................... 13,900 Thereafter .................................................................................................................................................................. 62,000 Legal Indemnity The components of net periodic cost of the legal indemnity for the years ended December 31, 2025, 2024, and 2023, other than the service costs component, are included in Other, net within the consolidated statement of operations and consisted of the following: Year Ended December 31, 2025 2024 2023 Legal Indemnity Service cost ................................................................................................................................................. $5,900 $6,400 $5,700 Interest cost ................................................................................................................................................. 8,800 9,100 11,100 Actuarial loss (gain) - amortization............................................................................................................. (3700) 7,600 (400) Prior service cost......................................................................................................................................... 2,600 1,800 — Curtailment gain.......................................................................................................................................... (1700) (6600) — Net periodic cost ............................................................................................................................................ $11,900 $18,300 $16,400 54 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g055.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's unfunded legal indemnity obligation associated with post-employment benefits, is presented as follows: December 31, 2025 2024 Change in benefit obligations: Benefit obligation, beginning of the year................................................................................................ $(81400) $(100700) Service cost......................................................................................................................................... (5900) (6400) Interest cost......................................................................................................................................... (8800) (9100) Benefits paid....................................................................................................................................... 3,700 4,300 Actuarial gain...................................................................................................................................... 3,700 11,500 Foreign currency translation (loss) gain ............................................................................................. (13400) 19,000 Benefit obligation, end of the year .......................................................................................................... $(102100) $(81400) The legal indemnity obligation is recorded in the "Other long-term liabilities" within the Company's consolidated balance sheet. Legal Indemnity - Expected Benefit Payments The following table presents the estimated future benefit payments expected to be paid out from the legal indemnity over the next ten years: Year Amount 2026 ......................................................................................................................................................................... $12,700 2027 ......................................................................................................................................................................... 13,800 2028 ......................................................................................................................................................................... 14,000 2029 ......................................................................................................................................................................... 15,300 2030 ......................................................................................................................................................................... 14,800 Thereafter ................................................................................................................................................................ 70,800 Other Employee Benefits UCI has a 401(k) retirement savings plan (the "401(k) Plan") covering all eligible employees over the age of 21. The 401(k) Plan allows the employees to defer a portion of their annual compensation, and UCI may match a portion of the employees' contributions generally after the first day of service. UCI matches 100% of the first 3% of eligible employee compensation that was contributed to the 401(k) Plan. For the years ended December 31, 2025, 2024, and 2023, UCI recognized expense for matching cash contributions of $28.0 million, $28.4 million and $26.6 million, respectively. 20. Contingencies and Commitments Contingencies The Company maintains insurance coverage for various risks, where deemed appropriate by management, at rates and terms that management considers reasonable. The Company has deductibles for various risks, including those associated with windstorm and earthquake damage. The Company self-insures its employee medical benefits and its media errors and omissions exposures. In management's opinion, the potential exposure in future periods, if uninsured losses were to be incurred, should not be material to the consolidated financial position or results of operations. The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with law or regulations in jurisdictions in which the Company operates. 55 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g056.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company establishes reserves for specific liabilities in connection with regulatory and legal actions that the Company deems to be probable and estimable. The Company believes the immaterial amounts accrued in its financial statements are sufficient to cover all probable liabilities. In other instances, the Company is not able to make a reasonable estimate of any liability because of the uncertainties related to the outcome and/or the amount or range of loss, no accruals for such contingencies is made and no loss or range of loss is disclosed. The Company does not expect that the ultimate resolution of pending regulatory and legal matters in future periods will have a material effect on the Company's financial condition or result of operations. Commitments In the normal course of business, UCI enters into multi-year contracts for programming content, sports rights, research and other service arrangements and in connection with joint ventures. The following is a schedule by year of future minimum payments under programming and other non-lease related contracts as of December 31, 2025: Year Programming and Other (a) 2026.......................................................................................................................................................................... 1,015,500 2027.......................................................................................................................................................................... 720,700 2028.......................................................................................................................................................................... 693,000 2029.......................................................................................................................................................................... 370,100 2030.......................................................................................................................................................................... 131,800 Thereafter................................................................................................................................................................. 152,100 Total minimum payments...................................................................................................................................... $3,083,200 (a) Commitments other than programming related are associated with research tools, information technology and other contractual obligations. 21. Subsequent Events On February 27, 2026, the Company entered into three forward-starting interest rate swaps that converted the interest payable on $1.25 billion of variable rate debt into fixed rate debt, at a weighted-average rate of 3.31% and mature on February 28, 2029. 22. International Financial Reporting Standards The consolidated financial statements of TelevisaUnivision are prepared in accordance with GAAP which differs in certain respects from International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Below are the IFRS differences, exclusive of differences that pertain solely to disclosure, that existed as of and for the years ended December 31, 2025 and for each applicable period presented as described below. a.Share-Based Payments Under GAAP, the Company accounts for share-based payment awards that vest in installments based on service conditions on a straight-line basis. In addition, deferred tax assets for awards that are expected to result in a future tax deduction are calculated based on the cumulative GAAP expense recognized. Under IFRS 2, Share-based payment, as amended, compensation expense associated with share-based payment awards is accounted for using the accelerated method (straight-line basis over the requisite service period for each separately vesting portion of the award). Deferred tax assets are calculated based on the estimated tax deduction determined at each reporting date under applicable tax law. 56 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g057.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes the adjustments related to the statement of operations and balance sheet accounts for the periods presented: Year Ended December 31, 2025 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Direct operating expenses............................................ $2,208,100 $(100) $2,208,000 $2,203,400 $(2700) $2,200,700 Selling, general and administrative expenses.............. 1,431,300 (4300) 1,427,000 1,544,200 (49700) 1,494,500 Benefit for income taxes.............................................. (6000) 4,300 (1700) (157800) 12,100 (145700) Year Ended December 31, 2023 As reported Adjustment As adjusted Direct operating expenses....................................................................................................................... 1,914,900 $(600) $1,914,300 Selling, general and administrative expenses......................................................................................... 1,496,100 (11900) 1,484,200 Provision for income taxes...................................................................................................................... 33,500 10,800 44,300 As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Goodwill 1 ................................................................... $5,797,100 $18,100 $5,815,200 $5,528,600 $18,100 $5,546,700 Deferred tax assets...................................................... 217,200 11,100 228,300 154,100 8,900 163,000 Deferred tax liabilities, net.......................................... 370,400 71,100 441,500 483,700 64,600 548,300 Additional paid-in capital ........................................... 3,569,300 (5700) 3,563,600 3,508,200 (1300) 3,506,900 Accumulated deficit.................................................... (2378100) (36200) (2414300) (2341800) (36300) (2378100) 1 Goodwill adjustment reflects impact of cumulative GAAP to IFRS tax differences related to share based payments at the time of the Company's reorganization that occurred on May 18, 2021. b. Deferred Financing Costs The Company had the following 2025 debt refinance transactions (See Note 13. Debt): • On September 26, 2025, UCI amended its accounts receivable sale facility (as amended, the "Facility"), which, among other things, (i) extended the expiration date of the Facility from October 5, 2026 to September 26, 2029, and (ii) lowered the interest rate on the borrowings under the Facility to SOFR plus a margin of 1.25% per annum. Interest is paid monthly on the Facility. The Facility has a $100.0 million term component and a $300.0 million revolving component that are subject to the availability of qualifying receivables. • On July 25, 2025, UCI entered into an amendment of its 2007 Credit Agreement, pursuant to which $763.5 million aggregate principal amount of term loans under the Term Loan A Facility was converted into a new tranche of senior secured term loans under the 2007 Credit Agreement (the "July 2025 Term Loan A Facility"). UCI concurrently utilized the proceeds of the July 2025 Term Loan A Facility, together with cash from the balance sheet, to prepay in full the Term Loan A Facility maturing in 2027. • On July 25, 2025, UCI also amended its 2007 Credit Agreement to, among other things, extend the maturity date of an aggregate principal amount of $500.2 million in revolving credit commitments, to mature in July 25, 2030 (subject to the Springing Maturity Date (as defined below)). • On July 22, 2025, UCI issued $1,500.0 million aggregate principal amount of 9.375% senior notes due August 1, 2032 (the "2032 senior notes"). The 2032 senior notes were priced at par. UCI used the proceeds to redeem the 6.625% senior notes due 2027. Under GAAP, UCI capitalized $29.4 million related to third party costs incurred for the 2025 debt refinance transactions and such costs are expensed over the respective debt maturity term. Under IFRS, following IFRS 9, these third-party costs are expensed as incurred. The Company had the following 2024 debt refinance transactions (See Note 13. Debt): • On October 7, 2024, the Company issued an additional $755.0 million aggregate principal amount of its existing 8.500% senior notes due July 31, 2031 (the "additional 2031 senior notes"). The additional 2031 senior notes were issued under the 57 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g058.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;same indenture governing the 2031 senior notes, have the same terms as the 2031 senior notes and are treated as a single series with the 2031 senior notes. The additional 2031 senior notes were priced at par. The Company concurrently used the proceeds to redeem all of the remaining outstanding 2026 term loans due March 15, 2026. • On September 16, 2024, UCI used proceeds from its Tower Assets Sale to make a $150.0 million partial repayment of the 2026 term loans. • On June 7, 2024, UCI issued $500.0 million aggregate principal amount of its 8.500% senior notes due July 31, 2031 (the "2031 senior notes"). UCI used the proceeds to make a $500.0 million partial repayment of the 2026 term loans. • On June 6, 2024, UCI entered into an amendment to its 2007 Credit Agreement, pursuant to which $500.0 million aggregate principal amounts of its 2026 term loans was converted into a new tranche made up of a bank senior secured term loan facility maturing in 2029 (the "2029 new term loans"). UCI utilized the proceeds of the 2029 new term loans to make a $500.0 million partial repayment of the 2026 term loans. • On January 22, 2024, UCI issued an additional $240.7 million of its existing 8.000% senior notes due August 15, 2028 (the "January 2028 senior notes"). The January 2028 senior notes were issued under the same indenture governing the initial 2028 senior notes (as defined, see Note 13. Debt), have the same terms as the initial 2028 senior notes and are treated as a single series with the 2028 senior notes. The January 2028 senior notes were priced at 101.000%. UCI used the proceeds to redeem all the outstanding 5.125% senior notes due 2025. • On January 4, 2024, UCI issued senior secured debt of $100.0 million, bank senior secured term loan A facility maturing in 2027 and utilized the proceeds to make a $100.0 million partial redemption of the 5.125% senior notes due 2025. Under GAAP, UCI capitalized $18.1 million related to third party costs incurred for the 2024 debt refinance transactions and such costs are expensed over the respective debt maturity term. Under IFRS, in accordance with IFRS 9, these third-party costs are expensed as incurred. The following summarizes the adjustments related to the statement of operations and balance sheet accounts for the periods presented: Year Ended December 31, 2025 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Interest expense............................................................ $712,600 $18,800 $731,400 $725,600 $(8200) $717,400 (Gain) loss on refinancing of debt ............................... (31700) — (31700) 9,400 18,100 27,500 Benefit for income taxes.............................................. (6000) (4800) (10800) (157800) (2400) (160200) Year Ended December 31, 2023 As reported Adjustment As adjusted Interest expense................................................................................................................................. $695,800 $(2600) $693,200 (Gain) loss on refinancing of debt..................................................................................................... (6900) 19,700 12,800 Provision for income taxes................................................................................................................ 33,500 (4400) 29,100 As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Goodwill 1 ....................................................................... $5,797,100 $3,800 $5,800,900 $5,528,600 $3,800 $5,532,400 Long-term debt and finance lease obligations................ 9,254,200 59,300 9,313,500 9,329,900 40,500 9,370,400 Deferred tax liabilities, net ............................................. 370,400 (11300) 359,100 483,700 (6400) 477,300 Accumulated deficit........................................................ (2378100) (44200) (2422300) (2341800) (30300) (2372100) 1 Goodwill adjustment reflects impact of cumulative GAAP to IFRS tax differences related to deferred financing costs at the time of the Company's reorganization that occurred on May 18, 2021. 58 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g059.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Leases The Company records its operating leases and associated liabilities on its consolidated balance sheet. GAAP preserves the distinction between operating and finance leases whereas under IFRS all leases except as it relates to short-term or low value leases, are recognized as finance leases. The following summarizes the adjustments related to the statement of operations and balance sheet accounts for the periods presented: Year Ended December 31, 2025 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Direct operating expenses............................................ $2,208,100 $700 $2,208,800 $2,203,400 $(10800) $2,192,600 Selling, general and administrated expenses ............... 1,431,300 (3500) 1,427,800 1,544,200 (900) 1,543,300 Finance expense........................................................... — 11,100 11,100 — 9,100 9,100 Benefit for income taxes.............................................. (6000) (2100) (8100) (157800) 700 (157100) Year Ended December 31, 2023 As reported Adjustment As adjusted Direct operating expenses..................................................................................................................... $1,914,900 $(3500) $1,911,400 Selling, general and administrated expenses ........................................................................................ 1,496,100 (3100) 1,493,000 Finance expense.................................................................................................................................... — 10,000 10,000 (Benefit) provision for income taxes.................................................................................................... 33,500 (900) 32,600 As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Goodwill 1 .................................................................... $5,797,100 $(6800) $5,790,300 $5,528,600 $(6800) $5,521,800 Operating right-of-use assets....................................... 166,400 (17700) 148,700 162,200 (9400) 152,800 Deferred tax assets....................................................... 217,200 11,300 228,500 154,100 9,200 163,300 Accumulated deficit..................................................... (2378100) (13200) (2391300) (2341800) (7000) (2348800) 1 Goodwill adjustment reflects impact of cumulative GAAP to IFRS tax differences related to leases at the time of the Company's reorganization that occurred on May 18, 2021. d. Program Rights Impairment Under GAAP, program rights are tested for impairment on a stand-alone basis and impaired if the book value exceeds the fair value due to diminished forecasted profitability. Under IAS 36, Impairment of Assets, program rights are tested for impairment as a part of their associated cash-generating unit ("CGU" defined as the smallest identifiable group of assets that generates cash inflows independently of other assets or groups of assets) and no impairment is recognized if the associated CGU is not impaired, or if the CGU is impaired, until any associated goodwill is fully impaired. Under both GAAP and IFRS, cancelled program rights are not actively marketed for linear broadcasting or digital streaming as these are considered substantively obsolete and fully impaired. 59 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g060.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes the adjustments related to the statement of operations and balance sheet accounts for the periods presented: Year Ended December 31, 2025 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Direct operating expenses............................................ $2,208,100 $(5000) $2,203,100 $2,203,400 $5,800 $2,209,200 Benefit for income taxes.............................................. (6000) 1,300 (4700) (157800) (1500) (159300) Year Ended December 31, 2023 As reported Adjustment As adjusted Direct operating expenses...................................................................................................................... $1,914,900 $5,400 $1,920,300 Impairment loss...................................................................................................................................... 1,011,800 (6500) 1,005,300 Provision for income taxes..................................................................................................................... 33,500 300 33,800 As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Current portion of program rights and prepayments, net... $345,000 $9,600 $354,600 $122,700 $4,600 $127,300 Goodwill 1 .......................................................................... 5,797,100 14,800 5,811,900 5,528,600 14,800 5,543,400 Deferred tax liabilities, net................................................. 370,400 17,500 387,900 483,700 16,200 499,900 Accumulated deficit........................................................... (2378100) 6,900 (2371200) (2341800) 3,200 (2338600) 1 Goodwill adjustment reflects impact of cumulative GAAP to IFRS tax differences related to program rights and prepayments at the time of the Company's reorganization that occurred on May 18, 2021. e. Media Networks CGU Impairments Under GAAP, long-lived assets, intangible assets with definite lives and indefinite lives are tested for impairment at an individual asset level (if possible) or asset group and goodwill is allocated to the reporting unit. Under IFRS, the Company tests such assets for impairment at an individual asset level (whenever possible) or the CGU level, and goodwill is allocated to CGUs or groups of CGUs. An accounting adjustment is made to reflect differences due to the level in which assets may be tested for impairment. During the year ended December 31, 2025, under GAAP the Company recorded an impairment of $30.0 million primarily related to Tradename. Under IFRS, the Company performed an impairment analysis at the CGU level and no impairment was recorded. As a result the impairment charge recorded under GAAP was reversed. During the year ended December 31, 2024, under GAAP the Company recorded FCC Television license impairment of $534.2 million, MSO relationships of $333.1 million, and Tradename impairment of $32.9 million. Under IFRS, the Company recorded an impairment of $333.1 million relating to the Mexico MSO relationship as result of non-renewal of a significant distribution contract. Further, Under IFRS, the Company performed an impairment analysis at the CGU level and no impairment was recorded. As a result the FCC Television license and Tradenames impairment charges recorded under GAAP were reversed. During the year ended December 31, 2023, under GAAP the Company recorded Goodwill impairment of $778.7 million, FCC Television license impairment of $211.1 million, and Tradename impairment of $4.6 million. Under IFRS, the Company performed an impairment analysis at the CGU level and recorded an impairment of $734.9 million that was allocated in its entirety to Goodwill as IFRS requires that if a CGU is impaired that impairment is allocated first to reduce goodwill to zero, then, subject to certain limitations, the carrying amount of other assets in the CGU are reduced pro rata based on the carrying amount of each asset. As a result the FCC Television license and Tradenames impairment charges recorded under GAAP were reversed. 60 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g061.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes the adjustments related to the income statement and the balance sheet for each applicable period presented: Year Ended December 31, 2025 Year Ended December 31, 2024 As reported Adjustmen t As adjusted As reported Adjustment As adjusted Impairment loss.............................................................. $30,000 $(30000) $— $900,200 $(567100) $333,100 Benefit for income taxes ................................................ (6000) 7,600 1,600 (157800) 141,800 (16000) Year Ended December 31, 2023 As reported Adjustment As adjusted Impairment loss........................................................................................................................................ $1,011,800 $(259500) $752,300 Provision for income taxes....................................................................................................................... 33,500 55,500 89,000 ` As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Intangible assets, net......................................................... $4,496,300 $956,500 $5,452,800 $4,678,800 $926,500 $5,605,300 Goodwill 1 ......................................................................... 5,797,100 68,200 5,865,300 5,528,600 68,200 5,596,800 Deferred tax liabilities, net................................................ 370,400 241,900 612,300 483,700 234,300 718,000 Accumulated deficit.......................................................... (2378100) 782,800 (1595300) (2341800) 760,400 (1581400) 1 Goodwill adjustment reflects impact of cumulative GAAP to IFRS tax differences related to indefinite lived assets within the media networks cash generating unit at the time of the Company's reorganization that occurred on May 18, 2021. f. Radio CGU Impairment Under GAAP, long-lived assets, intangible assets with definite lives and indefinite lives are tested for impairment at an individual asset level (if possible) or asset group and goodwill is allocated to the reportable unit. Under IFRS, the Company tests such assets for impairment at at an individual asset level (whenever possible) or the CGU level and goodwill is allocated to CGUs or groups of CGUs. An accounting adjustment is made to reflect differences due to the level in which assets may be tested for impairment. The following summarizes the adjustments related to the balance sheet for each applicable period presented. As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Goodwill 1 ................................................................... $5,797,100 $25,000 $5,822,100 $5,528,600 $25,000 $5,553,600 Deferred tax liabilities, net ......................................... 370,400 25,000 395,400 483,700 25,000 508,700 1 Goodwill adjustment reflects impact of cumulative GAAP to IFRS tax differences related to indefinite lived assets within the radio cash generating unit at the time of the Company's reorganization that occurred on May 18, 2021. g. Preferred Shares Under GAAP, the Convertible Preferred Shares are classified as temporary equity and presented as Redeemable Convertible Shares within the consolidated balance sheet. Under IFRS, the Convertible Preferred Shares discussed below are accounted as a convertible financial instrument with an embedded derivative liability in accordance with IFRS 9. Under IFRS, the bifurcated derivative liability of the Convertible Preferred Shares is mark-to-market at each reporting period, with corresponding changes going through Finance expense or income. Series B Preferred Shares - On January 31, 2022, the Company authorized and issued 750,000 Series B cumulative convertible Preferred Shares to Grupo Televisa, which were recorded at fair value of $852.6 million, pursuant to the TelevisaUnivision Transaction. The Company recorded a mark-to-market adjustment to finance expense of $40.8 million to increase the amount of the recorded bifurcated derivative liability component under IFRS for the year ended December 31, 2025. The Company recorded a mark-to-market adjustment to finance income of $70.3 million and $31.8 million to decrease the amount of the recorded bifurcated derivative liability component under IFRS for the years ended December 31, 2024, and 2023, respectively. The Company paid Series B preferred stock dividends of $41.3 million, $41.3 million and $41.3 million which are recorded as interest expense under IFRS for 61 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g062.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each of the years ended December 31, 2025, 2024 and 2023, respectively. This stock dividend was recorded as a reduction of shareholders' equity under GAAP. Series C Preferred Shares - On January 31, 2022, the Company authorized 1,008,640 and issued 1,008,014 Series C convertible Preferred Shares to Soft Bank, Google, ForgeLight, Raine Group, and Other for $1,007.1 million, issued to finance the TelevisaUnivision Transaction. The Company recorded a mark-to-market adjustment to finance expense of $71.4 million to increase the amount of the recorded bifurcated derivative liability component under IFRS for the year ended December 31, 2025. The Company recorded a mark-to-market adjustment to finance income of $120.7 million and $48.7 million to decrease the amount of the recorded bifurcated derivative liability component under IFRS for the years ended December 31, 2024, and 2023, respectively. The following tables summarizes the adjustments related to the income statement and the balance sheet for each applicable period presented: Year Ended December 31, 2025 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Interest expense................................................... $712,600 $153,500 $866,100 $725,600 $41,300 $766,900 Finance income ................................................... — — — — (191100) (191100) Benefit for income taxes ..................................... (6000) (39000) (45000) (157800) 37,500 (120300) Year Ended December 31, 2023 As reported Adjustment As adjusted Interest expense ................................................................................................................................ $695,800 $41,300 $737,100 Finance income................................................................................................................................. — (80500) (80500) Provision for income taxes............................................................................................................... 33,500 30,400 63,900 As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Goodwill 1 .............................................................. $5,797,100 $(69300) $5,727,800 $5,528,600 $(69300) $5,459,300 Derivative financial liabilities................................ — 228,200 228,200 — 116,000 116,000 Other long term liabilities...................................... 230,800 1,340,500 1,571,300 189,500 1,340,500 1,530,000 Deferred tax liabilities, net..................................... 370,400 51,800 422,200 483,700 90,800 574,500 Redeemable shares................................................. 1,859,700 (1859700) — 1,859,700 (1859700) — Additional paid-in-capital...................................... 3,569,300 66,500 3,635,800 3,508,200 25,300 3,533,500 Accumulated deficit............................................... (2378100) 103,400 (2274700) (2341800) 217,800 (2124000) 1 Goodwill adjustment reflects the impact of cumulative GAAP to IFRS tax differences related to preferred shares at the time of the Company's reorganization that occurred on May 18, 2021. h. Deferred Revenue Under GAAP (ASC 805 Business Combinations and ASU 2021-08: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers), contract liabilities from contracts with customers assumed in business combination are recognized and measured in accordance with ASC 606 Revenue Recognition. Under IFRS (IFRS 3 – Business Combinations), contract liabilities assumed in business combination are recognized and measured at fair value at the acquisition date. 62 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g063.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables summarizes the adjustments related to the balance sheet for each applicable period presented: As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Goodwill1 $5,797,100 $(16300) $5,780,800 $5,528,600 $(16300) $5,512,300 Deferred tax liabilities, net...................... 370,400 (4200) 366,200 483,700 (4200) 479,500 Accumulated deficit ................................ (2378100) (12100) (2390200) (2341800) (12100) (2353900) 1 Goodwill adjustment reflects the impact of cumulative GAAP to IFRS tax differences related to deferred revenue at the time of the Company's reorganization that occurred on May 18, 2021. i. Interest Rate Swap The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of December 31, 2025, and December 31, 2024, the Company has two remaining effective cash flow hedges. See Note 14. Interest Rate Swaps Under GAAP (ASC 815 – Derivatives and Hedging), hedge ineffectiveness is not separately measured and recognized in income each reporting period. If the hedge is highly effective, all changes in the fair value of the derivative hedging instrument are deferred into other comprehensive income (OCI) and subsequently reclassified to earnings when the hedge transaction affects earnings. Under IFRS 9, for cash flow hedges, the effective portion of the change in the fair value of the hedging instrument is also deferred into OCI. However, the amount recognized in OCI should be the lower of (1) the cumulative gain or loss on the hedging instrument from the inception of the hedge, and (2) the cumulative change in the fair value (present value) of the expected cash flows on the hedged item from the inception of the hedge. The remaining ineffective portion of the change in the fair value of the hedging instrument (if any) is recognized immediately in profit or loss. The following summarizes the adjustments related to the statement of operations and balance sheet for each applicable period presented: Year Ended December 31, 2025 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Interest expense......................................... $712,600 $(800) $711,800 $725,600 $(3700) $721,900 Benefit for income taxes........................... (6000) 200 (5800) (157800) 900 (156900) Year Ended December 31, 2023 As reported Adjustment As adjusted Interest expense........................................................................................................................ $695,800 $(4900) $690,900 Provision for income taxes....................................................................................................... 33,500 1,300 34,800 As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Deferred tax liabilities, net............................. $370,400 $2,500 $372,900 $483,700 $2,300 $486,000 Accumulated deficit....................................... (2378100) 7,500 (2370600) (2341800) 6,900 (2334900) Accumulated other comprehensive income... 615,700 (10000) 605,700 145,600 (9200) 136,400 j. Pensions and post-employment benefit As a result of the TelevisaUnivision Transaction, the Company assumed a legal indemnity post-employment benefits under the Mexican Labor Law. The plan covers for employees who are dismissed unjustifiably and such employees are entitled to three months of salary plus 20 days of salary per year of service. 63 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g064.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under GAAP - ASC 715, the Company records the liability when it is probable that the benefits will be paid and the amount can be reasonably estimated. The Company records the legal indemnity net period costs other than service costs in Other, net line under US GAAP. Under IFRS (IAS 19 – Employee Benefits), the Company records the liability when there is a legal or constructive obligation, which is met at the earlier of recognizing the restructuring, severance and related costs or when the Company can no longer withdraw the offer of the benefits. The Company records the legal indemnity related expenses in restructuring, severance and relates charges line as actual payments occur under IFRS. Under US GAAP, actuarial remeasurements gains/losses are recognized in the statement of operations either immediately or in the future in systematic manner. Under IFRS, these actuarial gains/losses are recognized immediately in Other Comprehensive Income and are not subsequently recycled through the statement of operations. The following summarizes the adjustments related to the statement of operations and balance sheet for each applicable period presented: Year Ended December 31, 2025 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Other, net................................................................................ (7500) 1,000 (6500) 47,300 (400) 46,900 Benefit for income taxes ........................................................ (6000) (200) (6200) (157800) 100 (157700) Year Ended December 31, 2023 As reported Adjustment As adjusted Selling, general and administrative expenses........................................................................................ $1,496,100 (5700) $1,490,400 Restructuring, severance and related charges........................................................................................ 53,400 3,500 56,900 Other, net................................................................................................................................................ 60,000 (8600) 51,400 Provision for income taxes..................................................................................................................... 33,500 2,700 36,200 As of December 31, 2025 As of December 31, 2024 As reported Adjustment As adjusted As reported Adjustment As adjusted Goodwill...................................................................... $5,797,100 $(73700) $5,723,400 $5,528,600 $(73700) $5,454,900 Deferred tax liabilities, net .......................................... 370,400 1,400 371,800 483,700 1,200 484,900 Other long-term liabilities ........................................... 230,800 (81000) 149,800 189,500 (80000) 109,500 Accumulated deficit..................................................... (2378100) 4,500 (2373600) (2341800) 3,700 (2338100) Accumulated other comprehensive income................. 615,700 1,400 617,100 145,600 1,400 147,000 k. Classification of Consolidated Statement of Operations Line Items Under IFRS, in addition to the adjustments noted above, the classification of certain income and expense items within the Statement of Operations differs from the classifications under GAAP, after required adjustments, are summarized below: • Under GAAP, the Company presents "Depreciation and amortization" as a separate line item on its consolidated statements of operations, while such costs are classified based on their function under IFRS. Accordingly, depreciation and amortization have been reclassified to "Cost of sales" and "Administrative expenses" based on their function. Similarly, a portion of rent expense attributable to operating leases under U.S. GAAP has been reclassified to "Cost of sales" and "Administrative expenses" based on the underlying lease. For the years ended December 31, 2025, 2024, and 2023, $506.6 million, $528.1 million, and $552.4 million, respectively, was reclassified to "Cost of sales" and $25.3 million, $23.5 million, and $18.3 million, respectively, to "Administrative expenses." • Under GAAP, the Company presents "Restructuring, severance and related charges" as a separate line item on its consolidated statements of operations. These amounts have been reclassified to "Other expense, net." For the years ended December 31, 2025, 2024, and 2023, $22.1 million, $72.9 million, and $56.9 million, respectively, have been reclassified to "Other expense, net." • Under GAAP, the Company presents "Selling, general and administrative expenses" within one line item on its consolidated statements of operations while such costs are classified based on the function into two separate line items under IFRS: 64 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g065.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Selling expenses" and "Administrative expenses." Accordingly, for the years ended December 31, 2025, 2024, and 2023, $956.1 million, $1,059.4 million, and $1,003.7 million, respectively, was reclassified to "Selling expenses" and $492.7 million, $457.7 million, and $490.0 million, respectively, to "Administrative expenses". • Under GAAP, the Company presents "Gain on dispositions" as a separate line item on its consolidated statements of operations while such costs are classified within "Other expense, net" under IFRS. Accordingly, for the years ended December 31, 2025, 2024, and 2023, a gain of $0.9 million, $155.2 million, and $27.5 million, respectively, have been reclassified to "Other expense, net". • Under GAAP, the Company presents "Impairment loss" related to Goodwill and Intangibles as a separate line item on its consolidated statements of operations and impairment loss related to program rights and prepayments within "Direct operating expense" within its consolidated statements of operations, while such costs are classified within "Other expense, net" under IFRS. Accordingly, for the years ended December 31, 2025, 2024, and 2023, $343.5 million, $333.1 million and $745.8 million, respectively, have been reclassified to "Other expense, net". • Under GAAP, the Company presents "Other, net" as a non-operating component of its consolidated statements of operations and under IFRS, this is classified as "Other expense, net," a component of operating income. Accordingly, for the years ended December 31, 2025, 2024, and 2023, a gain of $6.5 million, $37.7 million and $36.1 million, respectively, has been reclassified to "Other expense, net," a component of operating income. • Under GAAP, the Company presents "Interest expense," "Interest income," and "(Gain) loss on refinancing of debt" as separate line items on its consolidated statements of operations. Under IFRS, such costs are classified within "Finance expense" or "Finance income," as applicable. Accordingly, interest expense and loss (gain) on refinancing of debt have been reclassified to "Finance expense" for all periods presented, while interest income has been reclassified to "Finance income" for all periods presented. This resulted in $971.0 million, $791.6 million, and $752.4 million being reclassified to "Finance expense" for the years ended December 31, 2025, 2024, and 2023, respectively. In addition, for the years ended December 31, 2025, 2024, and 2023, $26.4 million, $212.2 million, and $100.3 million respectively, has been reclassified to "Finance income." l. Classification of Consolidated Balance Sheet Line Items Under IFRS, in addition to the adjustments noted above, the classification of certain assets and liabilities within the balance sheet differ from the classifications under GAAP, after required adjustments, are summarized below: • Under GAAP, the Company presented interest rate swaps within "Prepaid expenses and other current assets," while the non current portion of the asset is presented within "Other assets" on its consolidated balance sheet, while under IFRS, derivatives are presented as a separate line item. As of December 31, 2025, none has been reclassified to "Derivative financial assets - non current" and $5.7 million have been reclassified to "Derivative financial assets - current." As of December 31, 2024, $6.5 million has been reclassified to "Derivative financial assets - non current" and $46.3 million has been reclassified to "Derivative financial assets - current." • Under GAAP, the Company presented program rights and prepayments as "Current portion of program rights and prepayments, net" and "Program rights and prepayments, net" on its consolidated balance sheet, while under IFRS, this is presented as "Transmission rights and programming." As of December 31, 2025 and December 31, 2024, $885.0 million and $808.2 million was reclassified to "Transmission rights and programming" within current assets, respectively. As of December 31, 2025 and December 31, 2024, $189.5 million and $413.7 million was reclassified to "Transmission rights and programming" within noncurrent assets, respectively. • Under GAAP, the Company presents all investments in one line item "Investments" on its consolidated balance sheet, while under IFRS, investments are presented into separate categories based on their nature: "Investments in financial instruments" and "Investments in associates and joint ventures." Accordingly, as of December 31, 2025, $418.3 million and $1.1 million has been reclassified to "Investment in financial instruments" and "Investments in associates and joint ventures", respectively. As of December 31, 2024, $295.8 million and $1.1 million has been reclassified to "Investment in financial instruments" and "Investments in associates and joint ventures," respectively. 65 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g066.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under GAAP, the Company presents "Goodwill" as a separate line item on its consolidated balance sheet, while under IFRS, goodwill is presented within "Intangible assets, net." Accordingly, as of December 31, 2025 and December 31, 2024, $5,760.9 million and $5,492.4 million, respectively, has been reclassified to "Intangible assets, net." • Under GAAP, the Company presents "Accrued interest" as part of "Accounts payable and accrued liabilities" on its consolidated balance sheet. Under IFRS, accrued interest is presented within the current portion of long-term debt. Accordingly, $158.6 million and $204.5 million of accrued interest has been reclassified to "Current portion of long-term debt and interest payable" as of December 31, 2025 and December 31, 2024, respectively. • Under GAAP, the Company presents other taxes payable as part of "Accounts payable and accrued liabilities" on its consolidated balance sheet. Under IFRS, other taxes payable is presented as a separate line on the balance sheet. Accordingly, $115.0 million and $61.9 million of other taxes payable has been reclassified to "Other taxes payable" as of December 31, 2025 and December 31, 2024, respectively. • Under GAAP, the Company presents current income taxes payable as part of "Accounts payable and accrued liabilities" on its consolidated balance sheet. Under IFRS, current income taxes payable is presented as a separate line on the balance sheet. As of December 31, 2025 and December 31, 2024 the income taxes payable included in "Accounts payable and accrued liabilities" was $31.0 million payable and $14.4 million payable, respectively. • Under GAAP, the Company presents employee benefits payable as part of "Accounts payable and accrued liabilities" and "Other long-term liabilities" on its consolidated balance sheet. Under IFRS, employee benefits payable is presented as a separate line on the balance sheet. Accordingly, as of December 31, 2025, $105.3 million and $0.5 million has been reclassified from "Accounts payable and accrued liabilities" and "Other long-term liabilities," respectively, to "Employee Benefits" and "Post-employment benefits," respectively. As of December 31, 2024, $104.0 million and $0.9 million has been reclassified from "Accounts payable and accrued liabilities" and "Other long-term liabilities," respectively, to "Employee Benefits" and "Post-employment benefits," respectively. • Under GAAP, the Company presents finance lease obligations as part of "Current portion of long-term debt and finance lease obligations" and "Long-term debt and finance lease obligations" on its consolidated balance sheet. Under IFRS, finance lease obligations are presented separately from long-term debt. Accordingly, finance lease obligations (current and non-current) have been reclassified to a separate line on the consolidated balance sheet. Similarly, the operating lease liabilities recorded as right-of-use liabilities due to the adoption of ASC 842 has been reclassified to "Finance lease obligations." As of December 31, 2025, $52.4 million has been reclassified to "Current portion of finance lease obligations" and $259.0 million has been reclassified to "Finance lease obligations, net of current portion." As of December 31, 2024, $53.1 million has been reclassified to "Current portion of finance lease obligations" and $200.4 million has been reclassified to "Finance lease obligations, net of current portion." • Under GAAP, the Company presents deferred tax assets and liabilities on a net basis for domestic entities only within "Deferred tax liabilities, net." Under IFRS, deferred tax assets and liabilities are presented on a gross basis and accordingly, items have been reclassified to reflect the gross presentation. As of December 31, 2025 and December 31, 2024, $430.2 million and $172.2 million, respectively, inclusive of the GAAP to IFRS differences discussed above, has been reclassified to "Deferred income tax assets." • Under GAAP, the Company presents capitalized software costs within "Property and equipment, net" on its consolidated balance sheet. Under IFRS, capitalized software costs are presented within "Intangible assets, net." Accordingly, $92.6 million and $112.4 million has been reclassified to "Intangible assets, net," as of December 31, 2025 and December 31, 2024, respectively. • Under GAAP, the Company presents post-employment benefits as part of "Other long-term liabilities" on its consolidated balance sheet. Under IFRS, post-employment benefits are presented as a separate line item within the balance sheet. As of December 31, 2025 and December 31, 2024, $77.9 million and $56.8 million has been reclassified from "Other long-term liabilities" to "Post-employment benefits", respectively, including $0.5 million and $0.9 million of employee benefits payable disclosed above. • Under GAAP, the Company presents balances due from related parties within "Accounts receivable, net", "Prepaid expenses and other current assets", and balance to related parties within "Accounts payable and accrued liabilities", "Current deferred revenue", "Current portion of long-term debt and finance lease obligations," "Long-term debt and finance lease obligations" 66 |

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| &nbsp;&nbsp;![GRAPHIC](tv-20251231xex99d1g067.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and "Non-current deferred revenue" on its consolidated balance sheet, respectively. Under IFRS, related party balances are presented as separate line items as "Due from related parties" and "Due to related parties" as applicable. As of December 31, 2025, $47.5 million was reclassified from "Accounts receivable, net" and "Prepaid expenses and other current assets" to "Due from related parties", $49.3 million was reclassified from "Accounts payable and accrued liabilities," "Current deferred revenue" and "Current portion of long-term debt and finance lease obligations" to "Due to related parties" and $296.7 million was reclassified from "Long-term debt and finance lease obligations," "Non-current deferred revenue" and "Other long-term liabilities" to "Due to related parties noncurrent". As of December 31, 2024, $43.1 million was reclassified from "Accounts receivable, net" and "Prepaid expenses and other current assets" to "Due from related parties", $199.1 million was reclassified from "Accounts payable and accrued liabilities", "Current deferred revenue" and "Current portion of long-term debt and finance lease obligations" to "Due to related parties" and $318.5 million was reclassified from "Long-term debt and finance lease obligations," "Non-current deferred revenue" and "Other long-term liabilities" to "Due to related parties noncurrent". m. Net loss and Stockholders' Equity Reconciliation Between GAAP and IFRS The table below summarizes the adjustments to net loss and stockholders' equity which would be required if IFRS had been applied instead of GAAP: Year Ended December 31, 2025 2024 2023 Net loss as reported under GAAP................................................................................. $(36300) $(664900) $(854000) Share-based payments (a)......................................................................................... 100 40,300 1,700 Deferred financing costs (b)..................................................................................... (14000) (7500) (12700) Leases (c).................................................................................................................. (6200) 1,900 (2500) Program rights impairment (d)................................................................................. 3,700 (4300) 800 Media networks CGU impairment (e)...................................................................... 22,400 425,300 204,000 Preferred shares (g) .................................................................................................. (114500) 112,200 8,800 Interest rate swap (i)................................................................................................. 600 2,800 3,600 Pension and post-employment benefits (j)............................................................... (800) 300 8,100 Net loss under IFRS...................................................................................................... $(145000) $(93900) $(642200) December 31, 2025 December 31, 2024 Stockholders' equity as reported under GAAP................................................................. $1,797,300 $1,302,400 Share-based payments (a)............................................................................................ (41900) (37600) Deferred financing costs (b)........................................................................................ (44200) (30300) Leases (c)..................................................................................................................... (13200) (7000) Program rights impairment (d).................................................................................... 6,900 3,200 Media networks CGU impairment (e)......................................................................... 782,800 760,400 Preferred shares (g) ..................................................................................................... 169,900 243,200 Deferred revenue (h) ................................................................................................... (12100) (12100) Interest rate swap (i).................................................................................................... (2500) (2300) Pension and post-employment benefits (j).................................................................. 5,900 5,100 Stockholders' equity under IFRS...................................................................................... $2,648,900 $2,225,000 67 |

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