UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULES 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2026

Commission File Number: 001-12610

GRUPO TELEVISA, S.A.B.

(Translation of registrant’s name into English)

Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ☒ Form 40-F ☐

Quarterly Financial Information

[105000] Management commentary	2

[110000] General information about financial statements	11

[210000] Statement of financial position, current/non-current	13

[310000] Statement of comprehensive income, profit or loss, by function of expense	15

[410000] Statement of comprehensive income, OCI components presented net of tax	16

[520000] Statement of cash flows, indirect method	18

[610000] Statement of changes in equity - Accumulated Current	20

[610000] Statement of changes in equity - Accumulated Previous	23

[700000] Informative data about the Statement of financial position	26

[700002] Informative data about the Income statement	27

[700003] Informative data - Income statement for 12 months	28

[800001] Breakdown of credits	29

[800003] Annex - Monetary foreign currency position	31

[800005] Annex - Distribution of income by product	32

[800007] Annex - Financial derivative instruments	33

[800100] Notes - Subclassifications of assets, liabilities and equities	39

[800200] Notes - Analysis of income and expense	43

[800500] Notes - List of notes	44

[800600] Notes - List of accounting policies	59

[813000] Notes - Interim financial reporting	73

Footnotes	90

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[105000] Management commentary

Management commentary

Mexico City, February 26, 2026 — Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “Televisa” or “the Company”), today announced results for the full year and fourth quarter of 2025. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

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 the function now performed by senior management to analyze the results of our operation, make decisions and assign resources to it as a single business. The changes identified included: (i) the designation in the second quarter of 2024 of a unified senior management team for our Cable and Sky businesses; and (ii) a restructuring and integration process of our Cable and Sky businesses that was started in the second quarter of 2024, and 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 periods presented.

The following table sets forth condensed consolidated statements of income for the years ended December 31, 2025 and 2024, in millions of Mexican pesos:

	2025		Margin		2024		Margin		Change
	2025		%		2024		%		%
Revenues	58,878.2		100.0		62,260.9		100.0		(5.4	)
Operating segment income ¹	23,021.9		39.1		23,157.9		37.2		(0.6	)
Net loss	(8,561.7	)	(14.5	)	(8,328.4	)	(13.4	)	n/a
Net loss attributable to stockholders of the Company	(8,819.6	)	(15.0	)	(8,265.5	)	(13.3	)	n/a
¹ Operating segment income is defined as operating income before corporate expenses, depreciation and amortization, and other expense, net.

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. Operating segment income decreased by 0.6%, translating into a 39.1% margin.

Net loss before income taxes decreased by Ps.7,061.3 million, to Ps.635.3 million for the year ended December 31, 2025, compared with Ps.7,696.6 million for the year ended December 31, 2024.

Net loss attributable to stockholders of the Company amounted to Ps.8,819.6 million for the year ended December 31, 2025, compared with Ps.8,265.5 million for the year ended December 31, 2024.

This increase reflected primarily: (i) a Ps.7,237.8 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 unused 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; (ii) a Ps.395.7 million increase in share of loss in associates and joint ventures; (iii) a Ps.320.8 million unfavorable change in net income or loss attributable to non-controlling interests; and (iv) the absence in 2025 of a Ps.56.8 million income from discontinued operations for the month ended January 31, 2024, in connection with the Spin-Off that we carried out on that date. These unfavorable variances were partially offset by: (i) a Ps.3,502.7 million increase in operating income before other expense; (ii) a Ps.3,541.1 million decrease in other expense, net; and (iii) a Ps.413.2 million decrease in finance expense, net.

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Disclosure of nature of business

Grupo Televisa S.A.B. (“Televisa”) 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. Televisa’s cable networks offers 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. Televisa also offers pay television and broadband services through its direct-to-home satellite system. Televisa 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 Televisa’s cable networks and satellite system. In addition, Televisa is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the U.S. and, over 50 countries through television networks, cable operators, and over-the-top or OTT services.

Disclosure of management's objectives and its strategies for meeting those

objectives

We operate a Cable business and Sky, a DTH platform. We intend to continue strengthening our position in these businesses 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. We also continue to evaluate strategic alternatives for our non-core assets.

Disclosure of entity's most significant resources, risks and relationships

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.

The investing public should consider the risks stated as follows, as well as the risks described in “Key Information-Risk Factors” in the Company’s 2024 Annual Report and Form 20-F (when filed with the Comisión Nacional Bancaria y de Valores and the Securities and Exchange Commission, respectively), which are not the only risks and uncertainties faced by the Company. Risks and uncertainties unknown by the Company, as well as those that the Company currently considers as not relevant, could affect its operations and activities.

Risk Factors Related with Political Developments:

●	Imposition of fines by regulators and other authorities could adversely affect our financial condition and results of operations

●	Social Security Law

●	Federal Labor Law

●	Mexican tax laws

●	Changes in U.S. tax law

●	Mexican Securities Market Law

●	Renewal or revocation of our concessions

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Risk Factors Related to our Business:

●	Control of a stockholder

●	Measures for the prevention of the taking of control

●	Competition

●	Loss of transmission or loss of the use of satellite transponders

●	Incidents affecting our network and information systems or other technologies

●	Use of artificial intelligence

●	Weaknesses in internal controls over financial reporting

●	Uncertainty in global financial markets

●	The emergence of a New Pandemic

●	Currency fluctuations or the devaluation and depreciation of the Mexican peso

●	Renegotiation of the Trade Agreements or other changes in foreign policy by the new or currency presidential administration in the United States

●	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 Cable and Sky

●	Inflation Rates and High Interest Rates in Mexico

●	Political events in Mexico

●	Increased labor conflicts in Mexico

●	We are subject to a variety of global laws, regulations, and rules related to privacy and personal data protection

Risk Factors Related to Univision:

●	The Results of Operations of TelevisaUnivision May Affect Our Financial Performance and the Value of Our Investment in that Company

●	The Performance of TelevisaUnivision May Affect the Market Price of Our Shares and of Our CPOs or GDSs

●	Although We Have a Large Equity Interest in TelevisaUnivision, We Do Not Control TelevisaUnivision

Disclosure of results of operations and prospects

Full year results by Business Segment

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

Revenues	2025	%	2024	%	Change %
Residential	42,181.6	71.6	42,960.4	69.0	(1.8	)
Satellite	12,397.0	21.1	15,034.7	24.1	(17.5	)
Enterprise	4,299.6	7.3	4,265.8	6.9	0.8
Telecom Revenues	58,878.2	100.0	62,260.9	100.0	(5.4	)

Operating Segment Income and Operating Income	2025		Margin %		2024		Margin %		Change %
Operating Segment Income ¹	23,021.9		39.1		23,157.9		37.2		(0.6	)
Corporate Expenses	(448.9	)	(0.8	)	(756.0	)	(1.2	)	40.6
Intercompany Operations	(173.8	)	(0.3	)	(155.0	)	(0.2	)	(12.1	)
Depreciation and Amortization	(17,160.5	)	(29.1	)	(20,510.9	)	(32.9	)	16.3
Other Expense, net	(1,013.8	)	(1.7	)	(4,554.9	)	(7.3	)	77.7
Operating Income	4,224.9		7.2		(2,818.9	)	(4.5	)	n/a
¹ Operating segment income is defined as operating income before corporate expenses, depreciation and amortization, and other expense, net.

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Fourth-quarter Results by Business Segment

The following table presents the fourth quarter consolidated results for the periods ended December 31, 2025 and 2024, for each of our revenue lines and our business segment. Consolidated results for the fourth quarter of 2025 and 2024 are presented in millions of Mexican pesos.

Revenues	4Q’25	%	4Q’24	%	Change %
Residential	10,561.0	72.6	10,622.6	69.8	(0.6	)
Satellite	2,798.6	19.2	3,363.5	22.1	(16.8	)
Enterprise	1,188.6	8.2	1,240.3	8.1	(4.2	)
Telecom Revenues	14,548.2	100.0	15,226.4	100.0	(4.5	)

Operating Segment Income and Operating Income	4Q’25		Margin %		4Q’24		Margin %		Change %
Operating Segment Income¹	5,948.4		40.9		5,607.3		36.8		6.1
Corporate Expenses	(250.8	)	(1.7	)	(417.6	)	(2.7	)	39.9
Intercompany Operations	(46.2	)	(0.3	)	(30.1	)	(0.2	)	(53.5	)
Depreciation and Amortization	(3,701.5	)	(25.4	)	(5,359.4	)	(35.2	)	30.9
Other Expense, net	(497.2	)	(3.4	)	(5,999.2	)	(39.4	)	91.7
Operating Income	1,452.7		10.0		(6,199.0	)	(40.7	)	n/a

¹ Operating segment income is defined as operating income before corporate expenses, depreciation and amortization, and other expense, net.

Residential Services Operating Metrics

Total net additions for the quarter were 128.1 thousand RGUs, primarily driven by gains of 95.3 thousand mobile subscribers, 39.4 thousand voice subscribers, and 24.7 thousand broadband subscribers. On the other hand, we lost 31.3 thousand video subscribers.

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

RGUs	4Q’25 Net Adds		2025 Net Adds		2025	2024
Video	(31,263	)	(199,949	)	3,646,569	3,846,518
Broadband	24,715		46,917		5,673,123	5,626,206
Voice	39,431		169,364		5,552,313	5,382,949
Mobile	95,252		318,887		652,860	333,973
Total RGUs	128,135		335,219		15,524,865	15,189,646

Satellite Services Operating Metrics

During the quarter, Satellite Services had around 304.5 thousand RGUs net disconnections, primarily due to the loss of 277.6 thousand video RGUs.

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

RGUs	4Q’25 Net Adds		2025 Net Adds		2025	2024
Video	(277,616	)	(1,179,842	)	3,516,196	4,696,038
Broadband	(25,887	)	(125,509	)	225,376	350,885
Voice	(14	)	(48	)	149	197
Mobile	(967	)	(5,870	)	9,631	15,501
Total RGUs	(304,484	)	(1,311,269	)	3,751,352	5,062,621

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Revenues and Operating Segment Income

Fourth quarter segment revenues decreased by 4.5% to Ps.14,548.2 million compared with Ps.15,226.4 million in the fourth quarter of 2024. Our Residential Services revenues fell only by 0.6% year-on-year but remained stable on a sequential basis. Our Enterprise Services revenues decreased by 4.2% mainly due to tough comps and the timing of revenue recognition of an important project. Finally, our Satellite Services revenues declined by 16.8%, driven by the year-on-year decrease in RGUs.

Full year segment revenues declined by 5.4% to Ps.58,878.2 million compared with Ps.62,260.9 million in 2024. This decrease was mainly explained by the 17.5% reduction in the Satellite Services revenues, primarily driven by a lower video RGUs.

Fourth quarter operating segment income increased by 6.1% to Ps.5,948.4 million compared with Ps.5,607.3 million in the fourth quarter of 2024. The margin reached 40.9%, increasing by around 410 basis points year-on-year due to the efficiency measures and Opex reductions that have been implemented over the year.

Full year operating segment income decreased by 0.6% to Ps.23,021.9 million compared with Ps.23,157.9 million in 2024. The margin reached 39.1%, increasing by approximately 190 basis points year-on-year.

The following table presents full-year and fourth-quarter consolidated results ended December 31, 2025 and 2024, for each of our revenue lines and our business segment. Consolidated results for the year and the fourth quarter of 2025 and 2024 are presented in millions of Mexican pesos.

Revenue	2025	2024	Change %		4Q'25	4Q'24	Change %
Millions of Mexican pesos	2025	2024	Change %		4Q'25	4Q'24	Change %
Residential	42,181.6	42,960.4	(1.8	)	10,561.0	10,622.6	(0.6	)
Satellite	12,397.0	15,034.7	(17.5	)	2,798.6	3,363.5	(16.8	)
Enterprise	4,299.6	4,265.8	0.8		1,188.6	1,240.3	(4.2	)
Telecom Revenues	58,878.2	62,260.9	(5.4	)	14,548.2	15,226.4	(4.5	)
Operating Segment Income	23,021.9	23,157.9	(0.6	)	5,948.4	5,607.3	6.1
Margin (%)	39.1	37.2			40.9	36.8

Corporate Expense

Corporate expense 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 amounted to 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.

Other Expense, Net

Other expense, net, decreased by Ps.3,541.1 million, or 77.7%, to Ps.1,013.8 million in 2025, from Ps.4,554.9 million in 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 in our Telecom segment; (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.

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The following table sets forth the breakdown of cash and non-cash other expense, net, stated in millions of Mexican pesos, for the years ended December 31, 2025 and 2024.

Other Expense, Net	2025		2024
Cash	(363.1	)	(1,030.0	)
Non-cash	(650.7	)	(3,524.9	)
Total	(1,013.8	)	(4,554.9	)

Finance Expense, Net

The following table sets forth the finance expense, net, stated in millions of Mexican pesos for the years ended December 31, 2025 and 2024.

	2025		2024		Favorable (Unfavorable) Change
Interest expense	(7,508.6	)	(7,975.5	)	466.9
Interest income	2,639.8		3,343.9		(704.1	)
Foreign exchange gain (loss), net	284.6		(837.2	)	1,121.8
Other finance income, net	302.3		773.7		(471.4	)
Finance expense, net	(4,281.9	)	(4,695.1	)	413.2

Finance expense, net, decreased by Ps.413.2 million, or 8.8%, to Ps.4,281.9 million in 2025, from Ps.4,695.1 million in 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 in 2025; and

(ii)

a Ps.1,121.8 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.704.1 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

Share of loss of associates and joint ventures, net, increased by Ps.395.7 million, to Ps.578.3 million in 2025, from Ps.182.6 million in 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.7,237.8 million, to Ps.7,926.4 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 losses that were not used at their maturity; (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 in connection with the impairment testing of our satellite operations, and derived from certain deductible temporary differences which are not expected to be utilized 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.

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Net Income or Loss Attributable to Non-controlling Interests

Net income or loss attributable to non-controlling interests changed by Ps.320.8 million to a net income of Ps.257.9 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 in our Telecom segment for the year ended December 31, 2025.

Financial position, liquidity and capital resources

Capital Expenditures

During the year ended December 31, 2025, we invested approximately U.S.$645.0 million (Ps.12,186.6 million) in property, plant, and equipment as capital expenditures.

The following table sets forth the total amount of capital expenditures in property, plant and equipment for the years ended December 31, 2025, and 2024, in millions of U.S. dollars and Mexican pesos:

Capital Expenditures	2025 (Millions of U.S. Dollars)	2025 (Millions of Mexican Pesos)	2024 (Millions of U.S. Dollars)	2024 (Millions of Mexican Pesos)
Continuing operations	645.0	12,186.6	492.2	9,083.4
Discontinued operations	—	—	0.8	14.1
Total	645.0	12,186.6	493.0	9,097.5

TelevisaUnivision

In October 2025, we received from a subsidiary of TelevisaUnivision an aggregate amount in cash of Ps.3,486.1 million in connection with the prepayment of unpaid principal and interest amounts of a receivable loan with an original maturity in 2026.

Debt and Lease Liabilities

The following table sets forth our total consolidated debt and lease liabilities as of December 31, 2025, and 2024. Amounts are stated in millions of Mexican pesos.

	December 31, 2025	December 31, 2024	(Decrease) Increase
Current portion of long-term debt	3,737.0	4,557.0	(820.0	)
Long-term debt, net of current portion	82,257.2	98,398.2	(16,141.0	)
Total debt ⁽¹⁾	85,994.2	102,955.2	(16,961.0	)
Current portion of long-term lease liabilities	1,583.9	1,243.0	340.9
Long-term lease liabilities, net of current portion	3,852.1	4,143.7	(291.6	)
Total lease liabilities	5,436.0	5,386.7	49.3
Total debt and lease liabilities	91,430.2	108,341.9	(16,911.7	)
⁽¹⁾ As of December 31, 2025, and 2024, total debt is presented net of finance costs in the aggregate amount of Ps.1,181.8 million and Ps.1,259.0 million, respectively.

As of December 31, 2025, our consolidated net debt position (total debt and lease liabilities, less cash and cash equivalents, temporary investments, and non-current investments in financial instruments) was Ps.49,115.2 million. The non-current investments in financial instruments amounted to an aggregate of Ps.3,425.4 million as of December 31, 2025.

Dividend

We are currently analyzing several investment opportunities in the Mexican Telecommunications Sector. Therefore, our Board of Directors approved to suspend the payment of our dividend in 2026. If any of those opportunities were to materialize and if necessary and convenient, we could consider a capital stock increase. This would be presented for approval at a shareholders meeting.

There is no assurance that any of these potential opportunities will be consummated.

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Shares Outstanding

As of December 31, 2025 and 2024, our shares outstanding amounted to 311,114.8 million and 315,451.8 million shares, respectively, and our CPO equivalents outstanding amounted to 2,659.1 million and 2,696.2 million CPO equivalents, respectively. Not all of our shares are in the form of CPOs. The number of CPO equivalents is calculated by dividing the number of shares outstanding by 117.

As of December 31, 2025 and 2024, the GDS (Global Depositary Shares) equivalents outstanding amounted to 531.8 million and 539.2 million GDS equivalents, respectively. The number of GDS equivalents is calculated by dividing the number of CPOs equivalents by five.

Internal control

Disclosure of critical performance measures and indicators that management uses to

evaluate entity's performance against stated objectives

	2025		Margin		2024		Margin		Change
	2025		%		2024		%		%
Revenues	58,878.2		100.0		62,260.9		100.0		(5.4	)
Operating segment income ¹	23,021.9		39.1		23,157.9		37.2		(0.6	)
Net loss	(8,561.7	)	(14.5	)	(8,328.4	)	(13.4	)	n/a
Net loss attributable to stockholders of the Company	(8,819.6	)	(15.0	)	(8,265.5	)	(13.3	)	n/a
¹ Operating segment income is defined as operating income before corporate expenses, depreciation and amortization, and other expense, net.

Revenues	2025	%	2024	%	Change %
Residential	42,181.6	71.6	42,960.4	69.0	(1.8	)
Satellite	12,397.0	21.1	15,034.7	24.1	(17.5	)
Enterprise	4,299.6	7.3	4,265.8	6.9	0.8
Telecom Revenues	58,878.2	100.0	62,260.9	100.0	(5.4	)

Operating Segment Income and Operating Income	2025		Margin %		2024		Margin %		Change %
Operating Segment Income ¹	23,021.9		39.1		23,157.9		37.2		(0.6	)
Corporate Expenses	(448.9	)	(0.8	)	(756.0	)	(1.2	)	40.6
Intercompany Operations	(173.8	)	(0.3	)	(155.0	)	(0.2	)	(12.1	)
Depreciation and Amortization	(17,160.5	)	(29.1	)	(20,510.9	)	(32.9	)	16.3
Other expense, net	(1,013.8	)	(1.7	)	(4,554.9	)	(7.3	)	77.7
Operating Income	4,224.9		7.2		(2,818.9	)	(4.5	)	n/a
¹ Operating segment income is defined as operating income before corporate expenses, depreciation and amortization, and other expense, net.

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Revenues	4Q’25	%	4Q’24	%	Change %
Residential	10,561.0	72.6	10,622.6	69.8	(0.6)
Satellite	2,798.6	19.2	3,363.5	22.1	(16.8)
Enterprise	1,188.6	8.2	1,240.3	8.1	(4.2)
Telecom Revenues	14,548.2	100.0	15,226.4	100.0	(4.5)

Operating Segment Income and Operating Income	4Q’25		Margin %		4Q’24		Margin %		Change %
Operating Segment Income ¹	5,948.4		40.9		5,607.3		36.8		6.1
Corporate Expenses	(250.8	)	(1.7	)	(417.6	)	(2.7	)	39.9
Intercompany Operations	(46.2	)	(0.3	)	(30.1	)	(0.2	)	(53.5	)
Depreciation and Amortization	(3,701.5	)	(25.4	)	(5,359.4	)	(35.2	)	30.9
Other Expense, net	(497.2	)	(3.4	)	(5,999.2	)	(39.4	)	91.7
Operating Income	1,452.7		10.0		(6,199.0	)	(40.7	)	n/a
¹ Operating segment income is defined as operating income before corporate expenses, depreciation and amortization, and other expense, net.

Sustainability

Throughout 2025, we continued our sustainability initiatives, framed in the four pillars of our strategy: climate-resilient connections, empowering people, digital inclusion, and leading by example.

We also enhanced our transparency, filling out the “Carbon Disclosure Project” questionnaire and S&P Global “Corporate Sustainability Assessment”, achieving on this last one an improvement of 11 points compared to last year’s ESG Score.

Finally, in 2025, we worked on a new approach to the sustainability strategy. The goal behind it is to have a better alignment with the business strategy; this way, every sustainability effort is reflected as operational efficiency, risk mitigation, and overall business resiliency. At the same time, this will allow us to establish new sustainability objectives and give life to our purpose of bringing people closer to what matters most to them.

Additional Information Available on Website

The information in this management commentary should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report and on Form 20-F for the year ended December 31, 2024, which is posted on the “Reports and Filings” section of our investor relations website at televisair.com.

In addition, from time to time, TelevisaUnivision and/or its subsidiaries publish annual and quarterly financial statements and financial information, as well as other important information concerning its business, on its website and elsewhere. The Company is not responsible for such TelevisaUnivision information in any way, and such information is not intended to be included as part of, or incorporated by reference into, the Company’s public filings or releases.

Disclaimer

This management commentary contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ materially from these statements. The forward-looking statements in this management commentary should be read in conjunction with the factors described in “Item 3. Key Information – Forward-Looking Statements” in the Company’s Annual Report on Form 20-F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this management commentary and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

10 of 90

[110000] General information about financial statements

Ticker:	TLEVISA
Period covered by financial statements:	2025-01-01 TO 2025-12-31
Date of end of reporting period:	2025-12-31
Name of reporting entity or other means of identification:	TLEVISA
Description of presentation currency:	MXN
Level of rounding used in financial statements:	THOUSANDS OF MEXICAN PESOS
Consolidated:	YES
Number of quarter:	4
Type of issuer:	ICS
Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period:
Description of nature of financial statements:

Disclosure of general information about financial statements

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.

Basis of Preparation and Accounting Policies

The condensed consolidated financial statements of the Group, as of December 31, 2025 and 2024, and for years ended December 31, 2025 and 2024, are unaudited, and have been prepared in accordance with the guidelines provided by the International Accounting Standard 34, Interim Financial Reporting. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included herein.

The interim unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements and notes thereto for the years ended December 31, 2024, 2023 and 2022, which have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board, and include, among other disclosures, the Group’s most significant accounting policies, which were applied on a consistent basis as of December 31, 2025. The adoption of the improvements and amendments to current IFRSs effective on January 1, 2025 did not have a significant impact in these unaudited condensed consolidated financial statements.

11 of 90

Follow-up of analysis

The financial institutions that perform financial analysis on the securities of Grupo Televisa, S.A.B., are as follows:

Institution:

BBVA Bancomer

Benchmark

BofA Securities

Bradesco

BTG Pactual

Citi

GBM

Goldman Sachs

HSBC

Jefferies

JP Morgan

Morgan Stanley

Morningstar

New Street

Santander

UBS

Vector

12 of 90

[210000] Statement of financial position, current/non-current

Concept	Close Current Quarter 2025-12-31	Close Previous Exercise 2024-12-31
Statement of financial position
Assets
Current assets
Cash and cash equivalents	36,375,658,000	46,193,173,000
Trade and other current receivables	12,207,715,000	11,506,195,000
Current tax assets, current	6,137,799,000	6,374,140,000
Other current financial assets	2,513,899,000	1,297,000,000
Current inventories	140,384,000	463,225,000
Current biological assets	0	0
Other current non-financial assets	^[1]2,377,543,000	2,433,773,000
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	59,752,998,000	68,267,506,000
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	0	0
Total current assets	59,752,998,000	68,267,506,000
Non-current assets
Trade and other non-current receivables	3,024,000	3,777,969,000
Current tax assets, non-current	0	0
Non-current inventories	0	0
Non-current biological assets	0	0
Other non-current financial assets	3,425,359,000	3,198,762,000
Investments accounted for using equity method	0	0
Investments in subsidiaries, joint ventures and associates	42,390,018,000	44,436,697,000
Property, plant and equipment	61,142,694,000	63,664,261,000
Investment property	2,624,274,000	2,706,528,000
Right-of-use assets that do not meet definition of investment property	4,184,501,000	3,336,917,000
Goodwill	13,454,998,000	13,454,998,000
Intangible assets other than goodwill	24,913,435,000	25,472,091,000
Deferred tax assets	14,083,042,000	20,630,753,000
Other non-current non-financial assets	^[2]2,914,848,000	2,711,414,000
Total non-current assets	169,136,193,000	183,390,390,000
Total assets	228,889,191,000	251,657,896,000
Equity and liabilities
Liabilities
Current liabilities
Trade and other current payables	20,769,048,000	18,508,001,000
Current tax liabilities, current	287,899,000	1,320,644,000
Other current financial liabilities	5,575,217,000	6,231,494,000
Current lease liabilities	1,583,871,000	1,242,957,000
Other current non-financial liabilities	0	0
Current provisions
Current provisions for employee benefits	0	0
Other current provisions	0	0
Total current provisions	0	0
Total current liabilities other than liabilities included in disposal groups classified as held for sale	28,216,035,000	27,303,096,000
Liabilities included in disposal groups classified as held for sale	0	0
Total current liabilities	28,216,035,000	27,303,096,000
Non-current liabilities
Trade and other non-current payables	6,526,954,000	6,644,580,000
Current tax liabilities, non-current	0	0

13 of 90

Concept	Close Current Quarter 2025-12-31	Close Previous Exercise 2024-12-31
Other non-current financial liabilities	82,257,158,000	98,398,223,000
Non-current lease liabilities	3,852,117,000	4,143,682,000
Other non-current non-financial liabilities	0	0
Non-current provisions
Non-current provisions for employee benefits	954,248,000	772,482,000
Other non-current provisions	1,526,130,000	1,448,768,000
Total non-current provisions	2,480,378,000	2,221,250,000
Deferred tax liabilities	2,667,520,000	1,251,440,000
Total non-current liabilities	97,784,127,000	112,659,175,000
Total liabilities	126,000,162,000	139,962,271,000
Equity
Issued capital	3,933,549,000	3,933,549,000
Share premium	13,359,470,000	13,359,470,000
Treasury shares	15,016,244,000	13,997,290,000
Retained earnings	103,000,856,000	112,041,102,000
Other reserves	(11,885,924,000)	(12,882,775,000)
Total equity attributable to owners of parent	93,391,707,000	102,454,056,000
Non-controlling interests	9,497,322,000	9,241,569,000
Total equity	102,889,029,000	111,695,625,000
Total equity and liabilities	228,889,191,000	251,657,896,000

14 of 90

[310000] Statement of comprehensive income, profit or loss, by function of expense

Concept	Accumulated Current Year 2025-01-01 - 2025- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31	Quarter Current Year 2025-10-01 - 2025- 12-31	Quarter Previous Year 2024-10-01 - 2024- 12-31
Profit or loss
Profit (loss)
Revenue	58,878,150,000	62,260,864,000	14,548,111,000	15,226,334,000
Cost of sales	36,394,735,000	41,117,033,000	8,900,916,000	10,254,242,000
Gross profit	22,483,415,000	21,143,831,000	5,647,195,000	4,972,092,000
Distribution costs	7,721,811,000	8,815,211,000	1,789,333,000	2,129,745,000
Administrative expenses	9,522,888,000	10,592,581,000	1,907,932,000	3,042,083,000
Other income	0	0	0	0
Other expense	1,013,824,000	4,554,900,000	497,189,000	5,999,239,000
Profit (loss) from operating activities	4,224,892,000	(2,818,861,000)	1,452,741,000	(6,198,975,000)
Finance income	3,226,718,000	4,117,583,000	273,569,000	1,011,593,000
Finance costs	7,508,600,000	8,812,754,000	1,779,041,000	2,724,095,000
Share of profit (loss) of associates and joint ventures accounted for using equity method	(578,343,000)	(182,577,000)	(2,724,050,000)	(1,900,344,000)
Profit (loss) before tax	(635,333,000)	(7,696,609,000)	(2,776,781,000)	(9,811,821,000)
Tax income (expense)	7,926,381,000	688,587,000	4,757,281,000	60,787,000
Profit (loss) from continuing operations	(8,561,714,000)	(8,385,196,000)	(7,534,062,000)	(9,872,608,000)
Profit (loss) from discontinued operations	0	56,816,000	0	0
Profit (loss)	(8,561,714,000)	(8,328,380,000)	(7,534,062,000)	(9,872,608,000)
Profit (loss), attributable to
Profit (loss), attributable to owners of parent	(8,819,555,000)	(8,265,520,000)	(7,681,341,000)	(9,858,205,000)
Profit (loss), attributable to non-controlling interests	257,841,000	(62,860,000)	147,279,000	(14,403,000)
Earnings per share
Earnings per share
Earnings per share
Basic earnings per share
Basic earnings (loss) per share from continuing operations	(3.29)	(3.06)	(2.87)	(3.63)
Basic earnings (loss) per share from discontinued operations	0	0.02	0	0
Total basic earnings (loss) per share	^[3](3.29)	(3.04)	(2.87)	(3.63)
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	(3.29)	(3.06)	(2.87)	(3.63)
Diluted earnings (loss) per share from discontinued operations	0	0.02	0	0
Total diluted earnings (loss) per share	^[4](3.29)	(3.04)	(2.87)	(3.63)

15 of 90

[410000] Statement of comprehensive income, OCI components presented net of tax

Concept	Accumulated Current Year 2025-01-01 - 2025- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31	Quarter Current Year 2025-10-01 - 2025- 12-31	Quarter Previous Year 2024-10-01 - 2024- 12-31
Statement of comprehensive income
Profit (loss)	(8,561,714,000)	(8,328,380,000)	(7,534,062,000)	(9,872,608,000)
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit or loss, net of tax
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments	733,024,000	(187,815,000)	(266,255,000)	(264,266,000)
Other comprehensive income, net of tax, gains (losses) on revaluation	0	0	0	0
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans	(62,095,000)	(43,946,000)	(62,095,000)	(44,930,000)
Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability	0	0	0	0
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments	0	0	0	0
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax	0	0	0	0
Total other comprehensive income that will not be reclassified to profit or loss, net of tax	670,929,000	(231,761,000)	(328,350,000)	(309,196,000)
Components of other comprehensive income that will be reclassified to profit or loss, net of tax
Exchange differences on translation
Gains (losses) on exchange differences on translation, net of tax	(2,001,735,000)	2,969,469,000	(194,374,000)	824,039,000
Reclassification adjustments on exchange differences on translation, net of tax	0	0	0	0
Other comprehensive income, net of tax, exchange differences on translation	(2,001,735,000)	2,969,469,000	(194,374,000)	824,039,000
Available-for-sale financial assets
Gains (losses) on remeasuring available-for-sale financial assets, net of tax	0	0	0	0
Reclassification adjustments on available-for-sale financial assets, net of tax	0	0	0	0
Other comprehensive income, net of tax, available-for-sale financial assets	0	0	0	0
Cash flow hedges
Gains (losses) on cash flow hedges, net of tax	(1,569,606,000)	1,300,219,000	(67,777,000)	437,588,000
Reclassification adjustments on cash flow hedges, net of tax	0	0	0	0
Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable forecast transaction, net of tax	0	0	0	0
Other comprehensive income, net of tax, cash flow hedges	(1,569,606,000)	1,300,219,000	(67,777,000)	437,588,000
Hedges of net investment in foreign operations
Gains (losses) on hedges of net investments in foreign operations, net of tax	0	0	0	0
Reclassification adjustments on hedges of net investments in foreign operations, net of tax	0	0	0	0
Other comprehensive income, net of tax, hedges of net investments in foreign operations	0	0	0	0
Change in value of time value of options

16 of 90

Concept	Accumulated Current Year 2025-01-01 - 2025- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31	Quarter Current Year 2025-10-01 - 2025- 12-31	Quarter Previous Year 2024-10-01 - 2024- 12-31
Gains (losses) on change in value of time value of options, net of tax	0	0	0	0
Reclassification adjustments on change in value of time value of options, net of tax	0	0	0	0
Other comprehensive income, net of tax, change in value of time value of options	0	0	0	0
Change in value of forward elements of forward contracts
Gains (losses) on change in value of forward elements of forward contracts, net of tax	0	0	0	0
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax	0	0	0	0
Other comprehensive income, net of tax, change in value of forward elements of forward contracts	0	0	0	0
Change in value of foreign currency basis spreads
Gains (losses) on change in value of foreign currency basis spreads, net of tax	0	0	0	0
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax	0	0	0	0
Other comprehensive income, net of tax, change in value of foreign currency basis spreads	0	0	0	0
Financial assets measured at fair value through other comprehensive income
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax	0	0	0	0
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax	0	0	0	0
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, net of tax	0	0	0	0
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income	0	0	0	0
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax	3,895,175,000	(7,061,676,000)	430,654,000	(1,800,755,000)
Total other comprehensive income that will be reclassified to profit or loss, net of tax	323,834,000	(2,791,988,000)	168,503,000	(539,128,000)
Total other comprehensive income	994,763,000	(3,023,749,000)	(159,847,000)	(848,324,000)
Total comprehensive income	(7,566,951,000)	(11,352,129,000)	(7,693,909,000)	(10,720,932,000)
Comprehensive income attributable to
Comprehensive income, attributable to owners of parent	(7,822,704,000)	(11,281,502,000)	(7,839,100,000)	(10,698,762,000)
Comprehensive income, attributable to non-controlling interests	255,753,000	(70,627,000)	145,191,000	(22,170,000)

17 of 90

[520000] Statement of cash flows, indirect method

Concept	Accumulated Current Year 2025-01-01 - 2025- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31
Statement of cash flows
Cash flows from (used in) operating activities
Profit (loss)	(8,561,714,000)	(8,328,380,000)
Adjustments to reconcile profit (loss)
+ Discontinued operations	0	0
+ Adjustments for income tax expense	7,926,381,000	702,415,000
+ (-) Adjustments for finance costs	0	0
+ Adjustments for depreciation and amortisation expense	17,160,521,000	20,542,361,000
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss	0	3,064,319,000
+ Adjustments for provisions	872,905,000	107,273,000
+ (-) Adjustments for unrealised foreign exchange losses (gains)	(4,338,636,000)	5,664,560,000
+ Adjustments for share-based payments	373,509,000	488,832,000
+ (-) Adjustments for fair value losses (gains)	(302,287,000)	(773,727,000)
- Adjustments for undistributed profits of associates	0	0
+ (-) Adjustments for losses (gains) on disposal of non-current assets	78,276,000	261,091,000
+ Share of income of associates and joint ventures	578,343,000	182,577,000
+ (-) Adjustments for decrease (increase) in inventories	467,885,000	2,444,618,000
+ (-) Adjustments for decrease (increase) in trade accounts receivable	(355,036,000)	142,994,000
+ (-) Adjustments for decrease (increase) in other operating receivables	1,616,939,000	3,762,834,000
+ (-) Adjustments for increase (decrease) in trade accounts payable	3,033,245,000	(738,598,000)
+ (-) Adjustments for increase (decrease) in other operating payables	(703,589,000)	(1,503,374,000)
+ Other adjustments for non-cash items	0	0
+ Other adjustments for which cash effects are investing or financing cash flow	0	0
+ Straight-line rent adjustment	0	0
+ Amortization of lease fees	0	0
+ Setting property values	0	0
+ (-) Other adjustments to reconcile profit (loss)	1,376,000	47,628,000
+ (-) Total adjustments to reconcile profit (loss)	26,409,832,000	34,395,803,000
Net cash flows from (used in) operations	17,848,118,000	26,067,423,000
- Dividends paid	0	0
+ Dividends received	0	0
- Interest paid	(7,508,600,000)	(7,984,754,000)
+ Interest received	(227,414,000)	(685,846,000)
+ (-) Income taxes refund (paid)	1,934,090,000	812,215,000
+ (-) Other inflows (outflows) of cash	0	0
Net cash flows from (used in) operating activities	23,195,214,000	32,554,116,000
Cash flows from (used in) investing activities
+ Cash flows from losing control of subsidiaries or other businesses	5,000,000	10,000,000
- Cash flows used in obtaining control of subsidiaries or other businesses	0	0
+ Other cash receipts from sales of equity or debt instruments of other entities	0	0
- Other cash payments to acquire equity or debt instruments of other entities	0	0
+ Other cash receipts from sales of interests in joint ventures	0	0
- Other cash payments to acquire interests in joint ventures	0	0
+ Proceeds from sales of property, plant and equipment	133,176,000	627,973,000
- Purchase of property, plant and equipment	12,186,505,000	9,097,397,000
+ Proceeds from sales of intangible assets	0	0
- Purchase of intangible assets	1,287,100,000	1,378,854,000
+ Proceeds from sales of other long-term assets	0	0
- Purchase of other long-term assets	0	0

18 of 90

Concept	Accumulated Current Year 2025-01-01 - 2025- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31
+ Proceeds from government grants	0	0
- Cash advances and loans made to other parties	0	0
+ Cash receipts from repayment of advances and loans made to other parties	0	0
- Cash payments for futures contracts, forward contracts, option contracts and swap contracts	0	0
+ Cash receipts from futures contracts, forward contracts, option contracts and swap contracts	0	0
+ Dividends received	0	0
- Interest paid	0	0
+ Interest received	0	0
+ (-) Income taxes refund (paid)	0	0
+ (-) Other inflows (outflows) of cash	(3,289,055,000)	131,689,000
Net cash flows from (used in) investing activities	(16,624,484,000)	(9,706,589,000)
Cash flows from (used in) financing activities
+ Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control	0	0
- Payments from changes in ownership interests in subsidiaries that do not result in loss of control	0	0
+ Proceeds from issuing shares	0	0
+ Proceeds from issuing other equity instruments	0	0
- Payments to acquire or redeem entity's shares	594,200,000	132,572,000
- Payments of other equity instruments	0	0
+ Proceeds from borrowings	(3,906,655,000)	(10,000,000,000)
- Repayments of borrowings	2,650,000,000	(10,000,000,000)
- Payments of finance lease liabilities	732,000,000	698,571,000
- Payments of lease liabilities	1,077,670,000	868,729,000
+ Proceeds from government grants	0	0
- Dividends paid	1,018,954,000	1,018,954,000
- Interest paid	6,816,000,000	7,417,915,000
+ (-) Income taxes refund (paid)	0	0
+ (-) Other inflows (outflows) of cash	474,233,000	747,746,000
Net cash flows from (used in) financing activities	(16,321,246,000)	(9,388,995,000)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes	(9,750,516,000)	13,458,532,000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents	(66,999,000)	148,289,000
Net increase (decrease) in cash and cash equivalents	(9,817,515,000)	13,606,821,000
Cash and cash equivalents at beginning of period	46,193,173,000	32,586,352,000
Cash and cash equivalents at end of period	36,375,658,000	46,193,173,000

19 of 90

[610000] Statement of changes in equity - Accumulated Current

	Components of equity
Sheet 1 of 3	Issued capital	Share premium	Treasury shares	Retained earnings	Revaluation surplus	Reserve of exchange differences on translation	Reserve of cash flow hedges	Reserve of gains and losses on hedging instruments that hedge investments in equity instruments	Reserve of change in value of time value of options
Statement of changes in equity
Equity at beginning of period	3,933,549,000	13,359,470,000	13,997,290,000	112,041,102,000	0	1,219,326,000	1,384,476,000	0	0
Changes in equity
Comprehensive income
Profit (loss)	0	0	0	(8,819,555,000)	0	0	0	0	0
Other comprehensive income	0	0	0	0	0	(2,001,735,000)	(1,569,606,000)	0	0
Total comprehensive income	0	0	0	(8,819,555,000)	0	(2,001,735,000)	(1,569,606,000)	0	0
Issue of equity	0	0	0	0	0	0	0	0	0
Dividends recognised as distributions to owners	0	0	0	1,018,954,000	0	0	0	0	0
Increase through other contributions by owners, equity	0	0	0	0	0	0	0	0	0
Decrease through other distributions to owners, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through other changes, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through treasury share transactions, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through share-based payment transactions, equity	0	0	1,018,954,000	798,263,000	0	0	0	0	0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Total increase (decrease) in equity	0	0	1,018,954,000	(9,040,246,000)	0	(2,001,735,000)	(1,569,606,000)	0	0
Equity at end of period	3,933,549,000	13,359,470,000	15,016,244,000	103,000,856,000	0	(782,409,000)	(185,130,000)	0	0

20 of 90

	Components of equity
Sheet 2 of 3	Reserve of change in value of forward elements of forward contracts	Reserve of change in value of foreign currency basis spreads	Reserve of gains and losses on financial assets measured at fair value through other comprehensive income	Reserve of gains and losses on remeasuring available-for-sale financial assets	Reserve of share-based payments	Reserve of remeasurements of defined benefit plans	Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale	Reserve of gains and losses from investments in equity instruments	Reserve of change in fair value of financial liability attributable to change in credit risk of liability
Statement of changes in equity
Equity at beginning of period	0	0	(16,444,790,000)	0	0	(613,454,000)	0	0	0
Changes in equity
Comprehensive income
Profit (loss)	0	0	0	0	0	0	0	0	0
Other comprehensive income	0	0	733,024,000	0	0	(60,007,000)	0	0	0
Total comprehensive income	0	0	733,024,000	0	0	(60,007,000)	0	0	0
Issue of equity	0	0	0	0	0	0	0	0	0
Dividends recognised as distributions to owners	0	0	0	0	0	0	0	0	0
Increase through other contributions by owners, equity	0	0	0	0	0	0	0	0	0
Decrease through other distributions to owners, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through other changes, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through treasury share transactions, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through share-based payment transactions, equity	0	0	0	0	0	0	0	0	0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Total increase (decrease) in equity	0	0	733,024,000	0	0	(60,007,000)	0	0	0
Equity at end of period	0	0	(15,711,766,000)	0	0	(673,461,000)	0	0	0

21 of 90

	Components of equity
Sheet 3 of 3	Reserve for catastrophe	Reserve for equalisation	Reserve of discretionary participation features	Other comprehensive income	Other reserves	Equity attributable to owners of parent	Non-controlling interests	Equity
Statement of changes in equity
Equity at beginning of period	0	0	0	1,571,667,000	(12,882,775,000)	102,454,056,000	9,241,569,000	111,695,625,000
Changes in equity
Comprehensive income
Profit (loss)	0	0	0	0	0	(8,819,555,000)	257,841,000	(8,561,714,000)
Other comprehensive income	0	0	0	3,895,175,000	996,851,000	996,851,000	(2,088,000)	994,763,000
Total comprehensive income	0	0	0	3,895,175,000	996,851,000	(7,822,704,000)	255,753,000	(7,566,951,000)
Issue of equity	0	0	0	0	0	0	0	0
Dividends recognised as distributions to owners	0	0	0	0	0	1,018,954,000	0	1,018,954,000
Increase through other contributions by owners, equity	0	0	0	0	0	0	0	0
Decrease through other distributions to owners, equity	0	0	0	0	0	0	0	0
Increase (decrease) through other changes, equity	0	0	0	0	0	0	0	0
Increase (decrease) through treasury share transactions, equity	0	0	0	0	0	0	0	0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	0	0	0	0	0	0	0	0
Increase (decrease) through share-based payment transactions, equity	0	0	0	0	0	(220,691,000)	0	(220,691,000)
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Total increase (decrease) in equity	0	0	0	3,895,175,000	996,851,000	(9,062,349,000)	255,753,000	(8,806,596,000)
Equity at end of period	0	0	0	5,466,842,000	(11,885,924,000)	93,391,707,000	9,497,322,000	102,889,029,000

22 of 90

[610000] Statement of changes in equity - Accumulated Previous

	Components of equity
Sheet 1 of 3	Issued capital	Share premium	Treasury shares	Retained earnings	Revaluation surplus	Reserve of exchange differences on translation	Reserve of cash flow hedges	Reserve of gains and losses on hedging instruments that hedge investments in equity instruments	Reserve of change in value of time value of options
Statement of changes in equity
Equity at beginning of period	4,722,776,000	15,889,819,000	11,865,735,000	120,400,302,000	0	(1,750,143,000)	84,257,000	0	0
Changes in equity
Comprehensive income
Profit (loss)	0	0	0	(8,265,520,000)	0	0	0	0	0
Other comprehensive income	0	0	0	0	0	2,969,469,000	1,300,219,000	0	0
Total comprehensive income	0	0	0	(8,265,520,000)	0	2,969,469,000	1,300,219,000	0	0
Issue of equity	0	0	0	0	0	0	0	0	0
Dividends recognised as distributions to owners	0	0	0	1,018,954,000	0	0	0	0	0
Increase through other contributions by owners, equity	0	0	0	0	0	0	0	0	0
Decrease through other distributions to owners, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through other changes, equity	(752,071,000)	(2,530,349,000)	0	(5,901,618,000)	0	0	0	0	0
Increase (decrease) through treasury share transactions, equity	(37,156,000)	0	(373,369,000)	(336,213,000)	0	0	0	0	0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	0	0	0	4,301,921,000	0	0	0	0	0
Increase (decrease) through share-based payment transactions, equity	0	0	2,504,924,000	2,861,184,000	0	0	0	0	0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Total increase (decrease) in equity	(789,227,000)	(2,530,349,000)	2,131,555,000	(8,359,200,000)	0	2,969,469,000	1,300,219,000	0	0
Equity at end of period	3,933,549,000	13,359,470,000	13,997,290,000	112,041,102,000	0	1,219,326,000	1,384,476,000	0	0

23 of 90

	Components of equity
Sheet 2 of 3	Reserve of change in value of forward elements of forward contracts	Reserve of change in value of foreign currency basis spreads	Reserve of gains and losses on financial assets measured at fair value through other comprehensive income	Reserve of gains and losses on remeasuring available-for-sale financial assets	Reserve of share-based payments	Reserve of remeasurements of defined benefit plans	Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale	Reserve of gains and losses from investments in equity instruments	Reserve of change in fair value of financial liability attributable to change in credit risk of liability
Statement of changes in equity
Equity at beginning of period	0	0	(16,256,975,000)	0	0	(577,275,000)	0	0	0
Changes in equity
Comprehensive income
Profit (loss)	0	0	0	0	0	0	0	0	0
Other comprehensive income	0	0	(187,815,000)	0	0	(36,179,000)	0	0	0
Total comprehensive income	0	0	(187,815,000)	0	0	(36,179,000)	0	0	0
Issue of equity	0	0	0	0	0	0	0	0	0
Dividends recognised as distributions to owners	0	0	0	0	0	0	0	0	0
Increase through other contributions by owners, equity	0	0	0	0	0	0	0	0	0
Decrease through other distributions to owners, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through other changes, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through treasury share transactions, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	0	0	0	0	0	0	0	0	0
Increase (decrease) through share-based payment transactions, equity	0	0	0	0	0	0	0	0	0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0	0
Total increase (decrease) in equity	0	0	(187,815,000)	0	0	(36,179,000)	0	0	0
Equity at end of period	0	0	(16,444,790,000)	0	0	(613,454,000)	0	0	0

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	Components of equity
Sheet 3 of 3	Reserve for catastrophe	Reserve for equalisation	Reserve of discretionary participation features	Other comprehensive income	Other reserves	Equity attributable to owners of parent	Non-controlling interests	Equity
Statement of changes in equity
Equity at beginning of period	0	0	0	8,633,343,000	(9,866,793,000)	119,280,369,000	15,392,064,000	134,672,433,000
Changes in equity
Comprehensive income
Profit (loss)	0	0	0	0	0	(8,265,520,000)	(62,860,000)	(8,328,380,000)
Other comprehensive income	0	0	0	(7,061,676,000)	(3,015,982,000)	(3,015,982,000)	(7,767,000)	(3,023,749,000)
Total comprehensive income	0	0	0	(7,061,676,000)	(3,015,982,000)	(11,281,502,000)	(70,627,000)	(11,352,129,000)
Issue of equity	0	0	0	0	0	0	0	0
Dividends recognised as distributions to owners	0	0	0	0	0	1,018,954,000	0	1,018,954,000
Increase through other contributions by owners, equity	0	0	0	0	0	0	0	0
Decrease through other distributions to owners, equity	0	0	0	0	0	0	0	0
Increase (decrease) through other changes, equity	0	0	0	0	0	(9,184,038,000)	0	(9,184,038,000)
Increase (decrease) through treasury share transactions, equity	0	0	0	0	0	0	0	0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	0	0	0	0	0	4,301,921,000	(6,079,868,000)	(1,777,947,000)
Increase (decrease) through share-based payment transactions, equity	0	0	0	0	0	356,260,000	0	356,260,000
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied	0	0	0	0	0	0	0	0
Total increase (decrease) in equity	0	0	0	(7,061,676,000)	(3,015,982,000)	(16,826,313,000)	(6,150,495,000)	(22,976,808,000)
Equity at end of period	0	0	0	1,571,667,000	(12,882,775,000)	102,454,056,000	9,241,569,000	111,695,625,000

25 of 90

[700000] Informative data about the Statement of financial position

Concept	Close Current Quarter 2025-12-31	Close Previous Exercise 2024-12-31
Informative data of the Statement of Financial Position
Capital stock (nominal)	1,970,999,000	1,970,999,000
Restatement of capital stock	1,962,550,000	1,962,550,000
Plan assets for pensions and seniority premiums	421,566,000	414,373,000
Number of executives	48	34
Number of employees	26,551	28,004
Number of workers	0	0
Outstanding shares	311,114,767,314	315,451,797,726
Repurchased shares	29,507,030,943	25,170,000,531
Restricted cash	0	0
Guaranteed debt of associated companies	0	0

26 of 90

[700002] Informative data about the Income statement

Concept	Accumulated Current Year 2025-01-01 - 2025- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31	Quarter Current Year 2025-10-01 - 2025- 12-31	Quarter Previous Year 2024-10-01 - 2024- 12-31
Informative data of the Income Statement
Operating depreciation and amortization	17,160,521,000	^[5]20,510,853,000	3,701,551,000	5,359,357,000

27 of 90

[700003] Informative data - Income statement for 12 months

Concept	Current Year 2025-01-01 - 2025- 12-31	Previous Year 2024-01-01 - 2024- 12-31
Informative data - Income Statement for 12 months
Revenue	58,878,150,000	62,260,864,000
Profit (loss) from operating activities	4,224,892,000	(2,818,861,000)
Profit (loss)	(8,561,714,000)	(8,328,380,000)
Profit (loss), attributable to owners of parent	(8,819,555,000)	(8,265,520,000)
Operating depreciation and amortization	17,160,521,000	^[5]20,510,853,000

28 of 90

[800001] Breakdown of credits

Institution	Foreign institution (yes/no)	Contract signing date	Expiration date	Interest rate	Denomination
					Domestic currency						Foreign currency
					Time interval						Time interval
					Current year	Until 1 year	Until 2 years	Until 3 years	Until 4 years	Until 5 years or more	Current year	Until 1 year	Until 2 years	Until 3 years	Until 4 years	Until 5 years or more
Banks
Foreign trade
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Banks - secured
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Commercial banks
SYNDICATE 1	NO	2024-04-11	2029-04-11	TIIE+1.25					2,468,360,000
SYNDICATE 2	NO	2024-04-11	2029-04-11	TIIE+1.25					7,476,733,000
TOTAL					0	0	0	0	9,945,093,000	0	0	0	0	0	0	0
Other banks
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Total banks
TOTAL					0	0	0	0	9,945,093,000	0	0	0	0	0	0	0
Stock market
Listed on stock exchange - unsecured
SENIOR NOTES 1	YES	2007-05-09	2037-05-11	8.93						4,485,168,000
SENIOR NOTES 2	YES	2013-05-14	2043-05-14	7.62						6,163,883,000
NOTES 3	NO	2017-10-09	2027-09-27	8.79			4,494,018,000
SENIOR NOTES 4	YES	2002-03-11	2032-03-11	8.94												5,373,841,000
SENIOR NOTES 5	YES	2009-11-23	2040-01-16	6.97												10,673,803,000
SENIOR NOTES 6	YES	2014-05-13	2045-05-15	5.26												13,803,603,000
SENIOR NOTES 7	YES	2015-11-24	2026-01-30	4.86								3,736,982,000
SENIOR NOTES 8	YES	2015-11-24	2046-01-31	6.44												15,718,921,000
SENIOR NOTES 9	YES	2019-05-21	2049-05-24	5.52												11,598,828,000
TOTAL					0	0	4,494,018,000	0	0	10,649,051,000	0	3,736,982,000	0	0	0	57,168,996,000
Listed on stock exchange - secured
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Private placements - unsecured
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Private placements - secured
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Total listed on stock exchanges and private placements
TOTAL					0	0	4,494,018,000	0	0	10,649,051,000	0	3,736,982,000	0	0	0	^[6]57,168,996,000
Other current and non-current liabilities with cost
Other current and non-current liabilities with cost
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Total other current and non-current liabilities with cost
TOTAL					0	0	0	0	0	0	0	0	0	0	0	0
Suppliers
Suppliers
SUPPLIERS 1						10,863,130,000	79,493,000	0	0	37,631,000		3,521,199,000
TOTAL					0	10,863,130,000	79,493,000	0	0	37,631,000	0	3,521,199,000	0	0	0	0
Total suppliers
TOTAL					0	10,863,130,000	79,493,000	0	0	37,631,000	0	3,521,199,000	0	0	0	0

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Institution

Foreign institution (yes/no)

Contract signing date

Expiration date

Interest rate

Denomination

Domestic currency

Foreign currency

Time interval

Current year

Until 1 year

Until 2 years

Until 3 years

Until 4 years

Until 5 years or more

Current year

Until 1 year

Until 2 years

Until 3 years

Until 4 years

Until 5 years or more

Other current and non-current liabilities
Other current and non-current liabilities
DERIVATIVE FINANCIAL INSTRUMENTS 1		413,188,000
TOTAL	0	413,188,000	0	0	0	0	0	0	0	0	0	0
Total other current and non-current liabilities
TOTAL	0	413,188,000	0	0	0	0	0	0	0	0	0	0
Total credits
TOTAL	0	11,276,318,000	4,573,511,000	0	9,945,093,000	10,686,682,000	0	7,258,181,000	0	0	0	57,168,996,000

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[800003] Annex - Monetary foreign currency position

	Currencies
	Dollars	Dollar equivalent in pesos	Other currencies equivalent in dollars	Other currencies equivalent in pesos	Total pesos
Foreign currency position
Monetary assets
Current monetary assets	935,923,000	16,862,057,000	718,501,000	12,944,873,000	29,806,930,000
Non-current monetary assets	0	0	0	0	0
Total monetary assets	935,923,000	16,862,057,000	718,501,000	12,944,873,000	29,806,930,000
Liabilities position
Current liabilities	520,073,000	9,369,895,000	40,098,000	722,422,000	10,092,317,000
Non-current liabilities	3,259,540,000	58,725,502,000	0	0	58,725,502,000
Total liabilities	3,779,613,000	68,095,397,000	40,098,000	722,422,000	68,817,819,000
Net monetary assets (liabilities)	(2,843,690,000)	(51,233,340,000)	678,403,000	12,222,451,000	^[7] (39,010,889,000)

31 of 90

[800005] Annex - Distribution of income by product

	Income type
	National income	Export income	Income of subsidiaries abroad	Total income
RESIDENTIAL(INCLUDES LEASING OF SET-TOP EQUIPMENT):
RESIDENTIAL(INCLUDES LEASING OF SET-TOP EQUIPMENT):
IZZI, IZZI GO
RESIDENTIAL - BROADBAND	25,272,930,000	0	0	25,272,930,000
RESIDENTIAL - CONTENT	11,060,407,000	0	0	11,060,407,000
RESIDENTIAL - TELEPHONY	2,749,340,000	0	0	2,749,340,000
RESIDENTIAL - ADVERTISING	2,129,795,000	0	0	2,129,795,000
RESIDENTIAL - OTHER INCOME	969,129,000	0	0	969,129,000
SATELLITE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
SATELLITE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
SKY, VETV, BLUE TO GO, BLUE TELECOMM
SATELLITE - DTH BROADCAST SATELLITE TV	11,159,663,000	0	604,283,000	11,763,946,000
SATELLITE - ADVERTISING	600,564,000	0	0	600,564,000
SATELLITE - PAY PER VIEW	30,604,000	0	1,870,000	32,474,000
ENTERPRISE
ENTERPISE SERVICES:
BESTEL, METRORED
ENTERPRISE OPERATIONS	3,818,095,000		481,470,000	4,299,565,000
TOTAL	57,790,527,000	0	1,087,623,000	58,878,150,000

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[800007] Annex - Financial derivative instruments

Management discussion about the policy uses of financial derivative instruments,

explaining if these policies are allowed just for coverage or for other uses like trading

EXHIBIT 1

TO THE ELECTRONIC FORM TITLED “PREPARATION, FILING, DELIVERY AND DISCLOSURE OF QUARTERLY ECONOMIC, ACCOUNTING AND ADMINISTRATIVE INFORMATION BY ISSUERS”

III. QUALITATIVE AND QUANTITATIVE INFORMATION

i. Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes. The discussion must include a general description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party. If applicable, provide information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.

Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes.

In accordance with the policies and procedures implemented by the Vice President of Finance and Risk and the Vice President and Corporate Controller, along with the Vice President of Internal Audit, the Company has entered into certain financial derivative transactions for hedging purposes in both the Mexican and international markets so as to manage its exposure to the market risks associated with the changes in interest and foreign exchange rates and inflation. In addition, the Company’s Investments Committee has established guidelines for the investment in structured notes or deposits associated with other derivatives, which by their nature may be considered as derivative transactions for trading purposes. It should be noted that in the forth quarter of 2025, no such financial derivatives were outstanding. Pursuant to the provisions of International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), certain financial derivative transactions originally intended to serve as a hedge and in effect as of December 31, 2025, are not within the scope of hedge accounting as specified in such Standards and, consequently, are recognized in the accounting based on the provisions included in the aforementioned Standards.

General description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party.

The Company’s principal objective when entering into financial derivative transactions is to mitigate the effects of unforeseen changes in interest and foreign exchange rates and inflation, so as to reduce the volatility in its results and cash flows as a result of such changes.

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The Company monitors its exposure to the interest rate risk by: (i) assessing the difference between the interest rates applicable to its debt and temporary investments, and the prevailing market rates for similar instruments; (ii) reviewing its cash flow requirements and financial ratios (interest coverage); (iii) assessing the actual and budgeted-for trends in the principal markets; and (iv) assessing the prevailing industry practices and other similar companies. This approach enables the Company to determine the optimum mix between fixed- and variable-rate interest for its debt.

Foreign exchange risk is monitored by assessing the Company’s monetary position in U.S. dollars and its budgeted cash flow requirements for investments anticipated to be denominated in U.S. dollars and the service of its U.S. dollar-denominated debt.

Financial derivative transactions are reported from time to time to the Audit Committee.

The Company has entered into master derivatives agreements with both domestic and foreign financial institutions, that are internationally recognized institutions with which the Company, from time to time, has entered into financial transactions involving corporate and investment banking, as well as treasury services. The form agreement used in connection with financial derivatives transactions with foreign financial institutions is the Master Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and with local institutions is the Master Agreement published by ISDA and in some instances, using the form agreement ISDAmex. In both cases, the main terms and conditions are standard for these types of transactions and include mechanisms for the appointment of calculation or valuation agents.

In addition, the Company enters into standard guaranty agreements that set forth the margins, collateral and lines of credit applicable in each instance. These agreements establish the credit limits granted by the financial institutions with whom the Company enters into master financial derivative agreements, which specify the margin implications in the case of potential negative changes in the market value of its open financial derivative positions. Pursuant to the agreements entered into by the Company, financial institutions are entitled to make margin calls if certain thresholds are exceeded. In the event of a change in the credit rating issued to the Company by a recognized credit rating agency, the credit limit granted by each counterparty would be modified.

As of the date hereof, the Company has never experienced a margin call with respect to its financial derivative transactions.

In compliance with its risk management objectives and hedging strategies, the Company generally utilizes the following financial derivative transactions:

1.	Cross-currency interest rate swaps (i.e., coupon swaps);

2.	Interest rate and inflation-indexed swaps;

3.	Cross-currency principal and interest rate swaps;

4.	Swaptions;

5.	Forward exchange rate contracts;

6.	FX options;

7.	Interest Rate Caps and Floors contracts;

8.	Fixed-price contracts for the acquisition of government securities (i.e., Treasury locks); and

9.	Credit Default Swaps.

The strategies for the acquisition of financial derivatives transactions are approved by the Risk Management Committee in accordance with the Policies and Objectives for the Use of Financial Derivatives.

During the quarter from October to December 2025, there were no defaults, or margin calls under the aforementioned financial derivative transactions.

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The Company monitors on a weekly basis the flows generated by the fair market value of and the potential for margin calls under its open financial derivative transactions. The calculation or valuation agent designated in the relevant Master Agreement, which is always the counterparty, issues monthly reports as to the fair market value of the Company’s open positions.

The Risk Management area is responsible for measuring, at least once a month, the Company’s exposure to the financial market risks associated with its financings and investments, and for submitting a report with respect to the Company’s risk position and the valuation of its financial derivatives to the Finance Committee on a monthly basis, and to the Risk Management Committee on a quarterly basis. The Company monitors the credit rating assigned to its counterparties in its outstanding financial derivative transactions on a regular basis.

The office of the Comptroller is responsible for the validation of the Company’s accounting records as related to its financial derivative transactions, based upon the confirmations received from the relevant financial intermediaries, and for obtaining from such intermediaries, on a monthly basis, confirmations or account statements supporting the market valuation of its open financial derivative positions.

As a part of the yearly audit on the Company, the aforementioned procedures are reviewed by the Company’s external auditors. As of the date hereof, the Company’s auditors have not raised any observation or identified any deficiency therein.

Information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.

The Company has a Risk Management Committee, which is responsible for monitoring the Company’s risk management activities and approving the hedging strategies used to mitigate the financial market risks to which the Company is exposed. The assessment and hedging of the financial market risks are subject to the policies and procedures applicable to the Company’s Risk Management Committee, the Finance and Risk Management areas and the Comptroller that forms the Risk Management Manual of the Company. In general terms, the Risk Management Committee is comprised of members of the Corporate Management, Corporate Comptroller, Tax Control and Advice, Information to the Stock Exchange, Finance and Risk, Legal, Administration and Finance, Financial Planning and Corporate Finance areas.

General description about valuation techniques, standing out the instruments

valuated at cost or fair value, just like methods and valuation techniques

ii. General description of the valuation methods, indicating whether the instruments are valued at cost or at their fair value pursuant to the applicable accounting principles, the relevant reference valuation methods and techniques, and the events taken into consideration. Describe the policies for and frequency of the valuation, as well as the actions taken in light of the values obtained therefrom. Clarify whether the valuation is performed by an independent third party, and indicate if such third party is the structurer, seller or counterparty of the financial instrument. As with respect to financial derivative transactions for hedging purposes, explain the method used to determine the effectiveness thereof and indicate the level of coverage provided thereby.

The Company values its financial derivative instruments based upon the standard models and calculators provided by recognized market makers. In addition, the Company uses the relevant market variables available from online sources. The financial derivative instruments are valued at a reasonable value pursuant to the applicable accounting provisions.

In the majority of cases, the valuation at a reasonable value is carried out on a monthly basis based on valuations of the counterparties and the verification of such reasonable value with internal valuations prepared by the Risk Management area of the Company. Accounting wise, the valuation of the counterparty is registered.

The Company performs its valuations without the participation of any independent third party.

The method used by the Company to determine the effectiveness of an instrument depends on the hedging strategy and on whether the relevant transaction is intended as a fair-value hedge or a cash-flow hedge. The Company’s methods take into consideration the prospective cash flows generated by or the changes in the fair value of the financial derivative, and the cash flows generated by or the changes in the fair value of the underlying position that it seeks to hedge to determine, in each case, the hedging ratio.

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Management discussion about internal and external sources of liquidity that could be

used for attending requirements related to financial derivative instruments

iii. Management’s discussion of the internal and external sources of liquidity that could be used to satisfy the Company’s requirements in connection with its financial derivatives.

As of the date hereof, the Company’s management has not discussed internal and external sources of liquidity so as to satisfy its requirements in connection with its financial derivatives since, based upon the aggregate amount of the Company’s financial derivative transactions, management is of the opinion that the Company’s significant positions of cash, cash equivalents and temporary investments, and the substantial cash flows generated by the Company, would enable the Company to respond adequately to any such requirements.

Changes and management explanation in principal risk exposures identified, as

contingencies and events known by the administration that could affect future reports

iv. Explanation as to any change in the issuer’s exposure to the principal risks identified thereby and in their management, and any contingency or event known to or anticipated by the issuer’s management, which could affect any future report. Description of any circumstance or event, such as any change in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Issuer to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the issuer’s results or cash flows. Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

Changes in the Company’s exposure to the principal risks identified thereby and, in their management, and contingencies or events known to or anticipated by the Company’s management, which could affect any future report.

Since a significant portion of the Company’s debt and costs are denominated in U.S. dollars, while its revenues are primarily denominated in Mexican pesos, depreciation in the value of the Mexican peso against the U.S. dollar and any future depreciation could have a negative effect on the Company’s results due to exchange rate losses. However, the significant amount of U.S. dollars in the Company’s treasury, and the hedging strategies adopted by the Company in recent years, have enabled it to avoid significant foreign exchange losses.

Circumstances or events, such as changes in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Company to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the Company’s results or cash flows.

As of the date hereof, no circumstance or event of a financial derivative transaction resulted in a partial or total loss of the relevant hedge requiring that the Company assume new obligations, commitments or variations in its cash flow such that its liquidity is affected.

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Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

During the relevant quarter, forwards through which Grupo Televisa, S.A.B. hedged against a possible Mexican Peso depreciation with a notional amount of U.S. $58,114,610.00 (Fifty-Eight Million One Hundred Fourteen Thousand Six Hundred Ten U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $124,375,454.96 (One Hundred Twenty-Four Million Three Hundred Seventy-Five Thousand Four Hundred Fifty-Four Mexican Pesos 96/100) was incurred in the quarter.

During the relevant quarter, forwards through which Empresas Cablevisión, S.A.B. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of U.S.$6,000,000.00 (Six Million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $12,857,000.00 (Twelve Million Eight Hundred Fifty-Seven Thousand Mexican pesos 00/100) was incurred in the quarter.

During the relevant quarter, forwards through which Televisión Internacional, S.A. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of U.S.$9,000,000.00 (Nine Million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $19,189,500.00 (Nineteen Million One Hundred Eighty-Nine Thousand Five Hundred Mexican pesos 00/100) was incurred in the quarter.

During the relevant quarter, forwards through which Cablemás Telecomunicaciones, S.A. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of U.S.$6,000,000.00 (Six Million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $12,750,000.00 (Twelve Million Seven Hundred Fifty Thousand Mexican pesos 00/100) was incurred in the quarter.

During the relevant quarter, forwards through which Corporación Novavisión, S. de R.L. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of U.S.$15,000,000.00 (Fifteen Million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $31,835,000.00 (Thirty-One Million Eight Hundred Thirty-Five Thousand Mexican pesos 00/100) was incurred in the quarter.

During the relevant quarter there were no defaults or margin calls under financial derivative transactions.

Quantitative information for disclosure

v. Quantitative Information. Attached hereto as “Table 1” is a summary of the financial derivative instruments purchased by Grupo Televisa, S.A.B, Empresas Cablevisión, S.A.B. de C.V., Cablemás Telecomunicaciones, S.A. de C.V., Corporación Novavisión, S. de R.L. de C.V., and Televisión Internacional, S.A. de C.V., whose aggregate fair value represents or could represent one of the reference percentages set forth in Section III (v) of the Official Communication.

IV. SENSITIVITY ANALYSIS

Considering that the Company has entered into financial derivative transactions for hedging purposes and given the low amount of the financial derivative instruments that proved ineffective as a hedge, the Company has determined that such transactions are not material and, accordingly, the sensitivity analysis referred to in Section IV of the Official Communication is not applicable.

In those cases where the derivative instruments of the Company are for hedging purposes, for a material amount and where the effectiveness measures were sufficient, the measures are justified when the standard deviation of the changes in cash flow as a result of changes in the variables of exchange rate and interest rates of the derivative instruments used jointly with the underlying position is lower than the standard deviation of the changes in cash flow of the underlying position valued in pesos and the effective measures are defined by the correlation coefficient between both positions for the effective measures to be sufficient.

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TABLE 1

GRUPO TELEVISA, S.A.B.

Summary of Financial Derivative Instruments as of

December 31, 2025

(In thousands of Mexican pesos and/or U.S. dollars, as indicated)

Type of Derivative, Securities or Contract	Purpose (e.g., hedging, trading or other)	Notional Amount/Face Value	Value of the Underlying Asset / Reference Variable		Fair Value			Collateral/ Lines of Credit/ Securities Pledged
Type of Derivative, Securities or Contract	Purpose (e.g., hedging, trading or other)	Notional Amount/Face Value	Current Quarter (6)	Previous Quarter (7)	Current Quarter Dr (Cr) (6)	Previous Quarter Dr (Cr) (7)	Maturing per Year	Collateral/ Lines of Credit/ Securities Pledged
Forward (1)	Hedging	U.S.$388,220 / $7,318,615	U.S.$388,220 / $7,318,615	U.S.$346,008 / $6,596,557	(267,224)	(170,400)	2026	Does not exist (8)
Forward (1)	Hedging	U.S.$20,000 / $395,657	U.S.$20,000 / $395,657	U.S.$41,000 / $825,069	(32,423)	(64,456)	2026	Does not exist (8)
Forward (2)	Hedging	U.S.$6,900 / $136,857	U.S.$6,900 / $136,857	U.S.$15,900 / $320,925	(11,671)	(26,248)	2026	Does not exist (8)
Forward (3)	Hedging	U.S.$7,500 / $149,443	U.S.$7,500 / $149,443	U.S.$13,500 / $272,123	(13,070)	(21,170)	2026	Does not exist (8)
Forward (4)	Hedging	U.S.$23,500 / $468,473	U.S.$23,500 / $468,473	U.S.$38,500 / $775,105	(41,960)	(59,942)	2026	Does not exist (8)
Forward (5)	Hedging	U.S.$31,600 / $621,105	U.S.$31,600 / $621,105	U.S.$37,600 / $743,774	(46,840)	(42,598)	2026	Does not exist (8)
				Total	(413,188)	(384,814)

(1)	Acquired by Grupo Televisa, S.A.B.

(2)	Acquired by Televisión Internacional, S.A. de C.V.

(3)	Acquired by Empresas Cablevisión, S.A.B. de C.V.

(4)	Acquired by Corporación Novavisión, S. de R.L. de C.V.

(5)	Acquired by Cablemás Telecomunicaciones, S.A de C.V.

(6)	The aggregate amount of the derivatives reflected in the consolidated statement of financial position of Grupo Televisa, S.A.B. as of December 31, 2025, is as follows:

Other current financial assets	Ps.	—
Other current financial liabilities		(413,188)
	Ps.	(413,188)

(7)	Information as of September 30, 2025.

(8)	Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support”.

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[800100] Notes - Subclassifications of assets, liabilities and equities

Concept	Close Current Quarter 2025-12-31	Close Previous Exercise 2024-12-31
Subclassifications of assets, liabilities and equities
Cash and cash equivalents
Cash
Cash on hand	19,664,000	18,620,000
Balances with banks	4,428,527,000	3,887,272,000
Total cash	4,448,191,000	3,905,892,000
Cash equivalents
Short-term deposits, classified as cash equivalents	31,927,467,000	42,287,281,000
Short-term investments, classified as cash equivalents	0	0
Other banking arrangements, classified as cash equivalents	0	0
Total cash equivalents	31,927,467,000	42,287,281,000
Other cash and cash equivalents	0	0
Total cash and cash equivalents	36,375,658,000	46,193,173,000
Trade and other current receivables
Current trade receivables	5,815,220,000	6,175,819,000
Current receivables due from related parties	727,476,000	339,553,000
Current prepayments
Current advances to suppliers	0	0
Current prepaid expenses	1,261,835,000	933,410,000
Total current prepayments	1,261,835,000	933,410,000
Current receivables from taxes other than income tax	3,624,350,000	3,207,830,000
Current value added tax receivables	3,452,850,000	3,073,065,000
Current receivables from sale of properties	0	0
Current receivables from rental of properties	0	0
Other current receivables	778,834,000	849,583,000
Total trade and other current receivables	12,207,715,000	11,506,195,000
Classes of current inventories
Current raw materials and current production supplies
Current raw materials	0	0
Current production supplies	0	0
Total current raw materials and current production supplies	0	0
Current merchandise	0	0
Current work in progress	0	0
Current finished goods	0	0
Current spare parts	0	0
Property intended for sale in ordinary course of business	0	0
Other current inventories	140,384,000	463,225,000
Total current inventories	140,384,000	463,225,000
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
Non-current assets or disposal groups classified as held for sale	0	0
Non-current assets or disposal groups classified as held for distribution to owners	0	0
Total non-current assets or disposal groups classified as held for sale or as held for distribution to owners	0	0
Trade and other non-current receivables
Non-current trade receivables	3,024,000	484,506,000
Non-current receivables due from related parties	0	3,293,463,000
Non-current prepayments	0	0
Non-current lease prepayments	0	0
Non-current receivables from taxes other than income tax	0	0
Non-current value added tax receivables	0	0

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Concept

Close Current

Quarter

2025-12-31

Close Previous

Exercise

2024-12-31

Non-current receivables from sale of properties	0	0
Non-current receivables from rental of properties	0	0
Revenue for billing	0	0
Other non-current receivables	0	0
Total trade and other non-current receivables	3,024,000	3,777,969,000
Investments in subsidiaries, joint ventures and associates
Investments in subsidiaries	0	0
Investments in joint ventures	1,160,202,000	1,152,053,000
Investments in associates	41,229,816,000	43,284,644,000
Total investments in subsidiaries, joint ventures and associates	42,390,018,000	44,436,697,000
Property, plant and equipment
Land and buildings
Land	1,640,650,000	1,671,043,000
Buildings	1,681,119,000	1,757,353,000
Total land and buildings	3,321,769,000	3,428,396,000
Machinery	47,088,856,000	51,539,645,000
Vehicles
Ships	0	0
Aircraft	0	0
Motor vehicles	76,771,000	205,152,000
Total vehicles	76,771,000	205,152,000
Fixtures and fittings	260,595,000	316,278,000
Office equipment	365,458,000	528,119,000
Tangible exploration and evaluation assets	0	0
Mining assets	0	0
Oil and gas assets	0	0
Construction in progress	9,630,484,000	7,191,479,000
Construction prepayments	0	0
Other property, plant and equipment	398,761,000	455,192,000
Total property, plant and equipment	61,142,694,000	63,664,261,000
Investment property
Investment property completed	2,624,274,000	2,706,528,000
Investment property under construction or development	0	0
Investment property prepayments	0	0
Total investment property	2,624,274,000	2,706,528,000
Intangible assets and goodwill
Intangible assets other than goodwill
Brand names	32,828,000	32,828,000
Intangible exploration and evaluation assets	0	0
Mastheads and publishing titles	0	0
Computer software	4,552,798,000	4,604,123,000
Licences and franchises	0	0
Copyrights, patents and other industrial property rights, service and operating rights	0	0
Recipes, formulae, models, designs and prototypes	0	0
Intangible assets under development	0	0
Other intangible assets	20,327,809,000	20,835,140,000
Total intangible assets other than goodwill	24,913,435,000	25,472,091,000
Goodwill	13,454,998,000	13,454,998,000
Total intangible assets and goodwill	38,368,433,000	38,927,089,000
Trade and other current payables
Current trade payables	14,384,329,000	11,329,869,000
Current payables to related parties	224,606,000	202,414,000
Accruals and deferred income classified as current

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Concept

Close Current

Quarter

2025-12-31

Close Previous

Exercise

2024-12-31

Deferred income classified as current	1,012,282,000	1,418,146,000
Rent deferred income classified as current	0	0
Accruals classified as current	3,314,757,000	2,947,500,000
Short-term employee benefits accruals	1,249,587,000	1,258,587,000
Total accruals and deferred income classified as current	4,327,039,000	4,365,646,000
Current payables on social security and taxes other than income tax	1,755,445,000	2,495,736,000
Current value added tax payables	1,276,306,000	2,031,341,000
Current retention payables	77,629,000	114,336,000
Other current payables	0	0
Total trade and other current payables	20,769,048,000	18,508,001,000
Other current financial liabilities
Bank loans current	0	0
Stock market loans current	3,736,982,000	4,556,950,000
Other current liabilities at cost	0	0
Other current liabilities at no cost	413,188,000	0
Other current financial liabilities	1,425,047,000	1,674,544,000
Total Other current financial liabilities	5,575,217,000	6,231,494,000
Trade and other non-current payables
Non-current trade payables	117,124,000	154,677,000
Non-current payables to related parties	0	0
Accruals and deferred income classified as non-current
Deferred income classified as non-current	4,315,012,000	4,602,679,000
Rent deferred income classified as non-current	0	0
Accruals classified as non-current	0	0
Total accruals and deferred income classified as non-current	4,315,012,000	4,602,679,000
Non-current payables on social security and taxes other than income tax	0	0
Non-current value added tax payables	0	0
Non-current retention payables	0	0
Other non-current payables	2,094,818,000	1,887,224,000
Total trade and other non-current payables	6,526,954,000	6,644,580,000
Other non-current financial liabilities
Bank loans non-current	9,945,093,000	12,578,198,000
Stock market loans non-current	72,312,065,000	85,820,025,000
Other non-current liabilities at cost	0	0
Other non-current liabilities at no cost	0	0
Other non-current financial liabilities	0	0
Total Other non-current financial liabilities	82,257,158,000	98,398,223,000
Other provisions
Other non-current provisions	1,526,130,000	1,448,768,000
Other current provisions	0	0
Total other provisions	1,526,130,000	1,448,768,000
Other reserves
Revaluation surplus	0	0
Reserve of exchange differences on translation	(782,409,000)	1,219,326,000
Reserve of cash flow hedges	(185,130,000)	1,384,476,000
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments	0	0
Reserve of change in value of time value of options	0	0
Reserve of change in value of forward elements of forward contracts	0	0
Reserve of change in value of foreign currency basis spreads	0	0
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income	(15,711,766,000)	(16,444,790,000)
Reserve of gains and losses on remeasuring available-for-sale financial assets	0	0
Reserve of share-based payments	0	0
Reserve of remeasurements of defined benefit plans	(673,461,000)	(613,454,000)

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Concept

Close Current

Quarter

2025-12-31

Close Previous

Exercise

2024-12-31

Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale	0	0
Reserve of gains and losses from investments in equity instruments	0	0
Reserve of change in fair value of financial liability attributable to change in credit risk of liability	0	0
Reserve for catastrophe	0	0
Reserve for equalisation	0	0
Reserve of discretionary participation features	0	0
Reserve of equity component of convertible instruments	0	0
Capital redemption reserve	0	0
Merger reserve	0	0
Statutory reserve	0	0
Other comprehensive income	5,466,842,000	1,571,667,000
Total other reserves	(11,885,924,000)	(12,882,775,000)
Net assets (liabilities)
Assets	228,889,191,000	251,657,896,000
Liabilities	126,000,162,000	139,962,271,000
Net assets (liabilities)	102,889,029,000	111,695,625,000
Net current assets (liabilities)
Current assets	59,752,998,000	68,267,506,000
Current liabilities	28,216,035,000	27,303,096,000
Net current assets (liabilities)	31,536,963,000	40,964,410,000

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[800200] Notes - Analysis of income and expense

Concept	Accumulated Current Year 2025-01-01 - 2025-12-31	Accumulated Previous Year 2024-01-01 - 2024-12-31	Quarter Current Year 2025-10-01 - 2025-12-31	Quarter Previous Year 2024-10-01 - 2024-12-31
Analysis of income and expense
Revenue
Revenue from rendering of services	47,459,402,000	50,128,039,000	12,003,666,000	12,172,440,000
Revenue from sale of goods	149,039,000	229,589,000	18,482,000	52,274,000
Interest income	0	0	0	0
Royalty income	0	0	0	0
Dividend income	0	0	0	0
Rental income	11,269,709,000	11,903,236,000	2,525,963,000	3,001,620,000
Revenue from construction contracts	0	0	0	0
Other revenue	0	0	0	0
Total revenue	58,878,150,000	62,260,864,000	14,548,111,000	15,226,334,000
Finance income
Interest income	2,639,794,000	3,343,856,000	237,501,000	866,037,000
Net gain on foreign exchange	284,637,000	0	36,068,000	0
Gains on change in fair value of derivatives	302,287,000	773,727,000	0	145,556,000
Gain on change in fair value of financial instruments	0	0	0	0
Other finance income	0	0	0	0
Total finance income	3,226,718,000	4,117,583,000	273,569,000	1,011,593,000
Finance costs
Interest expense	7,508,600,000	7,975,554,000	1,709,603,000	2,177,720,000
Net loss on foreign exchange	0	837,200,000	0	546,375,000
Losses on change in fair value of derivatives	0	0	69,438,000	0
Loss on change in fair value of financial instruments	0	0	0	0
Other finance cost	0	0	0	0
Total finance costs	7,508,600,000	8,812,754,000	1,779,041,000	2,724,095,000
Tax income (expense)
Current tax	(422,558,000)	4,238,483,000	(704,149,000)	829,454,000
Deferred tax	8,348,939,000	(3,549,896,000)	5,461,430,000	(768,667,000)
Total tax income (expense)	7,926,381,000	688,587,000	4,757,281,000	60,787,000

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[800500] Notes - List of notes

Disclosure of notes and other explanatory information

See Notes 1 and 2 of the Disclosure of interim financial reporting.

Disclosure of general information about financial statements

Corporate Information

Basis of Preparation and Accounting Policies

Disclosure of significant accounting policies

Material Accounting Policies

The principal accounting policies followed by the Group and used in the preparation of its annual consolidated financial statements as of December 31, 2024, and where applicable, of its interim condensed consolidated financial statements, are summarized below. These accounting policies should be read in conjunction with the audited consolidated financial statements of the Group for the years ended December 31, 2024 and 2023, once they have been submitted to the Mexican Banking and Securities Commission (“Comisión Nacional Bancaria y de Valores” and the U.S. Securities and Exchange Commission), respectively.

(a)	Basis of Presentation

The consolidated financial statements of the Group as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, 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.

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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.

The consolidated statements of income or loss of the Group for the years ended December 31, 2024, 2023, and 2022 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 statements of income or loss of the Group for the years ended December 31, 2023 and 2022 have been re-presented from those originally reported by the Company, to present in those years 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 statement of income or loss of the Group for the year ended December 31, 2022, has been prepared to present the discontinued operations following the transaction between the Company and TelevisaUnivision that was closed on January 31, 2022 (the “TelevisaUnivision Transaction”) (see Notes 3 and 28).

These consolidated financial statements were authorized for issuance on March 28, 2025, by the Group’s Corporate Vice President of Finance.

(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.

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.

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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, 2024 and 2023, the main direct and indirect subsidiaries of the Company were as follows:

Subsidiaries	Company's Ownership Interest⁽¹⁾		Business Segment
	2024	2023
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) ⁽³⁾	51.5%	51.2%	Cable
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) ⁽³⁾	100%	100%	Cable
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) ⁽³⁾	100%	100%	Cable
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) ⁽³⁾	66.4%	66.2%	Cable
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) ⁽³⁾	100%	100%	Cable
Subsidiaries engaged in the Telecable business (collectively, “Telecable”) ⁽³⁾	100%	100%	Cable
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries ⁽³⁾	100%	100%	Cable and Sky
Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”) and Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) ⁽³⁾ ⁽⁴⁾	100%	58.7%	Sky
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries ⁽²⁾	—	100%
Editorial Televisa, S.A. de C.V. and subsidiaries ⁽²⁾	—	100%
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries ⁽²⁾	—	100%
Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries ⁽⁵⁾	—	100%

⁽¹⁾	Percentage of equity interest directly or indirectly held by the Company as of December 31, 2024 and 2023.
⁽²⁾	See Note 26 for a description of each of the Group’s reportable business segments. Most of the operations of the Group’s former Other Businesses segment were discontinued following the spin-off of these businesses by the Company on January 31, 2024, to create a new controlling entity of the spun-off businesses listed in the Mexican Stock Exchange (see Notes 3 and 28).
⁽³⁾	CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable, and Sky. Cablestar, S.A. de C.V. is an indirect majority-owned subsidiary of Empresas Cablevisión. In September 2024, Arretis, S.A.P.I. de C.V. was merged into Televisión Internacional, S.A. de C.V., which became the surviving entity resulting from this merger, and the parent company of the Cablecom subsidiaries.
⁽⁴⁾	Innova is an indirect subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“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 of Innova’s equity and designated a majority of the members of Innova’s Board of Directors, and the non-controlling interests had certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights were protective in nature and did not affect decisions about relevant business activities of Innova. In June 2024, the Company acquired the remaining 41.3% non-controlling interest in the Sky segment 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).
⁽⁵⁾	Grupo Telesistema is a direct subsidiary of the Company. As of December 31, 2024 and 2023, Grupo Telesistema and its subsidiaries, 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 Cable and Sky segments, 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 are granted by the Mexican Institute of Telecommunications (Instituto Federal de Telecomunicaciones or “IFT”) for a fixed term, subject to renewal in accordance with the Mexican Telecommunications and Broadcasting Law (Ley Federal de Telecomunicaciones y Radiodifusión or “LFTR”).

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Renewal of concessions for the Cable and Sky segments require, among others: (i) to request its renewal to IFT 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 LFTR, 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 IFT. IFT 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 3, 13, 20 and 26).

Renewal of broadcasting concessions for the broadcast programming operations over television stations for the signals of TelevisaUnivision, requires, among others: (i) to request such renewal to IFT 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 LFTR, other applicable regulations, and the concession title; (iii) a declaration by IFT that there is no public interest in recovering the spectrum granted under the related concession; and (iv) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT, including the payment of a related fee. IFT shall resolve within the year following the presentation of the request, if there is public interest in recovering the spectrum granted under the related concession, in which case it will notify its determination and proceed with the termination of the concession at the end of its fixed term. If IFT determines that there is no public interest in recovering the spectrum, it will grant the requested extension within 180 business days, provided that the concessionaire accepts, in advance, the new conditions set by IFT, which will include the payment of the fee referred to above. Such fee will be determined by IFT for the relevant concessions, considering the following elements: (i) the frequency band; (ii) the amount of spectrum; (iii) coverage of the frequency band; (iv) domestic and international benchmark regarding the market value of frequency bands; and (v) upon request of IFT, an opinion issued by the Ministry of Finance and Public Credit of IFT´s proposal for calculation of the fee.

The regulations of the broadcasting and the telecommunications concessions (including satellite pay-TV) establish that at the end of the concession, 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 IFT 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.

Additionally, the Group’s Sky businesses 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, 2024, the expiration dates of the Group’s concessions and permits were as follows:

Segments		Expiration Dates
Cable		Various from 2026 to 2059
Sky		Various from 2025 to 2056
Corporate assets: Broadcasting concessions⁽¹⁾		In 2042 and 2052

⁽¹⁾	Broadcasting concessions that remained in the Group after the TelevisaUnivision Transaction closed on January 31, 2022, which 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 3, 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.

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(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 43.0% and 43.7% 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, 2024 and 2023, respectively (see Notes 3 and 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. The Group adopted this accounting policy in connection with the TelevisaUnivision Transaction closed on January 31, 2022 (see Note 3), and in accordance with the guidelines of Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, and Effective Date of Amendments to IFRS 10 and IAS 28, issued by the IASB.

(d)	Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s Co-Chief Executive Officers (“chief operating decision makers”), who are responsible for allocating resources and assessing performance for each of the Group’s operating segments.

(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.

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GRUPO TELEVISA, S.A.B. 6-K