UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 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	12

[210000] Statement of financial position, current/non-current	15

[310000] Statement of comprehensive income, profit or loss, by function of expense	17

[410000] Statement of comprehensive income, OCI components presented net of tax	19

[520000] Statement of cash flows, indirect method	21

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

[610000] Statement of changes in equity - Accumulated Previous	26

[700000] Informative data about the Statement of financial position	29

[700002] Informative data about the Income statement	30

[700003] Informative data - Income statement for 12 months	31

[800001] Breakdown of credits	32

[800003] Annex - Monetary foreign currency position	34

[800005] Annex - Distribution of income by product	35

[800007] Annex - Financial derivative instruments	36

[800100] Notes - Subclassifications of assets, liabilities and equities	42

[800200] Notes - Analysis of income and expense	46

[800500] Notes - List of notes	47

[800600] Notes - List of accounting policies	62

[813000] Notes - Interim financial reporting	76

Footnotes	93

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[105000] Management commentary

Management commentary

Mexico City, May 4, 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 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 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	(8,935.0)	(15.2)	(8,328.4)	(13.4)	n/a
Net loss attributable to stockholders of the Company	(9,168.3)	(15.6)	(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.

Loss before income taxes decreased by Ps.6,693.1 million, to Ps.1,003.5 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.9,168.3 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.7,242.9 million increase in income taxes, primarily in connection with non-cash write-offs of deferred income tax assets in the aggregate amount of Ps.6,516.9 million derived from both 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.905.5 million increase in share of loss in associates and joint ventures; (iii) a Ps.296.2 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.554.8 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 conduct our telecommunications operations as a single business through our cable networks and DTH system, with three categories of revenues: Residential, Satellite and Enterprise. We intend to continue strengthening our position in 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. This could include investment opportunities in the Mexican Telecom sector, which may require new financing, such as debt or equity financing, using cash on hand or a combination thereof. Any capital increase could be used for deleveraging, acquisition opportunities or general corporate purposes.

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 2025 Annual Report and Form 20-F, 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 residential, satellite and enterprise services

●	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	)

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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.

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 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.

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
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		2,666.8			3,343.9			(667.1	)
Foreign exchange gain (loss), net		399.2			(837.2	)		1,236.4
Other finance income, net		302.3			773.7			(471.4	)
Finance expense, net		(4,140.3	)		(4,695.1	)		554.8

Finance expense, net, decreased by Ps.554.8 million, or 11.8%, to Ps.4,140.3 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.1,236.4 million favorable change in foreign exchange gain or loss, net, resulting primarily from a 13.7% appreciation of the Mexican peso against the U.S. dollar on a lower average U.S. dollar-denominated net liability position for the year ended December 31, 2025, compared with a 23.2% depreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net liability position for the year ended December 31, 2024.

These favorable variances were partially offset by: (i) a Ps.677.1 million decrease in interest income, explained primarily by lower interest rates applicable to our cash equivalents in Mexican pesos and U.S. dollars in 2025, and a lower average U.S. dollar exchange rate applicable to our interest income from U.S. dollar cash equivalents for the year ended December 31, 2025; and (ii) a Ps.471.4 million decrease in other finance income, net, resulting from a lower gain in fair value of our derivatives contracts for the year ended December 31, 2025.

Share of Loss of Associates and Joint Ventures, Net

Share of loss of associates and joint ventures, net, increased by Ps.905.5 million, to Ps.1,088.1 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.7,242.9 million, to Ps.7,931.5 million for the year ended December 31, 2025, from Ps.688.6 million for the year ended December 31, 2024. This increase reflected primarily (i) a non-cash write-off of deferred income tax assets in the amount of Ps.3,569.3 million, derived from capital tax losses that expired on that date; (ii) a non-cash write-off of deferred income tax assets in the amount of Ps.2,947.6 million, recognized in the fourth quarter of 2025, and derived from certain deductible temporary differences which are not expected to be used with available future taxable income; and (iii) the non-deductible tax effect of our share of loss of associates and joint ventures for the year ended December 31, 2025.

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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.296.2 million to a net income of Ps.233.3 million for the year ended December 31, 2025, compared with a net loss of Ps.62.9 million for the year ended December 31, 2024. This change reflected primarily the net income attributable to non-controlling interests 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.48,999.8 million. The non-current investments in financial instruments amounted to an aggregate of Ps.3,425.4 million as of December 31, 2025.

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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.

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

The Company has a comprehensive control system. This system is based on the issuance of business, operational and administrative policies, processes, and controls, which establish the assignment of responsibilities and authorization powers, in accordance with the identification of the nature and magnitude of the risks faced by the Company.

The internal control system has been continuously enhanced to align with international frameworks and with Code of Corporate Governance Principles and Best Practices. This evolution is comprised of the following internal control components:

●

Control environment: Involves the issuance of statements by senior management regarding risk management and internal controls, the issuance of the Code of Ethics, the dissemination and training of risk and control matters, and the ongoing update of the general framework of roles, responsibilities and authorization powers

●	Risk assessment: Consists of a continuous process for identifying, analyzing, and assessing, both internal and external risk that could affect the achievement of the Company's objectives.

●	Control Activities: Includes the fundamental activities required to preserve the integrity and efficiency of the organization, as well as the reliability of financial information, which are essential to ensure the achievement of objectives and mitigation of risk.

●

Information and Communication: Enables the identification, processing, and communication of relevant, high-quality, information, both financial and operational, in a timely and reliable manner, supporting decision-making and the proper performance of responsibilities at all levels of the organization.

●

Supervision and monitoring: Comprise ongoing supervisory activities and independent evaluations of the design and operating effectiveness of internal controls, with the objective of timely identifying findings, implementing corrective actions, and promoting continuous improvement of the internal control system.

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as well as for evaluating the effectiveness of such internal control. In performing this assessment, management applies the criteria set forth in the Internal Control-Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

The Audit Committee is responsible for presenting a report to the Board of Directors a report regarding the effectiveness of the internal control systems.

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Disclosure of critical performance measures and indicators that management uses to evaluate entity's performance against stated objectives

				Margin						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		(8,935.0	)		(15.2	)		(8,328.4	)		(13.4	)		n/a
Net loss attributable to stockholders of the Company		(9,168.3	)		(15.6	)		(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 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, n.

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.

10 of 93

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, 2025, 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.

11 of 93

[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:	4D
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 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.

12 of 93

Name service provider external audit

KPMG Cárdenas Dosal, S.C.

Name of the partner signing opinion

C.P.C. Joaquín Alejandro Aguilera Dávila

Type of opinion on the financial statements

Unmodified opinion

Date of opinion on the financial statements

March 27, 2026

Date assembly in which the financial statements were approved

April 28, 2026

13 of 93

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

HSBC

Jefferies

JP Morgan

Morgan Stanley

Morningstar

New Street

Santander

UBS

14 of 93

[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	27,607,244,000	46,193,173,000
Trade and other current receivables	12,113,254,000	11,506,195,000
Current tax assets, current	6,135,537,000	6,374,140,000
Other current financial assets	^[1]11,397,798,000	1,297,000,000
Current inventories	584,878,000	463,225,000
Current biological assets	0	0
Other current non-financial assets	^[2]2,377,543,000	2,433,773,000
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	60,216,254,000	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	60,216,254,000	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	41,900,090,000	44,436,697,000
Property, plant and equipment	60,698,200,000	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	^[3]2,914,848,000	2,711,414,000
Total non-current assets	168,201,771,000	183,390,390,000
Total assets	228,418,025,000	251,657,896,000
Equity and liabilities
Liabilities
Current liabilities
Trade and other current payables	20,658,050,000	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	28,105,037,000	27,303,096,000
Liabilities included in disposal groups classified as held for sale	0	0
Total current liabilities	28,105,037,000	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

15 of 93

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	125,889,164,000	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	102,652,140,000	112,041,102,000
Other reserves	(11,872,777,000)	(12,882,775,000)
Total equity attributable to owners of parent	93,056,138,000	102,454,056,000
Non-controlling interests	9,472,723,000	9,241,569,000
Total equity	102,528,861,000	111,695,625,000
Total equity and liabilities	228,418,025,000	251,657,896,000

16 of 93

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

Concept	Quarter Current Year 2025-10-01 - 2025- 12-31	Accumulated Current Year 2025-01-01 - 2025- 12-31	Quarter Previous Year 2024-10-01 - 2024- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31
Profit or loss
Profit (loss)
Revenue	14,548,111,000	58,878,150,000	15,226,334,000	62,260,864,000
Cost of sales	8,900,916,000	36,394,735,000	10,254,242,000	41,117,033,000
Gross profit	5,647,195,000	22,483,415,000	4,972,092,000	21,143,831,000
Distribution costs	1,789,333,000	7,721,811,000	2,129,745,000	8,815,211,000
Administrative expenses	1,907,932,000	9,522,888,000	3,042,083,000	10,592,581,000
Other income	0	0	0	0
Other expense	497,189,000	1,013,824,000	5,999,239,000	4,554,900,000
Profit (loss) from operating activities	1,452,741,000	4,224,892,000	(6,198,975,000)	(2,818,861,000)
Finance income	415,165,000	3,368,314,000	1,011,593,000	4,117,583,000
Finance costs	1,779,041,000	7,508,600,000	2,724,095,000	8,812,754,000
Share of profit (loss) of associates and joint ventures accounted for using equity method	(3,233,828,000)	(1,088,121,000)	(1,900,344,000)	(182,577,000)
Profit (loss) before tax	(3,144,963,000)	(1,003,515,000)	(9,811,821,000)	(7,696,609,000)
Tax income (expense)	4,762,414,000	7,931,514,000	60,787,000	688,587,000
Profit (loss) from continuing operations	(7,907,377,000)	(8,935,029,000)	(9,872,608,000)	(8,385,196,000)
Profit (loss) from discontinued operations	0	0	0	56,816,000
Profit (loss)	(7,907,377,000)	(8,935,029,000)	(9,872,608,000)	(8,328,380,000)
Profit (loss), attributable to
Profit (loss), attributable to owners of parent	(8,030,057,000)	(9,168,271,000)	(9,858,205,000)	(8,265,520,000)
Profit (loss), attributable to non-controlling interests	122,680,000	233,242,000	(14,403,000)	(62,860,000)
Earnings per share [text block]
Earnings per share
Earnings per share
Basic earnings per share
Basic earnings (loss) per share from continuing operations	(3.0)	(3.42)	(3.63)	(3.06)
Basic earnings (loss) per share from discontinued operations	0	0	0	0.02
Total basic earnings (loss) per share	(3.0)	^[4](3.42)	(3.63)	(3.04)
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	(3.0)	(3.42)	(3.63)	(3.06)
Diluted earnings (loss) per share from discontinued operations	0	0	0	0.02
Total diluted earnings (loss) per share	(3.0)	^[5](3.42)	(3.63)	(3.04)

17 of 93

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

Concept	Quarter Current Year 2025-10-01 - 2025- 12-31	Accumulated Current Year 2025-01-01 - 2025- 12-31	Quarter Previous Year 2024-10-01 - 2024- 12-31	Accumulated Previous Year 2024-01-01 - 2024- 12-31
Statement of comprehensive income
Profit (loss)	(7,907,377,000)	(8,935,029,000)	(9,872,608,000)	(8,328,380,000)
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	(266,255,000)	733,024,000	(264,266,000)	(187,815,000)
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)	(62,095,000)	(44,930,000)	(43,946,000)
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	(328,350,000)	670,929,000	(309,196,000)	(231,761,000)
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	(191,502,000)	(1,998,863,000)	824,039,000	2,969,469,000
Reclassification adjustments on exchange differences on translation, net of tax	0	0	0	0
Other comprehensive income, net of tax, exchange differences on translation	(191,502,000)	(1,998,863,000)	824,039,000	2,969,469,000
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	(67,777,000)	(1,569,606,000)	437,588,000	1,300,219,000
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	(67,777,000)	(1,569,606,000)	437,588,000	1,300,219,000
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
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

18 of 93

Concept

Quarter Current

Year

2025-10-01 - 2025-

12-31

Accumulated

Current Year

2025-01-01 - 2025-

12-31

Quarter Previous

Year

2024-10-01 - 2024-

12-31

Accumulated

Previous Year

2024-01-01 - 2024-

12-31

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	440,929,000	3,905,450,000	(1,800,755,000)	(7,061,676,000)
Total other comprehensive income that will be reclassified to profit or loss, net of tax	181,650,000	336,981,000	(539,128,000)	(2,791,988,000)
Total other comprehensive income	(146,700,000)	1,007,910,000	(848,324,000)	(3,023,749,000)
Total comprehensive income	(8,054,077,000)	(7,927,119,000)	(10,720,932,000)	(11,352,129,000)
Comprehensive income attributable to
Comprehensive income, attributable to owners of parent	(8,174,669,000)	(8,158,273,000)	(10,698,762,000)	(11,281,502,000)
Comprehensive income, attributable to non-controlling interests	120,592,000	231,154,000	(22,170,000)	(70,627,000)

19 of 93

[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)	(8,935,029,000)	(8,328,380,000)
Adjustments to reconcile profit (loss)
+ Discontinued operations	0	0
+ Adjustments for income tax expense	7,931,514,000	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	1,300,487,000	107,273,000
+ (-) Adjustments for unrealised foreign exchange losses (gains)	(4,348,211,000)	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	1,088,121,000	182,577,000
+ (-) Adjustments for decrease (increase) in inventories	23,391,000	2,444,618,000
+ (-) Adjustments for decrease (increase) in trade accounts receivable	(260,566,000)	142,994,000
+ (-) Adjustments for decrease (increase) in other operating receivables	(1,601,678,000)	3,762,834,000
+ (-) Adjustments for increase (decrease) in trade accounts payable	2,688,670,000	(738,598,000)
+ (-) Adjustments for increase (decrease) in other operating payables	(453,100,000)	(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)	23,680,023,000	34,395,803,000
Net cash flows from (used in) operations	14,744,994,000	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	20,092,090,000	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	133,177,000	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	1,287,110,000	1,378,854,000
+ Proceeds from sales of other long-term assets	0	0
- Purchase of other long-term assets	0	0

20 of 93

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	3,218,618,000	0
- Interest paid	0	0
+ Interest received	0	0
+ (-) Income taxes refund (paid)	0	0
+ (-) Other inflows (outflows) of cash	(12,172,954,000)	131,689,000
Net cash flows from (used in) investing activities	(22,289,774,000)	(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	(18,518,930,000)	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	(18,585,929,000)	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	27,607,244,000	46,193,173,000

21 of 93

[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	(9,168,271,000)	0	0	0	0	0
Other comprehensive income	0	0	0	0	0	(1,998,863,000)	(1,569,606,000)	0	0
Total comprehensive income	0	0	0	(9,168,271,000)	0	(1,998,863,000)	(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	(9,388,962,000)	0	(1,998,863,000)	(1,569,606,000)	0	0
Equity at end of period	3,933,549,000	13,359,470,000	15,016,244,000	102,652,140,000	0	(779,537,000)	(185,130,000)	0	0

22 of 93

	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

23 of 93

	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	(9,168,271,000)	233,242,000	(8,935,029,000)
Other comprehensive income	0	0	0	3,905,450,000	1,009,998,000	1,009,998,000	(2,088,000)	1,007,910,000
Total comprehensive income	0	0	0	3,905,450,000	1,009,998,000	(8,158,273,000)	231,154,000	(7,927,119,000)
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	3,905,450,000	1,009,998,000	(9,397,918,000)	231,154,000	(9,166,764,000)
Equity at end of period	0	0	0	5,477,117,000	(11,872,777,000)	93,056,138,000	9,472,723,000	102,528,861,000

24 of 93

[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

25 of 93

	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

26 of 93

	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

27 of 93

[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

28 of 93

[700002] Informative data about the Income statement

Concept	Quarter Current Year 2025-10-01 - 2025-12-31	Accumulated Current Year 2025-01-01 - 2025-12-31	Quarter Previous Year 2024-10-01 - 2024-12-31	Accumulated Previous Year 2024-01-01 - 2024-12-31
Informative data of the Income Statement
Operating depreciation and amortization	3,701,551,000	17,160,521,000	5,359,357,000	^[6]20,510,853,000

29 of 93

[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)	(8,935,029,000)	(8,328,380,000)
Profit (loss), attributable to owners of parent	(9,168,271,000)	(8,265,520,000)
Operating depreciation and amortization	17,160,521,000	^[6]20,510,853,000

30 of 93

[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	^[7]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	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						10,518,555,000	79,493,000	0	0	37,631,000		3,521,199,000
TOTAL					0	10,518,555,000	79,493,000	0	0	37,631,000	0	3,521,199,000	0	0	0	0
Total suppliers
TOTAL					0	10,518,555,000	79,493,000	0	0	37,631,000	0	3,521,199,000	0	0	0	0

31 of 93

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
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

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