| Summary of Detailed Information About Borrowings |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Expressed in millions of Mexican pesos. (1) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and following years | Carrying value as of December 31, 2024 | Fair value as of December 31, 2024 | Carrying value as of December 31, 2023 | | | | | | | | | | | | | | Short- term debt: | | | Fixed rate debt: | | | | | | | | | | | Colombian pesos | | | | | | | | | | | | Bank loans | 345 | — | — | — | — | — | 345 | 345 | — | | | Interest rate | 10.39% | | | | | | 10.39% | | — | | | Argentine pesos | | | | | | | | | | | | Bank loans | 638 | — | — | — | — | — | 638 | 638 | 73 | | | Interest rate | 50.11% | | | | | | 50.11% | | 130.00% | | | Uruguayan pesos | | | | | | | | | | | | Bank loans | 46 | — | — | — | — | — | 46 | 46 | — | | | Interest rate | 10.75% | | | | | | 10.75% | | | | | Euros | | | | | | | | | | | | Bank loans | — | — | — | — | — | — | — | — | 15 | | | Interest rate | | | | | | | | | 17.60% | | | Subtotal | 1,029 | — | — | — | — | — | 1,029 | 1,029 | 88 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Variable rate debt: | | | | | | | | | | | | Colombian pesos | | | | | | | | | | | | Bank loans | 414 | — | — | — | — | — | 414 | 414 | — | | | Interest rate | 10.36% | | | | | | 10.36% | | | | | Short- term debt | 1,443 | — | — | — | — | — | 1,443 | 1,443 | 88 | | | | | | | | | | | | | | Long term debt: | | | Fixed rate debt: | | | | | | | | | | | | U.S. Dollar | | | | | | | | | | | Yankee bonds (2) | — | — | — | — | — | 43,504 | 43,504 | 39,586 | 36,352 | | | Interest rate | | | | | | 3.06% | 3.06% | | 3.05% | | | Bank loans | 138 | — | — | — | — | — | 138 | 138 | 140 | | | Interest rate | 6.73% | | | | | | 6.73% | | 6.74% | | | Mexican pesos | | | | | | | | | | | | Senior notes | — | — | 8,495 | 9,961 | 5,492 | — | 23,948 | 22,490 | 23,946 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Expressed in millions of Mexican pesos. (1) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and following years | Carrying value as of December 31, 2024 | Fair value as of December 31, 2024 | Carrying value as of December 31, 2023 | | | Interest rate | — | — | 7.87% | 7.36% | 9.95% | 0.00% | 8.13% | | 8.13% | | | Brazilian reais | | | | | | | | | | | | Bank loans | — | — | — | — | — | — | — | — | 21 | | | Interest rate | | | | | | | | | 6.90% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Subtotal | 138 | — | 8,495 | 9,961 | 5,492 | 43,504 | 67,590 | 62,214 | 60,459 | | | Variable rate debt: | | | | | | | | | | | | Mexican pesos | | | | | | | | | | | | Senior notes | 1,727 | 2,928 | — | — | — | — | 4,655 | 4,659 | 4,653 | | | Interest rate | 10.53% | 10.45% | | | | | 10.48% | | 11.57% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Brazilian reais | | | | | | | | | | | | Bank loans | 6 | 3 | — | — | — | — | 9 | 8 | 14 | | | Interest rate | 9.08% | 9.08% | | | | | 9.08% | | 8.88% | | | Subtotal | 1,733 | 2,931 | — | — | — | — | 4,664 | 4,667 | 4,667 | | | Long term debt | 1,871 | 2,931 | 8,495 | 9,961 | 5,492 | 43,504 | 72,254 | 66,881 | 65,126 | | | Current portion of long term debt | 1,871 | — | — | — | — | — | 1,871 | — | 52 | | | Long- term debt | — | 2,931 | 8,495 | 9,961 | 5,492 | 43,504 | 70,383 | 66,881 | 65,074 | |
(1) All interest rates shown in this table are weighted average contractual annual rates.
(2) Interest rate derivatives that have been designated as fair value hedge relationships have been used by the Company to mitigate the volatility in the fair value of existing financing instruments due to changes in floating interest rate benchmarks. Gains and losses on these instruments are recorded in “market value gain (loss) in financial instruments” in the period in which they occur. Since 2022, the Company is applying fair value hedging to the hedged portion of the Senior Notes of US$705, which are linked to an interest rate swap. The hedging gain or loss will adjust the carrying amount of the hedged item and will be recognized in the consolidated income statements under “market value gain (loss) in financial instruments”. For the years ended on December 31, 2024, and 2023, the Company recorded in the consolidated income statements a gain of Ps. 383 and a loss of Ps. 371, respectively. As of December 31, 2024, and 2023 the carrying value of the Senior Note of US$705 is being reduced by an amount of Ps. 1,659 and 1,277 respectively, stemming from the impacts of fair value hedging.
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| Summary of Interest Expense |
For the years ended December 31, 2024, 2023 and 2022, the interest expense related to the bank loans and notes payable is comprised as follows and included in the consolidated income statement under the interest expense caption: | | | | | | | | | | | | | | 2024 | 2023 | 2022 | | Interest on debts and borrowings | Ps. 4,361 | Ps. 4,215 | Ps. 4,104 | | Finance charges for employee benefits (See Note 15.4) | 305 | 297 | 286 | | Derivative instruments (Interest) | 2,147 | 2,086 | 1,706 | | Interest expense for leases (See Note 9) | 349 | 278 | 132 | | Finance operating charges | 370 | 226 | 272 | | Ps. 7,532 | Ps. 7,102 | Ps. 6,500 |
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| Summary of Reconciliation of Liabilities Arising From Financing Activities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash flows | | Non-cash impact | | | Carrying Value at December 31, 2023 | Repayments | Proceeds | | New leases | Others | Fair value in Hedge Instruments | Foreign Exchange movement | Translation Effect | Carrying Value at December 31, 2024 | | Short-term bank loans | Ps. 88 | Ps. — | Ps. 1,394 | | Ps. — | Ps. — | Ps. — | Ps. — | Ps. (39) | Ps. 1,443 | | | | | | | | | | | | | Total short-term from financing activities | Ps. 88 | Ps. — | Ps. 1,394 | | Ps. — | Ps. — | Ps. — | Ps. — | Ps. (39) | Ps. 1,443 | | Long-term bank loans | 175 | (28) | — | | — | — | — | — | — | 147 | | Long-term notes payable | 64,951 | | — | | — | (3) | (383) | 7,542 | — | 72,107 | | Total long-term from financing activities | Ps. 65,126 | Ps. (28) | Ps. — | | Ps. — | Ps. (3) | Ps. (383) | Ps. 7,542 | Ps. — | Ps. 72,254 | | | | | | | | | | | | | Lease liabilities | Ps. 2,521 | Ps. (856) | Ps. — | | Ps. 1,046 | Ps. 464 | Ps. — | Ps. 11 | Ps. (2) | Ps. 3,184 | | | | | | | | | | | | | Total from financing activities | Ps. 67,735 | Ps. (884) | Ps. 1,394 | | Ps. 1,046 | Ps. 461 | Ps. (383) | Ps. 7,553 | Ps. (41) | Ps. 76,881 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash flows | | Non-cash impact | | | Carrying Value at December 31, 2022 | Repayments | Proceeds | | New leases | Others | Fair value in Hedge Instruments | Foreign Exchange movement | Translation Effect | Carrying Value at December 31, 2023 | | Short-term bank loans | Ps. — | Ps. (1) | Ps. 87 | | Ps. — | Ps. — | Ps. — | Ps. 24 | Ps. (22) | Ps. 88 | | | | | | | | | | | | | Total short-term from financing activities | Ps. — | Ps. (1) | Ps. 87 | | Ps. — | Ps. — | Ps. — | Ps. 24 | Ps. (22) | Ps. 88 | | Long-term bank loans | 1,152 | (900) | 64 | | — | — | — | 152 | (293) | 175 | | Long-term notes payable | 77,517 | (7,500) | — | | — | 78 | 371 | (5,515) | | 64,951 | | Total long-term from financing activities | Ps.78,669 | Ps.(8,400) | Ps.64 | | Ps.— | Ps.78 | Ps.371 | Ps.(5,363) | Ps.(293) | Ps.65,126 | | | | | | | | | | | | | Lease liabilities | Ps. 2,135 | Ps. (690) | Ps. — | | Ps. 586 | Ps. 538 | Ps. — | Ps. (20) | Ps. (28) | Ps. 2,521 | | | | | | | | | | | | | Total from financing activities | Ps. 80,804 | Ps. (9,091) | Ps. 151 | | Ps. 586 | Ps. 616 | Ps. 371 | Ps. (5,359) | Ps. (343) | Ps. 67,735 | | | | | | | | | | | |
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