| Disclosure of Detailed Information About Hedging Instruments |
The net fair values of derivative financial instruments as of December 31, 2025 and 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | As of December 31, | | | 2025 | | 2024 | | | | | | | Contracts with positive fair value | | | | | | | | | | | Commodities contracts | | 29 | | | 169 | | | Foreign exchange contracts | | 42,552 | | | 4,314 | | | | | | | | | 42,581 | | | 4,483 | | | | | | | | Contracts with negative fair value | | | | | | | | | | | Commodities contracts | | (1,032) | | | (85) | | | Foreign exchange contracts | | (49) | | | (50,257) | | | | | | | | | (1,081) | | | (50,342) | |
Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below: | | | | | | | | | | | | | | | | | | | | | | | Cash flow hedges - Foreign exchange derivatives | | | Gross amount | | Income tax | | Total | | | | | | | | | As of December 31, 2023 | | 22,721 | | | (6,824) | | | 15,897 | | | | | | | | | | (Decrease) / Increase | | (75,160) | | | 22,548 | | | (52,612) | | | Reclassification to income statement | | — | | | — | | | — | | | | | | | | | | As of December 31, 2024 | | (52,439) | | | 15,724 | | | (36,715) | | | | | | | | | | (Decrease) / Increase | | 111,195 | | | (33,359) | | | 77,836 | | | Reclassification to income statement | | — | | | — | | | — | | | | | | | | | | As of December 31, 2025 | | 58,756 | | | (17,635) | | | 41,121 | |
The net fair values of the exchange rate derivative contracts as of December 31, 2025 and 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at December 31, | | Currencies | | Contract | | Notional amount | | 2025 | | 2024 | | | | | | | | | | | MEX/$ | | ND Forward & Forward - Buy MXN | | 7.1 billion MXN | | 39,488 | | | (25,940) | | | EUR/$ | | Forward & ND Forward - Buy EUR | | 217.7 million EUR | | 3,016 | | | (24,073) | | | EUR/$ | | Forward - Sell EUR | | 0.2 million EUR | | 0 | | | 189 | | | GTQ/$ | | ND Forward - Sell GTQ | | 15.3 million GTQ | | (2) | | | (2) | | | JPY/$ | | ND Forward - Buy JPY | | | | — | | | (431) | | | ARS/$ | | ND Forward - Buy ARS | | | | — | | | 3,952 | | | COP/$ | | ND Forward - Sell COP | | | | — | | | 362 | | | | | | | | | | | | | | | | | 42,503 | | | (45,943) | |
ARS: Argentine pesos; COP: Colombian pesos; EUR: Euros; $: US dollars; GTQ: Guatemalan quetzales; JPY: Japanese yens; MXN: Mexican pesos. Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below: | | | | | | | | | | | | | | | | | | | | | | | Cash flow hedges - Commodities derivatives | | | Gross amount | | Income tax | | Total | | | | | | | | | As of December 31, 2023 | | — | | | — | | | — | | | | | | | | | | (Decrease) / Increase | | (879) | | | 299 | | | (580) | | | Reclassification to income statement | | — | | | — | | | — | | | | | | | | | | As of December 31, 2024 | | (879) | | | 299 | | | (580) | | | | | | | | | | (Decrease) / Increase | | 832 | | | (281) | | | 551 | | | Reclassification to income statement | | — | | | — | | | — | | | | | | | | | | As of December 31, 2025 | | (47) | | | 18 | | | (29) | |
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