v3.26.1
Financial instruments - Fair value and risk management (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of nature and extent of risks arising from financial instruments [line items]  
Carrying Amounts of Financial Assets

The following table shows the carrying amounts of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value since the carrying amount is a reasonable approximation of fair value.

   
As of December 31, 2025
  
    Mandatory at FVTPL    
Financial assets at
amortized cost
    
Other financial
assets (liabilities)
     Total
  
                         
Financial assets not measured at fair value
                        
Cash and cash equivalents and restricted cash (Level 1)
    

    $
273,739,514
      

    $
273,739,514
  
                                 
Financial liability measured at fair value
                                
Warrants liability (Level 2)
   $
 (7,965,416 )    
     
      (7,965,416 )
 
                                
Financial liabilities not measured at fair value
                                
Secured bank loans
    
-
      
(10,692,727,662
)
    
-
      
(10,692,727,662
)
Unsecured bank loans
    
-
      
(26,917,279
)
    
-
      
(26,917,279
)

    As of December 31, 2024  
   
Mandatory at
FVTPL
    
Financial assets at
amortized cost
    
Other financial
assets (liabilities)
    
Total
  
               
         
Financial assets not measured at fair value
              
         
Cash and cash equivalents and restricted cash (Level 1)
  

   
$
970,414,857
      

 		    
$
970,414,857
  
 
                              
Financial liability measured at fair value
                              
Warrants liability (Level 2)
   $
(75,827,403
)
            

 		      
(75,827,403
)
 
                                
Financial liabilities not measured at fair value
                                
Secured bank loans
    
-
      
(11,143,359,504
)
    
-
      
(11,143,359,504
)
Unsecured bank loans
    
-
      
(30,840,922
)
    
-
      
(30,840,922
)
Carrying Amounts of Financial Liabilities
The following table shows the carrying amounts of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value since the carrying amount is a reasonable approximation of fair value.

   
As of December 31, 2025
  
    Mandatory at FVTPL    
Financial assets at
amortized cost
    
Other financial
assets (liabilities)
     Total
  
                         
Financial assets not measured at fair value
                        
Cash and cash equivalents and restricted cash (Level 1)
    

    $
273,739,514
      

    $
273,739,514
  
                                 
Financial liability measured at fair value
                                
Warrants liability (Level 2)
   $
 (7,965,416 )    
     
      (7,965,416 )
 
                                
Financial liabilities not measured at fair value
                                
Secured bank loans
    
-
      
(10,692,727,662
)
    
-
      
(10,692,727,662
)
Unsecured bank loans
    
-
      
(26,917,279
)
    
-
      
(26,917,279
)

    As of December 31, 2024  
   
Mandatory at
FVTPL
    
Financial assets at
amortized cost
    
Other financial
assets (liabilities)
    
Total
  
               
         
Financial assets not measured at fair value
              
         
Cash and cash equivalents and restricted cash (Level 1)
  

   
$
970,414,857
      

 		    
$
970,414,857
  
 
                              
Financial liability measured at fair value
                              
Warrants liability (Level 2)
   $
(75,827,403
)
            

 		      
(75,827,403
)
 
                                
Financial liabilities not measured at fair value
                                
Secured bank loans
    
-
      
(11,143,359,504
)
    
-
      
(11,143,359,504
)
Unsecured bank loans
    
-
      
(30,840,922
)
    
-
      
(30,840,922
)
Remaining Contractual Maturities of Financial Liabilities
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements:

   
Contractual cash flows
  
As of December 31, 2025
  
Carrying
amount
     1 Month    
2-12 Months
    
1-5 Years
    
More than
5 Years
     Total  
 
                                    
Derivative financial liabilities
                                    
Warrants liability
  
$
7,965,416
    
-    

-
    
$
7,965,416
    
-
     $ 7,965,416  
 
                                                
Total derivative financial liabilities
  
7,965,416


-


-


7,965,416


-    
7,965,416  
 
                                                
Non-derivative financial liabilities
                                                
Secured bank loans
  
$
10,692,727,662
     $ 10,917,335,798    
$
-
    
$
-
    

-
     $
 10,917,335,798  
Unsecured bank loans
    
26,917,279
       116,938      
-
       26,800,341       -       26,917,279  
Lease liabilities
    
162,167,576
       19,880,636      
43,758,160
      
98,528,780
      
-
       162,167,576  
Trade accounts payable and accumulated expenses and advance from customers
    
889,206,372
       59,573,982      
829,632,390
      
-
      
-
       889,206,372  
 
                                                
Total non-derivative financial liabilities
  
$
11,771,018,889
     $ 10,996,907,354    
$
873,390,550
    
$
125,329,121
    

-
     $
 11,995,627,025  

   
Contractual cash flows
  
As of December 31, 2024
  
Carrying
amount
    
1 Month
    
2-12 Months
    
1-5 Years
    
More than
5 Years
     Total  
 
                                    
Derivative financial liabilities
                                    
Warrants liability
  
$
75,827,403
     $ -    
$
-
    
$
75,827,403
    
$
-
     $ 75,827,403  
 
                                                
Total derivative financial liabilities
  
$
75,827,403
     $ -    
$
-
    
$
75,827,403
    
$
-
     $ 75,827,403  
 
                                                
Non-derivative financial liabilities
                                                
Secured bank loans
  
$
11,143,359,504
     $ 31,908,396    
$
3,479,193,050
    
$
1,763,646,102
    
$
6,153,090,000
     $ 11,427,837,548  
Unsecured bank loans
    
30,840,922
       146,861      
30,694,061
      

     
-
       30,840,922  
Lease liabilities
    
206,714,326
       -      
46,051,658
      
160,662,668
      
-
       206,714,326  
Trade accounts payable and accumulated expenses and advance from customers
   
629,580,986
       125,182,892      
504,398,094
      
-
      
-
       629,580,986  
 
                                                
Total non-derivative financial liabilities
  
$
12,010,495,738
     $ 157,238,149    
$
4,060,336,863
    
$
1,924,308,770
    
$
6,153,090,000
     $ 12,294,973,782  
Financial Instruments Denominated in Currencies Other Than Functional Currency
The summary quantitative data about the Company’s exposure to currency risk as reported to the management of the Company is shown in the next page.
 
   
Amounts held in US Dollars
  
   
As of December 31,
  
   
2025
    
2024
  
Assets:
            
Cash and cash equivalents and restricted cash
  
$
12,215,335
    
$
34,084,570
  
Trade receivables
    
3,490,439
       2,455,301  
Other receivables
    
-
       26,932  
Prepayments
    
18,507
       18,507  
                 
Liabilities:
                
Current installments of long-term debt
    
(557,576,166
)
    
(152,279,649
)
Long-term debt
    
(1,492,822
)
    
(381,206,888
)
Trade accounts payable excluding current installments
    
(9,756,911
)
    
(9,216,743
)
Advance from customers and accumulated expenses
     (3,222,840 )     -  
Due to related parties
    
(10,465,067
)
     (8,967,127 )
Other liabilities
    
(4,581,421
)
    
(4,571,105
)
                 
Net position
  
$
(571,370,946
)
  
$
(519,656,202
)
Exchange Rates of MXN/USD
The exchange rates of MXN/USD as of the date of the consolidated and combined financial statements and their issuance date are as follows:
 
   
As of December 31,

As of May 15,
  
   
2025

2024

2026
  
                   
One U. S. dollar
  
$
 17.9528    
$
20.5103
    
$
172,502
  
Sensitivity Analysis
The analysis is performed on the same basis for 2025 and 2024, although the reasonably possible variations in the exchange rate were different, as indicated below:

   
Capitalized in construction in process
    
Profit and loss
  
   
Strengthening
    
Weakening
    
Strengthening
    
Weakening
  
                         
December 31, 2025 USD (5% movement)
  

-
 

-
    
$
512,885,416
    
$
(512,885,416
)
 
                                
December 31, 2024 USD (5% movement)
   $ (547,098,446 )   $ 547,098,446     $ 14,183,216     $ (14,183,216 )
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Company’s combined income before income taxes is affected through the impact of floating rate borrowings (debt) as follows:

         
Effect on
  
   
Increase/decrease in
%
    
combined income
before income taxes
  
As of December 31, 2025
            
US dollar
    
1
%
  
$
381,809
  
US dollar
    
(1
)%
    
(381,809
)
 
                
As of December 31, 2024
                
US dollar
    
1
%
  
$
331,257
  
US dollar
    
(1
)%
    
(331,257
)
Interest-Bearing Financial Instruments

The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of the Company is as follows:

 
As of December 31, 2025
  
FV hierarchy
  
Carrying
amount
    
Effects recognized in P&L
  
Financial liabilities measured at fair value
 
            
Warrants liability
Level 2
  
$
7,965,416
    
$
(63,526,324
)
Total
 
    
   

 
As of December 31, 2024
 

FV hierarchy
  
Nominal
amount USD
    
Carrying
amount
    
Effects
recognized in
P&L
  
Financial assets measured at fair value
                    
Interest rate swap - Sabadell
Level 2
    
-
    
$
-
    
$
(19,726,835
)
Interest rate swap - Caixabank
Level 2
    
-
      
-
      
(23,621,645
)
Total            
$
-
    
$
(43,348,480
)

 
As of December 31, 2024
  
FV hierarchy
  
Carrying
amount
    
Effects recognized in P&L
  
Financial liability’s measured at fair value
 
            
Warrants liability
Level 2
  
$
(75,827,403
)
  
$
(51,946,426
)
Total
 
   $ (75,827,403 )   $ (51,946,426 )

 
As of December 31, 2023
  

FV hierarchy
  
Nominal
amount USD
    
Carrying
amount
    
Effects
recognized in
P&L
  
Financial assets measured at fair value
                    
Interest rate swap - Sabadell
Level 2
    
73,376,432
    
$
68,146,850
    
$
(45,855,988
)
Interest rate swap - Caixabank
Level 2
    
57,438,000
      
48,776,877
      
(30,012,275
)
Total
            
$
116,923,727
    
$
(75,868,263
)