Earnings release
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1 4Q25 – Quarterly Report Highlights During the quarter Internet, Telephony, and traditional Video services added 133 thousand, 56 thousand, and 8 thousand new subscribers, respectively. Megacable recorded 107 thousand net additions of unique subscribers in the period, bringing year -over-year net additions to 451 thousand, representing an 8.2% increase. Mass Segment revenues reached Ps. 7,821 million, a quarterly record, increasing 10.3% versus 4Q24. Total quarterly revenue increased 8.2% to Ps. 9,202 million. EBITDA accelerated its growth trend when compared to 4Q24, increasing 15.3% to reach Ps. 4,053 million, representing a 44.0% margin. Net income totaled Ps. 721 million, representing 74.2% growth versus 4Q24. Megacable recorded CAPEX of Ps. 2,592 million during the period, representing 28.2% of revenue. For the full year, CAPEX reached Ps. 9,187 million, representing 25.9% of 2025 revenue. Guadalajara, Jalisco, Mexico, February 19 th, 2026 — Megacable Holdings S.A.B. de C.V. (“Megacable” or “the Company”) (BMV: MEGA.CPO) announced today its financial results for the fourth quarter of 2025 (4Q25). Figures were prepared in accordance with International Financial Reporting Standards (IFRS). All figures ar e expressed in thousands of Mexican Pesos (Ps.), unless otherwise stated. Megacable compares these results against audited 2024 figures, presented on April 29, 2025. Consolidated Financial and Operational Results 4Q25 4Q24 % Var Income 9,202,079 8,504,280 8.2% Mass Segment Income 7,821,140 7,087,703 10.3% EBITDA 4,053,248 3,515,953 15.3% EBITDA Margin 44.0% 41.3% Net Profit 720,780 413,876 74.2% Cash and short-term investments 4,944,031 4,227,528 16.9% Net Debt 21,457,015 21,907,742 (2.1%) CAPEX 2,592,180 2,483,446 4.4% Market Cap (Ps. Millions) 44,514 29,186 52.5% Subscribers Unique 5,971,182 5,520,179 8.2% Internet 5,805,719 5,311,950 9.3% Video Content 4,029,619 3,849,157 4.7% Telephony 5,138,751 4,766,956 7.8% Mobile services 679,292 554,322 22.5% Total RGUs 14,974,089 13,928,063 7.5% Other Data Home Passed 19,246,286 17,429,385 10.4% Network Kilometers 108,544 101,895 6.5% Employees 34,438 32,962 4.5%
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2 4Q25 – Quarterly Report General Remarks By quarter-end, Megacable expanded its subscriber base in both legacy and expansion territories and sustained double -digit revenue growth in the Mass Segment for the third consecutive quarter. This performance, together with operating efficiencies and improved financial results, increased net income. In addition, as the Expansion and Network Evolution projects matured, Megacable reduced significantly its CAPEX as a percentage of revenue in 2025 versus the prior year. Unique Subscribers and Revenue Generating Units (RGUs) By period -end, Megacable reported 5’971,182 unique subscribers, representing 8.2% growth versus 4Q24, with 451 thousand net additions. Sequentially, Megacable added 107 thousand unique subscribers, sustaining the growth trend across both expansion and legacy territories. RGUs reached nearly 15 million, representing 7.5% year -over-year growth, driven primarily by continued subscriber growth in the Mass Segment. Internet Subscribers By the end of 4Q25, Megacable reached 5’805,719 Internet subscribers, representing 9.3% growth, or 494 thousand net additions, versus 4Q24. During the quarter, Megacable added 133 thousand subscribers, sustaining a growth trend in line with management expectations. By period-end, 84% of subscribers received service through fiber technology, compared to 75% in 4Q24. This progress positions Megacable as a predominantly fiber -focused company and reduces its reliance on legacy technologies as the migration process contin ues, enabling higher service quality and greater bandwidth capacity. Video Content Subscribers Unique Video Content Subscribers totaled 4’029,619 by period -end, representing 4.7% year -over-year growth. This total consisted of 3’878,263 traditional Video subscribers and nearly 2 million streaming app subscriptions. The increase in streaming app subscriptions reflects Megacable’s strategy to strengthen its digital content offering and align it with subscriber preferences.
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3 4Q25 – Quarterly Report Telephony Subscribers Telephony subscribers totaled 5’138,751 at the end of 4Q25, reflecting 372 thousand net additions year- over-year, or 7.8% growth versus 4Q24. During the quarter, Megacable added 56 thousand subscribers, representing a 1.1% sequential increase. Megacable’s bundling strategy continued to drive growth in this service. Mobile Service Subscribers By quarter-end, Mobile Service reached 679,292 lines, incorporating 125 thousand net additions year - over-year and 39 thousand net additions during the quarter, consistent with its historical growth trend. Churn Rate The churn rate for the three Mass Segment’s services declined sequentially, mainly due to seasonal factors during the quarter. Revenue Total fourth-quarter revenue sustained its positive trend and reached a new all-time high of approximately Ps. 9,202 million 1, representing 8.2% year -over-year growth. This result was mainly driven by a 10.3% increase in revenues from the Mass Segment, which maintained a solid upward trend supported by subscriber growth and a higher contribution from new territories to consolidated results. In contrast, Corporate Segment revenue declined during the quarter. 1 Includes Ps. 249 million from Mobile Services in 4Q25. 4Q25 3Q25 4Q24 Internet 2.0% 2.3% 1.7% Video 2.3% 2.7% 2.1% Telephony 2.6% 2.7% 1.9% 4Q25 4Q24 %Var 12M25 12M24 %Var Mass 7,821,140 7,087,703 10% 30,003,593 27,181,541 10% Corporate 1,380,938 1,416,577 -3% 5,426,118 5,658,931 -4% Total 9,202,079 8,504,280 8% 35,429,710 32,840,472 8%
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4 4Q25 – Quarterly Report ARPU Starting this quarter, Megacable calculates ARPU based on Internet subscribers, in line with industry practice and to facilitate comparability. Under this methodology, ARPU stood at Ps. 439.8, remaining virtually unchanged year-over-year and sequentially. Notes: (1) ARPU is average revenue per subscriber, calculated as total Mass Segment revenue, excluding the Corporate Segment and the Mob ile business, during the relevant period, divided by the average number of Internet subscribers. Corporate Telecom Segment Revenue Corporate Telecom Segment revenue declined year-over-year; however, it increased 3.3% sequentially, mainly due to stronger momentum in this market toward year -end. This segment represented 13.9% of the Company’s total revenue, compared to 15.5% in 4Q24. Costs & Operative Expenses During the quarter, cost of services increased 6.1% versus 4Q24, while operating expenses increased 0.7% year-over-year. This result reflected a favorable comparison against 4Q24, which included a write- off of accounts receivable in the Corporate Segment. On a comparable basis and excluding this non - recurring item, total costs and expenses would have increased 8.1%, remaining below revenue growth and reaffirming operating leverage. Sequentially, cost of services increased 1.3%, while operating expenses increased 5.6%. EBITDA Compared to the same quarter last year, EBITDA increased by 15.3% to Ps. 4,053 million. A favorable expense comparison base, as discussed above, together with ongoing operating -efficiency initiatives, supported this result. The quarterly UAFIDA margin continues its positive trend, increasing from 41.3% to 44.0%. Compared to the same period last year. This is reflected in the same way in the expansion of the full-year margin to 45.0%, from 43.8% in 2024. Notes: (1) EBITDA is calculated by adding to the net income/loss the following: depreciation and amortization, net comprehensive financi ng result, non-recurring expenses (income), total income tax, employee profit sharing, interests in affiliated and associated compa nies, and non-controlling interest. 4Q25 4Q24 % Var 3Q25 % Var (Ps.) ARPU (1) 439.8 438.5 0% 436.8 1% 4Q25 4Q24 %Var 12M25 12M24 %Var Corporate Telecom 1,280,327 1,317,162 -3% 5,040,458 5,283,348 -5% Content 100,611 99,414 1% 385,660 375,582 3% Total 1,380,938 1,416,577 -3% 5,426,118 5,658,931 -4% 4Q25 4Q24 %Var 12M25 12M24 %Var EBITDA (1) 4,053,248 3,515,953 15% 15,936,034 14,380,865 11% EBITDA Margin 44.0% 41.3% 45.0% 43.8%
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5 4Q25 – Quarterly Report Net Comprehensive Financing Result During the quarter, the Company recorded net financing expense of Ps. 476 million, mainly reflecting lower net interest expense due to lower interest rates versus 4Q24, as well as a foreign -exchange gain from exchange-rate fluctuations during the quarter. Net Income Quarterly net income totaled Ps. 721 million, representing a 74.2% increase versus 4Q24, mainly due to the previously noted comparison effect versus audited 4Q24 figures, together with stronger operating performance and an improved Net Comprehensive Financ ing Result. Excluding this adjustment, net income increased 32.9%. The Company generated positive cash flow while executing its ongoing projects. Net Debt Net Debt ended the quarter at Ps. 21,457 million, decreasing versus 4Q24 and 3Q25. At quarter-end, the Company held higher cash balances, supported by operating cash generation. As a result, the leverage ratio decreased from 1.45x in 3Q25 to 1.35x at the end of the period. 4Q25 4Q24 Net Exchange (Profit) Loss (51,168) 53,614 Interest Income 117,904 161,149 Interest Expense and other 644,620 742,331 Net Comprehensive Financial Result (475,548) (634,796) 4Q25 4Q24 3Q25 2,152,004 1,651,379 1,600,752 One year maturity of long-term bank loans 1,946,071 1,452,171 1,448,857 Short-term leases 205,933 199,208 151,895 24,249,041 24,483,890 24,394,900 Bank Loans 12,800,000 12,831,680 12,840,358 Accounts Payable 10,944,861 10,944,861 10,944,861 Long-term leases 504,180 707,349 609,681 26,401,045 26,135,269 25,995,652 4,944,031 4,227,528 3,703,358 21,457,015 21,907,742 22,292,294 Short Term Debt Long-Term Debt Total Debt Cash and Short-Term Investments Net Debt
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6 4Q25 – Quarterly Report CAPEX During 4Q25, the Company invested Ps. 2,592 million, equivalent to 28.2% of revenue for the period, in line with typical year-end seasonality. On a full-year basis, CAPEX totaled Ps. 9,187 million, representing 25.9% of annual revenue. This investment pace enabled the Company to continue expanding homes passed and to advance the migration to FTTH, in line with its objectives. Stock Information As of December 31, 2025, the stock price closed at Ps. 51.72, increasing 52.5% versus December 31, 2024. Higher market cap and the stock-price increase reflect a valuation more consistent with the Company’s results. 29.2% 26.8% 22.0% 26.6% 28.2% 4Q24 1Q25 2Q25 3Q25 4Q25 CAPEX as % of Revenues Ticker MEGA.CPO Total Shares (thousands) 1,721,356 Shares in treasury (thousands) 5,108 Free Float Mkt. Cap (In Ps. millions) Closing price (Ps.) * Variation % * Source: Refinitiv 52% 2,554 853,789 52.5% 33.91$ 29,186$ 51.72$ 44,514$ As of Dec 31, 2025 As of Dec 31, 2024 CPOs "A" Series 2 "A" Series Shares = 1 CPO
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7 4Q25 – Quarterly Report 4Q25 Earnings Conference Call Megacable will hold its 4Q25 results videoconference on Friday, February 20, 2026, at 10:00 a.m. (Mexico Central Time) / 1 1:00 a.m. (New York Time). Participants can register through the Zoom webinar link below. The audio recording of the 4Q25 videoconference, as well as prior periods, is available on the Company’s investor relations website. Registration link: https://us02web.zoom.us/webinar/register/WN_owbcr5cpScekluYQbrXLEw The audio recording of the Q4 2025 videoconference and previous periods can be found on the page: https://inversionistas.megacable.com.mx/en/home Investor Relations: Alan Esaú Gallegos López IR Manager Phone: + 52 (33) 3750 0020 ext. 61091 investor.relations@megacable.com.mx Disclaimer This document contains forward -looking statements regarding the Company’s results and future prospects, which are subject to risk and uncertainty. Therefore, these results and statements may differ due to various factors. Moreover, figures in this report may vary due to rounding. For more information, please visit: https://inversionistas.megacable.com.mx/en/home
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8 4Q25 – Quarterly Report Megacable Holdings, S.A.B. de C.V. Statement of Financial Position As of December 31, 2025 and 2024 2025 2024 ASSETS CURRENT ASSETS Cash and short-term investments 4,944,031 4,227,528 Accounts receivable from customers and advances to suppliers, net 3,114,323 3,281,279 Recoverable taxes 1,746,467 1,623,010 Inventories 635,542 633,008 Total Current Assets 10,440,362 9,764,825 NON-CURRENT ASSETS Property, systems and equipment, net 56,099,912 55,578,119 Goodwill, net 4,366,058 4,366,058 Intangible assets by right-of-use assets 625,589 839,882 Other assets 1,592,650 1,407,686 Affiliated and associated companies 1,308,929 1,325,633 Total Assets 74,433,501 73,282,205 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES One year maturity of long-term liabilities 1,946,071 1,452,171 Suppliers 3,894,354 3,772,105 Short-term affiliated and associated companies 89,570 93,414 Accounts payable and accrued expenses payable 1,622,865 1,779,847 Short-term leases payable 205,933 199,208 Total Current Liabilities 7,758,793 7,296,745 LONG TERM LIABILITIES Bank loans 12,800,000 12,831,680 Labor obligations 527,903 443,075 Accounts payable 10,944,861 10,944,861 Deferred taxes 4,768,966 3,933,395 Affiliated and associated companies 780,726 907,463 Accrued Income 561,101 560,856 Long-term leases payable 504,180 707,349 Total Long-Term Liabilities 30,887,738 30,328,679 Total Liabilities 38,646,531 37,625,424 STOCKHOLDERS' EQUITY Capital Stock 910,244 910,244 Net Premium on the placement of shares 2,117,560 2,117,560 Retained Earnings 30,986,707 31,054,059 Minority Interest 1,210,308 1,016,231 Legal Reserve 562,151 558,686 Total Stockholders' Equity 35,786,970 35,656,780 Total Liabilities & Stockholders' Equity 74,433,501 73,282,205
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9 4Q25 – Quarterly Report Megacable Holdings, S.A.B. de C.V. Income Statement Fourth Quarter 2025 and 2024 4Q25 4Q24 % Var Income 9,202,079$ 8,504,280$ 8% Cost of Services 2,477,899 2,334,951 6% Gross Profit 6,724,179$ 6,169,329$ 9% Operating and General Expenses 2,670,931 2,653,376 1% EBITDA 4,053,248$ 3,515,953$ 15% Depreciation and amortization 2,467,484 2,283,080 8% Operating Profit 1,585,764$ 1,232,873$ 29% Other income (expenses), net 18,760- 57,904 NA Comprehensive Financing Income, Net 475,548 634,796 (25%) Income Before Income Tax and Minority Interest 1,091,456$ 655,982$ 66% Income Tax 327,433 202,833 61% Net Profit 764,023$ 453,149$ 69% Net income attribute to: Non-Controlling interest 43,244 39,273 10% Controlling interest 720,780 413,876 74% 764,023$ 453,149$ 69% 12M25 12M24 % Var Income 35,429,710$ 32,840,472$ 8% Cost of Services 9,607,177 9,151,066 5% Gross Profit 25,822,533$ 23,689,405$ 9% Operating and General Expenses 9,886,499 9,308,540 6% EBITDA 15,936,034$ 14,380,865$ 11% Depreciation and amortization 9,535,896 8,462,863 13% Operating Profit 6,400,138$ 5,918,002$ 8% Other income (expenses), net 47,203 137,981 (66%) Comprehensive Financing Income, Net 2,116,458 2,535,708 (17%) Income Before Income Tax and Minority Interest 4,330,883$ 3,520,274$ 23% Income Tax 1,299,261 1,053,891 23% Net Profit 3,031,622$ 2,466,384$ 23% Net income attribute to: Non-Controlling interest 192,072 179,643 7% Controlling interest 2,839,550 2,286,741 24% 3,031,622$ 2,466,384$ 23%