{"url_path":"/sec/gtmay/10-k/2026/item-11","section_key":"item-11","section_title":"Item 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-09-11","source_url":"https://www.sec.gov/Archives/edgar/data/1163560/0001140361-26-036215-index.html","accession_number":"0001140361-26-036215","cik":"0001163560","ticker":"GTMAY","issuer_name":"GRUPO TMM SAB","edgar_url":"https://www.sec.gov/Archives/edgar/data/1163560/0001140361-26-036215-index.html","primary_entity_key":"0001163560","primary_entity_name":"GRUPO TMM SAB"},"word_count":1242,"has_tables":true,"body_markdown":"ITEM 11.\n\nQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\n\nThe following information includes “forward-looking statements” that involve risk and uncertainties. Actual results could differ from those presented. All\ninformation below is presented under IFRS as of December 31, 2025, in pesos.\n\nWe are exposed to market risks arising from changes in interest rates, foreign exchange rates, equity prices and commodity prices. We use derivative instruments, on\na selective basis, to manage these risks. We do not use derivative instruments for trading or speculative purposes. We maintain and control our treasury operations and overall financial risk through policies approved by senior\nmanagement and our Board of Directors. See Note 23 to the accompanying Audited Consolidated Financial Statements contained elsewhere herein for additional disclosures about market risk.\n\nForeign Currency Risk\n\nAs of December 31, 2025, the Company's functional currency is the Mexican peso. However, the Company is exposed to foreign exchange risks arising from the\ninteraction between its revenue profile, cost structure and financing arrangements.\n\nA significant portion of the Company's revenues is denominated or referenced in U.S. dollars, while a relevant portion of its operating costs and expenses is\ndenominated in Mexican pesos. Additionally, a significant portion of the Company's debt is denominated in U.S. dollars. Accordingly, fluctuations in the exchange rate between the U.S. dollar and the Mexican peso may affect the\nCompany's financial condition and results of operations.\n\n92\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nIn certain cases, revenues referenced in U.S. dollars are collected in Mexican pesos at the exchange rate prevailing on the payment date (the FIX exchange rate\npublished by Banco de México), which may give rise to temporary differences between revenue recognition and cash collection, as well as mismatches between operating cash flows and U.S. dollar-denominated financial obligations.\n\nThe Company has sought to mitigate its foreign exchange exposure by maintaining a significant portion of its debt denominated in U.S. dollars, which provides a\npartial natural hedge. As of December 31, 2025, approximately 89.6% of the Company's total debt was denominated in U.S. dollars.\n\nThe Company believes that its strategy of maintaining a significant portion of its debt denominated in U.S. dollars contributes to partially mitigating its foreign\nexchange risk exposure by generating a natural hedge against its revenues denominated or referenced in such currency. However, this strategy does not fully eliminate the risk, primarily due to the existence of cash flows and\noperating costs denominated in Mexican pesos, as well as potential temporary mismatches arising from the settlement of revenues at the exchange rate prevailing on the payment date.\n\nAs a result of the evolution in its revenue structure, financing arrangements and operations, the Company assessed the factors set forth in IAS 21 and concluded that\nthe U.S. dollar more appropriately reflects its primary economic environment. Consequently, effective January 1, 2026, the Company's functional currency will be the U.S. dollar.\n\nThe Company does not currently hold financial derivative instruments for foreign exchange hedging purposes; however, it may in the future enter into derivative\ninstruments with the objective of mitigating the impact of exchange rate fluctuations on its operating costs, administrative expenses and financial results.\n\nShould the Company utilize financial derivative instruments, its objective would be to manage specific risks and exposures, and not to enter into such transactions\nfor trading or speculative purposes.\n\nTo supplement the foregoing, the following table presents the Company's net monetary position in currencies other than the Mexican peso, which reflects its foreign\nexchange risk exposure at the close of each period. Such exposure consists primarily of assets and liabilities denominated in U.S. dollars and represents the basis upon which exchange rate fluctuations may impact the Company's\nfinancial results.\n\nAs of December 31, 2025 and 2024, the Company held assets and liabilities denominated in currencies other than the Mexican peso as follows:\n\nDecember 31\n\n(in thousand Pesos)\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nAssets\n\n \n\n$\n\n1,087,416\n\n \n\n \n\n$\n\n830,552\n\n \n\nLiabilities\n\n \n\n \n\n(1,733,092\n\n)\n\n \n\n \n\n(1,123,150\n\n)\n\n \n\n \n\n$\n\n(645,676\n\n)\n\n \n\n$\n\n(292,598\n\n)\n\n Interest Rate Risk\n\nThe Company is exposed to risks arising from fluctuations in interest rates, primarily in connection with its financial debt, including bank financings, credit\nfacilities, supplier liabilities and lease obligations. The Company's exposure relates principally to changes in the benchmark rates used to determine the cost of its financing, such as CETES, TIIE, SOFR and, to a lesser extent, the\nPrime rate. Accordingly, increases in such rates could result in higher financial costs and adversely affect the Company's results of operations and financial condition. In particular, increases in interest rates could negatively\nimpact financial results to the extent that a portion of its debt is contracted at variable rates. Additionally, the Company is exposed to interest rate risk in connection with the refinancing of its debt at maturity, which could\nentail less favorable conditions in high-rate environments.\n\nThe Company continuously monitors the evolution of interest rates as part of its financial management, evaluating financing and refinancing alternatives in\naccordance with prevailing market conditions.\n\n93\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nThe following table presents information regarding the Company's debt obligations, including principal cash flows and weighted average interest rates, distributed\naccording to their expected maturity dates. The information is presented in millions of Mexican pesos, which corresponds to the Company's reporting currency as of December 31, 2025.\n\n \n\n \n\nBreakdown of Fixed and Variable Rates of Financial Obligations(1)(2)\n\n \n\n \n\n \n\nExpected Maturity\n\n(in millions of pesos)\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2027\n\n \n\n \n\n2028\n\n \n\n \n\n2029\n\n \n\n \n\nThereafter\n\n \n\n \n\nTotal\n\n \n\n \n\nFair Value\n\n \n\nLong term Liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFixed Rate\n\n \n\n$\n\n185.5\n\n \n\n \n\n$\n\n14.1\n\n \n\n \n\n$\n\n14.3\n\n \n\n \n\n$\n\n11.0\n\n \n\n \n\n$\n\n23.7\n\n \n\n \n\n$\n\n248.6\n\n \n\n \n\n$\n\n248.6\n\n \n\nAverage Interest Rate\n\n \n\n \n\n12.35\n\n%\n\n \n\n \n\n7.06\n\n%\n\n \n\n \n\n6.89\n\n%\n\n \n\n \n\n6.89\n\n%\n\n \n\n \n\n6.89\n\n%\n\n \n\n \n\n10.97\n\n%\n\n \n\n \n\n \n\n**\n\nVariable Rate\n\n \n\n$\n\n138.1\n\n \n\n \n\n$\n\n160.0\n\n \n\n \n\n$\n\n164.5\n\n \n\n \n\n$\n\n167.5\n\n \n\n \n\n$\n\n383.5\n\n \n\n \n\n$\n\n1,013.6\n\n \n\n \n\n$\n\n1,013.6\n\n \n\nAverage Interest Rate\n\n \n\n \n\n8.87\n\n%\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n8.87\n\n%\n\n \n\n \n\n \n\n**\n\n(1)\n\nInformation as of December 31, 2025.\n\n(2)\n\nConsiders debt obligations and liabilities associated with our long-term operating leases.\n\n**\n\nNot applicable\n\nThe Company has in the past utilized financial derivative instruments for hedging purposes and may do so in the future; however, as of December 31, 2025, it does not\nhold any outstanding derivative instruments related to interest rates.\n\nCommodity Price Risk\n\nThe Company is exposed to fluctuations in the prices of certain commodities, primarily fuels. The Company purchases diesel and other fuels in the spot market in\nMexico, as well as vessel fuel in the United States for certain operations. Accordingly, its operating costs may be affected by fluctuations in international energy prices. The Company continuously monitors fuel price trends as part\nof its operational and financial management. In the past, it has entered into derivative transactions on fuel and other commodities in order to mitigate its exposure to such risks and may do so again in the future.\n\nInflation Rate Risk\n\nThe Company is exposed to the effects of inflation in Mexico, particularly with respect to costs and expenses denominated in Mexican pesos, including operating\ncosts, services and administrative expenses. An increase in inflation levels could adversely affect the Company's cost structure and, consequently, its results of operations and financial condition. Additionally, sustained increases\nin inflation could generate cost pressures on key inputs for the Company's operations, as well as affect the general economic environment in which it operates.\n\nThe Company continuously monitors inflation trends as part of its financial and operational management, and seeks to mitigate its impact through cost optimization\nand, where applicable, adjustments to its commercial terms.\n\nDerivative Instruments\n\nAs of December 31, 2025, the Company did not hold any outstanding derivative instruments for hedging purposes."}