{"url_path":"/sec/gtmay/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS","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":24100,"has_tables":true,"body_markdown":"ITEM 19.\n\nEXHIBITS\n\n \n\nDocuments filed as exhibits to this Annual Report:\n\n \n\nExhibit\n\nNo.\n\nExhibit\n\n[1.1](https://www.sec.gov/Archives/edgar/data/1163560/000095012310062630/y85303exv1w1.htm)\n\nAmended and Restated Bylaws of Grupo TMM, S.A.B., as registered with the Public Registry of Commerce on January 15, 2010, together with an English translation (incorporated herein by reference\nto Exhibit 1.1 of the Company’s Form 20-F filed on June 30, 2010).\n\n2.1**\n\nSpecimen Ordinary Participation Certificate, together with an English translation (incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form F-1 - Registration No.\n33-47334).\n\n[2.2](https://www.sec.gov/Archives/edgar/data/1163560/000101915509000855/ardepagmttmm.htm)\n\nForm of Amended and Restated Deposit Agreement (the “Deposit Agreement”) among the Company, The Bank of New York Mellon, as depositary and all owners and holders of American Depositary Shares\n(incorporated by reference to Exhibit 1 of the Company’s Registration Statement on Form F-6 - Registration No. 333-163562).\n\n[2.3](https://www.sec.gov/Archives/edgar/data/1163560/000101915509000855/cpotrustagreementtmm.htm)\n\nTrust Agreement, dated November 24, 1989 (the “CPO Trust Agreement”), between Nacional Financiera, S.N.C., as grantor, and as CPO Trustee, together with an English translation (incorporated\nherein by reference to Exhibit 2 of the Company’s Registration Statement on Form F-6 - Registration No. 333-163562).\n\n2.4**\n\nPublic Deed, dated January 28, 1992, together with an English translation (incorporated herein by reference to Exhibit 4.5 of the Registration Statement on Form F-1 - Registration No.\n33-47334).\n\n[2.5*](ef20060627_ex2-5.htm)\n\nDescription of securities registered under Section 12 of the Securities Exchange Act of 1934.\n\n[8.1*](ef20060627_ex8-1.htm)\n\nList of Significant Subsidiaries.\n\n[12.1*](ef20060627_ex12-1.htm)\n\nSection 302 Certification of Chief Executive Officer.\n\n[12.2*](ef20060627_ex12-2.htm)\n\nSection 302 Certification of Chief Financial Officer.\n\n[13.1*](ef20060627_ex13-1.htm)\n\nSection 906 Certification of Chief Executive Officer.\n\n[13.2*](ef20060627_ex13-2.htm)\n\nSection 906 Certification of Chief Financial Officer.\n\n* Filed herewith.\n\n** This was a paper filing and is not available on the SEC website.\n\n \n\n101\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nSIGNATURES\n\n \n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.\n\n \n\n \n\nGRUPO TMM, S.A.B.\n\n \n\n \n\nBy:\n\n/s/ Verónica Tego Sánchez\n\n \n\n \n\n \n\nVerónica Tego Sánchez\n\n \n\n \n\n \n\nChief Financial Officer\n\n \n\n \n\n \n\n \n\nDate:\n\n September 4, 2026\n\n \n\n \n\n \n\n102\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nConsolidated Financial Statements and Report of Independent Registered Public Accounting Firm\n\n \n\nGrupo TMM, S.A.B. and Subsidiaries\n\n \n\nDecember 31, 2025 and 2024\n\n103\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nContents\n\n   \n\n Page\n\n \n\n \n\n[Report of independent registered public accounting firm](#ReportofIndependentRegist)\n\n1 - 4\n\n \n\n \n\n[Consolidated statements of financial position](#statementsoffinancialposi)\n\n5\n\n \n\n \n\n[Consolidated statements of profit or loss](#tatementsofprofitorloss)\n\n6\n\n \n\n \n\n[Consolidated statements of comprehensive income](#comprehensiveincome)\n\n7\n\n \n\n \n\n[Consolidated statements of changes in stockholders’ equity](#stockholdersequity)\n\n8\n\n \n\n \n\n[Consolidated statements of cash flow](#cashflows)\n\n9\n\n \n\n \n\n[Notes to the consolidated financial statements](#Notes)\n\n \n\n \n\n \n\n1\n\n[General information and nature of operations](#Natureofoperations)\n\n10\n\n \n\n \n\n \n\n \n\n \n\n2\n\n[Statement of compliance with IFRS and going concern assumption](#Generalinformationa)\n\n13\n\n \n\n \n\n \n\n \n\n \n\n3\n\n[Changes in accounting policies](#Changesinaccount)\n\n14\n\n \n\n \n\n \n\n \n\n \n\n4\n\n[Summary of significant accounting policies](#Summaryofsignifica)\n\n15\n\n \n\n \n\n \n\n \n\n \n\n5\n\n[Cash and cash equivalents](#Cashandcashequiva)\n\n30\n\n \n\n \n\n \n\n \n\n \n\n6\n\n[Trade receivables](#Tradereceivables)\n\n30\n\n \n\n \n\n \n\n \n\n \n\n7\n\n[Other accounts receivable](#Otheraccountsreceivable)\n\n31\n\n \n\n \n\n \n\n \n\n \n\n8\n\n[Property and equipment](#Propertyandequipment)\n\n32\n\n \n\n \n\n \n\n \n\n \n\n9\n\n[Leases](#Leases)\n\n34\n\n \n\n \n\n \n\n \n\n \n\n10\n\n[Intangible assets](#Intangibleassets)\n\n37\n\n \n\n \n\n \n\n \n\n \n\n11\n\n[Impairment of long-lived assets](#Impairmentoflong-lived)\n\n37\n\n \n\n \n\n \n\n \n\n \n\n12\n\n[Financial assets and liabilities](#Financialassetsandliabil)\n\n39\n\n \n\n \n\n \n\n \n\n \n\n13\n\n[Balances and transactions with related parties](#Balancesandtransactions)\n\n43\n\n \n\n \n\n \n\n \n\n \n\n14\n\n[Accounts payable and accrued expenses](#Accountspayableand)\n\n45\n\n \n\n \n\n \n\n \n\n \n\n15\n\n[Stockholders’ equity](#Equity)\n\n45\n\n \n\n \n\n \n\n \n\n \n\n16\n\n[Revenues](#Revenues)\n\n47\n\n \n\n \n\n \n\n \n\n \n\n17\n\n[Other income (expenses)](#Otherincomeexpenses)\n\n48\n\n[Table of Contents](#TABLEOFCONSENTS)\n\n \n\n18\n\n[Interest expense and other financial costs](#Interestexpenseandotherf)\n\n48\n\n \n\n \n\n \n\n \n\n \n\n19\n\n[Income tax and tax loss carryforwards](#Incometaxandtaxlossca)\n\n48\n\n \n\n \n\n \n\n \n\n \n\n20\n\n[Segment reporting](#Segmentreporting)\n\n50\n\n \n\n \n\n \n\n \n\n \n\n21\n\n[Employee benefits](#Employee)\n\n52\n\n \n\n \n\n \n\n \n\n \n\n22\n\n[Earnings per share](#Earningspershare)\n\n56\n\n \n\n \n\n \n\n \n\n \n\n23\n\n[Fair value measurement](#Fairvaluemeasurement)\n\n56\n\n \n\n \n\n \n\n \n\n \n\n24\n\n[Financial instruments risk](#Financialinstrumentsrisk)\n\n58\n\n \n\n \n\n \n\n \n\n \n\n25\n\n[Capital management policies and procedures](#Capitalmanagementpoli)\n\n62\n\n \n\n \n\n \n\n \n\n \n\n26\n\n[Contingencies](#Contingencies)\n\n63\n\n \n\n \n\n \n\n \n\n \n\n27\n\n[Subsequent events to the reporting date](#Subsequenteventstotherepo)\n\n64\n\n \n\n \n\n \n\n \n\n \n\n28\n\n[Authorization of the consolidated financial statements](#Authorizationoftheconsoli)\n\n64\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nSalles, Sainz – Grant Thornton, S.C.\n\nPeriférico Sur 4338\n\nCol. Jardines del Pedregal\n\n04500, Mexico City\n\nwww.grantthornton.mx\n\nReport of Independent Registered Public Accounting Firm\n\n \n\nTo the Stockholders and Board of Directors of\n\n \n\nGrupo TMM, S.A.B.\n\n \n\nOpinion on the financial statements\n\nWe have audited the accompanying consolidated statements of financial position of Grupo TMM, S.A.B. and subsidiaries (‘Grupo TMM’ or the ‘Company’) as of December\n31, 2025 and 2024, the related consolidated statements of profit or loss, comprehensive income, changes in stockholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes\n(collectively referred to as the ‘consolidated financial statements’). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Grupo TMM as of December 31, 2025 and 2024, and\nthe results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS\nAccounting Standards).\n\n \n\nBasis for opinion\n\nThese consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nconsolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in\naccordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance\nabout whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part\nof our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.\nAccordingly, we express no such opinion.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\n2\n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing\nprocedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and\nsignificant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\nCritical audit matters\n\nThe critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be\ncommunicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical\naudit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matters or on the accounts\nor disclosures to which they relate.\n\n \n\nImpairment of long-lived assets\n\nAs described further in Note 11 to the consolidated financial statements, the value of Grupo TMM’s long-lived assets, including intangible assets with indefinite\nuseful lives (trademark), amounts to $2,930,702 (thousands of pesos) and represents 64% of the total assets. In accordance with IFRS Accounting Standards, Grupo TMM is required to perform impairment tests annually or more frequently if events\nor changes in circumstances indicate a possible impairment.\n\n \n\nAn impairment loss is recognized for the amount by which the carrying amount of the cash-generating unit exceeds its recoverable amount, which is the higher of fair\nvalue less costs to sell and value in use. To determine the value in use, Management estimates the expected future cash flows of each cash-generating unit and determines an appropriate interest rate to discount those cash flows.\n\n \n\nThe principal considerations for our determination that impairment of long-lived assets is a critical audit matter are due to the importance of long-lived assets in\nrelation to the consolidated financial statements and the complexity of accounting requirements for determining the recoverable amount and the high degree of uncertainty in the data and assumptions used.\n\n \n\nOur audit procedures related to impairment of long-lived assets included the following, among others:\n\n \n\n•\n\nwe evaluated the appropriate identification of the cash-generating units of the Company;\n\n[Table of Contents](#TABLEOFCONSENTS)\n\n3\n\n•\n\nwe engaged an independent valuation expert to assist us in understanding and validating the assumptions, methodologies, and data used by the Company, in particular:\n\n \n\n-\n\nthe projections of future cash flows for each of the cash-generating units;\n\n-\n\nthe reasonableness of the growth rates used compared to the Company’s historical growth rates and industry averages; and\n\n-\n\nthe appropriate determination of the discount rate, including the reasonableness of the data used by the Company.\n\n \n\n•\n\nwe validated the appropriate determination, if applicable, of any impairment loss and its appropriate accounting recognition; and\n\n \n\n•\n\nwe verified compliance with disclosures regarding accounting policies and aspects related to the impairment of long-lived assets.\n\n \n\nLoss of control of subsidiaries\n\nAs described further in Note Y to the consolidated financial statements, as of October 1, 2025, the Company lost control of two subsidiaries that belonged to the\nWarehousing Division. This loss of control mainly comes from corporate agreements through which the Company gives a minority shareholder the right to direct the relevant activities that directly affect the returns they are entitled to or\nexposed to.\n\n \n\nBased on the loss of control, the Company stopped consolidating the assets and liabilities, as well as the income and expenses of those subsidiaries, recognizing\nthe balance of the equity investment retained at $52,000 (thousands of pesos) and a gain in profit or loss of $202,443 (thousands of pesos).\n\n \n\nThe principal considerations for our determination that the loss of control of subsidiaries is a critical audit matter are due to the significant judgment involved\nin the control assessment carried out by the Company and the financial effects generated by the deconsolidation of these subsidiaries.\n\n \n\nOur audit procedures related to the loss of control of subsidiaries included the following, among others:\n\n \n\n•\n\nwe reviewed corporate documents related to the nature and rights of shares and the bylaws;\n\n \n\n•\n\nwe verified the existence of corporate agreements that grant rights among shareholders;\n\n \n\n•\n\nwe identified the relevant activities that significantly affect the returns to which shareholders are entitled or exposed;\n\n \n\n•\n\nwe reviewed and analyzed the documentation and other elements that indicate who directs the relevant activities;\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\n4\n\n•\n\nwe analyzed and concluded on who:\n\n \n\n-\n\nexercises power over the subsidiaries,\n\n-\n\nhas the right or is exposed to returns from the subsidiaries due to their involvement, and\n\n-\n\nhas the ability to use that power to influence the subsidiaries’ returns.\n\n \n\n•\n\nwe validated that accounting recognition of this transaction was in accordance with relevant accounting requirements; and\n\n \n\n•\n\nwe verified compliance with disclosures on accounting policies and aspects related to losing control of subsidiaries.\n\nWe have served as the Company’s auditor since 2005.\n\ns/ Salles, Sanz Grant Thornton, S.C.\n\nAuditor Firm ID number: 1245\n\nMexico City, Mexico\n\nSeptember 7, 2026\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n5\n\nConsolidated statements of financial position\n\nAs at December 31, 2025 and 2024\n\n(Amounts in thousands of pesos, except number of shares)\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents (Note 5)\n\n \n\n$\n\n494,599\n\n \n\n \n\n$\n\n207,110\n\n \n\nRestricted cash (Note 5)\n\n \n\n \n\n257,415\n\n \n\n \n\n \n\n-\n\n \n\nTrade receivables, net (Note 6)\n\n \n\n \n\n540,586\n\n \n\n \n\n \n\n696,841\n\n \n\nOther accounts receivable (Note 7)\n\n \n\n \n\n148,841\n\n \n\n \n\n \n\n210,841\n\n \n\nRelated parties (Note 13)\n\n \n\n \n\n70,969\n\n \n\n \n\n \n\n74,187\n\n \n\nMaterials and supplies\n\n \n\n \n\n29,935\n\n \n\n \n\n \n\n33,587\n\n \n\nPrepaid expenses\n\n \n\n \n\n59,001\n\n \n\n \n\n \n\n163,649\n\n \n\nTotal current assets\n\n \n\n \n\n1,601,346\n\n \n\n \n\n \n\n1,386,215\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther accounts receivable non-current (Note 7)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n63,019\n\n \n\nProperty and operating equipment, net (Note 8)\n\n \n\n \n\n2,732,539\n\n \n\n \n\n \n\n2,271,299\n\n \n\nRight-of-use assets, net (Note 9)\n\n \n\n \n\n45,306\n\n \n\n \n\n \n\n67,205\n\n \n\nIntangible assets (Note 10)\n\n \n\n \n\n152,857\n\n \n\n \n\n \n\n156,458\n\n \n\nOther non-current assets\n\n \n\n \n\n75,368\n\n \n\n \n\n \n\n47,716\n\n \n\nTotal non-current assets\n\n \n\n \n\n3,006,070\n\n \n\n \n\n \n\n2,605,697\n\n \n\nTotal assets\n\n \n\n$\n\n4,607,416\n\n \n\n \n\n$\n\n3,991,912\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShort-term portion of the financial debt (Note 12)\n\n \n\n$\n\n162,029\n\n \n\n \n\n$\n\n102,388\n\n \n\nTrade payables\n\n \n\n \n\n316,025\n\n \n\n \n\n \n\n356,200\n\n \n\nAccounts payable and accrued expenses (Note 14)\n\n \n\n \n\n390,332\n\n \n\n \n\n \n\n588,471\n\n \n\nRelated parties (Note 13)\n\n \n\n \n\n192,045\n\n \n\n \n\n \n\n172,409\n\n \n\nShort-term leases liabilities (Note 9)\n\n \n\n \n\n4,504\n\n \n\n \n\n \n\n22,419\n\n \n\nTotal short-term liabilities\n\n \n\n \n\n1,064,935\n\n \n\n \n\n \n\n1,241,887\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLong-term portion of the financial debt (Note 12)\n\n \n\n \n\n896,879\n\n \n\n \n\n \n\n374,660\n\n \n\nLong-term lease liabilities (Note 9)\n\n \n\n \n\n41,701\n\n \n\n \n\n \n\n60,183\n\n \n\nEmployee benefits (Note 21)\n\n \n\n \n\n65,632\n\n \n\n \n\n \n\n74,682\n\n \n\nDeferred income tax (Note 19)\n\n \n\n \n\n120,300\n\n \n\n \n\n \n\n132,060\n\n \n\nTotal long-term liabilities\n\n \n\n \n\n1,124,512\n\n \n\n \n\n \n\n641,585\n\n \n\nTotal liabilities\n\n \n\n \n\n2,189,447\n\n \n\n \n\n \n\n1,883,472\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nStockholders’ equity (Note 15):\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShare capital\n\n \n\n \n\n2,368,711\n\n \n\n \n\n \n\n2,368,711\n\n \n\nTreasury shares\n\n \n\n \n\n(46,805\n\n)\n\n \n\n \n\n(46,805\n\n)\n\nAccumulated results\n\n \n\n \n\n(602,139\n\n)\n\n \n\n \n\n(939,418\n\n)\n\nOther components of equity\n\n \n\n \n\n669,559\n\n \n\n \n\n \n\n697,089\n\n \n\nControlling interest\n\n \n\n \n\n2,389,326\n\n \n\n \n\n \n\n2,079,577\n\n \n\nNon-controlling interest\n\n \n\n \n\n28,643\n\n \n\n \n\n \n\n28,863\n\n \n\nTotal stockholders’ equity\n\n \n\n \n\n2,417,969\n\n \n\n \n\n \n\n2,108,440\n\n \n\nTotal liabilities and stockholders’ equity\n\n \n\n$\n\n4,607,416\n\n \n\n \n\n$\n\n3,991,912\n\n \n\nThe accompanying notes an integral part of these consolidated statements of financial position.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n6\n\nConsolidated statements of profit or loss\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(Amounts in thousands of pesos, except per share amounts and number of shares)\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenues (Note 16)\n\n \n\n$\n\n1,908,646\n\n \n\n \n\n$\n\n1,753,576\n\n \n\n \n\n$\n\n1,218,647\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\nCosts and expenses:\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\nSalaries, wages and employee benefits (Note 21)\n\n \n\n \n\n331,714\n\n \n\n \n\n \n\n314,931\n\n \n\n \n\n \n\n274,954\n\n \n\nLeases of properties and equipment (Note 9)\n\n \n\n \n\n756,269\n\n \n\n \n\n \n\n813,819\n\n \n\n \n\n \n\n531,468\n\n \n\nOperative and administrative services\n\n \n\n \n\n286,352\n\n \n\n \n\n \n\n256,048\n\n \n\n \n\n \n\n217,596\n\n \n\nFuel, materials and supplies\n\n \n\n \n\n87,219\n\n \n\n \n\n \n\n99,473\n\n \n\n \n\n \n\n81,827\n\n \n\nDepreciation, amortization and loss from revaluation\n\n \n\n \n\n104,733\n\n \n\n \n\n \n\n95,231\n\n \n\n \n\n \n\n125,122\n\n \n\nOther costs, expenses and income, net (Note 17)\n\n \n\n \n\n41,463\n\n \n\n \n\n \n\n(38,600\n\n)\n\n \n\n \n\n(49,011\n\n)\n\n \n\n \n\n \n\n1,607,750\n\n \n\n \n\n \n\n1,540,902\n\n \n\n \n\n \n\n1,181,956\n\n \n\nProfit before other income\n\n \n\n \n\n300,896\n\n \n\n \n\n \n\n212,674\n\n \n\n \n\n \n\n36,691\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\n \n\n \n\n \n\n \n\n \n\n \n\nFinancing cost:\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\nInterest income\n\n \n\n \n\n5,673\n\n \n\n \n\n \n\n2,272\n\n \n\n \n\n \n\n2,049\n\n \n\nInterest expense and other financial costs (Note 18)\n\n \n\n \n\n(130,927\n\n)\n\n \n\n \n\n(48,128\n\n)\n\n \n\n \n\n(63,066\n\n)\n\nExchange gain (loss), net\n\n \n\n \n\n135,861\n\n \n\n \n\n \n\n(52,023\n\n)\n\n \n\n \n\n19,584\n\n \n\n \n\n \n\n \n\n10,607\n\n \n\n \n\n \n\n(97,879\n\n)\n\n \n\n \n\n(41,433\n\n)\n\nProfit (loss) before taxes\n\n \n\n \n\n311,503\n\n \n\n \n\n \n\n114,795\n\n \n\n \n\n \n\n(4,742\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\nIncome tax (expense) benefit (Note 19)\n\n \n\n \n\n(2,011\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n20,200\n\n \n\nNet income for the year\n\n \n\n$\n\n309,492\n\n \n\n \n\n$\n\n114,795\n\n \n\n \n\n$\n\n15,458\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAttributable to:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-controlling interest\n\n \n\n \n\n(220\n\n)\n\n \n\n \n\n309\n\n \n\n \n\n \n\n(4,733\n\n)\n\nControlling interest\n\n \n\n \n\n309,712\n\n \n\n \n\n \n\n114,486\n\n \n\n \n\n \n\n20,191\n\n \n\n \n\n \n\n$\n\n309,492\n\n \n\n \n\n$\n\n114,795\n\n \n\n \n\n$\n\n15,458\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\nEarnings per share (Note 22)\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\nEarnings per share for the year\n\n \n\n$\n\n1.774\n\n \n\n \n\n$\n\n0.656\n\n \n\n \n\n$\n\n0.169\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWeighted average number of shares for the year\n\n \n\n \n\n174,553,127\n\n \n\n \n\n \n\n174,553,127\n\n \n\n \n\n \n\n119,433,910\n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n7\n\nConsolidated statements of comprehensive income\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(Amounts in thousands of pesos)\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet income for the year\n\n \n\n$\n\n309,492\n\n \n\n \n\n$\n\n114,795\n\n \n\n \n\n$\n\n15,458\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\nOther comprehensive income:\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\nItems that will not be subsequently reclassified to profit or loss\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\nActuarial gains, net (Note 21)\n\n \n\n \n\n52\n\n \n\n \n\n \n\n4,551\n\n \n\n \n\n \n\n8,453\n\n \n\nRevaluation surplus (Note 23)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n22,974\n\n \n\n \n\n \n\n-\n\n \n\nIncome tax on other comprehensive income\n\n \n\n \n\n(15\n\n)\n\n \n\n \n\n(8,257\n\n)\n\n \n\n \n\n(2,536\n\n)\n\nTotal of other comprehensive income for the year\n\n \n\n \n\n37\n\n \n\n \n\n \n\n19,268\n\n \n\n \n\n \n\n5,917\n\n \n\nComprehensive income for the year\n\n \n\n$\n\n309,529\n\n \n\n \n\n$\n\n134,063\n\n \n\n \n\n$\n\n21,375\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAttributable to:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-controlling interest\n\n \n\n \n\n(220\n\n)\n\n \n\n \n\n309\n\n \n\n \n\n \n\n(4,733\n\n)\n\nControlling interest\n\n \n\n \n\n309,749\n\n \n\n \n\n \n\n133,754\n\n \n\n \n\n \n\n26,108\n\n \n\n \n\n \n\n$\n\n309,529\n\n \n\n \n\n$\n\n134,063\n\n \n\n \n\n$\n\n21,375\n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n8\n\nConsolidated statements of changes in\nstockholders’ equity\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(Amounts in thousands of pesos, except number of shares)\n\n  \n\n \n\nNumber of\n\noutstanding\n\ncommon shares\n\n \n\n \n\nShare\n\ncapital\n\n \n\n \n\nTreasury\n\nshares\n\n \n\n \n\nAccumulated\n\nresults\n\n \n\n \n\nOther\n\ncomponents\n\nof equity\n\n \n\n \n\nSubtotal\n\n \n\n \n\nNon\n\ncontrolling\n\ninterest\n\n \n\n \n\nTotal\n\nstockholders’\n\nequity\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\n \n\n \n\n \n\n \n\n \n\nBalances as of December 31, 2022\n\n \n\n \n\n102,182,841\n\n \n\n \n\n$\n\n2,216,733\n\n \n\n \n\n$\n\n(46,805\n\n)\n\n \n\n$\n\n(1,131,283\n\n)\n\n \n\n$\n\n729,092\n\n \n\n \n\n$\n\n1,767,737\n\n \n\n \n\n$\n\n33,287\n\n \n\n \n\n$\n\n1,801,024\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\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\nCapital increase (Note 15)\n\n \n\n \n\n72,370,286\n\n \n\n \n\n \n\n151,978\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\n151,978\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n151,978\n\n \n\nRecycling of surplus from property revaluation\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\n29,158\n\n \n\n \n\n \n\n(29,158\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\nNet income for the year\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\n20,191\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n20,191\n\n \n\n \n\n \n\n(4,733\n\n)\n\n \n\n \n\n15,458\n\n \n\nOther comprehensive income\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\n5,917\n\n \n\n \n\n \n\n5,917\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,917\n\n \n\nComprehensive income for the year\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\n \n\n26,108\n\n \n\n \n\n \n\n(4,733\n\n)\n\n \n\n \n\n21,375\n\n \n\nBalances as of December 31, 2023\n\n \n\n \n\n174,553,127\n\n \n\n \n\n \n\n2,368,711\n\n \n\n \n\n \n\n(46,805\n\n)\n\n \n\n \n\n(1,081,934\n\n)\n\n \n\n \n\n705,851\n\n \n\n \n\n \n\n1,945,823\n\n \n\n \n\n \n\n28,554\n\n \n\n \n\n \n\n1,974,377\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\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\nRecycling of surplus from property revaluation\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\n28,030\n\n \n\n \n\n \n\n(28,030\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\nNet income for the year\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\n114,486\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n114,486\n\n \n\n \n\n \n\n309\n\n \n\n \n\n \n\n114,795\n\n \n\nOther comprehensive income\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\n19,268\n\n \n\n \n\n \n\n19,268\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n19,268\n\n \n\nComprehensive income for the year\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\n \n\n133,754\n\n \n\n \n\n \n\n309\n\n \n\n \n\n \n\n134,063\n\n \n\nBalances as of December 31, 2024\n\n \n\n \n\n174,553,127\n\n \n\n \n\n \n\n2,368,711\n\n \n\n \n\n \n\n(46,805\n\n)\n\n \n\n \n\n(939,418\n\n)\n\n \n\n \n\n697,089\n\n \n\n \n\n \n\n2,079,577\n\n \n\n \n\n \n\n28,863\n\n \n\n \n\n \n\n2,108,440\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\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\nRecycling of surplus from property revaluation\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\n27,567\n\n \n\n \n\n \n\n(27,567\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\nNet income for the year\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\n309,712\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n309,712\n\n \n\n \n\n \n\n(220\n\n)\n\n \n\n \n\n309,492\n\n \n\nOther comprehensive income\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\n37\n\n \n\n \n\n \n\n37\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n37\n\n \n\nComprehensive income for the year\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\n \n\n309,749\n\n \n\n \n\n \n\n(220\n\n)\n\n \n\n \n\n309,529\n\n \n\nBalances as of December 31, 2025\n\n \n\n \n\n174,553,127\n\n \n\n \n\n$\n\n2,368,711\n\n \n\n \n\n$\n\n(46,805\n\n)\n\n \n\n$\n\n(602,139\n\n)\n\n \n\n$\n\n669,559\n\n \n\n \n\n$\n\n2,389,326\n\n \n\n \n\n$\n\n28,643\n\n \n\n \n\n$\n\n2,417,969\n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n9\n\nConsolidated statements of cash flows\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(Amounts in thousands of pesos)\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash flows from operating activities:\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\nProfit (loss) before taxes\n\n \n\n$\n\n311,503\n\n \n\n \n\n$\n\n114,795\n\n \n\n \n\n$\n\n(4,742\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\nNon-cash adjustments:\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\nDepreciation, amortization and loss from revaluation\n\n \n\n \n\n104,733\n\n \n\n \n\n \n\n95,231\n\n \n\n \n\n \n\n125,122\n\n \n\nOther amortizations\n\n \n\n \n\n9,603\n\n \n\n \n\n \n\n7,405\n\n \n\n \n\n \n\n8,736\n\n \n\nGain from the disposal of operating equipment, net\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(10,042\n\n)\n\n \n\n \n\n-\n\n \n\nGain from the sale of subsidiaries\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,676\n\n)\n\nInterest expense\n\n \n\n \n\n125,323\n\n \n\n \n\n \n\n44,735\n\n \n\n \n\n \n\n54,484\n\n \n\nInterest income\n\n \n\n \n\n(5,673\n\n)\n\n \n\n \n\n(2,272\n\n)\n\n \n\n \n\n(2,049\n\n)\n\nUnrealized exchange (gain) loss, net\n\n \n\n \n\n(127,687\n\n)\n\n \n\n \n\n11,047\n\n \n\n \n\n \n\n5,267\n\n \n\nGain on loss of control of subsidiaries\n\n \n\n \n\n(204,443\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nImpairment of materials and supplies\n\n \n\n \n\n-\n\n \n\n \n\n \n\n23,531\n\n \n\n \n\n \n\n-\n\n \n\nWrite-off of projects\n\n \n\n \n\n36,706\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\n \n\nChanges in assets and 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\nTrade receivables\n\n \n\n \n\n122,431\n\n \n\n \n\n \n\n(389,088\n\n)\n\n \n\n \n\n132,106\n\n \n\nOther accounts receivable and related parties\n\n \n\n \n\n116,375\n\n \n\n \n\n \n\n156,906\n\n \n\n \n\n \n\n70,994\n\n \n\nMaterials and supplies\n\n \n\n \n\n3,652\n\n \n\n \n\n \n\n(13,613\n\n)\n\n \n\n \n\n7,756\n\n \n\nPrepaid expenses\n\n \n\n \n\n104,648\n\n \n\n \n\n \n\n(18,949\n\n)\n\n \n\n \n\n(28,844\n\n)\n\nOther non-current assets\n\n \n\n \n\n8,490\n\n \n\n \n\n \n\n12,929\n\n \n\n \n\n \n\n(20,514\n\n)\n\nRestricted cash\n\n \n\n \n\n(257,415\n\n)\n\n \n\n \n\n1,665\n\n \n\n \n\n \n\n394\n\n \n\nAccounts payable and accrued expenses\n\n \n\n \n\n(25,507\n\n)\n\n \n\n \n\n208,998\n\n \n\n \n\n \n\n(248,790\n\n)\n\nEmployee benefits\n\n \n\n \n\n22,843\n\n \n\n \n\n \n\n(2,708\n\n)\n\n \n\n \n\n(7,262\n\n)\n\nTotal adjustments\n\n \n\n \n\n34,079\n\n \n\n \n\n \n\n125,775\n\n \n\n \n\n \n\n93,724\n\n \n\nCash from operating activities\n\n \n\n \n\n345,582\n\n \n\n \n\n \n\n240,570\n\n \n\n \n\n \n\n88,982\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\nCash from investing activities:\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\nProceeds from sale of operating equipment\n\n \n\n \n\n263\n\n \n\n \n\n \n\n13,165\n\n \n\n \n\n \n\n-\n\n \n\nAcquisition of operating equipment\n\n \n\n \n\n(691,640\n\n)\n\n \n\n \n\n(469,460\n\n)\n\n \n\n \n\n(131,345\n\n)\n\nProceeds from the sale subsidiaries\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n10,000\n\n \n\nInterest received\n\n \n\n \n\n5,673\n\n \n\n \n\n \n\n2,272\n\n \n\n \n\n \n\n2,049\n\n \n\nCash used in investing activities\n\n \n\n \n\n(685,704\n\n)\n\n \n\n \n\n(454,023\n\n)\n\n \n\n \n\n(119,296\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\nCash flow from financing activities:\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\nShare capital increase\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n151,978\n\n \n\nCash received from financial debt\n\n \n\n \n\n835,446\n\n \n\n \n\n \n\n412,349\n\n \n\n \n\n \n\n28,068\n\n \n\nPayments of debt to related parties\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(18,584\n\n)\n\nPayments of debt\n\n \n\n \n\n(102,190\n\n)\n\n \n\n \n\n(25,614\n\n)\n\n \n\n \n\n(24,027\n\n)\n\nLease payments\n\n \n\n \n\n(11,070\n\n)\n\n \n\n \n\n(67,204\n\n)\n\n \n\n \n\n(78,437\n\n)\n\nInterest paid\n\n \n\n \n\n(65,775\n\n)\n\n \n\n \n\n(4,784\n\n)\n\n \n\n \n\n(8,360\n\n)\n\nCash from financing activities\n\n \n\n \n\n656,411\n\n \n\n \n\n \n\n314,747\n\n \n\n \n\n \n\n50,638\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\nExchange effect on cash\n\n \n\n \n\n(28,800\n\n)\n\n \n\n \n\n7,437\n\n \n\n \n\n \n\n(16,678\n\n)\n\nIncrease in cash and cash equivalents\n\n \n\n \n\n287,489\n\n \n\n \n\n \n\n108,731\n\n \n\n \n\n \n\n3,646\n\n \n\nCash and cash equivalents, beginning of year\n\n \n\n \n\n207,110\n\n \n\n \n\n \n\n98,379\n\n \n\n \n\n \n\n94,733\n\n \n\nCash and cash equivalents, end of year\n\n \n\n$\n\n494,599\n\n \n\n \n\n$\n\n207,110\n\n \n\n \n\n$\n\n98,379\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\nSupplementary information:\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\nIncome tax paid\n\n \n\n$\n\n2,452\n\n \n\n \n\n$\n\n8,674\n\n \n\n \n\n$\n\n4,452\n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n10\n\nNotes to the consolidated financial statements\n\nDecember 31, 2025 and 2024\n\n(Amounts in thousands of pesos, except number of shares and where otherwise indicated)\n\n \n\n1\n\nGeneral information and nature of operations\n\nMain activity\n\n \n\nGrupo TMM, S.A.B. and subsidiaries (‘Grupo TMM’ or the ‘Company’) is a Mexican company whose principal activity is providing multimodal transport and logistics services to\npremium customers throughout Mexico. Company’s shares are listed and are traded in the form of ordinary participation certificates (‘CPOs’) on the Mexican Stock Exchange under the ticker symbol ‘TMM A’, and in the form of American\nDepositary Shares (‘ADSs’) on the New York Stock Exchange on the OTC market.\n\nGrupo TMM’s head office is located at Convento de Acolman Street, 58-B, Col. Jardines de Santa Mónica, C.P. 54050, State of Mexico. Likewise, a significant portion of its\nmaritime division activities is conducted at Calle 55 #2 Col. Electricistas, C.P. 24120, Ciudad del Carmen, Campeche.\n\n \n\nThe Company’s activities are grouped into the following service divisions:\n\n \n\n•\n\nMaritime division: includes specialized offshore shipping services, clean oil, and chemical products shipping, bulk carrier, shipping agency services and other activities related to the maritime\ntransportation business.\n\n \n\n•\n\nMaritime infrastructure division : corresponds to revenues for minor and major repairs and maintenance to ships made at the facilities of the Company (shipyard).\n\n \n\n•\n\nLogistics, ports and terminals division: includes the operations of logistics solutions services and container and railcar maintenance and repair services,\ninland and seaport terminal services.\n\n \n\n•\n\nWarehousing division: includes bonded warehouse operations and management. As of October 1, 2025, Grupo TMM lost control of the subsidiaries of this division. See description of loss of\ncontrol in this same Note 1.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n11\n\nStructure of Grupo TMM\n\n \n\nAt December 31, 2025 and 2024, Grupo TMM holds the percentage of equity interest in various subsidiaries, the most significant are as\nfollows:\n\n \n\n \n\n \n\n% of ownership\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nMaritime\n\n \n\n \n\n \n\n \n\n \n\n \n\nTransportación Marítima Mexicana, S.A. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nAdministradora Marítima TMM, S.A.P.I. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nTMM Parcel Tankers, S.A. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMaritime infrastructure\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInmobiliaria Dos Naciones, S. de R.L. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLogistics, ports and terminals\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTMM Logistics, S.A. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nAutotransportación y Distribución Logística, S.A. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nPrestadora de Servicios MTR, S.A. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nBimonte, S.A. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nCaoba Energía, S. de R.L. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nServices & Solutions Optimus, S. de R.L de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nServicios Administrativos API Acapulco, S.A. de C.V.\n\n \n\n \n\n51\n\n%\n\n \n\n \n\n51\n\n%\n\nAdministración Portuaria Integral de Acapulco, S.A. de C.V.\n\n \n\n \n\n51\n\n%\n\n \n\n \n\n51\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPersonnel services\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMexschiff Operación de Personal, S.A.P.I. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nOmexmar Operadora Mexicana Marítima, S.A.P.I. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nPerhafen Services Marítimos, S.A.P.I. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nTMM Dirección Corporativa, S.A.P.I. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\nPerjomar Operadora, S.A.P.I. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProperty leasing\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInmobiliaria TMM, S.A. de C.V.\n\n \n\n \n\n100\n\n%\n\n \n\n \n\n100\n\n%\n\n \n\nThe Company’s subsidiaries are incorporated in Mexico, where most of their activities take place.\n\nNon-controlling interest in subsidiaries\n\n \n\nGrupo TMM holds an equity interest in the subsidiaries Administración Portuaria Integral de Acapulco, S.A. de C.V. (API Acapulco)\nand Servicios Administrativos API Acapulco, S.A. de C.V., for which there is non-controlling interest; the associated effect on the Company’s consolidated financial statements is considered immaterial. These companies are\nestablished and conduct their activities in Mexico, as of December 31, 2025 and 2024, these companies no longer have operations since the concession to operate API Acapulco was not renewed.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n12\n\nLoss of control of Almacenadora de Depósito Moderno, S.A. de C.V. (ADEMSA) and Saricogui Logística, S.A.P.I. de C.V. (Saricogui)\n\n \n\nAs of December 31, 2025, the Company holds a 99% equity\ninterest in ADEMSA and Saricogui, both of which were part of the Warehousing Division. As of December 31, 2024, the Company held 100%\nequity in such entities.\n\nThe warehousing business overtime has become a small division for Grupo TMM, representing approximately 3%\nfor the nine-month period ending September 30, 2025 and 8% and 12% for the years ended December 31, 2024 and 2023, of the consolidated revenues. Grupo TMM’s business strategy is to focus on Maritime and Maritime\ninfrastructure divisions; therefore, the sale of the warehousing division has been considered as an option to generate additional cash flow from the sale while it allows Management to dedicate efforts and resources to those\nsignificant divisions.\n\nIn relation to the above, Grupo TMM signed a letter of intent with the third-party specialized in the warehousing and logistics business, in which the latter expresses their interest in acquiring all the\nshares representing the subsidiaries’ capital stock at a price of $40,000, payable in several installments. As of December\n31, 2025, the advances received amount to $16,700 and are reported under ‘Accounts payable and accrued expenses’. The\nconclusion of the sale is subject to meeting certain requirements and obtaining authorization from the relevant regulatory entities and is expected to happen in the following years. Due to the characteristics of this transaction, it\ndoes not fall within the natures of assets held for sale nor discontinued operations according to the related IFRS standards.\n\nWith the purpose of facilitating the conclusion of this sale, Grupo TMM and the third-party signed corporate agreements that granted 1% of capital stock of ADEMSA and Saricogui to the third party along with the rights to name the majority of the Board of Directors, these agreements are\nexecutable and non-cancelable within a 5-year period, during which the sale is expected to be completed; also the above\nconsidered that installments received by Grupo TMM for the sale are equivalent to a 42% of the total capital stock of\nwarehousing business. These agreements granted to the third party the right to direct the relevant activities (definition of the business plan, determination of services to be provided and relationships with customers and suppliers,\napproval of financing and other significant transactions) that directly affect the variable returns to which shareholders are entitled or are exposed and without limitation to exercise such rights, such rights were fully exercised by\nthe third party. Therefore, as of October 1, 2025 the Company concluded they have lost control of ADEMSA and Saricogui.\n\nAs of the date of the loss of control, the Company stopped consolidating the assets and liabilities, as well as the income and expenses of ADEMSA and Saricogui; on that date, it recognized the amount of\nthe retained equity investment of $52,000, which is presented under “Other non-current assets” line item and a gain of $204,443, which was recognized under “Other costs, expense and income, net” line item (see Note 17) due to the negative carrying value of\nthese subsidiaries at the date of loss of control in the amount of $152,443. The fair value was determined under Level 2\nfair value hierarchy and market approach, considering inputs other than quoted prices included within Level 1 that are directly observable for the asset; the difference between the fair value of this equity investment and the price\nset in the letter of intent is because the mentioned price comes from a private negotiation considering other benefits such as advances received and other business factors, while the fair value is determined from the market\nparticipants’ perspective.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n13\n\n2\n\nStatement of compliance with IFRS and going concern assumption\n\n \n\nGrupo TMM’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting\nStandards Board (IASB). They have been prepared under the assumption the Company operates on a going concern basis, which assumes the Company will be able to discharge its liabilities as they fall due. In confirming the validity of the\ngoing concern basis of preparation, the Company has considered the following specific factors:\n\n•\n\nthe\n\nCompany has generated net income for the last two years presented, with a significant increase in 2025 in which it obtained a net income of $309,492; likewise, its current assets exceed short-term liabilities by $536,411;\n\n \n\n•\n\nthe Company generated cash flows from operating activities in the current year of $345,582, and an increase in cash and cash equivalents in that same period of $287,489;\n\n \n\n•\n\nas of December 31, 2025 the Company has short-term and long-term contracts with various clients. Additionally, it is in the process of negotiating the\nrenewal of certain contracts reaching their termination;\n\n \n\n•\n\nstarting\nin 2025, the Company participates in the program called ‘ONIX’ (see Note 6), through which PEMEX manages payments to suppliers related to services provided in the year 2025, which allows a faster recovery of its\naccounts receivable from PEMEX, which as of December 31, 2025 amounted $756.3 million pesos; and\n\n \n\n•\n\nfinally,\n\nManagement prepares an annual budget and a 5 year strategic plan, including an assessment of cash flow requirements, under periodic monitoring of its compliance.\n\nDuring 2025, the\nCompany progressed in consolidating its operating model, highlighting the optimization of asset utilization, the strengthening of its maritime fleet through the incorporation of assets previously operated under short-term\nlease conditions, as well as the commissioning of strategic assets such as the new floating dock. Likewise, these advances have contributed to strengthening its operational performance.\n\nBy 2026, the Company\nwill maintain its focus on operational efficiency in the logistics segment and on evaluating opportunities related to its strategically located assets in Tuxpan, Veracruz. Likewise, it will continue focusing on optimizing the\nutilization of its fleet, diversifying its services and customer base, particularly in bulk cargo and hydrocarbon transportation, as well as leveraging its installed capacity in maritime infrastructure, including the new\nfloating dock, and evaluating alternatives to expand its operational capacity.\n\nWith a transversal\napproach, the Company will maintain a disciplined focus on cost control, optimization of its operating structure, and cash flow generation.\n\nAdditionally, the\nCompany has begun the implementation of sustainability initiatives, in line with the applicable regulatory provisions in Mexico, which are in an initial stage of evaluation and development, as well as the strengthening of its\ninformation technology capabilities.\n\nBased on these factors, Management reasonably expects that the Group has and will have appropriate resources to continue operating in the foreseeable\nfuture.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n14\n\n3\n\nChanges in accounting policies\n\n \n\nNew Standards adopted as of January 1, 2025\n\n \n\nCertain amendments to the existing standards became effective on January 1, 2025, which were not applicable or had no effect on the Company’s consolidated financial position or\nconsolidated results; therefore specific disclosures have not been made.\n\nStandards, amendments and interpretations to existing standards that are not yet effective and have not been adopted\nearly by the Group\n\nAt the date of authorization of these consolidated financial statements, several\nnew, but not yet effective, Standards and amendments to existing Standards have been published by the IASB. The standards and amendments applicable to the Company that have not yet come into effect and have not been adopted early are:\n\n•\n\nAmendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)\n\n•\n\nAnnual amendments to IFRS (Volume 11)\n\n•\n\nIFRS 18 ‘Presentation and Disclosure in Financial Statements’\n\n•\n\nIFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’\n\nManagement anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. Except for IFRS 18\n‘Presentation and Disclosure in Financial Statements’ (IFRS 18), which is mentioned below, the remaining new standards and amendments not adopted in the current year or mentioned are not expected to have a material impact on the\nCompany’s consolidated financial statements.\n\nIn April 2024, the IASB issued IFRS 18, which replaces IAS 1 ‘Presentation of\nFinancial Statements’. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors,\nincluding:\n\n•\n\ntwo new subtotals defined in the statement of profit or loss, namely (1) operating profit and (2) profit or loss before financing and income taxes;\n\n \n \n\n•\n\nthe classification of all income and expenses within the statement of profit or loss in one of five categories;\n\n•\n\na new requirement to disclose performance measures defined by management, and\n\n \n\n•\n\nan improvement in the principles related to the aggregation and disaggregation of information in the financial statements and accompanying notes.\n\n \n\nSome of the disclosure requirements previously contained in IAS 1 have been transferred to IAS 8 without any material changes. This applies in particular to disclosures on\naccounting policies and sources of estimation uncertainty. As a result of these changes, IAS 8 will be renamed ‘Basis of Preparation of Financial Statements’.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n15\n\nThe publication of IFRS 18 also results in consequential amendments to other IFRS Accounting Standards, including IAS 7.\n\nIFRS 18 is effective for annual periods beginning on or after January 1, 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific\ntransitional provisions.\n\nThe Company is currently working to identify all of the impacts that IFRS 18 will have on the primary consolidated financial statements and related notes.\n\n \n\n4\n\nSummary of significant accounting policies\n\n \n\nThe most significant accounting policies are summarized as follows:\n\n \n\n4.1\n\nBasis of preparation\n\n \n\nThe Company’s consolidated financial statements have been prepared on an accrual basis and under the historical\ncost convention except for the revaluation of properties. Monetary amounts are expressed in Mexican pesos and are rounded to the nearest thousands, except when otherwise indicated.\n\n4.2\n\nBasis of consolidation\n\n \n\nThe consolidated financial statements include the accounts of Grupo TMM and those of its subsidiaries. Grupo TMM\ncontrols a subsidiary when it is exposed, or has rights, to variable returns resulting from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have the\nreporting date of ‘December 31’, for all years reported.\n\n \n\nThe balances and transactions among subsidiaries have been eliminated for the purposes of consolidation, including\nbalances and unrealized gains on transactions between Grupo TMM’s companies. Unrealized losses on the sale of assets among the Company are eliminated in the consolidation and the asset involved is also reviewed for impairment from a group\nperspective. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by Grupo TMM.\n\nProfit or loss and other comprehensive income of subsidiaries acquired or disposed during the year are recognized\nfrom the effective date of acquisition, or up to the effective date of disposal, as applicable.\n\nNon-controlling interest, presented as part of the stockholders’ equity, represents the portion of the\nsubsidiary’s profit or loss and net assets that are not held by Grupo TMM. The Company attributes the total comprehensive income or loss of the subsidiaries between the owners of the parent and the non-controlling interest based on their\nrespective ownership interests.\n\n4.3\n\nClimate-related issues\n\nRisks arising from climate change issues may have future adverse effects on the Company’s business. These risks include\ntransition risks (e.g., regulatory changes and reputational risks) and physical risks (even if the risk of physical damage is low due to the Company’s activities and geographic location).\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n16\n\nThe Company maintains a process of analyzing and identifying significant risks related to climate change that could adversely and\nmaterially affect its consolidated financial statements. As of December 31, 2025, and at the date of issuance of the consolidated financial statements, the Company has not identified related to climate change that could materially\naffect its operations or financial structure; nor are there any factors indicating the need for the recognition of provisions or conditions that could modify the carrying amount of assets and liabilities, both financial and\nnon-financial. Notwithstanding the foregoing, the Company continues to evaluate and implement initiatives aimed at improving the energy efficiency of its operations and strengthening its capacity to adapt to transitional risks,\nincluding the analysis of self-supply energy schemes at certain facilities using renewable sources, as well as the operation of vessels with diesel-electric propulsion systems, which allow for optimizing fuel consumption and\ncontribute to the reduction of emissions in its operations.\n\n \n\nAssumptions could change in response to future environmental regulations, new commitments and changes in customer demand,\nparticularly from Petroleos Mexicanos (PEMEX) which is one the most important companies in Mexico and one of the largest in Latin America dedicated to the exploration, production, industrial processing/refining, logistics and\nmarketing of hydrocarbons and derivatives. If these changes are not anticipated, they could impact the Company’s future cash flows, results of operations and financial position.\n\n4.4\n\nForeign currency translation\n\n \n\nFunctional and presentation currency\n\n \n\nThe consolidated financial statements are reported in Mexican pesos, which is also the functional currency of\nGrupo TMM.\n\n \n\nForeign currency balances and transactions\n\n \n\nForeign currency transactions are translated into the functional currency of the respective Company entity, using\nthe exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the measurement of monetary items denominated in foreign\ncurrency at year-end exchange rates are recognized in profit or loss.\n\n \n\nNon-monetary items are not retranslated at year-end and are measured at historical cost (translated using the\nexchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined.\n\n \n\n4.5\n\nCash and cash equivalents\n\n \n\nCash and cash equivalents comprise cash on hand and demand deposits, together with other highly liquid and\nshort-term investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of change in their value.\n\nThe Company presents within current assets the cash and cash\nequivalents that have some restriction, by virtue of the fact that it expires within 12 months following the reporting date.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n17\n\n4.6\n\nMaterials and supplies\n\n \n\nMaterials and supplies, consisting mainly of\nfuel and items for the maintenance of property and equipment and repair of containers of the logistics, ports and terminals business and are valued at average cost and acquisition value, respectively.\n\n4.7\n\nPrepaid expenses\n\n \n\nRepresent prepaid expenses for services that will be received in the future and are amortized in the period when\nthose services are received.\n\n \n\n4.8\n\nProperty and operating equipment\n\n \n\nProperties\n\n \n\nThe properties (land and buildings) are measured at fair value, which are determined by external professional\nvaluers every five years or before if the market factors indicate a significant change in the fair value. The last valuation\nof these assets was in December 2024.\n\nThe revaluation surplus (deficit) that is derived from the valuation of properties is recognized as part of ‘Other\ncomprehensive income items’ and forms part of ‘other capital components’ in stockholders’ equity. A revaluation surplus is credited to income up to an amount equivalent to any revaluation write-down or impairment loss previously\nrecognized income. Any excess is recognized in ‘Other comprehensive income items’ and in stockholders’ equity in the item of ‘Revaluation surplus’. Revaluation write-downs or impairment losses are recognized in ‘Other comprehensive income\nitems’ up to the amount previously recognized on that asset in stockholders’ equity in the item of ‘Revaluation surplus’.\n\n \n\nAny remaining decrease is recognized in income for the year. Any remaining balance of the revaluation surplus in\nstockholders’ equity at the time of disposing of the asset that gave rise thereto is reclassified to retained earnings. Moreover, any remaining balance of the revaluation surplus in stockholders’ equity may not be distributed to\nstockholders.\n\n \n\nThe depreciation of properties is recognized using the straight-line method to write down its carrying value less\nits estimated residual value. As no finite useful life for land can be determined, the related carrying amounts are not depreciated.\n\n \n\nOperating equipment\n\n \n\nOperating equipment is stated at construction or acquisition cost, including any cost directly attributable to\nbringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by Grupo TMM’s Management. Depreciation of equipment is computed using the straight-line method based on the useful\nlives of the assets net of the estimated residual value. The estimated useful life of equipment is as follows:\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n18\n\n \n\nEstimated\n\nuseful life in\n\nyears\n\nBuilding and facilities\n\n20 and 25\n\nVessels\n\n25\n\nFloating dock\n\n30\n\nMaritime and transportation equipment\n\n4, 5 and 10\n\nMajor repairs of vessels\n\n2.5\n\nOther equipment\n\nVarious\n\n \n\nRecurring maintenance and repair expenditures are charged to operating expenses as incurred. Major repairs to are\ncapitalized and amortized over the period in which benefits are expected to be received. The material residual values and the estimated useful life are adjusted as necessary, at least once a year.\n\nGains or losses from the disposal of property and equipment are determined as differences between the disposal\nproceeds and the carrying amount of the assets and are recognized in profit or loss as part of ‘Other, costs, expenses and income, net’, accordingly.\n\n \n\nConstruction in progress\n\n \n\nDisbursements attributable to construction of assets that are identifiable and may be controlled by the Company\nare recognized as assets when they meet the following conditions:\n\n \n\n●\n\nit is technically possible to complete the construction of the asset so that it can be available to be used;\n\n \n\n●\n\nmanagement has the intent of completing the asset to use it;\n\n \n\n●\n\nit can be proven that the asset will generate economic benefits in the future;\n\n \n\n●\n\nadequate technical, financial or another type of resources are available to complete the asset; and\n\n \n\n●\n\nthe disbursement attributable to the asset during its construction can be determined reliably.\n\n4.9\n\nLeased assets\n\n \n\nThe Company as lessee\n\n \n\nThe Company makes use of leasing arrangements principally of warehouse, courtyards and corporate building. The\nrental contracts for facilities are typically negotiated for terms of between 1 and 5 years and some of these have extension terms. The Company does not enter into sale and leaseback arrangements. All the leases are negotiated on an individual basis\nand contain a wide variety of different terms and conditions.\n\n \n\nThe Company assesses whether a contract is or contains a lease at inception of the contract. A lease conveys the\nright to direct the use and obtain substantially all of the economic benefits of an identified asset for a period of time in exchange for consideration.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n19\n\nSome lease contracts contain both lease and non-lease components. These non-lease components are usually\nassociated with facilities management services. The Company has elected to separate their lease and non-lease components based on their relative stand-alone prices.\n\n \n\nMeasurement and recognition of leases as a lessee\n\n \n\nAt lease commencement date, the Company recognizes a right-of-use asset and a lease liability in its consolidated\nstatement of financial position. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability.\n\n \n\nThe Company depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the\nearlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist.\n\n \n\nAt the commencement date, the Company measures the lease liability at the present value of the lease payments\nunpaid at that date, discounted using the Company’s incremental borrowing rate on the date of the revaluation when the implicit lease rate cannot be easily determined.\n\nLease payments included in the measurement of the lease liability are made up of fixed payments and variable\npayments based on an index or rate.\n\n \n\nSubsequent to initial measurement, the liability will be reduced by lease payments that are allocated between\nrepayments of principal and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.\n\n \n\nThe lease liability is reassessed when there is a change in the lease payments or changes in lease payments arise\nfrom a change in the lease term. The revised lease payments are discounted using the Company’s incremental borrowing rate at the date of reassessment when the rate implicit in the lease cannot be readily determined. The amount of the\nremeasurement of the lease liability is reflected as an adjustment to the carrying amount of the right-of-use asset.\n\nPayments under leases can also change when change through an index or a rate used to determine those payments. The\nlease liability is remeasured only when the adjustment to lease payments takes effect and the revised contractual payments for the remainder of the lease term are discounted using an unchanged discount rate.\n\nThe remeasurement of the lease liability is dealt with by a reduction in the carrying amount of the right-of-use\nasset to reflect the full or partial termination of the lease for lease modifications that reduce the scope of the lease. Any gain or loss relating to the partial or full termination of the lease is recognized in profit or loss. The\nright-of-use asset is adjusted for all other lease modifications.\n\n \n\nThe Company has elected to account for short-term leases and leases of low-value assets using the practical\nexpedients. Instead of recognizing a right-of-use asset and lease liability, the payments in relation to these are recognized as an expense in profit or loss on a straight-line basis over the lease term.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n20\n\n4.10\n\nIntangible assets\n\n \n\nRecognition of intangible assets\n\n  \n\nSoftware\n\n \n\nSoftware licenses acquired are capitalized on the basis of costs incurred to acquire and install the specific\nsoftware.\n\nTrademark\n\n \n\nThe trademark acquired in a business combination that qualifies for separate recognition is considered an\nintangible asset and is recorded at its fair value.\n\n \n\nSubsequent measuring\n\n \n\nAll finite-lived intangible assets are accounted for using the cost model by which the\nacquisition cost is amortized using the straight-line method throughout their estimated useful lives, which corresponds to the term of the licenses. The trademark is considered an intangible asset with an indefinite life; therefore, it is\nsubject to impairment tests annually as described in Note 11.\n\nThe amortization is included in the consolidated statements of profit or loss as part of ‘Depreciation,\namortization and loss from revaluation’.\n\n4.11\n\nImpairment testing of long-lived assets\n\n \n\nFor impairment assessment purposes, assets are grouped at the lowest levels for which there are largely\nindependent cash inflows (cash-generating units). As a result, Company’s assets are tested for impairment at cash-generating unit level, which corresponds to operating segments reported by the Company.\n\n \n\nTrademark is allocated to the cash-generating unit to operating segment ‘Maritime Division’, that is expected to\nbenefit from its usage and represent the lowest level within the Company at which Management monitors the trademark.\n\n \n\nCash-generating unit to which trademark has been allocated is tested for impairment at least annually. All other\ncash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.\n\n \n\nAn impairment loss is recognized for the amount by which the cash-generating unit’s carrying amount exceeds its\nrecoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable\ndiscount rate in order to calculate the present value of those cash flows.\n\n \n\nThe data used for impairment testing procedures are directly linked to Grupo TMM’s latest approved budget,\nadjusted as necessary to exclude the effects of future reorganizations and asset enhancements. Discount rates are determined individually for each cash-generating unit and reflect current market assessments of the time value of money and\nasset-specific risk factors.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n21\n\nImpairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that\ncash-generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit.\n\nAll assets are subsequently reassessed for indications that an impairment loss previously recognized may no\nlonger exist. An impairment loss is reversed if the cash-generating unit’s recoverable amount exceeds its carrying amount.\n\n4.12\n\nFinancial instruments\n\n \n\nRecognition and derecognition\n\n \n\nFinancial assets and financial liabilities are recognized when the Company becomes a party to the contractual\nprovisions of the financial instrument.\n\nFinancial assets are derecognized when the contractual rights to the cash flow from a financial asset expire, or\nwhen the financial asset and all the substantial risks and benefits have been transferred. A financial liability is derecognized as extinguished, discharged, canceled, or expired.\n\n \n\nClassification and initial measurement of financial assets\n\n \n\nExcept for those trade receivables that do not contain a significant financing component and are measured at the\ntransaction price in accordance with IFRS 15, all financial assets are initially measured at fair value, adjusted by transaction costs (where applicable).\n\n \n\nFinancial assets are classified into the following categories:\n\n \n\n●\n\namortized cost.\n\n \n\n●\n\nfair value through profit or loss (FVTPL).\n\n \n\n●\n\nfair value through other comprehensive income (FVOCI).\n\n \n\nIn the periods presented the Company does not have any financial assets categorized as FVOCI.\n\n \n\nThe classification is determined by both:\n\n \n\n●\n\nthe Company’s business model for managing the financial asset; and\n\n \n\n●\n\nthe contractual cash flow characteristics of the financial asset.\n\n \n\nAll income and expenses relating to financial assets that are recognized in profit or loss are\npresented within financing costs; except for impairment of trade receivables which is presented in the line item ‘Other costs, expenses and income, net’.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n22\n\nSubsequent measurement of financial assets\n\n \n\nFinancial assets at amortized cost\n\n \n\nFinancial assets are measured at amortized cost if the assets meet the following conditions:\n\n \n\n●\n\nthey are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and;\n\n \n\n●\n\nthe contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount\noutstanding.\n\nAfter initial recognition, these are measured at amortized cost using the effective interest method. The financial\nassets of the Company are not discounted since it is not material. The Company’s cash and cash equivalents, trade receivables and part of the other accounts receivable and accounts receivable from related parties fall into this category\nof financial instruments.\n\nImpairment of financial assets\n\n \n\nIFRS 9’s impairment requirements use more forward-looking information to recognize expected\ncredit losses – the ‘expected credit loss (ECL) model’. Instruments within the scope of the new requirements included mainly trade receivables, contract assets recognized and measured under IFRS 15, other accounts receivable and accounts\nreceivable from related parties.\n\n \n\nRecognition of credit losses considers a broader range of information when assessing credit\nrisk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.\n\n \n\nGrupo TMM makes use of a simplified approach in accounting for trade and other accounts receivables as well as\ncontract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial\ninstrument. In calculating, the Company uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses.\n\n \n\nThe Company assess impairment of trade receivables based on the characteristics of the business segment, when\nappropriate this assessment is made on a collective basis as they possess shared credit risk characteristics, they have been grouped based on the days past due. Refer to Note 24, for a detailed analysis of how the impairment requirements\nof IFRS 9 are applied.\n\n \n\nFinancial assets at fair value through profit or loss (FVTPL)\n\n \n\nThis category includes an equity investment held by Grupo\nTMM. Assets in this category are measured at fair value with gains or losses recognized in profit or loss. The fair value of the equity investment is determined by using a valuation technique since there is no active market for this\nfinancial asset, according to valuation technique, the fair value was determined under Level 2 fair value hierarchy and market approach, considering inputs other than quoted prices included within Level 1 that are directly observable\nfor the asset.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n23\n\nIn connection with the equity investment, as is mentioned in Note 1, despite the 99% participation of the Company, the later does not retain rights relating to designation of board members or key Management, also does not\nhave involvement in policy-making processes, relevant transactions, sharing managerial personnel or other essential resources. Therefore, the Company concluded that there is no significant influence according to IAS 28 “Investments in\nAssociates and Joint Ventures” and the investment is classified as equity investment in accordance with IFRS 9.\n\nClassification and measurement of financial liabilities\n\n \n\nThe Company’s financial liabilities include borrowings, trade, related parties and other payables. Financial\nliabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs. Subsequently, financial liabilities are measured at amortized cost using the effective interest method.\n\n \n\nAll interest-related charges are recognized in profit or loss within financing costs.\n\n \n\n4.13\n\nProvisions, contingent liabilities and contingent assets\n\n \n\nProvisions are recognized when the present obligations resulting from a past event will probably lead to an\noutflow of the Company economic resources and the amounts can be reliably estimated. Timing or amount of the outflow may still be uncertain. A present obligation arises from a presence of a legal or constructive commitment that has\nresulted from past events. Provisions are not recognized for future operating losses.\n\n \n\nProvisions are the estimated amounts required to be expended to settle the present obligation based on the most\nreliable evidence available at the date of the consolidated financial statements, including the risks and uncertainties associated with the present obligation. Provisions are discounted at their present value, where the time value of\nmoney is material. Provisions are included as part of the line item ‘Accounts payable and accrued expenses’; since they are not significant, it was not considered necessary to include other disclosures\nrequired by applicable standards.\n\nAll provisions are reviewed on the issuance of the financial statements and adjusted to reflect the current best\nestimate. When an outflow of economic resources for present obligations is not probable, this is not recognized as a liability, unless it was assumed in the course of a business combination. Such cases are disclosed as contingent\nliabilities unless the outflow of resources is remote.\n\n \n\nPossible inflows of the Company’s economic benefits, which do not yet meet the criteria for recognition of an\nasset, are considered as contingent assets.\n\n4.14\n\nIncome taxes\n\n \n\nCalculation of current income tax is based on tax rates and tax laws that have been enacted or substantially\nenacted to the reporting date of the consolidated financial statements.\n\n \n\nDeferred income tax is determined using the liability method, based on temporary differences arising between the\ntax basis of assets and liabilities and their carrying amounts in the financial statements. Determination of deferred income tax has considered tax rates that will be effective at the time of reversion of the temporary differences.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n24\n\nThe income tax expense in the consolidated statement of profit or loss includes the sum of the deferred tax, which\nhas not been recognized in other comprehensive income or directly in stockholders’ equity, and the current income tax for the year.\n\n \n\nDeferred tax assets are recognized to the extent that it is probable that future taxable profit against which\ntemporary differences can be utilized will be available (see Note 19).\n\n \n\nThis is assessed based on the Company’s forecast of future operating results, adjusted for significant items that\nare reconciled for the taxable income and the limits on the use of tax losses and other tax asset carryforwards.\n\n \n\nDeferred income tax is provided on temporary differences arising on investments in subsidiaries and associates,\nexcept where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.\n\nThe Company evaluates whether any tax position meets\nthe definition of uncertain tax treatment, based on the facts and circumstances at the reporting date. An uncertain tax treatment is a tax treatment that is likely to be challenged by the tax authority in hypothetical tax review. The\nCompany assesses the probability of the outcome using the most likely method and determines if a provision or disclosure is required based on the probability (see Note 26).\n\n \n\n4.15\n\nStatutory employee profit sharing (PTU for its acronym in Spanish)\n\n \n\nThe determination of PTU requires that a 10% rate be applied to the base calculated for that profit sharing, in accordance with\nthe Income Tax Law. This amount determined must be allocated to each employee based on the provisions of The Federal Labor (LFT for its acronym in Spanish). However, the amount allocated to each employee may not exceed the greater\nbetween the equivalent of 3 months of the employee’s current salary or the average of PTU received by the employee in the previous three years.\n\n \n\n4.16\n\nPost-employment benefits and benefits for short-term employees\n\n \n\nPost-employment benefits\n\n \n\nDefined benefit plans\n\n \n\nThe seniority pension to which employees are entitled after 15 years of service and after having retired at the age of 60,\nare expensed in the years in which the services are rendered (see Note 21).\n\nIn addition, the Company has pension plans for certain employees who retire after the age of 65 (or early retirement at 60\nor 55), in addition to having completed a minimum 15 years of service, which are expensed in the years in which the services are rendered (see Note 21).\n\n \n\nUnder the defined benefits plan, the pension amount an employee will receive upon retirement is determined in\nreference to the time of service and salary determined for each case based on the plan. The legal obligation of the benefits lies with Grupo TMM, even if the plan’s assets to finance the defined benefits plan are separate. The plan’s\nassets may include assets specifically designated in a long-term benefit fund.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n25\n\nThe liability recognized in the consolidated statement of financial position for the defined benefits plans is the\npresent value of the defined benefits obligation (DBO) as of the reporting date less the fair value of the plan assets.\n\n \n\nManagement estimates the DBO annually with the assistance of independent actuaries, based on the standard\ninflation rate, the salary growth rates, and the mortality rate. The discount factors are determined near the close of each year in reference to the high-quality corporate bonds that are denominated in the currency in which the benefits\nwill be paid and which have maturities similar to the terms of the corresponding pension liability.\n\n \n\nThe net cost for the defined benefits liability period is included in the item ‘Salaries, wages and employee\nbenefits’ in the consolidated statements of profit or loss.\n\n \n\nIndemnifications\n\n \n\nIndemnifications that are not substitutive of retirement, paid to personnel who leave the company due to\nrestructuring or any other reason, are charged to the operations for the period when incurred or provisions are created when there is a present obligation of these events, with a probability of an outflow of resources and this obligation\ncan be reasonably estimated. For the purposes of IAS 19 ‘Employee Benefits’, this concept is not considered a benefit within the scope of that standard; nevertheless, since it is considered an obligation assumed by the Company, the\ncorresponding liability is recognized based on actuarial calculations and, due to its nature, it is presented as part of the ‘Employee benefits’ line item in the consolidated statements of financial position.\n\nTermination of the employment relationship\n\nIndemnifications for termination correspond to the\nobligation due to the end of the employment relationship. These benefits are recognized when the employment contract finishes, and the Company provides payment for this concept.\n\n \n\nShort-term employee benefits\n\n \n\nShort-term employee benefits, including vacation entitlement, are short-term liabilities included in ‘Accounts\npayable and accrued expenses’, measured at the amount Grupo TMM expects to pay as a result of time not taken; as these liabilities are short-term, they were not discounted as their effect is considered immaterial.\n\n \n\n4.17\n\nStockholders’ equity\n\n \n\nCommon shares are classified as equity. Grupo TMM does not have other equity instruments in addition to its common\nshares.\n\n \n\nIncremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,\nnet of taxes, from the proceeds. Incremental costs directly attributable to the issue of new shares or options are included in the cost of acquisition as part of the purchase consideration.\n\n \n\nThe accumulated results include the profit (loss) for the year and previous periods.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n26\n\nOther components of stockholder’s equity include:\n\n \n\n●\n\nrevaluation surplus, including gains and losses from the revaluation of properties;\n\n \n\n●\n\nlegal reserve corresponds to the separation of earnings withheld for this reserve;\n\n●\n\nadditional paid-in capital is equivalent to the amount received in excess of the par value of the shares;\n\n \n\n●\n\ntranslation result represents the cumulative effect of the change in functional currency in previous years, and;\n\n \n\n●\n\nactuarial gains and losses include experience adjustments (the effects of differences between the previous actuarial assumptions and what has actually\noccurred); and the effects of changes in actuarial assumptions.\n\n4.18\n\nRecognition of revenue, costs and expenses, and financing costs\n\n \n\nRevenues\n\n \n\nCompany’s revenue arises mainly from services of maritime transportation, logistics and warehousing. To determine\nwhether to recognize revenue, the Company follows a 5-step process:\n\n \n\n1.\n\nIdentifying the contract with a customer.\n\n \n\n2.\n\nIdentifying the performance obligations.\n\n \n\n3.\n\nDetermining the transaction price.\n\n \n\n4.\n\nAllocating the transaction price to the performance obligations.\n\n \n\n5.\n\nRecognizing revenue when/as performance obligation(s) are satisfied.\n\n \n\nThe Company does not carry out transactions that involve different contracts and on which their characteristics\nmust be combined in accordance with IFRS. Moreover, transactions are not usually carried out that involve different services as part of the same contract; therefore, the total price of the transaction for a contract in all cases is\nallocated to a single performance obligation. The transaction price for contracts does not consider variable payments nor does it include financing components, nor are payments in kind, nor amounts collected on behalf of third parties and\nnor contemplate a financing component.\n\n \n\nAll revenues are recognized over time, as the customer simultaneously receives and consumes the benefits provided\nby the Company’s performance as the entity performs.\n\n \n\nWhen the Company satisfies a performance obligation before receiving the payment, the Company recognizes either a\ncontract asset or a receivable in its consolidated statement of financial position, depending upon if something else is required than only passage of time before the consideration becomes due. The Company generally does not receive\npayments in advance in connection with unsatisfied performance obligations; except for vessels repair services, therefore, of the latter, it is necessary to recognize contract liabilities, which balance at the reporting date is\ninsignificant.\n\n \n\nIn obtaining these contracts, the Company incurs immaterial incremental costs. Since the amortization period of\nthese costs would be less than one year, if capitalized, and also that those costs are immaterial, the Company makes use of the practical expedient in IFRS and expenses them as they incur.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n27\n\nOffshore and dredging vessels\n\n \n\nThese revenues derive from the transport of materials, personnel, equipment and spare parts, positioning and handling of anchors of marine\nplatforms and barges, support for inspection and underwater exploration with specialized vessels, protection services provided with ships against fire, and administration and operation of ships to third parties, as well as offshore and\nin-port fluid processing services, through Grupo TMM or third-party vessels, usually in periods of 1 year for ‘time charter’\ncontracts and 1 to 30 days,\nunder the ‘SPOT’ mode, the rate is fixed and is established at the beginning of the contract based on market prices.\n\nThe performance obligation is satisfied when the offshore services are provided and received by the customers, the revenues are recognized over\ntime on a straight-line basis over the term of each contract. Since the costs required to provide service under these contracts do not vary significantly, such method best depicts the transfer of services.\n\nParcel vessels and bulk carriers\n\n \n\nThese revenues are derived from the transportation of merchandise through the Company’s own shipments or third\nparties, usually in periods ranging between 7 to 30 days. The rate is fixed and it is set at the beginning of the contract, based on the space or capacity required by the customer. The performance obligation is met as the\nmerchandise is transported from the point of origin to the destination. Revenues are recognized over time on a straight-line basis during the term of each contract. Given that the costs required for rendering the service under these\ncontracts do not vary significantly, that method provides a reasonable representation of the services transferred. The contract for the transportation service of petrochemicals between the ports of Houston TX –Coatzacoalcos, Veracruz\nconcluded in December 2025 according to its contractual terms, without subsequent renewal, in line with the Company’s strategy to focus on higher profitability and operational efficiency; the bulk carrier service ceased operations\neffective in 2023, resuming operations in October 2025, under the spot service modality, mainly for steel transportation, through the hiring of third-party vessels according to market conditions.\n\nShip repair services (shipyard) and containers\n\n \n\nCorrespond to revenues for minor and major repairs and maintenance to ships made at the facilities of the Company\n(shipyard), as well as containers of shipping companies and others such as wharfage. The consideration for the services is fixed, and it is determined in the contract based on the work ordered, including materials and replacement parts,\nwhich must be realized in an estimated period for the work, which ranges from 2 days up to 60 days for ships, and from 1 day\nup to 6 days for containers. Wharfage depends on the considerations of the ship from 1 to 30 days for most services and occasionally up to\n90 days, due to the high degree of interdependence among the various elements of these services. They are recorded in the\naccounting as a single performance obligation. These revenues are recognized over time in conformity with the completion of the services agreed upon.\n\nThe Company measures its completion toward total compliance of the performance obligation by comparing real hours\ninvested up to the date with the total estimated hours required to perform the repair or maintenance, including related costs. This base reasonably represents services transferred to each customer, by virtue of the ability of the Company\nto make reliable estimates based on its historical experience in rendering these services.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n28\n\nOther services\n\n \n\nThe Company obtains immaterial revenues from other services such as,\nintermediation in the purchase and sale of hydrocarbons, agency, port formalities, among other things. These services are considered single performance obligations in terms of the respective contracts, and the consideration is entirely\nallocated to those performance obligations. Revenues are recognized over time, since customers receive and consume the benefits as the Company renders the services, that is, as the performance obligations are met. The Company does not\ngenerate asset balances or contract liabilities for most of these services. The Company acts as an agent for the specific case of agency and intermediation in the purchase and sale of hydrocarbons and, therefore, it recognizes the\nrevenues corresponding to the profit margin generated in the transaction.\n\nCosts and expenses\n\n \n\nThe costs and expenses for maritime, and those related to other logistics operations, are recognized in operations\nwhen the services are rendered, materials are consumed or as incurred.\n\n \n\nFinancing income and costs\n\n \n\nInterest income and expense are reported as accrued using the effective interest method and are reported within\nthe financing cost.\n\n \n\n4.19\n\nInformation by segments\n\n \n\nThe Company has four\noperating segments: maritime division, maritime infrastructure division, logistics, ports and terminals division and warehousing division. These operating segments are monitored by the\nCompany’s Chief Operating Decision Maker (CODM), which is the Chief Executive Officer, who is responsible for making strategic decisions, which are made based on adjusted operating segment results. In identifying its operating\nsegments. CODM follows Grupo TMM’s service lines, which represent the main services provided by the Company.\n\n \n\nEach of these operating segments is managed separately as each of these service lines requires different\ntechnologies and other resources as well as marketing approaches. All inter-segment transfers are carried out at market prices.\n\n \n\nThe accounting policies Grupo TMM uses for segment reporting are the same as those used in its consolidated\nfinancial statements, with the exception that corporate assets which are not directly attributable to the business activities of any operating segment are not allocated. In the financial periods presented, this primarily applies to Grupo\nTMM’s corporate headquarters.\n\n \n\n4.20\n\nSignificant management judgment in applying accounting policies and estimation uncertainty\n\n \n\nWhen preparing the consolidated financial statements, Management considers a number of judgments, estimates and\nassumptions about recognition and measurement of assets, liabilities, income and expenses.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n29\n\nSignificant management judgment\n\n \n\nThe reporting judgments made by Management as to the application of the accounting policies of the Company that\nwould have a material effect on the consolidated financial statements are described as follows:\n\nEvaluation of control, significant influence, and joint control\n\n \n\nManagement evaluates the terms of voting power with respect to its investees, the power to govern, decisions,\ncontractual and legal agreements, upon determining if there is control, significant influence, and joint control. Significant judgment is required by evaluating some of these characteristics that can be modified over time (see Note 4.2).\n\n \n\nEstimation uncertainty\n\n \n\nInformation about estimates and assumptions that have the most significant effect on the recognition and\nmeasurement of assets, liabilities, income and expenses is provided below; actual results may be substantially different.\n\nFair value measurement\n\nManagement uses valuation techniques to measure the\nfair value of its properties. This results in Management developing estimates and assumptions based on market information and using observable and unobservable data that would be used by market participants to assign a price to the\nasset. These fair value estimates for these non-financial assets can vary from the actual prices that would be achieved in an arm’s length transactions at the reporting date (see Note 23).\n\nImpairment of long-lived assets\n\n \n\nOn assessing impairment, Management determines the recoverable value of each cash generating unit based on the\nexpected future cash flows and determines an adequate interest rate to be able to calculate the present value of these cash flows.\n\n \n\nThe uncertainty in the estimate is related to the assumptions regarding results of future operations and the determination of\nappropriate discount rate. During 2025 and 2024, the Company performed impairment tests without determining impairment losses (see Note 11).\n\nDefined benefits obligation\n\n \n\nManagement’s estimate of the DBO is based on a number of critical assumptions, such as inflation rates, mortality\nrates, discount rate, and a consideration for future salary increases. The variances in these assumptions can impact the amount of the DBO and the corresponding annual expense for defined benefits (the analysis is provided in Note 21).\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n30\n\n5\n\nCash and cash equivalents\n\n \n\nCash and cash equivalents as of December 31, 2025 and 2024, are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nCash on hand\n\n \n\n$\n\n455\n\n \n\n \n\n$\n\n610\n\n \n\nCash in banks\n\n \n\n \n\n234,043\n\n \n\n \n\n \n\n143,421\n\n \n\nShort-term investments (a)\n\n \n\n \n\n260,101\n\n \n\n \n\n \n\n63,079\n\n \n\n \n\n \n\n$\n\n494,599\n\n \n\n \n\n$\n\n207,110\n\n \n\n(a)\n\nIncludes fix-term deposits (promissory notes) and purchase/resell transactions with terms up to 3 days.\n\nRestricted cash\n\n \n\nThe Company maintains restricted cash related to debt service with Banco Inbursa, S.A. and Bancomext, S.N.C.\n(see Note 12.1) in accordance with the contractual conditions of such debt. The amount of restricted cash is equivalent to a semi-annual interest payment that is replenished on each interest payment date.\n\n6\n\nTrade receivables\n\n \n\nTrade receivables as of December 31, 2025 and 2024, are summarized as\nfollows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nMaritime\n\n \n\n \n\n \n\n \n\n \n\n \n\nOffshore vessels\n\n \n\n$\n\n378,606\n\n \n\n \n\n$\n\n268,457\n\n \n\nParcel tankers\n\n \n\n \n\n2,515\n\n \n\n \n\n \n\n59,178\n\n \n\nShipping agencies\n\n \n\n \n\n951\n\n \n\n \n\n \n\n1,615\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMaritime infrastructure\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShipyard\n\n \n\n \n\n8,674\n\n \n\n \n\n \n\n16,771\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPorts, terminals and logistics\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPort services\n\n \n\n \n\n706\n\n \n\n \n\n \n\n127\n\n \n\nRepair of containers\n\n \n\n \n\n4,680\n\n \n\n \n\n \n\n8,581\n\n \n\nAutomotive services\n\n \n\n \n\n2,321\n\n \n\n \n\n \n\n2,798\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarehousing and other businesses\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWarehousing (a)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n41,827\n\n \n\nOther businesses\n\n \n\n \n\n1,699\n\n \n\n \n\n \n\n1,699\n\n \n\nTotal trade receivables\n\n \n\n \n\n400,152\n\n \n\n \n\n \n\n401,053\n\n \n\nContract assets\n\n \n\n \n\n281,676\n\n \n\n \n\n \n\n414,912\n\n \n\nAllowance for doubtful accounts\n\n \n\n \n\n(141,242\n\n)\n\n \n\n \n\n(119,124\n\n)\n\n \n\n \n\n$\n\n540,586\n\n \n\n \n\n$\n\n696,841\n\n \n\n(a)\n\nCorrespond to the loss of control of subsidiaries of the warehousing business during 2025, see Note 1.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n31\n\nIn 2025, the bank Banco Nacional de Obras y Servicios Públicos (Banobras), in coordination with the Ministry of Finance and Public Credit (SHCP for its\nacronym in Spanish), established a financial vehicle called ‘ONIX’ through which PEMEX will manage payments to suppliers for services rendered. The ONIX program will have resources of up to 250 billion pesos and is financed through credit programs from development banks, including Banobras, Nacional Financiera, S.N.C. (NAFIN) y Banco Nacional de\nComercio Exterior, S.N.C. (BANCOMEXT), as well as commercial banks and other institutional investors. The Company is currently part of the program, which has enabled a timelier recovery of accounts receivable for rendered services,\nsubject to compliance with the corresponding validation processes by PEMEX. As of December 31, 2025, and up to the date of issuance of the consolidated financial statements, the Company has recovered accounts receivable through this\nprogram in the amount of $756.3 million pesos.\n\nAll amounts are short-term. The net carrying value of trade accounts receivables is considered a reasonable approximation to fair value.\n\n \n\nThe activity in the allowance for doubtful accounts is presented below:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nBalance as of January 1\n\n \n\n$\n\n119,124\n\n \n\n \n\n$\n\n28,612\n\n \n\nImpairment loss for the period\n\n \n\n \n\n50,921\n\n \n\n \n\n \n\n91,113\n\n \n\nReduction for loss of control of subsidiaries\n\n \n\n \n\n(21,675\n\n)\n\n \n\n \n\n-\n\n \n\nReceivables written off during the year\n\n \n\n \n\n(7,128\n\n)\n\n \n\n \n\n(601\n\n)\n\nBalance as of December 31\n\n \n\n$\n\n141,242\n\n \n\n \n\n$\n\n119,124\n\n \n\nNote 24 includes disclosures related to credit risk exposures and the analysis related to the allowance for expected credit losses. In 2025 and 2024 the impairment loss was\ncalculated applying the expected credit loss model in accordance with IFRS 9.\n\n7\n\nOther accounts receivable\n\n \n\nOther accounts receivable as of December 31, 2025 and 2024, are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nCurrent\n\n \n\n \n\n \n\n \n\n \n\n \n\nRecoverable taxes\n\n \n\n$\n\n143,263\n\n \n\n \n\n$\n\n195,242\n\n \n\nEmployees\n\n \n\n \n\n81\n\n \n\n \n\n \n\n94\n\n \n\nOthers\n\n \n\n \n\n5,497\n\n \n\n \n\n \n\n15,505\n\n \n\n \n\n \n\n \n\n148,841\n\n \n\n \n\n \n\n210,841\n\n \n\nNon-current\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nValue added tax recoverable (a)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n63,019\n\n \n\n \n\n \n\n$\n\n148,841\n\n \n\n \n\n$\n\n273,860\n\n \n\n \n\n(a)\n\nAs of December 31, 2024, the Value Added Tax (VAT) recovery processes had been prolonged by the tax authorities by extending the\nrecovery periods; during 2025 an improvement was observed in the recovery and accreditation of VAT receivable balances.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n32\n\n8\n\nProperty and operating equipment\n\n \n\nProperty and equipment as of December 31, 2025 and 2024 are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\nLands\n\n \n\n \n\nConstruc-\n\ntion in\n\nprogress\n\n \n\n \n\n \n\nBuildings\n\nand\n\nfacilities\n\n \n\n \n\nMaritime\n\nand\n\ntranspor-\n\ntation\n\nequipment\n\n \n\n \n\n \n\nOther\n\nequipment\n\n \n\n \n\nTotal\n\n \n\nGross carrying amount\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1\n\n \n\n$\n\n1,442,648\n\n \n\n \n\n$\n\n687,412\n\n \n\n \n\n \n\n$\n\n114,044\n\n \n\n \n\n$\n\n178,009\n\n \n\n \n\n \n\n$\n\n85,130\n\n \n\n \n\n$\n\n2,507,243\n\n \n\nAdditions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n685,686\n\n \n\n(a)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,199\n\n \n\n \n\n \n\n \n\n755\n\n \n\n \n\n \n\n691,640\n\n \n\nTransfers\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,221,503\n\n)\n\n(a)\n\n \n\n \n\n(9,421\n\n)\n\n \n\n \n\n1,218,065\n\n(a)\n\n \n\n \n\n(1,524\n\n)\n\n \n\n \n\n(14,383\n\n)\n\nDisposals (b)\n\n \n\n \n\n(82,410\n\n)\n\n \n\n \n\n(39,727\n\n)\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,769\n\n)\n\n \n\n \n\n \n\n(12,875\n\n)\n\n \n\n \n\n(137,781\n\n)\n\nBalance as of December 31\n\n \n\n \n\n1,360,238\n\n \n\n \n\n \n\n111,868\n\n \n\n \n\n \n\n \n\n104,623\n\n \n\n \n\n \n\n1,398,504\n\n \n\n \n\n \n\n \n\n71,486\n\n \n\n \n\n \n\n3,046,719\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDepreciation and impairment\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(21,313\n\n)\n\n \n\n \n\n(158,212\n\n)\n\n \n\n \n\n \n\n(56,419\n\n)\n\n \n\n \n\n(235,944\n\n)\n\nDisposals\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n7,491\n\n \n\n \n\n \n\n(11,940\n\n)\n\n \n\n \n\n \n\n25,936\n\n \n\n \n\n \n\n21,487\n\n \n\nDepreciation\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(11,758\n\n)\n\n \n\n \n\n(69,830\n\n)\n\n \n\n \n\n \n\n(18,135\n\n)\n\n \n\n \n\n(99,723\n\n)\n\nBalance as of December 31\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(25,580\n\n)\n\n \n\n \n\n(239,982\n\n)\n\n \n\n \n\n \n\n(48,618\n\n)\n\n \n\n \n\n(314,180\n\n)\n\nCarrying amount as of December 31\n\n \n\n$\n\n1,360,238\n\n \n\n \n\n$\n\n111,868\n\n \n\n \n\n \n\n$\n\n79,043\n\n \n\n \n\n$\n\n1,158,522\n\n \n\n \n\n \n\n$\n\n22,868\n\n \n\n \n\n$\n\n2,732,539\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\nLands\n\n \n\n \n\nConstruc-\n\ntion in\n\nprogress\n\n \n\n \n\n \n\nBuildings\n\nand\n\nfacilities\n\n \n\n \n\nMaritime\n\nand\n\ntranspor-\n\ntation\n\nequipment\n\n \n\n \n\nOther\n\nequipment\n\n \n\n \n\nTotal\n\n \n\nGross carrying amount\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1\n\n \n\n$\n\n1,419,674\n\n \n\n \n\n$\n\n230,406\n\n \n\n \n\n \n\n$\n\n114,044\n\n \n\n \n\n$\n\n193,882\n\n \n\n \n\n$\n\n75,402\n\n \n\n \n\n$\n\n2,033,408\n\n \n\nAdditions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n462,622\n\n \n\n(a)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,060\n\n \n\n \n\n \n\n10,844\n\n \n\n \n\n \n\n474,526\n\n \n\nRevaluation\n\n \n\n \n\n22,974\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n22,974\n\n \n\nDisposals\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(5,616\n\n)\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(16,933\n\n)\n\n \n\n \n\n(1,116\n\n)\n\n \n\n \n\n(23,665\n\n)\n\nBalance as of December 31\n\n \n\n \n\n1,442,648\n\n \n\n \n\n \n\n687,412\n\n \n\n \n\n \n\n \n\n114,044\n\n \n\n \n\n \n\n178,009\n\n \n\n \n\n \n\n85,130\n\n \n\n \n\n \n\n2,507,243\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDepreciation and impairment\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(13,011\n\n)\n\n \n\n \n\n(149,941\n\n)\n\n \n\n \n\n(44,324\n\n)\n\n \n\n \n\n(207,276\n\n)\n\nDisposals\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n73\n\n \n\n \n\n \n\n15,356\n\n \n\n \n\n \n\n954\n\n \n\n \n\n \n\n16,383\n\n \n\nDepreciation\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(8,375\n\n)\n\n \n\n \n\n(23,627\n\n)\n\n \n\n \n\n(13,049\n\n)\n\n \n\n \n\n(45,051\n\n)\n\nBalance as of December 31\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(21,313\n\n)\n\n \n\n \n\n(158,212\n\n)\n\n \n\n \n\n(56,419\n\n)\n\n \n\n \n\n(235,944\n\n)\n\nCarrying amount as of December 31\n\n \n\n$\n\n1,442,648\n\n \n\n \n\n$\n\n687,412\n\n \n\n \n\n \n\n$\n\n92,731\n\n \n\n \n\n$\n\n19,797\n\n \n\n \n\n$\n\n28,711\n\n \n\n \n\n$\n\n2,271,299\n\n \n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n33\n\nAll the amounts for depreciation and for loss from revaluation are included as part of the depreciation, amortization, and loss from revaluation on the consolidated statements of\nprofit or loss.\n\n \n\n(a)\n\nAs of December 31, 2024, the balance of construction in progress and the additions made during 2025 mainly consist of costs attributable to the\nacquisition of the project for a floating dock and the mud vessels TMM Alfa and TMM Gama. During 2025 the acquisitions were completed, so transfers were made to the line items ‘Maritime Equipment’ and ‘Floating Dock’ for $825,471 and $392,594,\nrespectively.\n\n \n\n(b)\n\nThe dispositions are mainly comprised of the deconsolidation of assets due to the loss of control of subsidiaries effective October 1, 2025.\n\n \n\n \n\nIf the cost model had been used, the revalued carrying amounts for land and properties as of December 31, 2025 and 2024, would be as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nLands\n\n \n\n$\n\n847,745\n\n \n\n \n\n$\n\n847,745\n\n \n\nProperties\n\n \n\n \n\n179,359\n\n \n\n \n\n \n\n188,799\n\n \n\n \n\n \n\n$\n\n1,027,104\n\n \n\n \n\n$\n\n1,036,544\n\n \n\n \n\nThe revalued amounts include a revaluation surplus of $684,766 and\n$712,333 in 2025 and 2024, respectively, which is presented as ‘Other components of equity’ and is not available for\ndistribution to stockholders (see Note 15).\n\n \n\nFair value measurement\n\n \n\nSee Note 23 regarding the measuring of fair value for properties.\n\n \n\nGuarantees\n\n \n\nAs of December 31, 2025 and 2024, a property owned by the Company was pledged as collateral in connection with financing entered into with Banco Nacional de\nComercio Exterior (BANCOMEXT), intended for the acquisition of the floating dock, including the establishment of real guarantees over it. In addition, as of December 31, 2025, the financing entered into with Grupo Financiero Inbursa for\nthe acquisition of two vessels is secured by a maritime mortgage on said vessels and the assignment as collateral of the\ncollection rights arising from contracts with PEMEX. Additionally, as of December 31, 2025, the financing entered into with Atrafin LLC involves the participation of Grupo TMM, S.A.B. as a joint obligor, which implies joint\nresponsibility in fulfilling such obligations, without any requirement having been made to date for the joint obligor to fulfill these obligations.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n34\n\n9\n\nLeases\n\n \n\nRight-of-use assets\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n \n\nWarehouse\n\n \n\n \n\nCranes\n\n \n\n \n\nCourtyards\n\n \n\n \n\nDock\n\n \n\n \n\nTotal\n\n \n\nGross carrying amount\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1, 2025\n\n \n\n$\n\n107,605\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n49,569\n\n \n\n \n\n$\n\n22,135\n\n \n\n \n\n$\n\n179,309\n\n \n\nDisposals (a)\n\n \n\n \n\n(107,605\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,998\n\n)\n\n \n\n \n\n(22,135\n\n)\n\n \n\n \n\n(131,738\n\n)\n\nBalance as of December 31, 2025\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n47,571\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n47,571\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDepreciation\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of January 1, 2025\n\n \n\n \n\n(87,903\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,066\n\n)\n\n \n\n \n\n(22,135\n\n)\n\n \n\n \n\n(112,104\n\n)\n\nDisposals\n\n \n\n \n\n93,878\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,196\n\n \n\n \n\n \n\n22,135\n\n \n\n \n\n \n\n122,209\n\n \n\nDepreciation\n\n \n\n \n\n(5,975\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(6,395\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(12,370\n\n)\n\nBalance as of December 31, 2025\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,265\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,265\n\n)\n\nCarrying amount December 31, 2025\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n45,306\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n45,306\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n \n\nWarehouse\n\n \n\n \n\nCranes\n\n \n\n \n\nCourtyards\n\n \n\n \n\nDock\n\n \n\n \n\nTotal\n\n \n\nGross carrying amount\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\nBalance as of January 1, 2024\n\n \n\n$\n\n150,625\n\n \n\n \n\n$\n\n4,977\n\n \n\n \n\n$\n\n56,564\n\n \n\n \n\n$\n\n22,135\n\n \n\n \n\n$\n\n234,301\n\n \n\nDisposals\n\n \n\n \n\n(43,020\n\n)\n\n \n\n \n\n(4,977\n\n)\n\n \n\n \n\n(6,995\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(54,992\n\n)\n\nBalance as of December 31, 2024\n\n \n\n$\n\n107,605\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n49,569\n\n \n\n \n\n$\n\n22,135\n\n \n\n \n\n$\n\n179,309\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\n \n\nDepreciation\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\nBalance as of January 1, 2024\n\n \n\n \n\n(53,495\n\n)\n\n \n\n \n\n(4,561\n\n)\n\n \n\n \n\n(7,542\n\n)\n\n \n\n \n\n(20,752\n\n)\n\n \n\n \n\n(86,350\n\n)\n\nDisposals\n\n \n\n \n\n21,510\n\n \n\n \n\n \n\n4,977\n\n \n\n \n\n \n\n11,312\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n37,799\n\n \n\nDepreciation\n\n \n\n \n\n(55,918\n\n)\n\n \n\n \n\n(416\n\n)\n\n \n\n \n\n(5,836\n\n)\n\n \n\n \n\n(1,383\n\n)\n\n \n\n \n\n(63,553\n\n)\n\nBalance as of December 31, 2024\n\n \n\n \n\n(87,903\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,066\n\n)\n\n \n\n \n\n(22,135\n\n)\n\n \n\n \n\n(112,104\n\n)\n\nCarrying amount December 31, 2024\n\n \n\n$\n\n19,702\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n47,503\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n67,205\n\n \n\n \n\n(a)\n\nCorresponds to disposals due to operational reorganization in the logistics and storage\nsegments.\n\nLease liabilities\n\n \n\nAs of December 31, 2025 and 2024, lease liabilities is presented in the consolidated statement of financial position and is summarized as follows:\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n35\n\n \n\nShort-term\n\n \n\nLong-term\n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\nPayable in Mexican pesos\n\n \n\n \n\n \n\n \n\n \n\n \n\nCourtyards\n\n \n\n$\n\n4,504\n\n \n\n \n\n$\n\n41,701\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\nPayable in Mexican pesos\n\n \n\n \n\n \n\n \n\n \n\n \n\nWarehouse\n\n \n\n$\n\n18,636\n\n \n\n \n\n$\n\n15,545\n\n \n\nCourtyards\n\n \n\n \n\n3,783\n\n \n\n \n\n \n\n44,638\n\n \n\n \n\n \n\n$\n\n22,419\n\n \n\n \n\n$\n\n60,183\n\n \n\nGrupo TMM leases warehouses for the storage service, cranes for the logistics services and a major vessel maintenance. With the exception of short-term leases and low-value\nunderlying assets, each lease is reflected on the consolidated statement of financial position as a right-of-use asset and a lease liability.\n\n \n\nEach lease generally imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to another party, the right-of-use\nasset can only be used by the Company.\n\n \n\nLeases are either non-cancellable or may only be cancelled by incurring a substantive termination fee. Some leases contain an option to extend the lease for\na further term.\n\n \n\nGrupo TMM is prohibited from selling or pledging the underlying leased assets as guarantee. For leases over office buildings and warehouses, Grupo TMM must\nkeep those properties in a good state of repair and return the properties. Further, Grupo TMM must insure items of leases assets and incur maintenance fees on such items in accordance with the lease contracts.\n\nThe table below describes the nature of Grupo TMM’s leasing activities by type of right-of-use asset recognized in the consolidated statement of financial position:\n\n \n\nRight-of-use asset\n\n \n\nNo. of\n\nright-of-use\n\nassets\n\nleased\n\n \n\n \n\nRange of\n\nremaining\n\nterm\n\n(years)\n\n \n\n \n\nNo. of\n\nleases with\n\nextension\n\noptions\n\n \n\n \n\nNo. of\n\nleases with\n\npurchase\n\noption\n\n \n\n \n\nNo. of\n\nleases with\n\nvariable\n\npayments\n\nlinked to an\n\nindex\n\n \n\n \n\nNo. of\n\nleases with\n\ntermination\n\noptions\n\n \n\nWarehouse (a)\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\n \n\n-\n\n \n\nCourtyards\n\n \n\n \n\n1\n\n \n\n \n\n \n\n2 – 8\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1\n\n \n\n \n\n \n\n-\n\n \n\n(a)\n\nIt corresponds to the lease of 2 warehouses that had terms between 2\nand 8 years, which were terminated early during 2025.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n36\n\nLease liabilities are guaranteed with related underlying assets. Future minimum lease payments as of December 31, 2025 and 2024 were as follows\n\n \n\n \n\n \n\nWithin the\n\n1st year\n\n \n\n \n\n1 to 3 years\n\n \n\n \n\n3 to 5 years\n\n \n\n \n\nAfter 5\n\nyears\n\n \n\n \n\nTotal\n\n \n\nBalance as of December 31, 2025\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\nLease payments\n\n \n\n$\n\n10,717\n\n \n\n \n\n$\n\n21,431\n\n \n\n \n\n$\n\n21,432\n\n \n\n \n\n$\n\n17,861\n\n \n\n \n\n$\n\n71,441\n\n \n\nFinancial charges\n\n \n\n \n\n(6,213\n\n)\n\n \n\n \n\n(10,297\n\n)\n\n \n\n \n\n(6,706\n\n)\n\n \n\n \n\n(2,020\n\n)\n\n \n\n \n\n(25,236\n\n)\n\nNet present value\n\n \n\n$\n\n4,504\n\n \n\n \n\n$\n\n11,134\n\n \n\n \n\n$\n\n14,726\n\n \n\n \n\n$\n\n15,841\n\n \n\n \n\n$\n\n46,205\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance as of December 31, 2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLease payments\n\n \n\n$\n\n34,518\n\n \n\n \n\n$\n\n29,212\n\n \n\n \n\n$\n\n26,574\n\n \n\n \n\n$\n\n36,075\n\n \n\n \n\n$\n\n126,379\n\n \n\nFinancial charges\n\n \n\n \n\n(12,099\n\n)\n\n \n\n \n\n(14,693\n\n)\n\n \n\n \n\n(10,831\n\n)\n\n \n\n \n\n(6,154\n\n)\n\n \n\n \n\n(43,777\n\n)\n\nNet present value\n\n \n\n$\n\n22,419\n\n \n\n \n\n$\n\n14,519\n\n \n\n \n\n$\n\n15,743\n\n \n\n \n\n$\n\n29,921\n\n \n\n \n\n$\n\n82,602\n\n \n\n \n\nLease payments not recognized as a liability\n\n \n\nThe Company has elected not to recognize a lease liability for short-term leases (leases with an expected term of 12 months or less) or for leases of low-value assets. Payments\nmade under such leases are expensed on a straight-line basis.\n\n \n\nThe expense relating to payments not included in the measurement of the lease liability is as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nShort-term leases (a)\n\n \n\n$\n\n745,349\n\n \n\n \n\n$\n\n803,420\n\n \n\n \n\n$\n\n523,174\n\n \n\nLeases of low-value assets\n\n \n\n \n\n10,920\n\n \n\n \n\n \n\n10,399\n\n \n\n \n\n \n\n8,294\n\n \n\n \n\n \n\n$\n\n756,269\n\n \n\n \n\n$\n\n813,819\n\n \n\n \n\n$\n\n531,468\n\n \n\n \n\n(a)\n\nCorresponds to the leasing of dredging and parcel tankers vessels, as well as the corporate offices.\n\n \n\nAs of December 31, 2025 and 2024, Grupo TMM was committed on short-term leases and total commitment at that date was $11,070 and $67,204, respectively.\n\nAs of December 31, 2025 and 2024, Grupo TMM had no lease\ncommitments that had not yet started.\n\nTotal cash outflow for leases for the years ended December 31, 2025, 2024 and 2023 were $767,339\n,$881,023, and $609,905\nrespectively.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n37\n\n10\n\nIntangible assets\n\n \n\nIntangible assets as of December 31, 2025 and 2024, are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n \n\nNet\n\nbalances at\n\nbeginning\n\nof year\n\n \n\n \n\nAdditions\n\n \n\n \n\nTransfers\n\nand others\n\n \n\n \n\nAmortization\n\n \n\n \n\nNet\n\nbalances at\n\nyear end\n\n \n\n \n\nEstimated\n\nuseful life\n\n(years)\n\n \n\nSoftware\n\n \n\n$\n\n30,930\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n3,601\n\n \n\n \n\n$\n\n27,329\n\n \n\n \n\n3 and 5\n\n \n\nTrademark (a)\n\n \n\n \n\n125,528\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\n125,528\n\n \n\n \n\nIndefinite\n\n \n\n \n\n \n\n$\n\n156,458\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n3,601\n\n \n\n \n\n$\n\n152,857\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n2024\n\n \n\n \n\n \n\nNet\n\nbalances at\n\nbeginning\n\nof year\n\n \n\n \n\nAdditions\n\n \n\n \n\nTransfers\n\nand others\n\n \n\n \n\nAmortization\n\n \n\n \n\nNet\n\nbalances at\n\nyear end\n\n \n\n \n\nEstimated\n\nuseful life\n\n(years)\n\n \n\nSoftware\n\n \n\n$\n\n34,588\n\n \n\n \n\n$\n\n-\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n3,658\n\n \n\n \n\n$\n\n30,930\n\n \n\n \n\n3 and 5\n\n \n\nTrademark (a)\n\n \n\n \n\n125,528\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\n125,528\n\n \n\n \n\nIndefinite\n\n \n\n \n\n \n\n$\n\n160,116\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n3,658\n\n \n\n \n\n$\n\n156,458\n\n \n\n \n\n \n\n \n\n \n\n \n\n(a)\n\nCorresponds to the rights on the ‘Marmex’ trademark associated with the maritime division segment, specifically the\noffshore vessels operation. This trademark is subject to annual impairment testing (see Note 11). The trademark is considered an intangible asset with an indefinite life since it is not possible to determine a specific time frame\nfor the future economic benefits expected to be obtained; likewise, there is a high degree of certainty of maintaining the contractual rights of the trademark indefinitely.\n\n \n\nThe accumulated amortization of intangible assets as of December 31, 2025 and 2024, is $20,718 and $17,117, respectively.\n\n \n\n11\n\nImpairment of long-lived assets\n\n \n\nImpairment test\n\n \n\nThe Group performs annual impairment tests on cash-generating unit related to the trademark or more frequently if there are indicators that such or other\ncash-generating units may be impaired.\n\nFor the purpose of the annual impairment test, the carrying\namount of the trademark of $125,528, in both years, is allocated to the cash-generating unit expected to benefit from\nits use, in this case in the maritime division segment. The recoverable amount was determined based on the value in use.\n\nThe calculation of the value in use is determined by covering a detailed 5-year forecast, approved by Management, with expected cash flows beyond the 5-year period\nextrapolated over the remaining useful lives using a declining growth rate determined by Management. The present value of the expected cash flows of the cash-generating unit is determined by applying an appropriate discount rate,\nwhich reflects the assessment of current market conditions of the time value of money and specific risks applicable.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n38\n\nThe value of the key assumptions used reflects historical data from external and internal sources and are shown below:\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nGrowth rate\n\n \n\n2.5\n\n%\n\n \n\n2.4\n\n%\n\nDiscount rate\n\n \n\n \n\n9.21\n\n%\n\n \n\n \n\n9.49\n\n%\n\n \n\nAs of December 31, 2025 and 2024, no\nimpairment losses were determined for these assets.\n\n \n\nGrowth rate\n\n \n\nThe growth rates reflect the long-term average for rates for the operating segment. At this stage and considering the Group’s direct exposure to climate\nchanges, Management has considered that growth rates have not been significantly affected and remain consistent with the long-term outlook of its industry and the expectations of market participants.\n\n \n\nDiscount rate\n\n \n\nThe discount rate reflects adequate adjustments associated with the market risk and the specific risk factors.\n\n \n\nCash flow assumptions\n\n \n\nThe key assumptions of Management for the operating segments include stable profit margins, which have been determined based on experience in this market.\nGrupo TMM Management considers this to be the best information available to forecast this market. The cash flow projections reflect stable profit margins achieved before the period covered by said projections. At this stage, these assumptions and\nthe Company’s climate strategy have not resulted in a material impact on the recoverable amount of its long-lived assets.\n\n \n\nNo consideration has been given to efficiency improvements and prices reflect the inflation projected for the industry, which are publicly available.\n\n \n\nIn addition to the considerations described above for determining the value in use of the cash-generating unit, Management is currently not aware of any other\nprobable change of the key assumptions that could cause the carrying amount of the cash-generating unit to be greater than the recoverable amount, therefore disclosures about sensitivities in the assumptions are not considered\nrelevant.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n39\n\n12\n\nFinancial assets and liabilities\n\n \n\nCategories of financial assets and liabilities\n\n \n\nThe financial assets and liabilities as of December 31, 2025 and 2024, are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nFinancial assets\n\n \n\n \n\n \n\n \n\n \n\n \n\nValued at amortized cost\n\n \n\n \n\n \n\n \n\n \n\n \n\nCash\n\n \n\n$\n\n234,498\n\n \n\n \n\n$\n\n144,031\n\n \n\nRestricted cash\n\n \n\n \n\n257,415\n\n \n\n \n\n \n\n-\n\n \n\nTrade receivables\n\n \n\n \n\n258,910\n\n \n\n \n\n \n\n281,929\n\n \n\nOther accounts receivable\n\n \n\n \n\n5,578\n\n \n\n \n\n \n\n15,599\n\n \n\nRelated parties\n\n \n\n \n\n70,969\n\n \n\n \n\n \n\n74,187\n\n \n\n \n\n \n\n827,370\n\n \n\n \n\n \n\n515,746\n\n \n\nValued at FVTPL\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash equivalents\n\n \n\n \n\n260,101\n\n \n\n \n\n \n\n63,079\n\n \n\nEquity investment\n\n \n\n \n\n52,000\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n312,101\n\n \n\n \n\n \n\n63,079\n\n \n\nTotal financial assets\n\n \n\n$\n\n1,139,471\n\n \n\n \n\n$\n\n578,825\n\n \n\nFinancial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nValued at amortized cost\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial debt\n\n \n\n$\n\n1,058,908\n\n \n\n \n\n$\n\n477,048\n\n \n\nTrade payables\n\n \n\n \n\n316,025\n\n \n\n \n\n \n\n356,200\n\n \n\nAccounts payable and accrued expenses\n\n \n\n \n\n356,632\n\n \n\n \n\n \n\n514,964\n\n \n\nRelated parties\n\n \n\n \n\n192,045\n\n \n\n \n\n \n\n172,409\n\n \n\nTotal financial liabilities\n\n \n\n$\n\n1,923,610\n\n \n\n \n\n$\n\n1,520,621\n\n \n\n \n\nAs of December 31, 2025, and 2024, the carrying value of the financial assets and liabilities at amortized cost is considered similar to their fair value.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n40\n\n12.1 Financial debt\n\n \n\nThe information for financing as of December 31, 2025, and 2024 is summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\nShort-term\n\n \n\n \n\nLong-term\n\n \n\n \n\nShort-term\n\n \n\n \n\nLong-term\n\n \n\nPayable in Mexican pesos\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOthers investors\n\n \n\n$\n\n10,681\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n11,711\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\n \n\nTwo unsecured loans were contracted, each for\n$6.0 million at a fixed annual rate of 15.0%, with principal and interest payments due, originally in October 2020.\nIn January 2021, a principal payment of $1.0 million was made to each line. As part of the negotiations carried out by\nthe Company, new conditions were agreed for each line, increasing the interest rate by 0.25%, as well as extending the\nmaturity date to October 2023. As of December 31, 2025 it shows a balance of $6.6 million and was subject to a renegotiation in 2026 with a write-down on the balance, resulting in a revised balance of $4.0 million, payable in March and April 2026.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIn July 2021, a credit line with multiple drawdowns was contracted, the first being made on July 28, 2021. The balance as of December 31, 2025, is $5,061 million with a rate of 15%.\nThe credit remains enforceable and the due date was extended to December 31, 2028\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nHewlett Packard\n\n \n\n \n\n147\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n192\n\n \n\n \n\n \n\n147\n\n \n\nCredit line was contracted for $622.5, at a fixed rate of 9.87%, monthly payments of principal and interest on with initial maturity in December 2025, with a subsequent renegotiation on July 14, 2022, establishing a fixed rate of 11.20% and\nmaturity in September 2026.\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[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n41\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\nShort-term\n\n \n\n \n\nLong-term\n\n \n\n \n\nShort-term\n\n \n\n \n\nLong-term\n\n \n\nDesarrollo del Crédito Sustentable, S.A. de C.V.\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\nSOFOM, Non regulated entity\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n34,010\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\nIn March 2023, a line of credit was contracted for $7.7 million at a\nfixed annual rate of 13.50%, maturing in March 2024.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIn April 2023 a line of credit was contracted for $11.6\nmillion and in June 2023 a line of credit was contracted for $5.651 million, both at an annual fixed rate of 13.50%, with maturity dates in April\nand June 2024, respectively.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThese credits were paid in the first quarter of 2025.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGrupo MSQR, S.A.P.I. de C.V. SOFOM\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n18,000\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\n \n\nIn September 2024, a line of credit was signed for $18,000\nmillion, at a fixed monthly rate of 2%, monthly payments of ordinary interest on the outstanding principal balance\nmaturing in March 2025. As of October 1, 2025, this line of credit stopped being consolidated due to the loss of\ncontrol of ADEMSA.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDaimler Financial Services México,\nS. de R.L. de C.V.\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n320\n\n \n\n \n\n \n\n-\n\n \n\nRecognition of debt and substitution of debtor for $40.9 million at a\nfixed rate of 12%, with monthly payments of principal and interest with various subsequent recognitions of debt and\nmodifications in payment terms and interest rates, in the latter case up to 13%. These loans were paid in the first\nquarter of 2025.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest payable\n\n \n\n \n\n2,228\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n11,544\n\n \n\n \n\n \n\n-\n\n \n\nTotal debt payable in Mexican Pesos\n\n \n\n \n\n13,056\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n75,777\n\n \n\n \n\n \n\n147\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\nPayable in US dollars\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\nBanco Inbursa, S.A.\n\n \n\n \n\n97,017\n\n \n\n \n\n \n\n601,706\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nIn January 2025, a financing contract was signed with Grupo Financiero Inbursa for $40.5\nmillion dollars at an annual rate of SOFR + 5%, with semiannual principal and interest payments until January 2031, for the purchase of two specialized vessels called “Mud vessels” designed and converted by the technical team of the\n‘Maritime Division’. This transaction involves a guarantee on said vessels.\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[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n42\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\nShort-term\n\n \n\n \n\nLong-term\n\n \n\n \n\nShort-term\n\n \n\n \n\nLong-term\n\n \n\nBancomext, S.N.C.\n\n \n\n \n\n19,662\n\n \n\n \n\n \n\n273,759\n\n \n\n \n\n \n\n10,368\n\n \n\n \n\n \n\n335,222\n\n \n\nIn 2024, a new floating dock was acquired through financing provided by Bancomext for $16.8 million dollars, equivalent to approximately 85%\nof its value at a rate of SOFR + 2.35% with quarterly payments of principal and interest and maturing in 2034. This transaction involves a mortgage guarantee of a property, as well as the\nmaritime mortgage guarantee of the floating dock acquired and collections from current service contracts with PEMEX.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAtrafin LLC\n\n \n\n \n\n8,334\n\n \n\n \n\n \n\n20,835\n\n \n\n \n\n \n\n6,820\n\n \n\n \n\n \n\n33,323\n\n \n\nIn February 2024, a financing contract was signed with Eximbank (Atrafin LLC DBA America Trade & Finance Company) for $2.3 million at an annual rate of 6.89%\nwith semi-annual payments of principal and interest for working capital in the acquisition of mud vessels with maturity in March 2029.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nHewlett Packard\n\n \n\n \n\n4,645\n\n \n\n \n\n \n\n579\n\n \n\n \n\n \n\n9,423\n\n \n\n \n\n \n\n5,968\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\nTwo lines of credit for $607.8 thousand\ndollars and $201.6 thousand dollars, at a fixed rate of 6.84% and 6.13%, monthly payments of principal and interest on\nunpaid balances and maturing in March and October 2024, respectively.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIn order to continue with the Company’s technological transformation strategy, 3 additional simple credit lines were contracted for $86.6 thousand dollars, $96.9\nthousand dollars and $ 252.1 thousand dollars, at a fixed rate of 5.96%, 7.16% and 4.58% fixed annual, respectively, monthly payments of principal and interest on unpaid balances and maturing in March, April and August 2025.\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\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIn January 2021, two additional lines were contracted for $43.3 thousand dollars and $385.0 thousand\ndollars, at a fixed rate of 5.14% and 4.76%, monthly payments of principal and interest on unpaid balances and maturity in December 2025.\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDuring 2022 and 2023, the contracts were renegotiated with the following conditions for each line, increasing the rate by 0.25%, as well as extending the maturity date to March 31, 2027.\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTransactions costs\n\n \n\n \n\n(16,196\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nInterest payable\n\n \n\n \n\n35,511\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal debt payable in US dollars\n\n \n\n \n\n148,973\n\n \n\n \n\n \n\n896,879\n\n \n\n \n\n \n\n26,611\n\n \n\n \n\n \n\n374,513\n\n \n\nTotal financial debt\n\n \n\n$\n\n162,029\n\n \n\n \n\n$\n\n896,879\n\n \n\n \n\n$\n\n102,388\n\n \n\n \n\n$\n\n374,660\n\n \n\nCovenants\n\n \n\nSome of the agreements related to the abovementioned loans contain certain covenants to the Company such as to maintain certain financial ratios, restricting the payment of dividends, not reducing the capital stock and not splitting, as\nwell as conditioning the sale of assets, the foregoing without prior authorization from the creditor; likewise, in some cases, a copy of quarterly and audited annual financial statements must be delivered, as well as reasonable\ninformation requested by the creditor. As of December 31, 2025, and 2024, Grupo TMM and subsidiaries complied with the covenants set forth in those contracts. Grupo TMM considers that it will continue to meet those debt covenants after\nthe reporting date.\n\nThe interest expense on the financial debt was $97,490, $13,465 and $9,411, for the\nyears ended December 31, 2025, 2024 and 2023, respectively.\n\nThe maturity of the long-term financial debt as of December 31, 2025 and 2024 is as follows:\n\n \n\nMaturity\n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n2026\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n37,438\n\n \n\n2027\n\n \n\n \n\n168,898\n\n \n\n \n\n \n\n36,101\n\n \n\n2028\n\n \n\n \n\n172,857\n\n \n\n \n\n \n\n40,624\n\n \n\n2029\n\n \n\n \n\n171,715\n\n \n\n \n\n \n\n260,497\n\n \n\n2030\n\n \n\n \n\n383,409\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n$\n\n896,879\n\n \n\n \n\n$\n\n374,660\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n43\n\nThe\n\nreconciliation of changes in financing activities during 2025 and 2024 is as follows:\n\n \n\n \n\n2025\n\n \n\n \n\n \n\nFinancial debt\n\n \n\n \n\nRelated parties\n\n \n\n \n\nLease\n\nliabilities\n\n \n\n \n\nTotal\n\n \n\nOpening balance\n\n \n\n$\n\n477,048\n\n \n\n \n\n$\n\n158,221\n\n \n\n \n\n$\n\n82,602\n\n \n\n \n\n$\n\n717,871\n\n \n\nCash proceeds from financial debt\n\n \n\n \n\n835,446\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,212\n\n \n\n \n\n \n\n836,658\n\n \n\nPayment of financial debt\n\n \n\n \n\n(95,962\n\n)\n\n \n\n \n\n(6,228\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(102,190\n\n)\n\nReduction for loss of control of subsidiaries\n\n \n\n \n\n(22,666\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(35,661\n\n)\n\n \n\n \n\n(58,327\n\n)\n\nPayment of leases\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,106\n\n)\n\n \n\n \n\n(4,106\n\n)\n\nAccrued interest\n\n \n\n \n\n97,490\n\n \n\n \n\n \n\n18,711\n\n \n\n \n\n \n\n9,122\n\n \n\n \n\n \n\n125,323\n\n \n\nInterest paid\n\n \n\n \n\n(65,775\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(6,964\n\n)\n\n \n\n \n\n(72,739\n\n)\n\nTransaction costs on financial debt\n\n \n\n \n\n(13,145\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(13,145\n\n)\n\nUnrealized foreign exchange gains\n\n \n\n \n\n(153,528\n\n)\n\n \n\n \n\n(13,625\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(167,153\n\n)\n\nTotal\n\n \n\n$\n\n1,058,908\n\n \n\n \n\n$\n\n157,079\n\n \n\n$\n\n46,205\n\n \n\n \n\n$\n\n1,262,192\n\n \n\n \n\n \n\n2024\n\n \n\n \n\n \n\nFinancial debt\n\n \n\n \n\nRelated parties\n\n \n\n \n\nLease\n\nliabilities\n\n \n\n \n\nTotal\n\n \n\nOpening balance\n\n \n\n$\n\n76,546\n\n \n\n \n\n$\n\n134,632\n\n \n\n \n\n$\n\n167,578\n\n \n\n \n\n$\n\n378,756\n\n \n\nCash proceeds from financial debt\n\n \n\n \n\n412,349\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n412,349\n\n \n\nPayment of financial debt\n\n \n\n \n\n(19,431\n\n)\n\n \n\n \n\n(6,183\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(25,614\n\n)\n\nPayment of leases\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(53,563\n\n)\n\n \n\n \n\n(53,563\n\n)\n\nCancellation of lease agreements\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(33,966\n\n)\n\n \n\n \n\n(33,966\n\n)\n\nAccrued interest\n\n \n\n \n\n11,306\n\n \n\n \n\n \n\n17,782\n\n \n\n \n\n \n\n16,193\n\n \n\n \n\n \n\n45,281\n\n \n\nInterest paid\n\n \n\n \n\n(4,784\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(13,640\n\n)\n\n \n\n \n\n(18,424\n\n)\n\nTransaction costs on financial debt\n\n \n\n \n\n(3,051\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,051\n\n)\n\nUnrealized foreign exchange gains\n\n \n\n \n\n4,113\n\n \n\n \n\n \n\n11,990\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n16,103\n\n \n\nTotal\n\n \n\n$\n\n477,048\n\n \n\n \n\n$\n\n158,221\n\n \n\n \n\n$\n\n82,602\n\n \n\n \n\n$\n\n717,871\n\n \n\n13\n\nBalances and transactions with related parties\n\n \n\nThe accounts payable and transactions with related parties as of December 31, 2025 and 2024 are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\nReceivable\n\n \n\n \n\nPayable\n\n \n\n \n\nReceivable\n\n \n\n \n\nPayable\n\n \n\nMarítima del Golfo de México (a)\n\n \n\n$\n\n70,969\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n74,187\n\n \n\n \n\n$\n\n-\n\n \n\nSSA México, S.A. de C.V. (b)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n12,460\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n14,188\n\n \n\nShareholders (c)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n157,079\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n158,221\n\n \n\nAlmacenadora de Depósito Moderno, S.A. de C.V. (d)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n22,506\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n$\n\n70,969\n\n \n\n \n\n$\n\n192,045\n\n \n\n \n\n$\n\n74,187\n\n \n\n \n\n$\n\n172,409\n\n \n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n44\n\n(a)\n\nBalances receivable are related to agency and maritime provider commission services.\n\n \n\n(b)\n\nThe accounts payables to SSA México, S.A. de C.V. are largely due to subagency\nservices that this related party provides to Grupo TMM.\n\n \n\n(c)\n\nLines of credit in the amount of $130 million at a 15% annual fixed rate, with\npayments on capital and interest upon maturity, extended one more year, that had an initial due date in December\n2023. During 2024, the maturity was extended to December 2026, maintaining the current conditions. Interest expenses\nof these credits amounted to $18,711 and $13,885 for the years ended December 31, 2025 and 2024, respectively.\n\n(d)\n\nThe balance corresponds to an account payable for services received.\n\nThe most relevant transactions with related parties for the years ended December 31, 2025, 2024 and 2023 are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nRevenue:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSystems (a)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n2,408\n\n \n\n \n\n$\n\n2,650\n\n \n\nWharfage services\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n6,227\n\n \n\nShipping agency services (b)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n226\n\n \n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n2,408\n\n \n\n \n\n$\n\n9,103\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCosts:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSub-agency commissions (c)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n6,910\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\nInterest expense\n\n \n\n$\n\n18,711\n\n \n\n \n\n$\n\n13,885\n\n \n\n \n\n$\n\n16,290\n\n \n\n \n\n(a)\n\nServices for the usage of SAP software between TMM Dirección Coporativa, S.A. de\nC.V., subsidiary of Grupo TMM and Marítima del Golfo.\n\n(b)\n\nCommission for agency services between Administradora Marítima TMM, S.A.P.I. de\nC.V., subsidiary of Grupo TMM and Marítima del Golfo.\n\n \n\n(c)\n\nCommission for sub-agency services provided by SSA México, S.A. de C.V. to\nAdministradora Marítima TMM, S.A.P.I. de C.V.\n\nTransactions involving executive personnel for the years ended December 31, 2025, 2024 and 2023, include the following expenses:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nShort-term benefits\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSalaries\n\n \n\n$\n\n17,656\n\n \n\n \n\n$\n\n16,398\n\n \n\n \n\n$\n\n10,761\n\n \n\nSocial security contributions\n\n \n\n \n\n1,762\n\n \n\n \n\n \n\n2,397\n\n \n\n \n\n \n\n1,900\n\n \n\n \n\n \n\n$\n\n19,418\n\n \n\n \n\n$\n\n18,795\n\n \n\n \n\n$\n\n12,661\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n45\n\nThe Company does not pay other benefits to executive personnel other than those related to salaries and related concepts.\n\n14\n\nAccounts payable and accrued expenses\n\n \n\nAccounts payable and accrued expenses as of December 31, 2025 and 2024, are shown as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nOperating expenses\n\n \n\n$\n\n228,964\n\n \n\n \n\n$\n\n258,743\n\n \n\nGeneral expenses\n\n \n\n \n\n96,987\n\n \n\n \n\n \n\n207,210\n\n \n\nPurchased services\n\n \n\n \n\n11,535\n\n \n\n \n\n \n\n21,271\n\n \n\nTaxes payable\n\n \n\n \n\n33,700\n\n \n\n \n\n \n\n73,507\n\n \n\nSalaries and wages\n\n \n\n \n\n4,178\n\n \n\n \n\n \n\n4,122\n\n \n\nOthers\n\n \n\n \n\n14,968\n\n \n\n \n\n \n\n23,618\n\n \n\n \n\n \n\n$\n\n390,332\n\n \n\n \n\n$\n\n588,471\n\n \n\n15\n\nStockholders’ equity\n\nCapital stock\n\nAs of December 31, 2025, and 2024, the Company’s capital stock is comprised of 174,553,127\nshares outstanding, registered, without par value, and with voting rights, in both years, which may be held by Mexican nationals, investors, or companies that include in their bylaws the exclusion of foreigners’ clause.\n\nAt the General Extraordinary Stockholders’ Meeting held on March 16, 2023, the Company’s stockholders agreed to increase capital stock in\nthe amount of $151,978 through the issuance of up to 72,370,286 common, nominative shares, without par value, representing the capital stock of Grupo TMM. This capital increase was authorized by the CNBV through official letter\nnumber 153/5296/2023 dated June 27, 2023 and subscribed in full by the stockholders in October 2023.\n\nLegal reserve\n\nAccording to the General Law on Mercantil Corporations, a minimum of 5% of net profits for the year must be separated\nto constitute the legal reserve, until its amount reaches 20% of the capital stock at par value.\n\nAs of December 31, 2025 and 2024, the legal reserve amounts to $216,948, which is presented in the item line ‘Other capital components’ and is part of the stockholders’ equity.\n\nNet tax profit account (CUFIN)\n\nAs of December 31, 2025, and 2024, the restated balance of the Net Taxable Income Account (CUFIN for its acronym in Spanish) of the parent Company amounts to $4,878,300 and $4,704,696,\nrespectively, which was generated up to December 31, 2013, and thereafter no new balances have been generated in this\naccount.\n\nThe distribution of dividends or profits to shareholders that come from the balance of the CUFIN, generated until December 31, 2013, will not generate income tax until such balance is\nexhausted. Dividends paid to individuals and corporations resident abroad, on profits generated as of January 1, 2014, are subject to a 10%\ntax, which is considered a final payment.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n46\n\nDividends not drawn from the CUFIN, in addition to the above, will continue to be subject to income tax, paid by the entity, based on the general rate set by law, which is\ndefinitive and may be credited against the income tax for this and the next two years. The balance in these accounts is\nsusceptible to adjustment to the distribution date using the Mexican Consumers’ Price Index (INPC for its acronym in Spanish).\n\nCapital decreases\n\n \n\nAs of December 31, 2025, and 2024, the current balance in the Capital Contribution Account (CUCA for its acronym in Spanish) is $6,719,140 and $6,433,442, respectively. In the event of\ncapital reimbursement or decreases in favor of stockholders, the surplus for said reimbursement on this amount will be treated as distributed earnings.\n\n \n\nIn the event the equity capital exceeds the balance in the CUCA, the difference will be considered a dividend or distributed earnings subject to the payment of income tax. If the\nearnings in reference come from the CUFIN, there will be no corporate tax due to the capital decrease or reimbursement. Otherwise, these will be treated as dividends or distributed earnings.\n\nOther components of equity\n\n \n\nDetails of other components of equity as of December 31, 2025 and 2024, are as follows:\n\n \n\n \n\n \n\nLegal\n\nreserve\n\n \n\n \n\nActuarial\n\ngain and\n\nlosses\n\n \n\n \n\nAdditional\n\npaid-in\n\ncapital\n\n \n\n \n\nTranslation\n\nresult\n\n \n\n \n\nRevaluation\n\nsurplus\n\n \n\n \n\nTotal\n\n \n\nBalance as of December 31, 2023\n\n \n\n$\n\n216,948\n\n \n\n \n\n$\n\n(64,816\n\n)\n\n \n\n$\n\n77,106\n\n \n\n \n\n$\n\n(247,668\n\n)\n\n \n\n$\n\n724,281\n\n \n\n \n\n$\n\n705,851\n\n \n\nDefined benefit plan\n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,551\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,551\n\n \n\nRevaluation surplus\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n22,974\n\n \n\n \n\n \n\n22,974\n\n \n\nReclassification from disposal of properties and depreciation\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(28,030\n\n)\n\n \n\n \n\n(28,030\n\n)\n\nTotal before taxes\n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,551\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(5,056\n\n)\n\n \n\n \n\n(505\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTax expense\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,365\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(6,892\n\n)\n\n \n\n \n\n(8,257\n\n)\n\nTotal net of taxes\n\n \n\n \n\n-\n\n \n\n \n\n \n\n3,186\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(11,948\n\n)\n\n \n\n \n\n(8,762\n\n)\n\nBalance as of December 31, 2024\n\n \n\n$\n\n216,948\n\n \n\n \n\n$\n\n(61,630\n\n)\n\n \n\n$\n\n77,106\n\n \n\n \n\n$\n\n(247,668\n\n)\n\n \n\n$\n\n712,333\n\n \n\n \n\n$\n\n697,089\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDefined benefit plan\n\n \n\n \n\n-\n\n \n\n \n\n \n\n52\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n52\n\n \n\nReclassification from disposal of properties and depreciation\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(27,567\n\n)\n\n \n\n \n\n(27,567\n\n)\n\nTotal before taxes\n\n \n\n \n\n-\n\n \n\n \n\n \n\n52\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(27,567\n\n)\n\n \n\n \n\n(27,515\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTax expense\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(15\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(15\n\n)\n\nTotal net of taxes\n\n \n\n \n\n-\n\n \n\n \n\n \n\n37\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(27,567\n\n)\n\n \n\n \n\n(27,530\n\n)\n\nBalance as of December 31, 2025\n\n \n\n$\n\n216,948\n\n \n\n \n\n$\n\n(61,593\n\n)\n\n \n\n$\n\n77,106\n\n \n\n \n\n$\n\n(247,668\n\n)\n\n \n\n$\n\n684,766\n\n \n\n \n\n$\n\n669,559\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n47\n\n16\n\nRevenues\n\n \n\nThe revenues as of December 31, 2025, 2024 and 2023, are summarized as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nMaritime\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOffshore vessels\n\n \n\n$\n\n900,369\n\n \n\n \n\n$\n\n803,027\n\n \n\n \n\n$\n\n462,801\n\n \n\nParcel tankers\n\n \n\n \n\n108,785\n\n \n\n \n\n \n\n193,943\n\n \n\n \n\n \n\n246,291\n\n \n\nFuel oil transportation\n\n \n\n \n\n399,934\n\n \n\n \n\n \n\n264,742\n\n \n\n \n\n \n\n57,220\n\n \n\nShipping agencies\n\n \n\n \n\n949\n\n \n\n \n\n \n\n1,497\n\n \n\n \n\n \n\n29,217\n\n \n\nCommercialization of hydrocarbons\n\n \n\n \n\n11,921\n\n \n\n \n\n \n\n19,785\n\n \n\n \n\n \n\n-\n\n \n\nBulk carrier\n\n \n\n \n\n18,989\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\n \n\nMaritime infrastructure\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\nShipyard\n\n \n\n \n\n327,816\n\n \n\n \n\n \n\n262,220\n\n \n\n \n\n \n\n200,496\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\nLogístics, ports and terminals\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\nIntermodal terminal\n\n \n\n \n\n50,971\n\n \n\n \n\n \n\n39,876\n\n \n\n \n\n \n\n37,991\n\n \n\nRepair of containers\n\n \n\n \n\n4,310\n\n \n\n \n\n \n\n3,471\n\n \n\n \n\n \n\n21,008\n\n \n\nAutomotive services\n\n \n\n \n\n21,308\n\n \n\n \n\n \n\n12,389\n\n \n\n \n\n \n\n8,036\n\n \n\nPort services\n\n \n\n \n\n6,490\n\n \n\n \n\n \n\n6,206\n\n \n\n \n\n \n\n6,080\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\nWarehousing and other businesses\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\nWarehousing (a)\n\n \n\n \n\n56,804\n\n \n\n \n\n \n\n146,420\n\n \n\n \n\n \n\n149,507\n\n \n\nTotal consolidated revenue\n\n \n\n$\n\n1,908,646\n\n \n\n \n\n$\n\n1,753,576\n\n \n\n \n\n$\n\n1,218,647\n\n \n\n(a)\n\nRevenue obtained up to September 30, 2025. Effective from October 1, 2025, The Company stopped consolidating this segment due to the loss of control of subsidiaries (see Note 1).\n\nFor the year ended December 31, 2025, the Company obtained revenues from PEMEX Exploración y Producción, CFEnergía and Celanese Operations Mexico, representing 50%, 21% and 3%, respectively. None of the remaining customers represents more than 2% of the total revenues.\n\nFor the year ended December 31, 2024, the Company obtained revenues from PEMEX Exploración y Producción, CFEnergía and Celanese Operations Mexico, representing 28%, 14% and 11%, respectively. None of the remaining customers represents more than 4% of the total revenues.\n\nFor the year ended December 31, 2023, the Company obtained revenues from PEMEX Exploración y Producción, Celanse Operations Mexico and Helmsley Management, representing 38%, 13% and 6%, respectively. None of the remaining customers represent more than 4% of the total revenues.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n48\n\nThe Company considers that the risk of concentration is reasonable due to its operation and the industry in which it operates. The Company’s strategic plans\ninclude gradually reducing the concentration of its revenues and customers from the maritime operation segment, by strengthening its maritime infrastructure and logistics operations, ports and terminals, which have a broader\nmarket with a lower concentration of customers.\n\nThe Company’s revenues do not show any other particular grouping characteristic, such as by type of customer (government and private), geographic zone, etc. The main grouping is shown based on the type\nof revenue for each segment. Moreover, as discussed in Note 4.18, all of the Company’s revenues are recognized over time.\n\n \n\n17\n\nOther costs, expenses and income\n\n \n\nAs of December 31, 2025, 2024 and 2023, this line item is comprised as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nGain on loss of control of subsidiaries\n\n \n\n$\n\n(204,443\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nOther operating expenses\n\n \n\n \n\n19,567\n\n \n\n \n\n \n\n17,699\n\n \n\n \n\n \n\n16,776\n\n \n\nTax recovery, net of expenses incurred in the recovery\n\n \n\n \n\n(6,582\n\n)\n\n \n\n \n\n(20,149\n\n)\n\n \n\n \n\n3,034\n\n \n\nCancellation of projects\n\n \n\n \n\n36,706\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nProvisions, net\n\n \n\n \n\n17,553\n\n \n\n \n\n \n\n(128,557\n\n)\n\n \n\n \n\n(53,264\n\n)\n\nAllowance for doubtful accounts\n\n \n\n \n\n50,921\n\n \n\n \n\n \n\n91,113\n\n \n\n \n\n \n\n8,737\n\nWrite-off of other receivables (a)\n\n \n\n \n\n120,635\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nCancellation of leases in the warehousing business\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(14,307\n\n)\n\n \n\n \n\n(20,227\n\n)\n\nGain from the sale of subsidiaries\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,676\n\n)\n\nResult in the sale of operating equipment\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(10,042\n\n)\n\n \n\n \n\n-\n\n \n\nImpairment of materials and supplies\n\n \n\n \n\n-\n\n \n\n \n\n \n\n23,531\n\n \n\n \n\n \n\n-\n\n \n\nOther, net\n\n \n\n \n\n7,106\n\n \n\n \n\n \n\n2,112\n\n \n\n \n\n \n\n(391\n\n)\n\n \n\n$\n\n41,463\n\n \n\n \n\n$\n\n(38,600\n\n)\n\n \n\n$\n\n(49,011\n\n)\n\n(a)\n\nWrite-off of other receivables correspond to loan to third parties and sundry debtors, for\nwhich after Company’s assessment collectability is considered low.\n\n18\n\nInterest expense and other financial costs\n\n \n\nAs of December 31, 2025, 2024 and 2023, this line item is comprised as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nInterest on financial debt\n\n \n\n$\n\n97,490\n\n \n\n \n\n$\n\n13,465\n\n \n\n \n\n$\n\n9,411\n\n \n\nInterest on financial related parties\n\n \n\n \n\n18,711\n\n \n\n \n\n \n\n13,885\n\n \n\n \n\n \n\n16,290\n\n \n\nInterest expense on leasing agreements\n\n \n\n \n\n9,122\n\n \n\n \n\n \n\n16,119\n\n \n\n \n\n \n\n28,783\n\n \n\nOther financial expenses\n\n \n\n \n\n2,074\n\n \n\n \n\n \n\n4,659\n\n \n\n \n\n \n\n8,546\n\n \n\nAmortization of transaction cost\n\n \n\n \n\n3,530\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n36\n\n \n\n \n\n \n\n$\n\n130,927\n\n \n\n \n\n$\n\n48,128\n\n \n\n \n\n$\n\n63,066\n\n \n\n \n\n19\n\nIncome tax and tax loss carryforwards\n\n \n\nIncome Tax\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n49\n\nResults for the year\n\n \n\nGrupo TMM and subsidiaries incurred combined tax losses for the years ended December 31, 2025, 2024 and 2023, in the amounts of $52,316, $448,374 and $156,078, respectively.\n\nFor year ended December 31, 2025 most of the companies that generated tax income amortized them with tax losses from prior years for an amount of $123,327. Part of the income tax recognized in profit or loss corresponds to subsidiaries that generated taxable income of $8,173, $28,913 and $14,840, for 2025, 2024 and 2023, respectively.\n\n \n\nThe difference between taxable income and book income is due primarily to the net effect of the gain or loss on inflation recognized for tax purposes, the difference between tax\nand book amortization and depreciation, non-deductible expenses, as well as certain temporary differences reported in different periods for financial and tax purposes.\n\nIn accordance with the currently enacted Income Tax Law, the rate for 2023, 2024, 2025, and subsequent years is 30%.\n\nThe provision for income tax recognized in the statement of profit or loss for the years ended December 31, 2025, 2024 and 2023, is as follows:\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nCurrent income tax\n\n \n\n$\n\n(2,452\n\n)\n\n \n\n$\n\n(8,674\n\n)\n\n \n\n$\n\n(4,452\n\n)\n\nDeferred income tax\n\n \n\n \n\n441\n\n \n\n \n\n \n\n8,674\n\n \n\n \n\n \n\n24,652\n\n \n\nTotal income tax (expense) benefit\n\n \n\n$\n\n(2,011\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n20,200\n\n \n\n \n\nThe reconciliation between the provision for income tax based on the statutory income tax rate and the provision recorded by the Company for the years ended December 31, 2025,\n2024 and 2023, is as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nProfit (loss) before taxes\n\n \n\n$\n\n311,503\n\n \n\n \n\n$\n\n114,795\n\n \n\n \n\n$\n\n(4,742\n\n)\n\nIncome tax (expense) benefit\n\n \n\n \n\n(93,451\n\n)\n\n \n\n \n\n(34,439\n\n)\n\n \n\n \n\n1,423\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\nIncrease (decrease) from:\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\nDifference in depreciation and amortization\n\n \n\n \n\n(31,509\n\n)\n\n \n\n \n\n(20,543\n\n)\n\n \n\n \n\n(20,110\n\n)\n\nMaterials and supplies\n\n \n\n \n\n(341\n\n)\n\n \n\n \n\n(63,930\n\n)\n\n \n\n \n\n11,483\n\n \n\nInflationary and currency exchange effects on monetary assets and liabilities, net\n\n \n\n \n\n75,187\n\n \n\n \n\n \n\n(6,309\n\n)\n\n \n\n \n\n(4,562\n\n)\n\nTax losses amortization\n\n \n\n \n\n248,982\n\n \n\n \n\n \n\n196,038\n\n \n\n \n\n \n\n115,461\n\n \n\nProvisions and allowance for expected credit losses\n\n \n\n \n\n(176,915\n\n)\n\n \n\n \n\n(184,584\n\n)\n\n \n\n \n\n(65,824\n\n)\n\nCapital expenses deducted for tax purposes\n\n \n\n \n\n-\n\n \n\n \n\n \n\n133,657\n\n \n\n \n\n \n\n-\n\n \n\nDifference between the tax and book value for the sale of assets\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(540\n\n)\n\n \n\n \n\n-\n\n \n\nDifference between the tax and book value for the sale of shares of subsidiaries\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,931\n\n)\n\nNon-deductible expenses\n\n \n\n \n\n(23,964\n\n)\n\n \n\n \n\n(19,350\n\n)\n\n \n\n \n\n(12,740\n\n)\n\nIncome tax (expense) benefit\n\n \n\n$\n\n(2,011\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n20,200\n\n \n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n50\n\nThe components of deferred tax liability at December 31, 2025 and 2024, are comprised as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nTax loss carryforwards\n\n \n\n$\n\n467,015\n\n \n\n \n\n$\n\n363,027\n\n \n\nInventories and provisions – net\n\n \n\n \n\n119,381\n\n \n\n \n\n \n\n80,601\n\n \n\nProperty and equipment and right-of-use asset\n\n \n\n \n\n(706,696\n\n)\n\n \n\n \n\n(575,688\n\n)\n\nTotal deferred tax liability\n\n \n\n$\n\n(120,300\n\n)\n\n \n\n$\n\n(132,060\n\n)\n\nAs of December 31, 2025 and 2024, the Company’s Management carried out the evaluation of the amount of tax losses that will be recoverable and determined based on projections\nthat the tax losses that will be utilized are in the amounts of $1,556,717 and $1,210,090, respectively.\n\n \n\nTax loss carryforwards\n\nAs of December 31, 2025, Grupo TMM and its subsidiaries, report the following cumulative tax losses, which are restated applying the INPC in accordance with Mexican law.\n\nYear in which the loss was incurred\n\n \n\nAmounts\n\n \n\n \n\nYear of\n\nexpiration\n\n \n\n2016\n\n \n\n$\n\n245,139\n\n \n\n \n\n \n\n2026\n\n \n\n2017\n\n \n\n \n\n131,545\n\n \n\n \n\n \n\n2027\n\n \n\n2018\n\n \n\n \n\n241,966\n\n \n\n \n\n \n\n2028\n\n \n\n2019\n\n \n\n \n\n576,634\n\n \n\n \n\n \n\n2029\n\n \n\n2020\n\n \n\n \n\n520,151\n\n \n\n \n\n \n\n2030\n\n \n\n2021\n\n \n\n \n\n172,430\n\n \n\n \n\n \n\n2031\n\n \n\n2022\n\n \n\n \n\n123,489\n\n \n\n \n\n \n\n2032\n\n \n\n2023\n\n \n\n \n\n149,548\n\n \n\n \n\n \n\n2033\n\n \n\n2024\n\n \n\n \n\n111,756\n\n \n\n \n\n \n\n2034\n\n \n\n2025\n\n \n\n \n\n53,153\n\n \n\n \n\n \n\n2035\n\n \n\n \n\n \n\n$\n\n2,325,811\n\n \n\n \n\n \n\n \n\n \n\n20\n\nSegment reporting\n\nThe Company for the years ended December 31, 2025, 2024 and 2023 operates in the following segments: i) maritime transportation, ii) maritime infrastructure, iii)\nlogistics, ports and terminals and iv) warehousing. Maritime transportation operations (‘Maritime Division’) include transportation and other services to the offshore oil industry, tankers that carry petroleum products, chemical\ntankers that carry liquid chemical products, and general and bulk cargo ships. ‘Maritime infrastructure Division’ correspond to revenues for minor and major repairs and maintenance to ships made at the facilities of the Company\n(shipyard). Logistics, ports and terminals operations (‘Logistics ports and terminals Division’) include the operations of logistics solutions services and container and railcar maintenance and repair services, logistics solutions\nservices, and loading, unloading and storage at maritime port terminals. Warehousing operations (‘Warehousing Division’) include storage and management of the facilities and bonded warehouses. \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n51\n\nThere are no changes in the\nmeasuring methods used to calculate the earnings reported for each segment. The information for each operating segment is as follows:\n\n \n\n \n\n \n\nMaritime\n\ndivision\n\n \n\n \n\nMaritime\n\ninfrastructure\n\ndivision\n\n \n\n \n\nLogistics,\n\nports and\n\nterminals\n\ndivision\n\n \n\n \n\nWarehousing\n\ndivision\n\n \n\n \n\nOther\n\nbusinesses\n\nand shared\n\naccounts\n\n \n\n \n\nTotal\n\nconsolidated\n\n \n\nDecember 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenue\n\n \n\n$\n\n1,440,947\n\n \n\n \n\n$\n\n327,816\n\n \n\n \n\n$\n\n83,079\n\n \n\n \n\n$\n\n56,804\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,908,646\n\n \n\nCosts and expenses\n\n \n\n \n\n(1,004,376\n\n)\n\n \n\n \n\n(229,528\n\n)\n\n \n\n \n\n(82,047\n\n)\n\n \n\n \n\n(108,958\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,424,909\n\n)\n\nCorporate expenses\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(78,108\n\n)\n\n \n\n \n\n(78,108\n\n)\n\nDepreciation and amortization\n\n \n\n \n\n(68,469\n\n)\n\n \n\n \n\n(12,067\n\n)\n\n \n\n \n\n(8,314\n\n)\n\n \n\n \n\n(6,062\n\n)\n\n \n\n \n\n(9,821\n\n)\n\n \n\n \n\n(104,733\n\n)\n\nOperating profit (loss)\n\n \n\n$\n\n368,102\n\n \n\n \n\n$\n\n86,221\n\n \n\n \n\n$\n\n(7,282\n\n)\n\n \n\n$\n\n(58,216\n\n)\n\n \n\n$\n\n(87,929\n\n)\n\n \n\n$\n\n300,896\n\n \n\nCosts, expenses and revenue not allocated\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n8,596\n\nNet income for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n309,492\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\n \n\n \n\n \n\n \n\n \n\nProperty and operating equipment, net\n\n \n\n$\n\n797,039\n\n \n\n \n\n$\n\n573,696\n\n \n\n \n\n$\n\n1,196,052\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n165,752\n\n \n\n \n\n$\n\n2,732,539\n\n \n\nRight-of-use assets, net\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n45,306\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n45,306\n\n \n\nOther assets\n\n \n\n \n\n1,139,654\n\n \n\n \n\n \n\n346,123\n\n \n\n \n\n \n\n201,969\n\n \n\n \n\n \n\n54,275\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,742,021\n\n \n\nShared assets\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\n87,550\n\n \n\n \n\n \n\n87,550\n\n \n\nTotal assets\n\n \n\n$\n\n1,936,693\n\n \n\n \n\n$\n\n919,819\n\n \n\n \n\n$\n\n1,443,327\n\n \n\n \n\n$\n\n54,275\n\n \n\n \n\n$\n\n253,302\n\n \n\n \n\n$\n\n4,607,416\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\n \n\n \n\n \n\n \n\n \n\nTotal liabilities by operating segment\n\n \n\n$\n\n1,297,104\n\n \n\n \n\n$\n\n399,613\n\n \n\n \n\n$\n\n424,111\n\n \n\n \n\n$\n\n16,704\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n2,137,532\n\n \n\nShared 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\n51,915\n\n \n\n \n\n \n\n51,915\n\n \n\nTotal liabilities\n\n \n\n$\n\n1,297,104\n\n \n\n \n\n$\n\n399,613\n\n \n\n \n\n$\n\n424,111\n\n \n\n \n\n$\n\n16,704\n\n \n\n \n\n$\n\n51,915\n\n \n\n \n\n$\n\n2,189,447\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\n \n\n \n\n \n\n \n\n \n\nTotal capital expenditures by segment\n\n \n\n$\n\n640,685\n\n \n\n \n\n$\n\n49,462\n\n \n\n \n\n$\n\n1,057\n\n \n\n \n\n$\n\n436\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n691,640\n\n \n\nShared capital expenditures\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\n \n\n-\n\n \n\nTotal capital expenditures\n\n \n\n$\n\n640,685\n\n \n\n \n\n$\n\n49,462\n\n \n\n \n\n$\n\n1,057\n\n \n\n \n\n$\n\n436\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n691,640\n\n \n\nDecember 31, 2024\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\nRevenue\n\n \n\n$\n\n1,282,994\n\n \n\n \n\n$\n\n262,220\n\n \n\n \n\n$\n\n61,942\n\n \n\n \n\n$\n\n146,420\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,753,576\n\n \n\nCosts and expenses\n\n \n\n \n\n(1,050,110\n\n)\n\n \n\n \n\n(188,617\n\n)\n\n \n\n \n\n(74,717\n\n)\n\n \n\n \n\n(129,355\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,442,799\n\n)\n\nCorporate expenses\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(2,872\n\n)\n\n \n\n \n\n(2,872\n\n)\n\nDepreciation and amortization\n\n \n\n \n\n(19,300\n\n)\n\n \n\n \n\n(4,712\n\n)\n\n \n\n \n\n(12,957\n\n)\n\n \n\n \n\n(56,084\n\n)\n\n \n\n \n\n(2,178\n\n)\n\n \n\n \n\n(95,231\n\n)\n\nOperating profit (loss)\n\n \n\n$\n\n213,584\n\n \n\n \n\n$\n\n68,891\n\n \n\n \n\n$\n\n(25,732\n\n)\n\n \n\n$\n\n(39,019\n\n)\n\n \n\n$\n\n(5,050\n\n)\n\n \n\n$\n\n212,674\n\n \n\nCosts, expenses and revenue not allocated\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\n \n\n(97,879\n\n)\n\nNet income for the year\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\n$\n\n114,795\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProperty and operating equipment, net\n\n \n\n$\n\n226,634\n\n \n\n \n\n$\n\n574,093\n\n \n\n \n\n$\n\n1,216,359\n\n \n\n \n\n$\n\n85,537\n\n \n\n \n\n$\n\n168,676\n\n \n\n \n\n$\n\n2,271,299\n\n \n\nRight-of-use assets, net\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n47,504\n\n \n\n \n\n \n\n19,701\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n67,205\n\n \n\nOther assets\n\n \n\n \n\n975,850\n\n \n\n \n\n \n\n357,566\n\n \n\n \n\n \n\n225,587\n\n \n\n \n\n \n\n70,971\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,629,974\n\n \n\nShared assets\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n23,434\n\n \n\n \n\n \n\n23,434\n\n \n\nTotal assets\n\n \n\n$\n\n1,202,484\n\n \n\n \n\n$\n\n931,659\n\n \n\n \n\n$\n\n1,489,450\n\n \n\n \n\n$\n\n176,209\n\n \n\n \n\n$\n\n192,110\n\n \n\n \n\n$\n\n3,991,912\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal liabilities by operating segment\n\n \n\n$\n\n676,021\n\n \n\n \n\n$\n\n450,452\n\n \n\n \n\n$\n\n437,077\n\n \n\n \n\n$\n\n268,631\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,832,181\n\n \n\nShared liabilities\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n51,291\n\n \n\n \n\n \n\n51,291\n\n \n\nTotal liabilities\n\n \n\n$\n\n676,021\n\n \n\n \n\n$\n\n450,452\n\n \n\n \n\n$\n\n437,077\n\n \n\n \n\n$\n\n268,631\n\n \n\n \n\n$\n\n51,291\n\n \n\n \n\n$\n\n1,883,472\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal capital expenditures by segment\n\n \n\n$\n\n70,545\n\n \n\n \n\n$\n\n396,057\n\n \n\n \n\n$\n\n2,054\n\n \n\n \n\n$\n\n745\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n469,401\n\n \n\nShared capital expenditures\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n59\n\n \n\n \n\n \n\n59\n\n \n\nTotal capital expenditures\n\n \n\n$\n\n70,545\n\n \n\n \n\n$\n\n396,057\n\n \n\n \n\n$\n\n2,054\n\n \n\n \n\n$\n\n745\n\n \n\n \n\n$\n\n59\n\n \n\n \n\n$\n\n469,460\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n52\n\n \n\n \n\n \n\nMaritime\n\ndivision\n\n \n\n \n\nMaritime\n\ninfrastructure\n\ndivision\n\n \n\n \n\nLogistics, ports\n\nand terminals\n\ndivision\n\n \n\n \n\nWarehousing\n\ndivision\n\n \n\n \n\nOther\n\nbusinesses\n\nand shared\n\naccounts\n\n \n\n \n\nTotal\n\nconsolidated\n\n \n\nDecember 31, 2023\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevenue\n\n \n\n$\n\n795,529\n\n \n\n \n\n$\n\n200,496\n\n \n\n \n\n$\n\n73,115\n\n \n\n \n\n$\n\n149,507\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,218,647\n\n \n\nCosts and expenses\n\n \n\n \n\n(704,075\n\n)\n\n \n\n \n\n(140,614\n\n)\n\n \n\n \n\n(95,844\n\n)\n\n \n\n \n\n(120,483\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,061,016\n\n)\n\nCorporate income\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n4,182\n\n \n\n \n\n4,182\n\nDepreciation and amortization\n\n \n\n \n\n(36,385\n\n)\n\n \n\n \n\n(8,191\n\n)\n\n \n\n \n\n(13,059\n\n)\n\n \n\n \n\n(65,296\n\n)\n\n \n\n \n\n(2,191\n\n)\n\n \n\n \n\n(125,122\n\n)\n\nOperating profit (loss)\n\n \n\n$\n\n55,069\n\n \n\n \n\n$\n\n51,691\n\n \n\n \n\n$\n\n(35,788\n\n)\n\n \n\n$\n\n(36,272\n\n)\n\n \n\n$\n\n1,991\n\n \n\n$\n\n36,691\n\nCosts, expenses and revenue not allocated\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(21,233\n\n)\n\nNet income for the year\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n15,458\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\n \n\n \n\n \n\n \n\nProperty and operating equipment, net\n\n \n\n$\n\n156,014\n\n \n\n \n\n$\n\n182,762\n\n \n\n \n\n$\n\n1,284,274\n\n \n\n \n\n$\n\n80,352\n\n \n\n \n\n$\n\n122,730\n\n \n\n \n\n$\n\n1,826,132\n\n \n\nRight-of-use assets, net\n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,383\n\n \n\n \n\n \n\n49,437\n\n \n\n \n\n \n\n97,131\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n147,951\n\n \n\nOther assets\n\n \n\n675,684\n\n \n\n \n\n322,046\n\n \n\n \n\n153,529\n\n \n\n \n\n109,183\n\n \n\n \n\n-\n\n \n\n \n\n1,260,442\n\n \n\nShared assets\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\n32,305\n\n \n\n \n\n \n\n32,305\n\n \n\nTotal assets\n\n \n\n$\n\n831,698\n\n \n\n \n\n$\n\n506,191\n\n \n\n \n\n$\n\n1,487,240\n\n \n\n \n\n$\n\n286,666\n\n \n\n \n\n$\n\n155,035\n\n \n\n \n\n$\n\n3,266,830\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\n \n\n \n\n \n\n \n\n \n\nTotal liabilities by operating segment\n\n \n\n$\n\n422,088\n\n \n\n \n\n$\n\n73,753\n\n \n\n \n\n$\n\n449,429\n\n \n\n \n\n$\n\n311,824\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,257,094\n\n \n\nShared 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\n35,359\n\n \n\n \n\n \n\n35,359\n\n \n\nTotal liabilities\n\n \n\n$\n\n422,088\n\n \n\n \n\n$\n\n73,753\n\n \n\n \n\n$\n\n449,429\n\n \n\n \n\n$\n\n311,824\n\n \n\n \n\n$\n\n35,359\n\n \n\n \n\n$\n\n1,292,453\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\n \n\n \n\n \n\n \n\n \n\nTotal capital expenditures by segment\n\n \n\n$\n\n124,118\n\n \n\n \n\n$\n\n6,582\n\n \n\n \n\n$\n\n495\n\n \n\n \n\n$\n\n150\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n131,345\n\n \n\nShared capital expenditures\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\n \n\n-\n\n \n\nTotal capital expenditures\n\n \n\n$\n\n124,118\n\n \n\n \n\n$\n\n6,582\n\n \n\n \n\n$\n\n495\n\n \n\n \n\n$\n\n150\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n131,345\n\n \n\n \n\n21\n\nEmployee benefits\n\n \n\nExpense for employee benefits\n\nThe expenses recognized for employee benefits are:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n2023\n\n \n\nSalaries and benefits\n\n \n\n$\n\n323,265\n\n \n\n \n\n$\n\n304,353\n\n \n\n \n\n$\n\n264,005\n\n \n\nPensions – defined benefit plans\n\n \n\n \n\n8,449\n\n \n\n \n\n \n\n10,578\n\n \n\n \n\n \n\n10,949\n\n \n\n \n\n \n\n$\n\n331,714\n\n \n\n \n\n$\n\n314,931\n\n \n\n \n\n$\n\n274,954\n\n \n\n \n\nThe long-term liabilities recognized for pensions and other employee remunerations in the consolidated statement of financial position are comprised as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nLong-term:\n\n \n\n \n\n \n\n \n\n \n\n \n\nPensions\n\n \n\n$\n\n37,892\n\n \n\n \n\n$\n\n42,358\n\n \n\nSeniority premium\n\n \n\n \n\n7,572\n\n \n\n \n\n \n\n8,639\n\n \n\nTermination of employment\n\n \n\n \n\n20,168\n\n \n\n \n\n \n\n23,685\n\n \n\n \n\n \n\n$\n\n65,632\n\n \n\n \n\n$\n\n74,682\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n53\n\nThe short-term liabilities for employee benefits, are included in the line ‘Accounts payable and accrued expenses’ in the consolidated statements of financial position, which as\nof December 31, 2025 and 2024, amounted to $4,178 and $4,122, respectively (see Note 14).\n\nRemunerations on the termination of employment\n\n \n\nThe seniority premiums and the retirement plan (‘pensions’) obligations are based on actuarial calculations using the projected unit credit method. Pension benefits are based\nmainly on years of service, age, and salary level upon retirement.\n\n \n\nThe amounts charged to operations include the amortization of the cost of past services over the average time of service remaining. The Company continues with its policy of\nrecognizing actuarial losses and gains for seniority premiums and pensions in consolidated statements of comprehensive income, the actuarial gain net of taxes for 2025 and 2024 was $37 and $3,186, respectively (see Note 21).\n\n \n\nThe plan exposes Grupo TMM to such risks as interest rate, investment, mortality, and inflation.\n\n \n\nInterest rate risk\n\n \n\nThe present value of the defined benefits obligation is calculated using a discount rate making reference to the market performance of high-quality corporate bonds.\n\n \n\nThe estimated term for the bonds is consistent with the estimated term for the defined benefits obligation and is denominated in pesos. A decrease in the market performance of\nhigh-quality corporate bonds will increase the defined benefits obligation of the Company, although this is expected to be partially compensated by an increase in the fair value of certain of the plan’s assets.\n\n \n\nInvestment risk\n\n \n\nThe plan assets are predominantly capital and debt instruments traded on the Mexican Stock Exchange which are considered low risk.\n\n \n\nMortality risk\n\n \n\nThe Company provides benefits for life to those who are covered by the defined benefits plan. An increase in the life expectancy of such persons will increase the defined\nbenefits liability.\n\n \n\nInflation risk\n\n \n\nA significant proportion of the defined benefits obligation is linked to inflation. An increase in the inflation rate will increase the Company’s obligation.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n54\n\nThe details of the net cost for the period for seniority premiums and termination of employment, and also the basic actuarial estimates for the calculation of these labor\nobligations were shown as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\nPensions and\n\nseniority\n\npremiums\n\n \n\n \n\nTermination of\n\nemployment\n\n \n\n \n\nPensions and\n\nseniority\n\npremiums\n\n \n\n \n\nTermination of\n\nemployment\n\n \n\nCurrent service cost\n\n \n\n$\n\n1,063\n\n \n\n \n\n$\n\n1,454\n\n \n\n \n\n$\n\n1,409\n\n \n\n$\n\n2,044\n\n \n\nInterest cost\n\n \n\n \n\n4,258\n\n \n\n \n\n \n\n1,674\n\n \n\n \n\n \n\n4,798\n\n \n\n \n\n \n\n2,327\n\n \n\nNet cost for the period\n\n \n\n$\n\n5,321\n\n \n\n \n\n$\n\n3,128\n\n \n\n \n\n$\n\n6,207\n\n \n\n$\n\n4,371\n\n \n\nAt December 31, 2025 and 2024, the reserve for pensions and seniority premiums, and also for the termination of employment, were comprised as follows:\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\nPensions and\n\nseniority\n\npremiums\n\n \n\n \n\nTermination of\n\nemployment\n\n \n\n \n\nPensions and\n\nseniority\n\npremiums\n\n \n\n \n\nTermination of\n\nemployment\n\n \n\nDefined benefit obligations\n\n \n\n$\n\n46,111\n\n \n\n \n\n$\n\n20,168\n\n \n\n \n\n$\n\n51,619\n\n \n\n \n\n$\n\n23,685\n\n \n\nPlan assets\n\n \n\n \n\n(647\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(622\n\n)\n\n \n\n \n\n-\n\n \n\nTotal reserve\n\n \n\n$\n\n45,464\n\n \n\n \n\n$\n\n20,168\n\n \n\n \n\n$\n\n50,997\n\n \n\n \n\n$\n\n23,685\n\n \n\n \n\nAs of December 31, 2025, and 2024, the defined benefit obligations (DBO) for pensions and seniority premiums, and also for the reserve for termination of employment, were\ncomprised as follows:\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\nPensions and\n\nseniority\n\npremiums\n\n \n\n \n\nTermination of\n\nemployment\n\n \n\n \n\nPensions and\n\nseniority\n\npremiums\n\n \n\n \n\nTermination of\n\nemployment\n\n \n\nDBO at beginning of period\n\n \n\n$\n\n51,619\n\n \n\n \n\n$\n\n23,685\n\n \n\n \n\n$\n\n54,204\n\n \n\n \n\n$\n\n23,676\n\n \n\nReduction of obligations due to deconsolidation from loss of control of subsidiaries\n\n \n\n \n\n(3,502\n\n)\n\n \n\n \n\n(6,882\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nCurrent service cost\n\n \n\n \n\n1,064\n\n \n\n \n\n \n\n1,454\n\n \n\n \n\n \n\n1,410\n\n \n\n \n\n \n\n2,044\n\n \n\nInterest cost\n\n \n\n \n\n4,258\n\n \n\n \n\n \n\n1,674\n\n \n\n \n\n \n\n4,798\n\n \n\n \n\n \n\n2,327\n\n \n\nBenefits paid\n\n \n\n \n\n(209\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,034\n\n)\n\n \n\n \n\n(517\n\n)\n\nBenefits paid from plan assets\n\n \n\n \n\n(6,800\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(6,228\n\n)\n\n \n\n \n\n-\n\n \n\nPast service cost\n\n \n\n \n\n(319\n\n)\n\n \n\n \n\n237\n\n \n\n \n\n \n\n(531\n\n)\n\n \n\n \n\n(3,845\n\n)\n\nDBO at end of period\n\n \n\n$\n\n46,111\n\n \n\n \n\n$\n\n20,168\n\n \n\n \n\n$\n\n51,619\n\n \n\n \n\n$\n\n23,685\n\n \n\n \n\nThe plan assets as of December 31, 2025 and 2024 were comprised as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nValue of the fund at beginning of year\n\n \n\n$\n\n622\n\n \n\n \n\n$\n\n490\n\n \n\nExpected return on assets\n\n \n\n \n\n(29\n\n)\n\n \n\n \n\n175\n\n \n\nPlan contributions\n\n \n\n \n\n6,065\n\n \n\n \n\n \n\n6,228\n\n \n\nBenefits paid\n\n \n\n \n\n(6,065\n\n)\n\n \n\n \n\n(6,228\n\n)\n\nInterests on plan assets\n\n \n\n \n\n54\n\n \n\n \n\n \n\n(43\n\n)\n\nValue of the fund at end of year\n\n \n\n$\n\n647\n\n \n\n \n\n$\n\n622\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n55\n\nThe changes in the pension plan, seniority premium, and termination of employment plan as of December 31, 2025 and 2024 were as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nReserve for obligations at the beginning of the period\n\n \n\n$\n\n74,682\n\n \n\n \n\n$\n\n77,390\n\n \n\nReduction of obligations due to deconsolidation from loss of control of subsidiaries\n\n \n\n \n\n(10,383\n\n)\n\n \n\n \n\n-\n\n \n\nCost for the period\n\n \n\n \n\n8,449\n\n \n\n \n\n \n\n10,578\n\n \n\nInterest income\n\n \n\n \n\n(55\n\n)\n\n \n\n \n\n44\n\n \n\nContributions to the plan\n\n \n\n \n\n(6,800\n\n)\n\n \n\n \n\n(6,228\n\n)\n\nBenefits paid on pension plan\n\n \n\n \n\n(209\n\n)\n\n \n\n \n\n(2,726\n\n)\n\nMiscellaneous\n\n \n\n \n\n-\n\n \n\n \n\n \n\n175\n\n \n\nActuarial gain or losses\n\n \n\n \n\n(52\n\n)\n\n \n\n \n\n(4,551\n\n)\n\nReserve for obligations at the end of the period\n\n \n\n$\n\n65,632\n\n \n\n \n\n$\n\n74,682\n\n \n\n \n\nThe significant actuarial assumptions used for the valuation were:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nDiscount rate\n\n \n\n \n\n11.25\n\n%\n\n \n\n \n\n11.25\n\n%\n\nSalary increase rate\n\n \n\n \n\n4.00\n\n%\n\n \n\n \n\n4.00\n\n%\n\nInflation rate\n\n \n\n \n\n3.50\n\n%\n\n \n\n \n\n3.50\n\n%\n\nAverage working life expectancy\n\n \n\n \n\n13.53\n\n \n\n \n\n14.34\n\n \n\nThese assumptions were prepared by Management with the assistance of independent actuaries. The discount factors are determined near the end of each year making reference to the\nmarket performance of high-quality corporate bonds denominated in the currency in which the benefits will be paid and which have similar maturities to the terms for the pension obligation corresponding. Other assumptions are based on\nactual reference parameters and Management’s historical experience.\n\n \n\nAs of December 31, 2025 and 2024, approximately 10% and 8%, respectively, of the Company’s employees are employed under collective labor agreements. Under those contracts, labor compensation is subject to annual\nnegotiation, while other compensations are negotiable every two years. As of December 31, 2025 and 2024, Grupo TMM has\n500 and 720\nemployees in both years.\n\n \n\nThe significant actuarial assumptions to determine the defined benefits obligation are the discount rate, the salary increase rate, and the average life expectancy. The\ncalculation of the defined benefits obligation is sensitive to these assumptions.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n56\n\nThe following table summarizes the effects of identified changes to these actuarial assumptions could have on the defined benefits obligations as of December 31, 2025, if they\nwould have been used:\n\n \n\n \n\n \n\n1.0% increase\n\n \n\n \n\n1.0% decrease\n\n \n\nDiscount rate\n\n \n\n \n\n \n\n \n\n \n\n \n\n(Decrease) increase in the defined benefits obligation\n\n \n\n$\n\n(1,007\n\n)\n\n \n\n$\n\n1,111\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSalary increase rate\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIncrease (decrease) in the defined benefits obligation\n\n \n\n$\n\n370\n\n \n\n \n\n$\n\n(725\n\n)\n\n \n\n \n\nIncrease in\n\n1 year\n\n \n\n \n\nDecrease in\n\n1 year\n\n \n\nAverage life expectancies\n\n \n\n \n\n \n\n \n\n \n\n \n\n(Decrease) increase in the defined benefits obligation\n\n \n\n$\n\n(41\n\n)\n\n \n\n$\n\n4\n\n \n\n \n\nThe present value of the defined benefits obligation and also the defined benefits obligation recognized in the consolidated statement of financial position are calculated using\nthe same method (projected unit credit). The sensitivity analyses are based on a change in one assumption without changing the others. This sensitivity analysis may not be representative of the real variance in the defined benefits\nobligation, as it is unlikely that the change to the assumptions would occur on its own, as some of the assumptions may be correlated.\n\n \n\n22\n\nEarnings per share\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023, earnings per share was determined based on the weighted average number of shares outstanding during the year. There are no potentially dilutive instruments outstanding, therefore basic and diluted earnings per share are the same.\n\n \n\n23\n\nFair value measurement\n\n \n\nFair value measures for non-financial assets\n\n \n\nThe non-financial assets and liabilities measured at fair value in the statement of financial position are grouped into three levels of fair value hierarchy. The three levels are\ndefined based on the observability of relevant data for the measuring, as follows:\n\n \n\n•\n\nLevel 1: quoted prices (without adjustment) in active markets for identical assets and liabilities;\n\n \n\n•\n\nLevel 2: data other than the quoted prices included in Level 1 that are observable for the asset and liability, either directly or indirectly;\n\n \n\n•\n\nLevel 3: non-observable data for the asset or liability.\n\nAs of December 31, 2025 and 2024 non-financial assets measured at fair value were classified in Level 2 of this hierarchy, as described below:\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nLevel 2\n\n \n\n \n\n \n\n \n\n \n\n \n\nBuildings\n\n \n\n$\n\n79,043\n\n \n\n \n\n$\n\n92,731\n\n \n\nLands\n\n \n\n \n\n1,360,238\n\n \n\n \n\n \n\n1,442,648\n\n \n\n \n\n \n\n$\n\n1,439,281\n\n \n\n \n\n$\n\n1,535,379\n\n \n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n57\n\nAs of December 31, 2025 and 2024, fair value of the Company’s properties were estimated based on appraisals performed by independent, professionally qualified property valuers.\nAs mentioned in the Company’s accounting policy, for the properties the last appraisal was carried out in December 2024, so the amounts as of December 31, 2025, correspond to the balances as of December 31, 2024, adjusted for additions\nand disposals of assets. Likewise, based on the Company’s assessment, no factors were identified that suggest there have been significant changes in fair value.\n\nThe important information and assumptions are prepared in close collaboration with Management. The\nvaluation processes and changes in the fair value are reviewed by the Administration and Finance Department on the financial reporting date. Additional information on fair value measurement is as follows.\n\nBuildings and lands (Level 2)\n\n \n\nThe valuation was prepared based on a market approach that reflects the prices observed on recent market transactions involving similar properties and incorporates immaterial\nadjustments for factors specific to the property in question, including land size, location, liens, and current use.\n\nSome of the unobservable information used, is the adjustment for factors specific to the properties in question for the factors previously described such as\nland size, location, liens, negotiation conditions, among others. The magnitude and direction of this immaterial adjustment depends on the characteristics of observable market transactions for similar properties used as the end point for\nthe valuation. Although this information is subjective, Management considers that the global valuation will not be materially affected by reasonably possible alternatives.\n\nAs of December 31, 2025 and 2024, the reconciliation between the carrying amounts of non-financial assets classified within Level 2 was as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nBalance as of January 1\n\n \n\n$\n\n1,535,379\n\n \n\n \n\n$\n\n1,520,707\n\n \n\nAmount recognized in other comprehensive income:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRevaluation surplus\n\n \n\n \n\n-\n\n \n\n \n\n \n\n22,974\n\n \n\nAdditions and disposals, net\n\n \n\n \n\n(96,098\n\n)\n\n \n\n \n\n(8,302\n\n)\n\nBalance as of December 31\n\n \n\n$\n\n1,439,281\n\n \n\n \n\n$\n\n1,535,379\n\n \n\nAs of December 31, 2025 and 2024, there were no effects from unrealized gains from fair\nvalue measurements.\n\n \n\n \n\n2025\n\n \n\nLevel 2\n\n \n\n \n\n \n\nEquity investment\n\n \n\n$\n\n52,000\n\n \n\n \n\nThe fair value of the equity investment is determined by using a market approach by using a combination of two valuation techniques “Multiples of comparable\npublic companies” and “Multiples of comparable company transactions”, these techniques reflect the prices observed for similar public entities and on recent transactions involving similar entities, without requiring a significant\nadjustments for other specific factors.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n58\n\nAs of December 31, 2025, the reconciliation between the carrying amounts of the financial asset classified within Level 2 was as\nfollows:\n\n \n\n \n\n2025\n\n \n\nBalance as of October 1\n\n \n\n$\n\n40,000\n\n \n\nAmount recognized in other profit or loss:\n\n \n\n \n\n \n\n \n\nGain on measurement at fair value\n\n \n\n \n\n12,000\n\n \n\nBalance as of December 31\n\n \n\n$\n\n52,000\n\n \n\n \n\nAs of December 31, 2025, there were no effects from unrealized gains from fair value measurements.\n\n \n\n24\n\nFinancial instruments risk\n\n \n\nRisk management objectives and policies\n\n \n\nGrupo TMM is exposed to various risks in relation to financial instruments. The Company’s financial assets and liabilities by category are summarized in Note 12. The main types\nof risks are market risk, credit risk and liquidity risk.\n\n \n\nThe Company’s risk management is coordinated at its headquarters, in close cooperation with the board of directors, and focuses on actively securing short to medium-term cash\nflows by minimizing the exposure to volatile financial markets.\n\n \n\nThe Company does not actively engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risk to which the\nCompany is exposed are described below:\n\nMarket risk\n\nCurrency risk\n\nThe monetary position for Grupo TMM may be materially affected by variances in the exchange rate between the US dollar and the Mexican peso due to the Company’s significant\noperations in Mexico. The Company does not cover this exposure. Grupo TMM minimizes its exposure effects in foreign currency by contracting financial debt in Mexican pesos.\n\nGrupo TMM also faces transactional currency exposure. This exposure derives from sales and acquisitions made in currencies other than Mexican pesos, Grupo TMM’s functional\ncurrency. As of December 31, 2025 and 2024, approximately 90% and 73% of Grupo TMM’s sales are denominated in US dollars, respectively while approximately 49% and 35% of the costs and expenses for both years\nare denominated in US dollars.\n\nAs of December 31, 2025 and 2024, the Company held monetary assets and liabilities denominated in foreign currencies other than the Mexican peso, translated at the corresponding\ninterbank exchange rate as related to the Mexican peso, as follows:\n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nUS dollars\n\n \n\n \n\n \n\n \n\nAssets\n\n \n\n$\n\n60,571\n\n \n\n \n\n$\n\n40,494\n\n \n\nLiabilities\n\n \n\n \n\n(96,794\n\n)\n\n \n\n \n\n(54,673\n\n)\n\n \n\n \n\n$\n\n(36,223\n\n)\n\n \n\n$\n\n(14,179\n\n)\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n59\n\nAs of July 1, 2026, December 31, 2025 and 2024, the exchange rate was Ps17.4693,\nPs17.9528 and Ps20.5103\nper US dollar, respectively.\n\nAs of December 31, 2025 and 2024, the balance of monetary assets and liabilities denominated in currencies other than the Mexican peso or the US dollar is not significant.\n\nSensitivity analysis\n\n \n\nThe following table shows for the years ended December 31, 2025 and 2024 the sensitivity in profit or loss related to the financial assets and liabilities of Grupo TMM and the\nexchange rate; US dollar / Mexican peso considering that the rest of the conditions remain the same, assumes a change of +/- 5%\nfor 2025 and +/- 3% for 2024 in the peso / US dollar exchange rate.\n\n \n\nThis percentage was determined based on the volatility of the average exchange rate market over the past 12 months. The sensitivity analysis is based on financial instruments in\nforeign currency held by Grupo TMM on the reporting date.\n\nIf the Mexican peso had strengthened or weakened against the US dollar by 5%\nfor 2025 and 3% for 2024,  this would have had the following impact on the monetary position:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\n5%\n\nincrease in the\n\nexchange rate\n\n \n\n \n\n5%\n\ndecrease in the\n\nexchange rate\n\n \n\n \n\n3%\n\nincrease in the\n\nexchange rate\n\n \n\n \n\n3%\n\ndecrease in the\n\nexchange rate\n\n \n\nAssets in US dollars\n\n \n\n$\n\n207\n\n \n\n \n\n$\n\n(207\n\n)\n\n \n\n$\n\n1,124\n\n \n\n \n\n$\n\n(1,124\n\n)\n\nLiabilities in US dollars\n\n \n\n \n\n(345\n\n)\n\n \n\n \n\n345\n\n \n\n \n\n \n\n(1,517\n\n)\n\n \n\n \n\n1,517\n\n \n\n \n\n \n\n$\n\n(138\n\n)\n\n \n\n$\n\n138\n\n \n\n \n\n$\n\n(393\n\n)\n\n \n\n$\n\n393\n\n \n\nThe exposure to exchange rates varies during each year, depending on the volume of overseas operations or in foreign currency; however, the above analysis is considered\nrepresentative of Grupo TMM’s exposure to currency risk.\n\nInterest rate risks\n\nGrupo TMM’s exposure to the risk of changes in market interest rates is related principally to the long-term debt obligations at a variable interest rate.\n\nGrupo TMM mainly contracts its loans in instruments with fixed rates; however, when the conditions of a variable rate loan are favorable, they are contracted under those\nconditions. As of December 31, 2025, the Company has $45.3 and $1,013.6 million pesos of debt contracted on fixed and variable rates, respectively. As of December 31, 2024, the debt contracted on fixed and variable rates was $126.9 and $350.1 million pesos,\nrespectively.\n\nSensitivity analysis\n\nThe following table illustrates the sensitivity in profit or loss at December 31, 2025 and 2024 to a reasonably possible change in the interest rates of  +/-1%, these changes are considered to be reasonably possible based on the current market conditions.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n60\n\nThe calculations are based on a variance in the average market interest rate for each period and the financial instruments on the reporting date that are sensitive to variances\nin the interest rates. The rest of the variables remain constant.\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\n \n\n \n\n+1%\n\nVariance\n\n \n\n \n\n-1%\n\nVariance\n\n \n\n \n\n+1%\n\nVariance\n\n \n\n \n\n-1%\n\nVariance\n\n \n\nIncome or loss for the year\n\n \n\n$\n\n(359\n\n)\n\n \n\n$\n\n359\n\n \n\n \n\n$\n\n(139\n\n)\n\n \n\n$\n\n139\n\n \n\nThe impact shown in the above sensitivity is considered the same both in the results of profit or loss and in stockholders’ equity.\n\nCredit risk\n\n \n\nCredit risk is managed on a group basis, based on the credit risk management policies and procedures of Company based on each operating segment.\n\n \n\nCredit risk with respect to cash balances maintained in banks and sight deposits is managed through diversification of bank deposits that are only made with high credited\nfinancial institutions. For other receivables, other than trade accounts receivable and contractual assets, the balances are considered immaterial and whose risk of default is low.\n\n \n\nThe Company continuously monitors the creditworthiness of customers, based on its experience and customer profiles defined by Management. The Company’s policy is to deal only\nwith creditworthy counterparties. Credit terms range between 30 and 90 days (except Pemex that handles credit terms of 180 days after billing date). Credit terms negotiated with customers are subject to an internal approval process that\nconsiders the experience and profile of the customer. Current credit risk is managed by a periodic review of the accounts receivable aging analysis, together with credit limits per customer.\n\nFor certain types of services and customers, it is required that they pay in advance the amount corresponding to the services, thus mitigating the credit\nrisk.\n\nTrade receivable from customers comprise a large number of clients across various industries and geographic areas in Mexico, except for the maritime operation\nsegment where the number of clients is limited, which facilitates the monitoring of the risk conditions of those trade receivables.\n\nGrupo TMM does not maintain any guarantee on its trade accounts receivable or any other financial assets.\n\nTrade receivables\n\n \n\nGrupo TMM applies the IFRS 9 simplified model of recognizing lifetime expected credit losses (ECL) for all trade receivables as these items do not have a significant financing\ncomponent.\n\n \n\nIn measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped\nbased on the days past due and also according to the geographical location of customers.\n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n61\n\nExpected credit loss rates are based on the sales payment profile as well as the corresponding historical credit losses during the last periods. Historical rates are adjusted to\nreflect current and future macroeconomic factors that affect the customer’s ability to liquidate the unpaid balance.\n\nTrade receivables are written off when there is no reasonable expectation of recovery. Failure to make payments within 180 days from the invoice date and failure to engage with the Company on alternative payment arrangement amongst other is considered indicators of no reasonable\nexpectation of recovery. However, industry and client’s practices could generate balances with more than 180 days of aging, for which conclusion is that those balances will be collected.\n\nPursuant to the foregoing, the expected credit loss for trade accounts receivable as of December 31, 2025 and 2024 was determined as follows:\n\n \n\n \n\n \n\nTrade accounts receivable days in arrears\n\n \n\n \n\n \n\nCurrent\n\n \n\n \n\nMore than 30 days\n\n \n\n \n\nMore than 60 days\n\n \n\n \n\nMore than 90 days\n\n \n\n \n\nTotal\n\n \n\nAs of December 31, 2025\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\nGross carrying value\n\n \n\n$\n\n486,969\n\n \n\n \n\n$\n\n8,300\n\n \n\n \n\n$\n\n10,233\n\n \n\n \n\n$\n\n176,326\n\n \n\n \n\n$\n\n681,828\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\n \n\nSingle average ECL rate\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\n2.60\n\n%\n\nExpected credit losses during the lifetime\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$\n\n17,728\n\n \n\nIndividual trade receivables impaired\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n123,514\n\n \n\nTotal ECL\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n141,242\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\n \n\nAs of December 31, 2024\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\nGross carrying value\n\n \n\n$\n\n466,671\n\n \n\n \n\n$\n\n2,109\n\n \n\n \n\n$\n\n79,388\n\n \n\n \n\n$\n\n267,797\n\n \n\n \n\n$\n\n815,965\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSingle average ECL rate\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n3.91\n\n%\n\nExpected credit losses during the lifetime\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n31,904\n\n \n\nIndividual trade receivables impaired\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\n87,220\n\n \n\nTotal ECL\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$\n\n119,124\n\n \n\nLiquidity risk\n\n \n\nLiquidity risk consists of Grupo TMM being unable to meet its obligations. The Company manages its liquidity needs by monitoring scheduled debt service payments for short- and\nlong-term financial liabilities, as well as forecasting cash inflows and outflows in the business at least on a weekly basis. As of December 31, 2025, and 2024, 53% and 74%, respectively, of Grupo TMM’s financial\nliabilities are due within the next 12 months.\n\nThe Group’s objective is to maintain cash and short-term investments to meet its liquidity requirements for periods of at least 30 days. This objective was met for the reported periods. Financing for long-term liquidity requirements is additionally secured through an adequate amount of\navailable lines of credit and through the ability to sell non-strategic assets.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n62\n\nAs of December 31, 2025, and 2024, the financial liabilities and other liabilities of Grupo TMM had contractual maturities (including interest payments as applicable) and were\nsummarized as follows:\n\n \n\n \n\n \n\nCurrent\n\n \n\n \n\nNon-Current\n\n \n\n \n\n \n\nIn 6 months\n\n \n\n \n\n6 to 12\n\nMonths\n\n \n\n \n\n1 to 4 years\n\n \n\n \n\nMore than 4\n\nYears\n\n \n\nAs of December 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial debt\n\n \n\n$\n\n76,545\n\n \n\n \n\n$\n\n85,484\n\n \n\n \n\n$\n\n513,470\n\n \n\n \n\n$\n\n383,409\n\n \n\nTrade payables\n\n \n\n \n\n316,025\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAccounts payable and accrued expenses\n\n \n\n \n\n-\n\n \n\n \n\n \n\n390,332\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRelated parties\n\n \n\n \n\n-\n\n \n\n \n\n \n\n192,045\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nLeasing liabilities\n\n \n\n \n\n2,173\n\n \n\n \n\n \n\n2,331\n\n \n\n \n\n \n\n17,984\n\n \n\n \n\n \n\n23,717\n\n \n\n \n\n \n\n$\n\n394,743\n\n \n\n \n\n$\n\n670,192\n\n \n\n \n\n$\n\n531,454\n\n \n\n \n\n$\n\n407,126\n\n \n\nAs of December 31, 2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial debt\n\n \n\n$\n\n52,202\n\n \n\n \n\n$\n\n50,186\n\n \n\n \n\n$\n\n114,163\n\n \n\n \n\n$\n\n260,497\n\n \n\nTrade payables\n\n \n\n \n\n356,200\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nAccounts payable and accrued expenses\n\n \n\n \n\n-\n\n \n\n \n\n \n\n588,471\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRelated parties\n\n \n\n \n\n-\n\n \n\n \n\n \n\n172,409\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nLeasing liabilities\n\n \n\n \n\n13,286\n\n \n\n \n\n \n\n9,133\n\n \n\n \n\n \n\n21,791\n\n \n\n \n\n \n\n38,392\n\n \n\n \n\n$\n\n421,688\n\n \n\n \n\n$\n\n820,199\n\n \n\n \n\n$\n\n135,954\n\n \n\n \n\n$\n\n298,889\n\n \n\nThe above amounts reflect the contractual cash flows without discount, which may differ from the values registered in the liabilities on the reporting date.\n\n \n\n25\n\nCapital management policies and procedures\n\n \n\nGrupo TMM’s capital management goal is to ensure the capacity of Grupo TMM to continue as a going concern and to provide its stockholders with an appropriate return on their\ninvestment. The Company monitors capital based on the carrying value plus its financial debt.\n\nThe Company sets its capital amount proportionate to its overall financing structure, meaning, the capital and financial liabilities that are not loans. Grupo TMM manages the\ncapital structure and makes adjustments in light of changes in the economic conditions and the associated risks of the underlying assets. In order to maintain or adjust the capital structure, Grupo TMM may adjust the amount of capital\nreimbursements to stockholders, or issue new shares or sell assets to reduce its financial debt.\n\nAs of December 31, 2025 and 2024, the amounts managed as capital are as follows:\n\n \n\n \n\n \n\n2025\n\n \n\n \n\n2024\n\n \n\nStockholders’ equity\n\n \n\n$\n\n2,417,969\n\n \n\n \n\n$\n\n2,108,440\n\n \n\nCash and cash equivalents, including restricted cash\n\n \n\n \n\n(752,014\n\n)\n\n \n\n \n\n(207,110\n\n)\n\nCapital\n\n \n\n$\n\n1,665,955\n\n \n\n \n\n$\n\n1,901,330\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nStockholders’ equity\n\n \n\n$\n\n2,417,969\n\n \n\n \n\n$\n\n2,108,440\n\n \n\nFinancial debt\n\n \n\n \n\n1,058,908\n\n \n\n \n\n \n\n477,048\n\n \n\nLeasing liabilities\n\n \n\n \n\n46,205\n\n \n\n \n\n \n\n82,602\n\n \n\nOverall financing\n\n \n\n$\n\n3,523,082\n\n \n\n \n\n$\n\n2,668,090\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCapital-to-overall financing ratio\n\n \n\n \n\n0.47\n\n \n\n \n\n \n\n0.71\n\n \n\n \n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n63\n\n26\n\nContingencies\n\na)\n\nRPS Claim\n\n \n\nOn August 7, 2007, Transportación Marítima\nMexicana, S.A. de C.V. (‘TMM’), subsidiary of Grupo TMM, filed a claim for arbitration against Refined Product Services (“RPS”) for$50\nthousand US dollars, (approximately $1,026) or various expenses incurred by TMM due to the delay of the re-delivery of the tanker vessel\nPalenque.\n\n \n\nOn October 19, 2007, RPS filed a countersuit\nfor $3.0 million US dollars (approximately $61,531)\nfor alleged faults and lack of maintenance involving the tanker vessel Palenque, and also consequential damages for having lost a contract while the vessel was being repaired. During the year 2024 and 2025 and up to the date of authorization of the\nconsolidated financial statements, no significant events occurred in the process.\n\n \n\nThe Company’s Management and its legal\nadvisors consider the position against this countersuit is strong, as there are sufficient elements and arguments for defense, also the amount claimed by RPS would appear to be excessive and for non-supported issues.\n\n \n\nb)\n\nTax contingencies\n\ni.\n\nThe Company has a tax\ncontingency related to various tax credits for alleged omissions in withholding income tax and VAT from foreign residents for the fiscal year 2014 determined by tax authorities. On March 25, 2025, the ruling was notified in which the\nrequest for amparo by Transportación Marítima Mexicana, S.A. de C.V. (TMM), Grupo TMM’s subsidiary, was denied; on April 14, 2025, the Request for Review was filed against the ruling issued in the trial where the protection and\nsafeguarding of the Union’s Justice is sought. Subsequently, TMM filed various legal appeals in accordance with its rights. Finally, on July 3, 2025, TMM filed a complaint against the previous resolutions issued by the C. Sixteenth\nDistrict Judge in Administrative Matters in Mexico City, through which the filed amparo lawsuit was dismissed. By ruling issued in the regular session held on February 6, 2026, the Twentieth Collegiate Court in Administrative Matters\nof the First Circuit resolved the complaint filed as unfounded, so the matter was considered closed. The contingency arising from this case corresponds to the amount of the determined tax credit and the associated accessories.\n\n[Table of Contents](#TABLEOFCONSENTS)\n\nGrupo TMM, S.A.B. and Subsidiaries\n\n64\n\nii.\n\nDuring 2017 and 2016, Grupo TMM filed Motions for Annulment with the Federal Court of Administrative Justice against various decisions of the Tax Administration Service (SAT for its acronym in Spanish), on the rejection of tax\ndeductions (year 2007), and the termination of the consolidation regime (year 2013). As of the date of issuance of the consolidated financial statements, these lawsuits remain ongoing. The Company and its legal advisors have\nconsidered, as part of the defense against the authority’s rulings, challenging them through a direct amparo lawsuit, whose arguments must be sent for review and resolution to the Collegiate Circuit Court in Administrative Matters of\nthe First Circuit. Additionally, if the issue of the constitutionality of general regulations persists, the Company may file a review appeal in a direct amparo against the ruling of that court, which must be sent to the Supreme Court\nof Justice of the Nation for study and resolution on the merits. Management, together with its legal advisors, continues with the legal defense strategy and considers that there are legal grounds to obtain a favorable resolution for\nthe Group’s interests, which would mean that Grupo TMM doesn’t make any tax payments related to those SAT resolutions.\n\nc)\n\nOther legal proceedings\n\nThe Company is a participant in various other\nlegal proceedings and administrative actions, all of which are of an ordinary or routine nature and incidental to its operations. Although it is impossible to predict the outcome of any legal proceeding, in the opinion of the Company’s Management,\nsuch proceedings and actions should not, individually or in the aggregate, have a material adverse effect on the Company’s financial condition, results of operations or liquidity.\n\n \n\nd)\n\nOperations with related parties\n\nUnder the Income Tax Law, companies that\nconduct operations with related parties, nationals or nonresidents, are subject to fiscal limitations and obligations regarding the determination of the prices negotiated, as these must be comparable to those that would be used with or between\nindependent parties on similar operations.\n\n \n\nIn the event the tax authorities were to\nreview the prices and reject the amounts determined, they may demand, an addition to the taxes and accessory charges corresponding (adjustments and surcharges), fines on omitted taxes, which could be for up to 100% of the adjusted tax amount.\n\n \n\nThe Company has significant transactions and\nrelations with related parties. In regards to this the Company and its subsidiaries are in the process of completing this study for 2025 and 2024.\n\n \n\ne)\n\nOther legislation\n\nGrupo TMM and Subsidiaries are subject to the\nlaws and ordinances of other countries, as well as international regulations governing maritime transportation and the observance of safety and environmental regulations.\n\n27\n\nSubsequent events to the reporting date\n\nNo adjusting or significant non-adjusting\nevents have occurred between the December 31, 2025, reporting date and the date of authorization.\n\n \n\n28\n\nAuthorization of the consolidated financial statements\n\nThe consolidated financial statements of the Company were authorized by Verónica Tego on July 1, 2026, in her\ncapacity as Director of Administration and Finance, as well as by the Board of Directors on the same date."}