FORM20-F ☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THESECURITIES EXCHANGE ACT OF 1934OR☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934OR☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 Commission file number:1-33168 ⌧Yes◻No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Sections13 or15(d)of the Securities Exchange Act of 1934.◻Yes⌧No Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section13 or 15(d)of the SecuritiesExchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)has beensubject to such filing requirements for the past 90 days.⌧Yes◻No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).⌧Yes◻No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growthcompany. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: Indicate by check mark which financial statement item the registrant has elected to follow: ◻Item17⌧Item18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined by Rule12b-2 of the Exchange Act).☐Yes⌧NoIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (§ 15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒Yes◻No If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ TABLE OF CONTENTS ITEM1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM2.OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM3.KEY INFORMATION1Risk Factors1Forward-Looking Statements36ITEM4.INFORMATION ON THE COMPANY37History And Development Of The Company37Business Overview44Regulatory Framework77Organizational Structure101Property, Plant And Equipment103ITEM4A.UNRESOLVED STAFF COMMENTS103ITEM5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS103ITEM6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES142ITEM7.MAJOR SHAREHOLDERS AND RELATED-PARTY TRANSACTIONS154Major Shareholders154Related-Party Transactions158ITEM8.FINANCIAL INFORMATION159Legal Proceedings159Dividends And Capital Stock Reimbursements165ITEM9.THE OFFER AND LISTING166Share Price History166Trading On The Mexican Stock Exchange166ITEM10.ADDITIONAL INFORMATION BYLAWS167Material Contracts183Exchange Controls183Taxation183Documents On Display188 ITEM11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK189ITEM12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES189ITEM12A. DEBT SECURITIES189ITEM12B. WARRANTS AND RIGHTS189ITEM12C. OTHER SECURITIES189ITEM12D. AMERICAN DEPOSITARY SHARES189ITEM13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES191ITEM14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS ANDUSE OF PROCEEDS191ITEM15.CONTROLS AND PROCEDURES191ITEM16.[RESERVED]194ITEM16A.AUDIT COMMITTEE’S FINANCIAL EXPERT194ITEM16B. CODE OF ETHICS194ITEM16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES AUDIT AND NON-AUDITFEES194ITEM16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES195ITEM16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATEDPURCHASERS195ITEM16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT195ITEM16G. CORPORATE GOVERNANCE195ITEM16H. MINE SAFETY DISCLOSURES199ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS199ITEM 16J.INSIDER TRADING POLICIES199ITEM 16K. CYBERSECURITY199ITEM17.FINANCIAL STATEMENTS201ITEM1