Grupo Televisa (TELEVISACPO) investor relations material

Executive summary

• Revenue declined 3.1% year-over-year, mainly due to a sharp drop in Satellite revenues, while Residential and Enterprise segments showed resilience and growth.

• Operating segment income increased 5.2% year-over-year to Ps.6,001.2 million, with margin expanding to 41.4% from 38.1% due to efficiency gains and opex reductions.

• Net income attributable to stockholders surged to Ps.1,031.9 million from Ps.319.8 million, driven by higher share of income from associates, lower expenses, and reduced taxes.

• Broadband and mobile subscriber bases grew, with net additions in both categories, while Satellite RGUs declined significantly.

• OCF margin remained solid at 24.2%, supported by ongoing opex and capex optimizations.

Financial highlights

• Consolidated revenue for Q1'26 was Ps.14,513 million, down 3.1% year-over-year.

• Operating segment income reached Ps.6,001 million, up 5.2% year-over-year, with a margin of 41.4%.

• Residential Services revenue increased 0.9% year-over-year to Ps.10,611.9 million; Enterprise Services revenue grew 30.0% to Ps.1,284.7 million.

• Satellite Services revenue fell 24.6% year-over-year to Ps.2,615.9 million, reflecting a 27.6% drop in RGUs.

• Operating cash flow margin was 24.2%, supported by opex and capex optimizations.

Outlook and guidance

• Continued focus on FTTH upgrades, targeting over 1.5 million homes for the year and aiming for 75% FTTH coverage by year-end and 100% by mid-2027.

• CapEx to remain in low 20% of revenue during network upgrade, dropping to 15% after completion in 2027; capex-to-sales ratio for 2026 expected to be around 25%.

• Ongoing emphasis on operational efficiencies, customer satisfaction, and retention in Residential Services.

• Enterprise Services expected to benefit from new public and private sector projects.

• Profitability expected to remain above 40% in coming quarters.