Grupo Televisa (TELEVISACPO) Q2 2025 earnings summary

Executive summary

• Revenue declined 6.3% year-over-year to Ps.14,729.4 million, mainly due to a sharp drop in Sky segment revenue, while operating segment income fell 4.3% but margin improved to 38.4% due to efficiencies and synergies.

• Solid operating cash flow margin of 24.1% was maintained, with free cash flow generation enabling debt prepayment.

• Broadband subscribers reached 5.6 million, with net additions of 6.4 thousand in Q2; mobile subscribers grew by 83.5 thousand after a service relaunch.

• Total revenue generating units (RGUs) for Sky dropped by 346.6 thousand, reflecting a 16.3% revenue decline in that segment.

• Net income swung to Ps.552.5 million from a loss of Ps.78.0 million in 2Q'24, driven by higher operating income, lower other expenses, and increased share of income from associates.

Financial highlights

• Consolidated revenue for Q2'25 was Ps. 14,729 million, down 6.3% year-over-year; operating segment income was Ps. 5,694 million, down 4.3% year-over-year.

• Operating segment income margin improved to 38.4%, up 70 basis points year-over-year, driven by a 7% OpEx reduction.

• Operating cash flow margin stood at 24.1% for the quarter.

• Net income attributable to stockholders was Ps.474.5 million, up from a loss of Ps.25.6 million year-over-year.

• Finance expense, net, increased by Ps.1,082.4 million to Ps.1,672.4 million, mainly due to higher interest expense and foreign exchange losses.

Outlook and guidance

• CapEx guidance for 2025 reduced to $600 million from $665 million, focusing on higher investment returns and favorable supplier negotiations.

• CapEx deployment expected to accelerate in H2, with continued focus on high-end, stable customers and low churn.

• Continued focus on customer retention, efficiency measures, and free cash flow generation in Cable and Sky segments.

• Anticipates modest quarter-over-quarter revenue growth in cable, prioritizing value over market share.