Grupo Televisa (TELEVISACPO) Q4 2024 earnings summary

Executive summary

• Achieved key 2024 goals: streamlined OpEx and CapEx in Cable, integrated Sky with izzi, spun off non-core sports/gaming businesses, and scaled DTC business to profitability at TelevisaUnivision.

• Cash and cash equivalents rose by 38.4% to Ps.48,687.9 million, driven by strong free cash flow generation.

• Revenue declined 6% year-over-year, mainly due to lower Sky segment revenue; operating segment income fell 7.5% to Ps.23,158 million, margin at 36.9%.

• ViX, the streaming platform, reached $1 billion in revenue and became profitable in its second year.

• Ollamani spin-off completed, unlocking shareholder value and presenting results as discontinued operations.

Financial highlights

• 2024 consolidated revenue: MXN 62.3 billion, down 6% year-on-year; operating segment income: MXN 23.2 billion, down 7.5%.

• Q4 consolidated revenue: MXN 15.2 billion, down 6.9% year-on-year; operating segment income: MXN 5.6 billion, down 4.4%.

• Consolidated operating cash flow: MXN 14.3 billion, up 28% year-on-year, with a margin increase to 22.7%.

• Free cash flow: over MXN 10.1 billion, representing a 43% yield.

• TelevisaUnivision full-year revenue: $5.1 billion, up 3% year-on-year; adjusted EBITDA: $1.6 billion, down 3%.

Outlook and guidance

• 2025 CapEx budget set at $665 million, targeting 1 million new homes passed and network expansion.

• Focus remains on value customers, operational efficiencies, churn reduction, and further integration between izzi and Sky.

• TelevisaUnivision expects further profitability and integration gains, especially in DTC.

• Exchange rate forecast for 2025: MXN 20.5 per USD.