Grupo Televisa (TELEVISACPO) Q4 2025 earnings summary

Executive summary

• Achieved a turnaround in cable internet subscribers, adding 47,000 in 2025 after prior declines, by focusing on value customers.

• Revenue declined 5.4% year-over-year to Ps.58,878.2 million, mainly due to a sharp drop in Satellite Services revenue.

• Operating segment income decreased 0.6% year-over-year, but margin improved to 39.1% from 37.2%.

• Generated MXN 5.9 billion in free cash flow, enabling early debt repayment and reducing leverage ratio to 2x EBITDA.

• TelevisaUnivision's DTC business reached record revenue, profitability every quarter, and now represents nearly 25% of total revenue.

Financial highlights

• 2025 consolidated revenue was MXN 58.9 billion, down 5.5% year-on-year, mainly due to lower Sky revenue.

• Operating segment income was MXN 23 billion, down 0.6% year-on-year.

• Q4 consolidated revenue was MXN 14.5 billion, down 4.5% year-on-year; operating segment income rose 6.1% to MXN 5.9 billion.

• Corporate expenses dropped 40.6% year-over-year, mainly from lower share-based compensation.

• Finance expense, net, fell 8.8% year-over-year, aided by lower interest expense and favorable FX movements.

Outlook and guidance

• Plans to upgrade 6 million homes to FTTH in 2026, targeting 75% of footprint on fiber by year-end.

• 2026 CapEx to sales ratio expected near 25% to support network upgrades and subscriber growth.

• Board approved suspension of regular dividend in 2026 to pursue telecom sector opportunities; a capital increase may be considered.