Grupo Televisa (TELEVISACPO) Q2 2026 earnings summary

Executive summary

• Revenue declined 3.0% year-over-year, mainly due to a significant drop in Satellite/Sky segment revenue, partially offset by growth in Residential and Enterprise Services.

• Operating segment income increased 5.0% year-over-year to Ps.5,978.1 million, with margin expanding to 41.8% due to efficiency gains and opex reductions.

• Achieved lowest churn rate in 10 quarters, with improved subscriber stability and sequential growth in internet subscribers.

• Net loss attributable to stockholders was Ps.497.4 million, compared to net income of Ps.474.5 million in the prior year, driven by lower share of income from associates, higher taxes, and increased non-controlling interests.

• OCF margin remained healthy at 16.6%, supported by operational and capital expenditure optimizations.

Financial highlights

• Telecom segment revenue was Ps.14,288.9 million, down 3.0% year-over-year; Residential revenue grew 1.8% and Enterprise revenue increased 0.8%.

• Satellite/Sky revenue dropped 20.3% year-over-year, reflecting a 28.2% decrease in RGUs.

• Operating cash flow margin held at 16.6% despite significant FTTH network upgrades.

• Income before income taxes fell 35.4% year-over-year to Ps.318.1 million.

• Finance expense, net, improved by Ps.343.4 million, mainly from lower interest and FX losses.

Outlook and guidance

• Continued focus on FTTH expansion, targeting over 1.5 million homes upgraded in 2026 and full network coverage by 2027.

• Capex-to-sales ratio for 2026 expected to be around 25%, with disciplined investment for higher returns.

• Emphasis on operational efficiencies, customer retention, and free cash flow generation.

• Expect U.S. advertising trends to remain soft in Q3, with World Cup momentum in Mexico and Latin America and U.S. political advertising partially offsetting pressures in H2 2026.

• Full-year 2026 CapEx for TelevisaUnivision expected to be consistent with 2025 levels.