Grupo Televisa (TELEVISACPO) Q4 2025 earnings summary

Executive summary

• Consolidated revenue declined 5.4%–5.5% year-over-year, mainly due to a sharp drop in Satellite/Sky revenue, while Residential and Enterprise remained relatively stable.

• Operating segment income margin expanded by 190–200 bps to 39.1%, reflecting efficiency gains and cost synergies from integrating Cable and Sky businesses.

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

• 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 (Ps.58,878 million), down 5.4%–5.5% year-on-year, mainly due to lower Sky/Satellite revenue.

• Operating segment income was MXN 23 billion (Ps.23,022 million), down 0.6% year-on-year.

• Q4 consolidated revenue was MXN 14.5 billion (Ps.14,548 million), down 4.5% year-on-year; operating segment income rose 6.1% to MXN 5.9 billion (Ps.5,948 million).

• Full-year operating cash flow margin was 18.4%, in line with capex deployment goals.

• Net debt stood at Ps.49.1 billion (US$2.7 billion) with a net debt-to-OSI ratio of 2.0x, excluding leases.

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 if needed.

• Focus remains on maintaining low churn, optimizing Capex, and enhancing free cash flow generation.