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Grupo Televisa (TELEVISACPO) investor relations material
Grupo Televisa Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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