Grupo Televisa (TELEVISACPO) investor relations material

Executive summary

• Telecom revenue fell 3.8% YoY to Ps.14,077.7 million, while operating segment income rose 5.6% to Ps.5,996.0 million; its margin reached 42.6%, up 380 bps, on lower opex and efficiency measures.

• A 50/50 consortium agreed to acquire AT&T Mexico for US$2 billion; closing is targeted for Q1 2027, subject to regulatory approvals.

Financial highlights

• Q3 operating income declined 26.7% to Ps.680.9 million, including Ps.969.5 million of other expense, net; attributable net income was Ps.882.7 million versus a Ps.1,932.5 million loss.

• Finance expense, net, decreased to Ps.268.4 million from Ps.675.4 million, and income taxes fell to Ps.123.0 million from Ps.3,008.1 million.

• 9M revenue was Ps.42,879.1 million versus Ps.44,330.0 million; operating income was Ps.3,795.6 million versus Ps.2,772.2 million, and net income was Ps.1,705.7 million versus a Ps.1,027.7 million loss.

• TelevisaUnivision revenue was US$1.4 billion, up 9% YoY, or 6% excluding peso appreciation; adjusted EBITDA was US$461 million, essentially flat.

Outlook and guidance

• Mexican broadband growth is converging toward low single digits as penetration rises; premium positioning and higher ARPU limit growth headroom, though revenue continues to grow.

• Cable CapEx is expected to end the year in the low 20s; Q4 catch-up reflects imported fiber-material timing.

• TelevisaUnivision expects FY 2026 CapEx consistent with 2025; U.S. advertising outlook remains prudent, with Q4 priorities on client activation, ViX and social monetization, and client relationships.

• Telecom margin is considered strong, with no further profitability expansion expected.