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Megacable Holdings (MEGACPO) investor relations material
Megacable Holdings Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Transitioned from high investment to consolidation and efficiency, focusing on fiber migration and service quality, with strong subscriber growth and improved ARPU through bundling and price increases.
Achieved over 19 million homes passed and 84% of subscribers served by fiber, reinforcing a leading position in Mexico.
Mass market segment drove robust revenue and profitability, achieving double-digit revenue growth for the third consecutive quarter, while the corporate segment remained soft.
Net income surged 74.2% year-over-year, driven by operating efficiencies and improved financial results.
CapEx as a percentage of revenue declined as expansion and network evolution projects matured.
Financial highlights
Q4 2025 revenues reached MXN 9.2 billion, up 8.2% year-over-year; full-year revenues were MXN 35.4 billion, also up 8%.
Mass segment revenues grew 10.3% year-over-year, offsetting a 3.3% decline in corporate telecom.
EBITDA for Q4 was MXN 4.5 billion (up 15% year-over-year, margin 44%); full-year EBITDA was MXN 15.9 billion (up 11%, margin 45%).
Net income for Q4 was MXN 721 million (up 74% year-over-year); full-year net income was MXN 2.8 billion (up 20%).
Stock price closed at MXN 51.72, up 52.5% year-over-year.
Outlook and guidance
CapEx to revenue ratio expected to decline further, with 2026 guidance at 24%-26%, and lower in 2027.
Focus remains on consolidating growth, advancing fiber strategy, and maximizing free cash flow while maintaining investment-grade profile.
EBITDA margin expected to expand by 50 basis points per year, reaching 47%-48% by 2028.
Continued focus on expanding fiber coverage and digital content offerings to sustain subscriber and revenue growth.
Ongoing migration to fiber technology expected to enhance service quality and bandwidth.
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