Grupo Televisa (TELEVISACPO) Q1 2026 earnings summary

Executive summary

• Revenue declined 3.1% year-over-year to Ps.14,512.5 million, mainly due to a sharp drop in Satellite Services revenue, partially offset by growth in Residential and Enterprise Services.

• Operating segment income rose 5.2% year-over-year to Ps.6,001.2 million, with margin expanding to 41.4% from 38.1% due to efficiency gains and opex reductions.

• Net income attributable to stockholders surged to Ps.1,031.9 million from Ps.319.8 million, driven by higher share of income from associates and joint ventures, lower other expenses, and reduced income taxes.

Financial highlights

• Residential Services revenue increased 0.9% year-over-year to Ps.10,611.9 million, with continued broadband subscriber growth.

• Enterprise Services revenue jumped 30.0% year-over-year to Ps.1,284.7 million, supported by new project signings.

• Satellite Services revenue fell 24.6% year-over-year to Ps.2,615.9 million, reflecting a 27.6% drop in RGUs.

• Operating cash flow margin was 24.2%, supported by opex and capex optimizations.

• Capital expenditures totaled U.S.$141.9 million (Ps.2,491.7 million), up from U.S.$87.0 million (Ps.1,777.0 million) year-over-year.

Outlook and guidance

• Continued focus on FTTH upgrades, targeting over 1.5 million homes for the year.

• Ongoing emphasis on operational efficiencies, customer satisfaction, and retention in Residential Services.

• Enterprise Services expected to benefit from new public and private sector projects.