Grupo Televisa (TELEVISACPO) Q2 2026 earnings summary

Executive summary

• Achieved five consecutive quarters of sequential internet subscriber growth and maintained churn below 2%, reflecting a successful value customer strategy.

• Cable revenue returned to growth, with Residential and Enterprise revenue up 2.6% year-on-year in H1 2026, while total revenue declined 3.0% year-on-year to Ps.14,288.9 million due to a sharp drop in Satellite Services.

• Significant OpEx efficiencies realized, including an 18.4% reduction in annual OpEx over three years and a 65% decline in corporate expenses.

• Accelerated FTTH network upgrade, passing 12 million homes and targeting full coverage by Q2 2027, with over 1.5 million homes to be upgraded in 2026.

• Net loss attributable to stockholders was Ps.497.4 million, compared to net income of Ps.474.5 million in the prior year, driven by lower share of income from associates, higher taxes, and increased non-controlling interests.

Financial highlights

• Residential net revenue reached MXN 10.7 billion, up 1.8% year-on-year, the best quarter in 2.5 years for revenue growth.

• Enterprise net revenue was MXN 1 billion, up 0.8% year-on-year, supported by new public and private sector projects.

• Segment revenue totaled MXN 14.3 billion, down 3% year-on-year, but operating segment income rose 5% to MXN 6 billion, with margin expanding to 41.8%.

• Operating cash flow margin held at 16.6% despite significant FTTH upgrades, supported by opex and capex optimizations.

• TelevisaUnivision revenue grew 10% year-on-year to $1.3 billion, with Mexico revenue up 53% and U.S. revenue down 11%.

Outlook and guidance

• Confident in sustaining current pace of cable revenue growth and continued FTTH rollout, targeting over 1.5 million homes upgraded in 2026.

• Expect U.S. advertising trends to remain soft in Q3, but World Cup momentum in Mexico and Latin America and U.S. political advertising in Q4 should partially offset pressures.

• Full-year 2026 CapEx for TelevisaUnivision expected to be consistent with 2025 levels.

• Ongoing emphasis on operational efficiencies and customer retention in Residential and Enterprise segments.