Mexico · Delayed Price · Currency is MXN Grupo Televisa, S.A.B. Earnings Call Transcripts
Fiscal Year 2026
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Second quarter results highlight sustained cable revenue growth, record-low churn, and strong free cash flow, driven by operational efficiencies and disciplined CapEx. TelevisaUnivision saw robust growth in Mexico from World Cup coverage, while U.S. advertising remains soft.
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Operating segment income margin expanded to 41.4% on efficiency gains, despite a 3.1% revenue decline. ViX drove DTC growth, while FTTH upgrades and debt reduction improved leverage. CapEx remains focused on network upgrades, with profitability expected above 40%.
Fiscal Year 2025
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2025 saw a turnaround in cable internet subscribers, margin expansion, and strong free cash flow, enabling debt reduction and strategic investments. TelevisaUnivision's DTC business grew to over 20% of revenue, while Sky continued to decline. Dividend suspended for 2026.
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Internet and mobile subscriber growth, OPEX efficiencies, and disciplined CAPEX drove margin expansion and strong free cash flow, enabling debt reduction. TelevisaUnivision improved EBITDA and liquidity, while market maturity shifts focus to ARPU and value customers.
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Operating segment income margin expanded on cost efficiencies, with free cash flow enabling debt reduction and a lower leverage ratio. Cable subscriber trends improved, ViX saw strong growth, and CapEx guidance was reduced for 2025. Market conditions remain stable and rational.
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Margin expansion and EBITDA growth were achieved through cost efficiencies and integration, despite revenue declines. Debt reduction and disciplined CapEx remain priorities, with a stable outlook for broadband and advertising amid regulatory changes.
Fiscal Year 2024
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2024 saw improved margins and free cash flow from operational efficiencies, integration, and cost controls, despite revenue declines. ViX reached $1B in revenue and profitability, while CapEx was optimized and debt reduced. 2025 will focus on network growth, further integration, and maintaining strong liquidity.
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Major milestones included cable restructuring, Sky integration, and ViX DTC profitability. Strong free cash flow and margin expansion were driven by operational efficiencies, with continued focus on integration, deleveraging, and content leadership.
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Restructuring and integration efforts drove improved profitability and efficiency, with significant OPEX and CAPEX savings and a strong outlook for free cash flow. DTC business ViX is on track for profitability, and robust political advertising is expected to boost H2 results.