Grupo Televisa Sa Stock Earnings Reports

Grupo Televisa reported continued operational improvement in its telecom operations and a strong quarter for TelevisaUnivision driven by World Cup-related revenue in Mexico. Key telecom highlights: sequential broadband subscriber growth for five quarters, churn below 2% for five quarters (lowest in 10 quarters in Q2), residential & enterprise revenue up 2.6% in 1H26, ongoing OpEx reductions (annual OpEx down ~18% vs. mid-2023), headcount reduced from ~34k to ~25k, programming costs down ~20%, operating segment income margin expanded ~260 bps to ~40.7% over three years, disciplined CapEx with average annual CapEx down ~36% vs. pre-2023 levels, and a cumulative free cash flow generation of MXN 16.4 billion since the strategy pivot. Network upgrade progress: 12 million homes already passed with FTTH (60% of footprint) after upgrading ~1.5 million homes in Q2, with a target of full FTTH coverage by end of Q2 2027. Sky continues to see subscriber declines (Q2 RGU losses) but slower deterioration; combined Cable + Sky operating segment income improved (margin 41.8% in the quarter) driven by OpEx declines and Sky-Izzi synergies. TelevisaUnivision: consolidated revenue +10% YoY (Mexico +53% YoY due to World Cup), adjusted EBITDA down 3% YoY as sport-related costs rose; ViX saw record subscriber additions and subscription/licensing revenue grew substantially. Balance sheet: TelevisaUnivision cash ~$766M, available credit ~$770M, net debt/EBITDA modestly improved to 5.5x. Management emphasized capital discipline, free cash flow priority, M&A evaluated case-by-case (may include partners or minority stakes), cautious outlook on near-term U.S. advertising but continued World Cup and political ad tailwinds in LATAM and late 2026, and active AI deployments to drive production and operational efficiencies.