TV · Grupo Televisa, S.A.B.

Grupo Televisa, S.A.B. delivered a strong financial performance in the first quarter of 2026, characterized by significant profit expansion despite a modest top-line contraction. Revenues decreased slightly to Ps. 14,512.5 million from Ps. 14,973.6 million in the prior year period. However, rigorous cost management, particularly in selling and administrative expenses which fell by approximately Ps. 620 million combined, allowed the company to expand operating margins substantially. Operating income increased to Ps. 1,542.4 million, up from Ps. 890.0 million in Q1 2025. A major driver of the quarter's profitability was the dramatic increase in the share of income from associates and joint ventures, which rose to Ps. 1,339.1 million. This surge, likely attributable to the company's investment in TelevisaUnivision, significantly bolstered pre-tax earnings. Net income attributable to stockholders reached Ps. 1,031.9 million, resulting in basic earnings per CPO of Ps. 0.39, compared to Ps. 0.12 in the same quarter last year. On the balance sheet, the company shows improved liquidity management with the current portion of long-term debt reduced to zero as of March 31, 2026, down from Ps. 3,737.0 million at year-end 2025, while maintaining a stable long-term debt load of approximately Ps. 82 billion. Total equity increased to Ps. 104,339.7 million, strengthening the company's financial position.