TV · Grupo Televisa, S.A.B.

Grupo Televisa's Q1 2026 results showed revenue of 14.5 billion MXN, down 3% YoY from 15.0 billion MXN, driven by declines across residential broadband/content/telephony (10.6 billion MXN), satellite DTH (2.5 billion MXN), and enterprise services (1.3 billion MXN), with minor international contributions. Gross profit contracted to 5.7 billion MXN (margin ~39%) from 5.8 billion MXN, reflecting higher cost of sales (8.8 billion MXN vs. 9.2 billion prior). Operating profit doubled to 1.5 billion MXN from 0.9 billion, aided by sharp cuts in distribution (1.8 billion vs. 2.0 billion) and administrative expenses (2.3 billion vs. 2.6 billion). Equity income from associates surged to 1.3 billion MXN from 91 million, boosting pre-tax profit to 1.2 billion MXN. Net profit attributable to owners jumped over 3x to 1.0 billion MXN, with basic EPS at 0.39 (diluted 0.36). Balance sheet remained solid with total assets at 226 billion MXN (down from 228 billion year-end), cash at 25 billion MXN, and net debt reduction. Operating cash flow of 4.6 billion MXN supported investments (798 million net outflow) and financing (6.4 billion outflow, including borrowings). Single Telecom segment post Cable/Sky integration emphasizes residential (73% revenue), satellite (18%), enterprise (9%). No dividends paid; 15 analysts cover. Unaudited per IAS 34, consistent with IFRS.