TV · Grupo Televisa, S.A.B.

Grupo Televisa's full-year 2025 results reflect a mixed performance. Revenue declined 5.4% to Ps.58.9 billion, driven by a 17.5% drop in Satellite revenue (DTH broadcast satellite TV) to Ps.11.8 billion, partially offset by modest growth in Residential broadband (up 5.5% to Ps.25.3 billion) and Enterprise (up 0.8% to Ps.4.3 billion). Gross margin improved to 38.2% from 34.0% in 2024, benefiting from lower cost of sales. Operating income swung to a profit of Ps.4.2 billion from a loss of Ps.2.8 billion, aided by a significant reduction in other expenses (Ps.1.0 billion vs. Ps.4.6 billion), which included impairment charges in 2024. However, net loss attributable to owners widened to Ps.9.2 billion from Ps.8.3 billion, primarily due to a Ps.6.5 billion non-cash write-off of deferred tax assets (Ps.3.6 billion from expired capital tax losses and Ps.2.9 billion from deductible temporary differences not expected to be utilized) and a Ps.1.1 billion share of loss from associate TelevisaUnivision, which included a Ps.950 million charge from a capital contribution. The company generated strong operating cash flow of Ps.20.1 billion, but capital expenditures of Ps.12.2 billion and debt repayments led to a net decrease in cash of Ps.18.6 billion. The integration of Cable and Sky into a single Telecom segment in Q4 2025 is expected to yield cost synergies. Management suspended the 2026 dividend to evaluate investment opportunities in the Mexican telecom sector.