Grupo Televisa

News Summary:

On March 2, 2026, Grupo Televisa reported its Q4 2025 earnings, with Co-Chief Executive Officer Alfonso de Angoitia highlighting a 47,000 increase in Internet subscribers in 2025, which marked a full-year turning point after subscriber losses in 2023 and 2024. The company's Q4 2025 revenues declined 4.5% year-on-year to MXN 14.5 billion, mainly due to a 16.8% slump in revenues from subscriber losses at its Sky satellite TV unit. Despite the revenue decrease, the company's Q4 operating income rose 6.1% year-on-year to MXN 5.9 billion, achieving a 40.9% margin. The company also expanded its consolidated operating segment income margin by 200 basis points to 39.1% through OpEx efficiencies and the integration of Izzi and Sky, while maintaining disciplined CapEx deployment of MXN 12.2 billion in 2025, equivalent to 20.7% of sales. Previously, on February 27, the company's stock tumbled 10.38%, erasing $122 million in market value following the announcement of a dividend suspension. CEO Francisco Valim signaled a strategic pivot towards telecom investments, indicating a 25% capex-to-sales ratio in 2026. Earlier, on February 26, the company confirmed the dividend suspension for 2026, noting that 2025 saw a turnaround in cable internet subscribers, margin expansion, strong free cash flow enabling debt reduction, and growth in TelevisaUnivision's direct-to-consumer business to over 20% of revenue, contrasting with Sky's continued decline.