What does Grupo Televisa do and what are its main business segments?

What is the revenue and EPS growth rate for Grupo Televisa year over year?

What were the key takeaways from Grupo Televisa's earnings call?

What were the key takeaways from Grupo Televisa’s earnings call?

What factors drove the changes in Grupo Televisa's revenue and profit?

What is the market's earnings forecast for Grupo Televisa next quarter?

What is Grupo Televisa's latest dividend and current dividend yield?

What guidance did Grupo Televisa's management provide for the next earnings period?

- **Revenue & Margin Growth**: Cable segment operating margin 38.5% (140bp YoY expansion); TelevisaUnivision EBITDA +9% YoY.
- **Cost Efficiency**: $300M OpEx savings (12% YoY decline); MXN 4.2B free cash flow used to reduce debt.
- **Subscriber Trends**: 22,000 broadband net adds; 94,000 mobile net adds; Sky subscribers declining but generating positive cash flow.
- **Strategic Focus**: High-end customer ARPU growth; exploring streaming integration of local news; stable U.S.-Mexico trade relationship.

**【Management Opening Remarks】**
- **Grupo Televisa Key Achievements**: 
  - Internet subscriber growth in 2025 vs. end-2024; 100bp margin expansion to 38.2% (12% OpEx decline); MXN 7.5B CapEx (16.8% of sales); MXN 4.2B free cash flow used to repay MXN 2.7B debt.
  - TelevisaUnivision: ViX MAU growth; $300M OpEx savings (12% YoY decline); 5.5x EBITDA leverage (down from 5.9x); $2.3B debt refinanced.

**【CFO Financial Commentary】**
- **Cable Segment Performance**: 
  - 22,000 net broadband adds (vs. 6,000 Q2); 43,000 video disconnections (improving trend); 94,000 mobile net adds.
  - Residential revenue flat YoY (best 2Y performance); enterprise revenue +7.7% YoY.
  - Operating segment income MXN 5.7B (-0.7% YoY), margin 38.5% (140bp YoY expansion).
  - CapEx MXN 3.6B (24.3% of sales); EBITDA-CapEx cash flow MXN 2.1B (14.2% of sales).

**【Q&A Highlights】**
- **CapEx & Insurance**: 2025 CapEx guidance MXN 600M; final insurance payout for Hurricane Otis.
- **Content Strategy**: Exploring local news integration into ViX; equity deals with startups (e.g., Kavak, Rappi) to monetize unsold inventory.
- **Market Dynamics**: Cable market nearing saturation; focus on ARPU growth (MXN 1,250 installation fee for Sky). Sky as cash flow generator with declining subscriber base.
- **Trade Relations**: Stable U.S.-Mexico economic ties; Mexico's border region as key global economy.
- **Margins Sustainability**: Cable margins improving via tech synergies; TelevisaUnivision mid-30% margins driven by content scale and cost efficiency.

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