Q2 2026 Grupo Televisa SAB Earnings Call Transcript
Key Points
- Grupo Televisa SAB (TV) has successfully grown its Internet subscriber base for five consecutive quarters, maintaining a churn rate below 2%.
- The company experienced a turning point in Cable revenue, with a 2.6% year-on-year increase in residential and enterprise revenue during the first half of 2026.
- Operational efficiencies and integration between Izzi and Sky have led to a significant reduction in OpEx, with annual OpEx decreasing by 18.4% over three years.
- The fiber-to-the-home (FTTH) network upgrade is progressing well, with 12 million homes already passed, aiming for full coverage by the second quarter of 2027.
- Grupo Televisa SAB (TV) has prioritized free cash flow generation, achieving a cumulative MXN16.4 billion in free cash flow over the last three years, contributing to a reduced leverage ratio of 1.6 times EBITDA.
- Broadband net adds were softer in the second quarter due to a price increase, aggressive competitor promotions, and an early rainy season.
- Sky's revenue declined by 20.3% year-on-year, primarily due to a lower subscriber base, despite a slight improvement in disconnections.
- Consolidated advertising revenue decreased by 9% year-on-year, with a 29% decline in the US due to cyclical softness and lower ViX advertising revenue.
- TelevisaUnivision's adjusted EBITDA declined by 3% despite strong revenue growth, due to increased operating expenses related to the World Cup.
- Grupo Televisa SAB (TV) faces increased competition in the broadband market, particularly at the lower end, impacting churn rates and subscriber acquisition costs.
Good morning, everyone, and welcome to Grupo Televisa's second quarter 2026 conference call.
Before we begin, I would like to draw your attention to the press release, which explains the use of forward-looking statements and applies to everything we will discuss today on the call and in the earnings release.
I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead, sir.
Thank you, Elsa. Good morning, everyone, and thank you for joining us. With me today are Francisco Valim, CEO of our telecom operations; and Carlos Phillips, CFO of Grupo Televisa.
Before discussing our second quarter operating and financial performance, let me remind you that we are celebrating the third anniversary since Francisco Valim and his team joined Grupo Televisa to lead the turnaround of our telecom operations. Therefore, we would like to take the opportunity to share with you what we believe have been our
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