TV

Business Context and Reporting Period

Company: GRUPO TELEVISA, S.A.B.
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Fourth Quarter and Full Year ended December 31, 2025.
Filing Date: February 27, 2026.

Televisa reported full-year 2025 results prepared under IFRS. Beginning in Q4 2025, the Company reorganized its segment reporting, combining Cable and Sky businesses into a single "Telecom" segment comprising Residential, Satellite, and Enterprise categories. This change reflects the conclusion of a restructuring and integration process initiated in Q2 2024.

Key Financial Metrics

Segment Performance (Full Year 2025)

• Residential: Revenue Ps.42,181.6 million (-1.8%). Broadband subscribers reached 5.7 million (+46.9k net adds); Mobile subscribers reached 652.9k (+318.9k net adds).
• Satellite: Revenue Ps.12,397.0 million (-17.5%). Total RGUs declined to 3.8 million (-1.3 million disconnections).
• Enterprise: Revenue Ps.4,299.6 million (+0.8%).

Material Changes vs. Prior Period

• Revenue Decline: Consolidated revenue fell 5.4% year-over-year, primarily driven by a 17.5% drop in Satellite Services revenue due to a 25.9% reduction in the RGU base.
• Profitability Improvement: Despite revenue declines, Operating Segment Income (OSI) margin expanded by 190 basis points to 39.1% due to cost efficiencies and synergies from the Cable/Sky integration.
• Operating Income Turnaround: The Company moved from an operating loss of Ps.2,818.9 million in 2024 to an operating profit of Ps.4,224.9 million in 2025. This was largely driven by a 77.7% reduction in "Other Expense, net," which dropped from Ps.4,554.9 million to Ps.1,013.8 million.
• Net Loss Drivers: Net loss attributable to stockholders increased to Ps.8,819.6 million. This was primarily caused by a Ps.7,237.8 million increase in income taxes, driven by non-cash write-offs of deferred tax assets (Ps.6,516.9 million) due to expired capital losses and impairment testing on satellite operations.
• Debt Reduction: Total debt and lease liabilities decreased by Ps.16,911.7 million (15.6%) to Ps.91,430.2 million.

Guidance, Outlook, and Risks

• Dividend Suspension: The Board of Directors approved the suspension of the 2026 dividend payment to analyze investment opportunities in the Mexican Telecommunications Sector. A capital stock increase may be considered if opportunities materialize.
• Capital Expenditures: Full-year 2025 Capex was approximately U.S.$645.0 million (Ps.12,186.6 million), an increase from U.S.$493.0 million in 2024, aligned with full-year deployment goals.
• TelevisaUnivision Impact: The Company recorded a higher share of loss from its associate, TelevisaUnivision, due to non-recurring non-cash charges (program rights write-offs) recognized by the associate in 2025.
• Foreign Exchange: Finance expense improved due to a 13.7% appreciation of the Mexican peso against the U.S. dollar in 2025, compared to a 23.2% depreciation in 2024.

Investor Verification Checklist

• Deferred Tax Asset Write-offs: Verify the sustainability of future tax benefits given the Ps.6.5 billion write-off of unused capital losses and deductible temporary differences.
• Satellite Churn: Assess the long-term viability of the Satellite segment given the 1.3 million RGU disconnections and 17.5% revenue decline.
• Dividend Policy: Confirm the timeline and criteria for the potential resumption of dividends or the execution of the proposed capital stock increase.
• TelevisaUnivision Exposure: Review the specific nature of the non-cash charges at TelevisaUnivision to determine if they are recurring or one-time events.
• Segment Integration: Monitor the realization of synergies from the Cable/Sky integration to ensure the 190 bps margin expansion is sustainable.