Grupo Televisa (NYSE:TV) executives highlighted subscriber gains in broadband, expanding operating margins, and an accelerated fiber upgrade plan during the company’s fourth-quarter and full-year 2025 earnings call, while also pointing to continued declines at Sky’s satellite business and cost-driven margin improvement.
Management outlined four milestones at Grupo Televisa
Co-CEO Alfonso de Angoitia said 2025 included several milestones at Grupo Televisa and at TelevisaUnivision. For Grupo Televisa specifically, he emphasized four achievements:
- Broadband subscriber growth: The company’s strategy to focus on “value customers” in cable led to growth of the internet subscriber base by around 47,000 in 2025. Angoitia described this as a turning point after losses in 2023 and 2024 driven by a decision not to retain low-value subscribers.
- Operating efficiencies and Izzi-Sky integration: The company continued implementing operating expense efficiencies and integration efforts between Izzi and Sky. Angoitia said this contributed to expanding consolidated operating segment income margin to 39.1% in 2025, up 200 basis points year over year, supported by an 8.3% reduction in operating expenses.
- Disciplined capital spending: Grupo Televisa invested MXN 12.2 billion in CapEx in 2025, equal to 20.7% of sales. Angoitia said this level of investment supported close to 1.4 million gross adds and upgrades of 4.5 million homes to fiber-to-the-home (FTTH), bringing the company to around 9 million homes (about 45% of its footprint) passed with FTTH by year-end.
- Free cash flow and deleveraging: The company generated around MXN 5.9 billion in free cash flow in 2025, allowing it to prepay a bank loan due in 2026 with a principal amount of roughly MXN 2.7 billion. Angoitia also referenced $220 million of senior notes principal paid on March 18. Grupo Televisa ended 2025 with a leverage ratio of 2.0x EBITDA, down from 2.5x a year earlier, which he attributed mainly to free cash flow generation.
2025 financial results: revenue declined, but margins improved
For the fourth quarter, consolidated revenue was MXN 14.5 billion, down 4.5% year over year. Operating segment income rose 6.1% to MXN 5.9 billion, which Valim said was driven by efficiency measures tied to the Sky integration. The operating segment income margin expanded to 40.9%, up 410 basis points year over year.
Cable operations: broadband net adds and churn improvement
Valim said the cable network ended December with 20 million homes passed, after adding around 59,000 new homes during the quarter and more than 118,000 during the year. The company continued prioritizing value customers and improving retention and satisfaction, contributing to a monthly churn rate below the company’s historical average of 2% for the third consecutive quarter.
In broadband, gross additions remained solid, allowing the business to post 25,000 net adds in the fourth quarter. Valim compared that to roughly 22,000 net adds in the third quarter, 6,000 in the second quarter, and a net loss of about 6,000 in the first quarter of 2025.
Video subscriber trends also improved sequentially, though the business still declined. The company lost about 31,000 video subscribers in the fourth quarter, compared to 43,000 in the third quarter, 53,000 in the second quarter, and 73,000 in the first quarter. Valim said the company expects improving trends to continue, noting a multi-year Formula 1 partnership to provide live coverage of all Grand Prix via Sky Sports channels available through Izzi and Sky from the fourth quarter of 2025 through the 2028 season.
In mobile, Televisa posted 95,000 net adds during the quarter, similar to 94,000 in the third quarter. Valim said services and bundles are improving competitiveness, increasing share of wallet, and “helping us to reduce significantly the churn of our existing customers.”
From a revenue perspective, residential cable net revenue totaled MXN 10.6 billion in the quarter—about 90% of cable revenue—down 0.6% year over year. Valim called it the best quarter of the last two years in terms of residential revenue growth performance and noted residential net revenue was stable sequentially, which he said could signal a gradual recovery. Enterprise net revenue was MXN 1.2 billion (about 10% of cable revenue), down 4.2% year over year due to the timing of revenue recognition tied to a contract signing and difficult comparisons.
Sky: subscriber losses continued, with focus on cash generation
Valim said Sky lost 304,000 revenue-generating units in the fourth quarter, mostly from prepaid subscribers not recharging service. He also said that starting in the second quarter the company began charging an installation fee of MXN 1,250 for new satellite pay TV subscribers to improve investment returns, which contributed to a steady slowdown in video gross additions over the last three quarters.
Sky’s fourth-quarter revenue was MXN 2.8 billion, down 16.8% year over year, primarily due to a smaller subscriber base.
Addressing investor questions about whether Sky’s disconnections might normalize, Valim said the company does not expect the satellite business to stop declining or level off, citing broader industry trends where improved broadband networks and streaming reduce the ability for direct-to-home (DTH) platforms to grow. He described Sky’s plan as maintaining the lowest possible cost structure—framing it as “revenues minus variable costs”—to keep it generating cash, while emphasizing longer-lasting growth areas in direct-to-consumer and B2B operations.
CapEx outlook, fiber targets, and TelevisaUnivision updates
Valim said fourth-quarter CapEx was MXN 4.6 billion, equal to 31.8% of sales, and full-year CapEx was about MXN 12.0 billion (which he also expressed as $645 million), or 20.7% of sales. He attributed spending above the roughly $600 million CapEx budget primarily to a stronger-than-expected Mexican peso and the fact that around half of the budget is in local currency.
For 2026, Valim said CapEx as a percentage of sales should be close to 25% across Izzi, Sky, and Bestel, as the company plans to upgrade 6 million homes to FTTH. In response to a question, he said the company had about 9 million FTTH homes at the time of the call and is planning to reach 15 million to 16 million homes by the end of 2026, representing 75% of the existing network being fiber-based.
On TelevisaUnivision, CFO Carlos Phillips reviewed results the company released earlier in the week. TelevisaUnivision’s full-year 2025 revenue fell 5% year over year to $4.8 billion, while adjusted EBITDA increased 2% to $1.6 billion. Phillips added that excluding political advertising and FX volatility, adjusted EBITDA rose 7% year over year. Fourth-quarter revenue declined 2% to $1.3 billion and adjusted EBITDA fell 12% to $396 million. TelevisaUnivision ended 2025 with $440 million in cash, up 33% from the prior year, and full-year CapEx of $119 million, up 4%, with CapEx expected at similar levels in 2026.
Management also discussed preparations for the 2026 World Cup, saying the company will pursue an integrated approach across broadcast, streaming, digital, and social. In Mexico, Phillips said ViX will be the “official home” of the World Cup and the exclusive streaming destination for all 104 matches, with preferential pricing for Izzi and Sky customers and different access options depending on subscription status.
Finally, Phillips said Grupo Televisa’s board approved suspending the regular dividend payment in 2026 amid telecom-sector opportunities the company is exploring in Mexico, subject to approval at the annual shareholders meeting. Executives declined to provide details on the potential telecom opportunities, saying they could not comment on specifics and there is no guarantee any transactions will materialize.
About Grupo Televisa (NYSE:TV)
Grupo Televisa, SAB. is a leading Mexican multimedia conglomerate headquartered in Mexico City, specializing in the creation, production and distribution of Spanish-language content. The company operates free-to-air television networks, subscription pay-TV services, broadband and telephony under its cable arm, and a range of digital streaming platforms. Grupo Televisa’s portfolio spans news, sports, telenovelas, reality programming and original series, positioning it as one of the largest content producers in the Spanish-speaking world.
Televisa’s broadcast division includes flagship channels such as Las Estrellas and Canal 5, while its pay-TV segment features operations under brands like Sky México and Izzi Telecom.
