Grupo Televisa, S.A.B. Q3 2025 Earnings Recap

Grupo Televisa reported strong operational improvements in Q3 2025, highlighted by efficient cost management and an increasing subscriber base across its services, culminating in robust free cash flow generation.

Key Takeaways

• Internet subscriber growth in cable continued, with a notable increase in net broadband adds, driving a churn rate below historical averages.
• Consolidated operating segment income margin expanded by 100 bps to 38.2%, supported by a year-on-year operating expense reduction of approximately 7%.
• Free cash flow generation reached MXN 4.2 billion, allowing for improved debt management and a reduction in leverage ratio to 2.1x EBITDA.
• TelevisaUnivision successfully executed efficiency measures, realizing $300 million in operating expense savings, contributing to a lower leverage of 5.5x EBITDA.
• The launch of a multiyear partnership with Formula 1 is expected to enhance viewer engagement and boost subscriber growth through exclusive live coverage.