Grupo Televisa A/B/D/L

Grupo Televisa reported Q1 2026 EPS of $0.0046 (estimate -$0.0247) and revenue of $833.2 million, both above expectations. The operating segment margin increased by 330 basis points to 41.4% and operating segment income grew 5.2%. Leverage improved to 2.0x EBITDA. The stock rose 3.71% in premarket trading; management expects profitability above 40% and is focusing on efficiency and debt reduction. » More on de.investing.com

Grupo Televisa reported a consolidated revenue decline of 4.5% to 14.5 billion MXN for the fourth quarter of 2025, while segment operating income rose 6.1% to 5.9 billion MXN and segment margin increased by 410 basis points to 40.9%. Sky suffered a 16.8% drop in revenue due to falling subscriber numbers and US advertising revenues fell 11% in the quarter. After the results, the stock fell by around 9.6%. Management emphasizes expansion of fiber and cost efficiency but points to risks from further subscriber losses at Sky and weaker advertising markets. » More on de.investing.com

Fitch has lowered Grupo Televisa’s long-term rating from BBB- to BB+ with a stable outlook. The reason is higher-than-expected customer losses, particularly in the Sky segment, as well as increasing competition and negative trends in pay TV. As of September 2025 the gross leverage ratio was 4.4x and, according to Fitch, will remain high through the end of 2025/2026, so an investment-grade rating is no longer justified. For 2025 Fitch expects revenue to fall 5.1% to around 59 billion MXN and EBITDA of 20.4 billion MXN; positive free cash flow is forecast by year-end, but ongoing investments could tie up cash. » More on de.investing.com