Financial Instruments and Risk Management - The company has entered into financial instruments to hedge against Peso depreciation and reduce exposure to inflation and high interest rates [522]. Financial Reporting Standards - The consolidated financial information for the years ended December 31, 2024, 2023, and 2022 was prepared in accordance with IFRS Accounting Standards [523]. - Management does not expect the new IFRS pronouncements effective from January 1, 2025, to have a material impact on consolidated financial statements [524]. - Amendments to IAS 21 regarding currency exchangeability will require consistent assessment and disclosures starting January 1, 2025 [528]. - The company is assessing the impact of adopting IFRS 18, which introduces new requirements for income statement presentation, effective January 1, 2027 [531]. Financial Performance - The company reported a net increase in cash and cash equivalents of Ps.14,303.7 million for the year ended December 31, 2024, compared to a net decrease of Ps.18,544.6 million in 2023 [557][561]. - Net cash provided by operating activities for the year ended December 31, 2024, amounted to Ps.32,554.1 million, with significant adjustments including depreciation and amortization of Ps.20,542.3 million and interest expense of Ps.7,984.8 million [558]. - Net cash used in investing activities for the year ended December 31, 2024, was Ps.9,009.7 million, primarily for investments in property, plant, and equipment totaling Ps.9,097.4 million [559]. - Net cash used in financing activities for the year ended December 31, 2024, amounted to Ps.9,389.0 million, mainly for interest payments of Ps.7,417.9 million and long-term loan payments of Ps.10,000.0 million [560]. Capital Expenditures - The company expects to make aggregate capital expenditures for property, plant, and equipment totaling approximately U.S.$665.0 million, primarily for the expansion and improvement of its Cable and Sky segments [566]. - The company made aggregate capital expenditures for property, plant, and equipment totaling approximately U.S.$493.0 million in 2024, with U.S.$399.2 million for the Cable segment and U.S.$83.3 million for the Sky segment [565]. Impairment and Goodwill - Impairment adjustments for goodwill and intangible assets were recorded in the Sky and Cable segments during 2024 [539]. - The impairment test for goodwill involves comparing the estimated fair value of reporting units to their carrying amounts, utilizing significant unobservable inputs (Level 3) within the fair value hierarchy [554]. - The company recorded an impairment loss for long-lived assets for the year ended December 31, 2024 [540]. Debt and Financing - As of December 31, 2024, the consolidated long-term debt amounted to Ps.98,398.2 million, an increase from Ps.78,547.9 million as of December 31, 2023 [578]. - The total debt as of December 31, 2024, was Ps.102,955.2 million, with a current portion of long-term debt of Ps.4,557.0 million [584]. - The company entered into a credit agreement on April 9, 2024, for a five-year term loan of Ps.10,000 million and a revolving credit facility of U.S.$500 million [581]. - The effective interest rates for various senior notes range from 5.03% to 9.00%, with total U.S. dollar debt amounting to Ps.75,238.9 million [584]. - The company prepaid a credit facility in December 2023, totaling Ps.404 million, which included accrued interest [580]. - The company has a revolving credit facility of Ps.1,000 million maturing in 2028, which was unused as of December 31, 2024 [580]. - The company utilized part of the proceeds from the new credit agreement to refinance existing indebtedness, including a 2019 credit agreement scheduled to mature in 2024 [583]. - The company is required to maintain certain financial ratios related to indebtedness and interest expense under the new credit agreement [581]. - The Company has outstanding Senior Notes totaling U.S.$3,658 million and Ps.10,725,690, with interest rates ranging from 4.86% to 8.94% depending on the maturity year [587]. - Interest expense for the year ended December 31, 2024, was Ps.7,975.6 million, a decrease from Ps.7,742.1 million in 2023 and Ps.9,529.2 million in 2022 [589]. Contractual Obligations - As of December 31, 2024, total contractual obligations amount to U.S.$5,422,495, with significant payments due in the next 12 months totaling U.S.$359,237 [595]. - Total contractual obligations amount to U.S.$4,775,247 thousand, with U.S.$384,274 thousand due in less than 12 months [597]. - Interest on debt is projected at U.S.$4,185,003 thousand, with U.S.$260,117 thousand due within the next 12 months [597]. - Transmission rights obligations total U.S.$460,656 thousand, with U.S.$67,020 thousand due in less than 12 months [597]. - Capital expenditures commitments stand at U.S.$25,733 thousand, all due within the next 12 months [597]. - Satellite transponder commitments are U.S.$18,438 thousand, with U.S.$5,823 thousand due in less than 12 months [597]. - Committed financing to GTAC is U.S.$3,399 thousand, all due within the next 12 months [599]. - Interest on lease liabilities totals U.S.$82,018 thousand, with U.S.$22,182 thousand due in less than 12 months [597]. - Future interest payments on outstanding debt are estimated based on contractual interest rates and exchange rates as of December 31, 2024 [597]. Financial Health and Liquidity - The company anticipates generating sufficient cash to satisfy its long-term liquidity needs, relying on a combination of cash on hand, operating revenues, and borrowings [556]. - The company’s derivative portfolio is entirely over-the-counter and classified in Level 2, with valuations adjusted for liquidity and credit spreads based on available market evidence [552]. - The Company has lease liabilities recognized under IFRS 16 totaling Ps.2,981,536 as of December 31, 2024 [594]. - The Company’s interest payable in U.S. Dollars for 2024 was U.S.$240.0 million, translating to a Peso equivalent of Ps.4,368.8 million [590]. - The Company’s financial agreements include covenants that limit the ability to incur additional indebtedness and perform certain transactions [587].

Core Insights - Grupo Televisa, S.A.B. (NYSE: TV) has shown stagnant stock performance, indicating a lack of significant movement in its market value [1] - The company has been focusing on efficiency improvements to enhance free cash flow generation [1] Company Analysis - The company is currently perceived as a value investment opportunity, particularly in the context of emerging markets [1] - There is an emphasis on an owner-mindset approach to investing, which suggests a long-term perspective on the company's potential [1] Economic Perspective - The analysis reflects an influence from Austrian economic thinkers, indicating a preference for clear and logical economic reasoning in investment decisions [1]

Financial Data and Key Metrics Changes - Grupo Televisa's consolidated revenue for 2024 reached MXN 62.3 billion, representing a year-on-year decline of 6% [20] - Operating segment income for the year was MXN 23.2 billion, a decrease of 7.5% year-on-year, primarily due to lower revenue at Sky [20] - Consolidated operating cash flow was MXN 14.3 billion in 2024, growing by over 28% year-on-year, with a cash flow margin increase of 600 basis points [13] - Free cash flow generated was over MXN 10.1 billion, representing a free cash flow yield of around 43% [14] Business Line Data and Key Metrics Changes - The Cable segment's EBITDA margin improved by over 300 basis points to 39% in 2024 compared to Q3 2023 [8] - Cable CapEx was optimized by 37% to almost $400 million in 2024, with a CapEx to sales ratio of 15.6%, down 740 basis points from 2023 [8] - Sky's operating cash flow increased by 3% year-on-year to around MXN 3.2 billion, with an operating cash flow margin expansion of 300 basis points [12] - TelevisaUnivision's full-year revenue increased by 3% year-on-year to $5.1 billion, marking the fourth consecutive year of top-line growth [30] Market Data and Key Metrics Changes - In the U.S., TelevisaUnivision's revenue grew by 2%, while revenue in Mexico increased by 8% [30] - The Cable segment ended the year with a network of 19.9 million homes, having passed around 73,000 new homes in Q4 [22] - Sky lost 270,000 revenue-generating units in Q4, primarily from prepaid subscribers [25] Company Strategy and Development Direction - The company focused on four key goals in 2024: streamlining OpEx, acquiring AT&T's minority stake in Sky, spinning off non-core businesses, and scaling the DTC business [6] - The integration of Sky with the Cable segment aimed to strengthen competitive and financial positions through synergies and efficiencies [11] - The company plans to grow its network footprint by passing close to 1 million homes in 2025, with a CapEx budget of $665 million [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustainable revenue growth through ongoing efficiencies and integration efforts [7] - The macroeconomic environment in Mexico is being monitored closely, with management indicating resilience in broadband offerings despite potential headwinds [81] - The DTC business, ViX, is expected to become more profitable in 2025, having generated $1 billion in revenue in its second year of operations [65] Other Important Information - The spin-off of Ollamani was completed on February 20, 2024, unlocking value for shareholders with a market cap of around $270 million [14] - The company refinanced $2.1 billion of debt maturing in 2026 and paid down $150 million in debt using proceeds from the sale of non-core assets [31] Q&A Session Summary Question: Can you provide color on the lower than expected CapEx allocation? - Management indicated that the lower CapEx was due to more efficient deployment and inventory management, with a planned CapEx of $665 million for 2025 to support growth [38][41] Question: Can you share your thoughts on M&A within the Cable space? - Management noted the need for market consolidation in the industry but emphasized a focus on improving operations rather than pursuing M&A at this time [37] Question: Can you comment on the competitive landscape in the Cable segment? - Management acknowledged aggressive promotional activity from competitors but emphasized a focus on higher value customers to manage churn effectively [45][48] Question: How do you see growth perspective versus profitability for ViX going forward? - Management expressed optimism about ViX's growth and profitability, highlighting its successful monetization and engagement metrics [66] Question: What are your priorities for cash deployment given upcoming bond maturities? - Management plans to use excess cash generated in 2024 to address upcoming maturities while maintaining a strong liquidity position [71][73] Question: How do you see the outlook for potentially increasing broadband prices? - Management does not anticipate price increases in the near term, focusing instead on upselling additional services to existing customers [88]

Core Viewpoint - Grupo Televisa's stock is considered significantly undervalued, with increasing cash flow and a 45% stake in TelevisaUnivision valued at approximately $3-4 per share [1] Group 1: Company Analysis - The company is recognized for its growing cash flow, which supports the thesis of its undervaluation [1] - The 45% stake in TelevisaUnivision is a critical asset, contributing to the overall valuation of Grupo Televisa [1] Group 2: Investment Philosophy - The investment approach focuses on identifying bargains in emerging markets, emphasizing a long-term ownership mindset [1] - The investor's strategy involves seeking low-risk, high-uncertainty opportunities, influenced by notable economic thinkers [1]

Before we begin, I would like to draw your attention to the press release which explains the use of forwardlooking statements and applies to everything that we discuss in today's call and in the earnings release. With me today are Francisco Valim, CEO of Cable and Sky; and Carlos Phillips, CFO of Grupo Televisa. The second half of the year is expected to be heavier in terms of CapEx deployment, but we are cutting our 2024 CapEx budget for our Cable segment to $590 million, including $30 million for the reco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April, 2024 GRUPO TELEVISA, S.A.B. (Translation of registrant's name into English) Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico (Address of principal executive offices) (Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40- ...

Financial Data and Key Metrics - Consolidated revenue for Grupo Televisa reached MXN 16 billion, a decline of 4.8% year-on-year, while operating segment income decreased by 12.5% to MXN 5.9 billion, driven by lower revenue and inflationary pressures [23] - Cable segment revenue fell by 1.8% year-on-year to MXN 11.9 billion, with operating segment income declining by 8.7% to MXN 4.7 billion. The segment margin contracted by 300 basis points to 39.2% [19] - Sky's revenue declined by 12.3% year-on-year to MXN 4.1 billion, with operating segment income decreasing by 24.4% to MXN 1.2 billion. The margin contracted by 370 basis points to 29.8% [21] - Operating cash flow for the Cable segment increased by 52.1% year-on-year to MXN 3 billion, representing 25.5% of sales, while Sky's operating cash flow was flat at MXN 0.8 billion, accounting for 19.8% of sales [20][22] Business Line Data and Key Metrics - Cable segment net adds accelerated to 10,700 in broadband and 2,800 in video, compared to 600 and 100 net adds, respectively, in Q4 2023. Churn decreased by 5% sequentially [18] - Sky lost 251,000 revenue-generating units, primarily from prepaid subscribers not recharging their service. Integration with the Cable segment is expected to reduce churn through better customer management and cross-selling opportunities [100] - TelevisaUnivision's revenue grew by 7.3% year-on-year to $1.1 billion, driven by a 7% increase in advertising revenue and a 9% increase in subscription and licensing revenue. However, EBITDA declined by 8.9% to $329 million due to streaming investments [46] Market Data and Key Metrics - In Mexico, advertising revenue grew by 19% year-on-year, driven by the appreciation of the Mexican peso and the acquisition of third-party ad inventory, which contributed 500 basis points of growth [47] - FX-neutral advertising revenue in Mexico increased by 9% year-on-year, while subscription and licensing revenue grew by 24% [101] - In the US, advertising revenue was flat, with growth in direct-to-consumer offset by softness in linear networks [24] Company Strategy and Industry Competition - The company is focused on integrating Sky with its Cable operations to strengthen its competitive position, extract OpEx and CapEx synergies, and enhance free cash flow generation. Synergies are expected to reach MXN 400 million by the end of the year [38][58] - The integration will standardize regions, sales channels, and commission schemes, improve customer base management, and leverage Sky's exclusive sporting content to differentiate video packages [92] - The company aims to achieve profitability in its streaming business by the second half of 2024 and reduce leverage organically [94] Management Commentary on Operating Environment and Future Outlook - Management expects EBITDA growth to return in the second half of 2024, driven by a record political year for ad sales and a profitable streaming business [26] - The company is confident in its ability to achieve profitability in its streaming service, VIX, by the second half of 2024, with narrowing direct-to-consumer losses and improved engagement metrics [83][84] - Inflationary pressures and the impact of Hurricane Otis in Acapulco have affected revenue and profitability, but price increases and efficiency measures are expected to stabilize margins [70] Other Important Information - The company completed the spin-off of Ollamani and its listing on the Mexican Stock Exchange, unlocking significant shareholder value [14] - The 2024 CapEx budget for the Cable segment remains at $630 million, including $30 million for network reconstruction in Acapulco, which is expected to be reimbursed by insurance [20] - Sky's CapEx budget for 2024 is $145 million, with a CapEx-to-sales ratio expected to be below 14% due to restructuring and integration efforts [33][45] Q&A Session Summary Question: Operational improvement in Sky and churn reduction in Cable [1] - Management expects net disconnections in Sky to diminish with focused sales and marketing efforts, particularly in areas where DTH is the only solution [2] - Cable churn is in the mid-range, but further reductions are expected through new product and service launches [3][4] Question: Price increase impact on churn [28] - The average price increase in April was 4%, impacting most of the customer base. Churn remains at historical levels and is expected to stay under control [75] Question: TelevisaUnivision's EBITDA decline and leverage [51] - EBITDA decline was partly due to a non-recurring bad debt expense reversal in Q1 2023. Excluding this, EBITDA declined by 5%. Leverage is expected to improve in the second half of 2024 [54][73] Question: Synergies from Sky integration [56] - Synergies are expected to reach MXN 400 million by the end of the year, with significant opportunities in revenue growth, back-office efficiencies, and CapEx optimization [58] Question: Revised CapEx guidance [77] - The 2024 CapEx budget for Cable remains at $630 million, including $30 million for Acapulco reconstruction. Sky's CapEx is expected to be below 14% of sales [77][45] Question: Commercial dynamics in Cable and streaming profitability [80] - The market remains active, with improved ARPU and client retention. The company is confident in achieving streaming profitability by the second half of 2024 [82][83]

Financial Performance - In 2023, consolidated revenue reached Ps.73.8 billion, representing a year-on-year decline of 2.3% [19] - For Q4 2023, consolidated revenue was Ps.18.4 billion, a year-on-year decrease of 3.8%, while operating segment income was Ps.6.3 billion, reflecting a contraction of 6% [20] - TelevisaUnivision's full-year revenue increased by 5% year-on-year to $4.9 billion, with adjusted EBITDA of $1.6 billion declining by 4% year-on-year [23][24] - In Q4 2023, TelevisaUnivision's revenue was $1.4 billion, growing by 6% year-on-year, while adjusted EBITDA increased by 16% [25] Business Segment Performance - The cable segment's revenue was MXN 12.2 billion, down 1.8% year-on-year, with operating income declining by 7.1% [39] - Sky's Q4 revenues decreased by 15.3% to MXN 4.2 billion, with EBITDA down by less than 1% [54] - The direct-to-consumer business closed 2023 with over $700 million in revenue, aiming for profitability in the second half of 2024 [14][30] Market Performance - In the U.S., TelevisaUnivision outperformed the broader advertising market growth by around 850 basis points in 2023 [11] - In Mexico, advertising revenue increased by 10% year-on-year, driven by growth in both linear and direct-to-consumer sectors [27] - The direct-to-consumer service saw MAUs exceed 40 million on the free tier and over 7 million on the premium tier [99] Company Strategy and Industry Competition - Grupo Televisa is focusing on free cash flow generation and optimizing CapEx deployment, prioritizing profitability over aggressive expansion [6][7] - The company is implementing a digital transformation strategy to stabilize revenue at Sky and enhance competitiveness [8] - The competitive landscape in Mexican broadband is described as rational, with fewer price promotions and an emphasis on service quality [63] Management Commentary on Operating Environment and Future Outlook - Management noted a challenging global macro backdrop in 2023 but expressed confidence in improving free cash flow generation in 2024 [4] - The company anticipates a record political year for ad sales and a profitable streaming business in the second half of 2024 [30][58] - Management highlighted the importance of innovation in partnerships, particularly with Charter, to enhance value propositions in the pay TV ecosystem [120] Other Important Information - The company achieved savings in corporate expenses of almost Ps.280 million for the full year, contributing to an 18% decline in corporate expenses year-on-year [10] - Total leverage was decreased by around $340 million, resulting in savings related to net interest expenses [10][21] Q&A Session Summary Question: Expectations on competitive landscape in Mexican Broadband and ARPU evolution - Management noted a rational competitive landscape with fewer price promotions and an increase in prices by competitors, indicating a stable market [63][64] Question: Integration of Televisa and Univision cultures - Management reported significant progress in integrating the two cultures, with coordinated efforts across production, audiences, and revenue teams [71][72] Question: Expected pace of margin improvement for MSO - Management anticipates sequential margin improvement due to cost optimization and renegotiation of contracts [81] Question: Trends in first quarter for Enterprise Cable and Sky - Management highlighted the launch of Sky Más and Sky Internet, expecting positive revenue trends from these new offerings [106] Question: Breakdown of ViX's $700 million revenue - Management did not provide a breakdown of subscription and advertising revenue but emphasized the growth in MAUs and engagement [98][99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October, 2023 Commission File Number: 001-12610 GRUPO TELEVISA, S.A.B. (Translation of registrant's name into English) Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico (Address of principal executive offices) (Indicate by check mark whether the registrant files or will file annual repor ...