Financial Data and Key Metrics Changes - Grupo Televisa's consolidated operating segment income margin expanded by 100 basis points year-on-year to 38.2%, driven by a year-on-year OPEX reduction of around 7% [3] - The company generated approximately MXN 4.2 billion in free cash flow, leading to a reduction in leverage ratio from 2.5 times EBITDA at the end of last year to 2.1 times [4] - TelevisaUnivision's third quarter revenue was $1.3 billion, a decline of 3% year-on-year, while adjusted EBITDA increased by 9% to $460 million [13] Business Line Data and Key Metrics Changes - The broadband gross ads improved, resulting in 22,000 net ads during the third quarter, compared to 6,000 in the second quarter [8] - Revenue from residential operations decreased by only 0.7% year-on-year to MXN 10.6 billion, marking the best quarter in two years for revenue growth [10] - TelevisaUnivision's consolidated subscription and licensing revenue increased by 3% year-on-year, driven by ViX's premium tier [14] Market Data and Key Metrics Changes - In the U.S., advertising revenue decreased by 11%, while in Mexico, it increased by 3% year-on-year, primarily due to private and public sector ad sales [14] - The company ended the quarter with TelevisaUnivision's leverage at 5.5 times EBITDA, an improvement from 5.9 times in the previous quarter [6] Company Strategy and Development Direction - The company is focusing on attracting and retaining value customers in cable, which has led to growth in the internet subscriber base [2] - A disciplined CAPEX deployment approach is being maintained, with a budget of $600 million for 2025, implying a CAPEX to sales ratio of less than 20% [3] - Deleveraging remains a core strategic priority for TelevisaUnivision, with management committed to strengthening the capital structure [6] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration between Easy and Sky, which is expected to create greater value for shareholders [15] - The company views the current market dynamics as rational, with price increases being implemented by competitors, except for Telmex [32] - Management believes that the margins achieved in TelevisaUnivision are sustainable due to efficient content production and ownership of a large content library [50] Other Important Information - The company has successfully refinanced $2.3 billion of debt, enhancing liquidity and extending maturity profiles [6] - The partnership with Formula One is expected to provide a competitive advantage and drive subscriber growth [9] Q&A Session Summary Question: CAPEX outlook for 2026 and insurance claim related to Hurricane Otis - Management indicated that the CAPEX guidance for 2025 is around $600 million and confirmed that the insurance claim related to Hurricane Otis is the last portion expected [17][18] Question: Transition of local news content to ViX and advertising investments - Management acknowledged the importance of local news and is exploring its inclusion in the streaming platform while also discussing media for equity deals with startups [21][23] Question: Short-term and medium-term competition dynamics in cable - Management noted that the market is close to full penetration, focusing on high-end clients to increase ARPU, while Sky is viewed as a cash flow generator despite declining subscriber numbers [27][30] Question: Expectations for cable growth rates and sustainability of margins - Management expects diminishing net ads as market penetration increases but believes in ongoing margin improvements through technology and operational efficiencies [41][43]