Financial Data and Key Metrics Changes - The fourth quarter revenue rose 3.4% in Mexican peso terms to MXN 245 billion, and was up 6.2% at constant exchange rates, with service revenue expanding 5.3% [7][8] - EBITDA increased by 4.2% in Mexican peso terms to MXN 95 billion, and was up 6.9% at constant exchange rates [8] - Net profit for the quarter was MXN 19 billion, which was four times larger than the previous year, equivalent to MXN 0.32 per share or $0.35 per ADR [9] Business Line Data and Key Metrics Changes - The company added 2.5 million wireless subscribers in the quarter, with 2.8 million postpaid net gains and 298,000 prepaid losses, ending December with 331 million wireless subscribers [5][6] - The mobile postpaid base grew by 8.4% year-on-year, while broadband accesses expanded by 5.6% [7] - Fixed line service revenue increased by 3.6% year-over-year, with fixed broadband revenue rising by 6.4% [9] Market Data and Key Metrics Changes - The dollar depreciated against most currencies in the region, declining 2.3% versus the Mexican peso and 5.7% versus the Chilean peso [5] - Brazil led in postpaid net additions with 644,000 subscribers, followed by Colombia with 276,000 and Peru with 148,000 [6] Company Strategy and Development Direction - The company aims to maintain a capital expenditure target of around 14%-15% of revenues, approximately $6.8 billion to $7 billion [15][18] - The management is focused on reducing debt and preparing for potential consolidation opportunities in the region, particularly in small companies or fiber operations [40][41] Management's Comments on Operating Environment and Future Outlook - The management noted that the U.S. government shutdown raised uncertainty about economic activity, impacting employment and economic indicators [4] - The competitive landscape in Latin America is changing, with expectations of further consolidation in the market, which could benefit the company [61][65] Other Important Information - The company reported a nearly 40% year-on-year increase in free cash flow, reaching MXN 82 billion after CapEx of MXN 131 billion [10] - Shareholder distributions reached MXN 45 billion, including MXN 12 billion in share buybacks [10] Q&A Session Summary Question: CapEx outlook for 2026 and coming years - The company targets a CapEx of around 14%-15% of revenues, approximately $6.8 billion to $7 billion, for the next few years [15][18] Question: Pre-tax, non-operating expenses - The management acknowledged the increase in non-operating expenses and suggested contacting investor relations for detailed information [22][24] Question: Telefónica's sale of operations in Chile - The company decided not to proceed with a bid for Telefónica's operations due to complexities and regulatory issues, but remains committed to competing in Chile [30][32] Question: Capital allocation strategy - The management emphasized a focus on reducing debt, preparing for M&A opportunities, and returning value to shareholders through buybacks and dividends [40][41] Question: Impact of FX on overall results - The company highlighted the complexity of managing multiple currencies and the importance of constant exchange rates for accurate financial reporting [50][51] Question: Regulatory environment and consolidation in Latin America - The management sees potential for consolidation in the market, which could be beneficial, and noted that asymmetric regulation only exists in Mexico [61][65] Question: Number portability trends in Brazil - The management indicated that both NuCel and strong postpaid operations are contributing to positive number portability trends in Brazil [70][71] Question: Sustainability of broadband growth in Mexico - The management expressed confidence in sustaining broadband growth due to successful promotions and high customer satisfaction with service bundles [78]

Stock Performance - On December 19, 2025, the stock price of Televisa increased significantly by 5.05%, closing at $3.33. The latest financial report indicates that the company's revenue was $785 million, with a net loss of $104 million and earnings per share of -$0.24, while the gross margin was approximately 36.7% [2] Institutional Ratings - On November 28, 2025, Benchmark raised its target price from $9 to $10, maintaining a "Buy" rating, primarily based on the renewal agreement with YouTube TV and the stability of the Mexican peso. The company expects an improvement in operational performance in 2026, focusing on high-value customer integration and efficiency enhancement [3] Industry Outlook - According to an Omdia report, the Latin American media market is projected to reach $65 billion in revenue by 2026, representing a year-on-year growth of 10.7%, driven by the penetration of online video and micro-series content formats, which are expected to provide external opportunities for Televisa's broadband and pay-TV businesses. The Mexican economy is anticipated to recover moderately in 2026, with inflation gradually aligning with target ranges, although the peso exchange rate may be influenced by global capital flows and central bank policies, which could indirectly affect the company's costs and market demand [4]

Financial Data and Key Metrics Changes - The company is on track to deliver $750 million in equity free cash flow for the year [3] - Adjusted EBITDA reached a new high of 46.7%, up 3.2 points year over year [5] - Equity free cash flow for the quarter was $218 million, bringing the H1 total to $395 million, an increase of nearly $126 million compared to $269 million in H1 of last year [21][32] - Service revenue for the quarter totaled €1.28 billion, representing a year-over-year decline of 5.9% due to foreign exchange impacts [17] - Organic service revenue growth accelerated to 2.4% when excluding FX impact [17] Business Line Data and Key Metrics Changes - The mobile business grew by mid-single digits, accelerating from 3.1% in the previous quarter [7] - Postpaid customer base grew by 14%, reaching nearly 9 million customers [7] - Home business added 41,000 customers, a growth of nearly 6% year on year [8] - B2B service revenue grew nearly 4% organically, driven by a 16% CAGR in digital services over the past two years [11] Market Data and Key Metrics Changes - In Colombia, service revenue accelerated to nearly 5% year over year, up from 3.6% in the previous quarter [12] - Guatemala's service revenue grew by 1.9% year on year, with a postpaid customer base expanding by 20% [13] - Panama's service revenue was nearly flat year on year at €170 million [24] - Bolivia's service revenue in local currency increased by 7%, but was insufficient to cover devaluation [25] Company Strategy and Development Direction - The company executed three major acquisitions, including Telefonica's operations in Uruguay and Ecuador, and a partial closing of an infrastructure transaction [4] - Focus on migrating prepaid customers to postpaid to increase ARPU and reduce churn [46] - Emphasis on convergence, with 25% of new sales being convergent, which reduces churn and increases customer lifetime value [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovery efforts, expecting positive growth in service revenue in 2025 [10] - The company is focused on cost optimization and operational efficiency, with a commitment to maintaining leverage below 2.5x [6][22] - Management highlighted the importance of digitalization and AI in improving operational processes and customer interactions [54] Other Important Information - The Board approved an interim dividend of $2.5 per share, reflecting a commitment to return value to shareholders [33] - The company is actively managing its foreign exchange exposure to sustain EBITDA margins and cash flow generation [22] Q&A Session Summary Question: Improvement in Guatemala and competitive environment - Management noted a significant improvement in Guatemala driven by prepaid to postpaid migrations and plans to build new sites [40] Question: Outlook for CapEx - CapEx is expected to be between $650 million to $700 million, representing 11% to 12% of revenues [42] Question: Drivers for accelerating service revenue growth - Increased demand for data, migration from prepaid to postpaid, and price increases are key drivers for revenue growth [46] Question: Cost control and restructuring costs - No significant restructuring costs are expected in H2, with ongoing cost control embedded in the company's operations [52] Question: Leverage target and refinancing plans - The leverage target remains below 2.5x, including dividends and M&A activities, with a focus on local currency debt [60][66] Question: Competitive landscape in Colombia - Management discussed aggressive pricing strategies from competitors but emphasized the importance of network quality and distribution [76] Question: Future acquisitions - The company is focused on completing announced acquisitions before considering new opportunities [85]