Group 1 - Latin America is becoming one of the fastest-growing media markets globally, with projected revenue reaching $65 billion by 2026, reflecting a year-on-year growth of 10.7%, significantly outpacing the U.S. growth rate of 6.9% to $453 billion [2] - The growth in Latin America is driven by the rapid penetration of online video, the expansion of ad-driven models, and the rise of innovative content formats such as micro-dramas [2] - Brazil and Mexico are leading the expansion in the Latin American media market, with Brazil being the third-largest FAST (Free Ad-supported Streaming TV) market globally, generating $152 million in revenue [2] Group 2 - Micro-dramas are rapidly transforming the media landscape in Latin America, with global revenue expected to reach $14 billion by 2026, of which approximately $3 billion will come from markets outside China [3] - Micro-dramas are characterized by low production costs and high user engagement, becoming a core driver of mobile video participation [3] - The ViX platform by TelevisaUnivision demonstrates how micro-dramas can be integrated into AVOD (Ad-supported Video on Demand) and free ad-supported ecosystems, enhancing user engagement and total viewing time [3] Group 3 - Advertising has become the primary driver of media growth in Latin America, with $42 billion of global online video market growth by 2025 coming from ad-driven models, highlighting the shift from traditional TV and subscription monetization strategies to ad-dominated models [5] - This development underscores the increasing importance of advertising within the media ecosystem in the region [5] Group 4 - By 2026, global media and entertainment revenue is expected to approach $1.2 trillion, putting pressure on streaming services like Netflix, Amazon Prime Video, and Disney+ to close the interaction gap with social platforms like YouTube and TikTok, which have daily user engagement exceeding one hour [6] - The rise of native mobile content formats such as micro-dramas presents strategic opportunities to capture rapidly growing audiences without cannibalizing the audience for long-form quality content [6] - The mobile-centric consumption model, robust advertising market, and innovative storytelling formats in Latin America position it as a natural testing ground for the next phase of global media growth, with online video revenue projected to reach $34 billion by 2026 [6]

Financial Data and Key Metrics Changes - Grupo Televisa's consolidated operating segment income margin expanded by 100 basis points to 38.2% in the first nine months of the year, driven by a year-on-year OPEX reduction of around 7% [3][4] - 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% [12] Business Line Data and Key Metrics Changes - Cable operations saw a net addition of 22,000 broadband subscribers in Q3, compared to 6,000 in Q2 and disconnections of about 6,000 in Q1 [7] - 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 [9] - Sky's revenue declined by 18.2% year-on-year to MXN 3.1 billion, primarily due to a lower subscriber base [10] Market Data and Key Metrics Changes - In the U.S., advertising revenue decreased by 11%, although growth in ViX partially offset linear declines [12] - In Mexico, advertising revenue increased by 3% year-on-year, driven by private and public sector ad sales [13] - Subscription and licensing revenue in the U.S. grew by 11%, while in Mexico, it fell by 17% [14] Company Strategy and Development Direction - The company is focusing on attracting and retaining value customers in cable and executing OPEX efficiencies through integration with Easy and Sky [2][3] - Deleveraging remains a core strategic priority for TelevisaUnivision, with management committed to strengthening the capital structure [6] - The strategy is to focus on high-end clients to increase ARPU, rather than competing for volume in a saturated market [34] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration and operational optimization at TelevisaUnivision, which is expected to create greater shareholder value [14] - The company views the current market as rational, with price increases being implemented by competitors, except for Telmex [35] - Management believes that the Mexican government has effectively handled trade negotiations, fostering a strong economic relationship with the U.S. [29] Other Important Information - The company has successfully refinanced $2.3 billion of debt, enhancing liquidity and extending maturity profiles [6] - CAPEX for 2025 is budgeted at $600 million, with a CAPEX to sales ratio of less than 20% expected for the full year [3] Q&A Session Summary Question: CAPEX outlook for 2026 and insurance claim related to Hurricane Otis - Management expects to remain within the guidance of around $600 million for CAPEX and confirmed that the insurance claim related to Hurricane Otis is the last portion [16][18] Question: Local content transition to ViX and advertising investments - Management is exploring the inclusion of local news content in the streaming platform while continuing to engage in media for equity deals with startups [26][28] Question: Short-term and medium-term dynamics in cable competition - Management acknowledged that the market is nearing full penetration and emphasized a focus on high-end customers to maintain ARPU [32][34] Question: Sustainability of margins for Cable, Sky, and TelevisaUnivision - Management indicated ongoing efforts to improve margins through technology and operational efficiencies, with TelevisaUnivision expected to maintain high margins due to cost management initiatives [50][49]

Financial Data and Key Metrics Changes - Grupo Televisa's consolidated operating segment income margin expanded by 100 basis points to 38.2% in the first nine months of the year, 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% [12] Business Line Data and Key Metrics Changes - Cable operations ended September with a network of nearly 20 million homes, achieving a monthly churn rate below 2% for two consecutive quarters [7] - Broadband gross ads improved, resulting in 22,000 net ads in Q3 compared to 6,000 in Q2 [7] - Revenue from residential operations was MXN 10.6 billion, a decrease of only 0.7% year-on-year, marking the best quarter in two years [9] - Sky's revenue declined by 18.2% year-on-year to $3.1 billion pesos, primarily due to a lower subscriber base [10] 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 [12][13] - ViX's engagement and growth remained strong, with a high single-digit increase in MAUs driven by events like the Gold Cup [5] Company Strategy and Development Direction - The company is focusing on attracting and retaining value customers in cable and executing OPEX efficiencies through integration with Easy and Sky [2] - Deleveraging remains a core strategic priority for TelevisaUnivision, with management committed to strengthening the capital structure [6] - The strategy is to focus on higher-end clients rather than volume, which is expected to lead to consistent ARPU increases [34] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing integration and operational optimization at TelevisaUnivision, which is expected to create greater shareholder value [14] - The company views the current market as rational, with price increases being implemented by competitors, except for Telmex [36] Other Important Information - The company has successfully refinanced $2.3 billion of debt, enhancing liquidity and extending maturity profiles [6] - CAPEX for 2025 is budgeted at $600 million, with a CAPEX to sales ratio of less than 20% expected for the full year [3] Q&A Session Summary Question: CAPEX outlook for 2026 and insurance claim related to Hurricane Otis - Management expects to remain within the guidance of around $600 million for CAPEX [18] Question: Local content transition to ViX and advertising investments - Local news is important, and the company is exploring including it in the streaming platform while making media for equity deals with startups [27][28] Question: Short-term and medium-term dynamics in cable competition - The market is close to full penetration, and the strategy focuses on high-end clients to maintain ARPU [34][47] Question: Sustainability of margins for Cable, Sky, and TelevisaUnivision - Management believes margins can continue to improve through technology and operational efficiencies [54][55]

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]