Grupo Televisa reported a net profit of 474.5 million pesos, or approximately $25.3 million, for the second quarter of 2025. This marks a significant turnaround, as the company had logged a 25.6 million peso loss in the same period a year ago. The return to profitability signals positive momentum in its financial performance.
The company also announced a reduction in its capital expenditure budget for 2025, lowering it to $600 million from the previously disclosed $665 million. This revision was attributed to successful negotiations with suppliers, demonstrating a disciplined approach to capital allocation and efficiency.
Consolidated operating segment income margin expanded by approximately 80 basis points to 38.1% in the first half of 2025, driven by a year-on-year OpEx reduction of around 7%. The Cable segment's strategy to focus on 'value customers' stabilized the internet subscriber base, with broadband net additions turning positive at over 6,000 in Q2 2025.
The Sky segment, while facing secular decline, is undergoing integration with Izzi, which is designed to absorb Sky's cost structure into Izzi's infrastructure. This transformation aims to make Sky a high-margin revenue stream, with new subscribers charged an installation fee of MXN 1,250 to ensure payback. Management views the acquisition of AT&T's minority stake in Sky as a 'great deal,' with synergies already covering the purchase cost within the first 12 months.
TelevisaUnivision's streaming platform, ViX, surpassed 10 million subscribers and achieved profitability, becoming a $1 billion revenue business including subscriptions and advertising sales. An aggressive efficiency plan at TelevisaUnivision aims to reduce operating expenses by over $400 million in 2025, with total operating expenses declining by approximately 13% year-on-year in the first half of 2025, resulting in savings of around $226 million.
Grupo Televisa generated approximately MXN 3.6 billion in free cash flow in the first half of 2025, enabling the prepayment of a MXN 2.65 billion bank loan due in 2026 and payment of $219 million in senior notes on March 18, 2025. The company's leverage ratio improved from 2.4x EBITDA at the end of Q1 2025 to 2.2x at the end of Q2 2025.
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