Margin Expansion and OpEx Efficiency
Consolidated operating segment income margin expanded to 39.1% for 2025 (up 200 basis points year‑on‑year). In Q4, operating segment income margin was 40.9%, up 410 basis points year‑on‑year, driven by OpEx reductions of 8.3% and synergies from the Izzi–Sky integration.
Free Cash Flow Generation and Debt Reduction
Grupo Televisa generated approximately MXN 5.9 billion in free cash flow in 2025 and used proceeds to prepay ~MXN 2.7 billion of bank debt (in addition to $220 million of senior notes paid March 18), contributing to a lower leverage ratio of 2.0x EBITDA at year‑end versus 2.5x the prior year.
TelevisaUnivision DTC Breakthrough and Profitability
ViX delivered record revenue in 2025 and achieved profitability every quarter. The DTC business represented nearly 25% of TelevisaUnivision revenue for the year and contributed ~20% of adjusted EBITDA, demonstrating scalable, industry‑leading margins.
Debt Refinancing and Leverage Improvement at TelevisaUnivision
TelevisaUnivision refinanced $2.3 billion of debt in 2025, eliminating near‑term maturities and improving leverage to 5.6x EBITDA from 5.9x at year‑end 2024.
FTTH Network Buildout and CapEx Discipline
Grupo Televisa invested ~MXN 12.2 billion in CapEx in 2025 (~20.7% of sales) and upgraded 4.5 million homes to FTTH during the year. Ended 2025 with ~9 million FTTH homes (~45% of footprint passed) and plans to upgrade ~6 million homes in 2026 to reach ~75% passed.
Internet Subscriber Turnaround and Broadband Net Adds
Internet subscriber base grew by ~47,000 in 2025 (a turning point after losses in 2023–2024). Broadband net adds were 25,000 in Q4 (improving sequentially from earlier quarters). Monthly churn remained below 2% for the third consecutive quarter.
Q4 Operating Income Improvement
Q4 consolidated operating segment income reached MXN 5.9 billion, up 6.1% year‑on‑year, marking the best quarter of the year driven by efficiency measures and integration synergies.
Advertising Strength in Mexico and Subscription Wins
In Q4, advertising revenue in Mexico rose 15% year‑on‑year (6% in local currency). TelevisaUnivision also saw continued ViX subscription growth and higher U.S. linear subscription/licensing revenue including benefits from new Hulu agreement.