Grupo Televisa's Stellar Q1: Record-Breaking Revenue Growth and FTTH Uptake
Grupo Televisa, the renowned Mexican media conglomerate, has announced a stellar first quarter performance, with impressive revenue growth and significant fiber-to-the-home (FTTH) uptake. In a recent conference call, Alfonso de Angoitia, Co-Chief Executive Officer, revealed that the company's strategic priorities for 2026 are paying off, with key highlights including attracting value customers, extracting synergies from integration, executing OpEx and CapEx efficiencies, and upgrading homes to FTTH technology.
One of the most striking aspects of Grupo Televisa's Q1 performance was the expansion of its consolidated operating segment income margin by a whopping 330 basis points. This achievement is largely attributed to an 8% year-on-year reduction in operational expenses (OpEx), demonstrating the company's ability to drive efficiency and maintain profitability above 40%. As Alfonso de Angoitia noted, "We are confident that additional value can be unlocked through further integration and operational optimization of our content business."
TelevisaUnivision, a key subsidiary of Grupo Televisa, also reported impressive results. Despite facing anticipated headwinds in the US from the cyclical timing of events such as the Winter Olympics and FIFA World Cup, the company preserved its audience ratings and managed yields to drive pricing growth. Moreover, it expanded its political sales infrastructure to capitalize on record political advertising spend ahead of the November midterm elections.
Francisco Valim, CEO of Cable and Sky, highlighted the excellent performance of Grupo Televisa's cable operations in Q1 2026. The company upgraded over 1.5 million homes to FTTH technology, ending the quarter with an impressive 52% of its total footprint passed with FTTH. This significant progress brings the company closer to its goal of upgrading 75% of its total footprint to FTTH by the end of 2026.
Notably, Grupo Televisa's cable operations also experienced lower video cancellations than in previous quarters, a trend that is expected to continue due to the company's multi-year partnership with Formula One. This strategic move has provided live coverage of all Grand Prix events through Sky Sports channels available on Izzi and Sky, beginning in Q4 2025.
In addition to its cable operations, Grupo Televisa's mobile business also reported strong momentum, with net adds of 95,000 subscribers during the first quarter. This growth is attributed to the company's MVNO service, which has made its bundles more competitive and helped maintain low churn rates.
Residential revenue from Grupo Televisa's cable operations increased by a notable 0.9% year-on-year in Q1 2026, marking the best quarter of the last two years. This achievement is particularly impressive given the 1.8% and 2.5% full-year revenue declines experienced in 2025 and 2024, respectively.
