Grupo Televisa: Becoming reality…remain OW

Research evidence excerpt

Grupo Televisa: Becoming reality…remain OW

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Grupo Televisa

Becoming reality…remain OW

Company Update

TELVIS following through on the capital raise 04 June 2026

The capital raise authorized in Grupo Televisa’s (TELVIS) April 28th shareholder meeting Global Emerging Markets | High

has become reality. In April, shareholders approved a capital increase of up to Grade Credit

MXN$7.2bn and delegated to the Board of Directors the “specific terms…including the LatAm | Mexico

Telecom Servicesmechanism for offering the shares…” Today TELVIS issued MXN$6.92bn mandatorily

convertible debentures the proceeds of which will be used for “general corporate Jorge Ordonez

purposes, including potential strategic transactions in the Mexican telecom sector, Research Analyst

BofAS

capital expenditures or prepayment of indebtedness.” +1 646 855 3085

jorge.ordonez@bofa.com

Subscription details provide interesting clues Anne Milne

Research Analyst

From today’s press release, we pick up a timeframe and interesting shareholder moves. BofAS

The new debentures are mandatorily convertible into shares one year from issuance and anne.milne@bofa.com

will be subject to a one-year lockup following conversion. The co-CEOs (Messrs.

Bernardo Gomez and Alfonso de Angoitia) who picked up roughly half of Mr. Azcarraga

Jean’s shares in his January 2026 disposition are adding to their stake (each owned 12%

as of March 2026). Mr. Azcarraga Jean who sold 49% of his A shares in January, is

increasing his stake (21% as of March 2026). Eduardo Tricio Haro, a Mexican billionaire

and board member, whose initial position was disclosed in October 2025, will increase

his stake (joining his other investments including Grupo Lala, Aeromexico and Orbia).