Televisa Highlights from the 2Q26 Conference Call

Research evidence excerpt

Televisa Highlights from the 2Q26 Conference Call

J P M O R G A N Latin America Equity Research

24 July 2026

Televisa Neutral

TV, TV US

Highlights from the 2Q26 Conference Call Price (23 Jul 26):$2.79

LatAm Technology & Telecom /

Televisa just concluded its conference call to discuss 2Q26 results. Key highlights Education

include: Marcelo Santos, CFA AC

(55-11) 4950-3708

• Margins should continue to expand. They still see meaningful room for marcelo.p.santos@jpmorgan.com

further efficiency gains (especially via new technologies and backend Livea Mizobata

operational improvements), even if major cable/Sky synergies are maturing; (55-11) 4950-3604

they emphasized continued investment in efficient operations while keeping livea.mizobata@jpmorgan.com

NPS/customer experience as a key focus. Banco J.P. Morgan S.A.

• Weak subs adds were caused by price hikes, competition and climate.

Management attributed softer net adds to a recent price increase, rising

competitive intensity (particularly at the low end/entry tier where customers

tend to churn more), and an early rainy season.

• Churn reached a 10-quarter low in 2Q26. Churn was kept below 2% for five

consecutive quarters, marking the lowest churn level over the past 10 quarters

and supporting management’s view that growth is becoming more sustainable.

• Fiber strategy: new adds come on fiber, old clients are upgraded whenever

necessary. Management said all new net adds are on fiber, and when existing

customers need service they are migrated/upgraded to fiber, which helps sell

better products at higher prices and more solutions; the cable network works

well today, but the end-game is full FTTH.

• D2D is not seen as a near term threat. On Starlink, management said it would