Megacable: Highlights from the 2Q26 Conference Call

研报英文原文证据摘录

Megacable: Highlights from the 2Q26 Conference Call

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

31 July 2026

Megacable Overweight

MEGACPO.MX, MEGACPO MM

Highlights from the 2Q26 Conference Call Price (30 Jul 26):Ps61.92

LatAm Technology & Telecom /

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

highlights were: Marcelo Santos, CFA AC

(55-11) 4950-3708

• Mega wants to be active in M&A: fixed and mobile are interesting. Mega marcelo.p.santos@jpmorgan.com

is actively pursuing consolidation and convergence opportunities across both Livea Mizobata

fixed and mobile, declining to signal a preference; controlling stakes are the (55-11) 4950-3604

priority, but co-control or minority positions are not ruled out. livea.mizobata@jpmorgan.com

Victoria Antonello

• Capex guidance for 2026 reduced to 23-25% of revenues... Capex guidance (55-11) 4950-3703

2026 was cut from a 24-27% range victoria.antonello@jpmorgan.com

• ... while for 2027, it was kept at 22-24%, nonetheless with management Banco J.P. Morgan S.A.

expressing confidence it can land at the low end as expansion and migration

spend continues to taper (88% of subscribers already on fiber). Moreover, it

was stated that organic CapEx runs ~15% of revenue, excluding HFC-to-fiber

upgrades and new-territory fiber kilometers.

• Revenue weakness in 2Q was a one-off, due to a 2025 promotion: The 2Q

top-line/ARPU softness reflects the Buen Fin (Nov 2025) promotion granting

one free month, recognized between May and June 2026 for eligible

subscribers; management does not expect recurrence and quantified that,

excluding the effect, revenue/EBITDA growth would have been ~9% (vs

7.2%/5.9% reported). No impact expected in 3Q.

• Focus on transitioning from expansion to efficiency. With most of the