The main international financial institutions —Citi, JP Morgan, UBS, Bradesco and Bank of America— highlighted the operational and financial performance of Televisa Group in its report corresponding to the third quarter of 2025, highlighting the expansion of margins, the improvement in its cable and broadband divisions, and the control of its financial structure despite the challenging environment of the industry.
The banks agreed that Televisa presented solid results in line with market expectations, with some metrics exceeding projections.
Virtually all the analysts of the aforementioned brokerages agree in recognizing the good operational performance in the Televisa group’s cable segment, for example, they highlight that the disconnection rate, commonly known as churn, has remained consistently below 2%, which allowed the group to stabilize its performance in terms of adding subscribers.
For its part, Citi rated the quarter as positivehighlighting the strength of the broadband and mobile segments and an EBITDA 2% above its estimate, driven by operational efficiencies and cost discipline.
The performance of the Cable segment was one of the highlights of the quarter.
Bank of America highlighted EBITDA margin expansion by 350 basis points year-on-year, the highest net additions in broadband since the beginning of 2023 and a positive generation of cash flow, which meant 4.2 billion pesos, which he described as “promising signs of future profitability.” Bradesco agreed, considering that the results “mark a turning point” for the cable operation, reflecting the effects of the strategy aimed at profitability and the reduction of customer cancellations.
Regarding UBS, it also highlighted the sustained expansion of the operating margin and the slowdown in the decline in revenue, in addition to a 14% growth in business income compared to its estimates.
The five banks indicated that the joint venture recorded EBITDA above estimates (between 6% and 10% higher, according to Citi and JP Morgan), supported by reduced operating costs and improved margins.
JP Morgan reported that consolidated revenue fell just 4.8% year-over-year versus an estimate of -5.5%, and that adjusted EBITDA was 6.5% above its forecast, with leverage controlled at 5.5x, better than the 5.9x reported a year earlier.
Meanwhile, Bradesco and UBS They described the results of TelevisaUnivision as “positive and stable”while Citi considered them “good”, highlighting the resilience of their profitability despite the lower advertising dynamism.
While UBS and Bradesco maintain neutral recommendations, Citi and JP Morgan reiterated their “Buy” and “Overweight” ratings, respectively, while BofA gave a price target of $10 per CPO.
The analysis houses agreed that Televisa is advancing in a phase of operational consolidation, with cost efficiency, positive cash generation and strengthening of its connectivity business, elements that lay the foundations for a gradual recovery in 2026.
