Grupo Televisa SAB (TV) 2025 Q2 法說會逐字稿

Good morning, and welcome to Grupo Televisa's Second Quarter 2025 conference call. Before we begin, I would like to draw your attention to the press release, which explains the use of forward-looking statements to everything we discuss in today's call and in the earnings release.

早安，歡迎參加 Grupo Televisa 2025 年第二季電話會議。在我們開始之前，我想提請您注意新聞稿，其中解釋了我們在今天的電話會議和收益報告中討論的所有內容的前瞻性陳述的使用。

Now let me turn this call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ahead, sir.

現在，讓我將這通電話轉給 Grupo Televisa 聯合執行長 Alfonso de Angoitia 先生。先生，請繼續。

Thank you, Elcita. Good morning, everyone, and thank you for joining us. With me today are Francisco Valim, CEO of Cable and Sky and Carlos Phillips, CFO of Grupo Televisa. Before discussing our second quarter operating and financial performance, let me share with you what we believe are the key milestones achieved so far this year, both at Grupo Televisa and TelevisaUnivision.

謝謝你，Elcita。大家早安，感謝大家的收看。今天與我一起出席的還有 Cable and Sky 執行長 Francisco Valim 和 Grupo Televisa 財務長 Carlos Phillips。在討論我們第二季的營運和財務表現之前，讓我先與大家分享一下我們認為今年迄今為止 Grupo Televisa 和 TelevisaUnivision 所取得的關鍵里程碑。

On Grupo Televisa, let me touch on four major achievements. First, our strategy to focus on attracting and retaining value customers in Cable has allowed us to stabilize our Internet subscriber base in the first half of the year and potentially grow it sequentially over the coming quarters.

關於 Grupo Televisa，我想談談四項主要成就。首先，我們專注於吸引和留住有線電視領域的價值客戶的策略，使我們在今年上半年穩定了網路用戶群，並有可能在未來幾個季度內實現連續成長。

Second, we keep executing on the implementation of OpEx efficiencies and the integration between Izzi and Sky to extract further synergies. This has already contributed to expanding our consolidated operating segment income margin by around 80 basis points in the first half of the year to 38.1% driven by a year-on-year OpEx reduction of around 7%.

其次，我們將繼續執行營運支出效率的實施以及 Izzi 與 Sky 之間的整合，以獲得進一步的協同效應。這已經促使我們的綜合營業部門利潤率在上半年擴大了約 80 個基點，達到 38.1%，這得益於同比營運支出減少了約 7%。

Third, we continue to maintain a disciplined CapEx deployment approach to focus on free cash flow generation. So far this year, we have invested MXN3.9 billion in CapEx, which is equivalent to 13% of sales. While we expect CapEx deployment to accelerate during the second half of the year, we are cutting our CapEx budget from 2025 to $600 million from the $665 million previously disclosed, mainly because we have had successful negotiations with suppliers, resulting in more favorable terms.

第三，我們持續保持嚴謹的資本支出部署方式，專注於自由現金流的產生。今年到目前為止，我們已投資 39 億墨西哥比索，相當於銷售額的 13%。雖然我們預計資本支出部署將在下半年加速，但我們將把 2025 年的資本支出預算從先前披露的 6.65 億美元削減至 6 億美元，主要是因為我們與供應商的談判成功，獲得了更優惠的條款。

And fourth, during the first half of the year, we have generated around MXN3.6 billion in free cash flow, allowing us to prepay a bank loan due in 2026 with a principal amount of MXN2.65 billion. This debt repayment comes on top of the $219 million principal amount of our senior notes already paid on March 18.

第四，今年上半年，我們產生了約 36 億墨西哥比索的自由現金流，這使我們能夠提前償還 2026 年到期的本金為 26.5 億墨西哥比索的銀行貸款。此次債務償還是在我們已於 3 月 18 日支付的 2.19 億美元優先票據本金的基礎上進行的。

Additionally, at the end of the second quarter, Grupo Televisa's leverage ratio of 2.2 times EBITDA compared to 2.4 times at the end of the first quarter, mainly driven by our free cash flow generation. And at TelevisaUnivision, I will elaborate on three key milestones. First, engagement and growth for ViX remained strong with momentum accelerating across both our free and premium tiers.

此外，第二季末，Grupo Televisa 的槓桿率為 EBITDA 的 2.2 倍，而第一季末為 2.4 倍，這主要得益於我們的自由現金流產生。在 TelevisaUnivision，我將詳細闡述三個關鍵里程碑。首先，ViX 的參與度和成長依然強勁，免費版和付費版的成長動能都在加速。

Moreover, subscribers have now surpassed $10 million, implying double-digit growth year on year. Second, the efficiency plan to reduce operating expenses at TelevisaUnivision by over $400 million in 2025 is proving to be successful.

此外，訂閱用戶數量現已超過 1,000 萬美元，較去年同期成長兩位數。其次，TelevisaUnivision 到 2025 年減少營運費用 4 億多美元的效率計劃已被證明是成功的。

In the first half of the year, our total operating expenses have declined by around 13% year on year for total savings of around $226 million. This shows a disciplined execution of our cost-saving initiatives, including lower content, technology and marketing costs, and the normalization of our DTC related investments.

今年上半年，我們的總營運費用年減了約13％，共節省約2.26億美元。這表明我們嚴格執行了成本節約舉措，包括降低內容、技術和行銷成本，以及使 DTC 相關投資正常化。

And third, looking at TelevisaUnivision's leverage and debt profile. The company ended the quarter at 5.5 times EBITDA, an improvement from 5.8 times in the prior quarter, driven by growth. Furthermore, last week, TelevisaUnivision addressed its near-term debt maturity profile by refinancing $1.5 billion, eliminating the majority of its 2027 bond maturities.

第三，看看TelevisaUnivision的槓桿率和債務狀況。受成長推動，該公司本季的 EBITDA 倍數為 5.5 倍，較上一季的 5.8 倍有所改善。此外，上週，TelevisaUnivision 透過再融資 15 億美元解決了其近期債務到期問題，取消了大部分 2027 年到期的債券。

Deleveraging remains a core strategic priority for TelevisaUnivision and management remains committed to further strengthening the capital structure of the company during the second half of the year. Having said that, let me turn the call over to Valim as he will discuss the operating and financial performance of our consolidated assets.

去槓桿仍然是 TelevisaUnivision 的核心策略重點，管理階層仍致力於在下半年進一步加強公司的資本結構。話雖如此，請允許我將電話轉給瓦利姆，他將討論我們合併資產的營運和財務表現。

Thanks, Alfonso. Good morning, everyone. First, let me walk you through the operational and financial performance of our cable operations. We ended June with a network of almost 20 million homes after passing around 18,000 new homes during the quarter. In the second quarter, our monthly churn rate fell below our historical average 2% as we kept executing our strategy to focus on value customers, while working on customer retention and satisfaction.

謝謝，阿方索。大家早安。首先，讓我向您介紹一下我們的有線電視業務的營運和財務表現。截至 6 月底，我們的網路已覆蓋近 2,000 萬戶家庭，本季我們已覆蓋約 18,000 戶新家庭。在第二季度，由於我們繼續執行以價值客戶為重點的策略，同時致力於客戶保留和滿意度，我們的每月流失率降至歷史平均 2% 以下。

Our broadband gross has continued to improve on a sequential basis, allowing us to deliver more than 6,000 net adds during the second quarter compared to the disconnections of around 6,000 of the first quarter and losses of about $85,000 in the fourth quarter of last year.

我們的寬頻總用戶數連續改善，第二季淨增用戶超過 6,000 個，而去年第一季淨增用戶約 6,000 個，第四季淨增用戶約 85,000 美元。

In video, we also experienced stronger gross sales than in the first quarter, therefore, we lost about 53,000 video subscribers during the second quarter compared to 73,000 cancellations in the first quarter and 95,000 disconnections in the fourth quarter of 2024. Our mobile net adds of 83,000 subscribers during the quarter were almost 2 times higher than those of the first quarter and more than triple compared to the full year of net adds of 2024.

在影片方面，我們的總銷售額也比第一季度強勁，因此，我們在第二季度損失了約 53,000 名視訊用戶，而第一季取消訂閱的用戶為 73,000 名，2024 年第四季度斷開訂閱的用戶為 95,000 名。本季度，我們的行動用戶淨增 83,000 名，幾乎是第一季的 2 倍，是 2024 年全年淨增用戶的 3 倍多。

We are able to achieve this because late last year, we relaunched a new and innovative MVNO service developed by ZTE, offering an enhanced user experience. We are confident that this new service will make our bundles more competitive, while allowing us to increase the share of wallet from our existing customers.

我們之所以能夠實現這一目標，是因為去年年底，我們重新推出了由中興通訊開發的創新MVNO服務，增強了使用者體驗。我們相信，這項新服務將使我們的套餐更具競爭力，同時使我們能夠增加現有客戶的錢包份額。

During the quarter, net revenue from residential operations of MXN10.5 billion, which accounted for around 91% of total cable revenue decreased by 3.1% year on year mainly because we had a slight lower subscriber base. However, net revenue from our residential operations remained stable on a sequential basis, potentially suggesting a turning point.

本季度，住宅業務淨收入為 105 億墨西哥比索，約佔有線電視總收入的 91%，年減 3.1%，主要原因是用戶群略有下降。然而，我們的住宅業務淨收入連續保持穩定，這可能預示著一個轉折點。

On the other hand, net revenue from our enterprise operations of MXN1.1 million, which accounted for around 9% of Cable revenue, increased by 3% year on year, mainly driven by higher recurring revenue.

另一方面，我們企業營運的淨收入為 110 萬墨西哥比索，約佔有線電視收入的 9%，年增 3%，主要得益於經常性收入的增加。

Moving on to Sky's operating and financial performance. During the second quarter, we lost 347,000 revenue-generating units, mostly coming from prepaid subscribers that had not been recharging their services.

繼續討論天空電視台的營運和財務表現。在第二季度，我們損失了 347,000 個創收單位，其中大部分來自未預付的預付費用戶。

In addition, beginning in the second quarter, we started to charge an installation fee of MXN1,250 to all new satellite pay-TV subscribers to increase the return on investment for this service. This translated into a slowdown in video gross additions for Sky. Sky second quarter revenue of MXN3.2 billion declined by 16.3% year on year, mainly driven by a lower subscriber base.

此外，從第二季開始，我們開始向所有新的衛星付費電視用戶收取 1,250 墨西哥比索的安裝費，以提高該服務的投資報酬率。這意味著天空電視台視訊總收視率的下降。Sky 第二季營收為 32 億墨西哥比索，年減 16.3%，主要原因是用戶數量減少。

To sum up, segment revenue of MXN14.8 billion fell by 5.9% year on year, while operating segment income of MXN5.7 billion, declined by 4.2%. Our operating segment income margin of 38.4% expanded by 70 basis points year on year, mainly driven by the efficiency measures that we have been implementing and synergies from the ongoing integration between Izzi and Sky.

整體而言，分部收入 148 億墨西哥比索，年減 5.9%，而營業分部收入 57 億墨西哥比索，年減 4.2%。我們的營業部門營收利潤率為 38.4%，年成長 70 個基點，主要得益於我們一直在實施的效率措施以及 Izzi 和 Sky 之間持續整合產生的協同效應。

On a sequential basis, our operating segment income for the second quarter was basically flat, while our operating segment income margin expanded by 60 basis points. Regarding CapEx deployment, our total investment of MXN2.1 billion accounted for 14.3% of sales during the second quarter. Finally, operating cash flow for Cable and Sky, which is equivalent to EBITDA minus CapEx was MXN3.6 billion in the second quarter, representing 24.1% of sales.

與上一季相比，我們第二季的經營分部收入基本上持平，而經營分部收入利潤率則擴大了 60 個基點。關於資本支出部署，我們第二季的總投資為 21 億墨西哥比索，佔銷售額的 14.3%。最後，Cable and Sky 的營運現金流（相當於 EBITDA 減去資本支出）在第二季為 36 億墨西哥比索，佔銷售額的 24.1%。

Thank you, Valim. Now let me walk you through the TelevisaUnivision's second quarter results. The company's second quarter revenue of $1.2 billion declined by 4% year on year, while adjusted EBITDA of $398 million increased by 10%.

謝謝你，瓦利姆。現在讓我向您介紹一下 TelevisaUnivision 第二季的業績。該公司第二季營收12億美元，年減4%，調整後EBITDA為3.98億美元，較去年同期成長10%。

Excluding the impact from the depreciation of the Mexican peso, TelevisaUnivision's second quarter revenue remained unchanged year on year despite the impact of the renewal cycle with key distribution partners in Mexico. On the other hand, adjusted EBITDA increased by 14% year on year, reflecting margin expansion driven by the benefits of a streamlined cost structure and continued DTC profitability.

剔除墨西哥比索貶值的影響，TelevisaUnivision第二季營收雖然受到與墨西哥主要分銷合作夥伴續約週期的影響，但同比仍保持不變。另一方面，調整後的 EBITDA 年成長 14%，反映出精簡的成本結構和持續的 DTC 獲利能力推動的利潤率擴張。

Moving on to the details of our revenue performance during the quarter. Consolidated advertising revenue decreased by 5% year on year or 1% excluding the FX impact. In the US, advertising revenue was 2% lower, reflecting a sequential improvement compared to the first quarter as growth in ViX and linear ratings stabilized driven by the strong performance of our content.

接下來介紹本季我們營收表現的詳細資訊。綜合廣告收入較去年同期下降 5%，若不計外匯影響則下降 1%。在美國，廣告收入下降了 2%，但與第一季相比有所改善，因為在我們內容的強勁表現推動下，ViX 和線性收視率的成長趨於穩定。

In Mexico, advertising revenue declined by 13% year on year, driven by the depreciation of the Mexican peso. FX neutral advertising revenue in Mexico was stable, driven by ViX and a strong sports programming slate that was partially offset by a decline in local advertising revenue.

在墨西哥，受墨西哥比索貶值影響，廣告收入較去年同期下降13%。墨西哥的外匯中性廣告收入保持穩定，這得益於 ViX 和強勁的體育節目，但被當地廣告收入的下降部分抵消。

During the quarter, consolidated subscription and licensing revenue was flat year on year, but grew by 2%, excluding the FX impact. The growth was driven by ViX's premium tiers in both geographies, offsetting linear platform declines primarily related to the renewal cycle with key distribution partners in Mexico.

本季度，綜合訂閱和授權收入與去年同期持平，但不包括外匯影響則成長了 2%。這一增長是由 ViX 在兩個地區的高端產品推動的，抵消了主要與墨西哥主要分銷合作夥伴的續約週期相關的線性平台下滑。

In the US, subscription and licensing revenue increased by 9%, while in Mexico, it fell by 23%. Excluding impacts from FX and the renewal cycle subscription and licensing revenue in Mexico grew by 13%. To wrap up, Bernardo and I remain confident that our focus on value customers efficiencies and ongoing integration between Izzi and Sky at Grupo Televisa and further integration and operational optimization at TelevisaUnivision now that our DTC business has gained scale and achieved profitability will allow us to create greater value for our shareholders throughout this year.

在美國，訂閱和授權收入成長了 9%，而在墨西哥，則下降了 23%。排除外匯和續訂週期的影響，墨西哥的訂閱和授權收入成長了 13%。總而言之，貝爾納多和我始終堅信，我們專注於價值客戶效率、Grupo Televisa 中 Izzi 與 Sky 之間的持續整合以及 TelevisaUnivision 的進一步整合和運營優化，因為我們的 DTC 業務已經擴大規模並實現盈利，這將使我們能夠在今年為股東創造更大的價值。

Now we're ready to take your questions. Elcita, could you please provide instructions for the Q&A.

現在我們準備好回答你們的問題了。Elcita，您能否提供問答部分的說明。

(Operator Instructions) Emilio Fuentes, GBM.

（操作員指示）Emilio Fuentes，GBM。

First of all, regarding TelevisaUnivision, I was wondering how you're thinking the business in light of the ongoing separation between content streaming and Cable TV in the US you still see value in keeping distribution and content bundles, both through streaming and linear channels? Or would it make more sense to separate from the traditional Cable TV. And regarding Sky, given the current rate of these connections to this eventually become a cost burden for Izzi? Or is that something you want -- you would not allow to happen?

首先，關於 TelevisaUnivision，我想知道您如何看待這項業務，鑑於美國內容串流媒體和有線電視之間的持續分離，您是否仍然認為透過串流媒體和線性管道保持分發和內容捆綁具有價值？或者說與傳統有線電視分離更有意義。至於 Sky，考慮到這些連接的當前速率，這最終會成為 Izzi 的成本負擔嗎？或者這是您想要的東西——但您不允許發生的事情？

Thank you, Emilio, for your question. I think that the transactions that Warner and Comcast did make a lot of sense for them. It's part of the evolution of this industry that is undergoing an existential transformation. For us at Televisa, the distribution business or selling our networks to distributors is still a $1.1 billion revenue business.

謝謝埃米利奧的提問。我認為華納和康卡斯特之間的交易對他們來說非常有意義。這是正在經歷生存轉型的這個產業發展的一部分。對我們 Televisa 來說，分銷業務或向分銷商出售我們的網路仍然是一項價值 11 億美元的業務。

Our channel packages continue to be very strong, especially in entertainment and sports. We just renewed our deals with DIRECTV and Cox and we just launched our US networks on Hulu. So it makes sense for now to keep everything together as a bundle. But we will always analyze alternatives to generate value.

我們的頻道套餐持續保持強勁，尤其是在娛樂和體育方面。我們剛剛與 DIRECTV 和 Cox 續簽了協議，並且剛剛在 Hulu 上推出了我們的美國網絡。因此，現在將所有東西放在一起作為一個捆綁包是有意義的。但我們始終會分析替代方案來創造價值。

Dave Zaslav is Director of ours. He's part of the Board of Directors. And we learn always a lot from Dave. So we'll keep analyzing alternatives. But for the time being, it's a large business, and it makes sense to keep it together.

Dave Zaslav 是我們的主管。他是董事會成員。我們總是從戴夫身上學到很多。因此我們會繼續分析替代方案。但就目前而言，這是一家大企業，保持其規模是有意義的。

As to your second question, I'll ask Valim to answer it.

至於你的第二個問題，我請瓦利姆來回答。

Thank you, Emilio. I think that's a great question because it gives me the opportunity to address an issue that I see there's a little confusion regarding Sky. As far as the integration is concerned, we are almost towards the very end meaning that all the cost structure that Sky used to have has now basically disappeared.

謝謝你，埃米利奧。我認為這是一個很好的問題，因為它讓我有機會解決一個我認為關於天空存在一些困惑的問題。就整合而言，我們已經接近尾聲，這意味著 Sky 過去的所有成本結構現在基本上都消失了。

So Sky, as we see it, is a revenue stream of prepaid and postpaid subscribers with a variable cost of programming and a satellite cost. Other than that, everything is already embedded in the infrastructure that Izzi already has. So there is no potential likelihood of Sky being a burden because it only becomes a revenue stream. And like we've mentioned before on the initial presentation, we are charging installation fee of MXN1,200. So we make sure that we have a payback on every new subscriber.

因此，在我們看來，天空電視台的收入來源包括預付費和後付費用戶，以及可變的節目製作成本和衛星成本。除此之外，一切都已經嵌入 Izzi 已有的基礎設施中。因此，天空電視台不會成為負擔，因為它只會成為收入來源。正如我們之前在初次介紹中提到的那樣，我們收取 1,200 墨西哥比索的安裝費。因此，我們確保對每位新訂戶都給予回報。

So but the connections don't generate any sort of CapEx or OpEx to us basically as we collect them as part of the payment that they have to pay back as part of collections.

因此，這些連接基本上不會為我們帶來任何形式的資本支出或營運支出，因為我們將其作為付款的一部分收取，而他們必須將其作為收款的一部分償還。

So there is no impact. So if I see this moving forward, Sky, it will be this revenue stream that will be declining as it is in this business everywhere in the world. So that there is a declining rate of revenue, but still a very robust, very high margin generation.

所以沒有影響。因此，如果天空電視台看到這種情況繼續發展，那麼這條收入來源將會下降，就像世界各地的這個產業一樣。因此，收入率雖然下降，但利潤率仍然非常強勁、很高。

And since what we are paying or will be paying for the stake that we bought, we basically have amounted for that in the first 12 months of synergies, so everything else that Sky generates from now on will be basically going to the bottom line of our business.

而且，由於我們為所購買的股份支付的或將要支付的費用，基本上已經在前 12 個月的協同效應中達到了這一水平，因此，從現在開始，Sky 產生的所有其他收入基本上都將進入我們業務的底線。

So I think there needs to be some clarity. So we're not so concerned about the decline of the Sky business because that was already in our forecast and for technological reasons, we don't see that changing anytime soon. But we are, yes, generating a lot of cash from that transaction that we think was very profitable to all of us.

所以我認為需要澄清一些。因此，我們並不太擔心天空電視台業務的下滑，因為這已經在我們的預測之中，而且出於技術原因，我們認為這種情況不會很快改變。但是，我們確實從那筆交易中獲得了大量現金，我們認為這對我們所有人來說都是非常有利可圖的。

Yes, I think to add on that, the deal that we made when we bought 42% of Sky from AT&T was a great deal and the execution by Valim and his team in terms of the synergies that he was mentioning has been great. So now it's all a matter of extending the life of the subscribers that we have. But of course, it's no surprise to us that we have lost subscribers, and we have -- we will continue to lose subscribers as the whole industry, the DTH industry is in secular decline.

是的，我想補充一點，我們從 AT&T 收購 Sky 42% 股份的交易非常棒，而且 Valim 和他的團隊在協同效應方面的執行非常出色。所以現在的問題就是延長我們現有用戶的壽命。但當然，我們失去用戶並不奇怪，而且隨著整個產業（DTH 產業）的長期衰退，我們的用戶還會繼續減少。

Olivia Mogavero, JPMorgan.

摩根大通的奧利維亞·莫加維羅。

My first one would be on CapEx. Could you comment on your expectations for the year? Do you see room for a downside revision on the guidance? And are you still targeting the 1 million homes passed for 2025? And the second one, we see broadband adds going back to positive territory.

我的第一個問題是關於資本支出。能談談對今年的期望嗎？您認為該指引有下調的空間嗎？您仍將目標定為 2025 年涵蓋 100 萬戶家庭嗎？第二，我們看到寬頻增加值回到正值區域。

What can we expect for the second half of the year? Could you comment a little bit on your trend trajectory and how has been the response to your strategy to focusing on value clients? And what do you see as a healthy level for gross adds, net adds and churn for the second half of 2025?

我們對下半年有何期待？您能否對您的趨勢軌跡進行一些評論？以及您關注價值客戶的策略的反應如何？您認為 2025 年下半年的總新增用戶數、淨新增用戶數和流失率的健康水準是多少？

Olivia. Yes, as I mentioned in the opening remarks, we have updated our CapEx guidance for 2025 from $665 million to $600 million that had been previously disclosed. And I'll ask Valim to go into the details.

奧利維亞。是的，正如我在開場白中提到的，我們已將先前披露的 2025 年資本支出指引從 6.65 億美元更新為 6 億美元。我會讓瓦利姆詳細說明。

Thank you, Alfonso. I think that -- and also like it was said in the beginning, this is mostly due to more efficient negotiation with suppliers. And because of the way we approach the market with a very focused approach on higher-end subscribers, we don't have to worry too much about just bringing a whole bunch of subscribers, they will churn very quickly. And that's why churn is at its lowest rate not only in this company, but also in the industry overall, which we think is very valuable.

謝謝你，阿方索。我認為——而且就像一開始所說的那樣，這主要是因為與供應商的談判更加有效。而且由於我們以非常專注於高端用戶的方式進入市場，我們不必太擔心只帶來一大批用戶，他們很快就會流失。這就是為什麼客戶流失率不僅在這個公司處於最低水平，而且在整個行業中也處於最低水平，我們認為這非常有價值。

So as we see the world moving forward, we anticipate churn to be low because of the things that we are doing into retaining and value our existing customers, but also, we are targeting growth of those high-end, more reliable and more stable customers. So we don't -- we are not trying to become the leader in market share of net adds -- what we are trying to do is start increasing quarter over quarter the revenues of our cable business.

因此，隨著世界不斷前進，我們預期客戶流失率會很低，因為我們正在努力保留和重視現有客戶，同時，我們也瞄準那些高端、更可靠、更穩定的客戶的成長。因此，我們並不是想成為淨增市場份額的領導者，我們要做的是開始逐季增加有線電視業務的收入。

Like I said, the Sky discussion, I just mentioned that a second ago. So that's our focus. So we see, yes, the trend moving upwards in terms of quarter-over-quarter revenue growth and growth not huge growth, but still growth in terms of subscribers in cable. I think that was basically your question. I don't know, if you -- if that answers what you had in mind.

就像我說的，天空討論，我剛才提到過。這就是我們的重點。因此，我們看到，就季度環比收入成長而言，趨勢是上升的，雖然成長幅度不是很大，但有線電視用戶數量仍在成長。我認為這基本上就是你的問題。我不知道這是否回答了你的想法。

Yes, that answers.

是的，答案就是這樣。

Milenna Okamura, Goldman Sachs.

米蓮娜岡村，高盛。

The first one is you mentioned that you continue to focus on high-end customers. Could you please tell a little bit about your commercial strategy recently? And how have you seen competition evolving?

第一個是您提到您繼續專注於高端客戶。能否請您簡單介紹一下您最近的商業策略？您認為競爭如何演變？

Thank you, Milenna. Valim, can you please go over the questions.

謝謝你，米蓮娜。Valim，您能否回顧一下這些問題。

Yes. So like I said, we don't have any changes in that. We see the competition in Mexico being very, very rational. And I think that's a key element of the success of our strategy in this market. All the players are being very rational.

是的。所以就像我說的，我們對此沒有任何改變。我們認為墨西哥的競爭非常非常理性。我認為這是我們在這個市場策略成功的關鍵因素。所有球員都非常理性。

Prices are -- they do not increase, but we don't see anyone discounting significantly prices, which means all the major players are seeing this as a stable market moving forward. So no one should see big swings either way.

價格沒有上漲，但我們沒有看到任何人大幅降價，這意味著所有主要參與者都認為這是一個穩定的市場。因此，無論哪種情況，都不會出現大的波動。

(Operator Instructions) Matthew Harrigan, Benchmark.

（操作員指示）馬修哈里根，基準。

There's a real tendency in the US for more consumption of specialty sports, but also hit streaming shows and even linear programming on social media, Tiktok, and obviously, a lot of streaming consumption is on YouTube, and it doesn't really monetize that well yet, especially for sports. With your primacy in Spanish language, media, what are you doing to get more efficient on realizing the digital revenues because your profile there including on sports is really important.

美國確實傾向於更多地消費特色體育賽事，但社交媒體、Tiktok 上的熱門串流節目甚至線性節目也很多，顯然，很多串流媒體消費是在 YouTube 上，但它還沒有真正實現盈利，尤其是體育賽事。鑑於您在西班牙語媒體領域的領先地位，您將採取哪些措施來更有效地實現數位收入，因為您在體育方面的形象非常重要。

And then second question, and I know this is just inherently fuzzy, but any new concerns on US tariff policy and specifically anything that might affect the composition of your programming was so much being produced in Mexico City on a very efficient basis. Congratulations on the cost savings, a remarkable job.

然後是第二個問題，我知道這本身就很模糊，但對美國關稅政策的任何新擔憂，特別是任何可能影響你們節目製作的內容，都是在墨西哥城以非常高效的方式製作的。恭喜您節省了成本，這是一項了不起的工作。

Thank you, Matthew. Yes, I mean, there is a tendency, where sports and also entertainment content is being streamed, of course. And we're putting a lot of effort at TelevisaUnivision into selling more digital packages. I don't know if you saw, but we brought in a head of sales in the United States, Tim Natividad, that comes from Tiktok. And he's somebody that knows a lot about the digital market and he will help us to enhance all our digital products.

謝謝你，馬修。是的，我的意思是，現在有一種趨勢，即體育和娛樂內容正在被串流媒體播放。我們在 TelevisaUnivision 投入了大量精力來銷售更多的數位套餐。我不知道您是否看到了，但我們聘請了來自 Tiktok 的美國銷售主管 Tim Natividad。他對數位市場非常了解，他將幫助我們改進所有數位產品。

So now we have centered on ViX and selling advertising on ViX. That has picked up. ViX is now a $1 billion revenue business. including subscriptions and advertising sales on the AVOD product. So that has become a real and substantial business. However, we're also enhancing all our digital sales, more especially in the US, where we have to do a better job.

所以現在我們以 ViX 為中心並在 ViX 上銷售廣告。情況已經好轉。ViX 目前是一家收入達 10 億美元的企業，包括 AVOD 產品的訂閱和廣告銷售。所以這已經成為一項真正的、實質的業務。然而，我們也在提高所有數位產品的銷售，特別是在美國，我們必須做得更好。

So Tim will help us in using basically our sports assets and our entertainment assets to build up and enhance those sales. We're also doing a much better job in windowing our content. We own the sports rights, and we own most of our content.

因此，蒂姆將幫助我們利用我們的體育資產和娛樂資產來建立和提高這些銷售額。我們在內容視窗方面也做得更好了。我們擁有體育版權，我們擁有大部分內容。

And now we have achieved Content Officer for TelevisaUnivision. As you might remember, before we had a content officer for ViX, a content officer for Linear Mexico, and another one for linear in the United States.

現在我們已經成為 TelevisaUnivision 的內容長。您可能還記得，之前我們有一位 ViX 的內容官、一位 Linear Mexico 的內容官，還有一位 Linear 美國的內容官。

Now we have unified that position. And now the Chief Content Officer is a seasoned executive that comes from Televisa and he's in charge of basically windowing all our content, including sports and of course, enhancing our monetization of that content.

現在我們已經統一了這個立場。現在，首席內容官是來自 Televisa 的一位經驗豐富的高管，他負責基本上展示我們所有內容，包括體育內容，當然，也負責提高我們內容的貨幣化程度。

So I think we have a much better team now and we're doing things much better, and you'll see the results this year and in 2026. So I think that we're doing a much better job there, as I was mentioning. And what was your second question?

所以我認為我們現在擁有一支更好的團隊，我們做的事情也更好了，你會看到今年和 2026 年的成果。所以我認為我們在那裡做得更好，正如我所提到的。你的第二個問題是什麼？

Just all the volatility in US tariff policy and the posturing and you occasionally see hypotheticals, where there's effects on entertainment companies. I mean clearly, you produced a lot of programming down in Mexico City that's also showed in the US I know that wasn't a primary concern, people think more about agriculture and cars and [chips] and all that, but you have seen articles in the trade press about people, the major studios, starting to worry about some things that administration might do or could do.

美國關稅政策和姿態的不斷波動以及偶爾出現的假設都會對娛樂公司產生影響。我的意思是，很明顯，你們在墨西哥城製作的很多節目也在美國播出，我知道這不是主要關注點，人們更多地考慮農業、汽車和[晶片]等等，但你已經在行業媒體上看到關於人們、主要工作室的文章，他們開始擔心管理層可能會做或能夠做的一些事情。

It doesn't seem like it's too likely to happen, but it's definitely much more on people's radar screens than you would have thought before Trump was elected to say the least.

這似乎不太可能發生，但它絕對比川普當選之前人們想像的更加受到關注。

Yes. Great question, Matthew. Fortunately, digital content is not considered a physical good for purposes of tariffs. So all the shows and films produced in Mexico and that are aired or streamed in the U.S. remain outside of the scope of the tariff loss.

是的。問得好，馬修。幸運的是，數位內容在徵收關稅時並不被視為實體商品。因此，所有在墨西哥製作並在美國播出或播放的節目和電影都不在關稅損失範圍內。

And under the US MCA, that it's currently exempt -- it exempts digital transmitted content from tariffs. So we never know and we can never predict what is going to happen in respect to tariffs as you have seen many things change. But we think that we're in solid ground now.

根據美國 MCA，目前數位傳輸內容是免稅的。因此，我們永遠不知道也無法預測關稅方面會發生什麼，正如你所看到的那樣，很多事情都在改變。但我們認為，現在我們的基礎已經很牢固。

Ladies and gentlemen, with that, we will be concluding today's question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想將發言權交還給管理階層，請他們做最後的總結發言。

Thank you very much for participating in our call, and we're always here to answer any questions that you may have. Have a great day. Bye.

非常感謝您參加我們的電話會議，我們隨時準備回答您的任何問題。祝你有美好的一天。再見。

Ladies and gentlemen, that does conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講到此結束。我們非常感謝您的加入。現在您可以斷開線路了。