Grupo Televisa, S.A.B. (TV) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Grupo Televisa's first quarter 2026 earnings conference call. Before we begin, I would like to draw your attention to the press release, which explains the use of forward-looking statements and applies to everything we discuss in today's call and in the earnings release.

各位早安，歡迎參加Grupo Televisa 2026年第一季財報電話會議。在開始之前，我想請各位留意新聞稿，其中說明了前瞻性陳述的使用方式，並適用於我們今天電話會議以及財報新聞稿中所討論的一切內容。

I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Thank you, and over to you.

接下來我將把電話會議交給Grupo Televisa共同執行長Alfonso de Angoitia先生。謝謝，交給您。

Thank you, Elsa. 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.

謝謝你，Elsa。各位早安，感謝各位加入我們。今天與我一同出席的有：有線與Sky執行長Francisco Valim，以及Grupo Televisa財務長Carlos Phillips。

Before discussing our first quarter operating and financial performance, let me remind you of the strategic priorities approved by the Board of Directors of Grupo Televisa and TelevisaUnivision that we will pursue this year. At Grupo Televisa, we will continue to focus on attracting and retaining value customers to keep growing our Internet subscriber base throughout this year, extract further synergies from the integration between Izzi and Sky, execute on the implementation of OpEx and CapEx efficiencies and upgrade 6 million homes to FTTH technology, ending 2026 with 75% of our total footprint passed with FTTH.

在討論我們第一季的營運與財務表現之前，先提醒各位，今年我們將推進由Grupo Televisa與TelevisaUnivision董事會核准的策略優先事項。在Grupo Televisa，我們將持續聚焦吸引並留住高價值客戶，以在今年持續擴大網際網路訂戶基礎；進一步釋放Izzi與Sky整合的綜效；落實營運費用（OpEx）與資本支出（CapEx）效率方案；並將600萬戶升級至FTTH光纖到府技術，於2026年底使我們整體覆蓋足跡中有75%完成FTTH覆蓋。

Efficiency measures implemented over the last couple of years have already contributed to expanding our consolidated operating segment income margin by around 330 basis points in the first quarter, driven by a year-on-year OpEx reduction of around 8%, and we would expect to sustain profitability above 40% over the coming quarters. And at TelevisaUnivision, now that our direct-to-consumer business, ViX, represents over 20% of consolidated revenue and EBITDA, we are confident that additional value can be unlocked through further integration and operational optimization of our content business.

過去幾年所推行的效率措施，已在第一季帶動我們合併營運分部收入利潤率擴大約330個基點，主要受惠於營運費用（OpEx）年減約8%；我們預期未來幾季可將獲利能力維持在40%以上。而在TelevisaUnivision方面，隨著我們的直面消費者（DTC）業務ViX已占合併營收與EBITDA的20%以上，我們有信心透過內容業務的進一步整合與營運優化，釋放更多價值。

Despite anticipated headwinds in the US from the cyclical timing of events such as the Winter Olympics and FIFA World Cup, we preserved our audience ratings and managed yields to drive pricing growth. We also expanded our political sales infrastructure to ensure that we are well positioned to capitalize on record political advertising spend ahead of the November midterm elections. In Mexico, the great results of our upfront position us well to continue monetizing the FIFA World Cup momentum with sales to date exceeding the prior 2022 World Cup cycle.

儘管美國市場因冬季奧運與FIFA世界盃等活動的週期性時點而面臨預期中的逆風，我們仍維持收視率表現，並透過管理收益率來推動價格成長。我們也擴充政治廣告銷售基礎設施，確保在11月期中選舉前、政治廣告支出可望創新高之際，能夠把握機會。在墨西哥，我們在預售（upfront）方面的優異成果，使我們得以持續將FIFA世界盃熱度變現；截至目前的銷售已超越先前2022年世界盃週期。

Having said that, let me turn the call over to Valim as he will discuss the operating and financial performance of our consolidated assets.

話說到這裡，接下來我把電話會議交給Valim，他將說明我們合併資產的營運與財務表現。

Thank you, Alfonso. Good morning, everyone. First, let me walk you through the operating and financial performance of our cable operations. We ended March with a network of 20 million homes after passing around 12,000 new homes during the quarter.

謝謝你，Alfonso。各位早安。首先，我先帶各位回顧我們有線業務的營運與財務表現。截至3月底，我們的網路覆蓋達2,000萬戶，本季新增覆蓋約12,000戶。

In addition, we upgraded over 1.5 million homes to fiber-to-the-home technology, ending the first quarter with over 52% of our total footprint passed with FTTH. Moreover, we are on track to upgrade another 4.5 million homes to FTTH technology in the remainder of the year.

此外，我們已將超過150萬戶升級至FTTH光纖到府技術，使第一季末我們整體覆蓋足跡中已有超過52%完成FTTH覆蓋。同時，我們也按計畫在今年剩餘期間再升級另外450萬戶至FTTH技術。

In the first quarter, our monthly churn rate remained below our historical average of 2% for fourth consecutive quarter as we keep executing our strategy to focus on value customers rather than volume, while working on customer retention and satisfaction.

第一季我們的月流失率連續第四季維持在低於歷史平均2%的水準，因為我們持續執行聚焦高價值客戶而非追求規模的策略，同時加強客戶留存與滿意度。

Our broadband gross adds remained solid, allowing us to deliver [25,000] net adds during the first quarter, in line with our fourth quarter of last year. In video, we experienced less cancellations than in the fourth quarter of last year. Therefore, we lost about 24,000 video subscribers in the first quarter compared to 31,000 disconnections in the fourth quarter and 43,000 cancellations in the third quarter, 53,000 disconnections in the second quarter and a loss of 73,000 video subscribers in the first quarter of 2025.

我們的寬頻總新增用戶維持穩健，使我們在第一季達成[25,000]名淨新增用戶，與去年第四季相當。在影音業務方面，我們的取消量較去年第四季更少。因此，第一季我們約流失24,000名影音訂戶，相較之下，去年第四季為31,000戶斷線、第三季為43,000戶取消、第二季為53,000戶斷線，而2025年第一季則流失73,000名影音訂戶。

Furthermore, as we mentioned in our previous earnings conference call, we expect lower video cancellation numbers to continue going forward, influenced by our multiyear partnership with Formula 1 to provide live coverage of all Grand Prix via Sky Sports channels available through Izzi and Sky beginning in the fourth quarter of last year and through the 2028 season.

此外，正如我們在上一場財報電話會議中提到的，我們預期未來影音取消數將持續降低，主要受我們與Formula 1的多年合作影響：自去年第四季起，透過Izzi與Sky提供的Sky Sports頻道直播所有大獎賽，並將延續至2028賽季。

Moving on, our mobile net adds of 95,000 subscribers during the first quarter maintained the strong momentum of the last couple of quarters. Our MVNO service has been making our bundles more competitive, allowing us to increase share of wallet from our existing customers and helping us maintaining low churn.

接著，我們第一季行動業務淨新增95,000名訂戶，延續過去幾季的強勁動能。我們的MVNO服務提升了方案組合的競爭力，使我們能提高既有客戶的錢包占有率（share of wallet），並有助於維持低流失率。

During the quarter, net revenue from our residential operations of MXN10.6 billion, which accounts for around 89% of total cable revenue, increased by 0.9% year-on-year. This marks the best quarter of the last two years of our residential operations from a revenue growth performance standpoint and compares well to a full year revenue decline of 1.8% and 2.5% in 2025 and 2024, respectively.

本季我們住宅業務淨營收為106億墨西哥披索，占有線總營收約89%，年增0.9%。就營收成長表現而言，這是我們住宅業務過去兩年來表現最佳的一季；相較之下，2025年與2024年全年營收分別下滑1.8%與2.5%。

On a sequential basis, net revenue from our residential operations grew by 0.5%, signaling a gradual sequential recovery as well. Net revenue from our enterprise operations of MXN1.3 billion, which accounted for around 11% of total cable revenue increased by 30% year-on-year, partially due to the timing of revenue recognition of an important contract signed in the fourth quarter of 2025 and because of easy comps. Adjusting this contract, net revenue from our enterprise operations grew by 15.6% as we have been signaling new deals with public and private customers.

以季比來看，我們住宅業務淨營收成長0.5%，也顯示出逐步的連續性復甦。企業業務淨營收為13億墨西哥披索，占有線總營收約11%，年增30%，部分原因是2025年第四季簽署的一項重要合約之收入認列時點所致，且比較基期較低。若排除該合約影響，我們企業業務淨營收成長15.6%，反映我們持續與公私部門客戶簽下新案。

Moving on to Sky's operating and financial performance. During the first quarter, we lost 325,000 revenue-generating units, mostly coming from prepaid subscribers that have not been recharging their services. In addition, as we have discussed in the past, beginning in the second quarter of last year, we started charging installation fee of MXN1,250 to all new satellite pay-TV subscribers to increase the return on investment for this service. This translates in a slowdown in video gross add additions for Sky that has been steady over the last four quarters. Sky's first quarter revenue of MXN2.6 billion fell by 24.6% year-on-year, mainly driven by a lower subscriber base.

接下來談Sky的營運與財務表現。第一季我們流失325,000個創收單位（revenue-generating units），主要來自未再儲值服務的預付費訂戶。此外，正如我們過去所討論，自去年第二季起，我們開始向所有新的衛星付費電視訂戶收取1,250墨西哥披索的安裝費，以提高此服務的投資報酬率。這使得Sky的影音總新增用戶成長放緩，且此趨勢在過去四季維持穩定。Sky第一季營收為26億墨西哥披索，年減24.6%，主要受訂戶基礎下降所影響。

To sum up, segment revenue of MXN14.5 billion fell by 3.1% year-on-year, while operating segment income of MXN6 billion increased by 5.2%, showing sustained momentum of the growth rebound experienced in the fourth quarter of last year.

總結而言，分部營收為145億墨西哥披索，年減3.1%；而分部營運收益為60億墨西哥披索，年增5.2%，顯示去年第四季所經歷的成長反彈動能持續。

Our operating segment income margin of 41.4% expanded by 330 basis points year-on-year, making it the best quarter over the last three years in terms of profitability, driven by the efficiency measures that we have implemented and the synergies from the ongoing integration between Izzi and Sky. On a sequential basis, operating segment income increased by 0.9%, while profitability expanded by 50 basis points.

我們的分部營運收益率為41.4%，年增330個基點，受惠於我們已實施的效率措施以及Izzi與Sky持續整合所帶來的協同效應，使本季成為過去三年中就獲利能力而言表現最佳的一季。按季比較，分部營運收益增加0.9%，而獲利能力提升50個基點。

Regarding CapEx deployment, our first quarter total investments of MXN2.5 billion accounted for 17.2% of sales. The main reason behind having higher total investments relative to the first quarter of the last year was the FTTH upgrade of 1.5 million homes previously discussed.

就資本支出（CapEx）投入而言，我們第一季總投資為25億墨西哥披索，占銷售額的17.2%。相較去年第一季總投資較高的主要原因，是先前提及對150萬戶進行FTTH升級。

Finally, operating cash flow of Cable and Sky, which is equivalent to EBITDA minus CapEx, was MXN3.5 billion in the first quarter, accounting for 34.2% of sales.

最後，有線與Sky的營運現金流（相當於EBITDA減CapEx）第一季為35億墨西哥披索，占銷售額的34.2%。

Thank you, Valim. Amazing job. Now let me walk you through TelevisaUnivision's first quarter results. The company's first quarter revenue of $1.1 billion increased by 5% year-on-year. Excluding the impact from the appreciation of the Mexican peso, TelevisaUnivision's first quarter revenue was flat, underscoring the resilience of our portfolio in a dynamic macro environment.

謝謝你，Valim。做得非常出色。接下來我將帶各位回顧TelevisaUnivision第一季的業績。公司第一季營收為11億美元，年增5%。若排除墨西哥披索升值的影響，TelevisaUnivision第一季營收持平，凸顯我們的產品組合在多變的總體環境下仍具韌性。

During the quarter, results were driven by growth in ViX, which remains a key engine of expansion across both of our advertising and subscription businesses. We also delivered strong linear distribution and content licensing revenue in both regions and total advertising results remained nearly flat even as we faced anticipated softness in the US from a sports calendar weighted to events outside our portfolio.

本季業績主要由ViX的成長所帶動，ViX仍是我們廣告與訂閱兩大業務擴張的關鍵引擎。我們在兩個地區的線性分銷與內容授權收入亦表現強勁；儘管美國因體育賽事日程偏向我們組合以外的活動而出現預期中的疲弱，整體廣告表現仍幾乎持平。

While operational performance remained solid during the quarter, total operating expenses increased 11% or 5%, excluding the appreciation of the Mexican peso, largely due to an increase in strategic marketing investments and a higher concentration of sports-related costs, primarily related to the Winter Olympics and the FIFA World Cup. As a result, adjusted EBITDA of $323 million declined by 6%.

雖然本季營運表現依然穩健，但總營運費用年增11%；若排除墨西哥披索升值影響則增加5%，主要因策略性行銷投資增加，以及體育相關成本占比提高，主要與冬季奧運及FIFA世界盃相關。因此，調整後EBITDA為3.23億美元，年減6%。

Moving on to the details of our revenue performance. During the quarter, consolidated advertising revenue decreased by 3% year-on-year. In the US, advertising revenue was 12% lower as growth in direct-to-consumer advertising revenue was offset by softness in linear networks. In Mexico, advertising revenue increased 13% year-on-year, driven by DTC growth, which partially offset a timing shift of private sector advertising revenue to latter quarters related to FIFA World Cup campaigns.

接下來說明營收表現的細節。本季合併廣告收入年減3%。在美國，廣告收入下降12%，因直面消費者（DTC）廣告收入的成長被線性網路的疲弱所抵銷。在墨西哥，廣告收入年增13%，由DTC成長帶動，部分抵銷了因FIFA世界盃活動而使民間部門廣告收入時點延後至後續季度的影響。

During the quarter, consolidated subscription and licensing revenue increased by 15% year-on-year. In the US, subscription and licensing revenue grew by 12%, driven by continued DTC momentum, higher average rates and incremental revenue from Hulu Live TV. In Mexico, subscription and licensing revenue increased by 28%, supported by the subscriber growth in ViX's premium tier, higher average rates and growth in content licensing driven by demand for our sports rights. Now we have fully lapped the renewal cycle impacts that we experienced last year, positioning us for more normalized growth comparison going forward.

本季合併訂閱與授權收入年增15%。在美國，訂閱與授權收入成長12%，受惠於DTC動能持續、平均費率提高，以及來自Hulu Live TV的增量收入。在墨西哥，訂閱與授權收入年增28%，由ViX高級方案訂戶成長、平均費率提高，以及因市場對我們體育轉播權需求帶動的內容授權成長所支撐。目前我們已完全度過去年所經歷的續約週期影響，使我們未來的成長比較基期更趨正常化。

Turning on to ViX. We delivered another quarter of solid growth and profitability and reinforce the strength of our DTC strategy. Its subscription video-on-demand tier also achieved double-digit subscriber growth and achieved an all-time low global churn. In addition, we achieved an engagement record on ViX with 1 billion streaming hours across AVOD and SVOD tiers while advancing our ecosystem readiness ahead of the FIFA World Cup. We have made strong progress in executing our World Cup's strategy, which is clearly focused on driving acquisition, expanding accessibility and sustaining engagement beyond the tournament.

接著談ViX。我們再度交出一季穩健的成長與獲利表現，並強化我們DTC策略的實力。其訂閱制隨選視訊（SVOD）層級亦實現雙位數訂戶成長，並創下全球流失率歷史新低。此外，我們在ViX上創下互動新紀錄，AVOD與SVOD層級合計串流時數達10億小時，同時在FIFA世界盃前持續推進生態系就緒度。我們在執行世界盃策略方面取得重大進展，該策略明確聚焦於推動用戶獲取、擴大可及性，並在賽事結束後維持互動與黏著度。

Moving on to the balance sheet. TelevisaUnivision ended the quarter with $411 million in cash and approximately $725 million of available capacity under its credit facilities. Capital expenditures were $34 million for the quarter, essentially flat year-on-year, and we expect 2026 full year CapEx to be consistent with that of 2025. At the end of the first quarter, TelevisaUnivision's leverage ratio was 5.7x EBITDA, a modest increase from 5.6x at the end of 2025, partially due to the seasonality of the business.

接下來看資產負債表。TelevisaUnivision於季末持有4.11億美元現金，並在其信貸額度下約有7.25億美元可用額度。本季資本支出為3,400萬美元，基本與去年同期持平；我們預期2026全年CapEx將與2025年一致。第一季末，TelevisaUnivision的槓桿比率為EBITDA的5.7倍，較2025年末的5.6倍小幅上升，部分原因在於業務季節性。

Finally, earlier this month, TelevisaUnivision issued $1.5 billion in new senior notes due 2033 and offered to purchase all its outstanding notes due 2028. With this, our next debt maturity will come in 2029.

最後，本月稍早，TelevisaUnivision發行15億美元、2033年到期的新高級票據，並提出要約收購其所有2028年到期的未償票據。因此，我們下一個債務到期日將在2029年。

Moving on, let me remind you that on January 30, we used part of our free cash flow generated last year at Grupo Televisa to pay the remaining $207 million principal amount of our senior notes maturing this year. Moreover, at the end of the first quarter, Grupo Televisa's leverage ratio of 2x EBITDA compared to 2.4x by the end of the first quarter of 2024 due to our free cash flow generation of around MXN4.3 billion over the last 12 months and our accumulated year-on-year EBITDA growth of 1.5%.

接下來提醒各位，1月30日，我們運用Grupo Televisa去年所產生的部分自由現金流，償還了本年度到期之高級票據剩餘本金2.07億美元。此外，第一季末Grupo Televisa的槓桿比率為EBITDA的2倍，較2024年第一季末的2.4倍下降，主要因過去12個月我們約產生43億墨西哥披索的自由現金流，以及累計年增EBITDA成長1.5%。

To wrap up, Bernardo and I are 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 represents over 20% of consolidated revenue and adjusted EBITDA will allow us to create greater value for our shareholders in 2026.

總結而言，Bernardo與我有信心，我們在Grupo Televisa聚焦於提升客戶價值、效率，以及Izzi與Sky的持續整合；並在TelevisaUnivision方面，隨著我們的DTC業務已占合併營收與調整後EBITDA的20%以上，進一步推進整合與營運優化，將使我們能在2026年為股東創造更大價值。

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

現在我們準備好回答各位的提問。Elsa，請您說明問答環節的指引，好嗎？

(Operator Instructions) Matthew Harrigan, Benchmark Stones.

(接線員指示) Matthew Harrigan，Benchmark Stones。

Reaching a crossover now on the English market on streaming versus linear. I know Spanish is a little more resilient on the linear side. But what are you seeing on AVOD pricing premiums, CPMs? And what -- I know you've got some interesting things with the technology stack. Could you talk about that? And I guess that's my primary question. I had a follow-up.

目前在英語市場，串流相對於線性電視正出現交叉點。我知道西語在傳統線性端相對更具韌性。但你們在 AVOD 的定價溢價、CPM 方面看到了什麼？另外——我知道你們在技術堆疊上有一些很有意思的作法。能否談談這部分？我想這是我的主要問題。我還有一個追問。

Well, we feel great about our service, our technology. And if you saw the growth of ViX, it was spectacular. So we feel really comfortable with what we're offering, both technologically. We need some things that have to do with further personalization and recommendations. So we're moving in the right direction, but that needs a little improvement.

我們對我們的服務與技術非常有信心。而且如果你看到 ViX 的成長，那是非常驚人的。因此，無論在技術面或我們所提供的內容面，我們都對目前的供給感到很踏實。我們還需要在進一步的個人化與推薦方面做一些事情。所以我們正朝正確方向前進，但這部分仍需要一些改善。

But in general, I think the service technologically is great. And as a result of that and our content, if you saw our numbers, I think in terms -- we have grown engagement, we have grown the total stream hours. So we're happy with that. Of course, as a result of that, we're selling more advertising on the platform. So we're happy with the development of ViX.

但總體而言，我認為就技術而言，這項服務很棒。也因為這點以及我們的內容，如果你看我們的數據，我想在——我們提升了互動度，也提升了總串流時數。所以我們對此很滿意。當然，隨之而來的是我們在平台上賣出了更多廣告。因此我們對 ViX 的發展感到很高興。

And then you're one of the leading global Spanish news providers. And obviously, you're doing a lot in the mini novelas and all that in the short form content. What do you think the prospects are for ancillary monetization on TikTok and other digital forms because there's a plethora of content that's mostly on AVOD, your linear channels right now.

另外，你們是全球領先的西語新聞供應商之一。而且顯然你們在迷你影集（mini novelas）以及各種短內容上做了很多。你認為在 TikTok 與其他數位形式上，周邊變現（ancillary monetization）的前景如何？因為目前有大量內容主要是在 AVOD、以及你們的線性頻道上。

Yes. As to the micro-novelas, we have been successful. Last year, we produced around 30. This year, we will produce more than 100. So I mean, we're developing that market.

是的。就微短劇（micro-novelas）而言，我們已經取得成功。去年我們製作了大約 30 部。今年我們將製作超過 100 部。所以我的意思是，我們正在開發這個市場。

We're selling advertising on those. So monetization is working. We have the micros on ViX primarily, but they're also on other platforms. Monetization on TikTok is we're talking to them because it's difficult, but we are talking to them. We're generating a lot of engagement and of course, on YouTube, on TikTok, et cetera.

我們也在這些內容上銷售廣告。所以變現運作良好。這些微短劇主要在 ViX 上，但也會在其他平台上架。至於在 TikTok 上的變現，我們正在和他們洽談，因為這很困難，但我們正在談。我們帶來了大量互動，當然也包括在 YouTube、TikTok 等平台。

So our content works. Our content has a huge engagement, huge interest in general. So we're working with those platforms in terms of monetization. Today, we're monetizing that primarily on ViX.

所以我們的內容是有效的。我們的內容整體而言有非常高的互動度、非常高的興趣。因此我們正就變現與這些平台合作。目前我們主要是在 ViX 上進行變現。

Ernesto Gonzalez, Morgan Stanley.

Ernesto Gonzalez，摩根士丹利。

It's 2. First one is, can you talk a little bit about the strong margins you delivered and how sustainable these are going forward, especially considering some of the top line pressures you have from Sky? And the second one is, can you talk a little bit about the competition in the fixed market? That's it.

我有兩個問題。第一個是，你們交出的強勁利潤率表現，能否談談其原因，以及未來的可持續性？特別是考量到你們在 Sky 方面面臨一些營收端壓力。第二個是，能否談談固網市場的競爭情況？以上。

Thank you for your question, Ernesto. Valim, can you answer, please?

謝謝你的提問，Ernesto。Valim，請你回答，好嗎？

Sure. So the margins will fluctuate around the 40% range. In terms of the top line competition, this is a very competitive market where we all play a role. We tend to play a role more in the more sophisticated, more long-term clients that stay with us. So our churn is, like we said, between this 1.9% to 2% range and has been like that.

當然。利潤率會在約 40% 的區間上下波動。就營收端的競爭而言，這是一個競爭非常激烈的市場，我們各自都扮演一定角色。我們傾向於更聚焦在較成熟、合作期較長、會持續留在我們這裡的客戶。因此我們的流失率（churn）如同我們所說，約在 1.9% 到 2% 之間，且一直維持在這個水準。

We don't go -- we don't think that going after huge volumes of new acquisitions will drive any value moving forward. So I think this is more or less how we see the market.

我們不會——我們不認為追求大量新增用戶的獲取，未來能帶來任何價值。所以我想，這大致就是我們對市場的看法。

Olivia Mogavero, JPMorgan.

Olivia Mogavero，摩根大通。

My first question goes on the line of M&A. How is your appetite evolving? And do you have any updates in your capital allocation strategy? And the second one, it would be interesting to have an updated outlook for your CapEx this year and for the mid- to long term, considering the homes [spent] that you already did in this quarter and your prospects for the next ones?

我的第一個問題是關於併購（M&A）。你們的併購意願（appetite）如何演變？在資本配置策略方面是否有任何更新？第二個問題是，考量到你們本季已經進行的住宅端[支出]以及接下來幾季的展望，我想了解你們今年以及中長期資本支出（CapEx）的最新展望？

Thank you for your question. As to the capital allocation priorities, as you know, we're always exploring M&A opportunities in our sector. And of course, we will continue to use our free cash flow -- the free cash flow that we have generated to keep strengthening our balance sheet. And as I mentioned, we're prepared for potential M&A opportunities in the Mexican telecommunications sector.

謝謝你的提問。就資本配置優先順序而言，如你所知，我們一直在探索本產業的併購機會。當然，我們也會持續運用我們的自由現金流——也就是我們所產生的自由現金流——來進一步強化資產負債表。如我先前提到的，我們已為墨西哥電信產業潛在的併購機會做好準備。

As you might remember, on January 30 this year, we used part of our free cash flow generated last year at Grupo Televisa to pay the remaining $207 million of our senior notes maturing this year. So at the end of the first quarter, Grupo Televisa's leverage ratio of 2x EBITDA compared to 2.4x by the end of the first quarter of 2024. And this is a result of our free cash flow generation of MXN4.3 billion over the last 12 months and our accumulated year-on-year EBITDA growth of 1.5%. And regarding our CapEx, it will be why we are upgrading the network in the low 20s range percentage of revenue. As we finish that next year, obviously, it should go down to the 15% range, but that would be only second half of next year.

你可能還記得，今年 1 月 30 日，我們在 Grupo Televisa 使用去年所產生的部分自由現金流，償還了今年到期的優先票據（senior notes）剩餘 2.07 億美元。因此在第一季末，Grupo Televisa 的槓桿比率為 EBITDA 的 2 倍，相較於 2024 年第一季末的 2.4 倍。這是過去 12 個月我們產生 43 億墨西哥披索（MXN4.3 billion）自由現金流，以及累計年對年 EBITDA 成長 1.5% 的結果。至於資本支出（CapEx），由於我們正在升級網路，將維持在營收的 20% 出頭區間。當我們在明年完成後，顯然應會下降到約 15% 的區間，但那將只會發生在明年下半年。

[Rafael], UBS.

[Rafael]，瑞銀。

Well, I'm going to start here by asking about the share of income from associates and joint ventures line for Grupo Televisa. It had a pretty relevant increase this quarter. You mentioned in the report that the main drivers were higher earnings at Univision and your increased stake in the company, right? So if you could please comment more about that and comment how should we think about this line going forward?

我想先從 Grupo Televisa 的「聯營公司及合資企業收益占比」這一行開始提問。這一季有相當顯著的增加。你們在報告中提到，主要驅動因素是 Univision 的獲利較高，以及你們在該公司的持股提高，對嗎？所以若方便的話，請再多評論一下，並說明我們未來應該如何看待這一行的走勢？

Yes. Thank you for your question, Rafael. Carlos, can you please answer?

是的。謝謝你的提問，Rafael。Carlos，你可以回答一下嗎？

Yes, Rafael, as you mentioned, we had an increase of around MXN1.2 billion during the quarter in this line. As you may recall, we account for our investment in TelevisaUnivision using the equity method. So on this line, we include things, for example, as our share of net income in TelevisaUnivision. We also include the income from our preferred shares in TelevisaUnivision. And as you mentioned, during the quarter, we had an increase due to the fact that our share in Televisa, our ownership stake increased from 43.2% to 44.3%.

是的，Rafael，如你所提到的，這一行在本季增加了約 12 億墨西哥披索。如你所知，我們以權益法認列對 TelevisaUnivision 的投資。因此在這一行中，我們會納入例如我們在 TelevisaUnivision 的淨利分攤。我們也會納入我們在 TelevisaUnivision 的優先股收益。而如你所提到的，本季增加的原因之一是我們在 Televisa 的持股比例從 43.2% 提高到 44.3%。

Every quarter, this is normal in TU, there are increases and decreases depending on things like, for example, vesting of stock options and other items like that. The main driver of the increase during this quarter was that TU did a (inaudible) of certain preferred stock, which increased our share. So that's basically the driver on that, which is the lion's share of the increase we saw in that line.

每一季在 TU 這是正常的，會因為例如員工認股權歸屬以及其他類似項目而有增有減。本季增加的主要驅動因素是 TU 對某些優先股進行了（聽不清），使我們的持股比例提高。所以這基本上就是該項目的驅動因素，也是我們在那一行看到增加的主要部分。

Okay. Super clear. Just a quick follow-up on CapEx. If we look at 2025 levels, it was concentrated more in the second half of the year. So looking at this year, should we expect also CapEx to be back-end loaded?

好的。非常清楚。關於資本支出（CapEx）我再追問一個簡短問題。如果看 2025 年的水準，資本支出較集中在下半年。那麼看今年，我們是否也應預期資本支出會偏向年底集中？

No. This year, it should be more level because we are already ramped up the build-out of the network last year. So we are on track and at the current speed, stable speed. So we wouldn't see a spike towards the end. It should be more flattish throughout the year.

不會。今年應該會更平均，因為我們去年已經把網路建設的擴建速度拉上來了。所以我們進度如期，且目前速度穩定。因此年底不會看到明顯的尖峰。全年應該會比較平坦、均勻。

[David Lopez], New Street Research.

[David Lopez]，New Street Research。

I have a couple of quick questions, please. First one is if you could talk about your -- if you have plans for price increases on broadband this year? And the second question, I was wondering the 25 network that will not be fiber-to-the-home, do you have plans in the longer term to upgrade these homes as well? Or will they stay in non-fiber?

我有兩個簡短問題。第一個是，你們今年是否有寬頻漲價的計畫？第二個問題是，將有 25% 的網路不是光纖到府（FTTH），長期來看你們是否也計畫把這些住戶升級？還是會維持非光纖？

Yes, it's not that it will be -- by the end of this year, will be 75. By mid-2027, will be 100% fiber. So it's just a function of timing. Regarding price increases, we actually did a price increase of MXN30 now in March on broadband.

是的，不是說到今年年底會是——會是 75%。到 2027 年年中，將會是 100% 光纖。所以這只是時間點的問題。至於漲價，我們其實已在 3 月把寬頻價格上調了 30 墨西哥披索。

Lucca Brendim, Bank of America.

Lucca Brendim，美國銀行。

I have one here from my side. You had a very strong performance on enterprise this quarter. And I wanted to understand how much of that is recurring and will continue to the next quarters? You mentioned that part of it was due to the timing, the recognition timing for an important project. So does that only impact this quarter? Or will it also impact other quarters?

我這邊有一個問題。你們本季企業客戶業務表現非常強勁。我想了解其中有多少是經常性、並會延續到接下來幾季？你們提到部分原因與某個重要專案的認列時點有關。所以這只影響本季嗎？還是也會影響其他季度？

In terms of revenue, it is a recurring contract. So it will be impacting other quarters as well. As far as growth is concerned, obviously, the contract has spike in growth. It should not be repeated as much as we did, but we are anticipating still high growth from our enterprise business.

就營收而言，這是一份經常性合約。因此也會影響其他季度。至於成長方面，顯然該合約帶來了成長的尖峰。不太可能像這次一樣重複出現，但我們仍預期企業業務將維持高成長。

Ladies and gentlemen, that concludes our question-and-answer session. I would like to turn the conference over back to Mr. Alfonso de Angoitia for any closing remarks.

各位女士先生，我們的問答環節到此結束。我想把電話會議交回給 Alfonso de Angoitia 先生，請他做結語。

Thank you very much. Well, call us, if you have any additional questions. We're very happy with the results of this quarter. Thank you, and see you later.

非常感謝。如果你們還有任何其他問題，歡迎聯絡我們。我們對本季的結果非常滿意。謝謝，稍後再見。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。