Grupo Televisa reported a 3.1% revenue decrease in Q1 2026 to Ps.14.5 billion, mainly due to falling satellite service revenues. However, operating segment income rose 5.2% with margins expanding to 41.4%, reflecting cost efficiencies from the consolidation of Cable and Sky into a unified Telecom segment. Continued fiber-to-the-home expansion and enterprise service growth underpin strategic prospects, while regulatory concession uncertainties and competitive pressures from OTT and satellite pose ongoing risks. The company maintains a leveraged but manageable balance sheet supporting its capital investment plan.