Grupo Televisa S.A.B.

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. Now, I'll call over to Mr. Alfonso de Angosia, co-chief executive officer of Grupo Televisa.

Please go ahead, sir. Thank you, Elcita. Good morning, everyone, and thank you for joining us.

With me today are Francisco Balin, 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 Televisa Univision. At 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. Second, we keep executing on the implementation of OPEX efficiencies and the integration between EASNY and SKYLE 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%. Third, we continue to maintain a disciplined CAPEX deployment approach to focus on free cash flow generation. So far this year, we have invested 3.9 billion pesos 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. And fourth, during the first half of the year, we have generated around 3.6 billion pesos in free cash flow, allowing us to prepay a bank loan due in 2026 with a principal amount of 2.65 billion pesos. This debt repayment comes on top of the $219 million principal amount of our senior notes already paid on March 18th. Additionally, at the end of the second quarter, Grupo Teneriza'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 Teneriza Univision, I will elaborate on three key milestones. First, engagement and growth for VIX remain strong, with momentum accelerating across both our free and premium tiers. Moreover, subscribers have now surpassed 10 million, implying double-digit growth year on year. Second, the efficiency plan to reduce operating expenses at Teleisa Univision by over $400 million in 2025 is proving to be successful. In the first half of the year, our total operating expenses were defined 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. And third, looking at Televisa Univision'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, Televisa Univision addressed its near-term debt maturity profile by refinancing $1.5 billion, eliminating the majority of its 2027 bond maturities. The leveraging remains a core strategic priority for Televisa Univision, 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 Balim, as he will discuss the operating and financial performance of our consolidated assets.