Megacable Holdings, S.A.B. de C.V. — Cyborg Score 7/10
Strong
Telecommunications and Diversified Media - Cable Television, Broadband Internet, and Fixed-Line Telephone Services
Strategic Profile
Megacable maintains disciplined execution of expansion and network evolution projects, with 82% of the base now served by fiber. The company expects CapEx to decline to 24%-26% of revenues in 2026 and further to 21%-23% in 2027, with subscriber growth forecasted to continue at 100,000-150,000 net additions per quarter through 2026-2027.
Cyborg Score Rationale
Megacable achieved strong subscriber growth reaching 5.86 million unique subscribers and became Mexico's second-largest broadband operator. Total revenues reached Ps. 8,921 million with 8.6% year-over-year growth, while EBITDA increased 10.2% to Ps. 3,946 million with improving margins of 44.2%. The company benefits from market consolidation and disciplined capital allocation, though it faces competition and macro headwinds.
Top Insights
Mass market segment drove strong revenue growth with record revenues of Ps. 7,595 million, up 11.2% year-over-year, while corporate segment faced headwinds from economic slowdown and increased competition.
CapEx is declining as major expansion projects wind down, with continued focus on maximizing free cash flow while maintaining investment-grade credit ratings and maturing recent investments.
The company is expanding fiber coverage and digital content offerings to align with subscriber preferences.
Net income rose 25.5% year-over-year to Ps. 628 million, driven by higher operating profit and improved financing results.
Named Competitors
Broadband and Cable Services — Private broadband and cable competitor in Mexico
Telecommunications Services — Major diversified media and telecommunications competitor in Mexico
Recent Developments
(Q3 2025) Achieved 5.86 million unique subscribers with 9% YoY growth, becoming Mexico's second-largest broadband operator
(Q3 2025) Total revenues reached Ps. 8,921 million with 8.6% YoY growth; EBITDA increased 10.2% to Ps. 3,946 million
(2026 Guidance) CapEx expected to decline to 24%-26% of revenues as major expansion projects wind down; subscriber growth forecasted at 100,000-150,000 net additions per quarter
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