Financial Data and Key Metrics Changes - The second quarter revenue totaled ARS $234 billion, reflecting a 13.8% year-on-year increase, partly due to the depreciation of the Mexican peso against other currencies [8][12] - At constant exchange rates, revenue increased by 7.9%, marking the strongest performance in over a year [9] - EBITDA was ARS 92.4 billion, up 11.2% in Mexican peso terms and 5.1% at constant exchange rates [11] - Net profit for the quarter was ARS 22.3 billion, equivalent to ARS 37 per share and ARS 38 per ADR [12] Business Line Data and Key Metrics Changes - The postpaid base increased by 6.8% year-on-year, while fixed broadband accesses grew by 4.5% [8] - Postpaid service revenue expanded by 9.5%, the best result in the prior year [9] - Prepaid revenue growth rebounded, driven by Mexico, with prepaid ARPU climbing 2.2% in the quarter [10] - Fixed line revenue from copper networks and petech increased significantly, with broadband revenue slightly decelerating to 8.2% [10] Market Data and Key Metrics Changes - The company added 2.9 million postpaid clients, with Brazil contributing 1.4 million [6] - In the prepaid segment, net disconnections totaled 1.1 million subscribers, with Brazil, Chile, and Central America each connecting approximately 500,000 clients [7] - The U.S. Dollar depreciated against most currencies in the region, impacting the company's financials [6] Company Strategy and Development Direction - The company is focusing on improving network quality and expanding coverage in Brazil, which has contributed to revenue growth [18] - The new telecommunications law in Mexico introduces regulatory changes that may impact operations, including increased fines and obligations for user identification [22][24] - The company aims to maintain its capital expenditure targets around ARS 6.7 billion to ARS 6.8 billion for the year [35] Management's Comments on Operating Environment and Future Outlook - Management noted significant uncertainty due to U.S. tariffs but indicated that the economic environment in Mexico is starting to improve [5][38] - The competitive landscape in Mexico remains aggressive, but the company believes it has a strong network and customer care to sustain growth [39] - Management expressed optimism about continued revenue growth in the broadband segment due to increased sales force and customer retention efforts [56] Other Important Information - The net debt to last twelve months EBITDA ratio stood at 1.36 times, reflecting a slight increase due to currency appreciation [13] - The company reported a decrease in labor obligations outflows compared to the previous year, with expectations of no major changes for the full year [42] Q&A Session Summary Question: Comments on Brazilian mobile environment and revenue drivers - Management highlighted strong postpaid growth in Brazil due to network quality improvements and successful sales strategies [17][18] Question: Regulatory changes in the Mexican telco framework - Management discussed the new telecommunications law, emphasizing increased fines and obligations for user identification [22][24] Question: Outlook for Mexico's economic activity and competitive environment - Management noted that competition remains similar to last year, with expectations of revenue rebound as the economy improves [38] Question: Labor obligations and outflows - Management indicated that labor obligations are paid from attention funds and out-of-pocket, with no major changes expected for the full year [42] Question: Changing competition in various markets - Management expressed hope for more rational competition as markets consolidate, particularly in Argentina and Colombia [43][44] Question: Comments on Bait's performance and market competition - Management noted improvements in their prepaid segment and emphasized the challenges faced by new entrants in maintaining subscriber bases [51][53] Question: Acceleration in broadband net adds in Mexico - Management attributed broadband growth to increased sales force and customer retention efforts, with a focus on delivering high-quality service [56] Question: Litigation provision in Colombia - Management confirmed that the provision relates to a content-related case affecting the entire industry, with payments scheduled until the end of the year [58][59]

Core Insights - America Movil reported a net income per ADR of $0.38 for Q2 2025, a recovery from a net loss of $0.02 in the same quarter last year, but fell short of the Zacks Consensus Estimate of $0.49 [2][10] - Total revenues increased by 13.8% year-over-year to Mex$233,785 million, driven by growth in both Service and Equipment segments [4][10] - The company gained 1.7 million wireless subscribers in Q2, with significant contributions from Brazil and Colombia, while experiencing a net loss of 1.1 million prepaid subscribers [5][10] Financial Performance - Net income for the quarter was Mex$22,282 million, compared to a net loss of Mex$1,093 million in the prior year [3] - Comprehensive financing costs decreased by 80.8% to Mex$7,729 million from Mex$40,210 million year-over-year [3] - Total costs and expenses rose by 15.5% to Mex$141,375 million, while EBITDA increased by 11.2% to Mex$92,409 million, resulting in an EBITDA margin of 39.5% [12] Revenue Breakdown - Service revenues reached Mex$198,540 million, up 13.4% year-over-year, while Equipment revenues rose 17.3% to Mex$32,911 million [4] - Colombia's revenue grew by 7.6%, driven by a 6.1% increase in service revenue, with mobile service revenue growth at 7.4% [7] - Argentina's revenues increased by 9.9% to ARS 633,865 million, supported by improved economic conditions [8] Subscriber Metrics - The company ended the quarter with 78 million revenue-generating units across fixed-line, broadband, and television platforms [5] - Brazil contributed the most to the postpaid subscriber growth with 1.4 million, while prepaid losses were primarily due to disconnections in Brazil, Chile, and Honduras [5][10] Regional Performance - Central America saw a revenue increase of 10.1% to $721 million, attributed to strong performance in Service and Equipment revenues [11] - Revenues from Austria, Brazil, Peru, and Mexico grew by 4.1%, 6.1%, 4.7%, and 4.7% respectively, while revenues from Ecuador and the Caribbean declined slightly [11]

[Selected Financial Data](index=3&type=section&id=SELECTED%20FINANCIAL%20DATA) The company's selected financial data for 2024 shows a significant decline in net profit, primarily due to foreign exchange losses, with financial statements prepared under IFRS in Mexican Pesos Consolidated Financial Highlights (in billions of Mexican Pesos) | Financial Metric | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Operating Revenues** | 844.5 | 816.0 | 869.2 | | **Operating Income** | 170.9 | 167.8 | 180.1 | | **Net Profit for the year** | 81.5 | 80.8 | 27.6 | | **Net Profit attributable to Equity holders** | 76.2 | 76.1 | 22.9 | | **Basic and Diluted EPS (from continuing operations)** | Ps. 1.30 | Ps. 1.21 | Ps. 0.37 | | **Total Assets** | 1,618.1 | 1,564.2 | 1,793.9 | | **Total Equity** | 437.8 | 421.7 | 432.2 | - Net profit for 2024 was **Ps. 27.6 billion**, a significant decrease from **Ps. 80.8 billion** in 2023, primarily impacted by foreign exchange losses[10](index=10&type=chunk)[108](index=108&type=chunk) - On October 31, 2024, the company consolidated its Chilean operation, Claro Chile, SpA, after converting its notes into equity, increasing its ownership to **94.9%** by year-end; prior to this, it was accounted for as a joint venture using the equity method[8](index=8&type=chunk)[12](index=12&type=chunk) - The company's financial statements are prepared in accordance with IFRS and presented in Mexican Pesos (Ps.); U.S. dollar translations are provided for convenience at a rate of **Ps. 20.2683 to U.S.$1.00** as of December 31, 2024[6](index=6&type=chunk)[7](index=7&type=chunk) [Part I: Information on the Company](index=5&type=section&id=PART%20I%3A%20INFORMATION%20ON%20THE%20COMPANY) This section provides an overview of América Móvil's business, network infrastructure, competitive landscape, strategic investments, and customer engagement strategies [About América Móvil](index=6&type=section&id=ABOUT%20AM%C3%89RICA%20M%C3%93VIL) América Móvil is a leading telecommunications provider across 23 countries, offering diverse services with **400.5 million RGUs** in 2024, primarily under the Claro, Telcel, and Telmex brands - América Móvil is a leading telecommunications provider in 23 countries across Latin America, the Caribbean, and Europe, ranking first in the region for wireless, fixed-line, broadband, and Pay TV services based on Revenue Generating Units (RGUs)[19](index=19&type=chunk)[20](index=20&type=chunk) Total Revenue Generating Units (RGUs) by Type (in millions) | RGU Type | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Total Wireless RGUs** | 305.1 | 315.2 | 322.6 | | **Total Fixed RGUs** | 76.6 | 76.9 | 77.9 | | **Total RGUs** | 381.6 | 392.1 | 400.5 | - In 2024, wireless operations generated **Ps. 458.5 billion** in revenue, representing **52.8% of consolidated revenues**, while fixed operations generated **Ps. 262.5 billion**, or **30.2% of revenues**[29](index=29&type=chunk)[40](index=40&type=chunk) - The proportion of postpaid wireless plans increased from **39.7%** in December 2023 to **40.8%** as of December 31, 2024, indicating a shift towards higher-value subscribers[33](index=33&type=chunk) - The company offers OTT services such as ClaroVideo, an on-demand streaming service with over **32,500 titles**, and ClaroMúsica, a music streaming service with access to approximately **100 million songs**[48](index=48&type=chunk)[49](index=49&type=chunk) [Our Networks](index=11&type=section&id=OUR%20NETWORKS) The company invested **Ps. 130.8 billion** in 2024 to expand its extensive network infrastructure, including **116,000 cell sites** and **1.4 million km of fiber-optic network**, achieving **55% 5G population coverage** in Mexico and Brazil - Capital expenditures for 2024 totaled **Ps. 130.8 billion**, focused on increasing network capacity and upgrading to the latest technologies[57](index=57&type=chunk) - As of December 31, 2024, the company's infrastructure included **116,000 cell sites**, over **1.4 million km of fiber-optic network** reaching **118 million homes**, capacity in over **200,000 km of submarine cables**, five satellites, and **41 data centers**[60](index=60&type=chunk) - The company has expanded its 5G coverage, reaching close to **55.0%** of the population in Mexico and Brazil with 5G services as of December 31, 2024[58](index=58&type=chunk) [Our Competitors](index=12&type=section&id=OUR%20COMPETITORS) The company operates in an intensely competitive telecommunications market, facing multi-national and national operators, with competition driven by pricing, brand, network quality, and technology deployment - The company faces intense competition from multi-national operators such as AT&T Inc., Telefónica, and Millicom, as well as various national-level providers[63](index=63&type=chunk)[64](index=64&type=chunk) - Competition is driven by factors like pricing, brand, service offerings, network coverage, and new technology deployment, and is expected to remain intense due to market saturation and regulatory changes[65](index=65&type=chunk) [Acquisitions, Other Investments and Divestitures](index=12&type=section&id=ACQUISITIONS%2C%20OTHER%20INVESTMENTS%20AND%20DIVESTITURES) The company pursues global investment opportunities for portfolio optimization and geographic diversification, recently consolidating Claro Chile, SpA, and securing control over Telekom Austria AG - América Móvil continues to seek global investment opportunities to optimize its portfolio, focusing on geographic diversification as a key to financial success[67](index=67&type=chunk)[68](index=68&type=chunk) - In 2023, the company entered a 10-year agreement ensuring control over Telekom Austria AG (TKA) and supported the spin-off of its mobile towers into EuroTeleSites AG[74](index=74&type=chunk) - On October 31, 2024, AMX consolidated Claro Chile, SpA into its operations after receiving regulatory approval, holding a **94.9%** interest by December 31, 2024[74](index=74&type=chunk) [Marketing, Sales and Distribution, Customer Services](index=13&type=section&id=MARKETING%2C%20SALES%20AND%20DISTRIBUTION%2C%20CUSTOMER%20SERVICES) The company's marketing efforts in 2024 focused on 5G and fiber optic rollouts, leveraging its top-ranked Claro and Telcel brands through an extensive network of **420,000 points of sale** and **3,400 customer service centers** - Marketing efforts in 2024 were focused on promoting 5G services and fiber optic rollout, leveraging network speed and quality[70](index=70&type=chunk) - The company's brands, Claro and Telcel, are recognized as highly valuable, ranking among the top forty strongest telecom brands worldwide according to the 2024 Brand Finance Telecom 150 report[71](index=71&type=chunk) - The company utilizes a vast sales and distribution network with over **420,000 points of sale** and more than **3,400 customer service centers**[72](index=72&type=chunk) [Part II: Operating and Financial Review and Prospects](index=14&type=section&id=PART%20II%3A%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section reviews the company's financial performance, liquidity, and capital resources, considering discontinued operations, segment reporting, constant currency analysis, and key market trends [Overview](index=15&type=section&id=OVERVIEW) This overview details the financial review's scope, including discontinued operations, Claro Chile's consolidation, ten reportable segments, constant currency analysis (excluding Argentina), and key market trends like competition and data demand - The company's financial reporting is affected by the treatment of discontinued operations, specifically the sale of Claro Panama in 2022 and the classification of Claro Chile as a joint venture from October 2022 until its consolidation on October 31, 2024[76](index=76&type=chunk)[77](index=77&type=chunk) - Financial results are presented across ten reportable segments, with Mexico being split into Mexico Wireless and Mexico Fixed[78](index=78&type=chunk) - To better understand performance, the company provides analysis at constant exchange rates; due to hyperinflation, Argentina is excluded from these consolidated constant currency comparisons[80](index=80&type=chunk)[81](index=81&type=chunk) - Key long-term trends affecting operating results in 2024 include intense competition, growing demand for data services, declining demand for voice and traditional Pay TV, and a strategic focus on cost savings programs[90](index=90&type=chunk)[91](index=91&type=chunk) [Results of Operations](index=17&type=section&id=RESULTS%20OF%20OPERATIONS) In 2024, operating revenues grew **6.5% to Ps. 869.2 billion**, and operating income rose **7.3% to Ps. 180.1 billion**, but net profit declined **65.8% to Ps. 27.6 billion** due to a **Ps. 70.7 billion** foreign exchange loss Consolidated Results of Operations (2024 vs. 2023) (in billions of Mexican Pesos) | Metric | 2023 (Ps. billion) | 2024 (Ps. billion) | % Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | 816.0 | 869.2 | +6.5% | | **Operating Income** | 167.8 | 180.1 | +7.3% | | **Net Profit (continuing ops)** | 80.8 | 27.6 | -65.8% | - The significant decrease in net profit was mainly driven by a net foreign currency exchange loss of **Ps. 70.7 billion** in 2024, compared to a gain of **Ps. 14.7 billion** in 2023, due to the appreciation of currencies like the U.S. dollar and euro against the Mexican peso[104](index=104&type=chunk) - Service revenues increased by **7.6%** (**4.0%** at constant exchange rates), reflecting growth in mobile prepaid/postpaid services and broadband, partially offset by declines in fixed voice and Pay TV[94](index=94&type=chunk) Segment Operating Income (Loss) - 2024 (in billions of Mexican Pesos) | Segment | Operating Income (Loss) | | :--- | :--- | | Mexico Wireless | 89.4 | | Mexico Fixed | 14.7 | | Brazil | 30.9 | | Colombia | 9.6 | | Southern Cone (Argentina) | 1.6 | | Southern Cone (Paraguay, Uruguay, Chile) | (2.4) | | Andean Region | 8.1 | | Central America | 7.5 | | Caribbean | 5.9 | | Europe | 16.3 | [Liquidity and Capital Resources](index=24&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintained strong liquidity with **Ps. 239.3 billion** in operating cash flow in 2024, funding **Ps. 130.8 billion** in capital expenditures, while total consolidated debt increased to **Ps. 567.6 billion**, with currency risk managed through derivatives - Cash flows from operating activities were **Ps. 239.3 billion** in 2024; cash and cash equivalents stood at **Ps. 36.7 billion** at year-end[166](index=166&type=chunk) Primary Uses of Cash in 2024 (in billions of Mexican Pesos) | Use of Cash | Amount | | :--- | :--- | | Capital Expenditures | Ps. 130.8 | | Dividends Paid | Ps. 31.0 | | Share Repurchases | Ps. 22.7 | - Total consolidated indebtedness was **Ps. 567.6 billion** as of December 31, 2024, an increase from **Ps. 500.7 billion** at the end of 2023; net debt totaled **Ps. 484.2 billion**[169](index=169&type=chunk)[171](index=171&type=chunk) - The company manages currency risk with derivatives; after these transactions, approximately **41.2%** of net debt was denominated in Mexican Pesos as of December 31, 2024[172](index=172&type=chunk) - The company has two major revolving syndicated credit facilities: one for **U.S.$2.5 billion** expiring in 2029 and one for the Euro equivalent of **U.S.$1.5 billion** expiring in 2026; as of year-end 2024, **U.S.$600 million** was drawn from the U.S. facility[182](index=182&type=chunk) [Part III: Risk Factors](index=30&type=section&id=PART%20III%3A%20RISK%20FACTORS) This section details the company's operational, industry, and country-specific risks, including competition, regulatory challenges, technological changes, and macroeconomic volatility [Risks Relating to Our Operations](index=31&type=section&id=RISKS%20RELATING%20TO%20OUR%20OPERATIONS) The company faces operational risks from intense competition, adverse asymmetric regulations in Mexico, spectrum acquisition challenges, significant tax assessments, cybersecurity threats, and identified material weaknesses in internal control over financial reporting - Intense competition in the telecommunications industry could lead to increased spending, price reductions, and lower operating margins[194](index=194&type=chunk)[195](index=195&type=chunk) - Operations are subject to extensive government regulation; in Mexico, asymmetric regulations imposed on the company as a "preponderant economic agent" have adversely affected results[198](index=198&type=chunk)[199](index=199&type=chunk) - The business relies on licensed radio spectrum, which is essential for growth and service quality; an inability to acquire additional spectrum could hinder competitiveness[205](index=205&type=chunk) - The company is contesting significant tax assessments in Brazil, Mexico, and Colombia, which, if determined adversely, could have a material effect on financial condition[211](index=211&type=chunk) - Cybersecurity incidents, system failures, and other network disruptions could cause service interruptions, leading to increased expenses, loss of subscribers, and reputational harm[213](index=213&type=chunk)[225](index=225&type=chunk) - Management identified material weaknesses in internal control over financial reporting for both 2023 and 2024, related to IT general controls, revenue processes, and data accuracy in its Colombia, Mexico Fixed, and Mexico Wireless segments[238](index=238&type=chunk) [Risks Relating to the Telecommunications Industry Generally](index=38&type=section&id=RISKS%20RELATING%20TO%20THE%20TELECOMMUNICATIONS%20INDUSTRY%20GENERALLY) The telecommunications industry faces risks from rapid technological change requiring substantial capital expenditure, potential intellectual property infringement claims, and alleged health concerns related to wireless devices - The industry experiences significant changes from new technologies, evolving standards, and changing consumer preferences, requiring substantial capital expenditure to maintain and upgrade networks[241](index=241&type=chunk) - The company faces risks of intellectual property infringement claims from third parties regarding content, products, or software, which could lead to costly litigation or require cessation of certain services[242](index=242&type=chunk) - Alleged health risks related to radio frequency emissions from wireless devices could lead to lawsuits and increased regulation, potentially affecting the use of wireless technology[244](index=244&type=chunk)[245](index=245&type=chunk) [Risks Relating to Controlling Shareholders, Capital Structure and Transactions with Affiliates](index=39&type=section&id=RISKS%20RELATING%20TO%20OUR%20CONTROLLING%20SHAREHOLDERS%2C%20CAPITAL%20STRUCTURE%20AND%20TRANSACTIONS%20WITH%20AFFILIATES) The company faces risks from the Slim Family's controlling interest, potential conflicts of interest from significant affiliate transactions, and differing minority shareholder protections under Mexican law compared to U.S. standards - The Slim Family may be deemed to control the company, enabling them to elect a majority of the Board and determine the outcome of shareholder votes[248](index=248&type=chunk) - The company engages in significant transactions with related parties, including Telesites, Sitios Latam, Grupo Carso, and Grupo Financiero Inbursa, which may create potential conflicts of interest[249](index=249&type=chunk)[250](index=250&type=chunk) - Protections for minority shareholders under Mexican law differ from those in the U.S., and it may be difficult for non-Mexican shareholders to enforce their rights[253](index=253&type=chunk)[255](index=255&type=chunk) [Risks Relating to Developments in Mexico and Other Countries](index=41&type=section&id=RISKS%20RELATING%20TO%20DEVELOPMENTS%20IN%20MEXICO%20AND%20OTHER%20COUNTRIES) Financial performance is highly sensitive to economic, political, and social conditions in operating markets, including inflation, currency fluctuations (resulting in a **Ps. 70.7 billion** FX loss in 2024), and changes in government policies - Financial performance is highly sensitive to economic, political, and social conditions in Latin America, the Caribbean, and Europe, including inflation, currency fluctuations, and changes in government policy[261](index=261&type=chunk)[262](index=262&type=chunk) - Argentina's hyperinflationary economy poses a significant risk, and political developments in Mexico, including constitutional reforms affecting regulatory bodies, create uncertainty[264](index=264&type=chunk)[266](index=266&type=chunk) - Fluctuations in exchange rates significantly affect financial results, leading to a net foreign exchange loss of **Ps. 70.7 billion** in 2024[271](index=271&type=chunk) - Adverse changes in global financial markets could increase the cost of capital, and major currency depreciations could lead to exchange controls, limiting the ability to transfer funds[269](index=269&type=chunk)[273](index=273&type=chunk) [Part IV: Share Ownership and Major Shareholders Trading](index=44&type=section&id=PART%20IV%3A%20SHARE%20OWNERSHIP%20AND%20MAJOR%20SHAREHOLDERS%20TRADING) This section details the company's share ownership structure, major shareholders, related party transactions, dividend policy, and share repurchase programs [Major Shareholders](index=45&type=section&id=MAJOR%20SHAREHOLDERS) As of March 31, 2025, the Slim Family controls the company with significant holdings, including a **29.2%** stake through a family trust, out of **60.74 billion** outstanding B Shares Major Share Ownership (as of March 31, 2025) (in millions of shares) | Shareholder | Shares Owned (millions) | Percent of Class | | :--- | :--- | :--- | | Family Trust | 17,743 | 29.2% | | Control Empresarial de Capitales | 10,896 | 17.9% | | Carlos Slim Helú | 5,200 | 8.6% | - As of March 31, 2025, **8.5%** of the outstanding B Shares were represented by B Share ADSs, with each ADS representing **20 B Shares**[284](index=284&type=chunk) [Related Party Transactions](index=45&type=section&id=RELATED%20PARTY%20TRANSACTIONS) The company conducts ordinary course business with related parties like Telesites, Sitios Latam, Grupo Carso, and Grupo Financiero Inbursa, ensuring terms are no less favorable than with unaffiliated parties - The company purchases materials and services from related parties under common control, including Telesites, Sitios Latam, Grupo Carso, and Grupo Financiero Inbursa[285](index=285&type=chunk) - Transactions include site usage agreements with Telesites and Sitios Latam, insurance and banking with Grupo Financiero Inbursa, and network construction with Grupo Carso[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) [Dividends](index=46&type=section&id=DIVIDENDS) The company regularly pays cash dividends, with **Ps. 0.48 per share** paid in 2024 and **Ps. 0.52 per share** approved for 2025, both in two installments Dividend Payments per Share | Payment Date | Pesos per Share | U.S. Dollars per Share | | :--- | :--- | :--- | | November 11, 2024 | Ps. 0.24 | U.S.$0.0135 | | July 15, 2024 | Ps. 0.24 | U.S.$0.0121 | | November 13, 2023 | Ps. 0.23 | U.S.$0.0131 | | July 17, 2023 | Ps. 0.23 | U.S.$0.0136 | | August 29, 2022 | Ps. 0.44 | U.S.$0.0221 | - On May 14, 2025, shareholders approved a cash dividend of **Ps. 0.52 per share**, payable in two installments in July and November 2025[293](index=293&type=chunk) [Purchases of Equity Securities by the Issuer and Affiliate Purchasers](index=47&type=section&id=PURCHASES%20OF%20EQUITY%20SECURITIES%20BY%20THE%20ISSUER%20AND%20AFFILIATE%20PURCHASERS) The company actively manages share buyback programs, repurchasing **1.45 billion shares** in 2024 under a **Ps. 30 billion** authorized fund, with a new **Ps. 10 billion** program approved for 2025-2026 Share Repurchases in 2024 (in millions of shares) | Period | Total Shares Purchased (millions) | Average Price per Share (Ps.) | | :--- | :--- | :--- | | January 2024 | 112 | 15.65 | | February 2024 | 125 | 15.63 | | March 2024 | 69 | 15.97 | | April 2024 | 184 | 15.65 | | May 2024 | 118 | 16.53 | | June 2024 | 190 | 15.61 | | July 2024 | 140 | 15.96 | | August 2024 | 34 | 16.11 | | September 2024 | 68 | 16.07 | | October 2024 | 127 | 16.14 | | November 2024 | 143 | 15.65 | | December 2024 | 140 | 15.03 | | **Total** | **1,450** | | - For the April 2025 to April 2026 period, shareholders authorized a new buyback program of up to **Ps. 10 billion**[302](index=302&type=chunk) [Taxation of Shares and ADSs](index=48&type=section&id=TAXATION%20OF%20SHARES%20AND%20ADSs) This section summarizes Mexican and U.S. federal income tax implications for non-resident holders of B Shares or ADSs, including **10%** withholding tax on Mexican dividends and capital gains treatment for U.S. holders - Under Mexican tax law, dividends paid to non-resident holders are generally subject to a **10%** withholding tax[316](index=316&type=chunk) - Gains from the disposition of shares through the Mexican Stock Exchange by a non-resident holder are generally taxed at a **10%** rate on the net gain[317](index=317&type=chunk) - For U.S. holders, distributions are generally treated as dividend income; dividends may be considered "qualified dividends" subject to reduced tax rates, provided certain conditions are met[329](index=329&type=chunk)[331](index=331&type=chunk) - U.S. holders will generally recognize capital gain or loss on the sale of shares or ADSs; the ability to credit Mexican taxes against U.S. tax liability is subject to limitations[336](index=336&type=chunk)[337](index=337&type=chunk) [Part V: Corporate Governance](index=53&type=section&id=PART%20V%3A%20CORPORATE%20GOVERNANCE) This section outlines the company's management structure, corporate governance practices, and cybersecurity framework, including identified material weaknesses in internal controls [Management](index=54&type=section&id=MANAGEMENT) The Board of Directors comprises **15 members**, with **10 (67%)** independent, supported by an Audit and Corporate Practices Committee, with 2024 aggregate compensation of **Ps. 6.5 million** for directors and **Ps. 103.9 million** for senior management - The Board of Directors is composed of **15 members**, with **10 (approximately 67%)** determined to be independent; Carlos Slim Domit serves as Chairman[347](index=347&type=chunk)[349](index=349&type=chunk)[353](index=353&type=chunk) - The Audit and Corporate Practices Committee is comprised of four independent members, with Ernesto Vega Velasco serving as Chairman and qualifying as an "audit committee financial expert"[357](index=357&type=chunk)[361](index=361&type=chunk) - Aggregate compensation in 2024 was approximately **Ps. 6.5 million** for directors and **Ps. 103.9 million** for senior management[362](index=362&type=chunk) [Corporate Governance](index=59&type=section&id=CORPORATE%20GOVERNANCE) The company's corporate governance adheres to Mexican law, differing from NYSE standards, and management identified material weaknesses in internal control over financial reporting for 2024, particularly in IT and revenue processes in Colombia and Mexico segments - Corporate governance practices are governed by Mexican law, which differs from NYSE standards; for example, while a majority of the board is currently independent, Mexican law only requires **25%** independence[365](index=365&type=chunk)[369](index=369&type=chunk) - Management concluded that due to material weaknesses, disclosure controls and procedures were not effective as of December 31, 2024[398](index=398&type=chunk) - Material weaknesses were identified in: (i) IT general controls (user access, change management) at the Colombia and Mexico Fixed segments; (ii) controls over prepaid/postpaid revenue processes at the Mexico Wireless segment; and (iii) controls to ensure completeness and accuracy of information at all three segments[403](index=403&type=chunk)[408](index=408&type=chunk) - Management is implementing a remediation plan to address the control deficiencies, including enhancing user access controls, redesigning controls, and improving documentation[416](index=416&type=chunk)[417](index=417&type=chunk) [Cybersecurity](index=63&type=section&id=CYBERSECURITY) The company maintains a robust cybersecurity risk management program, overseen by the CISO and Audit Committee, leveraging ISO 27001 and NIST frameworks, and has not experienced any material information security breaches - The company has a cybersecurity risk management process for assessing, identifying, and managing threats, overseen by the CISO and the Audit and Corporate Practices Committee[426](index=426&type=chunk)[430](index=430&type=chunk)[432](index=432&type=chunk) - The cybersecurity framework leverages international standards like ISO 27001/27002 and the NIST Cyber Security Framework, and includes mandatory employee training and third-party assessments[433](index=433&type=chunk) - As of the date of the annual report, the company has not been materially affected by cybersecurity threats and has not experienced any material information security breaches[429](index=429&type=chunk) [Part VI: Regulation](index=66&type=section&id=PART%20VI%3A%20REGULATION) This section details the regulatory environments in key operating regions, including Mexico, Brazil, Colombia, and other areas, highlighting asymmetric regulations, spectrum auctions, and concession renewals [Mexico](index=67&type=section&id=MEXICO) In Mexico, the company is subject to extensive asymmetric regulations by the IFT as a "preponderant economic agent," including infrastructure sharing and functional separation of fixed-line services, with Telmex's primary concession extended to 2056 - The company and its Mexican subsidiaries are deemed a "preponderant economic agent" and are subject to extensive asymmetric regulations by the IFT, which impact its fixed-line and wireless businesses[439](index=439&type=chunk)[440](index=440&type=chunk) - Asymmetric regulations require the company to share passive infrastructure (towers, ducts), offer domestic roaming, and allow MVNOs to resell its services, with rates often determined by the IFT[447](index=447&type=chunk)[448](index=448&type=chunk) - In November 2024, the IFT concluded its third biennial review, imposing new and modified asymmetric regulations for mobile and fixed services, which the company has challenged[449](index=449&type=chunk) - The company is implementing a mandatory functional separation of wholesale fixed services provided by Telmex and Telnor into new subsidiaries, Red Nacional[450](index=450&type=chunk) [Brazil](index=71&type=section&id=BRAZIL) In Brazil, Anatel regulates the company's operations, which are transitioning to an authorization-based model, with Claro Brasil holding 5G spectrum licenses and subject to asymmetric measures due to significant market power - The primary regulator in Brazil is Anatel; new legislation is modernizing the regulatory model from concessions to authorizations, which the company is currently evaluating[476](index=476&type=chunk)[477](index=477&type=chunk) - In the 2021 5G auction, Claro Brasil acquired **100 MHz** in the **3.5 GHz** band, as well as spectrum in the **2.3 GHz** and **26 GHz** bands, with licenses valid until 2041[485](index=485&type=chunk) - Anatel has determined that Claro Brasil has significant market power in eight wholesale markets, imposing asymmetric measures such as regulated mobile termination rates and mandatory wholesale reference offers[492](index=492&type=chunk)[494](index=494&type=chunk) [Colombia](index=75&type=section&id=COLOMBIA) In Colombia, Comcel operates under ICT Ministry and CRC regulation, holding **80 MHz** of **3.5 GHz** spectrum for 5G, and is subject to asymmetric regulations as a dominant provider, including national roaming and infrastructure sharing obligations - The main regulators are the ICT Ministry and the Communications Regulatory Commission (CRC)[502](index=502&type=chunk) - In the December 2023 spectrum auction, Comcel acquired **80 MHz** in the **3.5 GHz** frequency for 5G services and **10 MHz** in the **2500 MHz** frequency[506](index=506&type=chunk) - In January 2024, the CRC imposed asymmetric measures exclusively on Comcel as a dominant provider, including specific charges for national roaming and an obligation to publish a reference offer for passive infrastructure sharing[509](index=509&type=chunk)[510](index=510&type=chunk) [Other Regions (Southern Cone, Andean, Europe, etc.)](index=77&type=section&id=OTHER%20REGIONS%20%28SOUTHERN%20CONE%2C%20ANDEAN%2C%20EUROPE%2C%20ETC.%29) Regulatory environments in other regions include Claro Chile's consolidation, Argentina's repeal of price controls, ongoing concession renewal in Ecuador, and European operations governed by the EECC and local regulators - **Chile:** The company consolidated its Claro Chile, SpA joint venture on October 31, 2024, after receiving approval from the FNE[513](index=513&type=chunk) - **Argentina:** In April 2024, the government repealed Decree 690/20, which had declared ICT services as essential public services and imposed price controls[521](index=521&type=chunk) - **Ecuador:** The renewal process for Conecel's main PCS concession, which was due to expire in August 2023, is ongoing, with an extension granted while negotiations continue[535](index=535&type=chunk) - **Europe:** Operations in EU member states (Austria, Bulgaria, Croatia, Slovenia) are regulated under the European Electronic Communications Code (EECC) and domestic frameworks[548](index=548&type=chunk) [Part VII: Additional Information](index=83&type=section&id=PART%20VII%3A%20ADDITIONAL%20INFORMATION) This section provides additional information on the company's employee base and principal accountant fees, including a change in independent auditors [Employees](index=84&type=section&id=EMPLOYEES) As of December 31, 2024, the company employed **178,468 individuals**, a slight decrease from the prior year, with the majority located in Mexico and South America Employee Breakdown by Geographic Location | Geographic Location | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | Mexico | 85,820 | 86,999 | 85,748 | | South America | 56,464 | 55,592 | 55,471 | | Central America | 9,602 | 9,645 | 9,967 | | Caribbean | 10,193 | 10,048 | 9,982 | | Europe | 17,907 | 17,508 | 17,300 | | **Total Employees** | **179,986** | **179,792** | **178,468** | [Principal Accountant Fees and Services](index=84&type=section&id=PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Total fees from Mancera (EY) were **Ps. 253 million** in 2024, with the company electing Deloitte as its new independent auditor for fiscal years 2025-2027 Accountant Fees (in millions of Mexican Pesos) | Fee Type | 2023 | 2024 | | :--- | :--- | :--- | | Audit fees | Ps. 202 | Ps. 225 | | Audit-related fees | Ps. 13 | Ps. 6 | | Tax fees | Ps. 11 | Ps. 22 | | **Total fees** | **Ps. 226** | **Ps. 253** | - On March 19, 2024, the Board of Directors elected Deloitte as the independent external auditor for fiscal years 2025, 2026, and 2027, replacing Mancera, S.C. (EY)[564](index=564&type=chunk) [Part VIII: Consolidated Financial Statements](index=91&type=section&id=PART%20VIII%3A%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the company's audited consolidated financial statements for 2022-2024, prepared under IFRS, with an unqualified opinion on financials but an adverse opinion on internal controls due to material weaknesses - This part contains the company's audited consolidated financial statements for the years ended December 31, 2022, 2023, and 2024, prepared in accordance with IFRS[583](index=583&type=chunk) - The independent registered public accounting firm, Mancera, S.C. (a member of Ernst & Young), issued an unqualified opinion on the financial statements but an adverse opinion on the company's internal control over financial reporting as of December 31, 2024, due to identified material weaknesses[587](index=587&type=chunk)[588](index=588&type=chunk) - The financial statements include the Consolidated Statements of Financial Position, Comprehensive Income, Changes in Shareholders' Equity, and Cash Flows, along with detailed notes[585](index=585&type=chunk)

Core Insights - America Movil, S.A.B. de C.V. (AMX) reported a net income per ADR of 30 cents for Q1 2025, an increase from 25 cents in the prior year, but missed the Zacks Consensus Estimate by 6.25% [1] - Total quarterly revenues increased by 14.1% to Mex$232,038 million, driven by growth in both Service and Equipment segments [3] - The company gained 2.4 million postpaid subscribers in Q1, with Brazil contributing the most [4] Financial Performance - Net income for the quarter was Mex$18,703 million, compared to Mex$13,494 million in the same quarter last year [1] - Comprehensive financing costs decreased by 2% to Mex$13,440 million from Mex$13,708 million [1] - Total costs and expenses rose by 14.9% to Mex$140,990 million [9] - EBITDA increased by 13% to Mex$91,048 million, with an EBITDA margin of 39.2% [11] Subscriber Metrics - The company ended the quarter with 324 million wireless subscribers, with a net loss of 1 million prepaid subscribers primarily in Mexico and Brazil [4] - In Mexico, postpaid revenues grew by 5.5%, while prepaid revenue fell by 2.5% due to economic slowdown [6] Regional Performance - Mexico's revenues declined by 2.3% to Mex$82,107 million, mainly due to a 14.3% drop in equipment sales [6] - Argentina's revenues increased by 28.4% to ARS 589,836 million, supported by improved economic activity and consumer spending [7] - Central America's revenues rose by 16.4% to $702 million, driven by strong performance in Service and Equipment revenues [8] Liquidity Position - As of March 31, 2025, the company had Mex$88,363 million in cash and marketable securities, alongside long-term debt of Mex$465,263 million [12]

[FORM 6-K Filing Information](index=1&type=section&id=FORM%206-K%20Filing%20Information) [Registrant Details](index=1&type=section&id=Registrant%20Details) This section provides the official filing details for América Móvil, S.A.B. de C.V. with the Securities and Exchange Commission (SEC) under Form 6-K for the month of April 2025, confirming its status as a foreign private issuer - Registrant: **AMÉRICA MÓVIL, S.A.B. DE C.V.**[1](index=1&type=chunk) - Filing Type: **FORM 6-K**, Report of Foreign Private Issuer, for the month of April, 2025[1](index=1&type=chunk) - Annual Report Form: **Form 20-F ☒**[3](index=3&type=chunk) [Highlights](index=2&type=section&id=Highlights) [Q1 2025 Key Performance Indicators](index=2&type=section&id=Q1%202025%20Key%20Performance%20Indicators) América Móvil reported strong Q1 2025 results, driven by significant postpaid subscriber additions and robust revenue growth, particularly in service revenue and adjusted EBITDA, while managing net debt effectively Q1 2025 Key Operating and Financial Highlights | Metric | Value | Change YoY | | :-------------------------------- | :---------------- | :--------- | | Postpaid Subscribers Added | 2.4 million | N/A | | Broadband Accesses Connected | 446 thousand | N/A | | Total Revenue (MXN) | 232 billion | +14.1% | | Service Revenue (MXN) | N/A | +15.8% | | Adjusted EBITDA (MXN) | N/A | +13.3% | | Service Revenue (constant exchange rates) | N/A | +6.1% | | Adjusted EBITDA (constant exchange rates) | N/A | +4.0% | | Mobile Service Revenue | N/A | +5.7% | | Postpaid Revenue Growth | N/A | +8.8% | | Fixed-line Service Revenue | N/A | +6.7% | | Broadband Revenue Growth | N/A | +9.8% | | PayTV Revenue Growth | N/A | +8.7% | | Operating Profit (MXN) | 44.8 billion | +10.0% | | Net Income (MXN) | 18.7 billion | +38.6% | | Net Debt (excluding leases) (MXN) | 500 billion | N/A | | Net Debt-to-EBITDAaL Ratio | 1.50 times | N/A | [América Móvil Fundamentals](index=3&type=section&id=Am%C3%A9rica%20M%C3%B3vil%20Fundamentals) [Key Financial Metrics](index=3&type=section&id=Key%20Financial%20Metrics) América Móvil's Q1 2025 fundamentals show significant growth in net income and earnings per share, alongside an increase in EBITDA per share, reflecting improved profitability América Móvil Fundamentals (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | | :-------------------------------- | :----- | :----- | | Earnings per Share (MXN) | 0.31 | 0.22 | | Earnings per ADR (USD) | 0.30 | 0.25 | | EBITDA per Share (MXN) | 1.50 | 1.29 | | EBITDA per ADR (USD) | 1.46 | 1.52 | | Net Income (Millions of MXN) | 18,703 | 13,494 | | Average Shares Outstanding (Billion) | 60.9 | 62.3 | | Shares Outstanding End of Period (Billion) | 60.7 | 62.1 | [Subsidiaries Overview](index=3&type=section&id=Subsidiaries%20Overview) América Móvil operates through a wide network of subsidiaries across Mexico, South America, Central America, the Caribbean, and Europe, offering wireless and wireline services with varying equity stakes - América Móvil holds significant equity stakes in numerous subsidiaries across various regions, including Mexico (Telcel, Telmex - **100% equity**), Argentina (Claro - **100%**), Austria (A1 - **60.8%**), Brazil (Claro - **99.6%**), Chile (Claro - **96.9%**), Colombia (Claro - **99.4%**), Costa Rica (Claro - **100%**), Dominican Republic (Claro - **100%**), Ecuador (Claro - **100%**), El Salvador (Claro - **97.0%**), Guatemala (Claro - **99.3%**), Honduras (Claro - **100%**), Nicaragua (Claro - **99.6%**), Paraguay (Claro - **100%**), Peru (Claro - **100%**), Puerto Rico (Claro - **100%**), and Uruguay (Claro - **100%**)[7](index=7&type=chunk) - The company's operations span wireless and wireline services, with tower operations also noted in Europe (Euro Telesites - **57.0%**)[7](index=7&type=chunk) [Relevant Events](index=4&type=section&id=Relevant%20events) [Annual Shareholders' Meeting Proposals](index=4&type=section&id=Annual%20Shareholders'%20Meeting%20Proposals) América Móvil's Board of Directors proposed an ordinary dividend payment and an additional allocation to the share-buyback fund for approval at the annual shareholders' meeting - Proposed an ordinary dividend of **MXP$0.52 per share**, payable in two equal installments[10](index=10&type=chunk) - Proposed allocating an additional **10 billion pesos** to the share-buyback fund for the April 2025—April 2026 period[10](index=10&type=chunk) [Subscribers and Access Lines](index=4&type=section&id=Subscribers) [Overall Subscriber Additions](index=4&type=section&id=Overall%20Subscriber%20Additions) América Móvil achieved significant postpaid subscriber growth and broadband access additions in Q1 2025, despite some prepaid segment disconnections - Added **2.4 million postpaid subscribers**, with Brazil leading (**987k**), followed by Colombia (**163k**) and Mexico (**133k**)[4](index=4&type=chunk)[11](index=11&type=chunk) - Disconnected **1.0 million prepaid subscribers**, primarily in Mexico and Brazil[4](index=4&type=chunk)[11](index=11&type=chunk) - Connected **446 thousand new broadband accesses**, with Mexico contributing **165k**, Brazil **98k**, and Central America **52k**[4](index=4&type=chunk)[12](index=12&type=chunk) [Total Access Lines Overview](index=4&type=section&id=Total%20Access%20Lines%20Overview) As of March 2025, América Móvil maintained a substantial base of 402 million access lines, driven by growth in mobile postpaid and fixed-broadband segments Total Access Lines as of March 2025 | Category | Count (Millions) | | :-------------------- | :--------------- | | Total Access Lines | 402 | | Wireless Subscribers | 324 | | - Postpaid Clients | 134 | | Fixed-line RGUs | 78 | | - Broadband Accesses | 35 | | - Pay TV Units | 14 | | - Land-lines | 29 | - Mobile postpaid and fixed-broadband client bases increased by **6.1%** and **4.3%** respectively[13](index=13&type=chunk) [Wireless Subscribers by Country](index=5&type=section&id=Wireless%20Subscribers%20by%20Country) América Móvil's total wireless subscriber base grew by 2.3% year-on-year to 323.9 million, with strong growth in Southern Cone, Austria & Eastern Europe, and Ecuador Wireless Subscribers (Thousands) as of March 2025 | Country | Mar '25 | Dec '24 | Var.% (QoQ) | Mar '24 | Var.% (YoY) | | :------------------------ | :-------- | :-------- | :---------- | :-------- | :---------- | | Brazil | 87,587 | 87,145 | 0.5% | 87,652 | -0.1% | | Central America | 17,386 | 17,241 | 0.8% | 16,717 | 4.0% | | Caribbean | 8,000 | 7,910 | 1.1% | 7,668 | 4.3% | | Colombia | 41,250 | 40,953 | 0.7% | 39,744 | 3.8% | | Ecuador | 9,949 | 9,862 | 0.9% | 9,479 | 5.0% | | Austria & Eastern Europe | 27,588 | 27,122 | 1.7% | 25,440 | 8.4% | | Mexico | 83,925 | 84,613 | -0.8% | 83,994 | -0.1% | | Peru | 12,749 | 12,686 | 0.5% | 12,645 | 0.8% | | Southern Cone | 35,486 | 35,060 | 1.2% | 33,226 | 6.8% | | **Total Wireless Lines** | **323,920** | **322,593** | **0.4%** | **316,566** | **2.3%** | [Fixed-Line and Other Accesses (RGUs) by Country](index=5&type=section&id=Fixed-Line%20and%20Other%20Accesses%20(RGUs)%20by%20Country) Total fixed-line RGUs increased by 1.2% year-on-year to 78.2 million, with Central America and Ecuador showing the highest annual growth rates Fixed-Line and Other Accesses (RGUs) (Thousands) as of March 2025 | Country | Mar '25 | Dec '24 | Var.% (QoQ) | Mar '24 | Var.% (YoY) | | :------------------------ | :-------- | :-------- | :---------- | :-------- | :---------- | | Brazil | 22,265 | 22,390 | -0.6% | 22,879 | -2.7% | | Central America | 5,310 | 5,203 | 2.1% | 4,963 | 7.0% | | Caribbean | 2,861 | 2,843 | 0.6% | 2,800 | 2.1% | | Colombia | 9,625 | 9,583 | 0.4% | 9,487 | 1.5% | | Ecuador | 620 | 597 | 3.9% | 560 | 10.7% | | Austria & Eastern Europe | 6,378 | 6,353 | 0.4% | 6,267 | 1.8% | | Mexico | 22,090 | 21,936 | 0.7% | 21,598 | 2.3% | | Peru | 1,953 | 1,971 | -0.9% | 1,886 | 3.6% | | Southern Cone | 7,117 | 7,061 | 0.8% | 6,838 | 4.1% | | **Total RGUs** | **78,220** | **77,936** | **0.4%** | **77,279** | **1.2%** | [Broadband Accesses by Country](index=6&type=section&id=Broadband%20Accesses%20by%20Country) Broadband accesses increased by 4.3% year-on-year to 35.5 million, with Central America and Ecuador leading in annual growth, reflecting continued demand for high-speed internet Broadband Accesses (Thousands) as of March 2025 | Country | Mar '25 | Dec '24 | Var.% (QoQ) | Mar '24 | Var.% (YoY) | | :------------------------ | :-------- | :-------- | :---------- | :-------- | :---------- | | Brazil | 10,378 | 10,279 | 1.0% | 10,083 | 2.9% | | Central America | 1,737 | 1,685 | 3.1% | 1,573 | 10.5% | | Caribbean | 1,102 | 1,086 | 1.4% | 1,061 | 3.9% | | Colombia | 3,447 | 3,432 | 0.4% | 3,395 | 1.5% | | Ecuador | 362 | 351 | 3.2% | 328 | 10.2% | | Austria & Eastern Europe | 2,815 | 2,791 | 0.9% | 2,744 | 2.6% | | Mexico | 11,374 | 11,209 | 1.5% | 10,814 | 5.2% | | Peru | 1,076 | 1,058 | 1.7% | 1,010 | 6.5% | | Southern Cone | 3,169 | 3,123 | 1.5% | 3,001 | 5.6% | | **Total Broadband Accesses** | **35,459** | **35,013** | **1.3%** | **34,009** | **4.3%** | [América Móvil Consolidated Results](index=7&type=section&id=Am%C3%A9rica%20M%C3%B3vil%20Consolidated) [Macroeconomic Context and Currency Impact](index=7&type=section&id=Macroeconomic%20Context%20and%20Currency%20Impact) Q1 2025 saw fluctuating interest rates and currency movements, with most regional currencies appreciating against the U.S. dollar, impacting reported financial figures in Mexican peso terms - U.S. 10-year Treasury yields decreased by **60 basis points** to **4.20%** by quarter-end, influenced by inflation expectations and payroll figures[22](index=22&type=chunk) - Most currencies in América Móvil's operating region appreciated against the U.S. dollar (e.g., Brazilian real **-7.3%**, Colombian peso **-4.9%**, Chilean peso **-4.4%**, Euro **-4.2%**), while the Mexican peso remained flat[22](index=22&type=chunk) - Currency appreciation, particularly of the Colombian (**+18.0%**) and Chilean (**+14.0%**) pesos, and the dollar (**+17.7%**) and euro (**+14.1%**) against the Mexican peso, partly contributed to the reported year-on-year growth in Mexican peso terms[23](index=23&type=chunk) [Consolidated Financial Performance Overview](index=7&type=section&id=Consolidated%20Financial%20Performance%20Overview) América Móvil delivered strong consolidated financial results in Q1 2025, with significant revenue and net income growth, driven by service revenue expansion across mobile and fixed-line platforms, and effective cost management Consolidated Financial Performance (Q1 2025 vs Q1 2024) | Metric | 1Q25 (Billion MXN) | 1Q24 (Billion MXN) | Var.% (YoY) | | :-------------------------------- | :------------------ | :------------------ | :---------- | | Total Revenue | 232.0 | 203.3 | +14.1% | | Service Revenue | 197.9 | 170.9 | +15.8% | | Adjusted EBITDA | 91.0 | 80.3 | +13.3% | | Operating Profit | 44.8 | 40.8 | +10.0% | | Net Income | 18.7 | 13.5 | +38.6% | - At constant exchange rates, service revenue increased **6.1%** and adjusted EBITDA **4.0%**[23](index=23&type=chunk) - Mobile service revenue grew **5.7%** (postpaid **+8.8%**), and fixed-line service revenue increased **6.7%** (broadband **+9.8%**, PayTV **+8.7%**)[24](index=24&type=chunk)[25](index=25&type=chunk) - Net debt (excluding leases) stood at **500 billion pesos**, representing a net debt-to-EBITDAaL ratio of **1.50 times**[4](index=4&type=chunk)[30](index=30&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) [Income Statement](index=9&type=section&id=Income%20Statement) América Móvil's Q1 2025 income statement reflects strong revenue growth, particularly in service revenue, leading to a substantial increase in net income despite rising costs and depreciation América Móvil's Income Statement (Millions of Mexican pesos) | Metric | 1Q25 | 1Q24 | Var.% | | :----------------------------------------------------- | :------- | :------- | :------ | | Service Revenue | 197,923 | 170,890 | 15.8% | | Equipment Revenue | 31,767 | 29,963 | 6.0% | | Other Revenue | 2,348 | 2,444 | -3.9% | | **Total Revenue** | **232,038** | **203,298** | **14.1%** | | Cost of Service | 59,657 | 51,920 | 14.9% | | Cost of Equipment | 27,864 | 25,916 | 7.5% | | Selling, General & Administrative Expenses | 51,938 | 43,599 | 19.1% | | Others | 1,531 | 1,279 | 19.7% | | **Total Costs and Expenses** | **140,990** | **122,714** | **14.9%** | | **EBITDA** | **91,048** | **80,584** | **13.0%** | | % of Total Revenue | 39.2% | 39.6% | | | Adjusted EBITDA | 91,048 | 80,328 | 13.3% | | % of Total Revenue | 39.2% | 39.6% | | | Depreciation & Amortization | 46,234 | 39,826 | 16.1% | | **EBIT** | **44,814** | **40,758** | **10.0%** | | % of Total Revenue | 19.3% | 20.0% | | | Comprehensive Financing Cost (Income) | 13,440 | 13,708 | -2.0% | | Income & Deferred Taxes | 11,687 | 11,161 | 4.7% | | **Net Income** | **18,703** | **13,494** | **38.6%** | [Balance Sheet](index=10&type=section&id=Balance%20Sheet) The consolidated balance sheet as of March 2025 shows a healthy increase in total assets and shareholder's equity, with current assets growing faster than current liabilities, indicating solid financial positioning Balance Sheet - América Móvil Consolidated (Millions of Mexican Pesos) | Category | Mar '25 | Dec '24 | Var.% | | :------------------------------------ | :-------- | :-------- | :------ | | **Current Assets** | **384,574** | **353,698** | **8.7%** | | Cash, Marketable Securities & Other Short Term Investments | 88,363 | 83,336 | 6.0% | | Accounts Receivable | 242,528 | 231,791 | 4.6% | | Other Current Assets | 26,344 | 14,820 | 77.8% | | Inventories | 27,339 | 23,751 | 15.1% | | **Non Current Assets** | **1,481,452** | **1,440,223** | **2.9%** | | Plant & Equipment, net | 724,272 | 713,784 | 1.5% | | Rights of Use | 206,958 | 199,460 | 3.8% | | Goodwill (Net) | 162,203 | 156,836 | 3.4% | | Intangible Assets | 148,173 | 141,737 | 4.5% | | Deferred Assets | 220,360 | 210,818 | 4.5% | | **Total Assets** | **1,866,024** | **1,793,921** | **4.0%** | | **Current Liabilities** | **540,926** | **494,401** | **9.4%** | | Short Term Debt | 122,974 | 104,211 | 18.0% | | Lease-Related Debt (Current) | 36,302 | 35,437 | 2.4% | | Accounts Payable | 149,797 | 155,697 | -3.8% | | Other Current Liabilities | 231,852 | 199,056 | 16.5% | | **Non Current Liabilities** | **880,302** | **867,336** | **1.5%** | | Long Term Debt | 465,263 | 463,375 | 0.4% | | Lease-Related Debt (Non-Current) | 185,013 | 177,666 | 4.1% | | Other Liabilities | 230,026 | 226,294 | 1.6% | | **Shareholder's Equity** | **444,796** | **432,184** | **2.9%** | | **Total Liabilities and Equity** | **1,866,024** | **1,793,921** | **4.0%** | [Mexico Operations](index=11&type=section&id=Mexico) [Subscriber and Access Line Performance](index=11&type=section&id=Mexico%20Subscriber%20and%20Access%20Line%20Performance) Mexico's operations saw strong postpaid and broadband additions in Q1 2025, despite a decline in prepaid subscribers, maintaining a significant market share in both mobile and fixed-line segments - Gained **133 thousand postpaid subscribers** but disconnected **821 thousand prepaid subs**, resulting in **83.9 million wireless subscribers**[38](index=38&type=chunk) - Broadband net additions were strong at **165 thousand**, bringing the fixed-line base to **22.1 million RGUs**[39](index=39&type=chunk) Mexico Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :------- | :------- | :------ | | Wireless Subscribers (thousands) | 83,925 | 83,994 | -0.1% | | - Postpaid | 15,583 | 15,103 | 3.2% | | - Prepaid | 68,341 | 68,891 | -0.8% | | ARPU (MXN) | 178 | 176 | 0.8% | | Churn (%) | 3.3% | 3.1% | 0.1 | | Revenue Generating Units (RGUs) | 22,090 | 21,598 | 2.3% | | - Broadband | 11,374 | 10,814 | 5.2% | [Financial Performance](index=11&type=section&id=Mexico%20Financial%20Performance) Mexico's Q1 2025 revenue declined due to equipment sales, but service revenue showed growth, particularly in broadband, while EBITDA saw a slight decrease after adjustments Mexico Income Statement (Millions of MXN) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :------- | :------- | :------ | | Total Revenue | 82,107 | 83,998 | -2.3% | | Total Service Revenue | 66,124 | 65,450 | 1.0% | | - Wireless Service Revenue | 44,754 | 44,392 | 0.8% | | - Fixed Line Revenue | 21,454 | 21,126 | 1.6% | | EBITDA | 34,409 | 35,641 | -3.5% | | Adjusted EBITDA | 34,409 | 35,385 | -2.8% | | EBITDA % total revenue | 41.9% | 42.3% | | - Broadband revenue expanded **6.9%**, its best performance in three quarters[40](index=40&type=chunk) - Postpaid revenue growth was stable at **5.5%**, while prepaid revenue declined **2.5%** due to economic deceleration and a **2.2% ARPU decline**[40](index=40&type=chunk) [Brazil Operations](index=13&type=section&id=Brazil) [Subscriber and Access Line Performance](index=13&type=section&id=Brazil%20Subscriber%20and%20Access%20Line%20Performance) Brazil's Q1 2025 saw strong postpaid subscriber additions, contributing to a stable wireless base, while fixed-line RGUs declined slightly due to fewer landlines and PayTV accesses, offset by broadband growth - Added **987 thousand postpaid subscribers**, but disconnected **545 thousand prepaid subs**, resulting in **87.6 million wireless subscribers**[47](index=47&type=chunk) - Fixed-line RGUs were down **125 thousand**, with broadband accesses up **98 thousand**[47](index=47&type=chunk) Brazil Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :------- | :------- | :------ | | Wireless Subscribers (thousands) | 87,587 | 87,652 | -0.1% | | - Postpaid | 54,883 | 52,043 | 5.5% | | - Prepaid | 32,704 | 35,609 | -8.2% | | ARPU (BRL) | 26 | 24 | 8.7% | | Churn (%) | 2.4% | 2.4% | (0.0) | | Revenue Generating Units (RGUs) | 22,265 | 22,879 | -2.7% | | - Broadband | 10,378 | 10,083 | 2.9% | [Financial Performance](index=13&type=section&id=Brazil%20Financial%20Performance) Brazil's Q1 2025 revenue increased, driven by strong mobile service revenue growth, particularly in postpaid, and a significant rise in EBITDA due to operating leverage and cost controls Brazil Income Statement (Millions of BRL) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :------- | :------- | :------ | | Total Revenue | 12,460 | 11,728 | 6.2% | | Total Service Revenue | 11,865 | 11,190 | 6.0% | | - Wireless Service Revenue | 6,782 | 6,236 | 8.8% | | - Fixed Line Revenue | 5,082 | 4,955 | 2.6% | | EBITDA | 5,491 | 5,080 | 8.1% | | EBITDA % total revenue | 44.1% | 43.3% | | - Mobile service revenue grew **8.8%**, with postpaid revenue expanding **11.5%**[48](index=48&type=chunk) - Corporate networks revenue surged **16.4%**, contributing significantly despite representing **11.4%** of service revenue[48](index=48&type=chunk) [Colombia Operations](index=15&type=section&id=Colombia) [Subscriber and Access Line Performance](index=15&type=section&id=Colombia%20Subscriber%20and%20Access%20Line%20Performance) Colombia's Q1 2025 saw robust mobile subscriber growth, particularly in postpaid, and an increase in fixed-line RGUs across all services, supported by 5G network expansion - Added **297 thousand mobile subscribers** (**163 thousand postpaid**), reaching **41.3 million wireless subs**, up **3.8% YoY**[56](index=56&type=chunk) - Fixed-line base reached **9.6 million RGUs**, with gains in landlines (**20k**), broadband (**15k**), and PayTV (**7k**)[56](index=56&type=chunk) Colombia Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :------- | :------- | :------ | | Wireless Subscribers (thousands) | 41,250 | 39,744 | 3.8% | | - Postpaid | 11,025 | 10,343 | 6.6% | | - Prepaid | 30,225 | 29,401 | 2.8% | | ARPU (COP) | 14,980 | 14,701 | 1.9% | | Churn (%) | 3.0% | 3.3% | (0.3) | | Revenue Generating Units (RGUs) | 9,625 | 9,487 | 1.5% | [Financial Performance](index=15&type=section&id=Colombia%20Financial%20Performance) Colombia's Q1 2025 revenue increased, driven by strong mobile service revenue growth and equipment sales, while fixed-line service revenue showed growth after adjusting for an extraordinary prior-year contract Colombia Income Statement (Billions of COP) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :----- | :----- | :------ | | Total Revenue | 4,015 | 3,793 | 5.9% | | Total Service Revenue | 3,051 | 2,951 | 3.4% | | - Wireless Service Revenue | 1,836 | 1,732 | 6.0% | | - Fixed Line Revenue | 1,262 | 1,242 | 1.6% | | EBITDA | 1,587 | 1,550 | 2.4% | | EBITDA % total revenue | 39.5% | 40.9% | | - Mobile service revenue grew **6.0%**, marking the fifth consecutive quarter of sequential improvements, driven by upselling clients to better value plans on the back of expanded 5G footprint[57](index=57&type=chunk) - Adjusted for an extraordinary government contract in Q1 2024, broadband revenue increased by **7.7%**, leading to **3.1% fixed-line service revenue growth**[58](index=58&type=chunk) [Other South America Operations](index=17&type=section&id=Other%20South%20America) [Peru Operations](index=17&type=section&id=Peru%20Operations) [Subscriber and Access Line Performance](index=17&type=section&id=Peru%20Subscriber%20and%20Access%20Line%20Performance) Peru's Q1 2025 saw net wireless subscriber additions, primarily in postpaid, and growth in fixed-line RGUs driven by broadband and PayTV, despite a reduction in landlines - Achieved **63 thousand net wireless additions** (**129 thousand postpaid gains**), reaching **12.8 million wireless subscribers**[64](index=64&type=chunk) - Gained **18 thousand broadband accesses** and **five thousand PayTV units**, with fixed-line RGUs just under **two million**[64](index=64&type=chunk) Peru Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :------- | :------- | :------ | | Wireless Subscribers (thousands) | 12,749 | 12,645 | 0.8% | | - Postpaid | 6,510 | 6,098 | 6.8% | | - Prepaid | 6,239 | 6,547 | -4.7% | | ARPU (PEN) | 26 | 25 | 4.2% | | Churn (%) | 4.1% | 4.1% | (0.0) | | Revenue Generating Units (RGUs) | 1,953 | 1,886 | 3.6% | [Financial Performance](index=17&type=section&id=Peru%20Financial%20Performance) Peru's Q1 2025 revenue increased, driven by strong mobile service revenue growth, particularly in prepaid, and a significant rise in EBITDA due to operating leverage and cost reduction efforts Peru Income Statement (Millions of PEN) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :----- | :----- | :------ | | Total Revenue | 1,655 | 1,607 | 3.0% | | Total Service Revenue | 1,324 | 1,267 | 4.5% | | - Wireless Service Revenue | 1,003 | 948 | 5.8% | | - Fixed Line Revenue | 321 | 319 | 0.6% | | EBITDA | 657 | 608 | 8.0% | | EBITDA % total revenue | 39.7% | 37.8% | | - Mobile prepaid revenue showed more dynamism, rising **8.3% YoY**, while postpaid revenue growth remained strong at **5.0%**[65](index=65&type=chunk) - Fixed-line service revenue was up **0.6% annually**, with corporate networks and broadband revenue growing **4.1%** and **3.5%** respectively[65](index=65&type=chunk) [Ecuador Operations](index=19&type=section&id=Ecuador%20Operations) [Subscriber and Access Line Performance](index=19&type=section&id=Ecuador%20Subscriber%20and%20Access%20Line%20Performance) Ecuador's Q1 2025 saw net wireless subscriber gains and significant year-on-year growth in fixed-line RGUs, driven by additions in landlines and broadband accesses - Achieved **87 thousand net subscriber gains**, bringing the wireless base to nearly **ten million subs**, up **5% YoY**[71](index=71&type=chunk) - Fixed-line RGUs increased by **10.7% YoY** to **620 thousand accesses**, with **13 thousand landlines** and **11 thousand broadband accesses** added[71](index=71&type=chunk) Ecuador Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :----- | :----- | :------ | | Wireless Subscribers (thousands) | 9,949 | 9,479 | 5.0% | | - Postpaid | 2,297 | 2,276 | 0.9% | | - Prepaid | 7,652 | 7,204 | 6.2% | | ARPU (USD) | 7 | 7 | -5.1% | | Churn (%) | 3.8% | 3.0% | 0.9 | | Revenue Generating Units (RGUs) | 620 | 560 | 10.7% | [Financial Performance](index=19&type=section&id=Ecuador%20Financial%20Performance) Ecuador's Q1 2025 revenue saw a slight increase, with service revenue declining due to postpaid contraction, but EBITDA grew due to cost control initiatives, maintaining a stable EBITDA margin Ecuador Income Statement (Millions of USD) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :----- | :----- | :------ | | Total Revenue | 254 | 251 | 1.3% | | Total Service Revenue | 223 | 224 | -0.4% | | - Wireless Service Revenue | 196 | 197 | -0.5% | | - Fixed Line Revenue | 28 | 27 | 2.4% | | EBITDA | 124 | 122 | 1.5% | | EBITDA % total revenue | 48.7% | 48.7% | | - Mobile postpaid revenue fell **2.7%**, partially offset by a **2.8% rise in prepaid revenue**[72](index=72&type=chunk) - Fixed-line service revenue was **0.8% higher**, supported by corporate networks and PayTV services[72](index=72&type=chunk) [Southern Cone Operations](index=21&type=section&id=Southern%20Cone) [Overall Subscriber and Access Line Performance](index=21&type=section&id=Southern%20Cone%20Overall%20Subscriber%20and%20Access%20Line%20Performance) The Southern Cone region experienced significant growth in wireless subscribers, particularly postpaid, and an increase in fixed-line RGUs in Q1 2025 - Added **426 thousand wireless subscribers** (**266 thousand postpaid clients**), bringing the wireless base to **35.5 million subs**, up **6.8% YoY**[79](index=79&type=chunk) - Fixed-line RGUs increased by **56 thousand accesses**, reaching **7.1 million**, up **4.1% YoY**[79](index=79&type=chunk) Southern Cone Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :------- | :------- | :------ | | Wireless Subscribers (thousands) | 35,486 | 33,226 | 6.8% | | - Postpaid | 14,610 | 13,858 | 5.4% | | - Prepaid | 20,876 | 19,368 | 7.8% | | Churn (%) | 2.2% | 2.4% | (0.2) | | Revenue Generating Units (RGUs) | 7,117 | 6,838 | 4.1% | [Argentina Financial Performance](index=21&type=section&id=Argentina%20Financial%20Performance) Argentina's Q1 2025 financial performance showed accelerated revenue growth, particularly in service revenue, and a significant surge in EBITDA, reflecting improved economic activity and consumer spending - All figures for Argentina are presented in constant peso terms, adjusted for inflation in accordance with **IAS29**[80](index=80&type=chunk) Argentina Income Statement (Millions of Constant ARS as of March 2025) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :------- | :------- | :------ | | Total Revenue | 589,836 | 459,381 | 28.4% | | Total Service Revenue | 524,723 | 394,686 | 32.9% | | - Mobile Service Revenue | 414,019 | 314,042 | 31.8% | | - Fixed Line Revenue | 110,703 | 80,644 | 37.3% | | EBITDA | 237,338 | 175,447 | 35.3% | | EBITDA % total revenue | 40.2% | 38.2% | | - Mobile prepaid service revenue nearly doubled, and postpaid revenue growth accelerated from **15.8% to 18.9%**[82](index=82&type=chunk) - PayTV revenue jumped **71.9%** and broadband revenue was up **50.9%**[82](index=82&type=chunk) [Chile, Paraguay & Uruguay Financial Performance](index=21&type=section&id=Chile,%20Paraguay%20%26%20Uruguay%20Financial%20Performance) The combined operations of Chile, Paraguay, and Uruguay saw a slight increase in total revenue in Q1 2025, with mobile service revenue growth offsetting a decline in fixed-line revenue, leading to a significant EBITDA expansion Chile, Paraguay & Uruguay Income Statement (Millions of Chilean Pesos) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :------- | :------- | :------ | | Total Revenue | 314,459 | 307,252 | 2.3% | | Total Service Revenue | 276,343 | 278,357 | -0.7% | | EBITDA | 60,678 | 41,552 | 46.0% | | EBITDA % total revenue | 19.3% | 13.5% | | - Mobile service revenue increased **5.6%** (postpaid **+6.0%**, prepaid **+1.1%**), but fixed-line revenue declined **5.1%**[84](index=84&type=chunk) - EBITDA expanded **46.0%**, with the margin jumping **5.8 percentage points** to **19.3% of revenue**[85](index=85&type=chunk) [Central America and The Caribbean Operations](index=23&type=section&id=Central%20America%20and%20The%20Caribbean) [Central America Operations](index=23&type=section&id=Central%20America%20Operations) [Subscriber and Access Line Performance](index=23&type=section&id=Central%20America%20Subscriber%20and%20Access%20Line%20Performance) Central America's Q1 2025 saw strong wireless subscriber additions, particularly postpaid, and accelerated fixed-line RGU growth, recovering from a prior-year cybersecurity incident - Achieved **146 thousand net wireless subscriber additions** (**85 thousand postpaid**), bringing the base to **17.4 million subs**, up **4.0% YoY**[90](index=90&type=chunk) - Gained **107 thousand RGUs** in the fixed-line platform, including **52 thousand broadband accesses** and **33 thousand PayTV units**[90](index=90&type=chunk) Central America Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :------- | :------- | :------ | | Wireless Subscribers (thousands) | 17,386 | 17,241 | 4.0% | | - Postpaid | 2,878 | 2,628 | 9.5% | | - Prepaid | 14,508 | 14,089 | 3.0% | | ARPU (USD) | 8 | 7 | 16.5% | | Churn (%) | 5.4% | 5.9% | (0.4) | | Revenue Generating Units (RGUs) | 5,310 | 4,963 | 7.0% | [Financial Performance](index=23&type=section&id=Central%20America%20Financial%20Performance) Central America's Q1 2025 revenue surged, driven by strong mobile and fixed-line service revenue growth, leading to a significant increase in EBITDA and margin expansion, reflecting recovery from a prior-year cybersecurity incident - Q1 2024 figures were affected by a cybersecurity incident; current growth rates reflect this impact, but service revenue growth has been steady at **~8% YoY** over the last three quarters[91](index=91&type=chunk) Central America Income Statement (Millions of USD) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :----- | :----- | :------ | | Total Revenue | 702 | 603 | 16.4% | | Total Service Revenue | 623 | 541 | 15.3% | | - Wireless Service Revenue | 423 | 353 | 19.8% | | - Fixed Line Revenue | 201 | 191 | 5.0% | | EBITDA | 330 | 244 | 35.4% | | EBITDA % total revenue | 47.1% | 40.5% | | - Mobile service revenue surged **19.8%** (postpaid **+13.9%**, prepaid **+24.5%**), and fixed-line service revenue grew **7.0%** (corporate networks **+11.0%**, broadband **+10.1%**)[91](index=91&type=chunk)[92](index=92&type=chunk) [The Caribbean Operations](index=25&type=section&id=The%20Caribbean%20Operations) [Subscriber and Access Line Performance](index=25&type=section&id=The%20Caribbean%20Subscriber%20and%20Access%20Line%20Performance) The Caribbean region achieved net wireless subscriber gains and an increase in fixed-line RGUs in Q1 2025, contributing to overall access line growth - Achieved net gains of **90 thousand wireless subscribers** (**28 thousand postpaid clients**), reaching **eight million wireless subscribers**[100](index=100&type=chunk) - Fixed-line RGUs increased by **18 thousand** to **2.9 million**[100](index=100&type=chunk) The Caribbean Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :----- | :----- | :------ | | Wireless Subscribers (thousands) | 8,000 | 7,668 | 4.3% | | - Postpaid | 2,342 | 2,261 | 3.6% | | - Prepaid | 5,657 | 5,408 | 4.6% | | ARPU (USD) | 10 | 11 | -8.9% | | Churn (%) | 3.0% | 3.2% | -0.2 | | Revenue Generating Units (RGUs) | 2,861 | 2,800 | 2.1% | [Dominican Republic & Puerto Rico Financial Performance](index=25&type=section&id=Dominican%20Republic%20%26%20Puerto%20Rico%20Financial%20Performance) In Q1 2025, the Dominican Republic saw revenue and EBITDA growth driven by fixed-line services, while Puerto Rico experienced revenue and EBITDA declines due to phasing out government subsidies The Caribbean Income Statement (Millions of USD) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :----- | :----- | :------ | | Total Revenue | 474 | 486 | -2.3% | | Total Service Revenue | 420 | 426 | -1.4% | | - Wireless Service Revenue | 238 | 251 | -5.0% | | - Fixed Line Revenue | 183 | 179 | 2.5% | | EBITDA | 171 | 182 | -6.0% | | EBITDA % total revenue | 36.0% | 37.5% | | - Dominican Republic: Revenue increased **4.8%**, service revenue grew **5.3%** (fixed-line service **+10.1%**, broadband **+11.6%**), and EBITDA increased **4.3%** with a **51.8% margin**[101](index=101&type=chunk) - Puerto Rico: Revenue fell **4.1%**, service revenue contracted **2.9%** (mobile service **-7.2%**, fixed-line **+2.9%**), and EBITDA declined **19.7%** with a **17.2% margin** due to phasing out government subsidies[102](index=102&type=chunk) [Austria & Eastern Europe Operations](index=27&type=section&id=Austria%20%26%20Eastern%20Europe) [Subscriber and Access Line Performance](index=27&type=section&id=Austria%20%26%20Eastern%20Europe%20Subscriber%20and%20Access%20Line%20Performance) Austria & Eastern Europe saw significant wireless subscriber additions, primarily M2M units, and growth in fixed-line RGUs, driven by broadband and PayTV in Eastern Europe - Added **465 thousand net subscribers**, primarily M2M units from A1 Digital, bringing the combined wireless base to **28 million subs**[109](index=109&type=chunk) - Fixed-line RGUs increased to **6.4 million** after adding **26 thousand units**, all broadband accesses and PayTV in Eastern Europe[109](index=109&type=chunk) Austria & Eastern Europe Operating Data (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------------- | :------- | :------- | :------ | | Wireless Subscribers (thousands) | 27,588 | 25,440 | 8.4% | | - Postpaid | 24,022 | 21,817 | 10.1% | | - Prepaid | 3,566 | 3,624 | -1.6% | | ARPU (EUR) | 8 | 8 | -5.0% | | Churn (%) | 1.2% | 1.3% | (0.1) | | Revenue Generating Units (RGUs) | 6,378 | 6,267 | 1.8% | [Financial Performance](index=27&type=section&id=Austria%20%26%20Eastern%20Europe%20Financial%20Performance) Austria & Eastern Europe reported revenue growth in Q1 2025, driven by strong service revenue expansion in Eastern Europe and fixed-line services, leading to an increase in EBITDA and margin improvement Austria & Eastern Europe Income Statement (Millions of EUR) | Metric | 1Q25 | 1Q24 | Var.% | | :-------------------- | :----- | :----- | :------ | | Total Revenue | 1,314 | 1,267 | 3.7% | | Total Service Revenue | 1,108 | 1,071 | 3.5% | | - Wireless Service Revenue | 615 | 596 | 3.2% | | - Fixed Line Revenue | 519 | 495 | 4.9% | | EBITDA | 478 | 454 | 5.2% | | EBITDA % total revenue | 36.4% | 35.9% | | - Service revenue for the Eastern European block expanded **8.2% annually**, while Austria's service revenue was slightly lower due to strong competition[110](index=110&type=chunk) - Fixed-line revenue increased **3.8%**, supported by broadband (**+7.2%**) and corporate networks (**+5.9%**) revenue[111](index=111&type=chunk) [Currency Exchange Rates](index=29&type=section&id=Currency%20Exchange%20Rates) [Local Currency Units per MXP](index=29&type=section&id=Local%20Currency%20Units%20per%20MXP) This section details the exchange rates of various local currencies against the Mexican Peso (MXP) for Q1 2025 compared to Q1 2024, showing significant depreciation of MXP against most currencies Exchange Rates: Local Currency Units per MXP | Currency | Period | 1Q25 | 1Q24 | Var.% | | :-------------------- | :------- | :----- | :----- | :------ | | Euro | End of Period | 0.0455 | 0.0554 | -17.8% | | Euro | Average | 0.0465 | 0.0542 | -14.1% | | US Dollar | End of Period | 0.0492 | 0.0600 | -17.9% | | US Dollar | Average | 0.0490 | 0.0588 | -16.8% | | Brazilian Real | End of Period | 0.2826 | 0.2989 | -5.5% | | Brazilian Real | Average | 0.2866 | 0.2913 | -1.6% | | Argentinean Peso | End of Period | 52.8590 | 51.4450 | 2.7% | | Argentinean Peso | Average | 51.7295 | 49.0801 | 5.4% | | Chilean Peso | End of Period | 46.9072 | 58.9027 | -20.4% | | Chilean Peso | Average | 47.2068 | 55.6380 | -15.2% | | Colombian Peso | End of Period | 206.3455 | 231.8006 | -11.0% | | Colombian Peso | Average | 205.3524 | 230.4679 | -10.9% | | Guatemalan Quetzal | End of Period | 0.3795 | 0.4672 | -18.8% | | Guatemalan Quetzal | Average | 0.3776 | 0.4595 | -17.8% | | Peruvian Sol | End of Period | 0.1810 | 0.2231 | -18.9% | | Peruvian Sol | Average | 0.1814 | 0.2213 | -18.0% | | Dominican Republic Peso | End of Period | 3.1243 | 3.5550 | -12.1% | | Dominican Republic Peso | Average | 3.0546 | 3.4726 | -12.0% | | Belarusian Ruble | End of Period | 0.1534 | 0.1648 | -6.9% | | Belarusian Ruble | Average | 0.1496 | 0.1617 | -7.5% | [Local Currency Units per USD](index=30&type=section&id=Local%20Currency%20Units%20per%20USD) This section presents the exchange rates of various local currencies against the U.S. Dollar (USD) for Q1 2025 compared to Q1 2024, indicating appreciation of USD against most regional currencies, except for the Euro Exchange Rates: Local Currency Units per USD | Currency | Period | 1Q25 | 1Q24 | Var.% | | :-------------------- | :------- | :------- | :------- | :------ | | Euro | End of Period | 0.9246 | 0.9235 | 0.1% | | Euro | Average | 0.9506 | 0.9211 | 3.2% | | Mexican Peso | End of Period | 20.3182 | 16.6780 | 21.8% | | Mexican Peso | Average | 20.4244 | 16.9980 | 20.2% | | Brazilian Real | End of Period | 5.7422 | 4.9856 | 15.2% | | Brazilian Real | Average | 5.8527 | 4.9512 | 18.2% | | Argentinean Peso | End of Period | 1,074.0000 | 858.0000 | 25.2% | | Argentinean Peso | Average | 1,056.5442 | 834.2619 | 26.6% | | Chilean Peso | End of Period | 953.0700 | 982.3800 | -3.0% | | Chilean Peso | Average | 964.1709 | 945.7333 | 1.9% | | Colombian Peso | End of Period | 4,192.5700 | 3,865.9700 | 8.4% | | Colombian Peso | Average | 4,194.2008 | 3,917.4854 | 7.1% | | Guatemalan Quetzal | End of Period | 7.7117 | 7.7917 | -1.0% | | Guatemalan Quetzal | Average | 7.7121 | 7.8108 | -1.3% | | Peruvian Sol | End of Period | 3.6770 | 3.7210 | -1.2% | | Peruvian Sol | Average | 3.7046 | 3.7621 | -1.5% | | Dominican Republic Peso | End of Period | 63.4800 | 59.2900 | 7.1% | | Dominican Republic Peso | Average | 62.3876 | 59.0274 | 5.7% | [Appendix A - Financial Debt](index=31&type=section&id=Appendix) [Consolidated Financial Debt](index=31&type=section&id=Consolidated%20Financial%20Debt) América Móvil's consolidated financial debt increased slightly in Q1 2025, with a significant portion denominated in Mexican Pesos and U.S. Dollars, while maintaining a healthy net debt position after accounting for cash and marketable securities Financial Debt of América Móvil (Millions) | Debt Type | Mar -25 | Dec -24 | | :------------------------------------------------- | :-------- | :-------- | | Peso - denominated debt (MXN) | 131,757 | 130,585 | | U.S. Dollar - denominated debt (USD) | 10,090 | 10,254 | | Euro - denominated Debt (EUR) | 4,498 | 4,318 | | Sterling - denominated Debt (GBP) | 2,200 | 2,200 | | Reais - denominated Debt (BRL) | 10,000 | 10,000 | | Debt denominated in other currencies (MXN) | 59,494 | 50,852 | | **Total Debt (MXN)** | **588,237** | **568,482** | | Cash, Marketable Securities and Short Term Financial Investments (MXN) | 88,363 | 83,336 | | **Net Debt (MXN)** | **499,874** | **485,146** | - The table includes financial debt of Telekom Austria and does not include the effect of forwards and derivatives used to hedge foreign exchange exposure[121](index=121&type=chunk) [Glossary of Terms](index=32&type=section&id=Glossary) [Glossary of Terms](index=32&type=section&id=Glossary%20of%20Terms) This section provides definitions for key financial and operational terms used throughout the report, ensuring clarity and consistent understanding of América Móvil's performance metrics - Definitions include **ARPU** (Average Revenue per User), **Capex** (Capital Expenditure), **Churn** (Disconnection Rate), **EBIT** (Earnings Before Interest and Taxes), **EBITDA** (Earnings Before Interest, Taxes, Depreciation, and Amortization), **EBITDAaL** (EBITDA Adjusted after lease payments), **EPS** (Earnings per share), **Market share**, **MBOU** (Megabytes of Use per subscriber), **Net subscriber additions**, **Net debt**, **Net debt/EBITDA**, **Prepaid**, **Postpaid**, **SAC** (Subscriber Acquisition Cost), and **Wireless penetration**[125](index=125&type=chunk)[127](index=127&type=chunk) [Signature](index=34&type=section&id=SIGNATURE) [Signature](index=34&type=section&id=Signature) This section formally certifies the report's submission to the Securities Exchange Act of 1934, signed by the Chief Financial Officer of América Móvil, S.A.B. de C.V - The report was duly caused to be signed on behalf of **AMÉRICA MÓVIL, S.A.B. DE C.V.** by **Carlos José García Moreno Elizondo**, Chief Financial Officer[130](index=130&type=chunk)[131](index=131&type=chunk) - Date of signature: **April 30, 2025**[131](index=131&type=chunk)

Group 1: Earnings Performance - Amer Movil reported quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.32 per share, but showing an increase from $0.25 per share a year ago, resulting in an earnings surprise of -6.25% [1] - The company posted revenues of $11.36 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.68%, although this represents a decline from year-ago revenues of $11.98 billion [2] - Over the last four quarters, Amer Movil has not surpassed consensus EPS estimates, but has topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - Amer Movil shares have increased by approximately 19.9% since the beginning of the year, contrasting with the S&P 500's decline of -5.5% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.34 on revenues of $11.26 billion, and $1.45 on revenues of $46.4 billion for the current fiscal year [7] Group 3: Industry Context - The Wireless Non-US industry, to which Amer Movil belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Core Insights - Michael Dion is an expert in FP&A, Corporate Finance, and Small Business with 12 years of experience in Fortune 100 companies and various industries [1] - He founded F9 Finance to assist finance professionals and small business owners in understanding finance and accounting concepts [1] - Dion's investment strategy focuses on identifying value opportunities where market reactions to news are disproportionate, emphasizing strong fundamentals and dividends [1] Industry and Company Analysis - Dion has finance experience across multiple sectors including Telecom, Media and Entertainment, Hospitality, and Construction [1] - His approach highlights the importance of cash flow for both companies and investors, indicating a focus on financial health and sustainability [1]

Financial Data and Key Metrics Changes - The fourth quarter revenue increased by 18% in Mexican peso terms to MXN 237 billion, with service revenue growing by 19.1% and EBITDA by 16.4% to MXN 91 billion [9][12][15] - Net income for the fourth quarter was MXN 9.5 billion, a decrease of 47.5% year-on-year due to higher comprehensive financing costs, totaling MXN 30 billion, with nearly half attributed to foreign exchange losses [15][16] - Net debt at the end of the year stood at MXN 488 billion, with a net debt to EBITDA ratio of 1.44x [16][17] Business Line Data and Key Metrics Changes - Postpaid subscribers increased by 2.1 million in the fourth quarter, with Brazil contributing 655,000, Colombia 178,000, and Mexico 141,000 [7][9] - Prepaid platform saw a net disconnection of 1.3 million, with Brazil losing 1.8 million but Mexico gaining 302,000 [8][9] - Fixed line segment added 320,000 broadband accesses, with 132,000 in Mexico, 75,000 in Brazil, and 45,000 in Argentina [8] Market Data and Key Metrics Changes - The Brazilian real depreciated by 13.7% against the dollar, followed by the Chilean peso at 11% and the euro at 7% [6] - Mobile service revenue grew by 6.2% year-on-year in the fourth quarter, with fixed line service revenue climbing 7.4% [13][14] Company Strategy and Development Direction - The company is focused on modernizing networks and expanding 5G coverage, particularly in Chile, with a CapEx guidance of around $250 million for 2025 [23][120] - The management expressed confidence in the corporate segment, expecting it to grow significantly, with a focus on adding value through bundled services [48][80] Management's Comments on Operating Environment and Future Outlook - Management noted a stronger-than-expected labor market and economic activity, leading to revisions in expectations regarding future policy rate reductions by the Fed [6] - The company is cautious about the economic slowdown affecting prepaid recharges, particularly in Mexico [60][128] Other Important Information - The company plans to begin reporting Chilean results in the first quarter of 2025, consolidating ClaroVTR's operations [119] - The pension plan outflows are expected to decline over the next decade as fewer people are being pensioned [84] Q&A Session Summary Question: CapEx guidance for the year and concerns about the MVNO deal with Nubank - Management confirmed they are on track with the three-year CapEx guidance, including Chile, and expressed no concerns about potential cannibalization from the Nubank deal [22][25] Question: CapEx guidance and competitive environment in Brazil - Management stated they expect to remain at the low end of the CapEx guidance and noted a stable competitive environment in Brazil [30][31] Question: Pricing environment for Mexican broadband and M&A appetite in Argentina - Management indicated no plans to increase prices for broadband and stated they are open to M&A opportunities in Argentina but have not engaged in discussions [44][52] Question: Prepaid revenue trends and competitive dynamics in Mexico - Management reported stable competition in prepaid and noted a slowdown in the economy affecting recharge trends [60][128] Question: Regulatory environment in Mexico and Telmex's broadband goals - Management acknowledged the new regulatory environment and expressed a desire to regain market share in broadband [68][70] Question: Growth in corporate networks and pension plan outflows - Management reported a 12.3% growth in corporate networks and expects pension outflows to decline in the future [80][84] Question: Mobile competition in Brazil and debt profile - Management described the competitive landscape in Brazil as stable and detailed their approach to managing debt exposure [98][104]

Core Insights - America Movil reported a net income per ADR of 15 cents for Q4 2024, a decrease from 33 cents in the same quarter last year, missing the Zacks Consensus Estimate by 51.6% [1][2] - The company's total quarterly revenues increased by 18% to Mex$236,940 million, driven by strong performance in both Service and Equipment segments [4] - The company gained 852,000 wireless subscribers in Q4, with a net increase of 2.1 million postpaid subscribers, while the prepaid segment saw a decline of 1.3 million users [5] Financial Performance - Net income for the quarter was Mex$9,480 million, down from Mex$18,062 million in the prior-year quarter [2] - Comprehensive financing costs rose by 91.2% to Mex$29,850 million from Mex$15,609 million in the previous year [2] - Total costs and expenses increased by 19.1% to Mex$145,832 million, while EBITDA rose by 16.4% to Mex$91,108 million, resulting in an EBITDA margin of 38.5% [10] Subscriber and Revenue Growth - The company ended Q4 with 323 million wireless subscribers and 78 million revenue-generating units in fixed-line, Broadband, and Television platforms [5] - Argentina's revenues increased by 20.2% to ARS 547,884 million, while Colombia's revenues rose by 12.2% to COP 4,360 billion [7][8] - Revenues from the Caribbean declined by 5.2% to $476 million due to macroeconomic pressures [6] Market Performance - Following the earnings announcement, America Movil's shares gained 1.2%, closing at $14.72 on February 11, 2025, although the stock has lost 12.7% over the past year [3]

Earnings Performance - Amer Movil reported quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.31 per share, and down from $0.33 per share a year ago, representing an earnings surprise of -51.61% [1] - The company posted revenues of $11.8 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.81%, compared to year-ago revenues of $11.45 billion [2] Stock Performance and Outlook - Amer Movil shares have increased by approximately 2.9% since the beginning of the year, while the S&P 500 has gained 3.2% [3] - The company's earnings outlook is mixed, with current consensus EPS estimates of $0.45 for the coming quarter and $1.60 for the current fiscal year, with revenues expected to be $11.15 billion and $45.42 billion respectively [7] Industry Context - The Wireless Non-US industry, to which Amer Movil belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Amer Movil's stock performance [5]