América Móvil(AMX) - 2025 Q1 - Quarterly Report

FORM 6-K Filing Information Registrant Details 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] - Filing Type: FORM 6-K, Report of Foreign Private Issuer, for the month of April, 2025[1] - Annual Report Form: Form 20-F ☒[3] Highlights Q1 2025 Key Performance Indicators 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 Key Financial Metrics 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 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] - The company's operations span wireless and wireline services, with tower operations also noted in Europe (Euro Telesites - 57.0%)[7] Relevant Events Annual Shareholders' Meeting Proposals 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] - Proposed allocating an additional 10 billion pesos to the share-buyback fund for the April 2025—April 2026 period[10] Subscribers and Access Lines Overall Subscriber Additions 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][11] - Disconnected 1.0 million prepaid subscribers, primarily in Mexico and Brazil[4][11] - Connected 446 thousand new broadband accesses, with Mexico contributing 165k, Brazil 98k, and Central America 52k[4][12] Total Access Lines Overview 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] Wireless Subscribers by Country 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 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 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 Macroeconomic Context and Currency Impact 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] - 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] - 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] Consolidated Financial Performance Overview 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] - Mobile service revenue grew 5.7% (postpaid +8.8%), and fixed-line service revenue increased 6.7% (broadband +9.8%, PayTV +8.7%)[24][25] - Net debt (excluding leases) stood at 500 billion pesos, representing a net debt-to-EBITDAaL ratio of 1.50 times[4][30] Consolidated Financial Statements Income Statement 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 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 Subscriber and Access Line Performance 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] - Broadband net additions were strong at 165 thousand, bringing the fixed-line base to 22.1 million RGUs[39] 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 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] - 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] Brazil Operations Subscriber and Access Line Performance 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] - Fixed-line RGUs were down 125 thousand, with broadband accesses up 98 thousand[47] 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 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] - Corporate networks revenue surged 16.4%, contributing significantly despite representing 11.4% of service revenue[48] Colombia Operations Subscriber and Access Line Performance 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] - Fixed-line base reached 9.6 million RGUs, with gains in landlines (20k), broadband (15k), and PayTV (7k)[56] 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 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] - 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] Other South America Operations Peru Operations Subscriber and Access Line Performance 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] - Gained 18 thousand broadband accesses and five thousand PayTV units, with fixed-line RGUs just under two million[64] 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 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] - Fixed-line service revenue was up 0.6% annually, with corporate networks and broadband revenue growing 4.1% and 3.5% respectively[65] Ecuador Operations Subscriber and Access Line Performance 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] - Fixed-line RGUs increased by 10.7% YoY to 620 thousand accesses, with 13 thousand landlines and 11 thousand broadband accesses added[71] 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 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] - Fixed-line service revenue was 0.8% higher, supported by corporate networks and PayTV services[72] Southern Cone Operations Overall Subscriber and Access Line Performance 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] - Fixed-line RGUs increased by 56 thousand accesses, reaching 7.1 million, up 4.1% YoY[79] 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 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] 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] - PayTV revenue jumped 71.9% and broadband revenue was up 50.9%[82] Chile, Paraguay & Uruguay Financial Performance 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] - EBITDA expanded 46.0%, with the margin jumping 5.8 percentage points to 19.3% of revenue[85] Central America and The Caribbean Operations Central America Operations Subscriber and Access Line Performance 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] - Gained 107 thousand RGUs in the fixed-line platform, including 52 thousand broadband accesses and 33 thousand PayTV units[90] 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 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] 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][92] The Caribbean Operations Subscriber and Access Line Performance 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] - Fixed-line RGUs increased by 18 thousand to 2.9 million[100] 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 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] - 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] Austria & Eastern Europe Operations Subscriber and Access Line Performance 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] - Fixed-line RGUs increased to 6.4 million after adding 26 thousand units, all broadband accesses and PayTV in Eastern Europe[109] 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 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] - Fixed-line revenue increased 3.8%, supported by broadband (+7.2%) and corporate networks (+5.9%) revenue[111] Currency Exchange Rates Local Currency Units per MXP 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 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 Consolidated Financial Debt 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] Glossary of Terms Glossary of Terms 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][127] Signature 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][131] - Date of signature: April 30, 2025[131]