Good morning. Thank you all for joining us today to discuss our first quarter of 2026 financial and operating report.

We have today on the line Mr. Daniel Hajj, our CEO; Mr.

Oscar Von Hauske, our COO; and Mr. Carlos García Moreno, our CFO.

Thank you, Daniela. Thank you, everyone, for being in the call.

Carlos is going to make a summary of the first quarter results. Carlos.

Thank you, Daniel. Good morning, everyone.

The downward trend on short-term dollar interest rates following the 25 basis points rate reduction of the policy rate by the Fed in December continued in the beginning of the first quarter, as the market became increasingly concerned with a potential slowdown in economic activity in the US. The value of the dollar versus other currencies, including those in our region of operations, declined throughout the first part of the quarter, with the dollar falling 4.3% versus the Mexican peso, 3% versus the Chilean peso, and 6.4% versus the Brazilian real by the end of February.

With the major exception of the latter, the US dollar made up practically all its losses in the weeks after the initiation of the war with Iran. Throughout the period, the differential between short-term rates and 10-year rates widened significantly, from 8 basis points to 64 basis points at the close of the quarter, with investors eyeing both a slowdown in the pace of economic activity, possibly even a recession, and higher inflation rates.

In this context, in the first quarter, we continued to observe a trend towards an acceleration of both postpaid subscriber growth and that of broadband accesses, as you can see in this slide. Their base increased 8.8% and 6.0% respectively vis-à-vis the year-earlier quarter.

First quarter revenue was up 2.1% in Mexican peso terms to 237 billion pesos, with service revenue up 0.6%, equipment revenue 7.4%, and other revenue 108%, including the proceeds of a favorable ruling in Chile on account of a dispute around certain TV rights. EBITDA increased at nearly twice the pace as revenue at 3.8%.

This is all in Mexican pesos. The figures cited above reflect the appreciation of Mexican peso versus practically all other currencies in our region of operations, having gained 16% versus the dollar, 4%—4.6% versus the euro, 4.5% versus the Brazilian real, and 2.5% versus the Colombian peso with respect to the same period of 2025.

Major appreciation of the peso first quarter of '26 vis-à-vis first quarter of '25. At constant exchange rates, revenue rose 6%—6.1% on the back of a 4.6% increase in service revenue and 11.3% in equipment revenue, driving an 8% expansion in EBITDA.

Adjusted for the extraordinary proceeds of the legal ruling, EBITDA was up 7.0%. The greater operating leverage is allowing for faster EBITDA growth, with EBITDA now expanding more rapidly than service revenue and led our consolidated EBITDA margin to reach 40%, one of our highest margins that we've seen.

At 6.4% year-on-year, a similar pace to the one observed over the last several quarters, mobile service revenue growth has remained resilient, with postpaid revenue growth at 7.3% and prepaid revenue at 5%, having expanded faster quarter-to-quarter over the last year. Mobile service revenue growth has been on an upward trend in Mexico and Colombia, as you can see in the slides, on the back of greater prepaid revenue, which has been recovering over the last several quarters.

On the fixed-line platform, service revenue growth was up 1.7% in the first quarter. Some regions, in particular Eastern Europe, Central America, Peru, and Ecuador, registered very rapid growth driven by residential demand.

As regards our operating profit, it came in at 50.5 billion pesos, was up 12% in Mexican peso terms, while our comprehensive financing costs declined 9.9%, reflecting lower net interest expenses. These concepts brought about a 25% increase in our net income to 23.4 billion pesos, which was equivalent to 39 peso cents per share and 44 dollar cents per ADR.

Our financial debt reached 537 billion pesos at the end of March, having increased by 2.5 billion pesos versus the one outstanding at the close of December, but this means that our net debt for the period, at the end of March, stood at 437 billion pesos and was equivalent to 1.41 times EBITDA after leases. Our cash flow in the first quarter allowed us to cover 21.6 billion pesos in CapEx, 1.4 billion pesos in share buybacks, 1.5 billion pesos in labor obligations, and further, to reduce our net debt by 1 billion pesos.

This is all that you can see here in this slide. With that, I thank you for listening to the presentation, and I will pass the floor back to Daniel for Q&A.

Thank you, Carlos, and we can start with the Q&A.

Hi, everyone. Good morning, and congrats on the results.

Got a couple questions here. The first on capital allocation and buybacks.

With the reduction of net debt to EBITDA to 1.4, how should we think about the balance between continued deleveraging and a more visible acceleration in buybacks from here? What leverage would make more comfortable stepping up capital returns?

The second one, still on leverage, but more on the M&A context: if operating trends and FX remain broadly stable, should we expect leverage to continue trending lower from here? How do you think about M&A activity in that context, how is going to impact your free cash flow this year?

The actual payments of the M&A. That's it.

Thank you.

Thank you, Leonardo. What we need to see and what we want is some space, because I think the region is in very good shape, okay?

We're going to have some opportunities in the region in Latin America and in Eastern Europe. Both we are growing good and we're doing very good.

We think that in Eastern Europe and Latin America, there's going to be good opportunities, and we are looking for some of them. Just a few months ago, we closed Azteca, the network of Azteca in Colombia.

We just closed Desktop. There's going to be more opportunities on that.

As you said, we need to have a good balance between buybacks, between deleverage, and the opportunities that we have. We are looking for some opportunities, and these opportunities are going to give us a very good competitive position in the places where we are looking.

These opportunities are going to make a very good fit and are going to allow us to grow more in or faster where we are. That's where we are, and that's the balance that we have.

As Carlos has saying, we want to have the debt to 1.3, more or less, is what we want to have. We have more opportunities, and we're increasing to 10,000 the fund, 10,000 pesos more to have 21,000 pesos on the fund.

We want to buy back more, we want to take the opportunities, and we want to deleverage, as you are saying. We want to have a good balance on that.

Right now, I'm personally seeing good opportunities in some countries that makes very good fit for us, and we're looking and doing that. That's where we are, Leonardo.

Good thing you answered both of my questions in one answer. Thank you for that.

Just a quick follow-up: in the past, you used to talk about fiber opportunities in LatAm. Are we still on that, or are you considering mobile or other type of network complementarity?

No, we're considering everything. We're considering fiber.

I think there's a lot of fiber companies in the region that makes fit. Instead of putting fiber, they are already with fiber and some customers.

Also spectrum, you know that we buy last year some spectrum in Puerto Rico. There's a lot of things that you can see what we do in Desktop, the backbone that we do with Azteca Colombia.

You are going to see all this year good opportunities, Leonardo. We want to have a chance to take those opportunities.

Very good. Thank you very much, and have a great day.

Thank you.

Thank you,

Hi, good morning. Thanks for the opportunity for asking.

I have two. The first is if you could provide us an update on the CapEx plan for 2026.

There was a lot of changes in currencies. The Mexican peso getting stronger, just wanted to hear what do you plan for CapEx this year, maybe the next couple of years?

The second one, you mentioned in the release some operational issues in Argentina. Could you please comment a bit on that, just give a bit more color on that would be great.

Thank you.

As you said, we have been having a lot of movements in the exchange rates. We have been reviewing carefully what we're going to have in each country for the CapEx.

That the CapEx is part in dollars, part in local currency. We're reviewing that.

Overall, what we think and finalizing our CapEx, we think that the CapEx for this year is going to be $7 billion, around $7 billion, depending—could be a little bit more, a little bit less depending on, as we said, the exchange rates. We think that for the next years will be around that.

We are going to have our Investor Day in May, and we can finalize the numbers for the next years. I can say that we are more or less in that number.

Argentina, I don't know what you are asking on Argentina.

I think you mentioned on the fixed-line business in Argentina that, you said, the fixed-line market has become more challenging because of the difficulties in accessing clients in the Buenos Aires metropolitan area. Just wanted to better understand.

No,

we're doing very good putting fiber in Argentina. Very difficult for us to do it in Buenos Aires as the capital city.

That's the only thing. Where we're putting fiber, we are growing, we're putting broadband, we're giving TV and doing quad play.

It's been very good for us. We are growing very good in Argentina.

The only place where has been difficult for us is Buenos Aires, because I think we have permission, but it's difficult because they don't rent us the telephone posts and they don't allow us the competition to go there and difficult to do it underground. To go underground has been very difficult to do it there.

That's the mainly reason that we have.

Okay. Very clear.

Thank you very much.

Where we have fiber, we're growing very good, penetrating the network, doing fiber, doing quad play, doing excellent. Has been good for us.

With all of that, well, we're going to have a big competitor in Buenos Aires, because the market share of our competitor, Telecom, buying Telefónica, is going to be high. Let's see what is going to happen there, no?

All right. Thanks a lot.

Thank you.

Yes. Thank you for taking my question.

Daniel, as Starlink said back in December that the direct-to-cell service could be available in Mexico. Obviously, users will appreciate that, and I'm wondering if América Móvil could work with Starlink.

Thank you. A ver,

I don't hear you so well. Can you repeat the question, please?

Sure. Starlink said in December that direct-to-cell service is available in Mexico since December.

They could provide a service in Mexico, and this will be obviously very good for users, especially in remote areas. I'm wondering if América Móvil could work with Starlink to provide direct-to-cell service.

Yes. I think the real direct-to-cell service, what I understand, is going to be on 20 2027, something like that.

They are going to launch a new satellite, and that will be the direct-to-cell. They have been successful selling broadband to the houses in Latin America, I think all around the world.

We are open to do anything for them that makes sense for us, of course. We're talking with them, and I think it's going to be a good technology.

For doing that, you need to have a spectrum. I don't know if they already have a spectrum in some places.

I understand that they buy a spectrum in the US and some in Europe, but I don't know if they have a spectrum in Latin America. We are open.

If your question is we want or we can do something with them, of course. I think it's a service that makes complement with us.

Of course, we are open to do something with them.

Thank you. As Entel is doing direct-to-cell in Chile and Peru, and I understand that in Costa Rica, the service will be available soon.

You are saying that you will wait until 2027 for the service to be available in Mexico?

No, no. We're not waiting.

We're talking with them. I think the real and the orbits of satellites for cell is going to be available in 2027.

They are doing something today in some countries, of course. The one that is going to be big and it's going to be directly to cell is going to be is what they said, I'm not Starlink, but what they said is going to be in 2027.

The new constellation is going to be in 2027, but they already have a constellation that can do fixed broadband. We're not waiting.

We're talking with them, and see what opportunities we can have.

Understood. Thank you.

Thank you.

Hi. Good morning, everyone.

Thank you for taking my questions. I have two from my side here.

The first one, can you comment a little on how are you seeing the expansion of your partnership with NuCell, and how relevant it has been for the strong expansion you have seen in Brazil mobile this quarter in terms of new net additions? Then the second one, how do you see the potential impact of the recently announced M&A in Mexico mobile, and what the impact that this could have to the market and to América Móvil more specifically?

Thank you. A ver,

the second question is the announcement in mobile in Mexico of what?

The recent M&A that was announced, Telefónica selling their assets.

It's the purchase from Telefónica, the sell of Telefónica in Mexico?

Yes, yes. That's it.

All right.

Okay. I don't know if in Brazil we are disclosing the numbers of number portability between what we have and what's NuCell, but I can tell you that we have been doing very well.

In number portability, we have been gaining number portability for the last four years, three, four years gaining number portability in all the regions with all our competitors. We have been doing well, and with NuCell, we increase that number portability.

That's nothing that we have been doing bad, and then with NuCell change and we're doing good. We have been gaining in number portability because we have a very good 5G, we have customer care, we do combos with the fixed.

We have a lot of promotions, and we are, I think, in a very good shape in terms of technology, and customer care. We have been investing in Brazil, and that's giving us good results for the last years.

With NuCell, our portability expands. We are growing.

I don't have the number here how much is in us and how much is in NuCell. If in Brazil they disclose that, Daniela can give it to you.

That it's something on top of what we have been doing very well. I'm not saying that NuCell is not, it's doing very well, and we think that we can still grow more in Brazil in number portability.

Since October, I think we're gaining more and more, and I hope we can do more, Lucca. How I can see Mexico?

I can say that the last years of Telefónica in Mexico has been shrinking a little bit in terms of technology, in terms of infrastructure, in terms of frequencies. They start to be like an MVNO of I think part Altán and the other of AT&T.

They are buying that. There's a good company, good name, but not investing what they need to invest in Mexico.

I don't know what's going to be the strategy of this new buyers, and I don't know if they are going to still do and manage the company as an MVNO, or they are going to put infrastructure and buy spectrum and compete. Let's see.

Still right now, I don't know what they are going to do.

Very clear. Thank you for the answers.

Thank you. Thanks.

Thanks for taking my questions. My first question is on Mexico mobile.

The growth seems to be accelerating. What are the major drivers behind the growth in Mexico mobile, and can we expect this growth to continue in 2026?

My second question is on working capital. It seems to have increased a bit in 1Q '26 compared to 1Q '25.

What are the reasons behind the increase in working capital? Thank you.

On Mexico mobile, I think we are growing. Part is I think that the economy in Mexico is getting better.

The increase in the salary, the minimum wages increase 12%, I think, and that give us increase also in the prepaid side. As we have been saying, prepaid is very related to the economy, and if the economy is starting to be better, then the people is starting to spend a little bit more, and that's what we have been seeing in the prepaid side.

In postpaid, people likes our promotions. We are increasing ARPU, and it's not new.

I think in postpaid, the growth rate has been very good for the last five quarters. Our ARPU is growing, and we're growing in new customers, and our actual customers are moving to better plans and consuming more.

That's more or less what you have been seeing, but it's not in this quarter. I think for the last five quarters, six quarters, four quarters, the growth of postpaid has been doing good.

In prepaid, I think last year we have a little bit of slowdown because the slowdown of the economy, but I think the economy is getting better, and the recovery is doing good. That's more or less that what we have.

On the working capital, I think there's two things to note. One is that we are taking in a bit more inventory.

We have been more cautious about availability of supplies. If you look at equipment revenues, they've been extremely good, extremely solid this quarter and the last one.

If you look across countries, you will see certainly Mexico, Brazil, showing very, very strong sales of equipment, so that's partly reflected in the working capital. Then again, and it's partly linked to this, we are financing very successfully handsets, and a consequence in Mexico, for instance, the way we do it is we are basically leasing the handsets, and this basically entails some additional working capital.

It's been good sales and very, very successful these methods of selling the equipment.

To add a little bit of what Carlos is saying, we all know that the memory chips has been increasing a lot the prices, the price of the handsets starting to increase, we want to be sure that we have enough handsets to serve our customer base. That's really the reason why we increase on inventory.

Prices are increasing, and we don't know if only prices increasing, or we're going to have a lack of handsets. That's why we are taking that decision to increase a little bit our inventories.

Perfect. Thank you.

Thank you.

Thank you for taking my questions. I have two questions regarding Mexico on the operating side.

First, regarding the disconnections from the initiative from the Digital Transformation Agency, could you give us a bit more color on the nature of these clients? Were they mostly on active lines?

My second question would be on the broadband side. Given that you're reaching 90% of customers connected through fiber, would this mean that we should expect the net adds to decelerate going forward?

Thank you.

That since January 9, the registry of lines we have to do it by law. We have to register the line and do a lot of things there.

Maybe people is starting to activate less and churn less, because they don't want to do it. That is going to happen.

I think there is going to be a lot of clean in the bases of subscribers, and subscribers that they are not using, at the end of the day, you need to cancel them because they are not going to be registered in the 1st of July. There's going to be a lot of things, but all overall, it's only number of lines, not money and consumption.

For me, I don't know if I'm not looking on how many lines or how many new activations, because if I activate a lot, but then they churn in the next three or four months, it's worse, because it's cost for me and it's not a revenue for me. That will make the base of subscribers to be more clean and to really understand where we are in number of subscribers with this new register of lines.

Let's see. It's been not as fast as all want the register.

All the new ones has to be registered, and all the old ones has to be registered until July 1st. Let's see what is going to happen there.

All overall, what I'm saying is a lot of people maybe it's not buying a new phone and staying with that, because if they buy the new one, then they have to register. That's going to finish maybe in July.

There's going to be a lot of things. All overall, the important is how many good subscribers and subscribers that are consuming are the ones that the company has, and that you see in the revenues, in the ARPU, in all of that.

That's what is going to happen. What's the reason why the broadband would slow down?

What's your second question?

Yes, my question was regarding the broadband net adds. Should we expect this to slow down as you reach full penetration on your fiber network?

I don't think that our broadband will slow down because what we're doing is we're moving from copper to fiber, I think 93% 93% of our base is in fiber right now. We have a very good bundle in the market.

We recently increased the speed almost one-third with the same price, I think we will continue with a good level of net adds in Mexico.

Okay. We hope they don't slow down, and we can continue with that number.

Thank you.

Thank you.

Hi. Thank you for the opportunity, and congrats on the results.

A couple of questions, please. First one is a follow-up on Mexican broadband.

I was wondering if you could comment on the competition recently, if there's been any changes, and if you could expand a bit on the reason why you've increased the speed on all the packages. With Televisa upgrading to fiber a large part of its business, does that mean it's going to be harder for your net adds?

The second question on Brazil, I was wondering if you could comment a bit on your plans for price increase this year. Thank you.

I'm going to start with the second question, and I'm going to let Oscar talk a little bit about the broadband in Mexico. In Brazil, we don't have until now a plan of increasing prices at this moment.

I don't know if there's going to be a chance to do it in the year, but right now, we don't have any idea on increasing prices in Brazil in anything, in mobile, in broadband, in TV, we don't have plans to increase prices. On broadband in Mexico?

As we mentioned before, we are really upgraded the network. We have a very good network.

You mentioned about the business, we want to differentiate ourselves in broadband, adding value to our small business connectivity. We are bundled with cloud services, cybersecurity, productivity tools for small business.

Really we have a team really focus just on a small business to really penetrate not only broadband, to bring value-added to the small business as well on enterprise. We believe that has been working very well, and the product has been very well adapted in the market.

We believe that we could continue with that. To talk a little bit about

I want to do some other comments. I think all overall América Móvil is doing very well in other countries.

We're talking about Mexico a lot, we're talking a lot about Brazil, but I think the recovery in Colombia has been very good. We're increasing in broadband.

We're doing much better in postpaid. In Colombia, I think the market is performing well.

We are performing well. We are cutting costs and doing a lot of things.

Our revenues are growing, our EBITDA are growing better. No, in Colombia.

In Peru also, things are going okay with us. In Colombia, we advance in 5G, and we have the best 5G network until now, we are doing okay.

In Peru also, doing very good in broadband, growing our net adds, and performing very well in revenue and in EBITDA. If you see all the Central America has been doing also good.

We talk also about Eastern Europe, growing a lot, moving a lot. 5 years ago, we only have mobile; today we have mobile and fixed and doing a lot of convergence there.

I think in almost all the countries, we are performing very well, cutting costs, digitalizing, that will help us for the future. We're putting a lot of money on the CapEx on digitalizing our processes, IT, and doing that also in big businesses.

We are putting more and more cloud, selling more services. All of that has been doing very strong in our region, and as we said, we want to speed up and take more opportunities there.

That's what I want to talk a little bit more on that.

Very clear. Thank you.

Thank you.

Hi. Thank you for taking our question.

I wanted to ask exactly about Colombia, which you were commenting on a moment ago, and a few of the other markets where Telefónica has recently left. Could you discuss a little bit of the trends you're seeing?

For example, Colombia, we saw an acceleration in revenues. What is driven by your commercial strategy?

What is driven by market consolidation? Any color you could give on these moves is greatly appreciated.

Thank you.

In Colombia, we have been investing for a long time. We invest in 5G.

We have the best 5G network, our customers are happy. Our traffic is growing well.

In terms of broadband, we have been decreased the last year a little bit, but we're increasing this quarter on the broadband side. We have a lot of competition in Colombia with these ISPs there, and consolidation has been also good.

I think consolidation in Latin America is also being good for all the competitors, you need to invest, you need to take the opportunities, but all overall, we think the markets are looking better, no?

That's really clear. Thank you.

Just one more question on Mexico. Margins improved and they were the highest level in a long time.

You continue expanding really, really well in fixed. What drove the margin improvement, and how sustainable is it?

In fixed, what Oscar is saying is we increase the speeds to all of our customers. We have fiber and we're using that fiber.

The evaluation of our customers is that they are happy with the network, happy with the service, and we are going to still give what the market is giving. We want to be very competitive there.

Also in prepaid, as we said, let's say, I think I don't remember exactly the number, but I think first quarter of last year, we have decreasing in revenues in prepaid, and this quarter, we are increasing like 4%, 5% there. Economy is doing better, customers are consuming more, all overall is what.

We are very strict on the cost control. Something that nobody see and it's giving us a lot of good is the digitalization of all our processes.

We are being much more productive, digitalizing all the processes, doing better IT, using some AI in some processes that give us more knowledge of our customers. All of that is helping us to perform better in each country.

Really clear. Thank you.

Just before we end the call, I just want to remind everyone that we're hosting our next Investor Day in New York City. This is on May 27th.

The save the dates have been sent out, and we will be sharing details on the agenda soon. We really hope to see you all there, and please don't hesitate to contact the team if you have any questions or need any help with the registration.

Thank you. Thank you very much.