Thank you so much. Good morning, everyone.

Thank you for joining us today to discuss our fourth quarter results. We have today on the line Mr.

Daniel Hajj, CEO; Mr. Óscar Von Hauske, COO; and Mr.

Carlos García Moreno, CFO. Thank you for joining.

Thank you, Daniela. Welcome everybody to América Móvil fourth quarter 2025 report.

Carlos is going to make us a summary of the results. Carlos.

Thank you, Daniel. Good morning, everyone.

The US government shutdown in effect through the middle of the fourth quarter ended up raising uncertainty about the state of economic activity in the US. Not only did it have a direct impact on employment, but on account of the shutdown, several economic indicators generated by the government agencies failed to be released at all.

On December 10th, less than a month after the shutdown ended, and with still incomplete economic data, the Fed reduced the policy rate by 2 5 basis points in the absence of strong inflation pressures and the appearance of a softening economy. The dollar depreciated versus practically all the currencies in our region of operations in the quarter, except for the Brazilian real, the Argentinean peso.

It declined 2.3% versus the Mexican peso, 3.7% versus the Colombian peso, and 5.7% versus the Chilean peso, remaining practically flat versus the euro in the period. We added 2.5 million wireless subscribers in the quarter: 2.8 million postpaid net gains and 298,000 prepaid losses, and ended up December with 331 million wireless subscribers.

Our postpaid base was up 8.4% year-on-year. Brazil led the way in terms of postpaid net adds with 644,000 subscribers, followed by Colombia with 276,000, Peru with 148,000, and Mexico with 135,000 postpaid subscribers.

Now, in the prepaid segment, Mexico contributed 197,000 new subscribers, Argentina 226,000, and Colombia 224,000, whereas in Brazil and Chile, we had prepaid losses of 381,000 and 315,000 subscribers, respectively. In the fixed-line segment, we connected 524,000 broadband accesses: 184,000 in Mexico, 113,000 in Brazil, 57,000 in Argentina, and 49,000 in Colombia.

PayTV posted a good performance, adding 77,000 units. We disconnected 79,000 voice lines, landlines.

Our access lines exceeded 410 million at the end of December. 331 million were wireless subscribers; 79 million were fixed-line RGUs.

The growth of our mobile postpaid base and our broadband accesses, which you can see in the chart, our most dynamic business lines, has been accelerating over the last quarters, with that of postpaid reaching an 8.4% year-on-year increase, and broadband accesses expanding 5.6%. These are some of our highest access growth rates in years.

Fourth quarter revenue rose 3.4% in Mexican peso terms from a year ago to 245 billion Mexican pesos. They were up 6.2% at constant exchange rates, with service revenue expanding 5.3%.

The difference between the rate of growth in nominal terms versus that at constant exchange rates mainly reflects the 9.6% appreciation relative to the year-earlier quarter of the Mexican peso versus the US dollar. The apparent deceleration of service revenue growth, which extends to most revenue categories, stems from the incorporation of our Chilean operations from November 2024.

EBITDA was up 4.2% in Mexican peso terms to 95 billion pesos, and it was up 6.9% at constant exchange rates from the earlier quarter. As was the case over several quarters in 2022, 2024, EBITDA expanded more rapidly than revenue on greater operating leverage.

Mobile service revenue growth remained strong at 6.2%, supported by postpaid revenue that was up 7.6%. Prepaid revenue growth maintained the pace seen in the prior quarter, which was the fastest in at least five quarters, and with exceptional developments still in Mexico.

As you can see in the next chart, with Mexico accelerating from 2.8% to 3.8% on the back of a strong recovery of private consumption in the country. Fixed-line service revenue was up 3.6% year-over-year, with fixed broadband revenue increasing 6.4%, as the non-Chilean operations were growing faster over the last couple of quarters, which you can see in the dotted line.

Mexico performed well, with broadband revenue growth rising from 2% to really 4%. Our operating profit totaled 49 billion pesos.

It was up 5.9% in nominal terms and 8.3% at constant exchange rates, while our comprehensive financing costs were roughly half those of the earlier quarter. This resulted in a net profit of 19 billion Mexican pesos in the quarter, which was four times larger than that of a year before.

It was equivalent to 32 Mexican peso cents per share or $0.35 per ADR. Our operating cash flow for the year 2025 came in at 213 billion pesos after deducting from our EBITDA after leases a 16 billion pesos increase in working capital and 82 billion pesos in interest payments and taxes.

After CapEx in the amount of 131 billion pesos, we were left with a free cash flow of 82 billion pesos. The latter figure represents a nearly 40% year-on-year increase in our free cash flow.

Shareholder distributions reached 45 billion pesos, including 12 billion pesos in share buybacks, even as we reduced our net debt in cash flow terms by 20 billion pesos. At the end of the year, our net debt to EBITDA after leases ratio stood at 1.52 times and was on a downward trend.

With this, I will pass the floor back to Daniel Hajj, and we will begin the Q&A session. Thank you.

Thank you, Carlos. We can start with the Q&A session.

Carlos, Óscar, Daniela, thanks for taking my question. I wanted to inquire about the CapEx outlook for 2026 and coming years.

Could you please provide us with an updated view? Thank you.

Hi, Marcelo. We're not finalizing the CapEx for this year, but our target is to be around 14% to 15% revenues.

That is what we have been saying and it's what we're going to do. That's maybe around $6.8 to $7 billion, and that's what we're targeting to do.

We are going to be in those range. We still does not finalize all the countries, but we're looking to have around that number.

Thank you. As a follow-up, going forward, is it reasonable to assume a similar percentage of revenues for the coming years?

I know you have not finalized, but just conceptually, does it make sense?

Yes, is what we think. The next three years, let's say two, three years, yes, we can assume that we can have between 14% to 15%, $7 billion, $6.8, $7.1, depending on spectrum, depending on a lot of things that coming, but that's more or less what we're thinking.

Very clear. Thank you very much.

Thank you.

Hi everyone, thanks for the opportunity. There is a line called pre-tax non-operating expenses.

It came at 7.9 billion Mexican pesos this quarter. This is well above the quarterly average of 700 million in the past couple of years.

Could you please remind what enters exactly in this line, what did impact it this quarter, and also what to expect going forward? Thank you so much.

Which line? In which line you say?

Non-operating expense. It's within financial results.

It's called other pre-tax non-operating expenses. The other financial expenses.

We we can

we don't have it right now, but you can talk to Daniela. We can give you the detail on what was the difference between the 4.9 to 7.8 this this year, this quarter.

No worries. I will.

Thank you. Can I follow up with another question as there was no answer on this one?

Yes? Thank you so much for this.

Could you comment on Telefónica's announced sale of its operations in Chile, why América Móvil and Entel ended up stepping out of the deal, and any early expectation of the expected competitive environment in the country with Millicom and French buying this asset? If you could also comment on potential consolidation movements across Latin America as well, if there is anything active, and expectations for consolidation in the near future, anything you can share would be great.

Thank you so much.

That we were going together with Entel to do a bid for Telefónica. We review, and in América Móvil, we decided no go, finalize, and don't go together with Entel.

I think then I don't know if Entel decided to go alone or not. Then it was WOM, the other one that I heard that it was interested, and then Millicom.

Finally, Millicom is the one who win. I think we still have a lot of things to do in our company inside Chile.

We're doing okay, we're gaining revenues, we're gaining market share. We are doing all the investments that we need, all the synergies that we need.

We still think that we're going to be a very strong and good competitor in Chile. For us doesn't change a lot because we're changing as a competitor landscape, it will be very good to consolidate the market, but at the end of the day, Millicom is a new entrant, it doesn't change anything having Telefónica and to change to Millicom.

Let's see. I hope that in the future we can consolidate the market in Chile, not only in the wireless, also in the fixed.

Let's see, Chile would be important to be consolidated. For us, why we were out, it was going to be a little bit complex because regulation, the split of the company, high leverage of the company, a lot of things that was going to be difficult to decide between Entel and us, and then the value of Telefónica, it was not an easy deal, and that's why we decide to quit and to stay where we are.

I think Chile is a difficult market, of course, is a difficult market, but we are preparing and we're making all the investments and that we need to do to be competitive there. As I said, hope that in the future the market in Chile can consolidate.

Fair enough. Thank you so much.

Have a great day, everyone.

Thank you.

everyone, thanks for taking my question. I'd like to hear some thoughts on capital allocation.

Given the strong growth in free cash flow, and we also saw a slowdown in share buybacks lately, how are you thinking about capital allocation going forward? Thank you.

I think as Carlos said, Carlos said two things. We do very good growth in the free cash flow.

We grow around 40% in the free cash flow. He also said that the target that we have, and always we're saying that the target on debt-to-EBITDA will be around 1.3 to 1.5 times debt-to-EBITDA.

We are a little bit above. When you said we are reducing, I don't know if you are saying we're reducing in 2026 or will reduce from 2025, but it's important.

We have a target on leverage, and we want to be on our target. That's one thing.

The excess and the cash flow that we have, we're going to put it on reducing debt. Second, we have some M&A, as we said.

We used to have Telefónica in Chile, we are not there, but we still have Desktop in Brazil, and we want to be financially healthy because we're not looking on M&A in other regions or material ones. No, we're not doing and looking on anything on that, but in our region where we operate, I think there's going to be consolidation in the market, and we want to be prepared to consolidate, let's say, small companies or fibers, small fiber companies, or there will be a lot of things.

The competitive landscape in Latin America is changing. We're having new competitors, small ones are getting out, I hope no new ones coming.

There's going to be a lot of things through the next year or two years, and we want to be prepared, we want to be healthy, and we want to be on target, okay, because as we said, the target is 1.3 to 1.5. We are a little bit slightly above on that.

What we want is to be on target and use the cash flow for that, and also to return for the shareholders, and will be on buybacks and dividends. That's mainly what we're going to do on the free cash flow that we have, nothing else.

As I said, we don't have or we're not looking on going other countries, outside of our region to do material things, no, because I read something this morning, we are not thinking on doing nothing on that. Only to be prepared to have opportunities.

I think we're going to have some opportunities in the region that we have. That's what we have.

Reducing debt and opportunities.

Just to follow up on what Daniel Hajj said, it's important to note that we, at the end of the quarter, were still at marginally higher than the 1.5 times net debt to EBITDA ratio that we have as our upper limit, even though we paid down debt by 20 billion pesos, a bit more than $1 billion throughout the year. We did devote a prominent amount of cash to reduction of debt to remain within the limits that we have guided the market for the last 5 years.

These are not new limits. Yes.

Okay.

Very clear. Just a quick follow-up, if I may.

Considering what you just said and considering that the consolidation in Chile is now out of the table, is it fair to assume that any, let's say, cash flow that would be directed to M&A in Chile is now redirected towards deleveraging?

Towards what?

Deleveraging. Deleveraging?

As we said, yes, if we don't have anything else in M&A, of course, we're going to do through leverage, and if we have an opportunity, then we're going to do something there. That's we don't have something.

We're looking for a lot of things, small things in Latin America where we are, and if not, then we're going to do leverage and be in the lower range of our target to be prepared for opportunities. That's what we have, no?

All right, very clear. Thank you.

Thank you.

Hi, thanks for taking my question. How should we think of the impact of FX on your overall results?

I'm asking because the Mexican peso strength is very visible, and you're exposed to different currencies, and your CapEx and debt also has sort of high currency exposures. In net, how should we think of the impact on the cash flow?

Do you want me to answer that, César? I think as you say, this is a company that has many operating exchange rates, no, in our revenue, and then we also have very different exchange rates on our debt, no?

What we were talking about a little while ago in terms of the leverage ratio, that's something that tends to move both because the EBITDA flows move in terms of, say, if you measure them in dollars or pesos, whatever, but also the net debt itself also moves a lot in terms of dollars or pesos precisely because we have all of these currencies. Yes, it becomes a bit complex to manage these issues.

Now, and that's why we always highlight here in the report how we are doing at constant exchange rates, because we need to take out all of the noise that is created by the exchange rates. I think net net, I think that we have a clear idea of how we manage the company.

I think in terms of financial exposure, we manage our exposure to currencies. We really have exposure only to three currencies for the most part, pivot currencies.

In terms of the operating cash flows, well, that obviously has to do with there's nothing we do on that respect, there's nothing that we do in terms of hedging cash flows, that's something that just comes up as it is. This is why for us it's always, I'm going back to what we were saying, the prior question, we need to balance the, on the one hand, the desire to do distributions, share buybacks, and also the need to adjust our leverage ratio by paying down some debt.

Again, this is something that we cannot predict exactly from the beginning because it has to do a lot with where the exchange rates are. You can see them as noise at some point, but also they are a reality, they are there.

If we are going to be measuring our net debt to EBITDA, which we measure with the rating agencies and we measure with you every time that we publish the report, well, we need to be consistent with what we're doing. Balancing share buybacks, balancing CapEx, balancing the net leverage we have, that's...

Exactly. What Carlos is saying is a balance, a balance between on the capital allocation.

It will be reducing our leverage, returning to the shareholders via buybacks or dividends, and be healthy to be prepared if there's something in our regions that will come as an opportunity. These three things we're going to balance through all this year to be okay.

That's mainly what we're talking on the capital allocation.

Thank you.

Hi, good morning, everyone, and thank you for taking my question. This is just on the consolidation that we are seeing all over Latin America: Colombia, Chile, Brazil.

There's even rumors on big players in Mexico being interested in AT&T. My question is how do you see the regulatory environment for AMX as it seems that we are moving to a tighter market with two, three players?

Do you think we should see in 5 years, 10 years less regulatory or less asymmetric regulation where AMX currently has one? Thank you.

The only place where we have asymmetric regulation is in Mexico. All the other places, we don't have any, let's say, asymmetric regulation.

In all the other 20 countries that we operate, we don't have any asymmetric regulation, it's only in Mexico. What your question is, how I see in three, four years, is exactly what we're saying.

I see more consolidation in all these markets, and I think it's going to be good for the business to consolidate more. I think, not only in mobile, but in fixed, maybe 5 years or 6 years ago, there's a lot of companies putting fiber, giving they're in a lot of countries, fiber plus very aggressive promotions.

I'm not seeing anymore these companies putting fiber. There's still companies that they are doing, more competitors, but no new ones doing that, they are seeing that the business is not as easy as it looks.

We are not seeing new competitors, let's say, in terms of fiber. Then the other ones, maybe they are going to consolidate between them or they are going to consolidate with other ones.

There's going to be a new landscape in all Latin America, and I think that's going to be good for us and for all the people who's staying here, no, that is staying in Latin America. In Mexico, what you say, rumors about AT&T, well, they are rumors.

The only thing that I can say is that AT&T is a very strong competitor, and if they sell to other ones, they are going to be also a strong competitors. Nothing to say.

What we need is to do our job, to have the best 5G network, the best quality, customer care, everything, systems, IT, AI, and to do everything that we are doing, all the investments that we need to do to compete against or it's still AT&T here or if they sell to the other ones. That's exactly what I said in Chile, no?

In Chile, we used to have Telefónica as a competitor. Today is not going to be Telefónica.

It's a pity that we cannot consolidate this market because this market will be good to consolidate, but it's going to stay more or less the same, with four competitors in mobile and the same in fixed. Let's see, and see if in the future we can consolidate that market.

That's

what, yes. Alejandro, but as Daniel's saying, I do believe that you can see that there's very much of a wave of consolidation happening in the world, no?

You look at Europe, there used to be many more players in each one of the countries, there's been a reduction, and this basically has to do with the dynamics of the industry. This industry requires scale to get the returns for the investment, and when you have a very fragmented market, there's no returns and no investments.

Typically, players end up probably not in the best of shapes. I think that this is an issue that is more and more taken into account by regulators and generally governments worldwide.

Mhm. Thank you both for the answers.

Thank you.

De nada.

Hi, thank you very much for the follow-up here. I just wanted to use this opportunity to ask about the Brazilian number portability.

You mentioned in the release that Brazil is seeing sustained customer preference as evidenced by positive number portability trends, which indeed has been very strong and stronger than usual. My question is, is this portability that has been stronger mostly explained by NuCell, which you have the MVNO, or is it mostly explained by your Claro operation in Brazil?

Just wanted to see what's driving this strong portability, which we also see using the data. Thank you.

I think they are both, okay? There's no doubt that NuCell is helping us in number portability, and we're doing very good with them.

In the other side, we are doing strong and we have been growing more on revenues than our competitors in Brazil, and I think that's good, number portability plus new subscribers. We are doing okay.

The other thing that I'm seeing is that we are getting also very good ARPU subscribers, we're not only in the prepay or in the low end. No, we're getting also good high-end subscribers.

It's been good. That's what I can say.

There's no doubt that NuCell is helping us, but it's not only NuCell. There's all the things that we had on the back of that that we have been doing.

We have been always gaining number portability through the year, and in the fourth quarter, it gets strong because NuCell. It's been good, and we are a little bit more better than what we used to be, is what I can tell you.

Just to clarify, the jump we saw in the fourth quarter, that could be attributed to NuCell. You were having very good portability across the year, that's Claro, but the change we saw in more recent months, that would be NuCell.

Part, not all, but part could be. Yes, part could be NuCell, but not all is NuCell.

Also, it's fourth quarter. Fourth quarter, a lot of people is changing, there's new handsets that people wants to change for handsets, or they want to do promotions.

There's a lot of things.

Clear. Thank you very much.

Thank you.

Hi, thank you for taking my question. I'm wondering, given the stellar net adds we have had in broadband in Mexico the recent quarters, how sustainable do you see this performance going forward, specifically as we reach a higher penetration for this service in the market?

Thanks. Yes,

yes. We see a good trend on the net adds within the last four quarters in fixed broadband in Mexico.

We have a very good promotions in the market that the the customers has received very well: the bundles with the with the streaming, increasing the speed. We see the same trend through the year, through this year, right?

We we see the bundles are working pretty pretty good with streaming video platforms, and the speed that we've been delivering to the market are really good. We have 92% of the customers already with fiber, we believe that we will retain the customers, we we believe the trend will be more or less the same.

Yeah. Thank you, Óscar.

To thank everyone for being in the call, and thank you, Carlos, Daniela, Óscar. Thank you very much.

Thank you all.

Bye-bye.