Q1 2026 America Movil SAB de CV Earnings Call

April 22, 2026

Speaker #1: Be our conference operator today . At this time , I would like to welcome everyone to the America Mobile First Quarter 2026 conference call and webcast All lines have been placed on mute to prevent any background noise After the speakers remarks , there will be a question and answer session .

Operator 3: be your conference operator today. At this time, I would like to welcome everyone to the América Móvil Q1 2026 conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I will now turn the call over to Ms. Daniela Lajud, Head of Investor Relations.

Operator: be your conference operator today. At this time, I would like to welcome everyone to the América Móvil Q1 2026 conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I will now turn the call over to Ms. Daniela Lecuona, Head of Investor Relations.

Speaker #1: If you would like to ask a question during this time , simply press star followed by the number one on your telephone keypad .

Speaker #1: If you would like to withdraw your question , press star one again . Thank you . I will now turn the call over to Miss Daniela Lecuona , Head of Investor Relations

Daniela Lajud: Good morning. Thank you all for joining us today to discuss our Q1 2026 financial and operating report. We have today on the line Mr. Daniel Hajj, our CEO, Mr. Oscar Von Hauske Solís, our COO, and Mr. Carlos García Moreno Elizondo, our CFO.

Daniela Lajud: Good morning. Thank you all for joining us today to discuss our Q1 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 Elizondo, our CFO.

Speaker #2: Good morning . Thank you all for joining us today to discuss our first quarter of 2026 financial and operating reports . We have today on the line .

Speaker #2: Daniel Hash , or CEO , Mr. Oscar Von , our CEO and Mr. Carlos Garcia Moreno , our CFO .

Daniel Hajj: Thank you, Daniela. Thank you everyone for being in the call. Carlos is going to make a summary of the Q1 results. Carlos.

Speaker #3: Thank you . Daniela . Thank you , everyone , for being in the call Carlos is going to make a summary of the first quarter results Carlos .

Carlos García Moreno Elizondo: Thank you, Daniel. Good morning, everyone. Well, 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 Q1 as the market became increasingly concerned with a potential slowdown in economic activity in the US. The value of the dollar versus other currency, 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.

Speaker #3: Thank you . Daniel . Good morning everyone . Well , the downward trend on a short term interest rate following the 25 basis points rate reduction of the policy rate by the Fed in December continued in the beginning of the first quarter .

Speaker #3: 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% based on the Brazilian real .

Speaker #3: By the end of February , with the major exception of the latter , 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 ten year rates .

Carlos García Moreno Elizondo: 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 Q1, we continued to observe a trend towards an acceleration of both posted subscribed growth and that of broadband accesses, as you can see in this slide. The base increased 8.8% and 6% respectively vis-à-vis the year-earlier quarter. Q1 revenue was up 2.1% in Mexican peso terms to MXN 237 billion, 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.

Speaker #3: Widened significantly from eight 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 .

Speaker #3: In this context , in the first quarter , we continued to observe a trend towards an acceleration of both postpaid subscriber growth and of broadband accesses .

Speaker #3: As you can see in the in this slide The base increased 8.8% and 6% , respectively Vis a vis the year earlier quarter , first quarter revenue was up 2.1% in Mexican peso terms to $237 billion , with service revenue of 0.6% .

Speaker #3: 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 .

Carlos García Moreno Elizondo: EBITDA increased at nearly twice the pace as revenue, at 3.8%, this all in Mexican peso. The figures cited above reflect the appreciation of the Mexican peso versus practically all other currencies in our region of operations, having gained 15% versus the dollar, 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, Q1 2026 vis-à-vis Q1 2025. At constant exchange rates, revenue rose 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 procedure of the legal ruling, EBITDA was up 7.0%.

Speaker #3: EBITDA increased at nearly twice the pace as revenue at 3.8% . In Mexican pace . The figure cited above reflects the appreciation of the Mexican peso versus practically all other currencies in our region of operations .

Speaker #3: Having gained 16% versus the dollar 4% , 4.6% versus the euro 4.5% versus the Brazilian real , and 2.5% . The Colombian peso .

Speaker #3: With respect to the same period of 2025 . So major application of the peso first quarter of 26 , first quarter of 2025 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 .

Speaker #3: 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% .

Carlos García Moreno Elizondo: 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 we ran 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 slide, on the back of greater prepaid revenue, which has been recovering all through the last several quarters. On the fixed line platform, service revenue growth was up 1.7% in Q1.

Speaker #3: One of our highest margins we've seen at 6.4% year on year . A similar pace to be one of the last several quarters Mobile service revenue growth has remained resilient , with posted revenue growth at 7.3% and prepaid revenue at 5% .

Speaker #3: Having expanded faster quarter after quarter over the last the last year Mobile service revenue growth has been on a trend in Mexico and Colombia .

Speaker #3: As you can see in this , 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 .

Carlos García Moreno Elizondo: Some regions, in particular Eastern Europe, Central America, Peru, and Ecuador, registered very rapid growth, driven by residential demand. Okay. As regards our operating profit, it came in at MXN 50.5 billion, was up 12% in Mexican peso terms, while our comprehensive financing cost declined 9.9%, reflecting lower net interest expenses. These concepts brought about a 25% increase in our net income to MXN 23.4 billion, which was equivalent to MXN 0.39 per share and $0.44 per ADR. Our financial debt reached MXN 1,237 billion at the end of March, having increased by MXN 2.5 billion versus year-end as of December. This means that our net debt for the period at the end of March stood at MXN 437 billion and was equivalent to 1.41 times EBITDA after leases.

Speaker #3: Some regions , in particular Eastern Europe , Central America , Peru and Ecuador registered very rapid growth , driven by residential demand Okay I said , we're operating profit .

Speaker #3: It came in at $50.5 billion . Was 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 , which was equivalent to $0.39 per share and $44 per ADR Our financial debt reached $537 billion at the end of March .

Speaker #3: Have increased by $2.5 billion . Outstanding . As of December But this means that our net debt for the period at the end of March stood at $437 billion and was equivalent to 1.41 times EBITDA after leases Our cash flow in the first quarter allowed us to cover $21.6 billion in CapEx $1.4 billion in share buybacks , $1.5 billion in legal obligation , and further , to reduce our net debt by $1 billion .

Carlos García Moreno Elizondo: Our cash flow in Q1 allowed us to cover MXN 21.6 billion in CapEx, MXN 1.4 billion in share buybacks, one half billion pesos in labor obligation, and further to reduce our net debt by MXN 1 billion. Okay? This shows that you can see here in this slide. With that, I thank you for listening to the presentation, and I will pass it over back to Daniel Hajj Aboumrad for Q&A.

Speaker #3: Okay , so that you can see here in this slide . So with that , I thank you for listening to the presentation .

Speaker #3: And I will pass it over back to Daniel for Q&A . Thank you . Thank you Carlos . And we we can start with the Q&A

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

Operator 3: Thank you. We will now move to our question and answer session. At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster. Your first question comes from the line of Leonardo Olmos with UBS. Leonardo, your line is open.

Operator: Thank you. We will now move to our question and answer session. At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster. Your first question comes from the line of Leonardo Olmos with UBS. Leonardo, your line is open.

Speaker #1: Thank you . We will now move to our question and answer session at this time , I would like to remind everyone in order to ask a question , press star .

Speaker #1: Then, the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster. Your first question comes from the line of Leonardo Olmos with UBS.

Speaker #1: Leonardo , your line is open .

Leonardo Olmos: 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 you more comfortable stepping up capital returns? The second one, still on leverage, but more on the M&A context. If operating trends and FX effects remain broadly stable, should we expect leverage to continue trending lower from here? And how do you think about M&A activity in that context, how it's going to impact your free cash flow this earnings? I mean, the actual payments of the M&A. That's it. Thank you.

Speaker #4: Hi , everyone . Good morning and congrats on the results . Got a couple questions here . The first one , capital allocation in buybacks with the reduction of net debt to EBITDA to 1.4 .

Speaker #4: How should we think about the balance between continued leveraging and a more visible acceleration in buybacks from here ? What leverage would you make more comfortable stepping up capital returns .

Speaker #4: And the second one is still on leverage, but more in the M&A context. If operating trends and effects remain broadly stable, should we expect leverage to continue trending lower from here?

Speaker #4: And how do you think about M&A activity in that context , which how it's going to impact your free cash flow , these earnings ?

Speaker #4: I mean , the actual payments of the M&A . That's it . Thank you .

Daniel Hajj: 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 gonna 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 gonna 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 the Desktop. There's gonna be more opportunities on that. As you said, we need to have a good balance between buybacks, between the leverage, and the opportunities that we have. We are looking for some opportunities, and these opportunities are gonna give us a very good competitive position in the places where we are looking.

Speaker #3: Thank you Leonardo Well , a couple of what we need to see and what we want is some space because I think the region is in very good shape .

Speaker #3: Okay . So the region is going to we're going to have some opportunities in the region in Latin America and in Eastern Europe .

Speaker #3: So both we are growing good and and we're doing very good . So we think that in Eastern Europe and Latin America , there's going to be good opportunities .

Speaker #3: And we are looking for some of them . We already we just a few months ago , we closed Azteca in the network of Azteca in in Colombia , we just closed the desktop .

Speaker #3: So there's a There's going to be more opportunities on that . So as you said , we need to have a good balance between buybacks , between the leverage and the opportunities that we have .

Speaker #3: We are looking for some opportunities . And this opportunities are going to give us a very good competitive position in the places where we are looking .

Speaker #3: So this opportunities are are going to make a very good fit and are going to allow us to grow more in in our faster as to where we are .

Daniel Hajj: These opportunities are gonna make a very good fit and are gonna allow us to grow more or faster as to where we are. That's where we are, and that's the balance that we have. As Carlos was saying, we want to have the debt to 1.3, more or less is what we want to have. We have more opportunities. Okay. We're increasing to 10,000. The fund, MXN 10,000 more to have MXN 21,000 on the fund. We want to buy back more, we want to take the opportunities, and we want to deliver it. 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.

Speaker #3: So that's where we are . And that's the balance that we have . Carlos , as Carlos are saying , we want to have the , the , the debt to 1.3 , more or less is what we want to have .

Speaker #3: We have more opportunities and we are also we increase . We are increasing our No , we . The the Dividend No , no .

Carlos García Moreno Elizondo: Buy.

Daniel Hajj: Okay. We're increasing to 10,000.

Speaker #3: Okay . We're increasing the . To 10,000 . The fund $10,000 more to have $21,000 on on the fund . So we want we want to buy .

Leonardo Olmos: The fund.

Daniel Hajj: ... the fund MXN 10,000 more to have MXN 21,000

Leonardo Olmos: Yeah

Daniel Hajj: pesos on the fund. We want to buy back more, we want to take the opportunities, and we want to deliver it. 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.

Speaker #3: We want to buy back more . We want to take the opportunities and we want to leverage as 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 are looking and and doing that .

Speaker #3: So that's where we are Leonardo

Leonardo Olmos: Yeah. Good thing you answered both of my questions in one answer. Thank you for that. Just a quick follow-up.

Speaker #4: Yeah . Good to see you answer both of my questions in one answer . Thank you for that . Just a quick follow up .

Daniel Hajj: Yes.

Leonardo Olmos: In the past, you used to talk about fiber opportunities in Latin. Are you still on that, or are you considering mobile or other type of network complementarity?

Speaker #4: In the past , you used to talk about fiber opportunities in Latin . Are we still on that or are you considering mobile or other type of network complementarity

Daniel Hajj: No, we're considering everything. We're considering fiber. I think there's a lot of fiber companies in the region that make sense. 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.

Speaker #3: No , we're considering everything . We're considering fiber . I think there's a lot of fiber companies in the region . That makes it instead of putting fiber , they are already with fiber and some some customers and also spectrum , you know , that we buy last year , some spectrum in , in Puerto Rico , there's a lot of things that you can see what we do in desktop , the backbone that we do with the Azteca , Colombia or , and you are going to see all these years good opportunities Leonardo .

Leonardo Olmos: Colombia.

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

Speaker #3: So we want to to to take those to , to have a chance to take those opportunities

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

Speaker #4: Very good . Thank you very much . And have a great day .

Daniel Hajj: Thank you.

Operator 3: Thank you, Leonardo. Our next question comes from Marcelo Santos at JP Morgan. Marcelo, your line is open.

Operator: Thank you, Leonardo. Our next question comes from Marcelo Santos at JPMorgan. Marcelo, your line is open.

Speaker #3: Thank you . Thank you

Speaker #1: Thank you Leonardo . Our next question comes from Marcelo Santos at JP Morgan . Marcelo , your line is open .

Marcelo Santos: Hi. Good morning. Thanks for the opportunity to ask. 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 got stronger. Just wanted to hear what you plan for CapEx this year, and 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.

Speaker #5: 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 for 2026 .

Speaker #5: There was a lot of changes in currencies . The Mexican peso got getting stronger . So I just wanted to hear what you plan for CapEx this year .

Speaker #5: And maybe the next couple of years . And the second one you mentioned in the release , some operational issues in Argentina Could you please comment a bit on that ?

Speaker #5: How ? Just give me a bit more color on that would be great . Thank you

Daniel Hajj: Well, as you said, we have been having a lot of movements in the exchange rates, and we have been reviewing carefully what we're going to have in each country for the CapEx. You know that the CapEx is part in dollars, part in local currency. We're reviewing that. All overall, what we think, finalizing our CapEx, we think that the CapEx for this year is going to be $7 billion, around $7 billion. 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.

Speaker #3: Well , as you said , we have been having a lot of movements in the in the in the exchange rates and we have been reviewing carefully what we're going to have in each country for the CapEx .

Speaker #3: You know , that the CapEx is part in dollars , part in local currency . So we're reviewing that . But all 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 and we think that for the next years will be around that we are going to have our investor day in , in May and , and we can finalize the numbers for the next year .

Speaker #3: But I can say that we are more or less in that , in that number . And Argentina , I don't , I don't know what you are asking on Argentina .

Marcelo Santos: I think you mentioned on the fixed line business in Argentina that you said in 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.

Speaker #5: I think you mentioned on the fixed line business in Argentina that that he said in fixed line market has become more challenging because of the difficulties in assessing clients in the Buenos Aires metropolitan area .

Speaker #5: So just , just wanted to to better understand

Daniel Hajj: 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're 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 it 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 main reason that we have.

Speaker #3: We're doing very good putting fiber in , in , in in in Argentina , very difficult for us to do it in Buenos Aires as the capital city .

Speaker #3: So that's the , the , the , the only thing is the , where we're putting fiber , we are growing , we're putting broadband , we're giving TV and doing .

Speaker #3: For play . It's been very good for us . We are growing very good in Argentina and , and , and the only place where has been difficult for us is Buenos Aires because I think we have permission .

Speaker #3: But we don't . It's difficult because they don't rent us . The the telephone posts and and they don't allow us the competition to go there .

Speaker #3: And difficult to do it underground , to go underground has been very difficult to do at the . But that's that's the main reason that that we have

Marcelo Santos: Okay, very clear. Thank you very much for the answer.

Speaker #5: Okay . Very clear . Thank you very .

Speaker #3: Much for where we have, either we're growing very good, penetrating the... the network, doing fiber, doing what play, doing excellent.

Daniel Hajj: Where we have fiber.

Daniel Hajj: Where we have fiber, We're growing very good, penetrating the network, doing fiber, doing quad play, doing excellent. That's been good for us. With all of that.

Marcelo Santos: Sorry

Daniel Hajj: ... we're growing very good, penetrating the network, doing fiber, doing quad play, doing excellent. That's been good for us. With all of that.

Speaker #3: So it has been good for us with all of that . All right . Well we're going to have a big competitor in Buenos Aires because the market share of our competitor telecom buying Telefonica is going to be high .

Marcelo Santos: All right.

Daniel Hajj: 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.

Speaker #3: So, let's see what is going to happen there. No.

Marcelo Santos: All right. Thanks a lot.

Speaker #5: All right . Thanks a lot .

Daniel Hajj: Thank you.

Speaker #3: Thank you .

Operator 3: Thank you. Your next question comes from Andres Coello of Scotiabank. Andres, your line is open.

Operator: Thank you. Your next question comes from Andres Coello of Scotiabank. Andres, your line is open.

Speaker #1: Thank you . Your next question comes from Andreas Coelho of Scotiabank Andreas , your line is open .

Andres Coello: Yes. Thank you for taking my question. Daniel, as you know, Starlink said back in December that the direct-to-cell service is already available in, or could be available in Mexico. Obviously, users will appreciate that. I'm wondering if América Móvil could work with Starlink. Thank you.

Speaker #6: Yes . Thank you for taking my question . Daniela , do you know Sterling said back in December that the direct to cell service is already available or could be available in in Mexico ?

Speaker #6: Obviously , users will appreciate that . And I'm wondering if American Mobile could work with Starlink . Thank you

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

Speaker #3: I don't I don't hear you so well . Can you repeat the question , please ?

Andres Coello: Sure. Starlink said in December that.

Andres Coello: Sure. Starlink said in December that direct-to-cell service is available in Mexico since December, so they could provide a service in Mexico. 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.

Speaker #6: Sure . So Starlink said in December that direct to cell service is available in Mexico since December . So they could provide the service in Mexico .

Daniel Hajj: Mm-hmm

Andres Coello: ... direct-to-cell service is available in Mexico since December, so they could provide a service in Mexico. 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.

Speaker #6: And this will be obviously very good for for for users , especially in remote areas . So I'm wondering if American Mobile could work with Starlink to provide direct to cell service

Daniel Hajj: Yes. I think the real Direct to Cell service, what I understand, is going to be in 2027, something like that. They are going to launch a new satellite, and that will be the Direct to Cell. Well, they have been successful selling the 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, and 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.

Speaker #3: Yes , I think that the real direct to to cell service , what I understand is going to be on 2020 , 27 , something like that .

Speaker #3: They are going to launch a new satellite and that will be the the direct to cell . Well , they have been successful selling broadband to the houses in Latin America .

Speaker #3: I think all around the world we are open to do anything for them . That makes sense for us , of course . And we're talking with them and and I think it's going to be a good it's going to be a good technology .

Speaker #3: So for doing that , you need to have a spectrum . So I don't know if they already have a spectrum in some places .

Speaker #3: I understand that they buy spectrum in the US and some in Europe , but I don't know if they have spectrum in Latin America .

Speaker #3: So but we are open . If your question is , we want or we can do something with them . Of course we think it's it's a it's a service that makes a complement with us .

Daniel Hajj: If your question is we want to, or we can do something with them, of course, we can. I think it's a service that complements us, and of course, we are open to do something with them.

Speaker #3: And of course , we , we are open to do something with them .

Andres Coello: Okay, thank you. As you know, Entel is doing the-

Andres Coello: Okay, thank you. As you know, Entel is doing the direct-to-cell in Chile and Peru. I understand that in Costa Rica, the service will be available soon. You're saying that you will wait until 2027 for the service to be available in Mexico?

Speaker #6: Okay . Thank you As you know , in Belize , doing direct to sell in Chile and Peru . And I understand that in Costa Rica the service will be available soon .

Daniel Hajj: Okay

Andres Coello: ... Direct to Cell in Chile and Peru. I understand that in Costa Rica, the service will be available soon. You're saying that you will wait until 2027 for the service to be available in Mexico?

Speaker #6: So you are saying that you will wait until 2027 for the service to be available in Mexico ? No .

Daniel Hajj: No. We're not waiting. We're talking with them. I think the LEO and the orbits of satellite-to-cell is going to be available in 2027. They are doing something today in some countries, of course, but the one that is going to be big and it's going to be Direct to Cell is going to be, I think. They said, it's what they said. I'm not Starlink, but what they said it's going to be in 2027. Of course, they already have some.

Speaker #3: No , we're not waiting . We're talking with them . But I think the real and the orbits of satellites for sell is going to be available in 2027 .

Speaker #3: They are doing something today as they are in some countries . Of course , but the one that is going to be big and it's going to be directly to sell is going to be I think they said is what they said is .

Speaker #3: I'm not turning . But what they said is going to be in 2027 , of course , they already have a some . Consultation for the new constellation is going to be in 2027 , but they already have a constellation that can do the fixed broadband .

Andres Coello: Constellation. They've started.

Daniel Hajj: The new constellation is going to be in 2027, but they already have a constellation that can do the fixed broadband. We're not waiting. We talk with them. We're talking with them, and see what opportunities we can have.

Speaker #3: But we're not waiting . We talk with them , we are talking with them , and and see what opportunities we can have

Andres Coello: Understood. Thank you.

Speaker #6: Understood . Thank you .

Daniel Hajj: Thank you.

Speaker #3: Thank you .

Operator 3: Thank you. As we continue with our question and answer session, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. That is star, number one. Our next question comes from the line of Luca Brendan at Bank of America. Luca, your line is open.

Operator: Thank you. As we continue with our question and answer session, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. That is star, number one. Our next question comes from the line of Luca Brendan at Bank of America. Luca, your line is open.

Speaker #1: Thank you. As we continue with our question and answer session, I would like everyone, in order to ask a question, to please press star.

Speaker #1: Then the number one on your telephone keypad that is star number one . Our next question comes from the line of Luca Brendan at Bank of America .

Speaker #1: Luca , your line is open

Luca Brendan: 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 NuCel, and how relevant it has been for the strong expansion we have seen in Brazil Mobile this quarter, in terms of new net additions? The second one, how do you see the potential impact of the recently announced M&A in Mexico Mobile, and what impact could this have on the market and América Móvil more specifically? Thank you.

Lucca Brendim: 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 NuCel, and how relevant it has been for the strong expansion we have seen in Brazil Mobile this quarter, in terms of new net additions? The second one, how do you see the potential impact of the recently announced M&A in Mexico Mobile, and what impact could this have on the market and América Móvil more specifically? Thank you.

Speaker #4: Hi .

Speaker #7: 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 new Cell and how relevant it has been for the strong expansion you have seen in Brazil mobile this quarter in terms of new net additions ?

Speaker #7: And then the second one, how do you see the potential impact of the recently announced M&A in Mexico Mobile, and what is the impact that this could have for the market and to America Movil more specifically?

Speaker #7: Thank you .

Daniel Hajj: The second question is the announcement in América Móvil in Mexico of what?

Speaker #3: The second question is the announcement in mobile in Mexico of .

Luca Brendan: Yeah, the recent M&A that was announced that Telefónica is selling their assets.

Lucca Brendim: Yeah, the recent M&A that was announced that Telefónica is selling their assets.

Speaker #7: Yeah , the the recent M&A that was announced that Telefonica selling their their assets .

Daniel Hajj: They buy the purchase from Telefónica, the sale of Telefónica in Mexico?

Speaker #3: Are they , they buy the not the , the , the purchase from Telefonica . The sale of Telefonica in Mexico .

Luca Brendan: Yes. That's it.

Lucca Brendim: Yes. That's it.

Speaker #7: Yes . Yes . That's it .

Daniel Hajj: Okay. Well, I don't know if in Brazil we are disclosing the numbers of number portability between what we have and what's NuCel. What I can tell you is that we have been doing very well. In number portability, we have been gaining number portability for the last three or four years in all the regions with all our competitors. We have been doing well, and with NuCel, we increased that number portability. That's nothing that we have been doing bad, and then with NuCel 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 peaks. We have a lot of promotions, and we are, I think, in a very good shape in terms of technology, in customer care.

Speaker #3: All right . Okay . Well I , I don't know if if in Brazil we are disclosing the numbers on on of number portability between what we have and what new cell .

Speaker #3: 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 as the three four years gaining number portability in all the regions with all our competitors .

Speaker #3: So we have been doing well and with new cell we increased that number portability . So that's nothing that we have been doing bad .

Speaker #3: And then when cell change and we're doing good . So we have been gaining in number portability because we have a very good 5G .

Speaker #3: We have customer care . We do combos with the pigs . So we have a lot of promotions and we are , I think , in a very good shape in terms of technology , in in customer care , we have been investing in Brazil and that's giving us good results for the last years .

Daniel Hajj: We have been investing in Brazil, and that's giving us good results for the last years. With NuCel, our portability expands. We are growing. I don't have the number here, how much is in us and how much is in NuCel. I don't know if in Brazil, but if in Brazil, they disclose that. Daniela can give it to you, but it's something on top of what we have been doing very well. I'm not saying that NuCel 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, Luca.

Speaker #3: So with new cell , our portability expands . We are growing . I don't know , I don't number here . How much is in us and how much is in , in L ?

Speaker #3: I don't know if in Brazil , but in Brazil they disclosed that Daniela can give it to you . But it's it's something on top of what we have been doing very well .

Speaker #3: I'm not saying that new cell is not. It's doing very well. And we think that we can still grow more in Brazil in number.

Speaker #3: Portability Since October , I think we're gaining more and more and and I hope we , I hope we can do more . Luca and well , how I can see Mexico I can say that the , the last years of Telefonica in Mexico has been shrinking a little bit in terms of technology , in terms of infrastructure , in terms of frequencies .

Daniel Hajj: Well, as 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 is 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 these 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 a spectrum and compete. Let's see. Still right now, I don't know what they are going to do.

Speaker #3: So they are they start to be like an MVNO of , I think part . And the other of AT&T , they are buying that .

Speaker #3: So there is a good company , good name , but not investing what they need to invest in Mexico . And 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 .

Speaker #3: And manage the company as an MVNO or they are going to put infrastructure and buy spectrum and compete . So let's see , still right now , I don't know what they are going to do

Luca Brendan: Very clear. Thank you for the answers.

Lucca Brendim: Very clear. Thank you for the answers.

Speaker #7: Very clear . Thank you for the answers .

Daniel Hajj: Thank you.

Speaker #3: Thank you . Thank

Operator 3: Our next question comes from the line of Phani Kanumuri from HSBC. Fani, your line is open. Please go ahead.

Operator: Our next question comes from the line of Phani Kanumuri from HSBC. Fani, your line is open. Please go ahead.

Speaker #1: Our next question comes from the line of Fanny Kanamori from HSBC . Fanny , your line is open . Please go ahead

Phani Kanumuri: Thanks for taking my question. 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 Q1 2026 compared to Q1 2025. What are the reasons behind the increase in working capital? Thank you.

Speaker #8: 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?

Speaker #8: My second question is on working capital . It seems to have increased a bit in one Q 26 compared to one Q 25 .

Speaker #8: What are the reasons behind the increase in working capital ? Thank you .

Daniel Hajj: Well, on Mexico Mobile, I think we are growing. Part of it is, I think that the economy in Mexico is getting better. The increase in the salaries, the minimum wages increased 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 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. 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 are growing in new customers, and our actual customers are moving to better plans and consuming more.

Speaker #3: Well , on Mexico Mobile , I think we are growing Part is I think that the economy in Mexico is getting better . The increase in in in the salary , the minimum wages increased 12% , I think .

Speaker #3: And that gives us increase also in the prepaid side . So as we have been saying , prepaid is very related to the economy .

Speaker #3: And if the economy is starting to be better , then the , the , the , the , the people starting to spend a little bit more .

Speaker #3: And that's what we have been seeing in , in the prepaid side in postpaid , people likes our promotions . We are increasing our and it's not new .

Speaker #3: I think in postpaid , the growth rate has been very good for the last five quarters . So our , our output is growing and we are growing in new customers .

Speaker #3: And this . And our actual customers are moving to better plans and consuming more . So that's more or less what you have been seeing .

Daniel Hajj: That's more or less what you have been seeing, and I hope that will be. It's not in this quarter. I think for the last 5 quarters, 6 quarters, 4 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 what we have.

Speaker #3: And I hope that will be . But it's not in this quarter . I think for the last five quarters , six quarters , four quarters , the growth of of postpaid has been doing good .

Speaker #3: And 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 , is getting better and and the recovery is doing good .

Speaker #3: So that's more or less what we have. And on the working capital, I think there are two things to note. One is that we are taking in a bit more inventory.

Carlos García Moreno Elizondo: 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 Chile, Mexico, and Brazil are showing very, very strong sales of equipment. That's partly reflected in the working capital. Then again, it's partly linked to this, we are financing very successfully handsets. The 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 successful, this method of selling the equipment.

Speaker #3: We have been more cautious about availability of supplies . If you look at equipment revenues , they've been extremely good , extremely solid this quarter .

Speaker #3: And the last one , and if you look across countries , you will see Chile , Mexico , Brazil , you know , showing very , very strong sales of equipment .

Speaker #3: So that's partly reflected in the working capital . And then again , and it's partly linked to this . We we are financing very successfully handsets .

Speaker #3: And and the consequence in Mexico , for instance , the way we view it is we are basically leasing the handsets and and these basically entails some additional working capital .

Speaker #3: But but it's been a good sales and I'm very , very successful this , this method of selling the equipment , and to add a little bit of what Carlos is saying , we all know that the chips , the memory chips have been increasing a lot .

Daniel Hajj: Yeah, 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 is starting to increase. We want to be sure that we have enough handsets to serve our base, our customer base. That's really the reason why we increase on inventory. Prices are increasing, and we don't know if only price is 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.

Speaker #3: The prices . So the the price of the handsets starting to increase So we want to be sure that we have enough handsets to serve our base , our customer base .

Speaker #3: So that's really the reason why we increase on inventory . So prices are increasing . So and we don't know if only prices increasing or we're going to have a lack of , of , of handsets .

Speaker #3: So that's why we are taking that decision to increase a little bit our inventories.

Phani Kanumuri: Perfect. Thank you.

Speaker #8: Perfect . Thanks .

Daniel Hajj: Thank you.

Speaker #3: Thank you .

Operator 3: Our next question comes from the line of Emilio Fuentes De Leon from GBM. Emilio, your line is open. Please go ahead.

Operator: Our next question comes from the line of Emilio Fuentes De Leon from GBM. Emilio, your line is open. Please go ahead.

Speaker #1: Our next question comes from the line of Emilio Fuentes de Leon from GBM. Emilio, your line is open. Please go ahead.

Emilio Fuentes De Leon: 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 little 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.

Speaker #9: 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 , can you give us a little more color on the nature of this client where they mostly on active lines ?

Speaker #9: And my second question would be on the broadband side , given that you're reaching 90% of customers connected through fiber , should we would this mean that we should expect the net adds to decelerate ?

Speaker #9: Going forward? Thank you.

Daniel Hajj: Well, you know that since 9 January, the registry of lines, 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. Well, that is going to happen. I think there's 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 on 1 July. There's going to be a lot of things. But all overall, it's only number of lines, not money and consumption.

Speaker #3: Well , you know that since January nine , the Registry of Lines is we have to do it by by law . We have to register the line and do a lot of things .

Speaker #3: There . So maybe people is starting to activate less and turn less because they don't want to do it . But well , that is going to happen .

Speaker #3: So I think there's going to be a lot of clean in the basis of subscribers and subscribers that they are not using the , at the end of the day , you need to cancel them because they are not going to be registered in the 1st of July .

Speaker #3: So there's going to be a lot of things , but all overall , it's only number of lines , not money . And consumption .

Speaker #3: And so 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 3 or 4 months , it's worse because it's cost for me and it's not a revenue for me .

Daniel Hajj: For me, 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 a 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 we all want, the register. All the new ones has to be registered, and all the old ones has to be registered until 1 July. Let's see what is going to happen there.

Speaker #3: So that will make a subscribers the base of subscribers to be more clean and to really understand where we are in number of subscribers with this new register of line .

Speaker #3: So let's see , it's been not as fast as , as , as , 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 .

Speaker #3: So let's see what , what , what is going to happen there . But 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 .

Daniel Hajj: 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. That you see in the revenues, in the ARPU, in all of that. That's what is going to happen. The broadband. What's the reason why the broadband will slow down? What's your second question?

Speaker #3: But that's going to finish . Maybe in July . So there's going to be a lot of things all over all 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 output and all of that .

Speaker #3: So that's what what it's going to happen In the broadband , in Y and what's the reason why the broadband will , will slow down ?

Speaker #3: What's your second question ?

Emilio Fuentes De Leon: 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?

Speaker #9: Yes , my question was regarding the broadband net adds , should we expect this to slow down as they reach full penetration on your fibre network ?

Daniel Hajj: Well, I don't think that our hardware broadband will slow down, because what we're doing is we're moving from copper to fiber. I think

Speaker #3: Well , still we have I don't think that our our broadband will slow down as . Because what we're doing is we're moving from copper to fiber .

Oscar Von Hauske Solís: 93%.

Oscar Von Hauske: 93%.

Speaker #3: I think 93% , 93% of our bases in fiber right now , we have a very good bundles in the market . We recently increased the speed almost one third with the same price .

Daniel Hajj: 93% of our base is in fiber right now.

Oscar Von Hauske Solís: We have a very good bundles in the market. We recently increased the speed almost one-third with the same price. I think it will continue with a good level of net adds.

Oscar Von Hauske: We have a very good bundles in the market. We recently increased the speed almost one-third with the same price. I think it will continue with a good level of net adds.

Speaker #3: So, we—I think it will continue at a good level. That's right. Okay. We hope they don't slow down and we can continue with that number.

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

Emilio Fuentes De Leon: Thank you.

Speaker #9: Thank you .

Daniel Hajj: Thank you.

Speaker #3: Thank you .

Operator 3: Our next question comes from David Lopez at New Street Research. David, your line is open. Please go ahead.

Operator: Our next question comes from David Lopes at New Street Research. David, your line is open. Please go ahead.

Speaker #1: Our next question comes from David Lopez at New Street Research . David , your line is open . Please go ahead .

David Lopez: Hi. Thank you for the opportunity and congrats on the results. 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 has been any changes. 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.

David Lopes: Hi. Thank you for the opportunity and congrats on the results. 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 has been any changes. 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.

Speaker #10: 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 .

Speaker #10: I was wondering if you could comment on the competition recently, if there have been any changes, and if you could expand a bit on the reason why you've increased the speed on all the packages.

Speaker #10: And we've Televisa upgrading to fiber , a large part of its business , does that mean it's going to be harder for your net ?

Speaker #10: And the second question on Brazil, I was wondering if you could comment a bit on your plans for price increases this year.

Speaker #10: Thank you

Daniel Hajj: Well, I'm going to start with the second question, and I am going to let Oscar talk a little bit about the broadband in Mexico. Well, 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.

Speaker #3: Well , 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 .

Speaker #3: Well , in Brazil we don't we don't 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 in broadband , in TV .

Speaker #3: So we don't have plans to increase prices . And on broadband in Mexico .

Oscar Von Hauske Solís: As we mentioned before, we already upgraded the network. We have very good network. You mentioned about the business. We want to differentiate ourselves in the broadband, adding value to our small business connectivity. We are bundled with cloud services, cybersecurity, and productivity tools for small business. We have a team really focused just on the 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, so we believe that we will continue with that.

Oscar Von Hauske: As we mentioned before, we already upgraded the network. We have very good network. You mentioned about the business. We want to differentiate ourselves in the broadband, adding value to our small business connectivity. We are bundled with cloud services, cybersecurity, and productivity tools for small business. We have a team really focused just on the 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, so we believe that we will continue with that.

Speaker #11: Oh , as we mentioned before , we are really upgraded . The network . We have a very good network . And you mentioned about the business .

Speaker #11: We want to differentiate ourselves in the broadband , adding value to to our small business connectivity . So we are bundled with cloud services , cyber security , productivity tools for small business , and really we have a team really focused just on on small business to really penetrate not only to bring value added to the small business as well .

Speaker #11: And on enterprise . So we believe that that has been working very well . And the product has been very well adapted in the market .

Speaker #11: So we believe that we could continue with that . All right . And to talk a .

Daniel Hajj: I want to do some other comments. I think all overall, América Móvil is doing very well in all the 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.

Speaker #3: Little bit about I want to do some other comments . I think all over all , America Mobile is doing very well . In other countries .

Speaker #3: We're talking about Mexico a lot. We're talking a lot about Brazil. What I think—the recovery in Colombia has been very good.

Speaker #3: We are increasing in broadband . We're doing much better in in postpaid . So in in Colombia , I think the market is performing well .

Speaker #3: We are performing well. We are cutting costs and doing a lot of things, so our revenues are growing. Our EBITDA is growing better.

Oscar Von Hauske Solís: In Peru.

Oscar Von Hauske: In Peru.

Speaker #3: Okay . No , in Colombia in Peru also things are going okay with us . We have a tough competitor that has a lot of Are in sorry .

Daniel Hajj: 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, so 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. Five years ago, we only have mobile. Today we have mobile and fixed and doing a lot of convergence there. I think the results, and in almost all the countries, we are performing very well, cutting costs, digitalizing, that will help us for the future.

Speaker #3: And in Colombia , we advance in 5G and we have the best 5G network until now . So we are doing okay in Peru , also doing very good in broadband , growing our net adds and performing very well in revenue and in Evita .

Speaker #3: So, if you see, all of Central America has been doing also good. We talk also about Eastern Europe growing a lot, moving a lot.

Speaker #3: We five years ago , we only have mobile today we have mobile and picks and doing a lot of conversions there . So I think the results and in almost all the countries we are performing very well , cutting costs , Digitalizing that will help us for the future .

Daniel Hajj: We're putting a lot of money on the CapEx, on digitalizing our processes, digital 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. 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.

Speaker #3: We're putting a lot of money on the CapEx on Digitalizing our processes , digital , it and doing that in also in big businesses , we are putting more and more cloud selling more services .

Speaker #3: So all of that has been doing very strong in , in our region . And as we said , we want to speed up and take more opportunities there .

Speaker #3: So that's what I want to , to , to talk a little bit more on that

David Lopez: Very clear. Thank you.

David Lopes: Very clear. Thank you.

Speaker #10: Very clear. Thank you.

Oscar Von Hauske Solís: Thank you.

Oscar Von Hauske: Thank you.

Speaker #9: Thank you .

Operator 3: Our next question comes from the line of Ernesto Gonzalez with Morgan Stanley. Ernesto, your line is open. Please go ahead.

Operator: Our next question comes from the line of Ernesto González with Morgan Stanley. Ernesto, your line is open. Please go ahead.

Speaker #1: Our next question comes from the line of Ernest Gonzalez with Morgan Stanley . Ernest , your line is open . Please go ahead

Ernesto Gonzalez: 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? And any color you could give on these moves is greatly appreciated. Thank you.

Ernesto González: 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? And any color you could give on these moves is greatly appreciated. Thank you.

Speaker #12: Hi . Thank you for taking our question . And I wanted to ask exactly about the Colombia , which you were commenting on a moment ago .

Speaker #12: And a few of the other markets where Telefonica has recently left . Could you discuss a little bit of the trends you're seeing ?

Speaker #12: For example , Colombia ? We saw an acceleration in revenues . What is driven by your commercial strategy ? What is driven by market consolidation and any color you could give on on these moves ?

Speaker #12: It is greatly appreciated . Thank you .

Daniel Hajj: Well, in Colombia, we have been investing there for a long time. We invest in 5G. We have the best 5G network, so our customers are happy. Our traffic is growing well. In terms of broadband, we have decreased the last year a little bit, but we are increasing this quarter on the broadband side. We have a lot of competition in Colombia with these ISPs there. 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 in all, we think the markets are looking better.

Speaker #11: Well .

Speaker #3: In Colombia , we have been investing for a long time . We invest in 5G . We have the best 5G network . So our customers are happy and our traffic is growing well in in terms of of broadband , we have been decreased the last year a little bit , but we are increasing this quarter , on , on , on the broadband side , we have a lot of competition in Colombia with this ISP .

Speaker #3: There . And and consolidation has been also good . But I think consolidation in Latin America is also being a good for all the competitors .

Speaker #3: So you need to invest , you need to take the opportunities . But all overall , we we , we , we , we think the markets are looking better .

Speaker #3: No

Ernesto Gonzalez: 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 well in fixed. What drove the margin improvement and how sustainable is it?

Ernesto González: 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 well in fixed. What drove the margin improvement and how sustainable is it?

Speaker #12: That's a really clear . Thank you . And just one more question on Mexico . Margins improved and they were the highest level in a long time .

Speaker #12: You continue expanding really , really well in fixed . What drove the margin improvement and how sustainable is it

Daniel Hajj: Well, in fixed, what Oscar is saying is we increase the speeds to all of our customers so we have fiber and we're using that fiber, so customers are seeing the evolution 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. Mm-hmm. Also in prepaid, as we said, prepaid, let's say, I don't remember exactly the number, but I think Q1 of last year, we had a decrease in revenues in prepaid, and this quarter we are increasing like 4%, 5% there. Economy is doing better, customers are consuming more, and we are very strict on the cost control.

Speaker #3: Well , in in fixed what what Oscar is saying is we we increase the speeds to all of our customers . So we have fiber and we're using that fiber .

Speaker #3: So customers are being the , the , the evaluation of our customers is that they are happy with the network , happy with the service .

Speaker #3: And we are going to still give what , what the market is giving . So we , we want to be very competitive there .

Speaker #3: And also in prepaid prepaid . As we said , prepaid . 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 .

Speaker #3: And this quarter we are increasing like four 5% . There . So economy is doing better . Customers are consuming more . So overall is what an we are very strict on cost control , something that nobody see and is giving us a lot of good is the digitalization of all our process .

Daniel Hajj: Something that nobody sees and is giving us a lot of good is the digitalization of all our processes. We are being much more productive at 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.

Speaker #3: So we are taking . We are . We are being much more productive Digitalizing all the process , doing better . It . Using some AI in some processes that give us more knowledge of our customers .

Speaker #3: So all of that is helping us to , to perform better in each country

Ernesto Gonzalez: Really clear. Thank you.

Ernesto González: Really clear. Thank you.

Speaker #12: Really clear . Thank you

Operator 3: We have reached the end of the Q&A session. I will now turn the call over to Mr. Daniel Hajj for final remarks.

Operator: We have reached the end of the Q&A session. I will now turn the call over to Mr. Daniel Hajj for final remarks.

Speaker #1: We have reached the end of the Q&A session . I will now turn the call over to Mr. Daniel Hajj for final remarks .

Daniel Hajj: Well, Daniela wants to.

Speaker #13: Well .

Speaker #3: Daniela, Daniela wants to.

Daniela Lajud: 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 27 May. The save the date has 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.

Speaker #2: Just before we end the call , I just want to remind everyone that we're hosting our next investor day in New York City .

Speaker #2: This is May 27th . The save the date has been sent out , and that we will be sharing details on the agenda soon .

Speaker #2: 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.

Daniel Hajj: Thank you. Thank you very much.

Speaker #3: And thank you. Thank you very much.

Operator 3: This concludes.

Operator: This concludes.

Daniela Lajud: Thank you.

Speaker #1: This concludes .

Daniela Lajud: Thank you.

Speaker #11: Thank you .

Speaker #3: Thank you .

Operator 3: This concludes today's conference call. You may now disconnect.

Operator: This concludes today's conference call. You may now disconnect.

Q1 2026 America Movil SAB de CV Earnings Call

Request DemoDemo

America Movil

Earnings