América Móvil, S.A.B. de C.V.

Solid Q3 operating momentum (broad-based growth; margins stable/improving) - Revenue: MXN 251bn, +7.6% YoY. - EBITDA: 40.8% margin (+0.5pp YoY), with EBITDA up strongly vs service revenue (EBITDA +6.7% YoY at constant FX; service revenue +5.3% at constant FX). - Customer growth: +3.1m postpaid net adds (Brazil led +343k; Colombia +348k; Peru +229k; Mexico +144k; Argentina +126k). - Fixed/Convergence: +390k broadband connections; Brazil +94k, Colombia +67k, Argentina +63k; Pay TV +50k units net adds. - Good: Growth driven by mobile postpaid and fixed broadband, including mobile postpaid service revenue +7.5% YoY (Mexico/Brazil/Colombia noted as accelerating).

MACRO + FX headwinds were real, but profitability held - Management described a tough macro backdrop in Q3 (higher oil prices, higher inflation expectations, and Fed rate hike in September supporting USD strength). - FX: MXN down ~2.1% in September; nevertheless, results were resilient. - Financial impact: comprehensive financing cost rose due to FX losses of ~MXN 3.6bn (vs FX gains last year), despite net interest expense down 11.2% YoY. - Net profit: MXN 24m, +7% YoY (small absolute profit, but positive).

Prepaid weakness tied to Mexico regulatory clean-up; positives elsewhere - Prepaid: ~5.0m net disconnections (management attributed largely to subscriber base cleanups in Mexico and Colombia). - Mitigation: despite that, company posted net prepaid gains of ~745k across Eastern Europe, Argentina, Central America, Ecuador. - Mexico specific dynamic (investor-relevant): - Broadband net adds in Mexico were lower, but revenue growth stronger due to base clean-up (disconnecting inactive/non-paying/non-consuming users) and a push to be more competitive. - Prepaid: ongoing number registration mandate (every 15 days new numbers to register through end-December) implies near-term revenue drag risk; management expects mid/long-term recovery as most users will remain connected.