America Movil S.A.B.DE C.V. - ADR - Series B

Strong Subscriber Growth: América Móvil added 2.1 million postpaid subscribers in Q4 2024, with significant contributions from Brazil (655,000), Colombia (178,000), and Mexico (141,000). However, the prepaid sector faced challenges, with a net loss of 1.3 million subscribers primarily in Brazil due to customer cleanup efforts.

Revenue and EBITDA Performance: Q4 revenues in Mexican pesos rose 18% year-over-year to MXN 237 billion, driven by strong service revenue growth of 19.1%. EBITDA increased by 16.4% to MXN 91 billion, benefiting from operational adjustments in Argentina, despite accounting for hyperinflation. Excluding Argentina, revenues increased by 10%, indicating solid core business performance.

CapEx Guidance and Network Investment: América Móvil plans to maintain CapEx guidance around MXN 22 billion over the next three years, including substantial investments in fiber and 5G infrastructure, particularly in Chile, which is expected to see approximately $250 million in spending in 2025. This positions the company well to enhance its competitive edge.