América Móvil, S.A.B. de C.V.

Strong operating momentum + financial profile (main headline) - Q3 2026 revenue: MXN 251bn, +7.6% YoY. - EBITDA margin: 40.8% (+0.5pp YoY) with EBITDA growing faster than revenue. - Service revenue growth: +5.3% at constant FX, driven by mobile service revenue +6.3% YoY (acceleration vs prior quarter). - Customer growth (postpaid-led): +3.1m net postpaid subscribers (about in line with prior quarters), with Brazil/Colombia/Peru/Mexico/Argentina all contributing positively. - Fixed/mobile convergence traction: +8.9% mobile postpaid and +5.6% fixed broadband vs the prior-year quarter—i.e., growth is not only subscriber adds but also service mix.

Macro/FX headwinds were real, but the company managed them - Management highlighted rising oil and inflation expectations → higher US interest rates → stronger USD in the region. - FX impact: Mexico peso ended the quarter ~2.1% weaker vs USD; Colombia peso ~+3%; Brazil real and euro ~flat. - Comprehensive financing cost up despite lower net interest expenses, because of FX losses of ~MXN 3.6bn (vs FX gains in the prior year). - Net profit: MXN 24m, +7% YoY, with YTD net income at MXN 72bn—profit level low in absolute terms, but showing resilience.

Capital allocation: buybacks/dividends supported, leverage guidance maintained - Capex (9M to Sep): MXN 676bn, fully funded by cash flow. - Free cash flow: +41% vs 2025, and ~+47% vs the year before (improving cash generation is a key positive). - Net debt: MXN 400bn excluding leases; leverage improved to ~1.21x net debt/EBITDA after leases from ~1.51x at end-2025. - Returns to shareholders: distributed MXN 27bn via share buybacks and dividends. - Outlook / M&A & buyback capacity: leverage framework reiterated for 2026–2028 (keep within a band around ~1.2–1.5x, with distribution + M&A accommodated). - Near-term “lumpiness” risk: major payments/transactions expected—Desktop acquisition payment schedule (noted BRL ~4bn mostly accounted for in Q4) plus dividends ~MXN 17bn in ~2–3 weeks—could temporarily absorb cash but guidance suggests buybacks remain supported.