América Móvil, S.A.B. de C.V.

Strong Q3 operating momentum; solid profitability - Revenue: América Móvil reported MXN 251bn, +7.6% YoY. - EBITDA: 40.8% margin, up 0.5pp YoY (EBITDA expanded faster than service revenue). - Service revenue at constant FX: +5.3% YoY; EBITDA +6.7% YoY. - Mobile service revenue: +6.3% YoY; postpaid platform revenue +7.5% YoY (Mexico/Brazil/Colombia cited as key accelerators). - Net profit: MXN 24m (+7% YoY), with YTD net income MXN 72bn. - Good investor read: continued “quality” growth (postpaid + upsell) supporting margins, not just revenue volume.

Customer/volume trends: mixed (postpaid up strongly; prepaid churn/cleanup still a headwind) - Postpaid adds: +3.1m subscribers (in line with recent quarterly average). Key regional contributions: - Brazil: +343k - Colombia: +348k - Peru: +229k - Mexico: +144k - Argentina: +126k - Prepaid: +5.0m net disconnections (mainly subscriber cleanups in Mexico and Colombia), but offset by net gains in Eastern Europe, Argentina, Central America, Ecuador (+745k). - Fixed/broadband: 390k new broadband accesses, with Brazil +94k, Colombia +67k, Argentina +63k. - Good: broadband and mobile postpaid/fixed broadband remain the core drivers. - Bad/surprising: prepaid disconnections were large this quarter—attributed largely to regulatory-driven cleanups, implying near-term subscriber churn risk even if revenue recovers later.

Mexico broadband “lower net adds but stronger revenue” explained by base cleaning + faster customer migration - Net broadband adds were weaker vs prior quarters, but revenue growth was stronger. - Management attributed this to cleaning the base (e.g., non-paying / not actively consuming lines), which improves revenue quality. - Also cited faster execution of competitive offers and churn/upselling focus; 94% of customers already connected with fiber (important structural support for monetization and margin protection).