América Móvil S.A.B. de C.V. (NYSE: AMX) FY2025 revenue ~Mex$830-880B (~$42-44B; +0-3%) with diluted EPS ~Mex$0.70-0.85 reflecting continued ~315-320M aggregate wireless subscribers across Latin America (selected ~50%+ Mexico + Brazil dominance) plus selected post-2024 mobile postpaid mix expansion (~45-48% postpaid mix vs ~40% FY2022) plus selected continued FTTH (Fiber-to-the-Home) ~32-35M passings + ~13-15M FTTH connections under continued CEO Daniel Hajj Aboumrad (~10-year tenure since 2016 sole CEO). Latin America's largest telecommunications company with operations across 25+ Latin American + Caribbean countries plus Eastern Europe (Austria + selected various pre-October 2024 Telekom Austria divestiture); Slim family ~45%+ aggregate ownership control via Series AA + Series A shares + Series L public float. Founded September 2000 via Telmex Mexico spinoff of mobile + international wireless business by Carlos Slim Helú creating selected pure-play Latin American telecom; selected post-2001 NYSE ADR + Mexican Bolsa listings; selected post-2010 Telmex Mexico parent company merger with América Móvil; selected post-2014 Telekom Austria ~€1.5B acquisition; selected post-2018 selected Brazilian + Eastern European acquisitions including post-2018 Net Serviços de Comunicação (Claro Brazil) integration; selected post-October 2024 Telekom Austria selected divestiture (~€2.5B aggregate proceeds); selected post-2018 ~Mex$30-40B aggregate FTTH network buildout investment + selected post-2022 5G deployment acceleration. Headquartered in Mexico City Mexico; ~150,000+ employees globally with ~Mex$830-880B revenue. Three primary geographic segments: Mexico ~30% revenue (~Mex$250-265B — Telcel mobile + Telmex Infinitum FTTH + Telmex traditional wireline; ~73-76M Mexican wireless subscribers + ~10-12M FTTH connections), Brazil ~30% (~Mex$250-265B — Claro mobile + Claro NET FTTH + Claro Pay; ~85-90M Brazilian wireless subscribers + ~6-7M FTTH connections), Other LATAM ~40% (~Mex$330-350B — Argentina + Colombia + Peru + Chile + Ecuador + Dominican Republic + Costa Rica + Panama + Honduras + Nicaragua + Guatemala + Paraguay + Uruguay + selected Caribbean; ~155-160M aggregate wireless subscribers). LATAM mobile postpaid mix expansion: ~45-48% postpaid mix FY2025 (vs ~40% FY2022); progression FY2022 ~40% → FY2023 ~42-43% → FY2024 ~44-46% → FY2025 ~45-48%; selected ARPU expansion ~Mex$155-165 monthly average FY2025 (vs ~Mex$140 FY2022); selected post-2024 5G deployment Mexico + Brazil + Argentina + Colombia + selected various LATAM markets supports continued postpaid + 5G upgrade cycle. FTTH network expansion: ~32-35M FTTH passings FY2025 (vs ~28M FY2024 + ~22M FY2023); ~13-15M FTTH connections (~40-43% take rate); Mexico Telmex Infinitum ~18-20M passings + Brazil Claro NET ~10-12M passings + selected Other LATAM ~4-6M passings. 5G deployment: post-2022 Telcel Mexico + Claro Brazil 5G launches; ~70%+ Mexican urban population coverage + ~95%+ Brazilian urban population coverage; ~Mex$25-50 incremental monthly ARPU on 5G upgrade plans. CEO Daniel Hajj Aboumrad since 2016 sole CEO (~10-year tenure); selected Slim family son-in-law (married Carlos Slim Helú daughter); CFO Carlos García-Moreno; Carlos Slim Helú (founder + Chairman Emeritus) + Carlos Slim Domit (Chairman) + Patrick Slim Domit (Co-Vice Chairman). Capital return: ~Mex$0.55-0.60 annual dividend FY2025 (~+5% growth post-2024 Mex$0.55 dividend); ~Mex$25-30B aggregate FY2025 buybacks; ~Mex$60-70B aggregate FY2025 capital return; selected post-2024 net debt ~Mex$320-340B (~1.7-1.9x net leverage); investment-grade A2/A- credit rating; Slim family ~45%+ ownership control. FY2026 thesis: LATAM mobile postpaid mix expansion + FTTH network expansion + 5G deployment + Telekom Austria divestiture proceeds + ~Mex$60-70B capital return. Risks: Mexican peso currency, Argentine peso devaluation, Brazilian competitive intensity (Vivo + TIM), Mexican IFT 5G spectrum policy, Slim family ownership concentration governance.

[AMX] America Movil Thesis 2026: LATAM Mobile Postpaid Mix Drives Margin Expansion

Key Takeaways

América Móvil S.A.B. de C.V. (NYSE: AMX) FY2025 revenue ~~Mex$830-880B (~~$42-44B; +0-3% YoY) with diluted EPS ~Mex$0.70-0.85 reflecting continued ~315-320M aggregate wireless subscribers across Latin America (selected ~50%+ Mexico + Brazil dominance) plus selected post-2024 mobile postpaid mix expansion (~45-48% postpaid mix vs ~40% FY2022) plus selected continued FTTH (Fiber-to-the-Home) ~32-35M passings + ~13-15M FTTH connections under continued CEO Daniel Hajj Aboumrad (~10-year tenure since 2016 sole CEO; ex-AMX co-CEO 2014-2016 + ~30-year company career; founder Carlos Slim Helú family; América Móvil controlled by Slim family ~45%+ aggregate ownership).
LATAM mobile postpaid mix expansion: ~45-48% postpaid mix FY2025 (vs ~40% FY2022) driving selected continued ARPU expansion (~Mex$155-165 monthly average ARPU vs ~Mex$140 FY2022); selected post-2024 5G deployment Mexico + Brazil + Argentina + Colombia + selected various LATAM markets supports continued postpaid + 5G upgrade cycle.
FTTH (Fiber-to-the-Home) network expansion: ~32-35M FTTH passings FY2025 (vs ~28M FY2024 + ~22M FY2023) covering Mexico (Telmex Infinitum) + Brazil (Claro NET) + Colombia (Claro) + Peru (Claro) + selected various; ~13-15M FTTH connections (~40-43% take rate); FY2026 catalyst: continued FTTH expansion + ~$0.05-0.10 incremental EPS contribution.
Capital return: ~~Mex$0.55-0.60 annual dividend FY2025 (~~+5% growth post-2024 Mex$0.55 dividend); ~Mex$25-30B aggregate FY2025 buybacks; selected post-2024 net debt ~Mex$320-340B (~1.7-1.9x net leverage); investment-grade A2/A- credit rating; selected Slim family ~45%+ ownership control via Series AA + Series A shares + Series L public float.

Company Background

América Móvil S.A.B. de C.V. (NYSE: AMX) is Latin America's largest telecommunications company with FY2025 revenue ~~Mex$830-880B (~~$42-44B; +0-3% YoY) and diluted EPS ~Mex$0.70-0.85 reflecting continued ~315-320M aggregate wireless subscribers across Latin America (selected ~50%+ Mexico + Brazil dominance) and selected post-2024 mobile postpaid mix expansion. The company employs ~150,000+ globally with operations across 25+ Latin American + Caribbean countries plus Eastern Europe (Austria + selected various pre-October 2024 Telekom Austria divestiture).

Founded September 2000 via Telmex Mexico spinoff of mobile + international wireless business by Carlos Slim Helú creating selected pure-play Latin American telecom; selected post-2001 NYSE ADR + Mexican Bolsa listings; selected post-2010 Telmex Mexico parent company merger with América Móvil; selected post-2014 Telekom Austria €1.5B acquisition; selected post-2018 selected Brazilian + Eastern European acquisitions including post-2018 Net Serviços de Comunicação (Claro Brazil) integration; selected post-October 2024 Telekom Austria selected divestiture (€2.5B aggregate proceeds); selected post-2018 ~Mex$30-40B aggregate FTTH network buildout investment + selected post-2022 5G deployment acceleration.

Headquartered in Mexico City Mexico; ~150,000+ employees globally with ~Mex$830-880B revenue. Three primary geographic segments: Mexico ~30% revenue (~Mex$250-265B — Telcel mobile + Telmex Infinitum FTTH + Telmex traditional wireline; ~73-76M Mexican wireless subscribers + ~10-12M FTTH connections), Brazil ~30% (~Mex$250-265B — Claro mobile + Claro NET FTTH + Claro Pay; ~85-90M Brazilian wireless subscribers + ~6-7M FTTH connections), Other LATAM ~40% (~Mex$330-350B — Argentina + Colombia + Peru + Chile + Ecuador + Dominican Republic + Costa Rica + Panama + Honduras + Nicaragua + Guatemala + Paraguay + Uruguay + selected Caribbean; ~155-160M aggregate wireless subscribers).

CEO Daniel Hajj Aboumrad since 2016 sole CEO (~10-year tenure; ex-AMX co-CEO 2014-2016); selected Slim family son-in-law (married Carlos Slim Helú daughter); Hajj ex-CEO Telmex 2007-2014 + ex-various AMX + Telmex roles + ~30-year company career joining 1992; selected continued strategic focus on FTTH + 5G deployment + selected post-2024 Telekom Austria divestiture + selected continued postpaid mix expansion. CFO Carlos García-Moreno; Carlos Slim Helú (founder + Chairman Emeritus) + Carlos Slim Domit (Chairman; Slim family eldest son) + Patrick Slim Domit (Co-Vice Chairman; Slim family son).

LATAM Mobile Postpaid Mix Expansion

América Móvil ~315-320M aggregate wireless subscribers FY2025:

Mexico Telcel: ~73-76M subscribers; selected ~60%+ Mexican wireless market share dominance
Brazil Claro: ~85-90M subscribers; selected ~25%+ Brazilian wireless market share (vs Vivo + TIM)
Argentina + Colombia + Peru + Chile: ~50-55M aggregate; selected leading market shares
Other LATAM + Caribbean: ~100-105M aggregate; selected leading market shares

Postpaid mix expansion:

FY2022: ~40% postpaid
FY2023: ~42-43% postpaid
FY2024: ~44-46% postpaid
FY2025: ~45-48% postpaid

Selected ARPU expansion ~Mex$155-165 monthly average FY2025 (vs ~Mex$140 FY2022) supports continued LATAM mobile revenue growth ~+3-5% + ~$0.05-0.10 incremental annual EPS contribution.

FTTH Network Expansion

América Móvil FTTH network expansion:

Mexico Telmex Infinitum: ~18-20M FTTH passings + ~10-12M FTTH connections; selected ~55-60% take rate
Brazil Claro NET: ~10-12M FTTH passings + ~6-7M FTTH connections; selected ~50-55% take rate
Colombia Claro: ~3-4M FTTH passings + ~1.5-2M FTTH connections
Other LATAM: ~1-2M aggregate FTTH passings + ~0.5-1M FTTH connections
Aggregate: ~32-35M FTTH passings + ~13-15M FTTH connections FY2025

FY2026 catalyst: continued FTTH expansion + ~$0.05-0.10 incremental EPS contribution.

5G Deployment

América Móvil 5G deployment FY2025:

Mexico Telcel 5G: post-2022 launch + ~70%+ Mexican urban population coverage + ~50+ Mexican cities
Brazil Claro 5G: post-2022 launch + ~95%+ Brazilian urban population coverage post-October 2022 Anatel 5G spectrum auction
Argentina + Colombia + Peru + Chile 5G: selected various 2022-2024 launches
5G ARPU premium: ~Mex$25-50 incremental monthly ARPU on 5G upgrade plans

FY2026 catalyst: continued 5G upgrade cycle + ARPU expansion + ~$0.05-0.10 incremental EPS.

Risks

Mexican peso currency: MXN/USD volatility could compress USD-reported earnings
Argentine peso devaluation: Argentine peso devaluation continued; ~3-5% revenue exposure
Brazilian competitive intensity: Vivo (Telefônica) + TIM Brazil + selected various
Mexican 5G spectrum: Mexican IFT (Federal Telecommunications Institute) 5G spectrum allocation policy
Slim family ownership: ~45%+ Slim family ownership concentration; selected continued capital allocation governance

Key Core Metrics

Metric	FY2025	FY2024	FY2023	FY2022	FY2026 outlook
Revenue	Mex$830-880B	Mex$832B	Mex$849B	Mex$847B	Mex$860-905B
EBITDA	Mex$310-330B	Mex$305B	Mex$316B	Mex$298B	Mex$320-345B
Diluted EPS	Mex$0.70-0.85	Mex$0.51	Mex$0.85	Mex$0.65	Mex$0.75-0.95
EBITDA margin	36-38%	36.6%	37.3%	35.2%	36-38%
Subscribers (M)	315-320	312	305	290	320-325

Capital return	FY2025	FY2024	FY2026 outlook
Dividend	Mex$0.55-0.60	Mex$0.55	Mex$0.60-0.63
Buybacks	Mex$25-30B	Mex$25B	Mex$25-30B
Total return	Mex$60-70B	Mex$60B	Mex$60-70B
Net debt	Mex$320-340B	Mex$340B	Mex$280-310B

Market Evaluation

América Móvil trades at selected ~10-13x FY2026 P/E discount vs Verizon (~9-11x) + AT&T (~9-11x) + T-Mobile (~17-22x) reflecting selected ~45%+ Slim family ownership concentration + selected Mexican peso + Argentine peso currency exposure + selected Brazilian competitive intensity. Selected re-rating catalysts include: (1) continued LATAM mobile postpaid mix expansion toward ~48-50%; (2) FTTH network expansion + ~13-15M FTTH connections; (3) 5G deployment ARPU premium monetization; (4) post-October 2024 Telekom Austria divestiture proceeds deployment; (5) ~Mex$60-70B aggregate capital return + dividend ~5% growth.

LATAM Mobile Postpaid Mix Expansion Deep Dive

América Móvil LATAM mobile postpaid mix expansion represents selected primary differentiation thesis. Postpaid mix progression FY2022 ~40% → FY2023 ~42-43% → FY2024 ~44-46% → FY2025 ~45-48% drives continued ARPU expansion (~Mex$155-165 monthly average FY2025 vs ~Mex$140 FY2022) and EBITDA margin expansion (~36-38% FY2025 vs ~35% FY2022). Selected postpaid mix expansion drivers include (a) Mexican Telcel customer migration from prepaid → postpaid with selected post-2024 Sin Fronteras + selected various unlimited plan offerings; (b) Brazilian Claro selected post-2024 Claro família + selected various postpaid migration campaigns; (c) Argentine + Colombian + Peruvian + Chilean selected various postpaid + 5G upgrade campaigns. Selected ~45-48% postpaid mix FY2025 supports continued LATAM mobile revenue growth ~+3-5% + EBITDA margin expansion + ~$0.05-0.10 incremental annual EPS contribution. FY2026 catalyst: continued postpaid mix expansion toward ~48-50% + ARPU expansion + ~Mex$0.10-0.15 incremental annual EPS.

FY2026 thesis: LATAM mobile postpaid mix expansion + FTTH network expansion + 5G deployment + Telekom Austria divestiture proceeds + ~Mex$60-70B capital return.