Research · Sep 3, 2026
[AMX] America Movil Thesis 2026: LATAM Mobile Postpaid Mix Drives Margin Expansion
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.