América Móvil (AMXL) Investor Presentation summary

Macroeconomic and market environment

• Private consumption and economic activity in Mexico slowed in late 2024, but signs of recovery are emerging as interest rates fall and public spending normalizes.

• Trade deficit nearly eliminated, driven by a large surplus with the U.S., while deficits persist with China, the EU, and others.

• Current account surplus supported by remittances and strong FDI, leading to increased international reserves.

• Inflation differential with the U.S. is at a 25-year low, and the peso's exchange rate may revert to its historical mean.

• Mexico's public debt to GDP ratio remains stable compared to the U.S., and the local government securities market is highly developed.

Company overview and performance

• Over 400 million accesses in 23 countries, with 630 million people covered, making it the largest operator outside China and India.

• LATAM telecom markets are consolidating, with a major competitor exiting the region, strengthening market position.

• EBITDA growth has outpaced service revenue growth, with fixed and mobile revenue growth converging.

• Mexico and Brazil contribute about 60% of revenue and EBITDA, followed by Austria and Colombia.

• Capital intensity is set to decrease after a period of high investment, with CapEx to revenue ratio dropping to 14-14.5% in 2025.

Financial position and credit profile

• Gross debt stands at $29 billion, with net debt at $24.1 billion; 77% of debt is from capital markets.

• Half of bonds are in USD and EUR, with MXN-denominated bonds increasing; MXN accounts for 40% of net debt after derivatives.

• Low liquidity risk due to a well-structured maturity profile and $5 billion in committed credit lines.

• Financial leverage remains low and within guidance, supporting strong credit ratings among Western telcos.