América Móvil (AMXL) Q1 2025 earnings summary

Executive summary

• First quarter 2025 revenue rose 14.1% year-over-year to MXN 232 billion, with service revenue up 15.8% and adjusted EBITDA up 13.3%.

• Net income increased 38.6% year-over-year to MXN 18.7 billion, or MXN 31 per share, driven by higher operating profit and lower financing costs.

• Added 2.4 million postpaid subscribers, led by Brazil (+987k), Colombia (+163k), and Mexico (+133k); prepaid segment saw 1.0 million net disconnections.

• Fixed-line broadband accesses grew by 446,000, with Mexico as the main contributor.

• Economic slowdown in Mexico impacted prepaid segment and private consumption, while postpaid and broadband segments showed growth.

Financial highlights

• Service revenue at constant exchange rates increased 6.1% year-over-year; adjusted EBITDA up 4.0%.

• Operating profit reached MXN 44.8 billion, up 10% year-over-year.

• Earnings per share rose to 0.31 pesos from 0.22 pesos; EPS per ADR was $0.30.

• Net debt at end of March was MXN 500 billion, or 1.5x last 12 months' EBITDA.

• CapEx for the quarter was MXN 24.7 billion; share buybacks totaled MXN 4 billion.

Outlook and guidance

• CapEx for 2025 set at MXN 6.7 billion, lower than last year due to economic slowdown and recent heavy investments in 5G, fiber, and IT.

• Management expects economic recovery in Mexico in the second half of the year as election-related uncertainty and high real interest rates subside.

• CapEx guidance includes all regions, including Chile.

• Board to propose a dividend of MXN 0.52 per share in two installments and allocate an additional 10 billion pesos to the share buyback fund for April 2025–April 2026.