América Móvil (AMXL) Q2 2025 earnings summary

Executive summary

• Second quarter revenue rose 13.8% year-over-year to 234 billion pesos, with service revenue up 13.4% and EBITDA up 11.2% in peso terms; net profit reached 22.3 billion pesos, reversing a prior-year loss.

• Added 2.9 million postpaid clients, led by Brazil, with Colombia, Argentina, Peru, and Mexico also contributing; prepaid segment saw net disconnections, mainly in Brazil, Chile, and Central America.

• Broadband accesses increased by 462,000, with Mexico and Brazil as top contributors; total accesses reached 404 million at quarter-end.

• Net debt reduced by 7.3 billion pesos in the first half, with a net debt-to-EBITDAAL ratio of 1.56x.

• U.S. dollar depreciated against regional currencies, benefiting results; foreign exchange gains of 11 billion pesos supported net income.

Financial highlights

• Total revenue: 234 billion pesos (+13.8% YoY); service revenue: 198.5 billion pesos (+13.4% YoY); equipment revenue up 12.5% YoY.

• EBITDA: 92.4 billion pesos (+11.2% YoY); EBITDA margin: 39.5%; operating profit: 47.3 billion pesos (+4.0% YoY).

• Net profit: 22.3 billion pesos; EPS: 0.37 pesos, 0.38 USD per ADR.

• CapEx for Jan-Jun 2025 totaled 55 billion pesos; free cash flow was 20.1 billion pesos.

• Net debt: 472 billion pesos at June 30, 2025.

Outlook and guidance

• Broad-based revenue growth expected to continue, with strong momentum in postpaid, broadband, and corporate network segments.

• CapEx for the year expected to be slightly below 7 billion pesos, maintaining a stable CapEx-to-sales ratio for the next two years.

• No significant changes anticipated in investment strategy or competitive dynamics in Mexico; economic rebound expected to support further revenue growth.

• Central America and Eastern Europe anticipated to expand more rapidly than a year ago.

• Corporate networks and Pay TV revenue showed double-digit YoY growth, indicating strong future performance.