América Móvil (AMXL) Q3 2024 earnings summary

Executive summary

• Added 1.8 million subscribers in 3Q24, with 1.4 million postpaid net adds; Brazil, Colombia, and Mexico led postpaid growth.

• Net profit surged to MXN 6.4 billion, nearly tripling year-over-year, driven by higher operating profit and lower financing costs.

• Service revenue rose 11.3% in MXN and 5.5% at constant FX, with consolidated revenue reaching MXN 223.5 billion, up 9.6% year-over-year.

• EBITDA increased 11.9% in MXN and 7.3% at constant FX; adjusted EBITDA up 13.0% year-over-year.

• MSCI ESG Ratings upgraded to "A" from “BBB” due to sustainability and governance improvements.

Financial highlights

• Service revenue: MXN 188.2 billion (+11.3% YoY); total revenue: MXN 223.5 billion (+9.6% YoY).

• Net income: MXN 6.4 billion (+216.8% YoY); EPS: 0.10 MXN (vs. 0.03 MXN in 3Q23).

• Adjusted EBITDA: MXN 89.2 billion (+13.0% YoY); EBITDA margin: 40.0%.

• Net debt (ex-leases): MXN 433 billion; net debt/EBITDAAL: 1.34x.

• CapEx for 9M24: MXN 86.7 billion; shareholder distributions: MXN 32.9 billion.

Outlook and guidance

• CapEx for 2024 is on target at around $7.2 billion, with no significant changes expected.

• No changes planned for shareholder remuneration or CapEx despite recent currency depreciation.

• No major M&A activity planned; focus remains on organic growth and technology upgrades.

• Service revenue growth accelerated in 3Q24, with improved trends in Brazil, Colombia, and Central America.

• Continued focus on expanding broadband, corporate networks, and postpaid segments.