Oct 21, 2026 earnings call — Q3 results and subscriber trends
América Móvil reported third quarter revenue of MXN 251 billion and an EBITDA margin of 40.8%.
Revenue $13.9B (est $13.5B) · EPS $0.45 (est $0.46)
Key quotes
"They were fully funded by our cash flow, which also enabled us to reduce net debt, in cash flow terms by MXN 34 billion distribute MXN 27 billion to our shareholders by way of share buybacks and dividends."
"94% of the customers are already connected with fiber."
Analyst Q&A 10
M&A pipeline and Mexican broadband
Q (Marcelo Santos · JPMorgan): Asked about the M&A pipeline and room for more buybacks, and asked why Mexican broadband had lower net adds but stronger revenue this quarter.
A: They reiterated their leverage guidance and said recent items will affect near-term cash: the desktop consolidation will be accounted mostly in the last quarter and a dividend payment of 17 billion pesos is due in 2-3 weeks. They said they have no other M&A besides the Peru acquisition waiting regulatory approval, and that Mexico cleaned inactive customers which raised revenues while lowering net adds.
"we do not have anything more in the M&A pipeline, other than the acquisition in Peru that is waiting for regulatory approval likely to be received until the second half of the year." — Carlos Jose Garcia Moreno Elizondo (CFO)
Mexican broadband speeds and fiber share
Q (Oscar Von Hauske Solís): Follow-up to understand broadband moves in Mexico: what changes explain revenue strength despite lower net adds?
A: They said they increased speeds for the whole customer base and focused on reducing churn and upselling. They also said this helped revenue growth, and 94% of customers are already on fiber.
Argentina competition and tax cash flow
Q (Phani Kumar Kanumuri · HSBC): Asked how the new operator in Argentina affects competition and why taxes paid year-to-date are lower.
A: They said Argentina had a very good quarter due to long-term investment, strong 5G, broadband and corporate data-center services; the merged operator will move subscribers but looks like an MVNO-style arrangement. On taxes, they said lower cash taxes reflect some monies received back from tax authorities, limited measures, and timing/cash-flow that leads to credits when annual returns are filed.
"partly with some monies that we received back from the tax authorities in some countries, like, out of Mexico." — Carlos Jose Garcia Moreno Elizondo (CFO)
Televisa deal impact and CapEx outlook
Q (Walter Piecyk · LightShed): Asked what Televisa might do after buying AT&T Mexico assets, and whether currency moves give room to change CapEx versus the $7 billion guidance.
A: They said it is hard to know Televisa's strategy but expect it to be a strong competitor, so they will keep investing and reinforcing distribution and service. On CapEx, they explained currency moves reduced reported CapEx in pesos and reiterated the $7 billion guide with about a 5% up-or-down range and no major changes expected next year.
"all overall, we said $7 billion, 5% plus or 5% less,, and it is where we are" — Daniel Hajj Aboumrad (CEO)
Brazil competition and convergent offers
Q (Gustavo Farias · UBS): Asked whether Brazil competitive/promotional pressure is stabilizing and whether investors should focus on total service revenue as convergence grows.
A: They said competition in Brazil is intense across mobile, broadband and TV; mobile promotions seem to be stabilizing but Q4 is uncertain and broadband promotions remain high. They noted recent growth of 90 thousand broadband subscribers, expect synergies from taking Desktop (4.8 million home passes) and confirmed no changes in how they allocate fixed-line revenue across services.
"We have not made any changes in the allocation of fixed line revenues as the different services." — Carlos Jose Garcia Moreno Elizondo (CFO)
NuCel autonomy and prepaid pricing
Q (Rogério Araújo · BofA): Asked how autonomous NuCel is on pricing and whether NuCel's costs have automatic inflation pass-through; also asked about prepaid and WhatsApp promotion strategy.
A: They said NuCel can set prices within the agreement and manage its own pricing, but Daniel did not recall specific contract terms on inflation pass-through. On prepaid, they said small direct price hikes are hard, so they prefer removing or shortening promotions or changing card features; postpaid can be repriced more easily.
"And they can do whatever they want to do inside this agreement." — Daniel Hajj Aboumrad (CEO)
Mexico postpaid growth and prepaid registration
Q (Jesus Roma · Global Data): Asked what is driving strong postpaid net adds and revenue in Mexico, and whether prepaid losses relate to the registration mandate.
A: They said postpaid is strong because many renewing customers move to better plans and migrate from prepaid to postpaid, and broader 5G use supports upselling. Prepaid losses reflect disconnections and ongoing registration requirements that may reduce prepaid revenues short term but should recover in the mid run; postpaid ARPU is accelerating.
"We are the only ones who have a very good 5G and coverage network in Mexico." — Daniel Hajj Aboumrad (CEO)
Colombia strong performance and sustainability
Q (David Lopez · New Street): Asked what is working in Colombia and how sustainable the ARPU and growth performance is.
A: They said early investment in 5G, a strong network, focus on customer retention and upselling after aggressive competitor promotions allowed recovery and growth. Being early with 5G rollout gave them better coverage and helps sustain performance going forward.
"So we were the first the starters in Colombia in the market, and that is helping us." — Daniel Hajj Aboumrad (CEO)
Peru, Ecuador and Central America performance
Q (Ernesto Gonzalez · Morgan Stanley): Asked for any notable points on Peru, Ecuador or other smaller markets.
A: They said Ecuador is growing with quad-play, fiber expansion, TV and improving corporate business; Peru is also doing well despite a third operator using aggressive pricing. Central America is performing strongly, with good revenue and EBITDA growth and cost and efficiency improvements via AI tools.
"Service revenue growth in Central America in the quarter was 11.4%." — Carlos Jose Garcia Moreno Elizondo (CFO)
Permission to bundle fixed and mobile in Mexico
Q (Emilio Fuentes · GBM): Asked whether they expect permission to offer both fixed and mobile bundled services in Mexico after the Televisa-AT&T deal.
A: They said they hope the government will allow them to offer all services as well and see no reason against it, but noted that successful competition requires coverage, networks, distribution and customer service beyond bundling. They are working on those areas.
"I hope the government will allow us to do all the services also." — Daniel Hajj Aboumrad (CEO)