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  4. [6-K] AMERICA MOVIL SAB DE CV/ Current Report (Foreign Issuer)

[6-K] AMERICA MOVIL SAB DE CV/ Current Report (Foreign Issuer)

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

América Móvil reported preliminary unaudited results for the nine months ended September 30, 2025. Operating revenues reached Ps. 698,741 million (up 10.5% year over year), including service revenues of Ps. 599,980 million (up 10.7%). At constant exchange rates, total revenues rose 6.2%, or 3.7% excluding the consolidation of Claro Chile, SpA.

Operating income was Ps. 142,275 million (up 6.4%), with an operating margin of 20.4% versus 21.1% a year ago as operating costs grew faster than revenues. A net foreign exchange gain of Ps. 16.1 billion—versus a loss in 2024—helped lift net profit to Ps. 67.7 billion (up 207.4%). The effective tax rate was 37.5%.

As of September 30, 2025, the company had 328.8 million wireless subscriptions and 78.9 million fixed RGUs. Management notes non‑IFRS views excluding Claro Chile to clarify the impact of its consolidation.

Positive

  • None.

Negative

  • None.

Insights

Revenue grew solidly; net profit surged on FX gains.

América Móvil posted nine-month revenue of Ps. 698,741 million (up 10.5%) and operating income of Ps. 142,275 million (up 6.4%). The operating margin eased to 20.4% from 21.1% as costs (notably network, IT and energy) outpaced sales.

Below the line, a shift to a net FX gain of Ps. 16.1 billion from a prior loss drove net profit to Ps. 67.7 billion (up 207.4%). The filing also quantifies constant-currency growth of 6.2%, and 3.7% excluding Claro Chile, indicating a meaningful—but more moderate—underlying trend.

Segment dynamics were mixed: Mexico Fixed’s adjusted operating income turned negative, while wireless and several regional units improved. Subsequent filings may provide additional segment updates tied to September 30, 2025 baselines.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K


REPORT OF A FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of November, 2025
 
Commission File Number: 1-16269


AMERICA MOVIL, S.A.B. DE C.V.
(Exact Name of the Registrant as Specified in its Charter)


America Mobile
(Translation of Registrant’s name into English)

Lago Zurich 245
Plaza Carso / Edificio Telcel, Piso 16
Colonia Ampliación Granada, Alcaldía Miguel Hidalgo
11529, Mexico City
Mexico
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒ 
Form 40-F  ☐

TABLE OF CONTENTS

Forward‑Looking Statements
1

 
América Móvil
2

 
Operating and Financial Review as of September 30, 2025 and for the Nine-Month Periods Ended September 30, 2024 and 2025
4

This report includes certain financial information as of and for the nine-month periods ended September 30, 2024 and 2025.

The information in this report supplements information contained in our annual report on Form 20-F for the year ended December 31, 2024 (File No. 001-16269), filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 14, 2025 (our “2024 Form 20-F”).

Table of Contents
FORWARD-LOOKING STATEMENTS

Some of the information contained or incorporated by reference in this report may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we have based these forward-looking statements on our expectations and projections about future events, it is possible that actual events may differ materially from our expectations. In many cases we include, together with the forward-looking statements themselves, a discussion of factors that may cause actual events to differ from our forward-looking statements. Examples of forward-looking statements include the following:
 

 •
projections of commercial, operating or financial performance, our financing, our capital structure or our other financial items;
 

 •
statements of our plans, objectives or goals, including those relating to acquisitions, competition and rates;


•
statements concerning regulation or regulatory developments;


•
the impact of public health crises;


•
statements about our future economic performance or that of Mexico or other countries in which we operate;
 

 •
statements about competitive developments in the telecommunications industry;


•
other descriptions of factors and trends affecting the telecommunications industry generally and our financial condition in particular; and
 

 •
statements of assumptions underlying the foregoing statements.

We use words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements.
 
Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors, some of which are discussed under “Risk Factors” in our 2024 Form 20-F, include economic and political conditions and government policies in Mexico, Brazil, Argentina, Colombia, Europe and elsewhere, inflation rates, exchange rates, regulatory developments, technological improvements, the impact of public health crises, customer demand and competition. We caution you that the foregoing list of factors is not exclusive and that other risks and uncertainties may cause actual results to differ materially from those in forward-looking statements. You should evaluate any statements made by us in light of these important factors.

Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

1
Table of Contents
AMÉRICA MÓVIL

América Móvil, S.A.B. de C.V. (“América Móvil,” “we,” “us,” “our” or the “Company”) is a sociedad anónima bursátil de capital variable organized under the laws of Mexico. We provide telecommunications services in 23 countries. We are a leading telecommunications service provider in Latin America, ranking first in wireless, fixed-line, broadband and Pay TV services based on the number of revenue generating units (“RGUs”). Our largest operations are in Mexico and Brazil, which together account for over half of our total RGUs and where we have the largest market share based on RGUs. We have operations in 16 countries in the Americas and seven countries in Central and Eastern Europe. As of September 30, 2025, we had 328.8 million wireless voice and data subscriptions and 78.9 million fixed RGUs.

Our customers generate revenue for us by purchasing one or more of our services. We refer to each service that a customer purchases as a revenue generating unit (“RGU”). Our management has identified RGUs as a key performance indicator (“KPI”) that helps measure the performance of our operations because it allows the Company to assess its performance on a per-service basis. Each wireless subscription, which includes prepaid and postpaid subscriptions, is counted as a single RGU, while a single fixed-service customer can have multiple RGUs, depending on the services we provide in its respective country. Fixed RGUs consist of fixed voice, fixed data and Pay TV units (which include customers of our Pay TV services and, separately, of certain other digital services). The figures below reflect total wireless subscriptions and fixed RGUs of all our consolidated subsidiaries in the following reportable segments:

•
Mexico Wireless;
 
•
Mexico Fixed;
 
•
Brazil;
 
•
Colombia;
 
•
Southern Cone (Argentina);
 
•
Southern Cone (Chile, Paraguay and Uruguay);
 
•
Andean Region (Ecuador and Peru);
 
•
Central America (Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua);
 
•
the Caribbean (the Dominican Republic and Puerto Rico); and
 
•
Europe (Austria, Belarus, Bulgaria, Croatia, North Macedonia, Serbia and Slovenia).
 
2
Table of Contents
   
As of September 30,
  
   
2024
    
2025
  
   
(in thousands)
  
             
Wireless RGUs:
            
Mexico
    
84,171
      
84,345
  
Brazil
    
88,276
      
89,261
  
Colombia
    
40,597
      
42,165
  
Southern Cone (Argentina)
    
25,621
      
27,073
  
Southern Cone (Chile, Paraguay and Uruguay)
    
9,142
      
8,771
  
Andean Region
    
22,461
      
22,744
  
Central America
    
16,969
      
17,101
  
Caribbean
    
7,836
      
8,007
  
Europe
    
26,666
      
29,289
  
Total Wireless RGUs
    
321,740
      
328,755
  
                 
Fixed RGUs:
                
Mexico
    
21,815
      
22,545
  
Brazil
    
22,509
      
21,867
  
Colombia
    
9,561
      
9,653
  
Southern Cone (Argentina)
    
3,571
      
3,983
  
Southern Cone (Chile, Paraguay and Uruguay)
    
3,481
      
3,235
  
Andean Region
    
2,527
      
2,721
  
Central America
    
5,120
      
5,540
  
Caribbean
    
2,829
      
2,895
  
Europe
    
6,293
      
6,412
  
Total Fixed RGUs
    
77,704
      
78,852
  
Total RGUs (Total Wireless RGUs and Total Fixed RGUs)
    
399,444
      
407,607
  

* Totals may not sum due to rounding.
 
We operate in all of our geographic segments under the Claro brand name, except in Mexico and Europe, where we principally do business under the brand names listed below.
 
COUNTRY
  
PRINCIPAL BRANDS
  
SERVICES AND PRODUCTS
Mexico
  
Telcel
  
Wireless voice
Wireless data
         
   
Telmex Infinitum
  
Fixed voice
Fixed data
         
Europe
  
A1
  
Wireless voice
Wireless data
Fixed voice
Fixed data
Pay TV
Equipment and accessories

3
Table of Contents
OPERATING AND FINANCIAL REVIEW AS OF AND FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2025
 
The following is a summary and discussion of our preliminary unaudited condensed consolidated financial information as of September 30, 2025 and for the nine-month periods ended September 30, 2024 and 2025. The following tables and discussion should be read in conjunction with our audited consolidated financial statements included in our 2024 Form 20-F.

In the opinion of our management, the unaudited condensed consolidated financial information discussed below includes all adjustments, consisting only of normal and recurring adjustments, necessary for the fair presentation of this financial information in a manner consistent with the presentation under IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS”) made in our audited annual consolidated financial statements included in our 2024 Form 20-F.

References herein to “U.S.$” are to U.S. dollars. References herein to “Ps.” are to Mexican pesos. U.S. dollar amounts in the tables below are presented solely for convenience. You should not construe these translations, or any other currency translations included herein, as representations that the Mexican peso amounts actually represent U.S. dollar or other foreign currency amounts or could be converted into U.S. dollars or such other foreign currency at the rate indicated. Unless otherwise indicated, we have translated U.S. dollar amounts from Mexican pesos at the exchange rate of Ps. 18.3825 to U.S.$1.00, which was the rate reported by Banco de México for settlement of obligations in foreign currencies due on September 30, 2025, as published in the Mexican Official Gazette of the Federation (Diario Oficial de la Federación) on September 29, 2025.
 
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Table of Contents
Condensed Consolidated Financial Information of América Móvil

The following tables set forth our unaudited consolidated financial information as of September 30, 2025 and for the nine-month periods ended September 30, 2024 and 2025.

 
   For the nine-month periods ended
 
 
   September 30,  
 
   2024
   2025
  
Income Statement Data
  
(in millions of
Mexican pesos)
  
(in millions of
U.S. dollars)
  
 
   (unaudited)  
Operating revenues:
                    
Service revenues
   Ps.
542,020
     Ps.
599,980
     U.S.$
32,639
  
Sales of equipment
    
90,260
    

98,761    

5,372  

  Ps.
632,280
     Ps.
698,741
     U.S.$
38,011
  
Operating costs and expenses:
                        
Cost of sales and services
    
238,540
      
262,905
      
14,302
  
Commercial, administrative and general expenses
    
135,654
      
153,972
      
8,376
  
Other expenses
    
4,966
      
4,584
      
249
  
Depreciation and amortization
    
119,411
      
135,005
      
7,344
  

  Ps.
498,571
     Ps.
556,466
     U.S.$
30,271
  
Operating income
   Ps.
133,709
   Ps.
142,275
     U.S.$
7,740
  
Interest income
    
6,591
      
6,902
      
375
  
Interest expense
    
(41,001
 )    
(46,628
 )    
(2,537
 )
Foreign currency exchange (loss) gain, net
    
(58,373
 )    
16,084
      
875
  
Valuation of derivatives, interest cost from labor obligations and other financial items, net
    
10,541
      
(10,426
 )    
(567
 )
Equity interest in net result of associated companies
    
(4,372
 )    
106
      
6
  
Profit before income tax
    
47,095
      
108,313
      
5,892
  
Income tax
    
25,061
      
40,577
      
2,207
  
Net profit for the period
   Ps.
22,034
      
67,736
     U.S.$
3,685
  
Net profit for the period attributable to:
                        
Equity holders of the parent
   Ps.
18,828
     Ps.
63,685
     U.S.$
3,464
  
Non-controlling interests
    
3,206
      
4,051
      
221
  

  Ps.
22,034
     Ps.
67,736
     U.S.$
3,685
  
Other comprehensive income:
                        
Other comprehensive income that may be reclassified to  profit or (loss) in subsequent period (net of tax):
                        
Effect of translation of foreign entities
   Ps.
73,198
     Ps.
(8,370
 )   U.S.$
(455
 )
Items that will not be reclassified to profit or (loss) in subsequent periods:
                        
Re-measurement of defined benefit plan net of deferred taxes
   Ps.
(119
 )   Ps.
7,507
     U.S.$
408
  
Unrealized gain on equity investments at fair value, net of deferred taxes
    
10,173
      
965
      
52
  
Total other comprehensive income items for the period, net of deferred taxes
   Ps.
83,252
     Ps.
102
     U.S.$ 5
  
Total comprehensive income for the period
   Ps.
105,286
     Ps.
67,838
     U.S.$
3,690
  
Comprehensive income for the period attributable to:
                        
Equity holders of the parent
   Ps.
92,533
     Ps.
62,997
     U.S.$
3,427
  
Non-controlling interests
    
12,753
      
4,841
      
263
  

  Ps.
105,286
     Ps.
67,838
     U.S.$
3,690
  

5
Table of Contents
   
As of
December 31,
    
As of
September 30,
  
 
2024
    
2025
  
   
(in millions of Mexican
pesos)
    
(in millions of
U.S. dollars)
  
   
(audited)
    
(unaudited)
  
Balance Sheet Data
                  
Total current assets
  
Ps.
  353,698    
Ps.
  391,351    
U.S.$
21,289
  
Total non-current assets
    
1,440,223
      
1,401,544
      
76,244
  
Total assets
  
Ps.
  1,793,921    
Ps.
  1,792,895    
U.S.$
97,533
  
Total current liabilities
    
494,401
      
482,960
      
26,273
  
Long-term debt
    
463,375
      
463,103
      
25,193
  
Long-term liability related to right-of-use of assets
    
177,666
      
169,512
      
9,221
  
Deferred income taxes
    
27,732
      
27,715
      
1,508
  
Non-current accounts payable
    
17,225
      
19,004
      
1,034
  
Deferred revenues
    
2,673
      
2,304
      
125
  
Asset retirement obligation
    
11,513
      
11,893
      
647
  
Employee benefits
    
167,152
      
161,127
      
8,765
  
Total liabilities
    
1,361,737
      
1,337,618
      
72,766
  
Equity:
                        
Capital stock
    
95,357
      
95,354
      
5,187
  
Retained earnings:
                        
Prior year
    
494,346
      
475,620
      
25,874
  
Profit for the year / period
    
22,902
      
63,685
      
3,464
  
Total retained earnings
    
517,248
      
539,305
      
29,338
  
Other comprehensive loss items
    
(243,520
)
    
(244,837
)
    
(13,319
)
Equity attributable to equity holders of the parent
  
Ps.
  369,085    
Ps.
  389,822     U.S.$
21,206
  
Non-controlling interests
    
63,099
      
65,455
      
3,561
  
Total equity
    
432,184
      
455,277
      
24,767
  
Total liabilities and equity
  
Ps.
  1,793,921    
Ps.
  1,792,895    
U.S.$
97,533
  

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Table of Contents
Condensed Consolidated Results of Operations as of and for the Nine-Month Periods Ended September 30, 2024 and 2025

Our unaudited condensed consolidated financial statements are presented in Mexican pesos, but our operations outside of Mexico account for a significant portion of our revenues and expenses. Currency variations between the Mexican peso and the currencies of our non-Mexican subsidiaries, especially the euro, U.S. dollar, Brazilian real, Colombian peso and Argentine peso, affect our results of operations as reported in Mexican pesos.

In the following discussion regarding our results of operations, we include a discussion of the change in the different components of our revenues and expenses between periods at constant exchange rates, i.e., using the same exchange rate from the comparable period of the prior fiscal year to translate the local-currency results of our non-Mexican operations for both periods. We believe that this additional information helps investors better understand the performance of our non-Mexican operations and their contribution to our consolidated results.

All comparisons at constant exchange rates in our consolidated figures exclude Argentina. Our Argentine subsidiary is subject to the accounting guidelines applicable to hyperinflationary economies, with all the accounting variables expressed in real terms at constant Argentine pesos. Pursuant to IFRS Accounting Standards, for consolidation purposes in our consolidated financial statements—with no other economy in the countries in which we operate considered hyperinflationary—Argentine peso figures expressed in constant Argentine peso terms at the prevailing prices at the end of a reporting period must be translated into Mexican pesos using the exchange rate at the closing date of that same period for consolidation purposes. Due to hyperinflationary conditions in Argentina and the magnitude of the Argentine peso’s depreciation, the application of the above-referenced norm generates unusual effects. Therefore, we exclude Argentina from all consolidated figures cited at constant exchange rates.

On October 3, 2024, we received the approval by the National Economic Prosecutor’s Office of the Republic of Chile (Fiscalia Nacional Económica) to consolidate Claro Chile, SpA (which, until then, was still a 50:50 joint venture between us and Liberty Latin America, Ltd. (“LLA”), and therefore not consolidated with the Company) into its operations. As a result, on October 31, 2024, we converted our outstanding notes in Claro Chile, SpA into equity and began to consolidate Claro Chile, SpA into our consolidated financial statements. At the effective date of the conversion, LLA retained an approximate 9.0% interest and the Company an approximate 91.0% interest. As of December 31, 2024 and September 30, 2025, we held a 94.9% and a 100% interest in Claro Chile, SpA, respectively. The discussion and analysis in this Form 6-K presents financial measures that exclude the results of operations of Claro Chile, SpA, notwithstanding their inclusion in our consolidated financial statements. Accordingly, such financial measures that exclude the results of operations of Claro Chile, SpA constitute non-IFRS financial measures, as they omit the assets, liabilities, and operating results associated with Claro Chile, SpA’s operations. We believe this approach provides a clearer view of the financial impact resulting from the commencement of its consolidation.

Operating Revenues

Total operating revenues for the first nine months of 2025 increased by 10.5%, or Ps. 66.5 billion, over the first nine months of 2024. At constant exchange rates, total operating revenues for the first nine months of 2025 increased by 6.2% over the first nine months of 2024, or 3.7% excluding the effects of consolidating Claro Chile, SpA.

Service Revenues – Service revenues for the first nine months of 2025 increased by 10.7%, or Ps. 58.0 billion, over the first nine months of 2024. At constant exchange rates, service revenues for the first nine months of 2025 increased by 6.3% over the first nine months of 2024, or 3.7% excluding the effects of consolidating Claro Chile, SpA. This increase at constant exchange rates principally reflects an increase in revenues from our prepaid and postpaid mobile services, broadband and corporate services in the fixed-line networks, which were partially offset by a decrease in revenues from our fixed voice services.

Sales of Equipment – Sales of equipment revenues for the first nine months of 2025 increased by 9.4%, or Ps. 8.5 billion, over the first nine months of 2024. At constant exchange rates, sales of equipment revenues for the first nine months of 2025 increased by 6.1% over the first nine months of 2024, or 3.8% excluding the effects of consolidating Claro Chile, SpA. This increase at constant exchange rates principally reflects an increase in sales of smartphones, data-enabled devices and accessories in Colombia, Austria, Brazil and Central America.

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Table of Contents
Operating Costs and Expenses

Total operating costs and expenses for the first nine months of 2025 increased by 11.6%, or Ps. 57.9 billion, over the first nine months of 2024. At constant exchange rates, total operating costs and expenses for the first nine months of 2025 increased by 7.2% over the first nine months of 2024, or 2.9% excluding the effects of consolidating Claro Chile, SpA. This increase in operating costs and expenses at constant exchange rates principally reflects increased costs associated with network maintenance, IT services and electric energy.

Cost of Sales and Services – Cost of sales and services for the first nine months of 2025 increased by 10.2%, or Ps. 24.4 billion, over the first nine months of 2024. At constant exchange rates, cost of sales and services for the first nine months of 2025 increased by 6.5% over the first nine months of 2024, or 3.5% excluding the effects of consolidating Claro Chile, SpA. This increase in costs of sales and services at constant exchange rates principally reflects an increase in sales of higher-end smartphones as well as corporate network, IT services and network maintenance. This increase was partially offset by our cost savings program.

Commercial, Administrative and General Expenses – Commercial, administrative and general expenses for the first nine months of 2025 increased by 13.5%, or Ps. 18.3 billion, over the first nine months of 2024. As a percentage of operating revenues, commercial, administrative and general expenses were 22.0% for the first nine months of 2025, compared to 21.5% for the first nine months of 2024. At constant exchange rates, commercial, administrative and general expenses for the first nine months of 2025 increased by 8.6% over the first nine months of 2024, or 4.7% excluding the effects of consolidating Claro Chile, SpA. This increase in commercial, administrative and general expenses at constant exchange rates principally reflects increased expenses for customer service centers and IT solutions.

Other Expenses – Other expenses for the first nine months of 2025 decreased by 7.7% or Ps. 0.4 billion over the first nine months of 2024, principally due to the reduction in expenses for site maintenance and migration to a new version of SAP at our subsidiary Telmex during the prior year.

Depreciation and Amortization – Depreciation and amortization for the first nine months of 2025 increased by 13.1%, or Ps. 15.6 billion, over the first nine months of 2024. As a percentage of operating revenues, depreciation and amortization were 19.3% for the first nine months of 2025, compared to 18.9% for the first nine months of 2024. At constant exchange rates, depreciation and amortization for the first nine months of 2025 increased by 7.8% over the first nine months of 2024, or 0.4% excluding the effects of consolidating Claro Chile, SpA.

Operating Income

Operating income for the first nine months of 2025 increased by 6.4%, or Ps. 8.6 billion, over the first nine months of 2024. Operating margin (operating income as a percentage of operating revenues) was 20.4% for the first nine months of 2025, compared to 21.1% for the first nine months of 2024.

Non-Operating Items

Net Interest Expense – Net interest expense (interest expense less interest income) for the first nine months of 2025 increased by 15.4%, or Ps. 5.3 billion, over the first nine months of 2024. This rise principally reflects an increase in interest expense from debt due to changes in interest rates in Brazil and the incurrence of new loans by our subsidiary in Colombia in the first nine months of 2025.

Foreign Currency Exchange Gain (Loss), Net – We recorded a net foreign currency exchange gain of Ps. 16.1 billion for the first nine months of 2025, compared to our net foreign currency exchange loss of Ps. 58.4 billion for the first nine months of 2024. This shift can be attributed to the appreciation of the Mexican peso against the U.S. dollar, the primary currency of our debt, during 2025, which contrasts with the depreciation of the Mexican peso against the U.S. dollar in 2024.

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Table of Contents
Valuation of Derivatives, Interest Cost from Labor Obligations and Other Financial Items, Net – We recorded a net loss of Ps. 10.4 billion for the first nine months of 2025 on the valuation of derivatives, interest cost from labor obligations and other financial items, net, compared to a net gain of Ps. 10.5 billion for the first nine months of 2024. The change in the first nine months of 2025 principally reflects a decrease in the net monetary position gain from our subsidiaries in Argentina.

Income Tax – Our income tax expense for the first nine months of 2025 increased by 61.9%, or Ps. 15.5 billion, over the first nine months of 2024. This increase primarily reflects higher profit before income tax, which was significantly impacted by foreign exchange gains recognized during 2025.

Our effective corporate income tax rate as a percentage of profit before income tax was 37.5% for the first nine months of 2025, compared to 53.2% for the first nine months of 2024. This rate differs from the applicable rate of 30% under Mexican law and changed year over year mainly due to tax effects of inflation and our non-deductible pensions.

Net Profit

We recorded a net profit of Ps. 67.7 billion for the first nine months of 2025, an increase of 207.4%, or Ps. 45.7 billion, over the first nine months of 2024.

Segment Results of Operations for the nine-month periods ended September 30, 2025 and 2024

The following table sets forth the exchange rates used to translate the results of our most significant non-Mexican operations, as expressed in Mexican pesos per foreign currency unit, and the change from the rate used in the prior period indicated. The U.S. dollar is our functional currency in several of the countries or territories in which we or our subsidiaries operate, including Ecuador, Puerto Rico and El Salvador. Exchange rate changes between the Mexican peso and the currencies in which our subsidiaries operate affect our reported results in Mexican pesos and the comparability of reported results between periods.
 
   
Mexican pesos
per foreign currency unit
(average for the period)
for the nine-month periods ended
September 30,
        
   
2024
    
2025
    
% Change
  
Brazilian real
    
3.3817
      
3.4546
      
2.2
  
Colombian peso
    
0.0044
      
0.0047
      
6.8
  
Argentine peso (1)
    
0.0200
      
0.0168
      
(16.0
)
U.S. dollar
    
17.7119
      
19.5409
      
10.3
  
Euro
    
19.2646
      
21.8202
      
13.3
  

(1) As of September 30, 2025, the devaluation of the Argentine peso against the Mexican peso is due primarily to the economic policies established by the new Argentine administration in December 2023. The stated goals of the policies involve, among other things, the devaluation of the Argentine peso by more than 40 percent of its value as observed in the nine-month periods ended September 30, 2025.

9
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Interperiod Segment Comparisons
 
The following discussion addresses the financial performance of each of our reportable segments by comparing results as of and for the nine months ended September 30, 2024 and 2025. In the year-to-year comparisons for each segment, we include percentage changes in operating revenues, operating income and operating margin (operating income as a percentage of operating revenues), in each case calculated based on the segment financial information and prepared in accordance with IFRS 8.

Each reportable segment excludes all income, cost and expense incurred between subsidiaries within the reportable segment. The Mexico Wireless segment includes corporate income, costs and expenses.

Comparisons in the following discussion are calculated using figures in Mexican pesos. We also include percentage changes in adjusted segment operating revenues, adjusted segment operating income and adjusted operating margin (adjusted operating income as a percentage of adjusted operating revenues), which consist of segment operating revenues, segment operating income and segment operating margin, respectively, minus (i) certain intersegment transactions, (ii) for our non-Mexican segments, the effects of foreign currency translation and (iii) for the Mexican Wireless segment only, revenues and costs of group corporate activities and other businesses that are allocated to the Mexico Wireless segment. The following discussions provide a quantification of these non-IFRS measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS Accounting Standards. We have provided the non-IFRS measures herein, which are not calculated or presented in accordance with IFRS Accounting Standards, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS Accounting Standards.

These supplemental non-IFRS measures are presented because management has evaluated our financial results both including and excluding the adjusted items and believes that the supplemental non-IFRS measures presented provide additional perspective and insights when analyzing our core operating performance from period to period and trends in our historical operating results. These supplemental non-IFRS measures made by management, which should not be considered superior to, as a substitute for or an alternative to, should be considered in conjunction with the IFRS measures presented herein.

Except for the Southern Cone – Argentina segment, comparisons in the following discussion are calculated using figures in Mexican pesos. For the Southern Cone – Argentina segment only, due to hyperinflationary conditions in Argentina, comparisons in the following discussion are calculated using figures in constant Argentine peso terms, which are adjusted for inflation in accordance with International Accounting Standard (“IAS”) 29 Financial Reporting in Hyperinflationary Economies (“IAS 29”), and must be converted into Mexican pesos at the exchange rate observed at the end of the period per IFRS Accounting Standards, as described in the “Constant Currency Presentation” section of our 2024 Form 20-F.

The tables below set forth operating revenues and operating income for each of our segments for the years indicated.

   
For the nine-month period ended September 30, 2025
  
   
Operating Revenues
    
Intersegment
Transactions
and the Effects
of Foreign
Currency
Translation
    
Adjusted
Operating
Revenues
    
Operating Income (Loss)
    
Intersegment
Transactions
and the Effects
of Foreign
Currency
Translation
    
Adjusted
Operating
Income (Loss)
    
Operating
Margin
    
Adjusted
Operating
Margin
  
   
(in billions of
Mexican pesos)
    
(as a % of total
operating
revenues)
    
(in billions of Mexican pesos)
    
(in billions of
Mexican pesos)
    
(as a % of total
operating
revenues)
    
(in billions of Mexican pesos)
    
(as a % of
operating
revenues)
    
(as a % of
adjusted
operating
revenues)
  
                                                             
Mexico Wireless
    
201.9
      
28.9
      
(18.9
)(1)
    
183.0
      
68.0
      
47.8
      
12.5
(1) 
    
80.5
      
33.7
      
44.0
  
Mexico Fixed
    
84.8
      
12.1
      
(16.0
)(2)
    
68.8
      
12.1
      
8.5
      
(12.8
)(2)
    
(0.7
)
    
14.2
      
(1.0
)
Brazil
    
136.2
      
19.5
      
(6.8
)
    
129.4
      
26.8
      
18.9
      
(1.8
)
    
25.0
      
19.7
      
19.3
  
Colombia
    
58.6
      
8.4
      
(4.6
)
    
54.0
      
7.7
      
5.4
      
2.0
      
9.7
      
13.2
      
17.9
  
Southern Cone (Argentina)
    
27.1
      
3.9
      
0.0
      
27.1
      
0.6
      
0.4
      
9.2
      
9.8
      
2.1
      
36.3
  
Southern Cone (Paraguay, Uruguay and Chile)
    
19.9
      
2.8
      
(1.4
)
    
18.5
      
(6.0
)
    
(4.2
)
    
1.1
      
(4.9
)
    
(30.4
)
    
(26.8
)
Andean Region
    
42.6
      
6.1
      
(4.9
)
    
37.7
      
7.1
      
5.0
      
1.7
      
8.8
      
16.7
      
23.2
  
Central America
    
42.3
      
6.1
      
(4.0
)
    
38.3
      
9.5
      
6.7
      
(0.2
)
    
9.3
      
22.4
      
24.3
  
Caribbean
    
29.0
      
4.1
      
(3.7
)
    
25.3
      
4.9
      
3.4
      
(0.5
)
    
4.4
      
16.9
      
17.2
  
Europe
    
89.3
      
12.8
      
(10.5
)
    
78.8
      
14.2
      
10.0
      
(1.6
)
    
12.6
      
15.9
      
16.0
  
Eliminations
    
(33.0
)
    
(4.7
)
                    
(2.6
)
    
(1.9
)
                    
7.7
          
Total
    
698.7
      
100.0
                      
142.3
      
100.0
                                  

(1) Includes operations for income and costs of group corporate activities and other businesses. Effects of foreign currency translation do not apply.
(2) Effects of foreign currency translation do not apply.

10
Table of Contents
   
For the nine-month period ended September 30, 2024
  
   
Operating Revenues
    
Intersegment
Transactions
and the Effects
of Foreign
Currency
Translation
    
Adjusted Operating Revenues
    
Operating Income (Loss)
    
Intersegment
Transactions
and the Effects
of Foreign
Currency
Translation
    
Adjusted
Operating
Income (Loss)
    
Operating Margin
    
Adjusted
Operating
Margin
  
   
(in billions of
Mexican pesos)
    
(as a % of total
operating
revenues)
    
(in billions of Mexican pesos)
    
(in billions of
Mexican pesos)
    
(as a % of total
operating
revenues)
    
(in billions of Mexican pesos)
    
(as a % of
operating
revenues)
    
(as a % of
adjusted
operating
revenues)
  
                                                             
Mexico Wireless
    
197.2
      
31.2
      
(17.3
)(1)
    
179.9
      
67.7
      
50.7
      
10.4
(1) 
    
78.1
      
34.3
      
43.4
  
Mexico Fixed
    
80.9
      
12.8
      
(12.6
)(2)
    
68.3
      
11.8
      
8.8
      
(9.3
)(2)
    
2.5
      
14.6
      
3.7
  
Brazil
    
125.6
      
19.9
      
(3.5
)
    
122.1
      
22.4
      
16.8
      
(1.2
)
    
21.2
      
17.8
      
17.4
  
Colombia
    
51.6
      
8.2
      
(0.8
)
    
50.8
      
6.9
      
5.1
      
2.6
      
9.5
      
13.3
      
18.7
  
Southern Cone (Argentina)
    
27.5
      
4.4
      
(3.8
)
    
23.7
      
0.8
      
0.6
      
7.5
      
8.3
      
2.9
      
34.8
  
Southern Cone (Paraguay, Uruguay)
    
3.1
      
0.5
      
0.0
      
3.1
      
(1.0
)
    
(0.8
)
    
0.2
      
(0.8
)
    
(33.3
)
    
(25.4
)
Andean Region
    
36.9
      
5.8
      
(0.1
)
    
36.8
      
5.8
      
4.3
      
2.0
      
7.8
      
15.7
      
21.2
  
Central America
    
34.2
      
5.4
      
(0.1
)
    
34.1
      
4.9
      
3.7
      
1.8
      
6.7
      
14.4
      
19.5
  
Caribbean
    
26.4
      
4.2
      
(0.8
)
    
25.6
      
4.3
      
3.2
      
0.1
      
4.4
      
16.1
      
17.3
  
Europe
    
76.1
      
12.0
      
(0.1
)
    
76.0
      
12.1
      
9.0
      
(0.1
)
    
12.0
      
15.9
      
15.8
  
Eliminations
    
(27.2
)
    
(4.4
)
                    
(2.0
)
    
(1.4
)
                    
7.0
          
Total
    
632.3
      
100.0
                      
133.7
      
100.0
                                  

(1) Includes operations for income and costs of group corporate activities and other businesses. Effects of foreign currency translation do not apply.
(2) Effects of foreign currency translation do not apply.

Mexico Wireless

The number of prepaid wireless subscriptions for the first nine months of 2025 decreased by 0.4% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 3.1%, resulting in a slight increase in the total number of wireless subscriptions in Mexico of 0.2%, or 174 thousand, to approximately 84.3 million as of September 30, 2025.

Segment operating revenues for the first nine months of 2025 increased by 2.3% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 183.0 billion in the first nine months of 2025 and Ps. 179.9 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (18.9) billion and Ps. (17.3) billion, respectively, for intersegment transactions and revenues of group corporate activities and other businesses that are allocated to the Mexico Wireless segment. This represents an increase of 1.7% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects a decrease in equipment sales and prepaid revenues despite an increase in postpaid revenues.

Segment operating income for the first nine months of 2025 increased by 0.4% over the first nine months of 2024. Adjusted segment operating income was Ps. 80.5 billion in the first nine months of 2025 and Ps. 78.1 billion in the first nine months of 2024, after giving effect to adjustments of Ps. 12.5 billion and Ps. 10.4 billion, respectively, for intersegment transactions and revenues of group corporate activities and other businesses that are allocated to the Mexico Wireless segment. This represents an increase of 3.0% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024.

Segment operating margin was 33.7% in the first nine months of 2025, as compared to 34.3% in the first nine months of 2024. Adjusted segment operating margin was 44.0% in the first nine months of 2025, as compared to 43.4% in the first nine months of 2024. This increase in segment operating margin for the first nine months of 2025 principally reflects the effects of our cost savings program.

Mexico Fixed

The number of fixed voice RGUs in Mexico for the first nine months of 2025 decreased by 0.1% over the first nine months of 2024, and the number of broadband RGUs in Mexico increased by 6.7%, resulting in an increase in total fixed RGUs in Mexico of 3.3% over the first nine months of 2024, or 730 thousand, to approximately 22.5 million as of September 30, 2025.

Segment operating revenues for the first nine months of 2025 increased by 4.8% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 68.8 billion in the first nine months of 2025 and Ps. 68.3 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (16.0) billion and Ps. (12.6) billion, respectively, for intersegment transactions. This represents an increase of 0.7% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, due to better performance in broadband and corporate network services.

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Segment operating income for the first nine months of 2025 increased by 2.4% over the first nine months of 2024. Adjusted segment operating income was Ps. (0.7) billion in the first nine months of 2025 and Ps. 2.5 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (12.8) billion and Ps. (9.3) billion, respectively, for intersegment transactions. This represents a decrease of 128.7% in adjusted segment operating income from the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects an increase in network maintenance costs, technical expenses and the contractual salary of our employees.

Segment operating margin was 14.2% in the first nine months of 2025, as compared to 14.6% in the first nine months of 2024. Adjusted segment operating margin was (1.0%) in the first nine months of 2025, as compared to 3.7% in the first nine months of 2024. The decrease in segment operating margin for the first nine months of 2025 principally reflects an increase in network maintenance costs and technical expenses despite an increase in revenues from broadband and corporate network services.

Brazil

The number of prepaid wireless subscriptions for the first nine months of 2025 decreased by 10.1% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 8.5%, resulting in an increase in the total number of wireless subscriptions in Brazil of 1.1%, or 985 thousand, to approximately 89.3 million as of September 30, 2025. The increase in postpaid wireless subscriptions is due primarily to commercial efforts aimed at converting prepaid subscriptions to postpaid subscriptions. The number of fixed voice RGUs for the first nine months of 2025 decreased by 8.7% over the first nine months of 2024, the number of broadband RGUs increased by 3.2%, and the number of Pay TV RGUs decreased by 6.5%, resulting in a decrease in total fixed RGUs in Brazil of 2.9%, or 642 thousand, to approximately 21.9 million as of September 30, 2025. The number of Pay TV RGUs for 2024 has been adjusted to the criteria by which we report to the local regulator.

Segment operating revenues for the first nine months of 2025 increased by 8.5% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 129.4 billion in the first nine months of 2025 and Ps. 122.1 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (6.8) billion and Ps. (3.5) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 5.9% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects stronger performance in postpaid, broadband and corporate network services, partially offset by Pay TV.

Segment operating income for the first nine months of 2025 increased by 19.7% over the first nine months of 2024. Adjusted segment operating income was Ps. 25.0 billion in the first nine months of 2025 and Ps. 21.2 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (1.8) billion and Ps. (1.2) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 17.6% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024.

Segment operating margin was 19.7% in the first nine months of 2025, as compared to 17.8% in the first nine months of 2024. Adjusted segment operating margin was 19.3% in the first nine months of 2025, as compared to 17.4% in the first nine months of 2024. This increase in adjusted segment operating margin for the first nine months of 2025 principally reflects the effects of decreased operating leverage and strict cost controls.

Colombia

The number of prepaid wireless subscriptions for the first nine months of 2025 increased by 2.6% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 7.4%, resulting in an increase in the total number of wireless subscriptions in Colombia of 3.9%, or 1.6 million, to approximately 42.1 million as of September 30, 2025. The number of fixed voice RGUs for the first nine months of 2025 increased by 0.7% over the first nine months of 2024, the number of broadband RGUs increased by 2.8% and the number of Pay TV RGUs decreased by 0.9%, resulting in an increase in total fixed RGUs in Colombia of 1.0%, or 92 thousand, to approximately 9.7 million as of September 30, 2025.

Segment operating revenues for the first nine months of 2025 increased by 13.7% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 54.0 billion in the first nine months of 2025 and Ps. 50.8 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (4.6) billion and Ps. (0.8) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 6.4% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects the growth of mobile services, corporate networks and broadband.

12
Table of Contents
Segment operating income for the first nine months of 2025 increased by 12.3% over the first nine months of 2024. Adjusted segment operating income was Ps. 9.7 billion in the first nine months of 2025 and Ps. 9.5 billion in the first nine months of 2024, after giving effect to adjustments of Ps. 2.0 billion and Ps. 2.6 billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 1.8% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024.

Segment operating margin was 13.2% in the first nine months of 2025, as compared to 13.3% in the first nine months of 2024. Adjusted segment operating margin was 17.9% in the first nine months of 2025, as compared to 18.7% in the first nine months of 2024. This decrease can be attributed to content and network maintenance costs, energy costs and customer care services.

Southern Cone - Argentina
 
As described above under “Interperiod Segment Comparisons,” due to hyperinflationary conditions in Argentina, comparisons in the following discussion are calculated using figures in constant Argentine peso terms, i.e., adjusted for inflation in accordance with IAS 29.

The number of prepaid wireless subscriptions for the first nine months of 2025 increased by 5.6% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 5.8%, resulting in an increase in the total number of wireless subscriptions in Argentina of 5.7%, or 1.5 million, to approximately 27.1 million as of September 30, 2025. The number of fixed voice RGUs for the first nine months of 2025 increased by 11.9% over the first nine months of 2024, the number of broadband RGUs increased by 12.6%, and the number of Pay TV RGUs increased by 7.7 %, resulting in an increase of total fixed RGUs in Argentina of 11.5%, or 412 thousand, to approximately 4.0 million as of September 30, 2025.

Segment operating revenues for the first nine months of 2025 decreased by 1.4% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 27.1 billion in the first nine months of 2025 and Ps. 23.7 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (65.8) million and Ps. (3.8) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 14.1% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which is attributable to growth in mobile as well as in fixed services, except in corporate networks services.
 
Segment operating income for the first nine months of 2025 decreased by 28.0% over the first nine months of 2024. Adjusted segment operating income was Ps. 9.8 billion in the first nine months of 2025 and Ps. 8.3 billion in the first nine months of 2024, after giving effect to adjustments of Ps. 9.2 billion and Ps. 7.5 billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 19.1% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024.
 
Segment operating margin was 2.1% in the first nine months of 2025, as compared to 2.9% in the first nine months of 2024. Adjusted segment operating margin was 36.3% in the first nine months of 2025, as compared to 34.8% in the first nine months of 2024.

Southern Cone – Chile, Paraguay and Uruguay

In Chile, Paraguay and Uruguay, the number of prepaid wireless subscriptions for the first nine months of 2025 decreased by 17.0% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 8.7%, resulting in a decrease in the total number of wireless subscriptions in Chile, Paraguay and Uruguay of 4.1%, or 372 thousand, to approximately 8.8 million as of September 30, 2025. In Chile, the number of fixed voice RGU’s for the first nine months of 2025 decreased by 13.1% over the first nine months of 2024. In Chile and Paraguay, the number of broadband RGUs decreased by 3.6% and the number of Pay TV RGUs decreased by 8.6%, resulting in a decrease in total fixed RGUs in Chile and Paraguay of 7.1%, or 246 thousand, to approximately 3.2 million as of September 30, 2025.

Segment operating revenues were Ps. 19.9 billion and Ps. 3.1 billion in the first nine months of 2025 and 2024, respectively, which represents an increase of 549.0%. Adjusted segment operating revenues were Ps. 18.5 billion in the first nine months of 2025 and Ps. 3.1 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (1.4) billion and Ps. (8.0) million, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 6 times in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, or 6.6% excluding the effects of Chilean operations, which principally reflects an increase in prepaid and postpaid revenues in both Paraguay and Uruguay, an increase in fixed voice and broadband revenues, partially offset by a decrease in corporate networks and Pay TV revenues in Paraguay.

13
Table of Contents
Segment operating loss was Ps. 6.0 billion and Ps. 1.0 billion in the first nine months of 2025 and 2024, respectively, which represents a decrease of 492.1%. Adjusted segment operating loss was Ps. 4.9 billion in the first nine months of 2025, or Ps. 0.1 billion excluding Chilean operations; as compared to an adjusted segment operating loss of Ps. 0.8 billion in the first nine months of 2024, after giving effect to adjustments of Ps. 1.1 billion and Ps. 0.2 billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of Ps. 4.1 billion in adjusted segment operating loss in the first nine months of 2025, as compared to the first nine months of 2024, or an increase of 0.9 billion excluding the effects of Chilean operations in adjusted segment operating income.

Segment operating margin was (30.4%) in the first nine months of 2025, as compared to (33.3%) in the first nine months of 2024. Adjusted segment operating margin was (26.8%), or 3.5% excluding the effects of Chilean operations in the first nine months of 2025, as compared to (25.4%) in the first nine months of 2024. This increase in segment operating margin for the first nine months of 2025 principally reflects an increase in prepaid and postpaid revenues in both Paraguay and Uruguay, an increase in broadband revenues, partially offset by a decrease in corporate networks and Pay TV revenues in Paraguay.

Andean Region—Ecuador and Peru

The number of prepaid wireless subscriptions for the first nine months of 2025 decreased by 2.3% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 7.1%, resulting in an increase in the total number of wireless subscriptions in our Andean Region segment of 1.3%, or 282 thousand, to approximately 22.7 million as of September 30, 2025. The number of fixed voice RGUs for the first nine months of 2025 increased by 7.1% over the first nine months of 2024, the number of broadband RGUs increased by 9.1% and the number of Pay TV RGUs increased by 3.4%, resulting in an increase in total fixed RGUs in our Andean Region segment of 7.7%, or 195 thousand, to approximately 2.7 million as of September 30, 2025.

Segment operating revenues for the first nine months of 2025 increased by 15.4% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 37.7 billion in the first nine months of 2025 and Ps. 36.8 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (4.9) billion and Ps. (0.1) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 2.5% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects increases in all service revenues in Peru.

Segment operating income for the first nine months of 2025 increased by 22.4% over the first nine months of 2024. Adjusted segment operating income was Ps. 8.8 billion in the first nine months of 2025 and Ps. 7.8 billion in the first nine months of 2024, after giving effect to adjustments of Ps. 1.7 billion and Ps. 2.0 billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 12.3% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects an increase in adjusted operating income of 21.0% in Peru.

Segment operating margin was 16.7% in the first nine months of 2025, as compared to 15.7% in the first nine months of 2024. Adjusted segment operating margin was 23.2% in the first nine months of 2025, as compared to 21.2% in the first nine months of 2024. This increase in the segment operating margin for the first nine months of 2025 principally reflects improved operating leverage in Peru and strict cost controls in Ecuador.

Central America—Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica

The number of prepaid wireless subscriptions for the first nine months of 2025 decreased by 1.5% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 12.9%, resulting in an increase in the total number of wireless subscriptions in our Central America segment of 0.8%, or 132 thousand, to approximately 17.1 million as of September 30, 2025. The number of fixed voice RGUs for the first nine months of 2025 increased by 5.0% over the first nine months of 2024, the number of broadband RGUs increased by 12.1%, and the number of Pay TV RGUs increased by 8.3%, resulting in an increase in total fixed RGUs in our Central America segment of 8.2%, or 421 thousand, to approximately 5.5 million as of September 30, 2025.

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Segment operating revenues for the first nine months of 2025 increased by 23.5% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 38.3 billion in the first nine months of 2025 and Ps. 34.1 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (4.0) billion and Ps. (0.1) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 12.3% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects increases in postpaid and prepaid services, as well as in fixed services.

Segment operating income for the first nine months of 2025 increased by 92.2% over the first nine months of 2024. Adjusted segment operating income was Ps. 9.3 billion in the first nine months of 2025 and Ps. 6.7 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (0.2) billion and Ps. 1.8 billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 39.7% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024, the annual comparison is distorted by a cybersecurity incident that affected our prepaid billing system and limited our ability to activate new postpaid clients and fixed-line accesses in the first nine months of 2024. However, it is noteworthy that the operating performance of our mobile and fixed business has been strong in the past few quarters.

Segment operating margin was 22.4% in the first nine months of 2025, as compared to 14.4% in the first nine months of 2024. Adjusted segment operating margin was 24.3% in the first nine months of 2025, as compared to 19.5% in the first nine months of 2024.

Caribbean—The Dominican Republic and Puerto Rico

The number of prepaid wireless subscriptions for the first nine months of 2025 increased by 1.3% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 4.4%, resulting in an increase in the total number of wireless subscriptions in our Caribbean segment of 2.2%, or 171 thousand, to 8.0 million as of September 30, 2025. The number of fixed voice RGUs for the first nine months of 2025 increased by 3.9% over the first nine months of 2024, the number of broadband RGUs increased by 5.1% and the number of Pay TV RGUs decreased by 7.8%, resulting in a 2.3%, or 65 thousand, increase in total fixed RGUs in our Caribbean segment to approximately 2.9 million as of September 30, 2025.

Segment operating revenues for the first nine months of 2025 increased by 9.6% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 25.3 billion in the first nine months of 2025 and Ps. 25.6 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (3.7) billion and Ps. (0.8) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents a decrease of 1.3% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects a decrease in prepaid, postpaid and fixed voice services in both Dominican Republic and Puerto Rico, as well as a decrease in Pay TV in Dominican Republic, a decrease in corporate networks in Puerto Rico, partially offset by an increase in broadband in both Dominican Republic and Puerto Rico and a slight increase in corporate networks in the Dominican Republic. We analyze segment results in U.S. dollars because it is the functional currency of our operations in Puerto Rico.

Segment operating income for the first nine months of 2025 increased by 15.4% over the first nine months of 2024. Adjusted segment operating income was Ps. 4.4 billion in the first nine months of 2025 and Ps. 4.4 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (0.5) billion and Ps. 0.1 billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents a decrease of 1.5% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024, which reflects Puerto Rico’s slightly contraction in revenues affecting operating income segment despite Dominican Republic better performance.

Segment operating margin was 16.9% in the first nine months of 2025, as compared to 16.1% in the first nine months of 2024. Adjusted segment operating margin was 17.2% in the first nine months of 2025, as compared to 17.3% in the first nine months of 2024. This decrease in adjusted segment operating margin for the first nine months of 2025 is mainly due to the reasons described above.

Europe

The number of prepaid wireless subscriptions for the first nine months of 2025 decreased by 1.4% over the first nine months of 2024, and the number of postpaid wireless subscriptions increased by 11.8%, resulting in an increase in the total number of wireless subscriptions in our Europe segment of 9.8%, or 2.6 million, to approximately 29.3 million as of September 30, 2025. The number of fixed voice RGUs for the first nine months of 2025 decreased by 7.1% over the first nine months of 2024, the number of broadband RGUs increased by 3.0% and the number of Pay TV RGUs increased by 7.6%, resulting in an increase in total fixed RGUs in our Europe segment of 1.9%, or 120 thousand, to approximately 6.4 million as of September 30, 2025.

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Segment operating revenues for the first nine months of 2025 increased by 17.4% over the first nine months of 2024. Adjusted segment operating revenues were Ps. 78.8 billion in the first nine months of 2025 and Ps. 76.0 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (10.5) billion and Ps. (0.1) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 3.8% in adjusted segment operating revenues in the first nine months of 2025, as compared to the first nine months of 2024, which principally reflects an increase in all service revenues other than prepaid and fixed voice.

Segment operating income for the first nine months of 2025 increased by 17.4% over the first nine months of 2024. Adjusted segment operating income was Ps. 12.6 billion in the first nine months of 2025 and Ps. 12.0 billion in the first nine months of 2024, after giving effect to adjustments of Ps. (1.6) billion and Ps. (0.1) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 5.0% in adjusted segment operating income in the first nine months of 2025, as compared to the first nine months of 2024.

Segment operating margin was unchanged at 15.9% in the first nine months of 2025, and the first nine months of 2024. Adjusted segment operating margin was 16.0% in the first nine months of 2025, as compared to 15.8% in the first nine months of 2024.

Liquidity and Capital Resources

Our management defines net debt (which is considered a non-IFRS measure) as total debt (defined as short and long-term debt) minus (i) cash and cash equivalents and (ii) equity investments available for sale at fair value through other comprehensive income (“OCI”). As of September 30, 2025, we had net debt of Ps. 453.6 billion, compared to net debt of Ps. 484.2 billion as of December 31, 2024. As of September 30, 2025, we had total debt of Ps. 550.2 billion, cash and cash equivalents of Ps. 49.8 billion, equity investments available for sale at fair value through OCI of Ps. 46.8 billion.

Without taking into account the effects of derivative financial instruments that we use to manage our interest rate and currency risk, approximately 75.3%% of our indebtedness at September 30, 2025 was denominated in currencies other than Mexican pesos (approximately 42.3% of such non-Mexican peso debt was denominated in U.S. dollars and 57.7% in other currencies), and approximately 12.6% of our consolidated debt obligations bore interest at floating rates. After the effects of derivative transactions, approximately 45.6% of our net debt as of September 30, 2025 was denominated in Mexican pesos.

The maturities of our long-term debt as of September 30, 2025, excluding debt associated with lease obligations, were as follows:
 
Years
  
Amount (in millions
of Mexican pesos)
  
2026
  
Ps.
28,714  
2027
    
39,259
  
2028
    
51,731
  
2029
    
51,702
  
2030
    
48,469
  
2031 and thereafter
    
243,228
  
Total
  
Ps.
463,103  
 
We regularly assess our interest rate and currency exchange exposures in order to determine how to manage the risk associated with these exposures. As of September 30, 2025, the net fair value of our derivatives and other financial items was a net liability of Ps. 13.6 billion.

During the first nine months of 2025, we used approximately Ps. 84.9 billion to fund capital expenditures, which was primarily funded by our operating activities. We continue to evaluate our capital expenditure needs and opportunities. We have also continued to repurchase shares of our capital stock under our share repurchase program, and during the first nine months of 2025, we spent Ps. 10.8 billion repurchasing our shares in the open market. Whether we continue to do so will depend on our operating cash flow and on various other considerations, including market prices and our other capital requirements.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date: November 14, 2025


AMÉRICA MÓVIL, S.A.B. DE C.V.


By: /s/Carlos José Garcia Moreno Elizondo
Name: Carlos José Garcia Moreno Elizondo
Title: Chief Financial Officer

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AMÉRICA MÓVIL, S.A.B. DE C.V. AND SUBSIDIARIES
 
Interim Condensed Consolidated Statements of Financial Position
 
(In thousands of Mexican pesos)
                 
   
Note
    
At September 30,
2025
Unaudited
    
At December 31,
2024
Audited
  
Assets
                  
Current assets:
                  
Cash and cash equivalents
        
Ps.
 49,755,737    
Ps.
 36,652,098  
Equity investments at fair value through other comprehensive income (OCI) and other short-term investments
    
8
      
46,832,069
      
46,683,687
  
Accounts receivable:
                        
Subscribers, distributors, recoverable taxes, contract assets and other, net
            
245,651,562
      
221,122,253
  
Related parties
    
3 & 8
      
1,238,128
      
1,395,483
  
Derivative financial instruments
    
8
      
3,090,281
      
10,668,460
  
Inventories, net
            
24,946,850
      
23,751,457
  
Other current assets, net
            
19,836,387
      
13,424,395
  
Total current assets
          
Ps.
 391,351,014    
Ps.
 353,697,833  
Non-current assets:
                        
Property, plant and equipment, net
    
4
    
Ps.
 684,428,763    
Ps.
 713,784,429  
Intangibles, net
            
134,910,084
      
141,736,581
  
Goodwill
            
160,127,475
      
156,836,369
  
Investments in associated companies
            
3,726,973
      
3,678,383
  
Deferred income taxes
            
148,357,271
      
153,217,164
  
Accounts receivable, subscriber, distributors and contract assets, net
            
10,969,001
      
9,394,158
  
Other assets, net
            
56,004,258
      
48,206,789
  
Debt instruments at fair value through OCI
    
8
      
17,455,625
      
13,908,873
  
Right-of-use assets, net
            
185,564,172
      
199,460,378
  
Total assets
          
Ps.
 1,792,894,636    
Ps.
 1,793,920,957  
                         
Liabilities and equity
                        
Current liabilities:
                        
Short-term debt and current portion of long-term debt
    
6
    
Ps.
 87,072,990    
Ps.
 104,210,738  
Short-term liability related to right-of-use of assets
            
32,198,011
      
35,436,851
  
Accounts payable
            
164,882,153
      
166,924,134
  
Accrued liabilities
            
69,356,021
      
57,033,837
  
Income tax
            
16,648,765
      
24,151,790
  
Other taxes payable
            
62,025,182
      
51,735,433
  
Derivative financial instruments
    
8
      
16,662,904
      
22,185,709
  
Related parties
    
3 & 8
      
3,238,018
      
3,701,960
  
Deferred revenues
            
30,875,601
      
29,020,425
  
Total current liabilities
          
Ps.
 482,959,645    
Ps.
 494,400,877  
Non-current liabilities:
                        
Long-term debt
    
6
    
Ps.
 463,103,138    
Ps.
 463,374,893  
Long-term liability related to right-of-use of assets
            
169,512,320
      
177,666,377
  
Deferred income taxes
            
27,715,100
      
27,731,694
  
Accounts payable
            
19,003,612
      
17,224,845
  
Deferred revenues
            
2,304,159
      
2,672,730
  
Asset retirement obligations
            
11,893,336
      
11,512,779
  
Employee benefits
            
161,126,979
      
167,152,441
  
Total non-current liabilities
          
Ps.
 854,658,644    
Ps.
 867,335,759  
Total liabilities
          
Ps.
 1,337,618,289    
Ps.
 1,361,736,636  
Equity:
                        
Capital stock
    
9
    
Ps.
 95,353,987    
Ps.
 95,356,548  
Retained earnings:
                        
Prior years
            
475,620,473
      
494,346,642
  
Profit for the period (year)
            
63,684,840
      
22,902,025
  
Total retained earnings
            
539,305,313
      
517,248,667
  
Other comprehensive loss items
            
(244,836,988
)
    
(243,519,865
)
Equity attributable to equity holders of the parent
            
389,822,312
      
369,085,350
  
Non-controlling interests
            
65,454,035
      
63,098,971
  
Total equity
            
455,276,347
      
432,184,321
  
Total liabilities and equity
          
Ps.
 1,792,894,636    
Ps.
 1,793,920,957  
 
The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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AMÉRICA MÓVIL, S.A.B. DE C.V. AND SUBSIDIARIES
 
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income
 
(In thousands of Mexican pesos, except for earnings per share)

       
For the three-month period
ended September 30,
    
For the nine-month period
ended September 30,
  
   
Note
    
2025
    
2024
    
2025
    
2024
  
Operating revenues:
                              
Service revenues
        
Ps.
198,835,606    
Ps.
191,211,001    
Ps.
599,980,534    
Ps.
542,020,014  
Sales of equipment
          
34,083,311
      
32,247,435
      
98,760,912
      
90,260,481
  
         
Ps.
 232,918,917    
Ps.
 223,458,436    
Ps.
 698,741,446    
Ps.
 632,280,495  
Operating costs and expenses:
                                      
Cost of sales and services
        
Ps.
 87,306,392    
Ps.
 84,735,380    
Ps.
 262,905,272    
Ps.
 238,540,446  
Commercial, administrative and general expenses
          
50,172,602
      
47,364,227
      
153,971,442
      
135,653,523
  
Other expenses
          
1,617,369
      
1,936,705
      
4,584,465
      
4,966,334
  
Depreciation and amortization
          
43,699,482
      
41,979,469
      
135,005,009
      
119,411,473
  
         
Ps.
 182,795,845    
Ps.
 176,015,781    
Ps.
 556,466,188    
Ps.
 498,571,776  
Operating income
        
Ps.
 50,123,072    
Ps.
 47,442,655    
Ps.
 142,275,258    
Ps.
 133,708,719  
Interest income
          
3,298,502
      
2,584,688
      
6,902,323
      
6,591,181
  
Interest expense
          
(16,588,774
)
    
(14,048,630
)
    
(46,627,907
)
    
(41,001,231
)
Foreign currency exchange gain (loss), net
          
6,301,056
      
(24,581,688
)
    
16,084,374
      
(58,372,537
)
Valuation of derivatives, interest cost from labor obligations and other financial items, net
    
11
      
(5,909,636
)
    
7,722,319
      
(10,426,461
)
    
10,541,142
  
Equity interest in net result of associated companies
            
39,784
      
(1,647,296
)
    
105,601
      
(4,372,384
)
                                         
Profit before income tax
            
37,264,004
      
17,472,048
      
108,313,188
      
47,094,890
  
Income tax
    
5
      
12,863,274
      
9,621,554
      
40,576,881
      
25,060,533
  
Net profit for the period
          
Ps.
 24,400,730    
Ps.
 7,850,494    
Ps.
 67,736,307    
Ps.
 22,034,357  
                                         
Net profit for the period attributable to:
                                        
Equity holders of the parent
          
Ps.
 22,700,155    
Ps.
 6,426,585    
Ps.
 63,684,840    
Ps.
 18,827,631  
Non-controlling interests
            
1,700,575
      
1,423,909
      
4,051,467
      
3,206,726
  
           
Ps.
 24,400,730    
Ps.
 7,850,494    
Ps.
 67,736,307    
Ps.
 22,034,357  
Basic and diluted earnings per share attributable to equity holders of the parent
          
Ps.
0.38
    
Ps.
0.10    
Ps.
1.05    
Ps.
0.30  
Other comprehensive (loss) income:
                                        
Other comprehensive (loss) income that may be reclassified to profit or loss in subsequent period (net of tax):
                                        
Effect of translation of foreign entities
          
Ps.
 (12,692,464 )  
Ps.
 50,284,205    
Ps.
 (8,369,967 )  
Ps.
 73,198,015  
Items that will not be reclassified to profit or loss in subsequent periods:
                                        
Re-measurement of defined benefit plan, net of deferred taxes
            
534,155
      
(37,292
)
    
7,506,982
      
(119,360
)
Unrealized gain on equity investments at fair value, net of deferred taxes
            
46,404
      
5,605,521
      
965,081
      
10,173,257
  
Total other comprehensive (loss) income items for the period, net of deferred taxes
    
10
      
(12,111,905
)
    
55,852,434
      
102,096
      
83,251,912
  
Total comprehensive income for the period
          
Ps.
 12,288,825    
Ps.
 63,702,928    
Ps.
 67,838,403    
Ps.
 105,286,269  
Comprehensive income for the period attributable to:
                                        
Equity holders of the parent
          
Ps.
 12,924,883    
Ps.
 55,403,070    
Ps.
 62,996,882    
Ps.
 92,532,423  
Non-controlling interests
            
(636,058
)
    
8,299,858
      
4,841,521
      
12,753,846
  
           
Ps.
 12,288,825    
Ps.
 63,702,928    
Ps.
 67,838,403    
Ps.
 105,286,269  
 
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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AMÉRICA MÓVIL, S.A.B. DE C.V. AND SUBSIDIARIES
 
Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the nine -month period ended September 30, 2025
 
(In thousands of Mexican pesos)

   
Capital
stock
    
Legal
reserve
    
Retained
earnings
    
Unrealized
loss on
equity
investment at
fair value
    
Re-measurement
of defined
benefit plans
    
Cumulative
translation
adjustment
    
Revaluation
surplus
    
Total equity
attributable to
equity holders
of the parent
    
Non-
controlling
interests
    
Total
equity
  
Balance at December 31, 2024 (audited)
  
Ps.
 95,356,548    
Ps.
 358,440    
Ps.
 516,890,227    
Ps.
 (8,510,191 )  
Ps.
 (138,698,497 )  
Ps.
 (112,295,055 )  
Ps.
 15,983,878    
Ps.
 369,085,350    
Ps.
 63,098,971    
Ps. 
 432,184,321  
Net profit for the period
    
—
      
—
      
63,684,840
      
—
      
—
      
—
      
—
      
63,684,840
      
4,051,467
      
67,736,307
  
Unrealized income on equity and debt investments at fair value, net of deferred taxes
    
—
      
—
      
—
      
965,081
      
—
      
—
      
—
      
965,081
      
—
      
965,081
  
Remeasurement of defined benefit plan, net of deferred taxes
    
—
      
—
      
—
      
—
      
7,521,841
      
—
      
—
      
7,521,841
      
(14,859
)
    
7,506,982
  
Effect of translation of foreign entities
    
—
      
—
      
—
      
—
      
525,737
      
(10,164,672
)
    
464,055
      
(9,174,880
)
    
804,913
      
(8,369,967
)
Transfer of revaluation surplus, net of deferred taxes
    
—
      
—
      
629,165
      
—
      
—
      
—
      
(629,165
)
    
—
      
—
      
—
  
Comprehensive income (loss) for the period
    
—
      
—
      
64,314,005
      
965,081
      
8,047,578
      
(10,164,672
)
    
(165,110
)
    
62,996,882
      
4,841,521
      
67,838,403
  
Dividends declared
    
—
      
—
      
(31,419,569
)
    
—
      
—
      
—
      
—
      
(31,419,569
)
    
(2,250,056
)
    
(33,669,625
)
Repurchase of shares
    
(2,561
)
    
—
      
(10,812,016
)
    
—
      
—
      
—
      
—
      
(10,814,577
)
    
—
      
(10,814,577
)
Other acquisitions of non-controlling interests
    
—
      
—
      
(25,774
)
    
—
      
—
      
—
      
—
      
(25,774
)
    
(236,401
)
    
(262,175
)
Balance at September 30, 2025 (unaudited)
  
Ps.
 95,353,987    
Ps.
 358,440    
Ps.
 538,946,873    
Ps.
 (7,545,110 )  
Ps.
 (130,650,919 )  
Ps.
 (122,459,727 )  
Ps.
 15,818,768    
Ps.
 389,822,312    
Ps.
 65,454,035    
Ps.
455,276,347  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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AMÉRICA MÓVIL, S.A.B. DE C.V. AND SUBSIDIARIES
 
Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the nine-month period ended September 30, 2024

(In thousands of Mexican pesos)

   
Capital
stock
    
Legal
reserve
    
Retained
earnings
    
Unrealized
loss on
equity
investment at
fair value
    
Re-measurement
of defined
benefit plans
    
Cumulative
translation
adjustment
    
Revaluation
surplus
    
Total equity
attributable to
equity holders
of the parent
    
Non-
controlling
interests
    
Total
equity
  
Balance at December 31, 2023 (audited)
  
Ps.
 95,362,024    
Ps.
 358,440    
Ps.
 545,295,288    
Ps.
 (11,996,005 )  
Ps.
 (110,768,616 )  
Ps.
 (164,975,378 )  
Ps.
 13,436,792    
Ps.
 366,712,545    
Ps.
 54,989,837    
Ps.
 421,702,382  
Net profit for the period
    
—
      
—
      
18,827,631
      
—
      
—
      
—
      
—
      
18,827,631
      
3,206,726
      
22,034,357
  
Unrealized income on equity and debt investments at fair value, net of deferred taxes
    
—
      
—
      
—
      
10,173,257
      
—
      
—
      
—
      
10,173,257
      
—
      
10,173,257
  
Remeasurement of defined benefit plan, net of deferred taxes
    
—
      
—
      
—
      
—
      
(102,018
)
    
—
      
—
      
(102,018
)
    
(17,342
)
    
(119,360
)
Effect of translation of foreign entities
    
—
      
—
      
—
      
—
      
(1,155,030
)
    
62,572,875
      
2,215,708
      
63,633,553
      
9,564,462
      
73,198,015
  
Transfer of revaluation surplus, net of deferred taxes
    
—
      
—
      
377,878
      
—
      
—
      
—
      
(377,878
)
    
—
      
—
      
—
  
Comprehensive income (loss) for the period
    
—
      
—
      
19,205,509
      
10,173,257
      
(1,257,048
)
    
62,572,875
      
1,837,830
      
92,532,423
      
12,753,846
      
105,286,269
  
Dividends declared
    
—
      
—
      
(29,564,764
)
    
—
      
—
      
—
      
—
      
(29,564,764
)
    
(2,100,029
)
    
(31,664,793
)
Repurchase of shares
    
(3,927
)
    
—
      
(16,380,241
)
    
—
      
—
      
—
      
—
      
(16,384,168
)
    
—
      
(16,384,168
)
Other acquisitions of non-controlling interests
    
—
      
—
      
85,892
      
—
      
—
      
—
      
—
      
85,892
      
(2,000,052
)
    
(1,914,160
)
Balance at September 30, 2024 (unaudited)
  
Ps.
 95,358,097    
Ps.
 358,440    
Ps.
 518,641,684    
Ps.
 (1,822,748 )  
Ps.
 (112,025,664 )  
Ps.
 (102,402,503 )  
Ps.
 15,274,622    
Ps.
 413,381,928    
Ps.
 63,643,602    
Ps.
477,025,530  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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AMÉRICA MÓVIL, S.A.B. DE C.V. AND SUBSIDIARIES
 
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(In thousands of Mexican pesos)
 
         
For the nine-month period ended
September 30,
  
   
Note
    
2025
    
2024
  
Operating activities
                  
Profit before income tax
        
 Ps.
 108,313,188    
Ps.
 47,094,890  
Items not requiring the use of cash:
                  
Depreciation property, plant and equipment and right-of-use assets
          
118,851,009
      
104,421,874
  
Amortization of intangible and other assets
          
16,154,000
      
14,989,599
  
Equity interest in net result of associated companies
          
(105,601
)
    
4,372,384
  
Loss on sale of property, plant and equipment
          
182,198
      
201,032
  
Net period cost of labor obligations
          
16,387,161
      
12,442,839
  
Foreign currency exchange (income) loss, net
          
(17,254,777
)
    
57,331,324
  
Interest income
          
(6,902,323
)
    
(6,591,181
)
Interest expense
          
46,627,907
      
41,001,231
  
Employee profit sharing
          
2,964,719
      
2,800,229
  
Gain in valuation of derivative financial instruments, capitalized interest expense and other, net
    
11
      
(3,712,592
)
    
(7,052,637
)
Gain on net monetary positions
    
11
      
(3,682,929
)
    
(24,344,026
)
Impairment to notes receivable from joint venture
    
11
      
—
      
3,730,438
  
Working capital changes:
                        
Subscribers, distributors, recoverable taxes, contract assets and other
            
(26,777,407
)
    
(13,058,694
)
Prepaid expenses
            
(3,723,067
)
    
(3,736,254
)
Related parties
            
(306,587
)
    
(3,829,584
)
Inventories
            
(1,609,196
)
    
(4,788,559
)
Other assets
            
(6,989,094
)
    
370,868
  
Accounts payable and accrued liabilities
            
2,834,478
      
(10,911,797
)
Deferred revenues
            
2,304,094
      
1,619,453
  
Employee benefits paid
            
(12,292,453
)
    
(25,165,730
)
Employee profit sharing paid
            
(3,130,068
)
    
(3,521,541
)
Interest received
            
2,522,701
      
3,392,881
  
Income taxes paid
            
(43,989,999
)
    
(32,697,000
)
Net cash flows provided by operating activities
          
Ps.
 186,665,362    
Ps.
 158,072,039  
Investing activities
                        
Purchase of property, plant and equipment
            
(76,842,792
)
    
(81,174,973
)
Acquisition of intangibles
            
(8,027,328
)
    
(5,561,888
)
Dividends received
    
11
      
2,288,735
      
1,986,090
  
Proceeds from sale of property, plant and equipment
            
293,589
      
237,153
  
Acquisition of business, net of cash acquired
            
(225,012
)
    
(75,265
)
Contractual earn-out from business combination
            
—
      
893,754
  
Financial instruments, net
    
8
      
6,814,778
      
(1,410,179
)
Investments in associate companies
            
—
      
(10,352
)
Acquisition of short-term investments
            
(3,406,107
)
    
(9,076,043
)
Sale of short-term investments
            
1,566,751
      
6,182,452
  
Acquisition of notes from joint venture
            
—
      
(4,802,902
)
Net cash flows used in investing activities
          
Ps.
 (77,537,386 )  
Ps.
 (92,812,153 )
Financing activities
                        
Loans obtained
            
181,488,202
      
205,517,385
  
Repayment of loans
            
(181,540,167
)
    
(181,665,168
)
Payment of liability related to right-of-use of assets
            
(38,710,042
)
    
(33,422,133
)
Interest paid
            
(27,487,874
)
    
(25,150,143
)
Repurchase of shares
            
(10,814,577
)
    
(16,391,230
)
Dividends paid
            
(17,764,986
)
    
(16,544,691
)
Acquisition of non-controlling interests
            
(262,175
)
    
(1,914,160
)
Net cash flows used in financing activities
          
Ps.
 (95,091,619 )  
Ps.
 (69,570,140 )
Net increase (decrease) in cash and cash equivalents
          
Ps.
 14,036,357    
Ps.
 (4,310,254 )
Adjustment to cash flows due to exchange rate fluctuations, net
            
(932,718
)
    
2,550,355
  
Cash and cash equivalents at beginning of the period
            
36,652,098
      
26,597,773
  
Cash and cash equivalents at end of the period
          
Ps.
 49,755,737    
Ps.
 24,837,874  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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Table of Contents
AMÉRICA MÓVIL, S.A.B. DE C.V. AND SUBSIDIARIES
 
Notes to Unaudited Interim Condensed Consolidated Financial Statements
 
(In thousands of Mexican pesos (Ps.) and thousands of
 U.S. dollars (US$), unless otherwise indicated)

Note 1. Description of the Business and Relevant Events
 
I. Corporate Information
 
América Móvil, S.A.B. de C.V. and subsidiaries (hereinafter, the “Company”, “América Móvil”, “AMX”, “we”, “us” and “our”) was incorporated under the laws of Mexico on September 25, 2000. As of September 30, 2025, the Company provides its services in 23 countries or territories. These telecommunications services include mobile and fixed-line voice services, wireless and fixed data services, internet access and Pay TV, over the top (OTT) and other related services. The Company also sells equipment, accessories and computers.
 
•       Voice services provided by the Company, both wireless and fixed, mainly include the following: airtime, local, domestic and international long- distance services, and network interconnection services.
 
•       Data services include value added, corporate networks, data and Internet services.
 
•       Pay TV represents basic services, as well as pay per view and additional programming and advertising services.
 
•       AMX provides other related services to advertising in telephone directories, publishing and call center services.
 
•       The Company also provides video, audio and other media content that is delivered through the internet directly from the content provider to the end user.

In order to provide these services, América Móvil has licenses, permits and concessions (collectively referred to herein as “licenses”) to build, install, operate and exploit public and/or private telecommunications networks and provide miscellaneous telecommunications services (mostly mobile and fixed voice and data services) and to operate frequency bands in the radio-electric spectrum for point-to-point and point-to-multipoint microwave links. The Company holds licenses in the 23 countries where it has networks, and such licenses have different dates of expiration through 2056.
 
Certain licenses require the payment to the respective governments of a share in sales determined as a percentage of revenues from services under concession. The percentage is set as either a fixed rate or in some cases based on certain size of the infrastructure in operation.
 
The corporate offices of América Móvil are located in Mexico City, Mexico, at Lago Zurich 245, Colonia Ampliación Granada, Alcaldía Miguel Hidalgo, 11529, Mexico City, Mexico.
 
The Company’s unaudited interim condensed consolidated financial statements were approved for their issuance by the Chief Financial Officer on October 14, 2025, and subsequent events have been considered through such date.
 
II.         Relevant events

a)          On May 14, 2025, the shareholders approved the payment of a dividend of Ps. 0.52 (fifty-two peso cents) per share from the retained earnings account, payable in two equal installments, to each of the series “B” shares, subject to adjustments arising from the repurchase or placement of its own shares, or other corporate events; and the establishment of the Company’s shares buyback fund in the amount of Ps. 10 billion, adding to such amount the buyback program fund’s balance as of such date, which may be used as of the date of this meeting and concluding on the date of the annual meeting that approves the Company´s operations for the fiscal year 2025.

b)          On June 30, 2025, the Company issued a US$500 million bond maturing in January 2033 with a 5% coupon.

c)          On July 8, 2025, the Company executed multiple reopenings of its Global Peso-Denominated Notes Program, through which the Company expects to develop a more liquid market for its bonds denominated in pesos. The reopening of the AMX29, AMX31, and AMX34 notes reached an aggregate amount of Ps. 15.5 billion. Notes outstanding under the Global Peso Program totaled Ps. 70 billion as of September 30, 2025.

d)          On July 28, 2025, the Company acquired the totality of the shares held by LLA UK Holding Limited (“LLA”) in Claro Chile SpA, through the exercise of its call option to purchase such shares under the transaction documents entered into by and among Claro Chile SpA, the Company, LLA and certain of their affiliates. This transaction did not require any regulatory approval. As a result of the purchase of the shares held by LLA, the Company owns 100% shares of Claro Chile SpA. Also, the Company is reorganizing the corporate structure, businesses and assets of its Chilean affiliates to continue achieving efficiencies in their existing operations. This restructuring does not affect the interests of holders of debt (including holders of notes) of Claro Chile SpA and subsidiaries.

e)          On September 24, 2025, the Company returned to the euro market with a 5-year 650 million euro bond with a 3% coupon. The yield on the bond was 68 basis points above the mid-swaps reference point. The proceeds will be directed to the payment of short-term debt under the Company's Euro commercial paper program.

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Table of Contents
Note 2. Basis of Preparation of the Unaudited Interim Condensed Consolidated Financial Statements and Summary of Significant Accounting Policies and Practices

a) Basis of preparation
 
The accompanying unaudited interim condensed consolidated financial statements as of and for the three-month and nine-month periods ended September 30, 2025, have been prepared in conformity with International Accounting Standard No. 34, Interim Financial Reporting (“IAS 34”). The Company has prepared the unaudited interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. Management considers that there are no material uncertainties that may cast significant doubt over this assumption. Management concluded that the Company has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.
 
The accompanying interim condensed consolidated statement of financial position as of September 30, 2025, as well as the interim condensed consolidated statements of comprehensive income, for the three-month and nine-month periods ended September 30, 2025; changes in shareholders’ equity and cash flows for the nine-month periods ended September 30, 2025 and 2024, and their related disclosures included in these notes, are unaudited.
 
These unaudited interim condensed consolidated financial statements have been prepared using the same accounting policies as those used in the preparation of our annual consolidated financial statements as of December 31, 2024, except for the adoption of new standards and interpretations effective as from January 1, 2025.
 
These unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in annual consolidated financial statements and should be read in conjunction with the Company’s annual consolidated financial statements as of December 31, 2024 and for the three-year period then ended, included in the Company’s annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on May 14, 2025 (the “2024 Form 20-F”).
 
The preparation of these unaudited interim condensed consolidated financial statements in accordance with IAS 34 requires the use of critical estimates and assumptions that affect the amounts reported for certain assets and liabilities, as well as certain revenues and expenses. It also requires that management exercise judgment in the application of the Company’s accounting policies.
 
The Mexican peso is the functional currency of the Company’s Mexican operations and the consolidated reporting currency of the Company.

i) New standards, interpretations and amendments adopted by the Company

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
 
One IFRS amendment applies for the first time in 2025 but had no impact on the unaudited interim condensed consolidated financial statements of the Company.

Lack of exchangeability – Amendments to IAS 21
 
In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows.
 
The amendments are effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendments, an entity cannot restate comparative information.
 
The amendments had no impact on the Company’s unaudited interim condensed consolidated financial statements.
 
b) Climate-related matters
 
The Company considers climate-related matters where appropriate. This assessment includes a wide range of possible impacts on the Company due to both physical and transition risks. The Company has not identified an environmental nor transitional risk associated to climate change with the potential to have a significant effect in the Company’s financial performance and results of operations to date.

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Table of Contents
Note 3. Related Parties
 
a) The following is an analysis of the balances with related parties as of September 30, 2025 and December 31, 2024. All of the companies were considered affiliates of América Móvil since the Company’s principal shareholders are either direct or indirect shareholders in the related parties:

   
2025
    
2024
  
Accounts receivable:
            
Sears Roebuck de México, S.A. de C.V. and Subsidiaries
  
Ps.
258,805    
Ps.
374,745  
Sitios Latinoamérica, S.A.B. de C.V.
    
148,759
      
191,515
  
Sanborns Hermanos, S.A.
    
147,498
      
253,211
  
Patrimonial Inbursa, S.A.
    
308,623
      
184,549
  
Grupo Condumex, S.A. de C.V. and Subsidiaries
    
75,672
      
40,773
  
Telesites, S.A.B. de C.V. and Subsidiaries
    
106,392
      
117,204
  
Claroshop.com, S.A.P.I. de C.V.
    
22,932
      
57,092
  
Carso Infraestructura y Construcción, S.A. de C.V.
    
9,965
      
9,763
  
Other
    
159,482
      
166,631
  
Total
  
Ps.
1,238,128    
Ps.
 1,395,483  
                 
Accounts payable:
                
Carso Infraestructura y Construcción, S.A. de C.V. and Subsidiaries
  
Ps. 
799,135    
Ps.
1,361,945  
Grupo Condumex, S.A. de C.V. and Subsidiaries
    
184,474
      
148,996
  
Sitios Latinoamérica, S.A.B. de C.V.
    
685,795
      
601,438
  
Fianzas Guardiana Inbursa, S.A. de C.V.
    
438,141
      
444,085
  
Claroshop.com, S.A.P.I. de C.V.
    
76,411
      
82,617
  
Grupo Financiero Inbursa, S.A.B. de C.V.
    
127,656
      
151,564
  
Seguros Inbursa, S.A. de C.V.
    
88,432
      
114,998
  
Industrial Afiliada, S.A. de C.V.
    
274,237
      
310,140
  
Banco Inbursa, S.A.
    
27,565
      
23,300
  
Promotora Inbursa, S.A. de C.V.
    
19,235
      
51,758
  
Cicsa Perú, S.A.C.
    
140,622
      
123,364
  
Sofom Inbursa, S.A. de C.V.
    
57,317
      
1,287
  
Other
    
318,998
      
286,468
  
Total
  
Ps.
3,238,018    
Ps.
3,701,960  
 
For the periods ended September 30, 2025 and 2024, there were no impairment losses on accounts receivable from related parties.

b) The Company conducted the following transactions with related parties:

   
    For the three-month period ended
September 30,
    
    For the nine-month period ended
September 30,
 

 
2025
    
2024
    
2025
    
2024
  
Capital expenditures and expenses:
                        
Construction services, purchases of materials, inventories and property, plant and equipment (i)
  
Ps.
 3,077,629    
Ps.
 3,511,590    
Ps.
 9,138,866    
Ps.
 10,964,801  
Insurance premiums, fees paid for administrative and operating services, brokerage services and others (ii)
    
1,553,178
      
439,703
      
4,012,212
      
3,090,824
  
Rent of towers
    
412,721
      
378,000
      
687,792
      
680,533
  
Other services (iii)
    
(106,054
)
    
437,052
      
1,388,543
      
1,109,959
  
   
Ps.
 4,937,474    
Ps.
 4,766,345    
Ps.
 15,227,413    
Ps.
 15,846,117  
Revenues:
                                
Service revenues(iv)
  
Ps.
 286,845    
Ps.
 312,389    
Ps.
 901,880    
Ps.
 839,012  
Sales of towers(v)
    
42,152
      
267,547
      
42,152
      
523,547
  
Sales of equipment(vi)
    
198,292
      
(120,248
)
    
691,355
      
867,078
  
   
Ps.
 527,289    
Ps.
 459,688    
Ps.
 1,635,387    
Ps.
 2,229,637  

i)
In 2025, this amount includes Ps. 6,955,600 (Ps. 8,856,802 in 2024) for network construction services and construction materials purchased from subsidiaries of Grupo Carso, S.A.B. de C.V. (Grupo Carso).

ii)
In 2025, this amount includes Ps. 3,319,456 in 2024 (Ps. 2,792,789  in 2024) for insurance premiums with Seguros Inbursa S.A. and Fianzas Guardiana Inbursa, S.A., which, in turn, places most of such insurance with reinsurers; Ps.16,024. (Ps. 88,889 in 2024) for network maintenance services performed by Grupo Carso subsidiaries.

iii)
In 2025, this amount includes Ps. 965,774 for services provided by Sanborns Hermanos, S.A. and Ps.842,838 in 2024 for services provided by Industrial Afiliada, S.A. de C.V. Additionally, in 2025 this amount includes $306,659 (Ps. 217,804 in 2024) for maintenance services provided by CICSA Peru.

iv)
In 2025 this amount includes Ps. 837,705 (Ps. 787,671 in 2024) of the total income contributed by Telmex for services provided to STM Financial, S.A. DE C.V. and Nacional de Cobre, S.A. de C.V.

v)
In 2025, this amount includes Ps. 42,152 for sales of towers by America Movil Perú S.A.C. In 2024, this amount includes Ps. 523,547 for sales of towers by Telmex.

vi)
In 2025 this amount includes Ps. 323,640 (Ps. 349,461 in 2024) for sales of equipment by Seguros Inbursa, S.A. de C.V.

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Table of Contents
Note 4. Property, Plant and Equipment, net
 
During the nine-month periods ended September 30, 2025 and 2024, the Company made purchases of plant and equipment (transmission network and other mobile and fixed assets) of Ps. 84,449,485 and Ps. 83,921,827, respectively. The depreciation charges for such periods totaled Ps. 90,060,281 and Ps. 81,096,366, respectively; and translation effects of foreign entities totaled Ps. (9,755,185) and Ps. 65,635,871, respectively.
 
The depreciation charges for three-month period ended September 30, 2025 and 2024 totaled Ps. 28,994,564 and Ps. 28,363,636, respectively; and translation effects of foreign entities totaled Ps. (13,660,178) and Ps. 44,843,715, respectively.
 
Non-cash consideration
 
For the nine-month periods ended September 30, 2025 and 2024, non-cash transactions related to acquisitions of property, plant and equipment in accounts payable amounted to Ps. 11,936,366 and Ps. 2,233,722, respectively.

Note 5. Income Taxes
 
As explained elsewhere in these unaudited interim condensed consolidated financial statements, the Company is a Mexican corporation with numerous consolidated subsidiaries operating in other countries.
 
 
i)
Consolidated income tax matters

The composition of income tax expense is as follows:

   
For the three-month period ended   
September 30,
    
For the nine-month period ended    
September 30,
  
    2025     2024     2025     2024  
Current period income tax   Ps. 11,396,894     Ps. 16,518,621     Ps. 35,216,214     Ps. 39,155,334  
Deferred income tax     1,466,380     Ps. (6,897,067 )     5,360,667       (14,094,801 )
Total Income tax   Ps. 12,863,274     Ps. 9,621,554     Ps. 40,576,881     Ps. 25,060,533  

Deferred tax related to items recognized in OCI during the three and nine-month periods ended September 30, 2025 and 2024 is asfollows:is as follows:

   
For the three-month period ended
September 30,
   
For the nine-month period ended
September 30,
  
    2025
    2024
    2025
    2024
 
Equity investments at fair value
   Ps.
(104,103
)
   Ps.
(2,011,530
)
   Ps.
75,599
     Ps.
(10,377,189
)
Remeasurement of defined benefit plans
    
(20,711
)
    
256,593
      
(2,589,972
)
    
426,946
  
    Ps.
(124,814
)
   Ps.
(1,754,937
)
   Ps.
(2,514,373
)
   Ps.
(9,950,243
)

In addition, deferred tax of Ps. 121,567 and Ps. 121,713 was transferred in the first nine months of 2025 and 2024, respectively, from revaluation surplus to retained earnings. This relates to the difference between the accrued depreciation and equivalent depreciation based on historical cost.

Income Tax — Our income tax expense for the first nine months of 2025 was Ps. 40,576,881 as compared with Ps. 25,060,533 for first nine months of 2024.

a)
Decrease in the Effective Rate – The effective rate of income taxes decreased to 37.46% in the first nine months of 2025, compared to 53.21% in the first nine months of 2024. The difference between this rate and the legal rate of 30.0% was principally due to tax effects of inflation and our non-deductible pensions.

b)
For year-end of December 31, 2025, the estimated effective tax rate is 39.5%.

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Table of Contents
Note 6. Debt
 
a) The Company’s short- and long-term debt consists of the following:

As of September 30, 2025
    
(Thousands of Mexican pesos)
  
Currency
Loan
  
Interest rate
    
Maturity
    
Total
  
Senior Notes
                    
U.S. dollars
                    
                     

Fixed-rate Senior notes (i)    
5.130%
   
2028
    
Ps.
3,757,530  

Fixed-rate Senior notes (i)    
6.380%
   
2028
      
4,241,014
  

Fixed-rate Senior notes (i)
    
4.380%
   
2029
      
2,178,514
  

Fixed-rate Senior notes (i)
    
3.625%
   
2029
      
18,382,500
  

Fixed-rate Senior notes (i)
    
2.875%
   
2030
      
18,382,500
  

Fixed-rate Senior notes (i)
    
4.700%
   
2032
      
13,786,875
  

Fixed-rate Senior notes (i)
    
5.000%
   
2033
      
9,191,250
  

Fixed-rate Senior notes (i)
    
6.375%
   
2035
      
18,039,299
  

Fixed-rate Senior notes (i)
    
6.125%
   
2037
      
6,787,279
  

Fixed-rate Senior notes (i)
    
6.125%
   
2040
      
36,682,463
  

Fixed-rate Senior notes (i)
    
4.375%
   
2042
      
21,139,875
  

Fixed-rate Senior notes (i)
    
4.375%
   
2049
      
22,978,125
  

Subtotal U.S. dollars
                  
Ps.
175,547,224  
Mexican pesos
                          

Commercial Paper (ii)    
7.770% - 9.290%

   
2025 - 2026
    
Ps.
8,070,552  

Domestic Senior notes (i)  
TIIE + 0.300%
      
2025
      
409,418
  

Domestic Senior notes (i)
    
9.350%

 
2028
      
11,016,086
  

Fixed-rate Senior notes (i)
    
10.125%

 
2029
      
22,500,000
  

Fixed-rate Senior notes (i)
    
9.500%

 
2031
      
22,000,000
  

Domestic Senior notes (i)
    
9.520%

 
2032
      
14,679,166
  

Fixed-rate Senior notes (i)
    
10.300%

 
2034
      
22,396,000
  

Fixed-rate Senior notes (i)
    
8.460%

 
2036
      
7,871,700
  

Domestic Senior notes (i)
    
8.360%

 
2037
      
4,996,435
  

Domestic Senior notes (i)
    
4.840%

 
2037
      
11,340,305
  

Subtotal Mexican pesos
                  
Ps.
125,279,662  
Euros
                          

Commercial Paper (ii)
    
2.130% - 2.380%
   
2025
    
Ps.
23,640,748  

Fixed-rate Senior notes (i)
    
1.500%
   
2026
      
16,177,519
  

Fixed-rate Senior notes (i)
    
0.750%
   
2027
      
16,303,380
  

Fixed-rate Senior notes (i)
    
2.125%
   
2028
      
12,864,579
  

Fixed-rate Senior notes (i)
    
5.250%
   
2028
      
10,785,010
  

Floating-rate Senior notes (i)
  
Euribor 3M + 1.050%
      
2028
      
3,882,605
  

Fixed-rate Senior notes (i)
    
3.000%

   
2030
      
14,020,517
  

Subtotal euros
                  
Ps.
97,674,358  
Pound Sterling
                          

Fixed-rate Senior notes (i)
    
5.000%
   
2026
    
Ps.
12,358,555  

Fixed-rate Senior notes (i)
    
5.750%
   
2030
      
16,066,121
  

Fixed-rate Senior notes (i)
    
4.948%
   
2033
      
7,415,133
  

Fixed-rate Senior notes (i)
    
4.375%
   
2041
      
18,537,832
  

Subtotal Pound Sterling
                  
Ps.
54,377,641  
Brazilian reais
                          

Debentures (i)  
CDI + 1.35%
      
2026
    
Ps.
5,184,400  

Debentures (i)  
CDI + 1.20%
      
2027
      
10,368,800
  

Debentures (i)  
CDI + 0.55%
      
2028
      
5,184,400
  

Debentures (i)  
IPCA + 5.7687%
      
2029
      
8,640,667
  

Subtotal Brazilian reais
                  
Ps.
29,378,267  
Other currencies
                          
Japanese yen
                          

Fixed-rate Senior notes (i)
    
2.950%

   
2039
    
Ps.
1,615,771  
Chilean pesos
                          

Fixed-rate Senior notes (i)
    
4.000%

   
2035
    
Ps.
3,771,054  

Subtotal other currencies
                  
Ps.
5,386,825  
Lines of Credit and others
                        
Euros
                          

Lines of credit (iii)  
Euribor 1M + 0.350%
      
2025
    
Ps.
1,186,351  
Mexican pesos
                          

Lines of credit (iii)  
TIIE + 0.310% - 0.800% & TIIE Fondeo + 0.300% - 0.530%
      
2025
      
10,360,000
  
Peruvian Soles
                          

Lines of credit (iii)    
4.740% - 5.080%

   
2025 - 2026
      
24,377,437
  
Colombian pesos
                          

Lines of credit (iii)  
IBR 1M + 0.890% - IBR 1M + 1.420% & IBR 3M + 0.850% - IBR 3M + 0.960%
      
2025 - 2027
      
16,633,018
  
Chilean pesos
                          

Lines of credit (iii)  
TAB 180 + 0.600% - 0.750% & TAB 360 + 0.850% & 0.595% - 6.620%
      
2025 - 2026
      
9,590,744
  

Financial leases    
8.270% - 8.970%

   
2027
      
15,780
  
Dominican pesos
                          

Lines of credit (iii)    
10.900% - 13.250%

   
2025 - 2026
      
368,821
  
                           
                           

Subtotal Lines of Credit and others
                  
Ps.
62,532,151  

Total debt
                  
Ps.
550,176,128  

Less: Short-term debt and current portion of long-term debt
                  
Ps.
87,072,990  

Long-term debt
                  
Ps.
463,103,138  

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Table of Contents
As of December 31, 2024
     (Thousands of Mexican pesos)  
Currency
Loan
  
Interest rate
    
Maturity
    
Total
  
Senior Notes
                    
U.S. dollars
                    

Fixed-rate Senior notes (i)
   
5.125%
   
2028
    
Ps.
4,143,002  

Fixed-rate Senior notes (i)
    
6.375%
   
2028
      
4,676,086
  

Fixed-rate Senior notes (i)
    
4.375%
   
2029
      
2,402,000
  

Fixed-rate Senior notes (i)
    
3.625%
   
2029
      
20,268,300
  

Fixed-rate Senior notes (i)
    
2.875%
   
2030
      
20,268,300
  

Fixed-rate Senior notes (i)
    
4.700%
   
2032
      
15,201,225
  

Fixed-rate Senior notes (i)
    
6.375%
   
2035
      
19,889,891
  

Fixed-rate Senior notes (i)
    
6.125%
   
2037
      
7,483,563
  

Fixed-rate Senior notes (i)
    
6.125%
   
2040
      
40,445,595
  

Fixed-rate Senior notes (i)
    
4.375%
   
2042
      
23,308,545
  

Fixed-rate Senior notes (i)
    
4.375%
   
2049
      
25,335,375
  

Subtotal U.S. dollars
                  
Ps.
183,421,882  
Mexican pesos
                          

Commercial Paper (ii)
    
10.420% - 11.530%

   
2025
    
Ps.
6,500,597  

Domestic Senior notes (i)
    
0.000%

   
2025
      
6,201,365
  

Domestic Senior notes (i)
  
TIIE + 0.050%
      
2025
      
3,000,000
  

Domestic Senior notes (i)
  
TIIE + 0.300%
      
2025
      
409,418
  

Domestic Senior notes (i)
    
9.350%
   
2028
      
11,016,086
  

Fixed-rate Senior notes (i)
    
10.125%
   
2029
      
17,500,000
  

Fixed-rate Senior notes (i)
    
9.500%
   
2031
      
17,000,000
  

Domestic Senior notes (i)
    
9.520%
   
2032
      
14,679,166
  

Fixed-rate Senior notes (i)
    
10.300%
   
2034
      
20,000,000
  

Fixed-rate Senior notes (i)
    
8.460%
   
2036
      
7,871,700
  

Domestic Senior notes (i)
    
8.360%
   
2037
      
4,964,352
  

Domestic Senior notes (i)
    
4.840%
   
2037
      
11,062,112
  

Subtotal Mexican pesos
                  
Ps.
120,204,796  
Euros
                          

Commercial Paper (ii)    
2.87% - 3.84%

   
2025
    
Ps.
26,158,406  

Fixed-rate Senior notes (i)
    
1.500%
   
2026
      
15,745,429
  

Fixed-rate Senior notes (i)
    
0.750%
   
2027
      
15,867,928
  

Fixed-rate Senior notes (i)
    
2.125%
   
2028
      
12,520,975
  

Fixed-rate Senior notes (i)
    
5.250%
   
2028
      
10,496,953
  

Floating-rate Senior notes (i)
  
Euribor 3M + 1.050%
      
2028
      
3,778,901
  

Subtotal euros
                  
Ps.
84,568,592  
Pound Sterling
                          

Fixed-rate Senior notes (i)
    
5.000%
   
2026
    
Ps.
12,687,956  

Fixed-rate Senior notes (i)
    
5.750%
   
2030
      
16,494,343
  

Fixed-rate Senior notes (i)
    
4.948%
   
2033
      
7,612,773
  

Fixed-rate Senior notes (i)
    
4.375%
   
2041
      
19,031,934
  

Subtotal Pound Sterling
                  
Ps.
55,827,006  
Brazilian reais
                       

Debentures (i)
  
CDI + 1.37%
      
2025
    
Ps.
4,909,719  

Debentures (i)
  
CDI + 1.35%
      
2026
      
4,909,719
  

Debentures (i)
  
CDI + 1.20%
      
2027
      
9,819,437
  

Debentures (i)
  
CDI + 0.55%
      
2028
      
4,909,719
  

Debentures (i)
  
IPCA + 5.7687%
      
2029
      
8,182,864
  

Subtotal Brazilian reais
                  
Ps.
32,731,458  
Other currencies
                       
Japanese yen
                          

Fixed-rate Senior notes (i)
    
2.950%
   
2039
    
Ps.
1,674,427  
Chilean pesos
        
               

Fixed-rate Senior notes (i)
    
4.000%
   
2035
    
Ps.
3,907,036  

Subtotal other currencies
                  
Ps.
5,581,463  
Lines of Credit and others
                        
Euros
                          

Lines of credit (iii)
  
Euribor 3M + 1.300%
      
2028
    
Ps.
6,088,232  
Mexican pesos
                          

Lines of credit (iii)
  
TIIE + 0.400% - 0.790%
      
2025
      
10,380,000
  
U.S. dollars
                          

Lines of credit (iii)
  
SOFR 1M + 0.400% - 0.550% & 6.750%
      
2025 - 2029
      
23,511,228
  
Peruvian Soles
                          

Lines of credit (iii)
    
5.080% - 6.150%

   
2025
      
21,298,150
  
Colombian pesos
                          

Lines of credit (iii)
  
IBR 1M + 0.560% - 2.550% & IBR 3M + 0.560%
      
2025 - 2026
      
17,008,428
  
Chilean pesos
                          

Lines of credit (iii)
  
TAB 30 + 3.35% & TAB 180 + 0.600% - 0.750%
      
2025 - 2026
      
6,526,415
  

Financial leases
    
8.270% - 8.970%
   
2027
      
22,052
  
Dominican pesos
     
               

Lines of credit (iii)
    
10.900% - 13.250%
   
2025 - 2026
      
415,929
  
 
                       

Subtotal Lines of Credit  and others
                  
Ps.
85,250,434  

Total debt
                  
Ps.
567,585,631  

Less: Short-term debt and current portion of long-term debt
                  
Ps.
104,210,738  

Long-term debt
                  
Ps.
463,374,893  

EURIBOR = Euro Interbank Offered Rate
TIIE = Mexican Interbank Rate
CDI = Brazil Interbank Deposit Rate
TAB = Chilean weighted average funding rate
IBR = Colombia Reference Bank Indicator
IPCA = Brazil consumer price index
SOFR = Secured Overnight Financing Rate

11
Table of Contents
Interest rates on the Company’s debt are subject to fluctuations in international and local rates. The Company’s weighted average cost of borrowed funds as of September 30, 2025 and December 31, 2024 was approximately 6.18% and 6.14%, respectively.
 
Such rates do not include commissions or the reimbursements for Mexican tax withholdings (typically at a tax rate of 4.9%) that the Company must pay to international lenders.

An analysis of the Company’s short-term debt maturities as of September 30, 2025 and December 31, 2024, is as follows:

   
2025
    
2024
  
Senior Notes
  
Ps. 
 37,305,118    
Ps. 
 47,179,504  
Lines of credit
    
49,759,962
      
57,023,548
  
Financial leases
    
7,910
      
7,686
  
Subtotal short term debt
  
Ps. 
 87,072,990    
Ps. 
 104,210,738  
Weighted average interest rate
    
5.97
%
    
6.42
%

The Company’s long-term debt maturities are as follows:

Years
  
Amount
  
2026
  
Ps. 
 28,713,788  
2027
    
39,258,745
  
2028
    
51,731,226
  
2029
    
51,701,680
  
2030
    
48,469,138
  
2031 and thereafter
    
243,228,561
  
Total
  
Ps. 
 463,103,138  

12
Table of Contents
(i) Senior Notes
 
The outstanding Senior Notes as of September 30, 2025 and December 31, 2024, were as follows:

Currency*
  
2025
    
2024
  
U.S. dollars
  
Ps.
175,547,224    
Ps. 
 183,421,882  
Mexican pesos
    
125,279,662
      
120,204,796
  
Euros
    
97,674,358
      
84,568,592
  
Pound sterling
    
54,377,641
      
55,827,006
  
Brazilian reais
    
29,378,267
      
32,731,458
  
Japanese yens
    
1,615,771
      
1,674,427
  
Chilean pesos
    
3,771,054
      
3,907,036
  
 
*Thousands of Mexican pesos.
*Includes secured and unsecured senior notes.

On July 8, 2025, under our Mexican Global Note program, the Company reopened its Global Peso Notes for a total amount of Ps. 15,500 million.

On September 30, 2025, the Company issued EUR 650,000,000 senior notes with a coupon of 3.000% maturing in September 2030.
 
(ii) Commercial Paper
 
In August 2020, we established a Euro-Commercial Paper program for a total amount of €2,000 million. As of September 30, 2025, debt under this program amounted to an aggregate of Ps. 23,641 million.
 
Additionally, under our Mexican Domestic Senior Notes program, we had an aggregate amount of Ps. 8,071 million in Commercial Paper denominaed in Mexican pesos outstanding as of September 30, 2025.
 
(iii) Lines of credit
 
As of September 30, 2025, and December 31, 2024, debt under lines of credit amounted to an aggregate of Ps. 62,516 million and Ps. 85,228 million, respectively. As of September 30, 2025, Ps. 1,186 million of the foregoing amount corresponded to Telekom Austria.
 
The Company has two revolving syndicated credit facilities, one for the Euro equivalent of U.S. $1,500 million and the other for U.S. $2,500 million, which mature in 2026 and 2029, respectively. As long as the facilities are committed, a commitment fee is paid. As of September 30, 2025, these credit facilities were undrawn. Telekom Austria has an undrawn revolving syndicated credit facility for €1,000 million that matures in 2026.
 
Restrictions
 
A portion of the Company's debt is subject to certain restrictions with respect to maintaining certain financial ratios, as well as restrictions on selling a significant portion of groups of assets, among others. As of September 30, 2025, the Company was in compliance with all these requirements.
 
A portion of the Company's debt is also subject to early maturity or repurchase at the option of the holders in the event of a change in control of the Company, as defined in each instrument. The definition of change in control varies from instrument to instrument; however, no change in control shall be considered to have occurred as long as its current shareholders continue to hold the majority of the Company’s voting shares.

Covenants
 
In conformity with its credit agreements, the Company is obliged to comply with certain financial and operating commitments. Such covenants limit in certain cases, the ability of the Company or the guarantor to: pledge assets, carry out certain types of mergers, sell all or substantially all of its assets, and sell control of Telcel.
 
Such covenants do not restrict the ability of AMX’s subsidiaries to pay dividends or other payment distributions to AMX. The more restrictive financial covenants require the Company to maintain a consolidated ratio of debt to EBITDA (defined as operating income plus depreciation and amortization) that does not exceed 4 to 1, and a consolidated ratio of EBITDA to interest paid that is not below 2.5 to 1 (in accordance with the clauses included in the credit agreements).
 
Several of the financing instruments of the Company may be accelerated at the option of the debt holder in the case that a change in control occurs.
 
As of September 30, 2025, the Company was in compliance with all of the covenants in its debt instruments.

13
Table of Contents
Non-cash consideration
 
On March 2, 2024, the Company’s € 2.1 billion (Ps. 37.9 billion) bond exchangeable into Koninklijke KPN N.V. (hereinafter, "KPN") shares matured. Prior to maturity, the Company received notification from all bondholders exercising their right to call the KPN shares at the strike price of € 3.1185. The Company delivered its KPN shares to the shareholders and has ceased to have an equity investment in KPN. The non-cash related to the derecognition of exchangeable bonds through the conversion of KPN shares amounted to Ps. 34,569,415.
 
Note 7. Contingencies
 
Included in note 17 on pages F-71 to F-73 of the Company’s 2024 Form 20-F is a disclosure of material contingencies outstanding as of December 31, 2024. As of September 30, 2025, there has been no material changes in the status of those contingencies.

Note 8. Financial Assets and Liabilities
 
Set out below is the categorization of the financial instruments, excluding cash and cash equivalents, held by the Company as of September 30, 2025 and December 31, 2024:

   
September 30, 2025
 
   
Loans and
Receivables
    
Fair value
through
profit or loss
    
Fair value
through OCI
  
Financial Assets:
                  
Equity investments at fair value through OCI and other short term investments
  
Ps.
—    
Ps.
—    
Ps.
 46,832,069  
Accounts receivable from subscribers, distributors, contractual assets and other
    
192,874,477
      
—
      
—
  
Related parties
    
1,238,128
      
—
      
—
  
Derivative financial instruments
    
—
      
3,090,281
      
—
  
Debt instruments at fair value through OCI
    
—
      
—
      
17,455,625
  
Total
  
Ps.
 194,112,605    
Ps.
 3,090,281    
Ps.
 64,287,694  
                         
Financial Liabilities:
                        
Debt
  
Ps.
 550,176,128    
Ps.
—    
Ps.
—  
Liability related to right-of-use of assets
    
201,710,331
      
—
      
—
  
Accounts payable
    
183,885,765
      
—
      
—
  
Related parties
    
3,238,018
      
—
      
—
  
Derivative financial instruments
    
—
      
16,662,904
      
—
  
Total
  
Ps.
 939,010,242    
Ps.
 16,662,904    
Ps.
—  

   
December 31, 2024
  
   
Loans and
Receivables
    
Fair value
through
profit or loss
    
Fair value
through OCI
  
Financial Assets:
                        
Equity investments at fair value through OCI and other short term investments
  
Ps.
—    
Ps.
—    
Ps.
 46,683,687  
Accounts receivable from subscribers, distributors, contractual assets and other
    
179,615,497
      
—
      
—
  
Related parties
    
1,395,483
      
—
      
—
  
Derivative financial instruments
    
—
      
10,668,460
      
—
  
Debt instruments at fair value through OCI
    
—
      
—
      
13,908,873
  
Total
  
Ps.
 181,010,980    
Ps.
 10,668,460    
Ps.
 60,592,560  
                         
Financial Liabilities:
                        
Debt
  
Ps.
 567,585,631    
Ps.
—    
Ps.
—  
Liability related to right-of-use of assets
    
213,103,228
      
—
      
—
  
Accounts payable
    
184,148,979
      
—
      
—
  
Related parties
    
3,701,960
      
—
      
—
  
Derivative financial instruments
    
—
      
22,185,709
      
—
  
Total
  
Ps.
 968,539,798    
Ps.
 22,185,709    
Ps.
—  

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Table of Contents
Fair value hierarchy
 
The Company’s valuation techniques used to determine and disclose the fair value of its financial instruments are based on the following hierarchy:
 
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities,
 
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and
 
Level 3: Variables used for the asset or liability that are not based on any observable market data (non-observable variables).
 
The fair value for the financial assets (excluding cash and cash equivalents) and financial liabilities shown in the consolidated statements of financial position at September 30, 2025 and December 31, 2024 is as follow:

   
Measurement of fair value at September 30, 2025
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Equity investments at fair value through OCI and other short-term investments
  
Ps.
 46,832,069    
Ps. 
—    
Ps. 
—    
Ps.
 46,832,069  
Derivative financial instruments
    
—
      
3,090,281
      
—
      
3,090,281
  
Total current assets
    
46,832,069
      
3,090,281
      
—
      
49,922,350
  
Revaluation of telecommunication towers
    
—
      
—
      
9,033,463
      
9,033,463
  
Pension plan assets
    
175,705,720
      
13,381,302
      
36,623
      
189,123,645
  
Debt instruments at fair value through OCI
    
—
      
17,455,625
      
—
      
17,455,625
  
Total non-current assets
    
175,705,720
      
30,836,927
      
9,070,086
      
215,612,733
  
Total
  
Ps.
 222,537,789    
Ps.
 33,927,208    
Ps.
 9,070,086    
Ps.
 265,535,083  
                                 
Liabilities:
                                
Debt
  
Ps.
 465,709,819    
Ps.
 78,770,293    
Ps.
 —    
Ps.
 544,480,112  
Liability related to right-of-use of assets
    
201,710,331
      
—
      
—
      
201,710,331
  
Derivative financial instruments
    
—
      
16,662,904
      
—
      
16,662,904
  
Total
  
Ps.
 667,420,150    
Ps.
 95,433,197    
Ps.
 —    
Ps.
 762,853,347  

   
Measurement of fair value at December 31, 2024
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                                
Equity investments at fair value through OCI and other short-term investments
  
Ps.
 46,683,687    
Ps. 
—    
Ps. 
—    
Ps.
 46,683,687  
Derivative financial instruments
    
—
      
10,668,460
      
—
      
10,668,460
  
Total current assets
    
46,683,687
      
10,668,460
      
—
      
57,352,147
  
Revaluation of telecommunication towers
    
—
      
—
      
10,457,088
      
10,457,088
  
Pension plan assets
    
175,241,382
      
14,754,046
      
40,380
      
190,035,808
  
Debt instruments at fair value through OCI
    
—
      
13,908,873
      
—
      
13,908,873
  
Total non-current assets
    
175,241,382
      
28,662,919
      
10,497,468
      
214,401,769
  
Total
  
Ps.
 221,925,069    
Ps.
 39,331,379    
Ps.
 10,497,468    
Ps.
 271,753,916  
                                 
Liabilities:
                                
Debt
  
Ps.
 453,237,685    
Ps.
 90,095,061    
Ps. 
 —    
Ps.
 543,332,746  
Liability related to right-of-use of assets
    
213,103,228
      
—
      
—
      
213,103,228
  
Derivative financial instruments
    
—
      
22,185,709
      
—
      
22,185,709
  
Total
  
Ps.
 666,340,913    
Ps.
 112,280,770    
Ps. 
 —    
Ps.
 778,621,683  

Fair value of derivative financial instruments is valued using valuation techniques with market observable inputs. To determine its Level 2 fair value, the Company applies different valuation techniques including forward pricing and swaps models, using present value calculations. The models incorporate various inputs including credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. Fair value of debt Level 2 has been determined using a model based on present value calculation incorporating credit quality of AMX. The Company’s investment in equity investments at fair value, specifically the investment in Verizon and BT Group are valued using the quoted prices (unadjusted) in active markets for identical assets. The net realized gain (loss) on derivative financial instruments was Ps. 3,048,499 and Ps. (318,021) for the three-month periods ended September 30, 2025 and 2024, respectively, and Ps. 6,814,778 and Ps. (1,410,179), for the nine-month periods ended September 30, 2025 and 2024, respectively.
 
The fair value of the revaluation of telecommunication towers was calculated using valuation techniques, using observable market data and internal information on transactions carried out with independent third parties. To determine fair value, we use level 2 and 3 information, the Company used inputs such as average rents, contract term and discount rates for discounted flow modeling techniques; in the case of discount rates, we use level 2 data where the information is public and is found in recognized databases, such as country risks, inflation, etc. In the case of level 3 data, the information is mainly internal based on lease contracts entered into with independent third parties.

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Table of Contents
For the nine-months period ended September 30, 2025, and 2024, no transfers were made between Level 1, Level 2 and Level 3 fair value measurement hierarchies.

Note 9. Shareholders’ Equity
 
a) Pursuant to the Company’s bylaws, the capital stock of the Company consisted as of September 30, 2025 of a minimum fixed portion of Ps.231,290 (nominal amount), represented by a total of 61,245,000,000 shares (including treasury shares available for placement in accordance with the provisions of the Mexican Securities Market Law) (Ley del Mercado de Valores), all of them “B” shares.
 
b) As of September 30, 2025 and December 31, 2024, the Company’s capital stock was represented by 60,321,750,000 outstanding “B” shares and 61,000,000,000 outstanding “B” shares respectively, not including treasury shares.
 
c) As of September 30, 2025 and December 31, 2024, the Company’s treasury held for placement in accordance with the provisions of the Mexican Securities Market Law (Ley del Mercado de Valores ) and the Mexican General Regulations applicable to Securities Issuers (Disposiciones de carácter general aplicables a las Emisoras de Valores y a otros participantes del Mercado de Valores) issued by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores), a total amount of 923,250,000 shares all Series “B”; and 245,000,000 Series “B” shares, respectively all acquired pursuant to the Company’s share repurchase program.
 
d) Company’s “B” shares are registered common and no-par value shares with full voting rights.

Dividends
 
On May 14, 2025, the Company’s shareholders approved, among other resolutions, the payment of a dividend of Ps.0.52 (fifty-two peso cents) per share to each of the shares of its capital stock. It was approved that such dividend would be paid in two installments of Ps.0.26 (twenty-six peso cents) each, on July 14 and November 10, 2025, respectively.

On April 29, 2024, the Company’s shareholders approved, among other resolutions, the payment of a dividend of Ps.0.48 (forty-eight peso cents) per share to each of the shares of its capital stock. It was approved that such dividend would be paid in two installments of Ps.0.24 (twenty four peso cents) each, on July 15 and November 11, 2024, respectively.
 
Legal Reserve
 
According to the Ley General de Sociedades Mercantiles, companies must allocate from the net profit of each year at least 5% to increase the legal reserve until it reaches 20% of its capital stock. This reserve may not be distributed to shareholders during the existence of the Company, except as a stock dividend. As of September 30, 2025 and December 31, 2024, the legal reserve amounted to Ps. 358,440.
 
Restrictions on Certain Transactions
 
Pursuant to the Company’s bylaws any transfer of more than 10% of the full voting shares (“A” shares and “AA” shares), effected in one or more transactions by any person or group of persons acting in concert, requires prior approval by our Board of Directors. If the Board of Directors denies such approval, however, the Company bylaws require it to designate an alternate transferee, who must pay market price for the shares as quoted on the Bolsa Mexicana de Valores, S.A.B. de C.V.
 
Payment of Dividends

Dividends, either in cash or in kind, paid with respect to the “B” shares or “B” share ADSs will generally be subject to a 10% Mexican withholding tax (provided that no Mexican withholding tax will apply to distributions of net taxable profits generated before 2014). Non-resident holders could be subject to a lower tax rate, to the extent that they are eligible for benefits under an income tax treaty to which Mexico is a party.

16
Table of Contents
Note 10. Components of other comprehensive income
 
The movement on the components of the other comprehensive income is as follows:

   
For the three-month period ended
September 30,
    
For the nine-month period ended
September 30,
  
   
2025
    
2024
    
2025
    
2024
  
Controlling interest:
                        
Unrealized gain on equity investments at fair value, net of deferred taxes
  
Ps.
 46,404    
Ps.
 5,605,521    
Ps.
 965,081    
Ps.
 10,173,257  
Translation effect of foreign entities
    
(10,357,534
)
  
43,393,448
      
(9,174,880
)
  
63,633,553
  
Remeasurement of defined benefit plan, net of deferred taxes
    
535,858
    
(22,484
)
    
7,521,841
    
(102,018
)
Non-controlling interest of the items above
    
(2,336,633
)
  
6,875,949
      
790,054
    
9,547,120
  
Other comprehensive income
  
Ps.
 (12,111,905 )  
Ps.
 55,852,434    
Ps.
 102,096    
Ps.
 83,251,912  

Note 11. Valuation of derivatives, interest cost from labor obligations and other financial items, net

Valuation of derivatives and other financial items are as follows:

   
For the three-month period ended
September 30,
    
For the nine-month period ended
September 30,
  
   
2025
     2024    
2025
    
2024
  
                         
                         
Gain in valuation of derivatives, net
  
Ps.
 (2,243,326 )  
Ps.
 7,534,273
    
Ps.
 316,386
    
Ps.
 5,165,037
  
Capitalized interest expense
    
417,835
      
408,908
      
1,107,471
      
1,133,273
  
Commissions
    
(311,332
)
    
(283,297
)
    
(1,036,648
)
    
(814,363
)
Interest cost of labor obligations
    
(4,432,098
)
    
(3,773,999
)
    
(13,325,841
)
    
(11,286,102
)
Contractual earn-out from business combination
    
—
      
—
      
—
      
14,856
  
Interest expense on taxes
    
(159,067
)
    
16,251
      
(287,610
)
    
(135,263
)
Recognized dividend income
    
742,663
      
772,550
      
2,288,735
      
1,986,090
  
Impairment to notes receivable from joint venture
    
—
      
(704,553
)
    
—
      
(3,730,438
)
Loss on exchange of KPN shares
    
—
      
—
      
—
      
(2,461,000
)
Payment of Tax Compensations
    
—
      
—
      
—
      
(293,365
)
Allowance of doubtful accounts
    
—
      
(348,170
)
    
(864,752
)
    
(961,745
)
Commissions and other interest
    
(105,148
)
    
(498,622
)
    
(1,185,053
)
    
(1,263,019
)
Gain on net monetary positions
    
480,419
      
5,211,676
      
3,682,929
      
24,344,026
  
Other financial cost
    
(299,582
)
    
(612,698
)
    
(1,122,078
)
    
(1,156,845
)
Total
  
Ps.
 (5,909,636 )  
Ps.
 7,722,319
    
Ps.
 (10,426,461 )  
Ps.
 10,541,142
  

Note 12. Segments
 
América Móvil operates in different countries. As mentioned in Note 1, the Company has operations in Mexico, Guatemala, Nicaragua, Ecuador, El Salvador, Costa Rica, Brazil, Argentina, Colombia, Honduras, Peru, Paraguay, Uruguay, Chile, the Dominican Republic, Puerto Rico, Austria, Croatia, Bulgaria, Belarus, Macedonia, Serbia and Slovenia. The accounting policies for the segments are the same as those described in Note 2 on pages F-12 to F-38 of the Company’s 2024 Form 20-F .
 
The Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), analyzes the financial and operating information by operating segment. All operating segments that (i) represent more than 10% of consolidated revenues, (ii) more than the absolute amount of its reported 10% of profits before income tax or (iii) more than 10% of consolidated assets, are presented separately.
 
The Company presents the following reportable segments for the purposes of its consolidated financial statements: Mexico (includes Telcel and Corporate operations and assets), Telmex (Mexico), Brazil, Southern Cone (includes Argentina separated from Paraguay, Uruguay and Chile), Colombia, Andean (includes Ecuador and Peru), Central America (includes Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica), Caribbean (includes the Dominican Republic and Puerto Rico), and Europe (includes Austria, Bulgaria, Croatia, Belarus, Slovenia, Macedonia and Serbia).

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Table of Contents
The segment Southern Cone comprises mobile communication services in Argentina as well as Paraguay, Uruguay and Chile. Beginning in 2018, hyperinflation accounting in accordance with IAS 29 was initially applied to Argentina, which results in the restatement of non-monetary assets, liabilities and all items of the statement of comprehensive income for the change in a general price index and the translation of these items applying the period-end exchange rate.

The Company considers that the quantitative and qualitative aspects of any aggregated operating segments (that is, Central America and Caribbean reportable segments) are similar in nature for all periods presented. In evaluating the appropriateness of aggregating operating segments, the key indicators considered included but were not limited to: (i) the similarity of key financial statements measures and trends, (ii) all entities provide telecommunications services, (iii) similarities of customer base and services, (iv) the methods to distribute services are the same, based on telephone plant in both cases, wireless and fixed lines, (v) similarities of governments and regulatory entities that oversee the activities and services of telecom companies, (vi) inflation trends, and (vii) currency trends.
 
18
Table of Contents

                    
Southern Cone (1)
                                            
   
Mexico
    
Telmex
    
Brazil
    
Argentina
    
Uruguay,
Paraguay and
Chile
    
Colombia
    
Andean
    
Central
America
    
Caribbean
    
Europe
    
Eliminations
    
Consolidated
total
  
For the nine months ended at September 30, 2025 (in Ps.):
                                                                        
External revenues
    
190,990,286
      
68,757,908
      
132,119,693
      
27,080,180
      
19,818,605
      
58,037,591
      
42,485,108
      
42,231,672
      
27,914,307
      
89,306,096
      
—
      
698,741,446
  
Intersegment revenues
    
10,868,768
      
16,030,006
      
4,126,097
      
51,822
      
62,054
      
586,727
      
114,870
      
62,971
      
1,061,513
      
1,412
      
(32,966,240
)
    
—
  
Total revenues
    
201,859,054
      
84,787,914
      
136,245,790
      
27,132,002
      
19,880,659
      
58,624,318
      
42,599,978
      
42,294,643
      
28,975,820
      
89,307,508
      
(32,966,240
)
    
698,741,446
  
Depreciation and amortization
    
18,502,336
      
11,603,199
      
33,103,092
      
8,671,943
      
10,180,980
      
13,053,291
      
8,989,939
      
8,809,251
      
5,450,836
      
19,632,627
      
(2,992,485
)
    
135,005,009
  
Operating income (loss)
    
68,007,715
      
12,056,681
      
26,831,859
      
577,956
      
(6,037,163
)
    
7,729,083
      
7,098,945
      
9,484,301
      
4,906,930
      
14,170,730
      
(2,551,779
)
    
142,275,258
  
Interest income
    
14,625,629
      
954,604
      
3,144,052
      
740,164
      
89,322
      
603,887
      
1,374,404
      
536,580
      
1,165,419
      
626,828
      
(16,958,566
)
    
6,902,323
  
Interest expense
    
26,996,135
      
1,642,530
      
21,166,121
      
2,231,312
      
1,282,862
      
4,006,537
      
2,139,698
      
996,420
      
1,012,748
      
1,723,323
      
(16,569,779
)
    
46,627,907
  
Income tax
    
24,877,713
      
619,436
      
4,357,148
      
942,602
      
(245,897
)
    
893,875
      
2,155,453
      
2,055,398
      
2,273,428
      
2,787,685
      
(139,960
)
    
40,576,881
  
Equity interest in net result of associated companies
    
(4,301
)
    
42,869
      
22,181
      
—
      
—
      
—
      
—
      
—
      
—
      
44,852
      
—
      
105,601
  
Net profit (loss) attributable to equity holders of the parent
    
61,474,781
      
(3,096,185
)
    
9,790,029
      
(4,558,020
)
    
(6,035,570
)
    
2,289,877
      
4,424,618
      
7,182,279
      
2,158,916
      
10,033,771
      
(19,979,656
)
    
63,684,840
  
Assets by segment
    
1,062,767,055
      
258,160,450
      
373,893,303
      
77,287,228
      
61,985,936
      
140,007,586
      
102,973,789
      
100,728,939
      
100,399,584
      
201,032,872
      
(686,342,106
)
    
1,792,894,636
  
Plant, property and equipment,  net
    
41,313,231
      
153,290,166
      
145,517,531
      
34,150,432
      
30,446,044
      
53,382,072
      
33,364,539
      
48,750,889
      
36,438,713
      
99,481,094
      
(739,411
)
    
675,395,300
  
Revalued of assets
    
—
      
—
      
—
      
—
      
—
      
7,840,020
      
—
      
—
      
—
      
1,193,443
      
—
      
9,033,463
  
Rights of use, net
    
68,541,060
      
196,730
      
40,288,849
      
6,276,754
      
7,141,706
      
5,468,803
      
13,771,754
      
19,412,329
      
6,256,291
      
18,244,688
      
(34,792
)
    
185,564,172
  
Goodwill
    
26,462,356
      
215,381
      
29,201,504
      
202,077
      
4,735,752
      
9,920,056
      
4,707,828
      
6,305,077
      
14,186,723
      
64,190,721
      
—
      
160,127,475
  
Licenses and rights, net
    
9,120,353
      
63,370
      
25,667,636
      
16,040,946
      
3,300,874
      
19,904,371
      
3,538,011
      
4,694,104
      
9,742,303
      
18,799,789
      
—
      
110,871,757
  
Liabilities by segments
    
705,457,968
      
194,095,143
      
295,273,918
      
46,681,284
      
41,786,362
      
81,798,318
      
58,821,401
      
36,524,188
      
41,605,708
      
102,299,088
      
(266,725,089
)
    
1,337,618,289
  

                     
Southern Cone (1)
                                            
   
Mexico
    
Telmex
    
Brazil
    
Argentina
    
Uruguay and
Paraguay
    
Colombia
    
Andean
    
Central
America
    
Caribbean
    
Europe
    
Eliminations
    
Consolidated
total
  
For the nine months ended at September 30, 2024 (in Ps.):
                                                                        
External revenues
    
187,732,967
      
68,276,663
      
122,110,295
      
27,423,524
      
3,055,462
      
51,301,152
      
36,815,098
      
34,165,586
      
25,613,323
      
75,786,425
      
—
      
632,280,495
  
Intersegment revenues
    
9,509,126
      
12,596,097
      
3,513,207
      
81,371
      
7,992
      
259,275
      
104,703
      
78,990
      
828,218
      
290,851
      
(27,269,830
)
    
—
  
Total revenues
    
197,242,093
      
80,872,760
      
125,623,502
      
27,504,895
      
3,063,454
      
51,560,427
      
36,919,801
      
34,244,576
      
26,441,541
      
76,077,276
      
(27,269,830
)
    
632,280,495
  
Depreciation and amortization
    
18,918,556
      
11,174,219
      
32,020,010
      
8,342,697
      
1,674,330
      
11,956,745
      
7,667,751
      
8,454,444
      
5,267,048
      
16,776,326
      
(2,840,653
)
    
119,411,473
  
Operating income (loss)
    
67,725,756
      
11,773,716
      
22,411,376
      
802,382
      
(1,019,701
)
    
6,880,318
      
5,800,241
      
4,935,702
      
4,252,492
      
12,066,971
      
(1,920,534
)
    
133,708,719
  
Interest income
    
17,685,395
      
921,047
      
1,578,990
      
746,715
      
5,593
      
408,450
      
1,976,398
      
436,639
      
1,467,208
      
268,177
      
(18,903,431
)
    
6,591,181
  
Interest expense
    
28,953,640
      
3,750,214
      
17,563,617
      
1,854,449
      
49,597
      
2,727,014
      
1,688,082
      
756,724
      
1,015,766
      
1,577,366
      
(18,935,238
)
    
41,001,231
  
Income tax
    
8,766,052
      
2,181,918
      
(1,340,015
)
    
7,861,835
      
205
      
437,590
      
1,810,530
      
1,397,002
      
1,842,816
      
2,230,881
      
(128,281
)
    
25,060,533
  
Equity interest in net result of associated companies
    
(4,463,895
)
    
35,531
      
20,729
      
—
      
—
      
—
      
—
      
(987
)
    
—
      
36,238
      
—
      
(4,372,384
)
Net profit (loss) attributable to equity holders of the parent
    
(5,658,857
)
    
(3,898,168
)
    
(2,885,415
)
    
7,679,002
      
(1,221,167
)
    
2,427,147
      
4,257,803
      
3,769,832
      
2,517,538
      
8,248,123
      
3,591,793
      
18,827,631
  
Assets by segment
    
1,122,518,353
      
241,187,215
      
384,282,819
      
88,608,583
      
9,944,249
      
131,675,798
      
103,180,664
      
108,067,723
      
108,315,408
      
198,352,247
      
(710,235,911
)
    
1,785,897,148
  
Plant, property and equipment, net
    
44,294,544
      
152,040,735
      
153,223,405
      
41,688,196
      
3,698,909
      
54,625,108
      
34,234,298
      
51,001,557
      
39,881,695
      
101,940,134
      
(1,025,616
)
    
675,602,965
  
Revalued of assets
    
—
      
—
      
—
      
—
      
—
      
8,261,373
      
—
      
—
      
—
      
1,447,191
      
—
      
9,708,564
  
Rights of use, net
    
83,289,428
      
213,337
      
39,426,940
      
9,029,706
      
2,741,344
      
4,706,349
      
14,745,037
      
19,689,683
      
6,917,144
      
19,156,496
      
(48,441
)
    
199,867,023
  
Goodwill
    
26,485,732
      
215,381
      
30,245,505
      
201,927
      
—
      
9,923,928
      
4,707,368
      
6,319,661
      
14,186,723
      
65,018,360
      
—
      
157,304,585
  
Licenses and rights, net
    
9,637,656
      
76,825
      
30,330,948
      
19,761,610
      
1,364,010
      
21,105,792
      
4,072,270
      
5,105,256
      
9,703,924
      
20,606,596
      
—
      
121,764,887
  
Liabilities by segments
    
722,219,858
      
185,661,266
      
313,115,749
      
52,298,774
      
4,724,963
      
72,614,697
      
57,600,160
      
39,349,988
      
45,086,112
      
108,057,462
      
(291,857,411
)
    
1,308,871,618
  

  (1)
Includes the operations of Claro Chile, SpA

19
Table of Contents
                     
Southern Cone (1)
                                            
   
Mexico
    
Telmex
    
Brazil
    
Argentina
    
Uruguay,
Paraguay and
Chile
    
Colombia
    
Andean
    
Central
America
    
Caribbean
    
Europe
    
Eliminations
    
Consolidated
total
  
For the three months ended at September 30, 2025 (in Ps.):
                                                                        
External revenues
    
65,851,457
      
22,348,982
      
44,538,138
      
7,241,467
      
6,508,641
      
19,239,133
      
13,971,281
      
13,805,064
      
8,849,962
      
30,564,792
      
—
      
232,918,917
  
Intersegment revenues
    
3,607,318
      
5,571,666
      
1,323,032
      
15,927
      
20,243
      
384,416
      
37,335
      
19,965
      
337,725
      
1,412
      
(11,319,039
)
    
—
  
Total revenues
    
69,458,775
      
27,920,648
      
45,861,170
      
7,257,394
      
6,528,884
      
19,623,549
      
14,008,616
      
13,825,029
      
9,187,687
      
30,566,204
      
(11,319,039
)
    
232,918,917
  
Depreciation and amortization
    
5,940,083
      
3,895,997
      
11,018,594
      
2,352,011
      
3,263,031
      
4,299,503
      
2,929,113
      
2,879,509
      
1,725,662
      
6,339,809
      
(943,830
)
    
43,699,482
  
Operating income (loss)
    
23,776,380
      
3,723,377
      
9,286,170
      
159,320
      
(1,572,847
)
    
2,991,804
      
2,409,952
      
3,096,769
      
1,536,203
      
5,833,055
      
(1,117,111
)
    
50,123,072
  
Interest income
    
4,966,515
      
236,023
      
1,980,548
      
242,791
      
14,818
      
160,863
      
396,106
      
155,407
      
369,391
      
270,261
      
(5,494,221
)
    
3,298,502
  
Interest expense
    
9,012,482
      
416,180
      
7,837,685
      
742,272
      
413,022
      
1,504,209
      
703,354
      
308,670
      
337,775
      
576,376
      
(5,263,251
)
    
16,588,774
  
Income tax
    
8,677,168
      
(734,374
)
    
983,648
      
(271,550
)
    
(45,456
)
    
467,295
      
734,067
      
651,681
      
1,232,546
      
1,214,450
      
(46,201
)
    
12,863,274
  
Equity interest in net result of associated companies
    
5,537
      
13,912
      
6,776
      
—
      
—
      
—
      
—
      
—
      
—
      
13,559
      
—
      
39,784
  
Net profit (loss) attributable to equity holders of the parent
    
20,397,765
      
(326,105
)
    
3,113,622
      
(1,496,966
)
    
(2,075,052
)
    
752,693
      
1,429,252
      
2,361,314
      
266,451
      
4,239,222
      
(5,962,041
)
    
22,700,155
  

                     
Southern Cone (1)
                                            
   
Mexico
    
Telmex
    
Brazil
    
Argentina
    
Uruguay and
Paraguay
    
Colombia
    
Andean
    
Central
America
    
Caribbean
    
Europe
    
Eliminations
    
Consolidated
total
  
For the three months ended at September 30, 2024 (in Ps.):
                                                                        
External revenues
    
63,994,426
      
23,244,769
      
42,106,874
      
12,075,268
      
1,069,585
      
18,027,451
      
13,289,345
      
12,647,471
      
9,083,903
      
27,919,344
      
—
      
223,458,436
  
Intersegment revenues
    
3,366,812
      
4,513,874
      
1,267,580
      
29,760
      
1,657
      
92,063
      
37,246
      
26,663
      
326,139
      
290,850
      
(9,952,644
)
    
—
  
Total revenues
    
67,361,238
      
27,758,643
      
43,374,454
      
12,105,028
      
1,071,242
      
18,119,514
      
13,326,591
      
12,674,134
      
9,410,042
      
28,210,194
      
(9,952,644
)
    
223,458,436
  
Depreciation and amortization
    
6,313,200
      
3,766,918
      
10,730,626
      
3,334,698
      
478,662
      
4,306,121
      
2,678,911
      
3,142,716
      
1,970,049
      
6,176,894
      
(919,326
)
    
41,979,469
  
Operating income (loss)
    
22,604,245
      
3,706,204
      
8,261,254
      
737,373
      
(243,765
)
    
2,453,156
      
2,195,323
      
2,044,217
      
1,422,405
      
5,112,901
      
(850,658
)
    
47,442,655
  
Interest income
    
5,764,071
      
317,606
      
492,509
      
285,082
      
2,544
      
89,921
      
624,114
      
162,138
      
513,624
      
119,744
      
(5,786,665
)
    
2,584,688
  
Interest expense
    
9,475,290
      
1,116,641
      
5,754,186
      
682,855
      
20,720
      
954,368
      
629,961
      
296,820
      
319,494
      
596,376
      
(5,798,081
)
    
14,048,630
  
Income tax
    
3,193,514
      
957,212
      
786,930
      
1,505,114
      
145
      
184,206
      
741,269
      
586,714
      
774,029
      
937,680
      
(45,259
)
    
9,621,554
  
Equity interest in net result of associated companies
    
(1,683,422
)
    
10,246
      
6,242
      
—
      
—
      
—
      
—
      
—
      
—
      
19,638
      
—
      
(1,647,296
)
Net profit (loss) attributable to equity holders of the parent
    
(6,092,235
)
    
(1,666,218
)
    
924,170
      
667,491
      
(342,881
)
    
878,509
      
1,547,641
      
1,564,443
      
614,320
      
3,591,935
      
4,739,410
      
6,426,585
  
 
  (1)
Includes the operations of Claro Chile, SpA

20

Source: View Original Filing on SEC EDGAR

FAQ

What were América Móvil (AMX) total revenues for the first nine months of 2025?

Total operating revenues were Ps. 698,741 million, up 10.5% year over year.

How much did América Móvil (AMX) earn in net profit in 9M25?

Net profit was Ps. 67.7 billion, an increase of 207.4% versus the prior year period.

What drove the jump in América Móvil (AMX) net profit?

A Ps. 16.1 billion net foreign exchange gain in 2025 versus a loss in 2024 materially boosted results.

What was América Móvil (AMX) operating margin in 9M25?

Operating margin was 20.4%, compared to 21.1% in the prior-year period.

How did service revenues trend for América Móvil (AMX)?

Service revenues were Ps. 599,980 million, up 10.7% year over year; at constant FX, up 6.3%.

How many RGUs does América Móvil (AMX) have as of September 30, 2025?

Wireless subscriptions were 328.8 million and fixed RGUs were 78.9 million.

What is the effect of consolidating Claro Chile on AMX figures?

At constant exchange rates, revenue growth was 6.2%, or 3.7% when excluding the effects of consolidating Claro Chile, SpA.
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AMX Rankings

#213 Ranked by Market Cap
#2156 Ranked by Dividends

AMX Latest News

May 14, 2025
América Móvil Files Annual Report on Form 20-F
Nov 21, 2024
Claro Enterprise Solutions Expands Technology Service Offerings to Accelerate Mergers and Acquisitions Integrations
Oct 30, 2024
Claro Enterprise Solutions Unveils a Unified Security Solution for Modern Workplace Collaboration
Oct 10, 2024
ICARO Media Group Announces 10-Year Contract with América Móvil's Claro Brasil
Sep 26, 2024
Claro Enterprise Solutions Hosts First Virtual Summit to Help Businesses Prepare for a Cyber-Physical Future

AMX Latest SEC Filings

Oct 16, 2025
[6-K] AMERICA MOVIL SAB DE CV/ Current Report (Foreign Issuer)
Oct 7, 2025
[6-K] AMERICA MOVIL SAB DE CV/ Current Report (Foreign Issuer)
Sep 19, 2025
[6-K] AMERICA MOVIL SAB DE CV/ Current Report (Foreign Issuer)
Jul 3, 2025
[424B2] America Movil S.A.B de C.V American Prospectus Supplement
Jun 30, 2025
[424B2] America Movil S.A.B de C.V American Prospectus Supplement

AMX Stock Data

70.01B
3.02B
6.13%
0.22%
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