AMX · América Móvil, S.A.B. de C.V.

América Móvil delivered strong Q1 2026 results despite currency headwinds, with reported revenue growth of 2.1% to 237 billion Mexican pesos reflecting a 16.3% MXN appreciation against the USD and gains versus other regional currencies. At constant exchange rates, revenue expanded 6.1%, propelled by 4.6% service revenue growth—including resilient 6.4% mobile service (7.3% postpaid, 5.0% prepaid accelerating) and 1.7% fixed-line service—and 11.3% equipment sales. EBITDA rose faster at 8.0% constant rate (3.8% reported) to 95 billion pesos, achieving a 39.9% margin (40% adjusted), due to enhanced operating leverage as noted by management. Operating profit climbed 12.7% reported to 51 billion pesos, bolstered by 9.9% lower comprehensive financing costs from reduced net interest expenses, driving 25.1% net income growth to 23.4 billion pesos and EPS to 0.39 MXN. Subscriber gains were robust with 3.1 million postpaid wireless adds (Brazil 1.3M leading) offsetting 90K prepaid losses, and 594K broadband additions (Mexico 175K top). Total access lines reached 414 million, with postpaid +8.8% YoY and broadband +6.0% YoY. Cash flow funded 21.6 billion capex, 1.4 billion buybacks, 1.5 billion labor payments, reducing net debt to 437 billion pesos (1.41x LTM EBITDA). Board proposals include 0.54 MXN/share dividend in two installments and 10 billion peso buyback extension. Additionally, a 73% acquisition of Brazil's Desktop was announced March 22, pending regulatory nods, signaling fixed-line expansion. A reporting change reclassifies FWA to mobile for consistency, with restated figures.