América Móvil (AMXL) Q3 2024 earnings summary

Executive summary

• Third quarter saw strong revenue and EBITDA growth, with service revenue up 11.3% in MXN and 5.5% at constant FX, aided by currency depreciation effects.

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

• Subscriber base expanded by 1.8 million, with 1.4 million postpaid additions, led by Brazil, Colombia, and Mexico.

• Fixed broadband and mobile postpaid segments were main growth drivers, with year-on-year access growth of 5.9% and 5.2%, respectively.

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

Financial highlights

• Revenue for Q3 totaled MXN 223.5 billion; service revenue up 11.3% in MXN, 5.5% at constant FX.

• Adjusted EBITDA increased 7.3% year-over-year at constant FX; EBITDA reached 89.4B pesos (+11.9% YoY).

• Operating profit reached MXN 47.4 billion, up 14.2% in MXN and 10% at constant FX.

• Net debt at end-September was MXN 433 billion, with net debt/EBITDAAL at 1.34x.

• Capital expenditures for the first nine months totaled MXN 86.7 billion.

Outlook and guidance

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

• No changes to shareholder remuneration or CapEx plans despite recent currency depreciation.

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

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

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