Total Play Telecomunicaciones S.A.P.I. de C.V. (TOTALPLAY) Q4 2024 earnings summary

Executive summary

• Achieved 16% EBITDA growth to Ps. 5,483 million in Q4 2024, with a record 49% EBITDA margin, driven by higher revenues and cost reductions.

• Q4 revenue rose 5% year-over-year to Ps. 11,176 million, while total costs and expenses fell 4% to Ps. 5,693 million.

• Net loss widened to Ps. 1,519 million in Q4, compared to a loss of Ps. 1,024 million a year earlier, mainly due to higher depreciation, interest, and foreign exchange losses.

• Full-year 2024 revenue increased 10% to Ps. 44,530 million, with EBITDA up 14% to Ps. 20,956 million and operating income up 66% to Ps. 3,844 million.

• Net loss for 2024 was Ps. 7,504 million, compared to Ps. 3,147 million in 2023.

Financial highlights

• Q4 2024 EBITDA margin reached 49%, up five percentage points year-over-year.

• Capex was 29% of revenue in Q4, down from 36% a year ago.

• Cash flow (EBITDA less Capex and interest) was Ps. 816 million in Q4 and Ps. 2,763 million for the year.

• Net debt increased to Ps. 55,025 million as of December 31, 2024.

• Net Debt/EBITDA ratio for the last two annualized quarters was 2.53x.

Outlook and guidance

• Focus remains on profitability, operational efficiency, and cash flow generation over aggressive subscriber or geographic expansion.

• Strategy includes moderating subscriber growth and refraining from expanding geographic coverage.