Table of Contents

 

(See Form 20-F Cross Reference Guide on page 91)

 

SELECTED FINANCIAL DATA

 

We prepared our audited consolidated financial statements included in this annual report in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS”). The selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements.

 

We present our audited consolidated financial statements in Mexican pesos (“Ps.”). This annual report contains translations of various Mexican peso amounts into U.S. dollars at specified rates solely for your convenience. You should not construe these translations as representations that the Mexican peso amounts actually represent the U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, we have translated U.S. dollar amounts from Mexican pesos at the exchange rate of Ps.17.9667 to U.S.$1.00, which was the rate reported by Banco de México on December 31, 2025, as published in the Official Gazette of the Federation (Diario Oficial de la Federación, or “Official Gazette”).

 

On October 6, 2022, we combined our Chilean Operation, Claro Chile, S.A. (“Claro Chile”), with the Chilean operation of Liberty Latin America, Ltd. (“LLA”), VTR, in order to create Claro Chile, SpA.  From October 6, 2022, to October 31, 2024, we classified Claro Chile, SpA as a joint venture and recognized its operations using the equity accounting method. The operations of Claro Chile S.A. prior to October 6, 2022 were classified as discontinued operations. On October 31, 2024, AMX converted its outstanding notes in Claro Chile, SpA into equity and consolidated Claro Chile, SpA into its operations. Therefore, the operations of Claro Chile, SpA, as from October 31, 2024 are consolidated into our operations. Immediately following such conversion, we held approximately 91.0% of the outstanding shares of Claro Chile, SpA and LLA held the remaining 9.0%. As of December 31, 2024, we had increased our ownership interest in Claro Chile, SpA, to 94.9%. On July 28, 2025, we acquired the remaining outstanding shares of Claro Chile, SpA, thereby increasing our ownership interest to 100%. See Notes 12 a) and 12 b) to our audited consolidated financial statements included in this annual report.

			FOR THE YEAR ENDED DECEMBER 31,
			2023			2024			2025			2025
			(in millions of Mexican pesos, except share and per share amounts)									(in millions of U.S. dollars, except share and per share amounts)
STATEMENT OF COMPREHENSIVE INCOME DATA:
Operating revenues		Ps.	816,013		Ps.	869,221		Ps.	943,638		U.S.	52,521
Operating costs and expenses, excluding depreciation and amortization			496,443			524,993			571,429			31,805
Depreciation and amortization			151,786			164,128			180,805			10,063
Operating income			167,784			180,100			191,404			10,653
Net profit for the year		Ps.	80,790		Ps.	27,591		Ps.	88,117		U.S.	4,904
NET PROFIT (LOSS) ATTRIBUTABLE FOR THE YEAR TO:
Equity holders of the parent		Ps.	76,111		Ps.	22,902		Ps.	82,819		U.S.	4,609
Non-controlling interests			4,679			4,689			5,298			295
Net profit for the year		Ps.	80,790		Ps.	27,591		Ps.	88,117		U.S.	4,904
EARNINGS PER SHARE:
Basic and diluted		Ps.	1.21		Ps.	0.37		Ps.	1.37		U.S.	0.08
Dividends declared per share(1)		Ps.	0.46		Ps.	0.48		Ps.	0.52		U.S.	0.03
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (MILLIONS):
Basic			63,049			61,723			60,544			-
Diluted			63,049			61,723			60,544			-
BALANCE SHEET DATA:
Property, plant and equipment, net		Ps.	628,651		Ps.	713,784		Ps.	687,263		U.S.	38,252
Right-of-use assets			113,568			199,460			197,544			10,995
Total assets			1,564,186			1,793,921			1,799,616			100,166
Short-term debt and current portion of long-term debt			160,964			104,211			91,973			5,119
Short-term liability related to right-of-use of assets			24,375			35,437			35,867			1,996
Long-term debt			339,713			463,375			432,934			24,096
Long-term liability related to right-of-use of assets			100,794			177,666			178,242			9,921
Capital stock			95,362			95,357			95,354			5,307
Total equity		Ps.	421,702		Ps.	432,184		Ps.	427,672		U.S.	23,807
NUMBER OF OUTSTANDING SHARES (MILLIONS)(2):
B Shares			62,450			61,000			60,264			-

(1)	Figures for each year provided represent the annual dividend declared at the general shareholders’ meeting for that year. For information on dividends paid per share translated into U.S. dollars, see “Share Ownership and Trading—Dividends” under Part IV of this annual report.

 

 

PART I: INFORMATION

ON THE COMPANY

ABOUT AMÉRICA MÓVIL

HISTORY AND CORPORATE INFORMATION

 

América Móvil, S.A.B. de C.V. (“América Móvil,” “we” or the “Company”) is a Sociedad Anónima Bursátil de Capital Variable organized under the laws of Mexico.

 

We were established in 2000 when Teléfonos de México, S.A.B. de C.V. (“Telmex”), a fixed-line Mexican telecommunications operator privatized in 1990, spun off to us its wireless operations in Mexico and other countries. We have made significant acquisitions throughout Latin America, the United States, the Caribbean and Europe, and we have also expanded our businesses organically.

 

Our principal executive offices are located at Lago Zurich 245, Plaza Carso / Edificio Telcel, Colonia Ampliación Granada, Alcaldía Miguel Hidalgo, 11529, Mexico City, Mexico. Our telephone number at this location is (5255) 2581-3700.

 

BUSINESS OVERVIEW

 

We provide telecommunications services in 23 countries. We are a leading telecommunications services provider in Latin America, ranking first in wireless, fixed-line, broadband and Pay TV services based on the number of 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 December 31, 2025. For a list of our principal subsidiaries, see Note 2 a(ii) to our audited consolidated financial statements and “Additional Information—Exhibit 8.1” under Part VII of this annual report.

 

We aim to build on our position as a leader in integrated telecommunication services in Latin America and the Caribbean, and to grow in other parts of the world by continuing to expand our subscriber base through the development of our existing businesses and strategic acquisitions when opportunities arise. We have developed world-class integrated telecommunications platforms to offer our customers new services and enhanced communications solutions with higher data speed transmissions at lower prices. We continue investing in our networks to increase coverage and implement new technologies to optimize our network capabilities. See “Operating and Financial Review and Prospects—Overview” under Part II of this annual report for a discussion on the seasonality of our business.

 

KEY PERFORMANCE INDICATORS

 

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:

 

 

 

 

 

 

 

 

 

 

 

PRINCIPAL BRANDS

 

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 Equipment and accessories
				Telmex Infinitum			Fixed voice Fixed data Equipment and accessories
	Europe			A1			Wireless voice Wireless data Fixed voice Fixed data Pay TV Equipment and accessories

SERVICES AND PRODUCTS

 

We offer, and derive revenues from, a wide range of services and products that vary by market, including wireless voice, wireless data and value-added services, fixed voice, fixed data, broadband and information technology (“IT”) services, Pay TV, over-the-top (“OTT”) services and sales of equipment and accessories.

 

Wireless Operations

 

In 2025, our wireless voice and data operations generated revenues of Ps.500.5 billion, representing 53.0% of our consolidated revenues. As of December 31, 2025, our wireless operations represented approximately 80.7% of our total RGUs, an increase from 80.5%, as of December 31, 2024.

Revenues from wireless voice services primarily include charges from monthly subscriptions, usage charges billed to customers and usage charges billed to other service providers for calls completed on our network. The primary drivers of revenues from monthly subscription charges are the number of total RGU’s and the price of our service packages. The primary drivers of revenues from usage charges are airtime, international and long-distance calls and interconnection fees.

 

Revenues from wireless data services primarily include charges for data, cloud, internet, machine-to-machine, OTT services and data center services. Revenues from value-added services, including revenues from VPN services to our corporate clients, also contribute to our results for wireless data services.

 

VOICE AND DATA. Our wireless subsidiaries provide voice communication services across the countries in which they operate. We offer international roaming services to our wireless subscribers through a network of cellular service providers with which our wireless subsidiaries have entered into international roaming agreements around the world, and who provide GSM, 3G, 4G-LTE and 5G roaming services.

 

The voice and data plans are either “postpaid,” where the customer is billed monthly for the previous month, or “prepaid,” where the customer pays in advance for a specified volume of use over a specified period. Postpaid plans increased as a percentage of the wireless base from 40.8% in December 2024 to 43.1% as of December 31, 2025, while prepaid plans represented 56.9% as of December 31, 2025.

 

Our wireless voice services are offered under a variety of plans to meet the needs of different market segments. In addition, we often bundle wireless data communications services together with wireless voice services. Our wireless subsidiaries had approximately 331 million wireless voice and data subscriptions as of December 31, 2025.

 

Prepaid customers typically generate lower levels of usage and are often unwilling or financially ineligible to purchase postpaid plans. Our prepaid plans have been instrumental to increase wireless penetration in Latin America and Eastern Europe to levels similar to those of developed markets. Additionally, prepaid plans entail little to no risk of non-payment, as well as lower customer acquisition costs and billing expenses, compared to the average postpaid plan.

 

In general, our average rates per minute of wireless voice (“ARPM”) are very competitive for both prepaid and postpaid plans. ARPM is a measure used widely among companies in the telecommunications industry to compare the rates of voice calls of both prepaid and postpaid plans. Our average rates per minute of wireless voice used in 2025 increased by approximately 4.5% at constant exchange rates relative to 2024. This increase is mainly driven by a decrease in number of voice minutes due to increased data usage.

 

 In addition, the plans we offer our retail customers include selective discounts and promotions that reduce the rates our customers pay.

 

VALUE-ADDED SERVICES. As part of our wireless data business, our subsidiaries offer value-added services that include Internet access, messaging and other wireless entertainment and corporate services through GSM/EDGE, 3G, 4G LTE and 5G networks.

 

Internet services include roaming capability and wireless Internet connectivity for feature phones, smartphones, tablets and laptops, including data transmission, e-mail services, instant messaging, content streaming and interactive applications. For example, in Mexico, our website for our wireless services (www.telcel.com) through Radiomóvil Dipsa, S.A. de C.V. (“Telcel”), offers access to a wide range of services and content such as video, music, games and other applications, which our subscribers can access from mobile devices. In addition, we offer other wireless services, including wireless security services, mobile payment solutions, machine-to-machine services, mobile banking, virtual private network (“VPN”) services, video calls and personal communications services (“PCS”).

 

Fixed Operations

 

In 2025, our fixed voice, data, broadband and IT solutions had revenues of Ps.292.0 billion, representing 30.9% of our consolidated revenues. As of December 31, 2025, our fixed operations represented approximately 19.3% of our total RGUs, a decrease from 19.5% as of December 31, 2024.

 

Revenues from fixed voice services primarily include charges from monthly subscriptions, usage charges billed to customers and usage charges billed to other service providers for calls completed on our network. The primary drivers of revenues from monthly subscription charges are the number of total RGU’s and the price of our service packages. The primary drivers of revenues from usage charges are airtime, international and long-distance calls and interconnection fees.

 

Revenues from fixed data services primarily include charges for data, cloud, broadband, machine-to-machine and data center services. Revenues from IT solutions, including revenues from dedicated links to our corporate clients, also contribute to our results for fixed data services.

 

VOICE. Our fixed voice services include local, domestic and international long-distance, under a variety of plans to meet the needs of different market segments, specifically tailored to our residential and corporate clients.

 

DATA. We offer data services, including data centers, data administration and hosting services to our residential and corporate clients under a variety of plans.

 

BROADBAND. We provide residential broadband access through hybrid fiber-coaxial (“HFC”) or fiber-optic cable. These services are typically bundled with voice services and are competitively priced as a function of the desired or available speed. As a complement to these services, we offer a number of products such as home networking and smart home services.

 

IT SOLUTIONS. Our subsidiaries provide a number of different IT solutions for small businesses and large corporations; including specific solutions to the industrial, financial, government and tourism sectors, among others.

 

Pay TV

 

We offer Pay TV through cable and satellite TV subscriptions to both retail and corporate customers under a variety of plans. As of December 31, 2025, we had approximately 13.7 million Pay TV RGUs, a decrease of approximately 64 thousand Pay TV RGUs from the prior year.

 

Pay TV revenues consist primarily of charges from subscription services, additional programming, including on-demand programming and advertising.

 

OTT Services

 

 

 

 

We also offer an advertised and unlimited music streaming and downloading service in 15 countries in Latin America and Europe through ClaroMúsica, with access to approximately 239 million songs across all music genres.

 

Sales of Equipment and Accessories

 

Sales of equipment and accessories, and associated revenues, include the sale of handsets, accessories, IoT devices, and other equipment such as smart devices.

 

Other Services

 

Other services, and revenues from such services, include software development, call center services, entertainment content and news, telephone directories, advertising, cybersecurity services, mobile banking and corporate IT solutions.

 

Services and Products by Country

 

The following table is a summary of our principal services rendered and products produced as of December 31, 2025, in the countries in which we operate.

 

(1)	Includes voice communication and international roaming services, interconnection and termination services, SMS, MMS, e-mail, mobile browsing, entertainment and gaming applications.

(2)	Fixed voice includes local calls, national and international long-distance.

(3)	Includes ClaroVideo and ClaroMúsica.

(4)	Services provided by non-concessionaire subsidiaries.

OUR NETWORKS

 

Our networks are one of our main competitive advantages. Today, we own and operate one of the largest integrated platforms based on our covered population across 16 countries in Latin America and seven countries in Europe.

 

INFRASTRUCTURE

 

As of December 31, 2025, the main components of our infrastructure were comprised of:

 

 

 

 

 

 

TECHNOLOGY

 

Our primary wireless networks use GSM/EDGE, 3G, 4G LTE and 5G technologies, which we offer in most of the countries where we operate. We aim to increase the speed of transmission of our data services and have been expanding our 5G coverage. In 2022, we began our 5G rollout in some countries in the Latin America region. In February 2022, we launched 5G in Mexico through Telcel, which was the largest data infrastructure deployment in Latin America. As of December 31, 2025 we covered close to 60% of the population in Mexico and Brazil with 5G services.

 

We transmit wireless calls and data through radio frequencies that we use under spectrum licenses. Spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network. We continue to invest significant capital in expanding our network capacity and reach and to address spectrum and capacity constraints on a market-by-market basis.

GENERATION TECHNOLOGY
		GSM		UMTS		LTE		5G
		(% of covered population)
Argentina		99.29%		98.55%		99.01%		48.15%
Austria		99.99%		0.00%		99.14%		85.51%
Belarus		99.90%		99.90%		0.00%		0.00%
Brazil		95.47%		97.23%		97.24%		62.56%
Bulgaria		99.85%		99.69%		99.54%		88.89%
Chile		95.03%		92.51%		96.68%		49.46%
Colombia		88.83%		89.69%		88.09%		18.76%
Costa Rica		74.92%		97.19%		98.66%		35.27%
Croatia		99.00%		80.86%		98.59%		96.08%
Dominican Republic		99.12%		98.71%		91.50%		61.85%
Ecuador		96.02%		85.74%		85.41%		1.51%
El Salvador		82.85%		97.66%		91.76%		0.00%
Guatemala		88.19%		94.15%		93.26%		30.77%
Honduras		72.59%		88.55%		85.68%		0.00%
North Macedonia		99.76%		99.85%		97.50%		98.48%
Mexico		94.69%		97.09%		95.82%		56.41%
Nicaragua		69.67%		88.06%		80.12%		0.00%
Paraguay		76.86%		81.24%		85.00%		30.29%
Peru		88.03%		85.46%		85.85%		45.29%
Puerto Rico		0.00%		96.95%		98.97%		96.54%
Serbia		99.80%		0.00%		99.50%		38.00%
Slovenia		99.90%		0.00%		99.40%		86.60%
Uruguay		99.54%		99.23%		98.82%		54.38%

OUR COMPETITORS

 

We operate in an intensely competitive industry. Competitive factors within our industry include pricing, brand recognition, service and product offerings, customer experience, network coverage and quality, development and deployment of technologies, availability of additional spectrum licenses and regulatory developments.

 

Our principal competitors differ, depending on the geographical market and the types of service we offer. We compete against other providers of wireless, broadband and Pay TV that operate on a multi-national level, such as AT&T Inc., Telefónica and Millicom, as well as various providers that operate on a nationwide level, such as Telecom Argentina in Argentina and Telecom Italia in Brazil.

 

In recent years, Telefónica has been executing a strategic repositioning that includes a gradual exit from certain Latin American markets. As a result of this transition, we expect the competitive landscape in the region to continue evolving, with Millicom becoming our second largest competitor in Latin America based on geographic footprint and subscriber base.

  

The effects of competition on our subsidiaries depend, in part, on the size, service offerings, financial strength and business strategies of their competitors, regulatory developments and the general economic and business climate in the countries in which they operate, including demand growth, interest rates, inflation and exchange rates. The effects could include loss of market share and pressure to reduce rates. See “Regulation” under Part VI and “Risk Factors” under Part III of this annual report.

 

ACQUISITIONS, OTHER INVESTMENTS AND DIVESTITURES

 

Geographic diversification has been a key to our financial success, as it has provided for greater stability in our cash flow and profitability and has contributed to our strong credit ratings. In recent years, we have been evaluating the expansion of our operations to regions outside of Latin America. We believe that Europe and other areas beyond Latin America present opportunities for investment in the telecommunications sector that could benefit us and our shareholders over the long term.

 

We continue to seek ways to optimize our portfolio, including by finding investment opportunities in telecommunications and related companies worldwide, including in markets where we are already present, and we often have several possible acquisitions under consideration. We may pursue opportunities in Latin America or in other areas in the world. Some of the assets that we acquire may require significant funding for capital expenditures. We can give no assurance as to the extent, timing or cost of such investments. We also periodically evaluate opportunities for dispositions, in particular for businesses and in geographies that we no longer consider strategic. Recent developments related to acquisitions, other investments and divestitures include:

 

 

  

For additional information on our acquisitions and investments, see Note 12 to our audited consolidated financial statements included in this annual report.

 

MARKETING, SALES AND DISTRIBUTION, CUSTOMER SERVICES

 

MARKETING

 

We advertise our services and products through different channels with consistent and distinct branding and targeted marketing. We advertise via print, radio, television, digital media, sports event sponsorships and other outdoor advertising campaigns. In 2025, our efforts were mainly focused on promoting our 5G services, our fiber optic rollout, leveraging the speed and quality of our networks and our fixed bundled offers, which compete on broadband speed and premium content.

 

SALES AND DISTRIBUTION

 

Our extensive sales and distribution channels help us attract new customers and develop new business opportunities. We primarily sell our services and products through a network of retailers and service centers for retail customers and a dedicated sales force for corporate customers, with more than 401,000 points of sale and 2,500 customer service centers. Our subsidiaries also sell their services and products online.

 

CUSTOMER SERVICE

 

We give priority to providing our customers with quality customer care and support. We focus our efforts on constantly improving our customers’ experience by leveraging our commercial offerings and our sales and distribution networks. Customers may make inquiries by calling a toll-free telephone number, accessing our subsidiaries’ web sites and social media accounts or visiting one of the customer sales and service centers located throughout the countries we serve.

 

PART II:

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

OVERVIEW

 

Claro Chile, SpA Consolidation

 

On October 3, 2024, AMX 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 with LLA) into its operations. As a result, on October 31, 2024, AMX converted its outstanding notes in Claro Chile, SpA into equity and consolidated Claro Chile, SpA into its consolidated financial statements. At the effective date of the conversion, LLA retained an approximate 9.0% interest and AMX an approximate 91.0% interest. As of December 31, 2024, AMX held a 94.9% interest in Claro Chile, SpA. On July 28, 2025, we acquired the remaining outstanding shares of Claro Chile, SpA, thereby increasing our ownership interest to 100%. The discussion and analysis in this annual report presents financial measures that exclude the results of operations of Claro Chile, SpA, notwithstanding the inclusion of such operations 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 consolidation.

 

Segments

 

We have operations in 23 countries, which are aggregated for financial reporting purposes into ten reportable segments. Our operations in Mexico are presented in two segments—Mexico Wireless and Mexico Fixed, which consist mainly of Telcel and Telmex, respectively. Our headquarters’ operations are allocated to the Mexico Wireless segment. Our operations in the Southern Cone are presented in two segments, Argentina, and Uruguay, Paraguay and Chile. Financial information about our segments is presented in Note 23 to our audited consolidated financial statements included in this annual report.

 

The factors that drive our financial performance differ in the various countries where we operate, including the competitive landscape, the regulatory environment and economic factors, among others. Accordingly, our results of operations in each period reflect a combination of these effects on our different segments.

 

Constant Currency Presentation

 

Our financial statements are presented in Mexican pesos, but our operations outside Mexico account for a significant portion of our operating revenues. 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 operating results, we include a discussion of the change in the different components of our revenues between periods at constant exchange rates, i.e., using the same exchange rate from the year end 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 considered hyperinflationary—Argentine peso figures expressed in constant Argentine peso terms at the prevailing prices at the end of a reporting period must be converted into Mexican pesos at the exchange rate observed at the end of such reporting period. 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.

Effects of Exchange Rates

 

Our results of operations are affected by changes in currency exchange rates. In 2025 compared to 2024, the average exchange rate of the Mexican peso weakened against several of our operating currencies, including the U.S. Dollar, the Euro, the Colombian peso and the Brazilian real.

 

Since most of our debt is issued by América Móvil out of Mexico, to the extent that our functional currency, the Mexican peso, appreciates or depreciates against the currencies in which our indebtedness is denominated, we may incur foreign exchange gains or losses that are recorded as foreign currency exchange (loss) gain, net in our consolidated statements of comprehensive income.

 

Effects of Regulation

 

We operate in a regulated industry. Our results of operations and financial condition have been, and will continue to be, affected by regulatory actions and changes. Significant regulatory developments are presented in more detail in “Regulation” under Part VI and “Risk Factors” under Part III of this annual report.

 

Comparison of Results of Operations Between 2024 and 2023

 

Discussions of year-over-year comparisons between 2024 and 2023 that are not included in this report can be found under Part II, “Operating and Financial Review and Prospects” of our Form 20-F for the fiscal year ended December 31, 2024, as filed on May 14, 2025 (File No. 001-16269).

 

Composition of Operating Revenues

 

In 2025, our total operating revenues were Ps.943.6 billion. Our operating revenues are derived from the sale of wireless and fixed voice services, wireless and fixed data services, including OTT services, value-added services and IT solutions, Pay TV, equipment, accessories and other services. For more information, see “Operating and Financial Review and Prospects—Results of Operations” under Part II of this annual report.

 

Seasonality of our Business

 

Our business is subject to a certain degree of seasonality, characterized by a higher number of new customers during the fourth quarter of each year. We believe this seasonality is mainly driven by the Christmas shopping season.

 

General Trends Affecting Operating Results

 

RESULTS OF OPERATIONS

 

CONSOLIDATED RESULTS OF OPERATIONS FOR 2025 AND 2024

 

As described above under “Constant Currency Presentation,” due to hyperinflationary conditions in Argentina, for comparative purposes, our consolidated results of operations at constant exchange rates exclude Argentina.

 

Operating Revenues

 

Total operating revenues for 2025 increased by 8.6%, or Ps.74.4 billion, over 2024. At constant exchange rates, total operating revenues for 2025 increased by 6.2% over 2024. Excluding the effects of consolidating Claro Chile, SpA, total operating revenues would have been 4.1% greater than in 2024. This increase at constant exchange rates principally reflects an increase in mobile service revenues and a favorable trend in fixed services, partially offset by a decrease in fixed voice service revenues.

 

SERVICE REVENUES. Service revenues for 2025 increased by 8.3%, or Ps.61.8 billion, over 2024. At constant exchange rates, service revenues for 2025 increased by 5.9% over 2024. Excluding the effects of consolidating Claro Chile, SpA, service revenues would have been 3.8% greater than in 2024. This increase at constant exchange rates principally reflects increases in revenues from our prepaid and postpaid mobile services, broadband and corporate services networks, which were partially offset by a decrease in revenues from our fixed voice services.

 

SALES OF EQUIPMENT. Sales of equipment revenues for 2025 increased by 9.9%, or Ps.12.6 billion, over 2024. At constant exchange rates, sales of equipment revenues for 2025 increased by 8.4% over 2024. Excluding the effects of consolidating Claro Chile, SpA, sales of equipment revenues would have been 6.1% greater than in 2024. This increase at constant exchange rates principally reflects higher sales of smartphones, data-enabled devices and accessories in Brazil, Austria, Colombia and Ecuador, which were partially offset by lower sales in Central America, Mexico and Peru.

 

Operating Costs and Expenses

 

 

COMMERCIAL, ADMINISTRATIVE AND GENERAL EXPENSES. Commercial, administrative and general expenses for 2025 increased by 11.0%, or Ps.20.5 billion, over 2024. As a percentage of operating revenues, commercial, administrative and general expenses were 21.9% for 2025, as compared to 21.5% for 2024. At constant exchange rates, commercial, administrative and general expenses for 2025 increased by 8.5% over 2024. Excluding the effects of consolidating Claro Chile, SpA, commercial, administrative and general expenses would have been 5.3% greater than in 2024. This increase in commercial, administrative and general expenses at constant exchange rates principally reflects the recognition of certain uncollectible accounts, increased expenses for customer care, customer service centers, advertising and IT solutions partially offset by our cost savings program.

 

OTHER EXPENSES. Other expenses for 2025 decreased by Ps.0.5 million over 2024.

 

DEPRECIATION AND AMORTIZATION. Depreciation and amortization for 2025 increased by 10.2%, or Ps.16.7 billion, over 2024. As a percentage of operating revenues, depreciation and amortization were 19.2% for 2025, as compared to 18.9% for 2024. At constant exchange rates, depreciation and amortization for 2025 increased by 7.2% over 2024.  Excluding the effects of consolidating Claro Chile, SpA, depreciation and amortization would have been 0.7% greater than in 2024.

Operating Income

 

Operating income for 2025 increased by 6.3%, or Ps.11.3 billion, over 2024. Operating margin (operating income as a percentage of operating revenues) was 20.3% for 2025, as compared to 20.7% for 2024.

 

Non-Operating Items

 

NET INTEREST EXPENSE. Net interest expense (interest expense less interest income) for 2025 increased by 8.9%, or Ps.4.2 billion, over 2024. This increase 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 Colombian subsidiary in November 2024, which remained outstanding throughout 2025.

 

FOREIGN CURRENCY EXCHANGE GAIN, NET. We recorded a net foreign currency exchange gain of Ps.19.8 billion for 2025, compared to our net foreign currency exchange loss of Ps.70.7 billion for 2024. This gain principally reflects the depreciation of the U.S. dollar against the Mexican peso, one of the principal currencies in which our indebtedness is denominated.

 

VALUATION OF DERIVATIVES, INTEREST COST FROM LABOR OBLIGATIONS AND OTHER FINANCIAL ITEMS, NET. We recorded a net loss of Ps.18.3 billion for 2025 on the valuation of derivatives, interest cost from labor obligations and other financial items, net, compared to a net gain of Ps.5.6 billion for 2024. The change in 2025 principally reflects a decrease in the gain on net monetary position from our subsidiaries in Argentina, partially offset by a gain on hedging instruments as a result of the appreciation of some of the currencies in which our indebtedness is denominated.

 

INCOME TAX. Our income tax expense in 2025 increased by 52.9%, or Ps.18.6 billion, over 2024. This increase mainly reflects more profit before income tax.

 

Our effective corporate income tax rate as a percentage of profit before income tax was 37.9% for 2025, compared to 56.1% for 2024. This rate differs from the applicable rate of 30.0% under Mexican law and changed year over year mainly due to the tax effects of higher inflation on several of our subsidiaries and non-deductible expenses. There was a significant increase in accounting profit before income tax of Ps.142.0 billion in 2025, compared to Ps.62.8 billion in 2024, mainly due to foreign currency exchange gain, which in turn decreased the effective rate of the current year.

 

Net Profit

 

We recorded a net profit of Ps.88.1 billion for 2025, an increase of 219.4%, or Ps.60.5 billion, over 2024.

 

SEGMENT RESULTS OF OPERATIONS

 

We discuss below the operating results of each reportable segment. Notes 2. z) and 23 to our audited consolidated financial statements describe how we translate the financial statements of our non-Mexican subsidiaries. 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.

 

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. The U.S. dollar is the functional currency in several of the countries or territories in which we or our subsidiaries operate, including Ecuador, Puerto Rico and El Salvador.

 

		Mexican pesos per foreign currency unit (average for the period) for the years ended December 31,
		2024				2025				% Change
Brazilian real			3.3963				3.4394				1.3
Colombian peso			0.0045				0.0047				4.4
Argentine peso(1)			0.0200				0.0158				(21.0	)
U.S. dollar			18.3045				19.2337				5.1
Euro			19.8011				21.6940				9.6

		Year ended December 31, 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(1)			275.2			29.2			(25.4	)		249.8				92.2			48.2			16.3			108.5			33.5			43.4
Mexico Fixed(1)			114.0			12.1			(22.2	)		91.8				16.2			8.5			(18.0	)		(1.8	)		14.2			(1.9	)
Brazil			183.0			19.4			(7.6	)		175.4				36.2			18.9			(2.0	)		34.2			19.8			19.5
Colombia			79.3			8.4			(4.7	)		74.6				10.7			5.6			2.9			13.6			13.5			18.3
Southern Cone (Argentina)			36.6			3.9			0.0			36.6				1.0			0.5			12.4			13.4			2.8			36.7
Southern Cone (Paraguay, Uruguay and Chile)			27.0			2.9			(1.1	)		25.9				(7.9	)		(4.1	)		1.1			(6.8	)		(29.3	)		(26.1	)
Andean Region			57.3			6.1			(4.5	)		52.8				9.8			5.1			2.7			12.5			17.2			23.8
Central America			56.4			6.0			(2.7	)		53.7				12.8			6.7			0.3			13.1			22.6			24.5
Caribbean			38.1			4.0			(3.2	)		34.9				6.3			3.3			(0.4	)		5.9			16.6			16.9
Europe			121.2			12.8			(10.6	)		110.6				18.2			9.5			(1.5	)		16.7			15.0			15.1
Eliminations			(44.5	)		(4.8	)									(4.1	)		(2.2	)								9.4
Total			943.6			100.0										191.4			100.0

		Year ended December 31, 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(1)			265.0				30.5				(23.7	)			241.3				89.4				49.7				15.5				104.9				33.7				43.5
Mexico Fixed(1)			107.7				12.4				(17.0	)			90.7				14.7				8.2				(12.6	)			2.1				13.7				2.3
Brazil			170.3				19.6				(4.9	)			165.4				30.9				17.2				(1.6	)			29.3				18.2				17.7
Colombia			71.8				8.3				(0.3	)			71.5				9.6				5.4				3.8				13.4				13.4				18.7
Southern Cone (Argentina)			39.7				4.6				(7.1	)			32.6				1.6				0.9				9.8				11.4				3.9				35.0
Southern Cone (Paraguay and Uruguay)			8.1				0.9				(0.1	)			8.0				(2.4	)			(1.3	)			0.4				(2.0	)			(29.2	)			(24.9	)
Andean Region			51.4				5.9				(0.1	)			51.3				8.1				4.5				2.8				10.9				15.8				21.3
Central America			48.2				5.6				(0.2	)			48.0				7.5				4.2				2.3				9.8				15.6				20.5
Caribbean			36.4				4.2				(1.2	)			35.2				5.9				3.3				0.2				6.1				16.2				17.2
Europe			107.7				12.4				(0.4	)			107.3				16.3				9.1				0.0				16.3				15.2				15.2
Eliminations			(37.1	)			(4.4	)											(1.5	)			(1.2	)											4.7
Total			869.2				100.0												180.1				100.0

Total Debt(1)
(millions of Mexican pesos)
SENIOR NOTES
DENOMINATED IN U.S. DOLLARS
VTR Comunicaciones 4.375% Senior Notes due 2029(2)(3)			2,124
América Móvil 3.625% Senior Notes due 2029			17,967
América Móvil 2.875% Senior Notes due 2030			17,967
América Móvil 4.700% Senior Notes due 2032			13,475
América Móvil 5.000% Senior Notes due 2033			8,983
América Móvil 6.375% Senior Notes due 2035			17,631
América Móvil 6.125% Senior Notes due 2037			6,634
América Móvil 6.125% Senior Notes due 2040			35,853
América Móvil 4.375% Senior Notes due 2042			20,662
América Móvil 4.375% Senior Notes due 2049			22,458
Total			163,753
DENOMINATED IN MEXICAN PESOS
Commercial Paper 7.370% - 8.350% due 2026			6,030
América Móvil 9.350% Domestic Senior Notes due 2028			11,016
América Móvil 10.125% Senior Notes due 2029			26,000
América Móvil 9.500% Senior Notes due 2031			22,000
América Móvil 9.520% Domestic Senior Notes due 2032			14,679
América Móvil 10.300% Senior Notes due 2034			28,896
América Móvil 8.460% Senior Notes due 2036			7,872
Telmex 8.360% Domestic Senior Notes due 2037			4,996
América Móvil 4.840% Domestic Senior Notes due 2037			11,492
Total			132,982
DENOMINATED IN EURO
Commercial Paper 2.220% - 2.260% due 2026			9,555
Telekom Austria 1.500% Senior Notes due 2026			15,820
América Móvil 0.750% Senior Notes due 2027			15,943
América Móvil 2.125% Senior Notes due 2028			12,580
EuroTeleSites 5.250% Senior Notes due 2028			10,546
EuroTeleSites Euribor 3M + 1.050% Senior Notes due 2028			3,797
América Móvil B.V. 3.000% Senior Notes due 2030			13,710
Total			81,951
DENOMINATED IN BRAZILIAN REAIS
Claro Brasil CDI + 1.350% Domestic Senior Notes due 2026(4)			4,898
Claro Brasil CDI + 1.200% Domestic Senior Notes due 2027			9,796
Claro Brasil CDI + 0.550% Domestic Senior Notes due 2028			4,898
Claro Brasil IPCA + 5.769% Domestic Senior Notes due 2029			8,163
Total			27,755
DENOMINATED IN POUND STERLING
América Móvil 5.000% Senior Notes due 2026			12,087
América Móvil 5.750% Senior Notes due 2030			15,713
América Móvil 4.948% Senior Notes due 2033			7,252
América Móvil 4.375% Senior Notes due 2041			18,131
Total			53,183
DENOMINATED IN JAPANESE YEN
América Móvil 2.950% Senior Notes due 2039			1,490
Total			1,490
DENOMINATED IN CHILEAN PESOS
América Móvil 4.000% Senior Notes due 2035			3,934
Total			3,934
BANK DEBT AND OTHER
DENOMINATED IN MEXICAN PESOS			4,000
DENOMINATED IN US DOLLARS			4,941
DENOMINATED IN PERUVIAN SOLES			24,590
DENOMINATED IN COLOMBIAN PESOS			14,585
DENOMINATED IN CHILEAN PESOS			11,742
Total			59,858
Total Debt			524,907
Less short-term debt and current portion of long-term debt			91,973
Total Long-term Debt			432,934

	AS OF DECEMBER 31, 2025 (in millions of Mexican pesos)
	PARENT					GUARANTOR
Current assets	Ps.			10,094		Ps.			54,257
Total assets				49,460					292,320
Current liabilities				41,944					128,332
Total liabilities				373,538					204,394

	YEAR ENDED DECEMBER 31, 2025 (in millions of Mexican pesos)
	PARENT					GUARANTOR
Total revenues	Ps.			-		Ps.			248,543
Operating income				5,459					53,995
Net profit for the year				8,056					49,092

•	provide higher handset subsidies;

•	offer higher commissions to retailers;

•	provide free airtime or other services (such as internet access);

•	offer services at lower costs through double, triple and quadruple play packages or other pricing strategies;

•	expand their networks faster; or

•	develop and deploy improved technologies faster, such as 5G LTE technology.

•	physical damage to access lines and fixed networks;

•	power surges or outages;

•	natural disasters;

•	climate change;

•	malicious actions, such as theft or misuse of customer data;

•	limitations on the use of our radio bases;

•	software defects;

•	human error; and

•	other disruptions beyond our control, including as a result of civil unrest in the regions where we operate.

•

significant governmental influence over local economies;

•

substantial fluctuations in economic growth;

•

high levels of inflation, including hyperinflation;

•

changes in currency values;

•

exchange controls or restrictions on expatriation of earnings;

•

high domestic interest rates;

•

price controls;

•

changes in governmental economic, tax, labor or other policies;

•

imposition of trade barriers;

•

changes in law or regulation;

•

imposition of local requirements or orders, including potential censorship or requirements to provide user information; and

•

overall political, social and economic instability and civil unrest.