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 October, 2023

Commission File Number: 1-16269

 

 

AMÉRICA MÓVIL, S.A.B. DE C.V.

(Exact Name of the Registrant as Specified in the Charter)

 

 

America Mobile

(Translation of Registrant’s Name into English)

 

 

Lago Zurich 245

Plaza Carso / Edificio Telcel, Piso 16

Colonia Ampliación Granada, 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 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): 

 

 

 


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Mexico City - América Móvil, S.A.B. de C.V. (“América Móvil”) [BMV: AMX] [NYSE: AMX, AMOV], announced today its financial and operating results for the third quarter of 2023.

 

 

 

   

We added 3.0 million wireless subscribers in the third quarter, including 2.0 million postpaid clients over half of which came from Brazil. Austria contributed 406 thousand postpaids—including IoT devices—Colombia 104 thousand and Mexico 93 thousand. Organically, our postpaid base was up 3.7% year-on-year to 119 million subscribers.

 

   

In the prepaid segment we added 950 thousand subscribers. Our Eastern European block contributed 204 thousand net adds, Brazil 193 thousand, Colombia 173 thousand and Argentina 93 thousand.

 

   

On the fixed-line platform we obtained 223 thousand broadband accesses, including 65 thousand in Argentina, 64 thousand in Brazil and 30 thousand in Central America, bringing the total to 31.6 million accesses, 3.2% more than a year before.

 

   

Third quarter revenue, 203.8 billion pesos, was down 3.3% year-on-year in nominal peso terms reflecting the appreciation of the Mexican peso vs all other currencies in our region of operations. At constant exchange rates service revenue increased 3.8%.

 

   

Fixed-line service revenue was up 2.2% at constant exchange rates having risen from the 0.2% pace seen in the second half of last year. In several countries we had among the highest, if not the highest, net broadband additions in the past three years. Others, including Mexico, posted their most rapid broadband revenue growth in at least one year

 

   

Mobile service revenue was up 4.8% year-on-year at constant exchange rates with postpaid revenue rising 6.0% and prepaid revenue 2.9%.

 

   

EBITDA came in at 79.9 billion pesos, down 3.6% annually in nominal peso terms. At constant exchange rates, EBITDA was up 5.0%. Adjusting for the sale of towers in Mexico and Peru during the quarter and one-off events in Austria, it rose 3.9%. The EBITDA margin for the quarter stood at 39.2%.

 

   

Our operating profit totaled 41.5 billion pesos in the quarter. After comprehensive financing costs of 29.7 billion pesos—including 4.7 billion pesos impairment charge on our investment in the Claro/VTR JV— it resulted in a net profit of 2.0 billion pesos.

 

   

Our cash flow plus 12.2 billion pesos in net financing enabled us to cover most of our capital expenditures of 100.2 billion pesos and shareholder distributions of 24.0 billion pesos.

 

   

At the end of September our net debt-excluding leases-stood at 389.7 billion pesos. It was equivalent to a net debt-to-EBITDA ratio of 1.43.

 

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América

 
  Móvil  
   Consolidated  
 

 

 
 

 

Mexico

 
 

 

 
  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
  America and  
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

 

We will host our conference call to discuss 3Q23 financial and operating results on October 18th at 9:00 am Mexico City time. To access the call please log on to www.americamovil.com/investors


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 América Móvil Fundamentals  
       3Q23        3Q22  

Earnings per Share (Mex$)(1)

     0.03        0.28  

Earning per ADR (US$)(2)

     0.04        0.28  

EBITDA per Share (Mex$)(3)

     1.27        1.30  

EBITDA per ADR (US$)

     1.49        1.28  

Net Income (millions of Mex$)

     2,028              17,969  

Average Shares Outstanding (billion)

     63.1        63.8  

Shares Outstanding End of Period (billion)

     62.9        63.6  

(1) Net Income / Average Shares Outstanding

(2) 20 shares per ADR

(3) EBITDA / Average Shares Outstanding

 

 América Móvil’s Subsidiaries as of September 2023

Country

   Brand    Main Activity    Equity 

Mexico

   Telcel    wireless    100.0% 
     Telmex    wireline    98.8% 

Argentina

   Claro    wireless/wireline    100.0% 

Austria

   A1    wireless/wireline    57.1% 
     EuroTeleSites    towers    57.0% 

Brazil

   Claro    wireless/wireline    99.6% 

Colombia

   Claro    wireless/wireline    99.4% 

Costa Rica

   Claro    wireless/wireline    100.0% 

Dominicana

   Claro    wireless/wireline    100.0% 

Ecuador

   Claro    wireless/wireline    100.0% 

El Salvador

   Claro    wireless/wireline    95.8% 

Guatemala

   Claro    wireless/wireline    99.3% 

Honduras

   Claro    wireless/wireline    100.0% 

Nicaragua

   Claro    wireless/wireline    99.6% 

Paraguay

   Claro    wireless/wireline    100.0% 

Peru

   Claro    wireless/wireline    100.0% 

Puerto Rico

   Claro    wireless/wireline    100.0% 

Uruguay

   Claro    wireless/wireline    100.0% 
 Other Stakeholdings

 

Country

   Brand    Main Activity    Equity 

Chile

   Claro/VTR    wireless/wireline    50.0% 

Netherlands

   KPN    wireless/wireline    15.4% 

 

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  Móvil  
   Consolidated  
 

 

 
 

 

Mexico

 
 

 

 
  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
  America and  
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

  

 


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Note

Upon its sale in July 2022 Claro Panama became a discontinued operation. Claro Chile did so as well upon the establishment of the joint venture with Liberty Latin America in October 2022. The financial statements presented in this report account for those operations as discontinued operations.

The reported figures for Argentina corresponding to the third quarter of 2023 are presented in accordance with IAS29 reflecting the effects of inflationary accounting as the Argentinean economy is deemed to be hyperinflationary. All comparisons at constant exchange rates for América Móvil’s consolidated figures will exclude Argentina to ensure consistency.

Relevant Events

Telekom Austria stake to 56.5%

On July 24th we acquired shares corresponding to 5.55% of the voting rights in Telekom Austria AG thereby increasing our overall stake in the company to 56.55%.

We completed the spin-off of EuroTeleSites

On September 22nd we completed the spin-off of EuroTeleSites AG and listed its shares on the Official Market of the Vienna Stock Exchange. Shareholders of Telekom Austria AG received one EuroTeleSites share for every four Telekom Austria shares they held. Telekom Austria transferred 13 thousand towers in six countries to EuroTeleSites together with debt in the amount of one billion euros. EuroTeleSites has received a Baa2 rating from Moody’s and BBB- from Fitch. Telekom Austria currently has an A- rating from both S&P and Fitch and a Baa1 rating from Moody’s.

Access Lines

3.0M wireless net adds, 2.0M were postpaid clients

We added nearly three million wireless subscribers in the third quarter of which two million were postpaid clients: 1.2 million from Brazil, 406 thousand from Austria—including 398 thousand from A1 digital—, 104 thousand from Colombia and 93 thousand from Mexico. On our prepaid platform we had net additions of 950 thousand clients during the period. Brazil gained 193 thousand, followed by Colombia with 173 thousand, and Mexico with 81 thousand.

223k new broadband accesses

In the fixed-line segment, we gained 223 thousand broadband accesses, with 65 thousand each from Argentina and Brazil. Voice lines and PayTV units decreased by 160 thousand and 58 thousand, respectively.

 

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  Móvil  
   Consolidated  
 

 

 
 

 

Mexico

 
 

 

 
  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
  America and  
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

  

 


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Postpaid base +3.7% YoY and fixed-broadband accesses +3.2% YoY

At the end of September, our subscriber base totaled 306.2 million wireless subscribers, of which 119.3 million were postpaid clients. Additionally, we had 73.4 million fixed-line RGUs, which includes 31.6 million broadband accesses, 13.1 million Pay TV clients, and 28.8 million landlines. Year-on-year, our postpaid base increased 3.7%, prepaid 0.7%, and fixed-broadband accesses 3.2%.

 

 Wireless subscribers as of September 2023

 

 

Total(1) (Thousands)  

 

                         

Country

     Sep ’23         Jun ’23         Var.      Sep ’22         Var.

Argentina, Paraguay and Uruguay

     27,614        27,462        0.6     26,789        3.1

Austria

     9,917        9,511        4.3     8,651        14.6

Brazil(2)

     85,032        83,671        1.6     86,629        -1.8

Central America

     16,947        16,834        0.7     16,381        3.5

Caribbean

     7,525        7,469        0.8     7,276        3.4

Colombia

     38,701        38,424        0.7     36,844        5.0

Eastern Europe

     15,215        14,975        1.6     15,125        0.6

Ecuador

     9,361        9,290        0.8     8,900        5.2

Mexico

     83,417        83,243        0.2     81,808        2.0

Peru

     12,447        12,323        1.0     12,256        1.6

Total Wireless Lines

     306,176        303,202        1.0     300,658        1.8

(1) Includes total subscribers of all companies in which América Móvil holds an economic interest; does not consider the date in which the companies started being consolidated.

(2) Reflects cleanup associated with the acquisition of Oi.

 

 Fixed-Line and Other Accesses (RGUs) as of September 2023

 

 

Total(1) (Thousands)  

 

                         

Country

     Sep ’23         Jun ’23         Var.      Sep ’22         Var.

Argentina, Paraguay and Uruguay

     3,417        3,250        5.1     2,676        27.7

Austria

     2,872        2,892        -0.7     2,971        -3.3

Brazil(2)

     23,262        23,452        -0.8     24,302        -4.3

Central America

     4,834        4,763        1.5     4,579        5.6

Caribbean

     2,768        2,750        0.7     2,695        2.7

Colombia

     9,413        9,334        0.8     9,184        2.5

Eastern Europe

     3,378        3,357        0.6     3,183        6.1

Ecuador

     555        615        -9.7     607        -8.5

Mexico

     20,999        21,074        -0.4     21,121        -0.6

Peru

     1,951        1,957        -0.3     1,993        -2.1

Total RGUs

     73,449        73,444        0.0     73,310        0.2

(1) Fixed Line, Broadband and Television (Cable & DTH).

(2) The number of Pay TV units has been adjusted to the criteria by which we report to the local regulator.

 

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América

  Móvil
   Consolidated
 

 

 

 

Mexico

 

 

  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
  America and  
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

  

 


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 Broadband accesses as of September 2023  

Total(1)  (Thousands)  

 

                         

Country

     Sep ’23         Jun ’23         Var.      Sep ’22         Var.

Argentina, Paraguay and Uruguay

     1,390        1,314        5.7     1,072        29.7

Austria

     1,288        1,293        -0.4     1,317        -2.2

Brazil

     9,930        9,866        0.6     9,749        1.9

Central America

     1,515        1,485        2.0     1,402        8.0

Caribbean

     1,036        1,022        1.4     987        5.0

Colombia

     3,360        3,336        0.7     3,319        1.2

Eastern Europe

     1,425        1,418        0.5     1,327        7.4

Ecuador

     313        340        -7.8     336        -6.8

Mexico

     10,324        10,304        0.2     10,121        2.0

Peru

     992        972        2.1     965        2.8

Total Broadband Accesses

     31,573        31,350        0.7     30,596        3.2

(1) Includes total subscribers of all companies in which América Móvil holds an economic interest; does not consider the date in which the companies started being consolidated.

 

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events

 

 

 

 

Subscribers

 

 

 

 

América

  Móvil
   Consolidated
 

 

 

 

Mexico

 

 

 
  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
  America and  
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

  

 


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América Móvil Consolidated Results

Buoyed by strong U.S. economic data—particularly on employment levels—and lingering inflation concerns, ten-year dollar interest rates shot up by approximately 80 basis points over a ten week span in the third quarter, to 4.6%, driving another bout of dollar-strengthening. By the end of the quarter there was practically no more hope that interest rates would decline in the latter part of the year and there was instead preoccupation that the Fed was still not done raising interest rates.

Third quarter revenue reached 204 billion pesos, a 3.3% year-on-year reduction in Mexican peso terms, with service revenue falling 4.3%. As has been the case throughout several quarters, these figures reflect the appreciation of the Mexican peso vs. all other currencies in our region of operations, reducing the Mexican peso value of our international revenue. At constant exchange rates, service revenue growth expanded 3.8%.

On the fixed-line platform service revenue remained on trend, increasing 2.2% year-on-year—having risen from the 0.2% pace seen in the second half of last year—whereas on the mobile platform it rose 4.8%.

Brazil attained a positive fixed-line service revenue growth of 0.1%. In Mexico and Colombia fixed-line revenue decelerated, remaining stable in Austria and surging in Eastern Europe, to 21.5%, and in Central America, to 5.0%. In both cases it was the most rapid pace in at least one year. The slowdown in Mexico had to do with corporate networks services—broadband revenue actually accelerated to 8.2%, its best showing in a decade—while in Colombia it was the other way around.

In several countries—Brazil, Peru, Colombia and Central America—we had among the highest, if not the highest, net broadband additions in the past three years. Others, including Mexico, Austria, Peru and Central America posted their most rapid broadband revenue growth in at least one year with Brazil and Eastern Europe sustaining strong growth rates. This led to our consolidated broadband revenue expanding at the fastest rate in more than two years, 6.4%.

It is important to note that revenue from corporate network services has been gaining share within our revenue. This quarter it became the second most important revenue line within the fixed-line platform after broadband services. It already accounts for 19% of fixed-line services overall, with this share reaching 39% in Austria, 30% in Eastern Europe, 25% in Mexico and 23% in Puerto Rico.

 

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América

  Móvil
   Consolidated
 

 

 

 

Mexico

 

 

 

 

Brazil

 

 

 

 

Colombia

 

 

  Other South  
  America  
 

 

 
  Central  
  America and  
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

  

 


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In the third quarter corporate network revenue was up 5.4% in Austria, 63% in Eastern Europe, 2.6% in Mexico and 9.0% in Puerto Rico, with the consolidated figure rising 6.5%.

On the mobile platform revenue growth decelerated in Mexico from 6.4% to 4.6% and picked up in Central America, to 9.5% from 8.8%, with Brazil’s adjusting to a normal pace after the incorporation of Oi mobile clients in the second quarter of 2022.

In Mexican peso terms EBITDA totaled 80 billion pesos, declining 3.6% from the year-earlier quarter, as the EBITDA margin remained practically flat at 39.2%. At constant exchange rates EBITDA increased 5.0% in the period, which reflects among other things the effect of tower sales in Mexico and Peru that took place in the period and one-off events in Austria. Correcting for these, adjusted EBITDA was up 3.9%.

Our operating profit stood at 41.5 billion pesos in the quarter, a 6.7% year-on-year reduction in Mexican peso terms which partly stems from the EBITDA decline mentioned above but also from a 17.6% increase in depreciation of rights of use associated with tower leases. Most of this effect had to do with the successful renegotiation a year before of certain lease agreements in Brazil that reduced Claro’s obligations.

Our comprehensive financing cost totaled 29.7 billion pesos, including an 8.8 billion pesos net interest expense, 3.9% lower than that registered a year before. Under other financial expenses there is a 4.7 billion pesos charge associated with the partial impairment of our stake in Claro Chile, our joint venture with Liberty Latin America pursuant to the valuation of the new JV under IFRS rules. Finally, our comprehensive financing costs also include a 12.3 billion pesos foreign exchange loss in the quarter, resulting principally from a 3.8% depreciation of the Mexican peso and the Brazilian real vs. the U.S. dollar.

Net income amounted to 2.0 billion pesos. It was equivalent to three peso cents per share or four dollar cents per ADR. Year-to-date our net income totaled 58.0 billion pesos.

Capital expenditures came in at 100.2 billlion pesos in the nine months to September whereas distributions to shareholders reached 24.0 billion pesos. These included share buybacks in the amount of 7.7 billion pesos and dividends of 16.3 billion and were partly funded by 3.7 billion pesos in dividend income.

As of September our net debt excluding leases totaled 389.7 billion pesos and was equivalent to 1.43 times LTM EBITDA. It was 8.3 billion pesos higher than the figure at the end-of-December. In cash flow terms we obtained net financing in the amount of 12.2 billion pesos in the period.

 

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events

 

 

 

 

Subscribers

 

 

 

 

América

  Móvil
   Consolidated
 

 

 

 

Mexico

 

 

 

 

Brazil

 

 

 

 

Colombia

 

 

  Other South  
  America  
 

 

 
  Central  
  America and  
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

  

 


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 América Móvil’s Income Statement Proforma(1) Millions of Mexican pesos

 

 

        
      3Q23      3Q22      Var.%      Jan-Sep 23      Jan-Sep 22      Var.%  

Service Revenue

     169,052        176,604        -4.3%        507,310        526,022        -3.6%  

Equipment Revenue

     31,105        31,936        -2.6%        93,441        96,134        -2.8%  

Total Revenue(2)

     203,842        210,793        -3.3%        615,300        628,539        -2.1%  

Cost of Service

     51,989        54,643        -4.9%        155,144        162,403        -4.5%  

Cost of Equipment

     27,120        27,763        -2.3%        82,035        83,204        -1.4%  

Selling, General & Administrative Expenses

     43,189        44,372        -2.7%        131,043        135,023        -2.9%  

Others

     1,648        1,165        41.5%        5,775        3,159        82.8%  

Total Costs and Expenses

     123,947        127,944        -3.1%        373,997        383,789        -2.6%  
                                                       

EBITDA

     79,896        82,849        -3.6%        241,303        244,750        -1.4%  

% of Total Revenue

     39.2%        39.3%                 39.2%        38.9%           

Adjusted EBITDA

     78,898(3)        82,690(3)        -4.6%        235,704        244,591        -3.6%  

% of Total Revenue

     38.9%        39.2%                 38.8%        38.9%           
                                                       

Depreciation & Amortization

     38,353        38,334        0.0%        115,327        118,565        -2.7%  

EBIT

     41,543        44,515        -6.7%        125,976        126,185        -0.2%  

% of Total Revenue

     20.4%        21.1%                 20.5%        20.1%           
                                                       

Net Interest Expenses

     8,811        9,167        -3.9%        25,650        27,828        -7.8%  

Other Financial Expenses

     8,674        5,236        65.7%        21,313        23,701        -10.1%  

Foreign Exchange Loss

     12,255        1,836        n.m.        -15,494        -25,041        38.1%  

Comprehensive Financing Cost (Income)

     29,740        16,238        83.1%        31,469        26,489        18.8%  

Income & Deferred Taxes

     6,350        11,528        -44.9%        29,113        35,657        -18.4%  

Net Income before Minority Interest and Equity Participation in Results of Affiliates

     5,453        16,748        -67.4%        65,394        64,039        2.1%  

Equity Participation in Results of Affiliates

     -2,119        52        n.m.        -3,731        48        n.m.  

Minority Interest

     -1,306        -1,738        24.9%        -3,614        -4,309        16.1%  

Net Income from Continued Operations

     2,028        15,063        -86.5%        58,049        59,778        -2.9%  

Net Income from Discontinued Operations

     0        2,907        -100.0%        0        2,672        -100.0%  

Net Income

     2,028        17,969        -88.7%        58,049        62,450        -7.0%  

(1) Adjusted to reflect the sale of Panama and the deconsolidation of Claro Chile on account of the new joint venture.

(2) Total Revenue include Other Revenue.

(3) Excludes the impact from the sale of towers in Peru and Telmex; and one-off events in Austria.

 n.m. Not meaningful.

 

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 Balance Sheet - América Móvil Consolidated(1) Millions of Mexican Pesos

 

      Sep ‘23      Dec ‘22      Var.%            Sep ‘23      Dec ‘22      Var.%  

Current Assets

                              Current Liabilities                           

Cash, Marketable Securities & Other Short Term Investments

     102,788        122,129        -15.8%      Short Term Debt      152,922        102,024        49.9%  

Accounts Receivable

     218,872        202,027        8.3%      Lease-Related Debt      26,444        32,902        -19.6%  

Other Current Assets

     17,020        12,853        32.4%      Accounts Payable      146,612        165,342        -11.3%  

Inventories

     20,565        23,995        -14.3%      Other Current Liabilities      207,687        188,608        10.1%  
       359,244        361,004        -0.5%             533,665        488,877        9.2%  
                                                            

Non Current Assets

                              Non Current Liabilities                           

Plant & Equipment, gross

     1,275,208        1,317,191        -3.2%      Long Term Debt      354,122        408,565        -13.3%  

-Depreciation

     641,620        659,965        -2.8%      Lease-Related Debt      105,024        101,247        3.7%  

Plant & Equipment, net

     633,588        657,226        -3.6%      Other Liabilities      174,787        181,581        -3.7%  

Rights of Use

     120,011        121,874        -1.5%             633,933        691,393        -8.3%  

Investments in Affiliates and Other Investments

     30,521        30,957        -1.4%                                  
                                                            

Deferred Assets

                                                          

Goodwill (Net)

     146,594        141,121        3.9%                                  

Intangible Assets

     120,066        128,893        -6.8%      Shareholder’s Equity      424,544        437,829        -3.0%  

Deferred Assets

     182,118        177,024        2.9%                                  
                                                            

Total Assets

     1,592,142        1,618,099        -1.6%      Total Liabilities and Equity      1,592,142        1,618,099        -1.6%  

(1) Includes current portion of Long Term Debt.

 

 

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Mexico

173k wireless adds, 93k thousand postpaid clients

Our Mexican operation added 173 thousand mobile subscribers in the third quarter, with just over half, 93 thousand, being postpaid clients. On the fixed-line platform we disconnected 75 thousand RGUs, of which 95 thousand were fixed-voice lines, with broadband accesses increasing 20 thousand. In the nine months to September, we registered broadband net adss of 299 thousand compared to 84 thousand in the same period of 2022. At the end of September we had 16 million homes passed in FTTH and 76% of our clients already had a fiber access.

Broadband revenue +8.2% YoY

Our third quarter revenue totaled 81.9 billion pesos, a 7.5% increase over the year-earlier quarter. This figure includes 952 million pesos from the sale of Telmex towers. Service revenue rose 4.3% to 62.6 billion pesos, with mobile service revenue decelerating to a 4.6% pace from 6.4% the prior quarter and fixed-line service revenue to 3.6% from 5.6%. The latter results from the drop in corporate networks revenue growth from 13.6% to 2.6%. Broadband revenue kept on accelerating to an 8.2% pace from 7.5% the prior quarter. Its best performance over 10 years.

EBITDA +6.6% YoY

EBITDA was up 6.6% to 33.3 billion pesos, with an EBITDA margin of 40.7%. Adjusting for the tower sale our EBITDA totaled 32.4 billion pesos and our EBITDA margin 40.0%.

Our 5G networks cover 42% of population in over 100 cities.

 

INCOME STATEMENT - Mexico Millions of MxP

 

      3Q23     3Q22     Var.%     Jan-Sep 23     Jan-Sep 22     Var.%  

Total Revenue(1)

     81,904       76,215       7.5%       239,970       225,418       6.5%  

Total Service Revenue

     62,637         60,064         4.3%         185,876         175,823         5.7%  

Total Equipment Revenue

     16,806       14,733       14.1%       48,458       45,473       6.6%  

Wireless Revenue

     59,626       55,659       7.1%       175,593       165,017       6.4%  

Service Revenue

     42,931       41,042       4.6%       127,444       119,865       6.3%  

Equipment Revenue

     16,695       14,618       14.2%       48,149       45,152       6.6%  

Fixed Line Revenue

     19,817       19,138       3.5%       58,742       56,280       4.4%  

EBITDA

     33,327       31,250       6.6%       97,989       92,533       5.9%  

% total revenue

     40.7%       41.0%               40.8%       41.0%          

Adjusted EBITDA(2)

     32,390       31,250       3.6%       97,053       92,533       4.9%  

% total revenue

     40.0%       41.0%               40.6%       41.0%          

EBIT

     24,654       23,165       6.4%       72,385       68,543       5.6%  

% total revenue

     30.1%       30.4%               30.2%       30.4%          

(1)Revenue reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.

Total revenue include other income.

(2)EBITDA figures reflect the sale of towers.

 

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  Mexico Operating Data

 

       
      3Q23     3Q22     Var.%  

Wireless Subscribers (thousands)

     83,417       81,808       2.0%  

Postpaid

     14,889       14,582       2.1%  

Prepaid

     68,527       67,226       1.9%  

ARPU (MxP)

     173       168       2.5%  

Churn (%)

     3.1%       3.3%       (0.2)  

Revenue Generating Units (RGUs)(1)

     20,999       21,121       -0.6%  

Fixed Lines

     10,675       11,000       -3.0%  

Broadband

     10,324         10,121         2.0%  

(1) Fixed Line and Broadband.

 

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Brazil

1.2M postpaid net adds and 64k new broadband accesses

We added 1.4 million wireless subscribers—most of them, 1.2 million, were postpaid—ending September with 85.0 million subscribers. On the fixed-line platform we gained 64 thousand broadband accesses, our best result in three years. Although PayTV units continued to decrease, 123 thousand in the quarter, they did so at a much smaller pace than we have seen for the last several years. Altogether we had 23.3 million RGUs at the end the quarter.

Service revenue +5.2% YoY

Revenue totaled 11.5 billion reais in the third quarter. It was up 6.4% year-on-year, with service revenue increasing 5.2%, slightly less than the 6.1% increase posted the previous quarter. On the mobile platform service revenue advanced 9.7% whereas it increased 0.1% on the fixed-line segment, the first increase in six years. The increase in broadband revenue, 7.3%, was more than sufficient to offset the 13.2% drop in voice and the 5.3% fall in PayTV revenue.

EBITDA +9.3% YoY

EBITDA increased 9.3% in the quarter, to 4.8 billion reais, with the EBITDA margin reaching an all-time high of 41.6%.

Claro is the Fastest 5G Network in Brazil

Claro was presented with the award as the Fastest 5G Network in Brazil in the Speedtest Awards by Ookla, with its mobile internet providing the best experience for Videos and Games across all technologies. In addition, for the third time in as many years Claro received the “Empresa do Ano” award by “Anuario Telecom”, which looks at the financial performance of Brazil telcos.

Claro leader in 5G with 39% of the market share

We continue with the rollout of our 5G network and according to Anatel in its disclosure last August, Claro is the leader in 5G with a 39.0% market share.

 

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  INCOME STATEMENT - Brazil Millions of BrL

 

       

3Q23

 

      

3Q22

 

      

Var.%

 

      

Jan-Sep 23

 

      

Jan-Sep 22

 

      

Var.%

 

 

Total Revenue(1)

       11,489          10,803          6.4%          33,930          31,343          8.3%  

Total Service Revenue

       10,924          10,387          5.2%          32,381          30,270          7.0%  

Wireless Revenue

       6,526          5,890          10.8%          19,133          16,486          16.1%  

Service Revenue

       6,030          5,499          9.7%          17,693          15,482          14.3%  

Equipment Revenue

       496          392          26.8%          1,440          1,004          43.4%  

Fixed Line Revenue

       4,894          4,888          0.1%          14,688          14,789          -0.7%  

EBITDA

       4,784          4,375          9.3%          14,000          12,656          10.6%  

% total revenue

       41.6%          40.5%                     41.3%          40.4%             

EBIT

       1,686          1,764          -4.4%          4,786          4,571          4.7%  

% total revenue

       14.7%          16.3%                     14.1%          14.6%             

(1)Revenue reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.

 Total revenue include other income.

 

  Brazil Operating Data                                             
     

3Q23

 

            

3Q22

 

            

Var.%

 

 

Wireless Subscribers (thousands)

     85,032                 86,629                 -1.8%  

Postpaid

     49,698                   48,937                   1.6%  

Prepaid

     35,334                 37,691                 -6.3%  

ARPU (BrL)

     24                 21                 12.0%  

Churn (%)

     2.5%                 2.7%                 (0.2)  

Revenue Generating Units (RGUs)(1)

     23,262           24,302           -4.3%  

(1)Fixed Line, Broadband and Television. The number of Pay TV units has been adjusted to the criteria by which we report to the local regulator.

 

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Colombia

277k wireless net adds

Mobile net additions totaled 277 thousand in the third quarter, including 104 thousand new contract clients. This took our wireless base to 38.7 million subscribers, 5.0% more than a year before. Fixed-line RGUs rose by 79 thousand acceses with a 24 thousand increase in broadband accesses, its best result in two years. We gained 47 thousand voice lines and 8 thousand PayTV clients. At the end of September our fixed-line RGUs totaled 9.4 million accesses.

Fixed-line service revenue +1.0% YoY

Third quarter revenue increased 1.3% over the year to 3.7 trillion Colombian pesos, as service revenue remained practically flat vs. the year-earlier quarter with revenue growth slowing down on both the fixed-line and the mobile platform. On the former, service revenue increased 1.0% compared to a 2.2% increase the prior quarter, whereas mobile service revenue fell by 0.4% after rising 0.6% the preceding period. Corporate networks revenue growth was a bright spot in the quarter: it stood at 21.8%.

EBITDA margin at 42.3% of revenue

In spite of pricing pressures and strong competition we managed to maintain our EBITDA at 1.6 trillion Colombian pesos. It resulted in an EBITDA margin of 42.3% in the quarter, slightly down from the 42.8% registered a year before.

  INCOME STATEMENT - Colombia Billions of COP

 

       

3Q23

 

      

3Q22

 

      

Var.%

 

      

Jan-Sep 23

 

      

Jan-Sep 22

 

      

Var.%

 

 

Total Revenue(1)

       3,739          3,690          1.3%          11,269          11,115          1.4%  

Total Service Revenue

       2,871          2,866          0.2%          8,657          8,532          1.5%  

Wireless Revenue

       2,491          2,494          -0.1%          7,554          7,534          0.3%  

Service Revenue

       1,719          1,726          -0.4%          5,153          5,112          0.8%  

Equipment Revenue

       772          769          0.4%          2,401          2,421          -0.8%  

Fixed Line Revenue

       1,181          1,168          1.1%          3,578          3,500          2.2%  

EBITDA

       1,581          1,580          0.1%          4,696          4,735          -0.8%  

% total revenue

       42.3%          42.8%                     41.7%          42.6%             

EBIT

       763          905          -15.6%          2,360          2,770          -14.8%  

% total revenue

       20.4%          24.5%                     20.9%          24.9%             

(1)Revenue reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenue include other income.

 

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  Colombia Operating Data                                         
     

3Q23

 

            

3Q22

 

            

Var.%

 

Wireless Subscribers (thousands)(1)

     38,701                  36,844                5.0%

Postpaid

     10,134                 9,535               6.3%

Prepaid

     28,567                 27,309               4.6%

ARPU (COP)

     14,942                 15,894               -6.0%

Churn (%)

     3.4%                 3.7%               (0.3)

Revenue Generating Units (RGUs)(2)

     9,413                 9,184               2.5%

 

(1)Due to differences in the policy for accounting active subscribers, the figures in this report are different from those published by the Ministry of Communications of Colombia (MinTIC).

 

(2)Fixed Line, Broadband and Television.

 

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Peru

66k post paid net adds and 20k new broadband accesses

We registered net additions of 125 thousand mobile clients, of which 66 thousand were postpaid. Our postpaid base was up 7.0% over the year to finish the quarter with 5.9 million subscribers. On the fixed-line segment, we added 20 thousand new broadband accesses, our best performance in over two years. Altogether we had net disconnections of seven thousand accesses in the third quarter, having lost 24 thousand voice lines. Our fixed-line RGUs totaled nearly two million at the end of September.

Service revenue +3.9% YoY with mobile service revenue +4.3% YoY

Third quarter revenue increased 2.5% over the prior year to 1.6 billion soles; this figure includes 60 million soles from the sale of towers to Sitios Latam. Service revenue rose 3.9% in the same period. On the wireless segment, service revenue climbed 4.3% with postpaid revenue rising 4.7%, and that of prepaid accelerating to 3.0% from 0.6% in the prior quarter. Fixed-line service revenue increased 2.7%, on the back of broadband revenue that was up 5.7% and has been improving every quarter of 2023. PayTV and corporate networks services posted revenue increases of 8.1% and 7.4%, respectively.

EBITDA margin at 35.7% of revenue

Adjusted EBITDA, excluding tower sales, totaled 558 million soles, down 2.9% year-on-year. This decline had partly to do with a reduction in margins from equipment sales and increase costs of providing service in rural areas. The adjusted margin for the period stood at 35.7%.

 

 INCOME STATEMENT - Peru Millions of Soles

 

      3Q23        3Q22        Var.%        Jan-Sep 23        Jan-Sep 22        Var.%  

Total Revenue(1)

     1,624          1,584          2.5%          5,623          4,780          17.6%  

Total Service Revenue

     1,235          1,188          3.9%          3,644          3,482          4.7%  

Wireless Revenue

     1,250          1,279          -2.3%          3,822          3,880          -1.5%  

Service Revenue

     929          891          4.3%          2,744          2,605          5.4%  

Equipment Revenue

     321          388          -17.3%          1,078          1,275          -15.5%  

Fixed Line Revenue

     306          297          2.7%          900          877          2.6%  

EBITDA

     599          575          4.1%          2,349          1,601          46.7%  

% total revenue

     36.9%          36.3%                     41.8%          33.5%             

Adjusted EBITDA(2)

     558          575          -2.9%          1,700          1,601          6.2%  

% total revenue

     35.7%          36.3%                     35.9%          33.5%             

EBIT

     280          278          0.4%          1,374          711          93.3%  

% total revenue

     17.2%          17.6%                     24.4%          14.9%             

(1)Revenue reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenue include other income.

(2)EBITDA figures reflect the sale of towers.

 

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Peru Operating Data

 

      3Q23        3Q22        Var.%  

Wireless Subscribers (thousands)

     12,447          12,256          1.6%  

Postpaid

     5,908          5,521          7.0%  

Prepaid

     6,539          6,735          -2.9%  

ARPU (Sol)

     25          24          3.4%  

Churn (%)

     4.2%          4.4%          (0.2)  

Revenue Generating Units (RGUs)(1)

     1,951          1,993          -2.1%  

(1) Fixed Line, Broadband and Television.

 

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Ecuador

71k wireless net adds

Net subscriber additions in Ecuador amounted to 71 thousand, bringing the subscriber base to 9.4 million clients, which is 5.2% more than the previous year. In the fixed-line segment, we disconnected 60 thousand RGUs, including 26 thousand broadband accesses.

Slowed down in economic activity decelerate revenue

Political uncertainty and a slowed down in economic activity were behind the deceleration of our revenue in Ecuador. Third-quarter revenue of 259 million dollars was down 0.6% compared to the previous year, with service revenue dropping 0.8% as mobile service revenue declined 0.5% —mostly to do with the prepaid segment. Fixed-line service revenue was 3.3% lower than in the same quarter of the previous year.

We managed to increase EBITDA +2.2% YoY

We’ve redoubled our efforts to maintain margins and managed to increase our EBITDA by 2.2% year-on-year to 126 million dollars. This figure represents 48.6% of our revenue compared to 47.3% in the year-earlier quarter.

 

INCOME STATEMENT—Ecuador Millions of Dollars

 

      3Q23        3Q22        Var.%        Jan-Sep 23        Jan-Sep 22        Var.%  

Total Revenue(1)

     259          260          -0.6%          779          766          1.7%  

Total Service Revenue

     228          230          -0.8%          683          675          1.2%  

Wireless Revenue

     231          233          -0.9%          697          683          2.0%  

Service Revenue

     202          203          -0.5%          604          595          1.5%  

Equipment Revenue

     29          30          -3.6%          93          88          5.7%  

Fixed Line Revenue

     27          27          -0.3%          80          82          -1.6%  

EBITDA

     126          123          2.2%          376          356          5.7%  

% total revenue

     48.6%          47.3%                     48.3%          46.5%             

EBIT

     70          71          -1.7%          210          212          -1.0%  

% total revenue

     26.9%          27.2%                     26.9%          27.6%             

(1)Revenue reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenue include other income.

 

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Ecuador Operating Data

 

      3Q23        3Q22        Var.%  

Wireless Subscribers (thousands)

     9,361          8,900          5.2%  

Postpaid

     2,268          2,170          4.5%  

Prepaid

     7,093          6,730          5.4%  

ARPU (US$)

     7          8          -5.5%  

Churn (%)

     3.1%          3.3%          (0.2)  

Revenue Generating Units (RGUs)(1)

     555          607          -8.5%  

(1)Fixed Line, Broadband and Television.

 

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Argentina

For comparison purposes all comments in this section related to annual variations of the presented period for Argentina refer to figures in constant peso terms, that is, adjusted for inflation in accordance to NIC 29. Information for Uruguay and Paraguay is not presented in the table.

126k wireless net adds and 160k fixed-line new RGUs

Claro has been proactive in its efforts to roll out fiber and provide high-speed connectivity across more cities and towns. This initiative has resulted in solid growth: we added 160 thousand new fixed-line RGUs during the period, bringing our total to just over three million, which is 31.0% more than a year before. Argentina continues to be our fastest-growing operation in the fixed-line segment. On the mobile platform, we gained 126 thousand wireless subscribers, including 33 thousand postpaid subs. At the end of September our wireless base reached 24.5 million, marking a 3.2% increase from the prior year.

Fixed-line service revenue growth of 19.0% YoY

Revenue for the quarter decreased 7.7% in real terms compared to the same period last year, reaching 145.1 million Argentinean pesos, almost exclusively on account of lower equipment sales. However, service revenue remained practically flat in after-inflation terms, buoyed by the strong growth in the fixed-line platform. Fixed-line service revenue experienced an 19.0% increase in the quarter, up from 15.2% in the second quarter and after a 0.6% decline in the first quarter. The revenue from PayTV and broadband saw significant growth, increasing by 59.5% and 18.7%, respectively.

Important improvement in mobile service revenue

On the mobile platform service revenue registered a 3.6% drop after inflation, representing an important improvement after 7.8% and 13.9% declines in the previous quarters. Postpaid revenue remained practically flat after inflation but revenue from prepaid services fell 14.6% in real terms.

EBITDA down 10.9% YoY in real terms

The 130% devaluation of the Argentinean peso during the period and the ensuing inflationary pressure impacted our EBITDA. It registered a 10.9% year-on-year decrease in real terms, to 56.4 million Argentinean pesos. The EBITDA margin for the period was 38.9%, slightly below the 40.2% observed a year before.

 

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INCOME STATEMENT - Argentina Millions of Constant ARS as of September 2023

 

      3Q23        3Q22        Var.%        Jan-Sep 23        Jan-Sep 22        Var.%  

Total Revenue(1)

     145,053          157,233          -7.7%          445,830          481,346          -7.4%  

Total Service Revenue

     118,408          118,598          -0.2%          358,304          380,302          -5.8%  

Wireless Revenue

     123,463          138,946          -11.1%          384,028          425,145          -9.7%  

Service Revenue

     97,174          100,754          -3.6%          297,298          325,308          -8.6%  

Equipment Revenue

     26,289          38,192          -31.2%          86,729          99,837          -13.1%  

Fixed Line Revenue

     21,235          17,844          19.0%          61,006          54,994          10.9%  

EBITDA

     56,372          63,267          -10.9%          175,977          194,537          -9.5%  

% total revenue

     38.9%          40.2%                     39.5%          40.4%             

EBIT

     48,055          51,652          -7.0%          147,346          157,608          -6.5%  

% total revenue

     33.1%          32.9%                     33.0%          32.7%             

(1)Revenue reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenue include other income.

 

Argentina Operating Data

 

      3Q23        3Q22        Var.%  

Wireless Subscribers (thousands)

     24,526          23,775          3.2%  

Postpaid

     9,324          9,072          2.8%  

Prepaid

     15,202          14,702          3.4%  

ARPU (ARS)

     1,187          571          107.9%  

Churn (%)

     1.4%          1.5%          (0.1)  

Revenue Generating Units (RGUs)(1)

     3,087          2,356          31.0%  

(1)Fixed Line, Broadband and Television.

 

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Central America

113k wireless net adds and 71k new fixed RGUs

Our operations in Central America added 113 thousand mobile subscribers in the third quarter, with half being postpaid. At the end of September we had 17 million clients, 3.5% more than a year before. In the fixed-line segment, we recorded net additions of 71 thousand RGUs, including 30 thousand broadband accesses—one of our strongest showings of the last three years—and 27 thousand PayTV units. Overall, fixed-line RGUs stood at 4.8 million at the end of the period, a 5.6% increase compared to the prior year.

Service revenue +8.0% YoY with mobile service revenue +9.5% YoY

Revenue increased 5.5% to 622 million dollars, with service revenue growing 8.0%, up from 7.2% in the prior quarter. Mobile service revenue growth surged 9.5%, with postpaid services outpacing prepaid; the former grew by 10.1%, while the latter saw a 9.1% increase. We also observed faster growth in our fixed-line service revenue, which rose by 5.0% in the third quarter, compared to 4.4% in the second quarter and 1.9% in the first. Our efforts in broadband and PayTV are yielding positive results, with broadband revenue accelerating to a 5.9% pace, its best performance in more than a year, as was the case also with revenue from corporate network services, up 5.2%. PayTV revenue was up 8.4%.

EBITDA +3.8% YoY

With greater operating leverage and diligent cost controls our EBITDA rose 3.8%. Standing at 262 million dollars, it represented 42.