SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of October, 2024

Commission File Number: 1-16269

 

 

AMÉRICA MÓVIL, S.A.B. DE C.V.

(Exact name of registrant as specified in its charter)

America Mobile

(Translation of Registrant´s name into English)

 

 

Lago Zurich 245

Plaza Carso / Edificio Telcel

Colonia Ampliación Granada

Alcaldía 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 Form 20-F or Form 40-F. Form 20-F  Form 40-F ☐

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ☐ No ☒

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ☐ No ☒

Indicate by check mark whether the registrant by furnishing the information contained in this Form 6-K is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐ No ☒

 

 

 


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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 2024.

 

 

 

   

We added 1.8 million subscribers in the third quarter, including 1.4 million postpaids. Brazil contributed with 291 thousand and Colombia with 159 thousand.

 

   

Our prepaid platform registered 468 thousand net additions, mostly from Colombia , Eastern Europe and Argentina, with 251 thousand, 213 thousand and 200 thousand, respectively.

 

   

In the fixed-line segment we connected 327 thousand new broadband accesses, with Mexico adding 116 thousand, followed by Brazil with 59 thousand, and Argentina with 44 thousand.

 

   

Third-quarter revenue totaled 223 billion pesos, with service revenue expanding 11.3% year-on-year in Mexican peso terms partly reflecting the year-on-year depreciation of the Mexican peso vs. the currencies in our region of operations except for the Brazilian real. At constant exchange rates service revenue rose 5.5%, an improvement on the 4.7% rate posted the prior quarter.

 

   

Mobile service revenue posted its best performance in over a year, along with the postpaid segment, recording annual growth rates of 5.2% and 6.3% at constant exchange rates, respectively.

 

   

On the fixed-line platform service revenue increased by 5.9% at constant exchange rates. Corporate networks and broadband revenue were up 10.1% and 7.4%, respectively, on the strength of our networks and commercial efforts.

 

   

EBITDA increased by 11.9% in Mexican peso terms and 6.3% at constant exchange rates. Adjusted for one-offs, primarily from tower sales, EBITDA was up 7.3% reflecting the greater operating leverage stemming from our revenue expansion.

 

   

We posted a net profit of 6.4 billion pesos in the quarter helped along by a 14.2% increase in our operating profit and a 4.8% reduction in comprehensive financing costs.

 

   

In the nine months through September our net financing, 19.7 billion pesos, coupled with our operating cash flow, allowed us to cover 86.7 billion pesos in capital expenditures, 32.9 billion pesos in shareholder distributions—split almost evenly between share buy-backs and dividend payments—and 23.7 billion pesos in labor obligations.

 

   

At the end of September, our net debt—excluding leases—stood at 433 billion pesos, and represented a net debt-to-EBITDAaL ratio of 1.34 times.

 

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América

  Móvil
   Consolidated
 

 

 
  Mexico  
 

 

 
  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
 

America

and The

 
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
  Currency  
  Exchange  
  Rates  
 

 

 
  Appendix  
 

 

 
  Glossary  
 

 

 
 

 

 

We will host our conference call to discuss 3Q24 financial and operating results on October 16th 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  
       3Q24        3Q23  

Earnings per Share (Mex$)(1)

     0.10        0.03  

Earning per ADR (US$)(2)

     0.11        0.04  

EBITDA per Share (Mex$)(3)

     1.45        1.27  

EBITDA per ADR (US$)

     1.54        1.49  

Net Income (millions of Mex$)

     6,427             2,028  

Average Shares Outstanding (billion)

     61.5        63.1  

Shares Outstanding End of Period (billion)

     61.4        62.9  

(1) Net Income / Average Shares Outstanding

(2) 20 shares per ADR

(3) EBITDA / Average Shares Outstanding

 

 América Móvil’s Subsidiaries as of September 2024

Country

   Brand    Main Activity    Equity 

Mexico

   Telcel    wireless    100.0% 
     Telmex    wireline    100.0% 

Argentina

   Claro    wireless/wireline    100.0% 

Austria

   A1    wireless/wireline    60.2% 
     EuroTeleSites    towers    57.0% 

Brazil

   Claro    wireless/wireline    99.6% 

Colombia

   Claro    wireless/wireline    99.4% 

Costa Rica

   Claro    wireless/wireline    100.0% 

The Dominican Republic

   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    100.0% 
 Other Stakeholdings

Country

   Brand    Main Activity    Equity 

Chile

   Claro/VTR    wireless/wireline    50.0% 

 

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   Consolidated
 

 

 
  Mexico  
 

 

 
  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
 

America

and The

 
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Note

The reported figures for Argentina corresponding to the third quarter of 2024 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

Consolidation of ClaroVTR

On October 3rd, we received approval from the National Economic Prosecutor’s Office of the Republic of Chile (Fiscalía Nacional Económica) to take control of ClaroVTR, currently a 50:50 joint venture with Liberty Latin America. AMX will consolidate ClaroVTR from October 31st, 2024, upon the conversion into equity of AMX’s outstanding loans to ClaroVTR. Upon this capitalization, AMX will hold approximately a 91% ownership interest in ClaroVTR.

MSCI ESG Ratings upgrades AMX to “A”

On August 20th, MSCI ESG Ratings upgraded América Móvil’s rating to “A” from “BBB” as a result of the company’s sustainability efforts and, in particular, progress made in cybersecurity practices and data privacy policies across our operations, as well as improvements in corporate governance. This marks the third ratings upgrade by MSCI in three years.

Access Lines

1.4M postpaid net adds

In the third quarter we added 1.8 million subscribers, of which 1.4 million were postpaid. Brazil contributed 291 thousand, Colombia 159 thousand, and Mexico 108 thousand postpaid subscribers. Our prepaid segment obtained 468 thousand net additions, led by Colombia with 251 thousand, Eastern Europe with 213 thousand and Argentina with 200 thousand, but registered 343 thousand disconnections in Brasil and 136 thousand in Mexico. As of September our wireless subscriber base reached 315.8 million, including 126 million postpaid clients. Our postpaid base increased 5.9% year-on-year and our prepaid base 1.4%

327k new broadband accesses

In the fixed-line segment we connected 327 thousand broadband accesses: 116 thousand in Mexico, 59 thousand in Brazil and 44 thousand in Argentina. However, we disconnected 83 thousand voice lines and 30 thousand PayTV units. We ended the quarter with 74.6 million RGUs, that comprise 33.2 million broadband accesses, 12.8 million PayTV clients, and 28.5 million landlines. Fixed-broadband accesses rose 5.2%.

 

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  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
 

America

and The

 
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
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 Wireless subscribers as of September 2024  

Total(1) (Thousands)  

 

                         

Country

     Sep ’24         Jun ’24         Var.      Sep ’23         Var.

Argentina, Paraguay and Uruguay

     28,840        28,531        1.1     27,614        4.4

Austria(2)

     11,320        10,887        4.0     9,917        14.1

Brazil

     88,276        88,328        -0.1     85,032        3.8

Central America

     16,969        16,786        1.1     16,947        0.1

The Caribbean

     7,836        7,743        1.2     7,525        4.1

Colombia

     40,597        40,187        1.0     38,701        4.9

Eastern Europe

     15,347        15,062        1.9     15,215        0.9

Ecuador

     9,689        9,610        0.8     9,361        3.5

Mexico

     84,171        84,199        0.0     83,417        0.9

Peru

     12,772        12,662        0.9     12,447        2.6

Total Wireless Lines

     315,816        313,995        0.6     306,176        3.1

(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) Includes A1 Digital M2M subscribers.

 

 Fixed-Line and Other Accesses (RGUs) as of September 2024  

Total(1) (Thousands)  

 

                         

Country

     Sep ’24         Jun ’24         Var.      Sep ’23         Var.

Argentina, Paraguay and Uruguay

     3,930        3,825        2.7     3,417        15.0

Austria

     2,754        2,782        -1.0     2,872        -4.1

Brazil

     22,509        22,697        -0.8     23,262        -3.2

Central America

     5,120        5,027        1.8     4,834        5.9

The Caribbean

     2,829        2,827        0.1     2,768        2.2

Colombia

     9,561        9,521        0.4     9,413        1.6

Eastern Europe

     3,539        3,501        1.1     3,378        4.7

Ecuador

     579        560        3.4     555        4.3

Mexico

     21,815        21,724        0.4     20,999        3.9

Peru

     1,948        1,904        2.3     1,951        -0.2

Total RGUs

     74,582        74,368        0.3     73,449        1.5

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

 

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America

and The

 
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 Broadband accesses as of September 2024  

Total(1) (Thousands)  

 

                         

Country

     Sep ’24         Jun ’24         Var.      Sep ’23         Var.

Argentina, Paraguay and Uruguay

     1,639        1,587        3.3     1,390        17.9

Austria

     1,258        1,268        -0.8     1,288        -2.3

Brazil

     10,204        10,145        0.6     9,930        2.8

Central America

     1,645        1,603        2.6     1,515        8.5

The Caribbean

     1,076        1,073        0.3     1,036        3.8

Colombia

     3,421        3,406        0.4     3,360        1.8

Eastern Europe

     1,511        1,493        1.2     1,425        6.0

Ecuador

     344        333        3.3     313        10.0

Mexico

     11,077        10,962        1.1     10,324        7.3

Peru

     1,048        1,027        2.0     992        5.6

Total Broadband Accesses

     33,224        32,897        1.0     31,573        5.2

(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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  America  
 

 

 
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America

and The

 
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América Móvil Consolidated Results

Interest rates in the U.S. and several other countries continued their downward trend in the third quarter, with 10-year U.S. Treasury yields falling 85 basis points from the beginning of the quarter through mid-September to a low of 3.61%. The decline was driven by concern about the cooling U.S. economy and its corresponding impact on the labor market. It prompted the Fed to finally declare its first discount-rate reduction in 2.5 years—a period in which it brought about a five percentage point increase in such rate to 5.25%. By the end of the third quarter 10-year yields had bounced back to under 3.8%. Shortly after the end of the quarter they had risen above 4% on the back of unexpectedly strong non-farm payroll numbers for September, wiping out half of the reduction that had taken place through mid-September. Throughout the quarter central-bank discount rates fell by 50 basis points in Mexico and Peru, one percentage point in Colombia and 25 basis points in Chile, but were going up once again in Brazil, by 25 basis points.

Third quarter revenue totaled 223 billion pesos, with service revenue expanding 11.3% in Mexican peso terms, partly reflecting the depreciation of the Mexican peso vs. most of the currencies in our region of operations—with the notable exception of the Brazilian real—relative to the year-earlier quarter: approximately 10% vs. both the dollar and the euro, 8% vs. the Colombian peso and 12% vs the Peruvian sol. At constant exchange rates service revenue was up 5.5% year-on-year, an improvement on the 4.7% rate observed the prior quarter.

Mobile service revenue growth accelerated somewhat from the prior quarter to 5.2%, posting its best performance in over a year on the back of postpaid revenue growth. On the fixed-line space broadband revenue decelerated slightly from the prior quarter, to 7.4%, whereas corporate networks revenue growth, at 10.1%, was faster than in the precedent quarter.

Brazil and Colombia continued their trend over the last year of posting improved revenue growth every quarter. Central America presented better growth rates than in the precedent two quarters while Mexico and Peru maintained their pace.

Third quarter EBITDA came in at 89.4 billion pesos, an 11.9% increase over the year-earlier quarter in Mexican peso terms and 6.3% at constant exchange rates. Adjusted for one-offs associated mainly with tower sales, EBITDA was up 7.3%, its second fastest pace in at least five quarters.

Our operating profit reached 47.4 billion pesos. It was up 14.2% in Mexican peso terms and 10% at constant exchange rates. Adjusted for one-offs as mentioned above, our operating profit increased 12.1% at constant exchange rates.

 

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   Consolidated
 

 

 
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  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
 

America

and The

 
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We posted a net profit of 6.4 billion pesos in the quarter, nearly trebling the one obtained a year before. It was equivalent to 10 pesos cents per share or 11 dollar cents per ADR. It came about on the back of a higher operating profit, as mentioned above, but also as comprehensive financing costs came down 4.8% relative to the same period of 2023, to 28.3 billion pesos.

Our net debt ended September at 433 billion pesos, having increased by 47.3 billion pesos relative to December 2023, partly reflecting the impact of the depreciation of the Mexican peso on our non-peso financial obligations. In cash flow terms our net debt increased by 19.7 billion pesos. In the nine months to September, our capital expenditures totaled 86.7 billion pesos, shareholder distributions 32.9 billion pesos—split almost evenly between share buy-backs and dividend payments—and reduced labor obligations in the amount of 23.7 billion pesos. Our net debt excluding leases to EBITDAaL ratio ended September at 1.34x LTM EBITDA.

 

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América

  Móvil
   Consolidated
 

 

 
  Mexico  
 

 

 
  Brazil  
 

 

 
  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
 

America

and The

 
  Caribbean  
 

 

 
  Austria  
 

 

 
  Other  
  European  
 

 

 
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   América Móvil’s Income Statement

 Millions of Mexican pesos

 

 

      3Q24     3Q23     Var.%     Jan-Sep 24     Jan-Sep 23     Var.%  

Service Revenue

     188,170       169,052       11.3     534,198       507,310       5.3

Equipment Revenue

     32,247       31,105       3.7     90,260       93,441       -3.4

Other Revenue

     3,041       3,685       -17.5     7,822       14,549       -46.2

Total Revenue

     223,458       203,842       9.6     632,280       615,300       2.8

Cost of Service

     56,611       51,989       8.9     160,684       155,144       3.6

Cost of Equipment

     28,125       27,120       3.7     77,856       82,035       -5.1

Selling, General & Administrative Expenses

     47,364       43,189       9.7     135,654       131,043       3.5

Others

     1,937       1,648       17.5     4,966       5,775       -14.0

Total Costs and Expenses

     134,036       123,947       8.1     379,160       373,997       1.4
                                                  

EBITDA

     89,422       79,896       11.9     253,120       241,303       4.9

% of Total Revenue

     40.0     39.2             40.0     39.2        

Adjusted EBITDA(1)

     89,154       78,898       13.0     252,596       235,704       7.2

% of Total Revenue

     39.9     38.9             40.0     38.8        
                                                  

Depreciation & Amortization

     41,979       38,353       9.5     119,411       115,327       3.5

EBIT

     47,443       41,543       14.2     133,709       125,976       6.1

% of Total Revenue

     21.2     20.4             21.1     20.5        
                                                  

Net Interest Expenses

     11,464       8,811       30.1     34,410       25,650       34.2

Other Financial Expenses

     -7,722       8,674       -189.0     -10,541       21,313       -149.5

Foreign Exchange Loss

     24,582       12,255       100.6     58,373       -15,494       n.m.  

Comprehensive Financing Cost (Income)

     28,323       29,740       -4.8     82,241       31,469       161.3

Income & Deferred Taxes

     9,622       6,350       51.5     25,061       29,113       -13.9

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

     9,498       5,453       74.2     26,407       65,394       -59.6

Equity Participation in Results of Affiliates

     -1,647       -2,119       22.3     -4,372       -3,731       -17.2

Minority Interest

     -1,424       -1,306       -9.0     -3,207       -3,614       11.3

Net Income

     6,427       2,028       216.8     18,828       58,049       -67.6

(1) Adjusted for extraordinary items, particularly the sale of towers in 2023 by Claro Peru, Claro Dominicana and Telmex; and a portion in 2024 by Telmex.

n.m. Not meaningful.

 

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  Mexico  
 

 

 
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  Colombia  
 

 

 
  Other South  
  America  
 

 

 
  Central  
 

America

and The

 
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  Other  
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   Balance Sheet - América Móvil Consolidated(1)

Millions of Mexican Pesos

 

 

      Sep ‘24      Dec ‘23      Var.%           Sep ‘24      Dec ‘23      Var.%  

Current Assets

                             Current Liabilities                           

Cash, Marketable Securities & Other Short Term Investments

     82,809        100,353        -17.5   Short Term Debt      114,542        160,964        -28.8

Accounts Receivable

     238,578        208,248        14.6   Lease-Related Debt(2)      34,627        24,375        42.1

Other Current Assets

     20,140        12,294        63.8   Accounts Payable      143,045        147,904        -3.3

Inventories

     25,247        19,272        31.0   Other Current Liabilities      215,879        182,003        18.6
       366,774        340,167        7.8          508,092        515,246        -1.4
                                                           

Non Current Assets

                            

Non Current

Liabilities

                          

Plant & Equipment, gross

     1,473,858        1,233,364        19.5   Long Term Debt      428,167        339,713        26.0

-Depreciation

     788,546        604,713        30.4   Lease-Related Debt(2)      178,796        100,794        77.4

Plant & Equipment, net

     685,312        628,651        9.0   Other Liabilities      193,816        186,730        3.8

Rights of Use(2)

     199,867        113,568        76.0          800,779        627,238        27.7

Investments in Affiliates and Other Investments

     37,138        29,295        26.8                               
                                                           

Deferred Assets

                                                         

Goodwill (Net)

     157,305        146,079        7.7                               

Intangible Assets

     144,603        121,499        19.0   Shareholder’s Equity      477,026        421,702        13.1

Deferred Assets

     194,898        184,927        5.4                               
                                                           

Total Assets

     1,785,897        1,564,186        14.2   Total Liabilities and Equity      1,785,897        1,564,186        14.2

(1) Includes current portion of Long Term Debt.

(2) Renewal of a 10-year contract between Telcel and Telesites.

 

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Mexico

108k postpaid gains & 116k new broadband accesses

We added 108 thousand postpaid subscribers in the third quarter and disconnected 136 thousand prepaids to finish September with 84.2 million subscribers. On the fixed-line platform we obtained 116 thousand new broadband accesses but disconnected 25 thousand landlines.

Fixed-line service revenue +5.7% YoY

Our Mexican revenue totaled 83.8 billion pesos for the quarter, a 2.3% year-on-year increase, driven by 4.4% growth in service revenue. Fixed-line service revenue expanded by 5.7%, buoyed by a 12.8% jump in corporate networks revenue as Telmex continues to make inroads in IT solutions, particularly in cloud services and cybersecurity. Additionally, broadband revenue rose by 6.4%, thanks to continued commercial efforts to provide value offers with high-speed fiber access and attractive content from our streaming partners. Mobile service revenue climbed by 3.8%, with both prepaid and postpaid revenue growth remaining steady from the prior quarter.

EBITDA +5.4% YoY

Operating leverage allowed for EBITDA to increase by 5.4% year-on-year to 35.1 billion pesos. The EBITDA margin improved by 1.2 percentage points from the year-earlier quarter, reaching 41.9%. Adjusted for Telmex tower sales in both periods, EBITDA was up 7.7%. Our operating profit increased by 8.4% year-on-year.

 

INCOME STATEMENT - Mexico Millions of MxP

 

      3Q24      3Q23      Var.%      Jan-Sep 24      Jan-Sep 23      Var.%  

Total Revenue(1)

     83,796        81,904        2.3%        248,173        239,970        3.4%  

Total Service Revenue

     65,382        62,637        4.4%        195,815        185,876        5.3%  

Wireless Revenue

     60,331        59,626        1.2%        178,995        175,593        1.9%  

Service Revenue

     44,563        42,931        3.8%        133,214        127,444        4.5%  

Equipment Revenue

     15,768        16,695        -5.6%        45,781        48,149        -4.9%  

Fixed Line Revenue(2)

     20,902        19,817        5.5%        62,822        58,742        6.9%  

Other Revenue

     2,563        2,461        4.2%        6,357        5,636        12.8%  

EBITDA

     35,138        33,327        5.4%        105,767        97,989        7.9%  

% total revenue

     41.9%        40.7%                 42.6%        40.8%           

Adjusted EBITDA(3)

     34,871        32,390        7.7%        105,243        97,053        8.4%  

% total revenue

     41.7%        40.0%                 42.5%        40.6%           

EBIT

     26,732        24,654        8.4%        80,632        72,385        11.4%  

% total revenue

     31.9%        30.1%                 32.5%        30.2%           

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

(2)Includes equipment revenue.

(3) Adjusted for the sale of towers in Telmex in 2024 and 2023.

 

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  Mexico Operating Data

       
      3Q24      3Q23      Var.%  

Wireless Subscribers (thousands)

     84,171        83,417        0.9%  

Postpaid

     15,310        14,889        2.8%  

Prepaid

     68,860        68,527        0.5%  

ARPU (MxP)

     177        173        2.6%  

Churn (%)

     3.2%        3.1%        0.1  

Revenue Generating Units (RGUs)(1)

     21,815        20,999        3.9%  

Fixed Lines

     10,737          10,675          0.6%  

Broadband

     11,077        10,324        7.3%  

(1) Fixed Line and Broadband.

 

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Brazil

291k postpaid net adds & 59k new broadband accesses

In the third quarter, we gained 291 thousand postpaid subscribers in Brazil but disconnected 343 thousand prepaid subscribers as part of a clean-up. Our wireless base ended September with 88.3 million clients. On the fixed-line platform, we added 59 thousand broadband accesses and disconnected 92 thousand PayTV suscriptions—the smallest disconnection in two years—finishing the quarter with 22.5 million RGUs.

Fixed-line service revenue +4.1%, best performance in eight years

Revenue totaled 12.3 billion reais, up 7.4% year-on-year, with service revenue expanding 7.2%. Mobile service revenue increased 9.8%, the fastest pace in over a year, driven by a 12.5% growth in postpaid revenue. Fixed-line service revenue grew 4.1%, its best performance in eight years, with both corporate networks and broadband revenue rising approximately 9%, also the fastest pace in over a year. PayTV revenue declined 3.7%, the smallest reduction in seven years. Claro continues to leverage its strong commercial offering, capitalizing on its network, data-center infrastructure, distribution, and customer care to benefit clients in both residential and corporate segments.

EBITDA +13.2% YoY

EBITDA jumped 13.2% year-on-year in the third quarter to 5.4 billion reais, with the EBITDA margin increasing by 2.3 percentage points to 43.9% due to greater operating leverage from strong revenue growth in both the fixed-line and mobile platforms. Our operating profit surged by 35.9% to 2.3 billion reais.

  INCOME STATEMENT - Brazil Millions of BrL

 

 

       

3Q24

 

      

3Q23

 

      

Var.%

 

      

Jan-Sep 24

 

      

Jan-Sep 23

 

      

Var.%

 

 

Total Revenue(1)

       12,339          11,489          7.4%          36,112          33,930          6.4%  

Total Service Revenue

       11,711          10,924          7.2%          34,351          32,381          6.1%  

Wireless Revenue

       7,224          6,526          10.7%          21,013          19,133          9.8%  

Service Revenue

       6,619          6,030          9.8%          19,304          17,693          9.1%  

Equipment Revenue

       606          496          22.0%          1,709          1,440          18.7%  

Fixed Line Revenue(2)

       5,104          4,894          4.3%          15,059          14,688          2.5%  

EBITDA

       5,416          4,784          13.2%          15,692          14,000          12.1%  

% total revenue

       43.9%          41.6%                     43.5%          41.3%             

EBIT

       2,291          1,686          35.9%          6,281          4,786          31.2%  

% total revenue

       18.6%          14.7%                     17.4%          14.1%             

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

(2) Includes equipment revenue.

 

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  Brazil Operating Data

       
      3Q24      3Q23      Var.%  

Wireless Subscribers (thousands)

     88,276        85,032        3.8%  

Postpaid

     53,242        49,698        7.1%  

Prepaid

     35,035        35,334        -0.8%  

ARPU (BrL)

     25        24        4.8%  

Churn (%)

     2.6%        2.5%        0.1  

Revenue Generating Units (RGUs)(1)

     22,509          23,262          -3.2%  

Fixed Lines

     7,506        8,041        -6.6%  

Broadband

     10,204        9,930        2.8%  

PayTV

     4,798        5,291        -9.3%  

(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

410k wireless net adds

After 410 thousand net additions, our wireless subscriber base finished September with 40.6 million, a 4.9% year-on-year increase. Postpaid net additions totaled 159 thousand and led to a 5.4% increase in our postpaid base, thereby outpacing prepaid growth. On the fixed-line platform we gained 40 thousand fixed-line RGUs: 19 thousand landlines, 15 thousand broadband accesses, and six thousand PayTV subscriptions. We ended the quarter with 9.6 million fixed-line RGUs, 1.6% more than last year.

Service revenue +4.5% YoY

Third quarter revenue rose 4.5% from the year-earlier quarter to 3.9 trillion Colombian pesos, matching the increase in service revenue. It was the highest growth rate in three years. Mobile service revenue growth accelerated from 2.5% in the prior quarter to 4.0% in the current period. The primary driver was the prepaid segment, which experienced a revenue increase of 4.1%, up from 1.8% in the second quarter. Fixed-line service revenue growth also showed improvement, increasing 5.2%, compared to 3.4% in the previous quarter. Broadband and PayTV revenue had their best performance in at least four quarters.

EBITDA +4.1% YoY

Claro’s EBITDA increased 4.1% year-over-year to 1.6 trillion Colombian pesos. The EBITDA margin for the period stood at 42.2% of revenue, practically flat from a year before.

  INCOME STATEMENT - Colombia Billions of COP

 

 

        3Q24        3Q23        Var.%        Jan-Sep 24        Jan-Sep 23        Var.%  

Total Revenue(1)

       3,905          3,739          4.5%          11,534          11,269          2.4%  

Total Service Revenue

       2,999          2,871          4.5%          8,903          8,657          2.8%  

Wireless Revenue

       2,620          2,491          5.2%          7,690          7,554          1.8%  

Service Revenue

       1,787          1,719          4.0%          5,271          5,153          2.3%  

Equipment Revenue

       833          772          7.9%          2,419          2,401          0.7%  

Fixed Line Revenue(2)

       1,242          1,181          5.2%          3,711          3,578          3.7%  

EBITDA

       1,646          1,581          4.1%          4,777          4,696          1.7%  

% total revenue

       42.2%          42.3%                     41.4%          41.7%             

EBIT

       734          763          -3.8%          2,157          2,360          -8.6%  

% total revenue

       18.8%          20.4%                     18.7%          20.9%             

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

(2)Includes equipment revenue.

 

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 Colombia Operating Data                                         
      3Q24              3Q23              Var.%

Wireless Subscribers (thousands)(1)

     40,597                  38,701                4.9%

Postpaid

     10,684                 10,134               5.4%

Prepaid

     29,913                 28,567               4.7%

ARPU (COP)

     14,831                 14,942               -0.7%

Churn (%)

     3.0%                 3.4%               (0.4)

Revenue Generating Units (RGUs)(2)

     9,561                 9,413               1.6%

(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

110k wireless net adds

Net additions of 110 thousand subscribers in the third quarter, most of them postpaid, brought our wireless subscriber base to 12.8 million, a 2.6% increase from last year. Additionally, we connected 21 thousand broadband accesses, 20 thousand landlines, and three thousand PayTV subscriptions. At the end of September, fixed-line RGUs stood at 1.9 million.

Service revenue +5.5% YoY

Third-quarter revenue totaled 1.7 billion soles, up 4.1% compared to the same period a year before. Service revenue increased 5.5%, with mobile service revenue growing in line and fixed-line service revenue rising 5.8% buoyed by corporate networks revenue that jumped 33.5%.

EBITDA margin at 37.9% of revenue

EBITDA of 640 million soles was 6.9% higher than that of the same period of the prior year, with the EBITDA margin climbing one percentage point to 37.9%. The annual comparison is affected by extraordinary revenue booked in 2023 associated with the sale of tower assets; adjusting for this effect, EBITDA increased 14.6%.

 

INCOME STATEMENT - Peru Millions of Soles

 

                                
      3Q24        3Q23        Var.%        Jan-Sep 24        Jan-Sep 23        Var.%  

Total Revenue(1)

     1,690          1,624          4.1%          4,935          5,623          -12.2%  

Total Service Revenue

     1,303          1,235          5.5%          3,850          3,644          5.6%  

Wireless Revenue

     1,357          1,250          8.5%          3,942          3,822          3.1%  

Service Revenue

     980          929          5.5%          2,884          2,744          5.1%  

Equipment Revenue

     377          321          17.4%          1,057          1,078          -1.9%  

Fixed Line Revenue(2)

     323          306          5.8%          965          900          7.2%  

Other Revenue

     10          68          -85.2%          28          901          -96.8%  

EBITDA

     640          599          6.9%          1,863          2,349          -20.7%  

% total revenue

     37.9%          36.9%                     37.8%          41.8%             

Adjusted EBITDA(3)

     640          558          14.6%          1,863          1,700          9.6%  

% total revenue

     37.9%          35.7%                     37.8%          35.9%             

EBIT

     311          280          11.1%          879          1,374          -36.0%  

% total revenue

     18.4%          17.2%                     17.8%          24.4%             

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

(2) Includes equipment revenue.

(3) Adjusted for the sale of towers in 2023.

 

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 Peru Operating Data

 

      3Q24        3Q23        Var.%  

Wireless Subscribers (thousands)

     12,772          12,447          2.6%  

Postpaid

     6,279          5,908          6.3%  

Prepaid

     6,493          6,539          -0.7%  

ARPU (Sol)

     26          25          2.4%  

Churn (%)

     4.1%          4.2%          (0.2)  

Revenue Generating Units (RGUs)(1)

     1,948          1,951          -0.2%  

(1) Fixed Line, Broadband and Television.

 

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Ecuador

Ecuador is still facing significant economic challenges, including a slowdown in economic growth due to rising insecurity, disruptions in oil production and climate-related events. The country is struggling with liquidity constraints, a large financing shortfall and an energy crisis, primarily due to a severe drought that has led to power cuts across the country.

79k wireless net adds

Despite this challenging scenario, Claro has made concerted efforts for customers to remain connected even during service interruptions and stayed commercially active. Mobile net additions increased from a year before to 79 thousand new subs, most of them prepaids, to finish the quarter with 9.7 million subs. Mobile connectivity has been a lifeline amid power-cuts which often interrupt broadband access. Still, our commercial efforts allowed us to connect 11 thousand new broadband accesses and fixed-line RGUs stood at 579 thousand at the end of September.

EBITDA margin at 49% of revenue

Revenue declined 2.3% over the year to 253 million dollars, as service revenue fell 1.5% on the back of mobile revenue contracting 1.9%. Fixed-line service revenue was up 1.6%, albeit from a small base. The quarter’s EBITDA, 124 million dollars, was down 1.4% from a year before, but the EBITDA margin increased 40 basis points in the period, to 49.0%.

 

 INCOME STATEMENT - Ecuador Millions of Dollars

 

                          
      3Q24      3Q23      Var.%      Jan-Sep 24      Jan-Sep 23      Var.%  

Total Revenue(1)

     253        259        -2.3%        764        779        -1.9%  

Total Service Revenue

     225        228        -1.5%        677        683        -0.9%  

Wireless Revenue

     226        231        -2.3%        679        697        -2.6%  

Service Revenue

     198        202        -1.9%        597        604        -1.2%  

Equipment Revenue

     27        29        -5.1%        82        93        -11.3%  

Fixed Line Revenue(2)

     27        27        -0.5%        81        80        0.5%  

EBITDA

     124        126        -1.4%        371        376        -1.5%  

% total revenue

     49.0%        48.6%                 48.5%        48.3%           

EBIT

     69        70        -1.5%        206        210        -1.6%  

% total revenue

     27.1%        26.9%                 27.0%        26.9%           

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

(2) Includes equipment revenue.

 

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 Ecuador Operating Data

 

      3Q24        3Q23        Var.%  

Wireless Subscribers (thousands)

     9,689          9,361          3.5%  

Postpaid

     2,274          2,268          0.3%  

Prepaid

     7,416          7,093          4.5%  

ARPU (US$)

     7          7          -5.2%  

Churn (%)

     2.8%          3.1%          (0.3)  

Revenue Generating Units (RGUs)(1)

     579          555          4.3%  

(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.

276k wireless net adds

We added 276 thousand wireless subscribers in the third quarter, of which 76 thousand were contract clients, ending the period with 25.6 million wireless subs, 4.5% more than a year before. On the fixed-line platform we obtained 100 thousand RGUs, including 44 thousand broadband accesses and 11 thousand PayTV clients, to reach a total of 3.6 million RGUs, 15.7% more than in September 2023.

Service revenue +17.2% YoY

Our third quarter revenue totaled 493.7 billion Argentinean pesos, marking a 10.0% year-on-year increase in real terms. Service revenue growth accelerated to 17.2%, compared to 9.3% in the second quarter and -9.0% in the first quarter. This acceleration stems from eased inflationary pressures that allowed mobile service revenue to pick up from 5.6% in the previous quarter to 13.7% in the current period. The biggest swing comes from the prepaid segment, in which revenue increased 11.9%, following a 17.9% decline in the prior quarter. Fixed-line service revenue jumped 33.3% on the back of our continued fiber-optic rollout and strong commercial activity. Broadband revenue soared 50.7% in the period and PayTV revenue 38.4%.

EBITDA +11.7% YoY

The quarter’s EBITDA, reflecting revenue improvement and better cost management amid declining inflation, expanded by 11.7% year-on-year. The EBITDA margin was equivalent to 39.5% of revenue, 60 basis points higher than that of a year before.

 

 INCOME STATEMENT - Argentina Millions of Constant ARS as of September 2024

 

      3Q24      3Q23      Var.%      Jan-Sep 24      Jan-Sep 23      Var.%  

Total Revenue(1)

     493,726        449,033        10.0%        1,355,878        1,380,778        -1.8%  

Total Service Revenue

     429,698        366,543        17.2%        1,177,876        1,109,691        6.1%  

Wireless Revenue

     405,635        382,200        6.1%        1,116,415        1,189,376        -6.1%  

Service Revenue

     342,084        300,810        13.7%        939,698        920,754        2.1%  

Equipment Revenue

     63,550        81,391        -21.9%        176,717        268,622        -34.2%  

Fixed Line Revenue(2)

     87,614        65,734        33.3%        238,178        188,937        26.1%  

EBITDA

     195,006        174,508        11.7%        529,556        545,019        -2.8%  

% total revenue

     39.5%        38.9%                 39.1%        39.5%           

EBIT

     174,759        148,760        17.5%        471,861        456,344        3.4%  

% total revenue

     35.4%        33.1%                 34.8%        33.0%           

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

(2) Includes equipment revenue.

 

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 Argentina Operating Data

 

      3Q24        3Q23        Var.%  

Wireless Subscribers (thousands)

     25,621          24,526          4.5%  

Postpaid

     9,525          9,324          2.2%  

Prepaid

     16,097          15,202          5.9%  

ARPU (ARS)

     4,332          1,187          265.0%  

Churn (%)

     1.4%          1.4%          (0.0)  

Revenue Generating Units (RGUs)(1)

     3,571          3,087          15.7%  

(1) Fixed Line, Broadband and Television.

 

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Central America

182k wireless net adds

Our operations added 182 thousand mobile subscribers—including 62 thousand postpaid clients—bringing the base to nearly 17 million subs. On the fixed-line platform we connected 93 thousand units, including 42 thousand broadband accesses and 28 thousand PayTV subscriptions.

Service revenue +8.9% YoY

Revenue increased 7.5% year-on-year to 668 million dollars, with service revenue rising by 8.9%. Mobile service revenue growth accelerated from 10.1% in the prior quarter to 11.4% in the current period, as prepaid service revenue picked up its pace. On the fixed-line platform service revenue increased 3.9% led by broadband revenue that expanded 8.6% and corporate networks revenue, up 7.5%.

EBITDA +13.9% YoY, best performance in three years

EBITDA rose by 13.9% year-on-year to 298 million dollars, marking our best performance in three years. The EBITDA margin stood at 44.6% of revenue, having climbed 2.5 percentage points over the past twelve months.

INCOME STATEMENT - Central America Millions of Dollars

             
      3Q24