Daily Call: AMX investor day 2026

Research evidence excerpt

Daily Call: AMX investor day 2026

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Daily Call

AMX investor day 2026

Industry Overview

Steady growth & disciplined capex underpin stronger FCF 28 May 2026

Yesterday, America Movil hosted its 2026 Investor Day, where management reinforced a Equity

message largely in line with recent trends and slightly better than our current Latin America

expectation: steady top-line growth, disciplined capital allocation and stable nominal Daily Call

capex over the next few years. The company provided 2026-2028 guidance calling for Rogerio Araujo >>

annual service revenue growth of ~4-5% (vs +4.5% BofAe) and EBITDA growth of ~4.5- Research Analyst

6% through 2028 (vs +5% BofAe), while keeping annual capex broadly stable at around Merrill+55 11Lynch2188 (Brazil)4255

US$7bn per year over the same period (below US$7.8bn BofAe per year in 2026-2028). rogerio.araujo@bofa.com

In our view, the combination of resilient operating growth and flat nominal capex should Lucca R Brendim >>

Research Analyst

support a structurally stronger FCF profile going forward, particularly as the peak of 5G- Merrill Lynch (Brazil)

related spectrum and infrastructure investments appears to be behind the company. +55 11 2188 4100

lucca.brendim@bofa.com

Management also reiterated that capital allocation priorities remain focused on M&A,

dividends and buybacks. On the strategic side, one of the key highlights was the focus

on M&A opportunities, especially in broadband and ISP consolidation. The

company continues to evaluate ISP acquisition opportunities in Brazil, which we view as

consistent with its broader convergence and fiber expansion strategy, particularly

following the relevant ISP-related transaction announced earlier this year. Management