America Movil (AMX): 2Q26 first take; solid MSR in Mexico and Colombia and better-than-expected recurring margin

Research evidence excerpt

America Movil (AMX): 2Q26 first take; solid MSR in Mexico and Colombia and better-than-expected recurring margin

Equity Research

21 July 2026 | 11:05PM BRT

America Movil (AMX): 2Q26 first take; solid MSR in Mexico and

Colombia and better-than-expected recurring margin

Revenue was in line with GSe and Bloomberg consensus; EBITDA margin beat GSe by Gustavo Miele

+55(11)3371-0834 |

+30bps (would have been +80bps though if we were to adjust for one-off regulatory gustavo.miele@gs.com

Goldman Sachs do Brasil CTVM S.A.

fine in Telmex – we expect more detail on this in the earnings call), while earnings

missed GSe by 4% (and Bloomberg consensus by 10%) on higher taxes and financial

expenses. We highlight solid mobile service revenue in three key markets: (1) Mexico,

which rose +6.6% YoY, continuing with the acceleration trend (it had grown 5.7% in

1Q26) on the back of further improvement in ARPU (+5.9% YoY); and (2) Colombia,

maintaining a healthy growth pace of +10.5% YoY (vs 10.2%/+7.5% YoY in

1Q26/4Q25) and suggesting a more favorable competitive landscape. In turn, MSR

growth in Brazil decelerated a bit to +6.1% (vs +7.8% YoY in 1Q26) potentially

suggesting a fiercer competitive outlook in the country.

We expect a slightly positive stock reaction on healthy mobile-revenue trends in

Mexico and Colombia, better-than-expected profitability dynamics (ex-one off) and

capex running 6% below our estimate. We maintain Buy on AMX, as we believe that

recent strong FCF generation could support either additional shareholder

remuneration or further M&A activity.

Consolidated highlights

n Overall revenue: in-line with GSe and consensus. Total service revenue rose

+3.1% YoY, but would be 5.1% in constant currency.

o Mobile service revenue: +6.5%, similar pace vs. 1Q26 (+6.4% in