WOM Mobile SA: Delivering despite market turmoil; remain OW

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WOM Mobile SA: Delivering despite market turmoil; remain OW

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WOM Mobile SA

Delivering despite market turmoil; remain

OW

Earnings Review

Seeing signs of a changing landscape 28 May 2026

Telefonica Moviles Chile SA’s (MOVCHI) “for sale” status introduced volatility into the Global Emerging Markets | Corporate

operating landscape. On the 1Q26 earnings call, CEO Chris Bannister noted that the Credit

“industry also saw structural adjustment with the entry and exit of established global LatAm | Chile

players..” although the end result was maintenance of a four-player market. To address Telecom Services

this competition, WOM Mobile SA (WOMMOB) has focused on a “value over volume” Jorge Ordonez

strategy and in Bannister’s words targeting “efficiency in the way we operate the Research Analyst

business…” WOMMOB delivered on efficiency in 1Q26 with “other expenses” excluding BofAS+1 646 855 3085

handset costs dropping to 45.1% of service revenues from 48.2% in 1Q25 driven by a jorge.ordonez@bofa.com

strong decline in administration expenses (5.2% revenues from 7.4% YoY) and network Anne Milne

Research Analyst

costs (16.2% 1Q26 versus 18.7% in 1Q25). The subscriber/ARPU balance proved fickle BofAS

as post-paids lost 8.2k net subscribers as ARPU increased 1.7% YoY and prepaids gained anne.milne@bofa.com

35.0k subscribers despite a 64.8% YoY ARPU gain.

Advancing on commitments

In 1Q26, WOMMOB advanced on its regulatory and residual Chapter 11 obligations. In Glossary

the period, WOMMOB paid down CL$P25.1bn in GUC claims, leaving less than CLP$2bn

owing. WOMMOB also fulfilled 100% of its “mandatory locations” obligations to Subtel ARPU=average revenue per unit

leaving the final phases of the 5G Regulatory Project for completion.