América Móvil, S.A.B. de C.V. (AMX) 6-K Current report (foreign)

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 February, 2024

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): ☐

  

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 fourth quarter of 2023.

• We added 3.9 million wireless subscribers in the quarter, including 2.7 million postpaid clients. Brazil contributed with 1.8 million new contract clients, while 329 thousand came from Austria, 124 thousand from Argentina and 109 thousand from Mexico. Our postpaid base was up 7.0% year-on-year to 122 million subscribers.

• On the prepaid segment we added 1.3 million clients, with Colombia gaining 456 thousand, Mexico 308 thousand, Argentina 278 thousand and Central America 269 thousand.

• On the fixed-line platform we obtained 386 thousand broadband accesses. Mexico was the leader by adding 165 thousand accesses followed by Brazil with 61 thousand, bringing the total to 32 million accesses, 4.1% more than a year before.

For comparison purposes all the figures below exclude Argentina

• Fourth quarter revenue was down 2.5% year-on-year to 204.4 billion Mexican pesos, with service revenue nearly flat, -0.1% on account of the appreciation of the Mexican peso vs all other currencies in our region of operations. At constant exchange rates service revenue was up 3.7%.

• Mobile service revenue was up 4.2% year-on-year with revenue growth remaining stable in Mexico at 4.5%, and accelerating in Central America from 9.5% the prior quarter to 10.7%.

• Fixed-line service revenue increased 3.0% year-on-year. Revenue expanded at a faster pace in Mexico and Colombia at 5.9% each. Corporate networks expanded 8.1% from the year-earlier quarter, followed closely by broadband revenue that posted a 6.6% increase.

• Fourth quarter EBITDA came in at 79.7 billion pesos, a 3.3% reduction in nominal peso terms. At constant exchange rates and adjusting for extraordinary items—more importantly the tower sales in Mexico and Peru in the fourth quarter of 2022—it rose 4.6%.

• Our operating profit totaled 42.3 billion pesos in the quarter. After comprehensive financing costs of 5.3 billion pesos and 7.3 billion pesos in foreign exchange gains, it resulted in a net profit of 26.4 billion pesos.

• Our cash flow figures include Argentina: Cash flow plus 21.1 billion pesos in net borrowings enabled us to cover capital expenditures in the amount of 156.3 billion pesos, shareholder distributions totaling 40.4 billion pesos and 11.8 billion pesos in labor obligations.

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Appendix
Glossary

We will host our conference call to discuss 4Q23 financial and operating results on February 14^th at 9:00 am Mexico City time. To access the call please log on to www.americamovil.com/investors

  

América Móvil Fundamentals (includes Argentina)
	4Q23	4Q22
Earnings per Share (Mex$)(1)	0.29	0.22
Earning per ADR (US$)(2)	0.33	0.22
EBITDA per Share (Mex$)(3)	1.25	1.33
EBITDA per ADR (US$)	1.42	1.35
Net Income (millions of Mex$)	18,062	13,710
Average Shares Outstanding (billion)	62.7	63.5
Shares Outstanding End of Period (billion)	62.5	63.3

⁽¹⁾ Net Income / Average Shares Outstanding

⁽²⁾ 20 shares per ADR

⁽³⁾ EBITDA/ Average Shares Outstanding

América Móvil’s Subsidiaries as of December 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	58.4%
	EuroTeleSites	towers	57.0%
Brazil	Claro	wireless/wireline	99.6%
Colombia	Claro	wireless/wireline	99.4%
Costa Rica	Claro	wireless/wireline	100.0%
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/wireline	100.0%
Other Stakeholdings
Country	Brand	Main Activity	Equity
Chile	Claro/VTR	wireless/wireline	50.0%
NetherIands	KPN	wireless/wireline	14.6%

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Note

Upon the establishment of the joint venture with Liberty Latin America in October 2022, Claro Chile became a discontinued operation. The financial statements presented in this report account for those operations as discontinued operations.

The reported figures for Argentina corresponding to the fourth 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

Increase in our Telekom Austria stake

As a result of a number of transactions we increased our stake in Telekom Austria AG to 58.4% as of December 31^st, 2023. Telekom Austria has been a top performer within the telco sector in Europe.

Shareholder’s arrangement ClaroVTR

On December 26^th, 2023 we formalized the agreement with Liberty Latin America pursuant to which the partners agreed the financing arrangements needed to carry the company forward. This calls for both parties to contribute matching amounts to ClaroVTR by July 31, 2024. In the event this is not the case the current 50:50 joint venture would cease to be so.

MxP 20Bn 10-year Sustainable Global Note

On February 1^st, 2024 we issued a 10-year Sustainable Global MXN note in the amount of 20.0 billion Mexican pesos with a 10.3% coupon. This is the largest single-tranche issue for any Mexican corporate to date, with the order book having reached 26 billion pesos.

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Appendix
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Access Lines

3.9M wireless net adds, 2.7M were postpaid clients

We added 3.9 million wireless subscribers in the fourth quarter of which 2.7 million were postpaid clients with our net additions for the year totaling 10.3 million. Brazil contributed with 1.8 million new contract clients, while 329 thousand came from Austria, 124 thousand from Argentina and 109 thousand from Mexico. The prepaid platform registered net additions of 1.3 million clients in the period, with Colombia gaining 456 thousand, Mexico 308 thousand, Argentina 278 thousand and Central America 269 thousand.

386k new broadband accesses

On the fixed-line segment we obtained 386 thousand broadband accesses. Mexico was the leader adding 165 thousand accesses, followed by Brazil with 61 thousand and Argentina with 51 thousand. Voice access lines and Pay TV units came down by 64 thousand and 68 thousand, respectively, in the quarter.

Postpaid base +7.0% YoY and fixed-broadband accesses +4.1% YoY

At the end of December we had 310 million wireless subscribers—of which 122 million were postpaid clients—and 74 million fixed-line RGUs. This figure includes 32 million broadband accesses, 13 million Pay TV clients and 29 million land-lines. Our postpaid base was the most dynamic one, increasing 7.0% year-on-year, followed by fixed-broadband accesses, up 4.1%. Prepaid subs rose 1.2% while Pay TV accesses fell 1.8% year-on-year.

Wireless subscribers as of December 2023
Total(1) (Thousands)
Country	Dec ’23	Sep ’23	Var.	%	Dec ’22	Var.	%
Argentina, Paraguay and Uruguay	28,043	27,614	1.6	%	26,915	4.2	%
Austria	10,234	9,917	3.2	%	8,973	14.1	%
Brazil	86,951	85,032	2.3	%	83,260	4.4	%
Central America	17,266	16,947	1.9	%	16,673	3.6	%
Caribbean	7,592	7,525	0.9	%	7,345	3.4	%
Colombia	39,240	38,701	1.4	%	37,550	4.5	%
Eastern Europe	15,011	15,215	-1.3	%	14,924	0.6	%
Ecuador	9,426	9,361	0.7	%	9,028	4.4	%
Mexico	83,834	83,417	0.5	%	82,851	1.2	%
Peru	12,510	12,447	0.5	%	12,338	1.4	%
Total Wireless Lines	310,106	306,176	1.3	%	299,856	3.4	%

⁽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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Fixed-Line and Other Accesses (RGUs) as of December 2023
Total(1) (Thousands)
Country	Dec ’23	Sep ’23	Var.	%	Dec ’22	Var.	%
Argentina, Paraguay and Uruguay	3,549	3,417	3.9	%	2,865	23.9	%
Austria	2,847	2,872	-0.8	%	2,946	-3.4	%
Brazil	23,089	23,262	-0.7	%	24,136	-4.3	%
Central America	4,923	4,834	1.9	%	4,624	6.5	%
Caribbean	2,787	2,768	0.7	%	2,774	0.5	%
Colombia	9,440	9,413	0.3	%	9,248	2.1	%
Eastern Europe	3,423	3,378	1.3	%	3,257	5.1	%
Ecuador	560	555	0.8	%	614	-8.9	%
Mexico	21,171	20,999	0.8	%	20,824	1.7	%
Peru	1,913	1,951	-1.9	%	1,994	-4.1	%
Total RGUs	73,702	73,449	0.3	%	73,283	0.6	%

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

Broadband accesses as of December 2023
Total(1) (Thousands)
Country	Dec ’23	Sep ’23	Var.	%	Dec ’22	Var.	%
Argentina, Paraguay and Uruguay	1,452	1,390	4.5	%	1,147	26.6	%
Austria	1,284	1,288	-0.3	%	1,310	-2.0	%
Brazil	9,991	9,930	0.6	%	9,775	2.2	%
Central America	1,552	1,515	2.4	%	1,432	8.4	%
Caribbean	1,049	1,036	1.3	%	1,020	2.8	%
Colombia	3,372	3,360	0.4	%	3,326	1.4	%
Eastern Europe	1,450	1,425	1.7	%	1,367	6.1	%
Ecuador	323	313	3.1	%	335	-3.4	%
Mexico	10,489	10,324	1.6	%	10,025	4.6	%
Peru	996	992	0.4	%	968	2.9	%
Total Broadband Accesses	31,959	31,573	1.2	%	30,706	4.1	%

⁽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.

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América Móvil Consolidated Results

The fourth quarter of 2023 turned out to be an extremely volatile one, with interest rates surging in the first month of the quarter to record highs not seen in over 16 years. This was in continuing with the trend that began early in the third quarter as inflation pressures brought about new increases in reference rates by the Fed. The yield of ten-year Treasury notes, which had stood as low as 3.75% in mid-July, shot up to 5% in exactly three months. But then things turned: new inflation readings appeared to be softer and the Fed put out the message that no new action on reference rates was expected for at least the remainder of the year. A huge rally in interest rates followed, with the ten-year Treasury yield plummeting back to where it had been in mid-July.

With the extreme financial stress over, the dollar, which had been overbought throughout the period of stress, fell against most currencies in our region of operations: 7.4% vs. the Mexican peso, 6.3% vs. the Brazilian real, 12.1% vs. the Colombian peso, and 4.3% vs. the euro. A major exception was the Argentine peso, which had long been in a special situation of its own. As a new administration took over the Argentine government in December, a new economic framework calling for liberalization of economic policy brought about a major devaluation of the currency, with the peso losing nearly 60% of its value vis-á-vis the dollar in December alone.

Argentina has gone through a period of high inflation the last several years. Since 2019 it has been subject to the accounting guidelines applicable to hyper-inflationary countries, with all the accounting variables expressed in real terms at constant Argentine pesos. For consolidation purposes in our financial statements—with no other economy considered hyper inflationary—those Argentine figures expressed in constant Argentine peso terms at the prevailing prices at the end of the period must be converted into Mexican pesos at the exchange rate observed at the end of the period, per IFRS rules. Given the magnitude of the Argentine peso depreciation, the application of the above-mentioned norm generates unusual effects.

We have thus decided to present a version of our financial statements excluding Argentina for greater clarity. Since 2019 we had been excluding Argentina from the analysis of our revenue and EBITDA at constant exchange rates that was presented every quarter, but not from our consolidated financial statements. We will present separately our consolidated results including Argentina after the application of both IFRS 29 and the IFRS 21 norms. In the discussion that follows, all figures cited, whether in nominal terms or at constant exchange rates, will exclude Argentina.

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Our fourth quarter revenue was down 2.5% year-on-year to 204.4 billion Mexican pesos, with service revenue nearly flat, -0.1%, on account of the Mexican peso having increased in value vis-á-vis all other currencies in our region of operations save for the Colombian peso: 12% vs. the dollar; 5.7% vs. the real; 8.8% vs. the Peruvian sol and 1.8% vs. the euro. Under other income we registered a 67.4% reduction mostly having to do with the booking of certain extraordinary items in the fourth quarter of 2022, in particular the sale of towers by Telmex and Claro Peru and the release of certain provisions in Puerto Rico.

At constant exchange rates service revenue was up 3.7% with mobile service revenue growing 4.2% and that from the fixed-line platform expanding 3.0%. Mobile revenue decelerated from the 4.8% pace seen the prior quarter whereas fixed-line revenue accelerated from the 2.2% rhythm of the third quarter. This is the fourth quarter in a row with growth in both the fixed-line and mobile platforms. For the full year 2023 it was the first one in three years with positive growth in both platforms.

Mobile service revenue growth remained stable in Mexico at 4.5% whereas in Brazil it slowed down from the prior quarter to 7.1%. In Central America mobile service revenue growth accelerated to 10.7%.

On the fixed-line platform service revenue expanded at a faster pace in Mexico and Colombia, going from 3.6% to 5.9% in Mexico and from 1.0% to 5.9% in the latter. They maintained their pace in Brazil and decelerated somewhat in Austria and Central America. Revenue from corporate networks led the way on the fixed-line platform, expanding 8.1% from the year-earlier quarter, followed closely by broadband revenue that posted a 6.6% increase. PayTV revenue declined slightly, 1.1%, its smallest decline in over a year.

Corporate networks revenue growth was strongest in Eastern Europe, 30.2%; Colombia, 21.6%; Ecuador, 19.5%; and Mexico and Peru, with slightly more than 14% each. In Central America it accelerated to 6.6%, having posted every quarter over the last year faster growth rates than the preceding one.

Fourth quarter EBITDA came in at 79.7 billion pesos, a 3.3% reduction in nominal peso terms. At constant exchange rates and adjusting for the extraordinary items mentioned above—i) the tower sales in Mexico and Peru, ii) the release of provisions in Puerto Rico and Ecuador that took place in the fourth quarter of 2022 and 2023, iii) the settlement in the price of Oi in the current period, and iv) the reversal of duties booked in Austria—it rose 4.6%. Our operating profit stood at 42.3 billion pesos, a 6.2% decrease from the year-earlier quarter. At constant exchange rates and adjusting for the extraordinary items mentioned before, it was up 4.6%.

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Comprehensive financing costs of 5.3 billion pesos were 5.9% higher than those of a year before, with net interest costs increasing 8.2%. We obtained foreign exchange gains of 7.3 billion pesos mostly on account of the Mexican peso strengthening vis-à-vis the dollar.

We booked a 26.4 billion pesos net profit, 67.8% higher than the one obtained a year before. The net profit for the full year came in at 82.8 billion pesos, a 12.8% increase over that obtained in 2022.

When Argentina is included in our consolidated income statement the impact is as follows:

1) total revenue in the fourth quarter is reduced by 3.7 billion pesos, to 200.7 billion pesos, with net service revenue also reduced, by 2.9 billion pesos, as is EBITDA, by 1.4 billion pesos—with EBITDA adjusted down to 78.3 billion pesos. These changes have to do with the requirement under IAS21 to convert flows into the currency of the consolidating entity using the exchange rate at the end of the period, there having been a major devaluation of the Argentine peso towards the end of the fourth quarter, which significantly reduced the Mexican peso value of the Argentine revenue and EBITDA streams relative to what had been recorded prior to this depreciation. A detailed explanation is presented under appendix B.

2) Comprehensive financing costs go up by 10.3 billion pesos with the inclusion of Argentina, mostly reflecting foreign exchange losses of 8.1 billion pesos in the country arising from lease and supplier debt as well as intercompany obligations.

3) Our net profit including Argentina is consequently lower than without Argentina, declining from 26.4 billion pesos in the latter case to 18.1 billion pesos. This figure, our net income, is equivalent to 29 peso cents per share and 33 dollar cents per ADR.

Including Argentina, our net debt excluding leases stood at 385.4 billion pesos in December, with the outstanding net debt having increased by 3.9 billion pesos throughout the year. Cashflow-wise our net debt increased by 21.1 billion pesos throughout the year, helping cover—together with our operating cash flow—capital expenditures in the amount of 156.3 billion pesos, shareholder distributions totaling 40.4 billion pesos—including 14.3 billion in share buybacks—and 11.8 billion pesos in labor obligations.

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América Móvil’s Income Statement Proforma (excludes Argentina)(1)  Millions of Mexican pesos
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Service Revenue		167,646		167,767		-0.1%		656,789		671,633		-2.2%
Equipment Revenue		34,204		33,975		0.7%		123,252		124,306		-0.8%
Other Revenue		2,565		7,864		-67.4%		17,074		14,177		20.4%
Total Revenue		204,416		209,606		-2.5%		797,115		810,116		-1.6%
Cost of Service		50,378		51,406		-2.0%		199,672		206,945		-3.5%
Cost of Equipment		30,315		30,931		-2.0%		109,813		110,571		-0.7%
Selling, General & Administrative Expenses		42,862		43,108		-0.6%		167,761		171,193		-2.0%
Others		1,182		1,743		-32.2%		6,967		5,040		38.2%
Total Costs and Expenses		124,736		127,188		-1.9%		484,213		493,750		-1.9%
EBITDA		79,680		82,418		-3.3%		312,902		316,367		-1.1%
% of Total Revenue		39.0%		39.3%				39.3%		39.1%
Adjusted EBITDA(2)		78,069		77,261		1.0%		305,693		311,210		-1.8%
% of Total Revenue		38.2%		37.8%				38.7%		38.7%
Depreciation & Amortization		37,377		37,301		0.2%		146,727		149,833		-2.1%
EBIT		42,303		45,116		-6.2%		166,175		166,534		-0.2%
% of Total Revenue		20.7%		21.5%				20.8%		20.6%
Net Interest Expenses		9,360		8,653		8.2%		35,274		36,851		-4.3%
Other Financial Expenses		3,221		-4,408		173.1%		36,886		30,402		21.3%
Foreign Exchange Loss		-7,270		769		n.m.		-38,081		-34,294		-11.0%
Comprehensive Financing Cost (Income)		5,311		5,014		5.9%		34,079		32,960		3.4%
Income & Deferred Taxes		7,868		12,080		-34.9%		39,304		46,330		-15.2%
Net Income before Minority Interest and Equity Participation in Results of Affiliates		29,123		28,023		3.9%		92,791		87,244		6.4%
Equity Participation in Results of Affiliates		-1,641		-1,857		11.6%		-5,370		-1,809		-196.8%
Minority Interest		-1,061		-1,026		-3.4%		-4,663		-5,316		12.3%
Net Income from Continued Operations		26,421		25,139		5.1%		82,759		80,118		3.3%
Net Income from Discontinued Operations		-		-9,391		100.0%		-		-6,719		100.0%
Net Income		26,421		15,749		67.8%		82,759		73,399		12.8%

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

⁽²⁾ Adjusted for extraordinary items, particularly the sale of towers in 2023 by Telmex, Claro Peru and Claro Dominicana; and in 2022 by Telmex and Claro Peru. The release of certain provisions in Puerto Rico in 4Q22 and 4Q23, and Ecuador in 4Q22. The settlement of the price of Oi in 4Q23.

n.m. Not meaningful.

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América Móvil’s Income Statement Proforma (includes Argentina)(1)  Millions of Mexican pesos
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Service Revenue		164,740		172,695		-4.6%		672,050		698,716		-3.8%
Equipment Revenue		33,417		35,381		-5.6%		126,859		131,516		-3.5%
Other Revenue		2,555		7,886		-67.6%		17,104		14,269		19.9%
Total Revenue		200,713		215,962		-7.1%		816,013		844,501		-3.4%
Cost of Service		49,469		53,107		-6.9%		204,613		215,510		-5.1%
Cost of Equipment		29,828		31,818		-6.3%		111,863		115,022		-2.7%
Selling, General & Administrative Expenses		41,959		44,431		-5.6%		173,001		179,454		-3.6%
Others		1,191		1,851		-35.7%		6,966		5,010		39.0%
Total Costs and Expenses		122,446		131,207		-6.7%		496,443		514,997		-3.6%
EBITDA		78,267		84,755		-7.7%		319,570		329,505		-3.0%
% of Total Revenue		39.0%		39.2%				39.2%		39.0%
Adjusted EBITDA(2)		76,656		79,598		-3.7%		312,361		324,348		-3.7%
% of Total Revenue		38.2%		37.8%				38.6%		38.7%
Depreciation & Amortization		36,459		40,069		-9.0%		151,786		158,634		-4.3%
EBIT		41,808		44,685		-6.4%		167,784		170,871		-1.8%
% of Total Revenue		20.8%		20.7%				20.6%		20.2%
Net Interest Expenses		9,267		8,607		7.7%		34,917		36,435		-4.2%
Other Financial Expenses		5,502		-4,585		220.0%		26,815		19,116		40.3%
Foreign Exchange Loss		840		4,279		-80.4%		-14,654		-20,762		29.4%
Comprehensive Financing Cost (Income)		15,609		8,301		88.0%		47,078		34,790		35.3%
Income & Deferred Taxes		5,431		10,387		-47.7%		34,544		46,044		-25.0%
Net Income before Minority Interest and Equity Participation in Results of Affiliates		20,767		25,998		-20.1%		86,161		90,037		-4.3%
Equity Participation in Results of Affiliates		-1,640		-1,859		11.8%		-5,372		-1,811		-196.6%
Minority Interest		-1,065		-1,038		-2.6%		-4,679		-5,347		12.5%
Net Income from Continued Operations		18,062		23,100		-21.8%		76,111		82,878		-8.2%
Net Income from Discontinued Operations		-		-9,391		100.0%		-		-6,719		100.0%
Net Income		18,062		13,710		31.7%		76,111		76,159		-0.1%

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

⁽²⁾ Adjusted for extraordinary items, particularly the sale of towers in 2023 by Telmex, Claro Peru and Claro Dominicana; and in 2022 by Telmex and Claro Peru. The release of certain provisions in Puerto Rico in 4Q22 and 4Q23, and Ecuador in 4Q22. The settlement of the price of Oi in 4Q23.

n.m. Not meaningful.

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Balance Sheet - América Móvil Consolidated (includes Argentina)(1)  Millions of Mexican Pesos
	Dec ’23		Dec ’22		Var.%			Dec ’23		Dec ’22		Var.%
Current Assets							Current Liabilities
Cash, Marketable Securities & Other Short Term Investments		100,353		122,129		-17.8%	Short Term Debt		160,964		102,024		57.8%
Accounts Receivable		208,248		202,027		3.1%	Lease-Related Debt		24,375		32,902		-25.9%
Other Current Assets		12,294		12,853		-4.3%	Accounts Payable		153,328		165,342		-7.3%
Inventories		19,272		23,995		-19.7%	Other Current Liabilities		185,740		188,608		-1.5%
		340,167		361,004		-5.8%			524,407		488,877		7.3%
Non Current Assets							Non Current Liabilities
Plant & Equipment, gross		1,233,364		1,317,191		-6.4%	Long Term Debt		339,713		408,565		-16.9%
-Depreciation		604,713		659,965		-8.4%	Lease-Related Debt		100,794		101,247		-0.4%
Plant & Equipment, net		628,651		657,226		-4.3%	Other Liabilities		177,569		181,581		-2.2%
Rights of Use		113,568		121,874		-6.8%			618,077		691,393		-10.6%
Investments in Affiliates and Other Investments		29,295		30,957		-5.4%
Deferred Assets
Goodwill (Net)		146,079		141,121		3.5%
Intangible Assets		121,499		128,893		-5.7%	Shareholder’s Equity		421,702		437,829		-3.7%
Deferred Assets		184,927		177,024		4.5%
Total Assets		1,564,186		1,618,099		-3.3%	Total Liabilities and Equity		1,564,186		1,618,099		-3.3%

⁽¹⁾ Includes current portion of Long Term Debt.

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Mexico

165k broadband net adds and 109k postpaid net gains

We added 417 thousand mobile subscribers in the fourth quarter, 109 thousand were postpaid clients, the highest figure in three years. On the fixed-line platform we gained 172 thousand RGUs, as broadband net adds shot up by 165 thousand, taking the total net adds for the year to 464 thousand.

Service revenue +4.9% YoY

Revenue was up slightly from the year-earlier quarter to 84.4 billion pesos, with service revenue expanding 4.9%, somewhat faster than the 4.3% pace observed the prior quarter. Sequentially service revenue growth remained roughly constant on the mobile platform at 4.5%, but it continued to accelerate on the fixed-line segment, to a 5.9% pace compared to the 3.6% one observed in the third quarter.

Broadband revenue +7.2% YoY

Fixed-line revenue was buoyed by that of corporate networks, up 14.1% year-on-year, with broadband revenue expanding 7.2%. It is of note that corporate network revenue already accounts for 26.8% of our fixed-line revenue. On the mobile platform prepaid revenue was the most dynamic business line, with revenue growing 5.2%. Other revenue was down 63% reflecting the sale of towers by Telmex a year ago.

Our EBITDA was off 2.5% because of the afore-mentioned tower effect. Adjusting for it, EBITDA rose 4.9%.

INCOME STATEMENT - Mexico Millions of MxP
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		84,447		83,786		0.8%		324,417		309,204		4.9%
Total Service Revenue		64,081		61,061		4.9%		249,958		236,884		5.5%
Total Equipment Revenue		18,735		18,337		2.2%		67,193		63,811		5.3%
Wireless Revenue		62,673		60,342		3.9%		238,266		225,359		5.7%
Service Revenue		44,039		42,142		4.5%		171,483		162,007		5.8%
Equipment Revenue		18,634		18,200		2.4%		66,783		63,352		5.4%
Fixed Line Revenue		20,143		19,056		5.7%		78,885		75,336		4.7%
Other Revenue		1,631		4,388		-62.8%		7,266		8,510		-14.6%
EBITDA		34,318		35,212		-2.5%		132,308		127,745		3.6%
% total revenue		40.6%		42.0%				40.8%		41.3%
Adjusted EBITDA(2)		34,260		32,647		4.9%		131,312		125,179		4.9%
% total revenue		40.6%		40.2%				40.6%		40.8%
EBIT		25,587		27,023		-5.3%		97,973		95,565		2.5%
% total revenue		30.3%		32.3%				30.2%		30.9%

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

⁽²⁾ Adjusted for the sale of towers in Telmex.

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  Mexico Operating Data

	4Q23		4Q22		Var.%
Wireless Subscribers (thousands)		83,834		82,851		1.2%
Postpaid		14,998		14,650		2.4%
Prepaid		68,836		68,201		0.9%
ARPU (MxP)		176		171		3.1%
Churn (%)		3.3%		3.2%		0.1
Revenue Generating Units (RGUs)(1)		21,171		20,824		1.7%
Fixed Lines		10,682		10,799		-1.1%
Broadband		10,489		10,025		4.6%

⁽¹⁾ Fixed Line and Broadband.

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Brazil

1.8M postpaid net adds and 61k new broadband accesses

Net additions for the quarter came in at 1.9 million of which 1.8 million were postpaid subscribers, this figure includes 710 thousand machine-to-machine devices. Claro’s postpaid growth is the result of significant reduction in churn, acceleration of prepaid customer migrations and clear leadership in mobile number portability. On the fixed-line platform, we connected 61 thousand broadband accesses, but disconnected 105 thousand voice lines and 129 thousand PayTV subscriptions. Our wireless base ended the year just shy of 87 million subscribers, 4.4% more than at the end of 2022, and on the fixed-line segment we had 23.1 million RGUs.

Service revenue +3.8% YoY driven by mobile service +7.1% YoY

Total revenue expanded 5.0% year-on-year to 11.7 billion reais, with service revenue rising 3.8%. On the mobile platform service revenue was up 7.1% while fixed-line service revenue remained practically unchanged from a year before even in the face of 6.3% growth of fixed-line broadband revenue. The latter came about on account of an increased number of broadband accesses, but also of ARPU increases associated with our greater share of the ultrabroadband segment.

Adjusted EBITDA +7.3% YoY

The quarter’s EBITDA reached 5.1 billion reais including 162 million reais related to the settlement with Oi on the price of the mobile business acquired by Claro. Adjusting for this one-off effect, EBITDA would have risen 7.3% taking the EBITDA margin to 41.9%, 80 basis points higher than that of the year-earlier quarter.

  INCOME STATEMENT - Brazil Millions of BrL

	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		11,718		11,155		5.0%		45,648		42,498		7.4%
Total Service Revenue		11,015		10,616		3.8%		43,396		40,886		6.1%
Wireless Revenue		6,786		6,208		9.3%		25,919		22,695		14.2%
Service Revenue		6,105		5,699		7.1%		23,797		21,181		12.4%
Equipment Revenue		682		509		33.9%		2,122		1,514		40.2%
Fixed Line Revenue		4,910		4,916		-0.1%		19,598		19,705		-0.5%
EBITDA		5,075		4,579		10.8%		19,075		17,235		10.7%
% total revenue		43.3%		41.1%				41.8%		40.6%
Adjusted EBITDA(2)		4,913		4,579		7.3%		18,913		17,235		9.7%
% total revenue		41.9%		41.1%				41.4%		40.6%
EBIT		1,893		1,647		15.0%		6,679		6,218		7.4%
% total revenue		16.2%		14.8%				14.6%		14.6%

⁽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⁾ Adjusted for the settlement with Oi on the price of the mobile business acquired by Claro.

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Brazil Operating Data
	4Q23			4Q22			Var.%
Wireless Subscribers (thousands)		86,951			83,260			4.4%
Postpaid		51,488			46,954			9.7%
Prepaid		35,463			36,306			-2.3%
ARPU (BrL)		24			22			7.0%
Churn (%)		2.1%			4.3%			(2.2)
Revenue Generating Units (RGUs)(1)		23,089			24,136			-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

538k wireless net adds, with 456k prepaid net adds

We added 538 thousand mobile clients in the fourth quarter—83 thousand postpaids and 456 thousand prepaid subs—and finished the year with 39.2 million subs, 4.5% more than at the end of 2022. We also had 9.4 million fixed-line RGUs in Colombia after adding 27 thousand units, approximately half of which were broadband accesses.

Fixed-line service revenue accelerated to 5.9% YoY

Fourth quarter revenue was up 3.8% from a year before to 3.9 trillion Colombian pesos. Service revenue came in 0.9% above last year’s, improving slightly from 0.2% in the prior quarter. The sequential improvement stems from the fixed-line segment posting 5.9% revenue growth—compared to 1.0% in the third quarter—and mobile service revenue declining 2.3% in the face of competitive pressure and price promotions.

EBITDA margin at 41.8% of revenue

EBITDA of 1.6 trillion Colombian pesos remained practically flat relative to the year-earlier quarter, with the EBITDA margin at 41.8% of revenue.

Spectrum for 5G deployment

In December we were granted the use of 80MHz of spectrum in the 3.5GHz frequency which will allow Claro to deploy 5G technology in the country. In addition, we were granted the use of an extra 10MHz in the 2.5GHz band that will benefit the quality of our 4.5G service. We are committed to continue to improve customer experience by adopting the latest technologies to develop the fastest and most reliable network.

  INCOME STATEMENT - Colombia Billions of COP

	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		3,885		3,742		3.8%		15,154		14,857		2.0%
Total Service Revenue		2,922		2,896		0.9%		11,579		11,428		1.3%
Wireless Revenue		2,615		2,574		1.6%		10,169		10,108		0.6%
Service Revenue		1,740		1,781		-2.3%		6,894		6,893		0.0%
Equipment Revenue		875		793		10.3%		3,276		3,215		1.9%
Fixed Line Revenue		1,213		1,139		6.4%		4,790		4,640		3.3%
EBITDA		1,625		1,623		0.1%		6,321		6,358		-0.6%
% total revenue		41.8%		43.4%				41.7%		42.8%
EBIT		797		890		-10.5%		3,157		3,660		-13.8%
% total revenue		20.5%		23.8%				20.8%		24.6%

⁽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.

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Colombia Operating Data
	4Q23			4Q22			Var.%
Wireless Subscribers (thousands)(1)		39,240			37,550		4.5%
Postpaid		10,217			9,695		5.4%
Prepaid		29,023			27,855		4.2%
ARPU (COP)		14,977			16,072		-6.8%
Churn (%)		3.6%			3.6%		(0.0)
Revenue Generating Units (RGUs)(2)		9,440			9,248		2.1%

⁽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

73k postpaid net adds

We gained 73 thousand new postpaid subscribers in the fourth quarter and disconnected ten thousand prepaids, with our subscriber base reaching 12.5 million subs at the end of December. On the fixed-line segment, we registered 34 thousand net disconnections of voice accesses with not much change in the other segments, ending the year with 1.9 million fixed-line RGUs.

Service revenue +3.0% YoY with fixed-line services +4.4% YoY

Revenue totaled 1.6 billion soles declining 9.2% year-on-year; the annual comparison is affected by the sale of towers that was booked in the fourth quarter of 2022. Service revenue was up 3.0% as fixed-line service revenue accelerated to a 4.4% pace from 2.7% in the third quarter. Corporate networks revenue increased 14.2% while broadband revenue rose 6.3% annually. In the mobile segment service revenue growth of 2.6% was mostly driven by postpaid revenue, up 3.3%.

Adjusted EBITDA +6.7% YoY

EBITDA for the period, 599 million Peruvian soles, was 6.7% higher—adjusting for the effect of tower sales a year before—than that of the year-earlier quarter. The EBITDA margin jumped 2.8 percentage points to 37.4%.

INCOME STATEMENT - Peru Millions of Soles
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		1,604		1,766		-9.2%		7,226		6,546		10.4%
Total Service Revenue		1,248		1,211		3.0%		4,892		4,693		4.2%
Wireless Revenue		1,268		1,306		-2.9%		5,090		5,185		-1.8%
Service Revenue		935		911		2.6%		3,679		3,515		4.6%
Equipment Revenue		334		395		-15.5%		1,412		1,670		-15.5%
Fixed Line Revenue		314		300		4.4%		1,214		1,178		3.1%
Other Revenue		22		160		-86.5%		922		183		n.m.
EBITDA		599		638		-6.1%		2,948		2,240		31.6%
% total revenue		37.4%		36.1%				40.8%		34.2%
Adjusted EBITDA(2)		599		562		6.7%		2,299		2,163		6.3%
% total revenue		37.4%		34.6%				36.2%		33.8%
EBIT		277		329		-15.7%		1,651		1,040		58.8%
% total revenue		17.3%		18.6%				22.8%		15.9%

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

⁽²⁾ Adjusted for the sale of towers in 2022.

n.m. Not meaningful.

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Peru Operating Data
	4Q23		4Q22		Var.%
Wireless Subscribers (thousands)		12,510		12,338		1.4%
Postpaid		5,981		5,636		6.1%
Prepaid		6,529		6,702		-2.6%
ARPU (Sol)		25		25		1.6%
Churn (%)		4.2%		4.4%		(0.2)
Revenue Generating Units (RGUs)(1)		1,913		1,994		-4.1%

⁽¹⁾ Fixed Line, Broadband and Television.

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Ecuador

65k wireless net adds

We added 65 thousand mobile subscribers in the fourth quarter, 15 thousand of which were postpaid, ending the year with 9.4 million subs, 4.4% more than a year before. On the fixed-line platform we connected ten thousand new broadband accesses but disconnected five thousand voice lines, closing December with 560 thousand fixed-line RGUs.

Postpaid revenue growth +2.4% YoY

We faced during the quarter certain economic and security challenges that have had an impact on the quarter’s operating and financial performance. Service revenue came in 0.3% below that of last year mirroring the decline in mobile revenue as postpaid revenue growth of 2.4% failed to compensate a 3.6% decline in prepaid revenue. Additionally, fixed-line service revenue was off 0.7% year-over-year, in spite of the double digit growth of revenue from both corporate networks and PayTV services, which still account for a small share of total service revenue.

Adjusted EBITDA +4.8% YoY

EBITDA came in at 129 million dollars, a 4.8% year-on-year increase, correcting for one-offs booked in the fourth quarter of last year related to the freeing-up of reserves associated with certain payment obligations. Relative to revenue, the margin expanded 180 basis points (2.1 percentage points on an adjusted basis) to 48.5%. The increase in EBITDA is the result of extraordinary efforts to control expenses.

INCOME STATEMENT - Ecuador Millions of Dollars
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		266		284		-6.2%		1,045		1,049		-0.5%
Total Service Revenue		231		232		-0.3%		914		906		0.8%
Wireless Revenue		237		239		-0.8%		934		922		1.3%
Service Revenue		205		205		-0.2%		809		800		1.0%
Equipment Revenue		32		34		-4.6%		125		121		2.8%
Fixed Line Revenue		27		27		-0.9%		107		109		-1.5%
Other Revenue		3		18		-85.4%		4		19		-78.3%
EBITDA		129		132		-2.5%		505		488		3.5%
% total revenue		48.5%		46.6%				48.4%		46.5%
Adjusted EBITDA(2)		129		123		4.8%		505		479		5.5%
% total revenue		48.5%		46.3%				48.4%		46.4%
EBIT		94		75		25.3%		303		286		5.9%
% total revenue		35.2%		26.3%				29.0%		27.3%

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

⁽²⁾ Adjusted for one-offs booked in the fourth quarter of 2022 related to the freeing-up of reserves associated with certain payment obligations.

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Ecuador Operating Data
	4Q23		4Q22		Var.%
Wireless Subscribers (thousands)		9,426		9,028		4.4%
Postpaid		2,282		2,204		3.5%
Prepaid		7,144		6,823		4.7%
ARPU (US$)		7		8		-4.7%
Churn (%)		3.2%		3.1%		0.1
Revenue Generating Units (RGUs)(1)		560		614		-8.9%

⁽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.

402k wireless net adds

We added 402 thousand wireless subscribers in the quarter, 124 thousand were contract clients. Our wireless base ended the period with 24.9 million subs, 4.4% more than a year before. On the fixed segment we continue to see strong momentum for broadband where we connected 51 thousand new accesses in the quarter taking the total adds to 125 thousand RGUs. Our base was up 26.1% over the year to 3.2 million RGUS.

Service revenue -6.0% YoY

Revenue came in 10.7% below last year’s service revenue that fell 6.0% in real terms. Growth on the fixed-line platform of 4.2%—supported by broadband and PayTV revenue—was offset out by the decline in mobile service revenue.

Devaluation of the currency affected dollar denominated costs

The quarter’s EBITDA fell 12.5% following the decline in revenue and exacerbated by the devaluation of the Argentinean peso that affected, in an important manner, our dollar denominated costs. The EBITDA margin for the period stood at 38.5% down from 39.3% in the last quarter of 2022.

In a public auction conducted in October, we were granted the use of 100MHz of spectrum in the 3300-3400MHz frequency to deploy 5G networks in Argentina.

INCOME STATEMENT - Argentina Millions of Constant ARS as of December 2023
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		210,592		235,884		-10.7%		903,737		984,416		-8.2%
Total Service Revenue		172,608		183,643		-6.0%		729,668		775,042		-5.9%
Wireless Revenue		178,915		204,942		-12.7%		775,976		866,077		-10.4%
Service Revenue		141,151		153,467		-8.0%		603,366		659,347		-8.5%
Equipment Revenue		37,763		51,475		-26.6%		172,610		206,729		-16.5%
Fixed Line Revenue		31,457		30,175		4.2%		126,302		115,695		9.2%
EBITDA		81,085		92,716		-12.5%		354,683		395,235		-10.3%
% total revenue		38.5%		39.3%				39.2%		40.1%
EBIT		68,236		70,840		-3.7%		297,319		315,933		-5.9%
% total revenue		32.4%		30.0%				32.9%		32.1%

⁽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.

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Argentina Operating Data
	4Q23		4Q22		Var.%
Wireless Subscribers (thousands)		24,928		23,875		4.4%
Postpaid		9,448		9,159		3.2%
Prepaid		15,480		14,716		5.2%
ARPU (ARS)		1,582		666		137.6%
Churn (%)		1.2%		1.3%		(0.1)
Revenue Generating Units (RGUs)(1)		3,212		2,547		26.1%

⁽¹⁾ Fixed Line, Broadband and Television.

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Central America

319k wireless net adds and 89k new fixed RGUs

Net additions in Central America added up to 319 thousand in the quarter; this figure includes 50 thousand postpaid subscribers. At the end of December we had a total of 17.3 million wireless subs, 3.6% more than a year before. We had net gains of 89 thousand fixed-line RGUs—including 37 thousand broadband accesses and 31 thousand PayTV subscriptions—to finish December with 4.9 million fixed RGUs.

Service revenue +8.4% YoY

Fourth quarter revenue increased 6.2% over the year to 635 million dollars. Service revenue growth accelerated from 8.0% in the third quarter to 8.4% in the current period on the back of 10.7% mobile service revenue growth, with each quarter over the last year posting faster growth than the precedent quarter. Fixed-line revenue increased 4.1% buoyed by corporate networks and broadband revenue, both of which observed their fastest pace of expansion over the last quarters. These services had been accelerating their rate of growth all throughout the year, as was the case with mobile service revenue.

EBITDA +6.6% YoY

Solid revenue growth on both platforms brought about a 6.6% increase in fourth quarter EBITDA that totaled 271 million dollars. The EBITDA margin for the period stood at 42.7% of revenue, 20 basis points higher than a year before.

INCOME STATEMENT - Central America Millions of Dollars

	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		635		598		6.2%		2,477		2,338	5.9%
Total Service Revenue		558		515		8.4%		2,159		2,014	7.2%
Wireless Revenue		438		407		7.6%		1,700		1,581	7.5%
Service Revenue		372		336		10.7%		1,423		1,305	9.1%
Equipment Revenue		66		71		-7.1%		277		276	0.1%
Fixed Line Revenue		192		186		3.0%		760		737	3.2%
EBITDA		271		254		6.6%		1,041		1,012	2.8%
% total revenue		42.7%		42.5%				42.0%		43.3%
EBIT		132		110		19.8%		492		518	-4.9%
% total revenue		20.8%		18.4%				19.9%		22.1%

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

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Central America Operating Data

	4Q23		4Q22		Var.%
Wireless Subscribers (thousands)		17,266		16,673	3.6%
Postpaid		2,592		2,378	9.0%
Prepaid		14,674		14,296	2.6%
ARPU (US$)		7		7	6.4%
Churn (%)		5.7%		5.9%	(0.3)
Revenue Generating Units (RGUs)(1)		4,923		4,624	6.5%

⁽¹⁾ Fixed Line, Broadband and Television.

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Caribbean

67k wireless net adds, 55k coming from the Dominican Republic

We added 67 thousand new wireless subscribers in the islands, 55 thousand in the Dominican Republic and 12 thousand in Puerto Rico. We ended December with 7.6 million subs altogether, 3.4% more than a year before. On the fixed-line platform we finished the year with 2.8 million RGUs after connecting 18 thousand new RGUs, of which 13 thousand were broadband accesses.

Service revenue +3.8% YoY and EBITDA +3.4% YoY in the Dominican Republic

Total revenue in the Dominican Republic was up 3.5% on the back of service revenue that rose 3.8%; accelerating from 3.4% in the prior quarter. Mobile service revenue increased 4.3% and the one from the fixed-line platform expanded 3.1%, almost twice as rapidly as in the prior quarter. EBITDA increased 1.0% as compared to the same period of 2022. The annual comparison is affected by a restatement of a depreciation charge of certain assets, organic EBITDA growth was 3.4% with an EBITDA margin of 51.1%.

EBITDA margin at 16% of revenue in Puerto Rico

In Puerto Rico we booked revenue of 232 million dollars in the quarter. Service revenue was down 2.3% compared to last year with declines in both platforms. EBITDA—adjusted by extraordinary revenue booked both in the fourth quarter 2023 and in the same period of last year—was up 34.2% with the adjusted margin reaching 16.1% of revenue.

INCOME STATEMENT - Caribbean Millions of Dollars

	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		503		584		-14.0%		2,087		2,033	2.7%
Total Service Revenue		431		436		-1.2%		1,717		1,716	0.1%
Wireless Revenue		318		316		0.5%		1,237		1,241	-0.3%
Service Revenue		253		255		-0.8%		1,013		1,011	0.2%
Equipment Revenue		65		61		6.1%		224		229	-2.4%
Fixed Line Revenue		183		184		-0.8%		719		715	0.6%
EBITDA		191		293		-34.8%		831		835	-0.5%
% total revenue		38.0%		50.1%				39.8%		41.1%
Adjusted EBITDA(2)		176		167		5.6%		730		709	3.0%
% total revenue		35.0%		33.4%				37.3%		36.4%
EBIT		83		204		-59.1%		430		485	-11.3%
% total revenue		16.6%		34.9%				20.6%		23.9%

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

⁽²⁾ Adjusted for the sale of towers in The Dominican Republic in 2023 and an extraordinary revenue booked in Puerto Rico in 2022 and 2023.

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Caribbean Operating Data

	4Q23		4Q22		Var.%
Wireless Subscribers (thousands)		7,592		7,345	3.4%
Postpaid		2,243		2,177	3.0%
Prepaid		5,349		5,168	3.5%
ARPU (US$)		11		12	-4.2%
Churn (%)		3.2%		3.2%	(0.0)
Revenue Generating Units (RGUs)(1)		2,787		2,774	0.5%

⁽¹⁾ Fixed Line, Broadband and Television.

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Austria

318k wireless net adds

We registered wireless net additions of 318 thousand in Austria most of which originated in the machine-to-machine business. We finished the year with 10.2 million wireless subscribers which is 14.1% more than a year before. On the fixed-line segment we reached 2.8 million fixed-line RGUs having disconnected 24 thousand RGUs, most of them voice lines.

Wireless service revenue +3.3% YoY

Fourth quarter revenue totaled 714 million euros, 0.6% higher than that of a year before, with service revenue rising 1.8% year-on-year. Wireless service revenue rose 3.3% whereas fixed-line service revenue increased 0.6%. PayTV revenue rose 11.6% while revenue from broadband and corporate networks increased 2.4% and 2.0%, respectively.

EBITDA margin of 37.5% of revenue

EBITDA for the quarter was 276 million euros, up 12.9% year-on-year. This figure includes the reversal of a duties booked the prior quarter associated with the tower spin-off. Adjusting for this effect, EBITDA growth was practically flat and the margin would have been equivalent to 37.5% of revenue.

INCOME STATEMENT - Austria Millions of Euros
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		714		710		0.6%		2,798		2,752		1.7%
Total Service Revenue		626		615		1.8%		2,463		2,414		2.0%
Wireless Revenue		332		326		1.9%		1,287		1,248		3.1%
Service Revenue		272		263		3.3%		1,070		1,032		3.7%
Equipment Revenue		60		63		-4.4%		217		217		0.0%
Fixed Line Revenue		370		372		-0.6%		1,461		1,452		0.6%
EBITDA		276		245		12.9%		1,064		1,040		2.3%
% total revenue		38.7%		34.5%				38.0%		37.8%
Adjusted EBITDA(2)		268		268		-0.1%		1,115		1,113		0.2%
% total revenue		37.5%		37.8%				39.9%		40.4%
EBIT		118		112		5.3%		493		495		-0.5%
% total revenue		16.5%		15.8%				17.6%		18.0%

For further detail please visit www.a1.group/en/investor-relations

⁽¹⁾ Total revenue includes other revenue.

⁽²⁾ Adjusted for the reversal of duties associated with the tower spin-off in 4Q23. Excludes restructuring charges.

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Austria Operating Data
	4Q23	4Q22	Var.%
Wireless Subscribers (thousands)	5,127	5,157	-0.6%
Postpaid	4,070	4,074	-0.1%
Prepaid	1,056	1,083	-2.5%
A1 Digital Subscribers (thousands)	5,108	3,816	33.9%
ARPU (Euros)(1)	18	17	3.7%
Churn (%)(1)	1.3%	1.2%	0.1
Revenue Generating Units (RGUs)(2)	2,847	2,946	-3.4%

⁽¹⁾ Does not include A1 Digital subscribers.

⁽²⁾ Fixed Line, Broadband and Television.

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Other European

62k postpaid net adds and 25k new broadband accesses

Altogether we gained 62 thousand postpaid subscribers in Eastern Europe but disconnected 266 thousand prepaids bringing our wireless base to just over 15 million mobile subscribers. On the fixed-line platform Bulgaria and Belarus led the way. We connected 25 thousand new broadband accesses and the same number of PayTV units, but disconnected five thousand voice lines. At the end of December we had 3.4 million fixed-line RGUs, 5.1% more than a year before.

Fixed-line service revenue +14.5% YoY

Total revenue reached 661 million euros, 4.3% more than a year before, on the back of fixed-line service revenue that expanded 14.5% as mobile revenue growth was flat. Corporate networks revenue is the most dynamic business line rising 30.2% followed by broadband revenue, up 13.6% annually. The annual comparison in the financials is affected by the 26.1% devaluation of the Belarusian ruble in the fourth quarter: at constant exchange rates service revenue growth was 9.9%.

EBITDA +7.9% YoY

EBITDA was up 7.9% in euros—15.5% at constant exchange rates—as a result of strong top line growth and cost controls. The margin for the period stood at 33.2% of revenue, up 1.1 percentage points.

INCOME STATEMENT - Other European Millions of Euros
	4Q23		4Q22		Var.%		Jan-Dec 23		Jan-Dec 22		Var.%
Total Revenue(1)		661		633		4.3%		2,484		2,286		8.7%
Total Service Revenue		489		470		4.0%		1,911		1,778		7.5%
Wireless Revenue		469		467		0.3%		1,821		1,732		5.1%
Service Revenue		342		341		0.1%		1,368		1,315		4.0%
Equipment Revenue		127		126		0.9%		453		417		8.7%
Fixed Line Revenue		179		155		15.2%		616		511		20.5%
EBITDA		219		203		7.9%		915		849		7.8%
% total revenue		33.2%		32.0%				36.8%		37.1%
EBIT		99		90		10.5%		478		432		10.8%
% total revenue		15.0%		14.2%				19.3%		18.9%

For further detail please visit www.a1.group/en/investor-relations

⁽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.

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Other European Operating Data
	4Q23	4Q22	Var.%
Wireless Subscribers (thousands)	15,011	14,924	0.6%
Postpaid	12,333	12,186	1.2%
Prepaid	2,678	2,739	-2.2%
ARPU (Euros)	8	7	4.6%
Churn (%)	2.2%	2.1%	0.1
Revenue Generating Units (RGUs)(1)	3,423	3,257	5.1%

⁽¹⁾ Fixed Line, Broadband and Television.

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Exchange Rates Local Currency Units per MxP
	4Q23	4Q22	Var.	%	Jan-Dec 23	Jan-Dec 22	Var.	%
Euro
End of Period	0.0653	0.0551	18.5	%	0.0653	0.0551	18.5	%
Average	0.0613	0.0518	18.2	%	0.0609	0.0524	16.2	%
USD
End of Period	0.0592	0.0515	14.9	%	0.0592	0.0515	14.9	%
Average	0.0569	0.0507	12.1	%	0.0563	0.0497	13.3	%
Brazilean Real
End of Period	0.2866	0.2688	6.6	%	0.2866	0.2688	6.6	%
Average	0.2818	0.2666	5.7	%	0.2813	0.2565	9.7	%
Argentinean Peso
End of Period	47.8557	9.1252	424.4	%	47.8557	9.1252	424.4	%
Average	25.4096	8.2286	208.8	%	16.6551	6.4865	156.8	%
Colombian Peso
End of Period	226.2438	247.7658	-8.7	%	226.2438	247.7658	-8.7	%
Average	231.7967	243.9310	-5.0	%	243.8049	211.2658	15.4	%
Guatemalan Quetzal
End of Period	0.4633	0.4045	14.6	%	0.4633	0.4045	14.6	%
Average	0.4455	0.3982	11.9	%	0.4410	0.3850	14.6	%
Peruvian Sol
End of Period	0.2198	0.1968	11.7	%	0.2198	0.1968	11.7	%
Average	0.2153	0.1979	8.8	%	0.2110	0.1907	10.6	%
Dominican Republic Peso
End of Period	3.4564	2.9107	18.7	%	3.4564	2.9107	18.7	%
Average	3.2514	2.7829	16.8	%	3.1631	2.7426	15.3	%
Belarusian Ruble
End of Period	0.1627	0.1416	14.9	%	0.1627	0.1416	14.9	%
Average	0.1564	0.1394	12.1	%	0.1547	0.1352	14.4	%

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Exchange Rates Local Currency Units per USD
	4Q23	4Q22	Var.	%	Jan-Dec 23	Jan-Dec 22	Var.	%
Euro
End of Period	1.1039	1.0705	3.1	%	1.1039	1.0705	3.1	%
Average	1.0767	1.0216	5.4	%	1.0815	1.0543	2.6	%
Mexican Peso
End of Period	16.8935	19.4143	-13.0	%	16.8935	19.4143	-13.0	%
Average	17.5770	19.7122	-10.8	%	17.7617	20.1283	-11.8	%
Brazilean Real
End of Period	4.8413	5.2177	-7.2	%	4.8413	5.2177	-7.2	%
Average	4.9530	5.2546	-5.7	%	4.9959	5.1625	-3.2	%
Argentinean Peso
End of Period	808.4500	177.1600	356.3	%	808.4500	177.1600	356.3	%
Average	446.6248	162.2034	175.3	%	295.8217	130.5631	126.6	%
Colombian Peso
End of Period	3,822.0500	4,810.2000	-20.5	%	3,822.0500	4,810.2000	-20.5	%
Average	4,074.2883	4,808.4075	-15.3	%	4,330.3837	4,252.4255	1.8	%
Guatemalan Quetzal
End of Period	7.8270	7.8522	-0.3	%	7.8270	7.8522	-0.3	%
Average	7.8314	7.8491	-0.2	%	7.8336	7.7485	1.1	%
Peruvian Sol
End of Period	3.7130	3.8200	-2.8	%	3.7130	3.8200	-2.8	%
Average	3.7846	3.9017	-3.0	%	3.7469	3.8390	-2.4	%
Dominican Republic Peso
End of Period	58.3900	56.5100	3.3	%	58.3900	56.5100	3.3	%
Average	57.1493	54.8567	4.2	%	56.1826	55.2039	1.8	%

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Appendix A

Financial Debt of América Móvil(1) Millions
	Dec -23		Dec -22
Peso - denominated debt (MxP)		142,607		97,134
Bonds(2)		89,927		53,554
Banks and others		52,680		43,580
U.S. Dollar - denominated debt (USD)		8,496		8,521
Bonds		8,496		8,496
Banks and others		0		25
Euro - denominated Debt (EUR)		6,542		7,045
Bonds		5,472		6,099
Commercial Paper		510		125
Banks and others		560		821
Sterling - denominated Debt (GBP)		2,200		2,200
Bonds		2,200		2,200
Reais - denominated Debt (BRL)		8,250		10,691
Bonds		8,250		9,050
Banks and others		0		1,641
Debt denominated in other currencies (MxP)(3)		16,441		10,220
Bonds		5,098		5,889
Banks and others		11,343		4,331
Total Debt (MxP)		500,677		510,589
Cash, Marketable Securities and Short Term Financial Investments (MxP)(4)		115,268		129,110
Net Debt (MxP)		385,409		381,479

⁽¹⁾ This table does not include the effect of forwards and derivatives used to hedge our foreign exchange exposure. It includes financial debt of Telekom Austria.

⁽²⁾ Includes the effect of inflation-linked debt.

⁽³⁾ Includes Peruvian soles.

⁽⁴⁾ Includes fixed income securities.

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América Móvil’s Income Statement Proforma⁽¹⁾

Millions of Mexican pesos

	4Q23		Argentina		4Q23 w/o Argentina		4Q22		Argentina		4Q22 w/o Argentina		Jan-Dec 23		Argentina		Jan-Dec 23 w/o Argentina		Jan-Dec 22		Argentina		Jan-Dec 22 w/o Argentina
Service Revenue		164,740		-2,906		167,646		172,695		4,928		167,767		672,050		15,261		656,789		698,716		27,083		671,633
Equipment Revenue		33,417		-787		34,204		35,381		1,406		33,975		126,859		3,607		123,252		131,516		7,210		124,306
Other Revenue		2,555		-10		2,565		7,886		22		7,864		17,104		30		17,074		14,269		92		14,177
Total Revenue		200,713		-3,703		204,416		215,962		6,356		209,606		816,013		18,898		797,115		844,501		34,385		810,116
Cost of Service		49,469		-909		50,378		53,107		1,701		51,406		204,613		4,941		199,672		215,510		8,565		206,945
Cost of Equipment		29,828		-487		30,315		31,818		887		30,931		111,863		2,050		109,813		115,022		4,451		110,571
Selling, General & Administrative Expenses		41,959		-903		42,862		44,431		1,323		43,108		173,001		5,240		167,761		179,454		8,261		171,193
Others		1,191		9		1,182		1,851		108		1,743		6,966		-1		6,967		5,010		-30		5,040
Total Costs and Expenses		122,446		-2,290		124,736		131,207		4,019		127,188		496,443		12,230		484,213		514,997		21,247		493,750
EBITDA		78,267		-1,413		79,680		84,755		2,337		82,418		319,570		6,668		312,902		329,505		13,138		316,367
% of Total Revenue		39.0%		38.2%		39.0%		39.2%		36.8%		39.3%		39.2%		35.3%		39.3%		39.0%		38.2%		39.1%
Adjusted EBITDA(2)		76,656				78,069		79,598				77,261		312,361				305,693		324,348				311,210
% of Total Revenue		38.2%				38.2%		37.8%				37.8%		38.6%				38.7%		38.7%				38.7%
Depreciation & Amortization		36,459		-918		37,377		40,069		2,768		37,301		151,786		5,059		146,727		158,634		8,801		149,833
EBIT		41,808		-495		42,303		44,685		-431		45,116		167,784		1,609		166,175		170,871		4,337		166,534
% of Total Revenue		20.8%		13.4%		20.7%		20.7%		-6.8%		21.5%		20.6%		8.5%		20.8%		20.2%		12.6%		20.6%
Net Interest Expenses		9,267		-93		9,360		8,607		-46		8,653		34,917		-357		35,274		36,435		-416		36,851
Other Financial Expenses		5,502		2,281		3,221		-4,585		-177		-4,408		26,815		-10,071		36,886		19,116		-11,286		30,402
Foreign Exchange Loss		840		8,110		-7,270		4,279		3,510		769		-14,654		23,427		-38,081		-20,762		13,532		-34,294
Comprehensive Financing Cost (Income)		15,609		10,298		5,311		8,301		3,287		5,014		47,078		12,999		34,079		34,790		1,830		32,960
Income & Deferred Taxes		5,431		-2,437		7,868		10,387		-1,693		12,080		34,544		-4,760		39,304		46,044		-286		46,330
Net Income before Minority Interest and Equity Participation in Results of Affiliates		20,767		-8,356		29,123		25,998		-2,025		28,023		86,161		-6,630		92,791		90,037		2,793		87,244
Equity Participation in Results of Affiliates		-1,640		1		-1,641		-1,859		-2		-1,857		-5,372		-2		-5,370		-1,811		-2		-1,809
Minority Interest		-1,065		-4		-1,061		-1,038		-12		-1,026		-4,679		-16		-4,663		-5,347		-31		-5,316
Net Income from Continued Operations		18,062		-8,359		26,421		23,100		-2,039		25,139		76,111		-6,648		82,759		82,878		2,760		80,118
Net Income from Discontinued Operations		-		-		-		-9,391		-		-9,391		0				0		-6,719				-6,719
Net Income		18,062		-8,359		26,421		13,710		-2,039		15,749		76,111		-6,648		82,759		76,159		2,760		73,399

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

⁽²⁾ Adjusted for extraordinary items, particularly the sale of towers in 2023 by Telmex, Claro Peru and Claro Dominicana; and in 2022 by Telmex and Claro Peru. The release of certain provisions in Puerto Rico in 4Q22 and 4Q23, and Ecuador in 4Q22. The settlement of the price of Oi in 4Q23.

n.m. Not meaningful.

  

Appendix B

Effects of the Consolidation of Argentina’s Operations in 4Q23  Millions of MxP
	Exchange Rates		CPI		Revenue		EBITDA
(1) Cumulative Jan- Sep Flows in ARP at September prices						446,123		159,546
(2) Cumulative Jan-Sep Flows in MxP at the exchange rate observed end of September		0.0507				22,601		8,083
(3) Cumulative Jan-Sep Flows in ARP at December prices converted into MxP at the exchange rate observed at the end of December		0.0209		1.5516		14,465		5,173
(4) Net Difference in MxP terms of Jan-Sep Flows relative to what had been reported in Sep after considering December exchange rates						(8,136)		(2,910)
(5) Oct-Dec Flows in ARP at December prices						212,155		71,590
(6) Oct-Dec Flows in MxP converted at the end of December exchange rates		0.0209				4,433		1,497
(7) Equals 4 + 6						(3,703)		(1,413)

  

Glossary of Terms

ARPU	Average Revenue per User. The ratio of service revenue in a given period to the average number of wireless subscribers in the same period.
Capex	Capital Expenditure. Accrued capital expenditures related to the expansion of the telecommunications infrastructure.
Churn	Disconnection Rate. The ratio of wireless subscribers disconnected during a given period to the number of wireless subscribers at the beginning of that period.
EBIT	Earnings Before Interest and Taxes, also known as Operating Profit.
EBIT margin	The ratio of EBIT to total operating revenue.
EBITDA	Earnings Before Interest, Taxes, Depreciation, and Amortization.
EBITDAaL	Earnings Before Interest, Taxes, Depreciation, and Amortization. Adjusted after lease payments.
EBITDA margin	The ratio of EBITDA to total operating revenue.
EPS (Mexican pesos)	Earnings per share. Total earnings in Mexican pesos divided by total shares.
Earnings per ADR (US$)	Total earnings in U.S. dollars divided by total ADRs equivalent.
Gross additions	Total number of subscribers acquired during the period.
Licensed pops	Licensed population. Population covered by the licenses that each of the companies manage.

Content
Highlights
Relevant events
Subscribers
América
Móvil
Consolidated
Mexico
Brazil
Colombia
Other South
America
Central
America and
Caribbean
Austria
Other
European
Currency
Exchange
Rates
Appendix
Glossary

  

Glossary of Terms

Market share	A company’s subscribers base divided by the total number of subscribers in that country.
MBOU	Megabytes of Use per subscriber. The ratio of wireless data in a given period to the average number of wireless subscribers in that same period. It is presented on a monthly basis.
Net subscriber additions	The difference in the subscriber base from one period to another. It is the different between gross additions and disconnections
Net debt	Total short and long term debt minus cash and marketable securities.
Net debt/ EBITDA	The ratio of total short and long-term debt minus cash and securities to trailing 12-month income before interest, taxes, depreciation and amortization.
Prepaid	Subscriber that may recharge a mobile phone. The client does not hold a contract with the company.
Postpaid	Subscriber that has a contract for the use of voice and data, mobile WiFi routers and machine-to-machine devices.
SAC	Subscriber Acquisition Cost. The sum of handset subsidies, marketing expenses and commissions to distributors for handset activation. Handset subsidy is calculated as the difference between equipment cost and equipment revenue.
Wireless penetration	The ratio of total wireless subscribers in any given country divided by the total population in that country.

Content
Highlights
Relevant events
Subscribers
América
Móvil
Consolidated
Mexico
Brazil
Colombia
Other South
America
Central
America and
Caribbean
Austria
Other
European
Currency
Exchange
Rates
Appendix
Glossary

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 16, 2024

AMÉRICA MÓVIL, S.A.B. DE C.V.
By :	/s/ Carlos José García Moreno Elizondo
Name:	Carlos José García Moreno Elizondo
Title:	Chief Financial Officer