America Movil reported strong revenue growth in the second quarter of 2025, with total revenue rising 13.8 percent year-on-year to 234 billion Mexican pesos.
This increase was driven by a 13.4 percent rise in service revenue and a 17.3 percent increase in equipment revenue. At constant exchange rates, total revenue grew 7.9 percent, marking the company’s best performance in over a year.
Mobile service revenue accelerated to 7.0 percent growth, led by a 9.5 percent increase in postpaid revenue and a recovery in prepaid revenue to 3.1 percent.
On the fixed-line front, corporate network and PayTV revenues rose 15.0 percent and 10.1 percent respectively, while broadband revenue grew 8.2 percent.
EBITDA reached 92.4 billion pesos, up 11.2 percent, and operating profit was 47 billion pesos, a 4.0 percent increase. Net income for the quarter was 22.3 billion pesos, reversing a loss in the same quarter last year, aided by significant foreign exchange gains. The EBITDA margin stood at 39.5 percent, while net profit per share was 0.37 pesos and 0.38 dollars per ADR.
Subscribers
America Movil added 2.9 million postpaid subscribers in Q2 2025, with Brazil contributing the largest share at 1.4 million, followed by Colombia with 199,000 and Mexico with 102,000. Over the past 12 months, the company added 8.7 million postpaid users. However, the prepaid segment saw net disconnections of 1.1 million during the quarter, mainly from Brazil, Chile, and Honduras, while Colombia, Argentina, and Mexico posted gains. In total, America Movil gained 1.7 million wireless subscribers in the quarter.
On the fixed-line side, it added 462,000 broadband accesses, led by Mexico (231,000), Brazil (66,000), and Central America (51,000). The total access base reached 404 million, including 137 million postpaid clients and 78 million fixed-line revenue-generating units. Year-over-year, the postpaid subscriber base rose 6.8 percent, and fixed broadband accesses grew 4.5 percent.
ARPU
America Movil’s average revenue per user (ARPU) and churn rates reflected moderate improvements across most markets. In Mexico, ARPU rose 3.5 percent year-on-year to 183 pesos, with churn steady at 3.0 percent. Brazil recorded a 9.0 percent increase in ARPU to 27 reais, while churn edged up slightly to 2.6 percent from 2.4 percent. In Colombia, ARPU increased 3.5 percent to 15,210 pesos, and churn improved to 2.6 percent from 3.2 percent. Peru posted a 5.4 percent rise in ARPU to 27 soles, with churn stable at 4.1 percent. In Ecuador, ARPU declined 4.5 percent to 7 dollars, and churn rose significantly to 5.4 percent from 2.7 percent. In Central America, ARPU climbed 8.9 percent to 8 dollars, though churn rose to 6.1 percent from 5.7 percent. The Caribbean experienced a 5.7 percent drop in ARPU to 10 dollars, with churn increasing to 3.4 percent from 3.1 percent. Austria and Eastern Europe saw a 6.2 percent decline in ARPU to 8 euros, with churn slightly improving to 1.0 percent from 1.2 percent. Overall, ARPU generally trended upward in local currency terms across key markets, reflecting enhanced service monetization, while churn rates remained stable or improved slightly in most regions, indicating solid customer retention performance.
Capex
America Movil invested 54.9 billion pesos in capital expenditures or Capex during the first half of 2025. This capex was entirely covered by the company’s operating cash flow.
The company’s financial strength enabled a 7.3 billion peso reduction in net debt over the same period. As of the end of June 2025, America Movil’s net debt (excluding leases) stood at 472 billion pesos, resulting in a net debt-to-EBITDAaL ratio of 1.56 times.
To support its funding strategy, America Movil issued a USD 500 million bond maturing in January 2033 with a 5 percent coupon — the tightest spread (85 basis points) ever for a Latin American corporate over U.S. Treasuries. It also reopened its Global Peso-Denominated Notes Program in July with aggregate issuances of 15.5 billion pesos, bringing the total outstanding under this program to 70 billion pesos.
Baburajan Kizhakedath
