America Movil Sab De Cv Class B · BMV:AMX/B
America Movil Sab De Cv Class B — Debt Investor Presentation (June 2025)
53 slides from America Movil Sab De Cv Class B's debt investor presentation, Jun 24, 2025
Slide 1: América Móvil
Slide 2: Peli hice (iy
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Slide 3: Disclaimer
Disclaimer IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentatic América Movil, S.A.B. de C.V. and its subsidiaries (collectively, “América Movil” or the “Company”) or any person on beh answer session that follows the oral presentation
Slide 4: Disclaimer
Disclaimer The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession themselves about and observe any such restrictions. This presentation is not directed to, or intended for distribution to citizen or resident or located in any localit
Slide 5: Mexico's Recent Economic Performance
Mexico’s Recent hy ‘e AMERICA MOVIL 2025
Slide 6: Economic activity collapsed due to economic deceleration
collapsed due to economic deceleration “Voy Economic Activity Index %YOY Private Cons 6% 6% 5% 5% 4% A% 3% 3% 2% 2% 1% i % 0% <j 0% 0% 1% 1% 2 ! Jan-22 Nov-22 Sep-23 Jun-24 Apr-25 Jan-22 Oct-22 Source: INEGI Note: 3-month moving average
Slide 7: The decline in economic activity during the second half of 2024
The decline in economic activity during the second half of 2024 ¢ The uncertainty associated with the elections in both Mexic ¢ The real interest rate remained very high throughout * A public spending adjustment began to take shape We anticipate that the decline in economic act ended and an expansio
Slide 8: Spending points toward a recovery in economic activity
Spending point toward a recovery in economic act THE 28 Primary Balance MXNBn 12% I I 400 1% ! I 10% } ot ! 67 9% I ° 1 sL ft) Of ! > S 8% I sO I ~ -200 7% ! 1 1 6% -400 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Dec-25 10 '24 29 '24 Source: INEGI, Banxico, SHCP.
Slide 9: Non-oil exports accelerated their growth, but imports lagged behind
Non-oil exports accelerated their growth, but imports laggec behind; in the oil sector, the opposite happened Non-Oil Balance USD Bn USD Bn 599 590 70 587 570 60 550 530 Imports 50 510 40 490 30 470 450 20 Jan-22 Nov-22 Aug-23 Jun-24 Apr-25 Jan-22 Nov-22 Source: INEGI
Slide 10: Trade deficit has been almost completely eliminated
has been almost completely eliminated... USD Bn Trade Balance 40 30 -30 1998 2001 2004 2007 2010 2013 2016 2019 Source: INEGI * Last 12 months as of April 2025
Slide 11: Trade surplus with the U.S. offset by deficits with China and EU
AMERICA MOVIL : 2025 11 ... driven by a trade surplus with the U.S. of USD 172 Bn, which was offset by the deficit with China and the European Union Trade Balance 2024 USD Bn 180 172 140 100 20 = mnie — (20) (8) Surplus with USA Deficit Deficit with Deficit with Others Total Trade Deficit with China
Slide 12: Composition of Current Account
USDBn Composition of Current Account (Flows Considered 80 60 Remittances 40 Current Account 20 tt) —_ =n Trade Balance -40 Services -60 19 '22 3Q '22 19 '23 3Q '23 19 '24 Source: BANXICO. S *Earnings reinvestment is excluded from primary income. The impact is reflected in the services and transfers,
Slide 13: FDI has overfinanced the CA deficit for over a year
FDI has overfinanced the CA deficit for over 20 year: remains strong, but there is no longer a deficit to % of GDP 5% 4% 3% XY = 2% % Current Account Deficit 0% “1% -2% 1998 2001 2004 2007 2010 2013 2016 201: Source: INEGI *Liabilities incurred **Last 12 months as March 2025.
Slide 14: Foreign companies' profits have surged over the past three years
AMERICA MOVIL - 2025 vs Foreign companies’ profits have surged over the past three years, and reinvestment of those profits has grown by 140% USD Bn Foreign Companies’ Profits in Mexico and Uses 45 40 BB mEarnings Reinvestment Dividends 35 30 25 31 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023.
Slide 15: Net International Reserves
USD Bn Net International Reserves 240 230 220 210 200 196 190 Jan-22 Jan-23 Dec-23 Source: Banxico,
Slide 16: Inflation differential Mexico vs. U.S.
The inflation differential Mexico Vs. U.S. last 5 years lowest observed for a similar period in the last 25 years Cumulative Inflation Differential F Cum 20% over 5-year periods ie 18% 1.5% 15% 1.0% we (Mee 10% ~ % Tendency to converge OD 7% 5% 0.0% 00-04 05-09 10-14 15-19 20-24 Jan Fe Source: BLS,
Slide 17: DXY Index
DXY Index 120 110 - 100 -_—_, i \ 90 | 1 \ i] 80 7 Ne 70 60 Jan-05 Jan-08 Jan-11 Jan-14 Jan-17 Source: Bloomberg. Note: DXY index composition is: 58% EUR, 14% JPY, 12% GBP, 9% CAD, 4% SEK, y 4% CHF.
Slide 18: In 2024, LATAM currencies depreciated vs the USD
In 2024, LATAM currencies depreciated vs the USD, de: economic and political conditions; not the case over ¢ Change in Value of LATAM Currencies vs USD 2024 Dic 202 7% -18% -23% mi MXN BRL MICOP MICLP Source: Bloomberg.
Slide 19: Exchange rate vs. historical average
25 23 od 21 / A 4) MMV iad I 1 19 I I 7 \ a, HK YS mi) | ar we Average = 16.1 15 Way ww" | Le 13 jan-98 jan-00 jan-02 jan-04 jan-06 jan-08 jan-10 jan-12 jan-14 jan-16 jan-18 jan-2 *Inflation adjusted for U.S.A. and Mexico. Source: Bloomberg, INEGI, BLS.
Slide 20: % GDP
% GDP 140 120 100 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 ’ Source: SHCP, Federal Reserve Bank of St. Louis.
Slide 21: América Móvil
AMERICA MOVIL - 2025
Slide 22: AMX is the largest operator excluding China and India
AMERICA MOVIL - 2025 22, AMx is the largest operator in terms of accesses, excluding China and India, with over 400 million accesses across 23 countries... AMX Key Financial Indicators Last 12 months as of March 2025 USD Bn 47 Revenues EBITDA CapEx
Slide 23: Operations in LATAM and seven countries in Europe
... including 16 countries in LATAM and seven in E 630M POPs Covered population Covered population 591 millon 39 million Subs 296.3 M Subs 27.6 M RGUs 71.8M ': RGUs 6.4M
Slide 24: Access Lines by Operator in LATAM
Access Lines by Operator in LATAM Million 400 352 W OS 300 223 225 200 Tit aes 100 51 51 Ox 2022 2023 2024 *TEF has completed the sale of its operations in Argentina, Ecuador, Peru, and Uruguay. The sale of TEF Colombia to Millicot
Slide 25: EBITDA growth has outpaced service revenue growth
EBITDA growth has outpaced service revenue growth Consolidated Service Revenue & EBITDA %, annual change at constant exchange rates 7% 5% — 5% mj 4% 3% 2% 1% 0% « T 2022 2023 Note: Revenue and EBITDA exclude Argentina.
Slide 26: Service revenue growth in fixed platform
..as revenue growth in the fixed platform conve of the mobile platform Consolidated Service Revenue Growth %, annual change at constant exchange rates 10% 8% 9 : iste Service Revenue CAGR= 5.6% 4% 2% 0% + -2% 2022 2023 Note: Revenue excludes Argentina
Slide 27: Mexico and Brazil account for approximately 60% of revenue and EBITDA
AMERICA MOVIL-2025 (97 Mexico and Brazil account for approximately 60% of our revenue and EBITDA, followed by Austria and Colombia Revenue by Country” % of total = Mexico (106M Total Access Lines) ™Brazil (110M) m Austria/CEE (34M) = Andean Region (76M) = Central America & (34M) The Caribbean m Sout
Slide 28: EBITDA growth accelerating across operations except Austria
With the exception of Austria, EBITDA growth accelerating across all our operations EBITDA Growth by Country %, annual change at local currenc 16% 8 Y 12% 8% SS " = = 4% ee 0% + -A% 2022 2023
Slide 29: Capital intensity to decline from 19.4% in 2023 to 14-14.5%
AMERICA MOVIL - 2025 29° Following a period of accelerated investment, we will reduce Capital intensity, going from 19.4% in 2023 to 14-14.5% USD Bn CapEx to Revenue % 8.9 19.8% 19.4% . 8.2 8.0 7.1 6.7 2021 2022 2023 2024 2025E © 2021. 2022-2023 ©2024 2075E—
Slide 30: Financial Situation
n'ys Financial Situation AMERICA MOVIL - 2025
Slide 31: Gross debt and net debt, March 2025
AMERICA MOVIL-2025 (7 America Movil’s gross debt is USD 29 Bn, 77% is Capital Markets debt; net debt is USD 24.1 Bn March 2025 Billions of USD Bonds Bank Debt Commercial Paper Banks and others Verizon shares Net Debt *Includes Telekom Austria and VTR bonds.
Slide 32: AMX fixed-rate bonds by currency
AMERICA MOVIL-2025 @2 Half of our bonds are denominated in USD and EUR; only 24% are in MXN, being the only one increasing AMX Fixed-Rate Bonds by Currency - March 2025 Billions of USD =2015 =2021 =2025 | Li, kk i lis | 1.5 sy est 1.0 USD* EUR** MXN GBP BRL; " *Includes new bond issued on june 2025.
Slide 33: Net debt after derivatives by currency
accounts for 40% of net debt after derivatives mGrossDebt Net Debt 35% 6% MXN EUR USD BRL * Debt denominated in GBP, JPY, CLP, PEN, COP
Slide 34: Low liquidity risk, maturity profile and credit lines
AMERICA MOVIL - 2025 34 Our liquidity risk is low, Supported by our maturity profile and commited credit lines (USD 5Bn) Maturity Profile USD Bn =MXN BRL USD SEUR- =Others* 2.6 ] 2.4 : 1.5 ] ] ip = === = 2:4 Bn 2 14.2 a : - a | 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 * GBP,
Slide 35: Leverage Ratio
Leverage Ratio Times 1.6 1.2 0.8 2022 2023 2024
Slide 36: Best credit ratings among major Western telcos
AMERICA MOVIL-2025 @6 AMX has the best credit ratings among major Western Telcos reflecting our low financial leverage and geographic diversification Standard & Poor’s Fitch Moody’s Verizon BBB+ A- Baal | Orange BBB+ BBB+ Baal Deutsche Telekom BBB+ BBB+ Baal AT&T BBB BBB+ Baa2 Vodafone BBB BBB Baa2
Slide 37: AMX Global Peso Notes
AMERICA MOVIL - 2025
Slide 38: AMX Global Peso Notes
AMX Global Peso Notes ¢ Eight bookrunners which will also act as market-makers ¢ Notes with tenors ranging from § to 10 years, issued at a Ae ik those with tenors longer tan 5 years willbe sustainablebonds. —_— ‘ aaron
Slide 39: AMX Global Peso Notes issuances
... AMX Global Peso Notes ¢ Three issuances have been placed for a total of MXN 55 Bn, originally with matu 5, 7 and 10 years: o AMX101/8% ’29 17.5 Bn o AMX 91/2 %’31 17.0 Bn o AMX103/10%’34 #20.0Bn
Slide 40: AMX MXN Issues, June 2022-June 2025
AMERICA MOVIL - 2025 40° AMX MXN Issues June 2022-June 2025 MXN Bn 54.5 11.2 Fixed rate Floating rate UDIS Global PesoNotes Commercial Paper - Total l J) Y Domestic Notes
Slide 41: Main Issuers of Fixed Rate MXN Bonds
AMERICA MOVIL-2025 (Qa, Main Issuers of Fixed Rate MXN Bonds June 2022 - June 2025 MXN Bn AMX Bimbo Orbia Fibra Uno Sigma Elektra GAP Cemex Femsa Kimberly Clark : 10 20 30 40 50 1) 70 80 90 100 Source: BMV, BIVA y CNBV
Slide 42: Spread Global Notes MXN vs MBono
Although the yield on our Global Notes has been ir converging with that of the Mbono... Spread Global Notes MXN vs MBono Basis points* 100 100 95 90 90 90 80 80 70 67 63 60 70 Jan-24 May-24 Sep-24 Jan-25 May-25 Jan-24 May-24 —AMX'29_ ——AMX'31 Source: Bloomberg *Weekly moving average
Slide 43: AMX USD and EUR bonds trade at lower yields than UMS
... in other markets - USD and EUR - AMX bonds lower yields than those of UMS Spread AMX USD - UMS Basis points* Basis points* Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-24 Sep-24 Nov-24 -30 -50 -40 -50 n -60 -70 75 -90 -80 -90 -100 —Jyears -110 Source: Bloomberg *Weekly moving average.
Slide 44: Reopening of global bonds
o We have requested the CNBV's approval for the reopening of our global b which we expect to obtain during the first week of July. ¢ Additionally, to further support the liquidity of the global a ds, launched through which these securities may be lent to investors.
Slide 45: Reopenings, Securities Lending, and Electronic Platform
Reopenings, Securities Lending, and Electronic Platfor1 ¢ Additionally, a platform for the electronic purchase and sale of ies has bee developed by the BMV in collaboration with ICAP and began c days The eight banks participating in this program are already regi: which will streamline bond trading b
Slide 46: Format of global peso notes contributes to greater liquidity
AMERICA MOVIL-2025 (46 The format of our global peso notes, by also attracting international investors, contributes to greater liquidity CNBV Registration Yes Yes | SEC Registration NO Yes. | Applicable Law Mexico New York Payments Only Mexico Mexico and. abroad International Investor Of, (+) Partic
Slide 47: Global notes vs domestic MXN yield curve
AMERICA MOVIL 2025 47 reads against our further Filters Color (TED URWR) % Track 2 Annotate O Z60m m Selec Cony 10.14 America Movil SAB de CV Carve : : e : roo} 99. @ Global Notes 98: 97: 96: Domestic MXN 954 94 93: Yield 92: 9: 9.04 a94 28. 87. 86. 354 w ca wv 10Y ssstsaseesasecsncsesecoscocooese@o
Slide 48: Developing the non-government securities market
AMERICA MOVIL - 2025 48 It is essential to develop the non-government securities market, the increase in AFOREs’ AUM will exceed the government's issuance Amounts in MXN Tn I AUM AFOREs Hl Government Local Debt 12 = 2024 2030 Source: SHCP, INEGI, Banxico. Note: The forecast uses the SHCP estimated g
Slide 49: Securities Lending Program and ICAP Platform
Securities Lending Prog , and. ICAP Platform iy S hy a ee 7 7 AMERICA MOVIL - 2025
Slide 50: Closing Remarks
n'ys Closing Remarks AMERICA MOVIL - 2025
Slide 51: Closing Remarks
Closing Remarks ¢ The Mexican government securities market is one of the emerging markets, offering significant depth and liquidity. * However, there is still much to be done in the corporate segment. De liquidity is essential to broaden the base of issuers and investors. Mexican market. * For domes
Slide 52: Closing Remarks
Closing Remarks ¢ Inthe upcoming months and years, a significant increase in resources availab investment in the Mexican market is expected due to: a) The reallocation of investment flows from developed count ie: U.S.—toward emerging markets a) The growth of assets under management of AFOREs ; insti
Slide 53: América Móvil's role in developing the Mexican corporate bond market
Due to its financial strength, geographic and business diversifi América Movil will continue to play a key role in the deve the Mexican corporate bond market, reaffirming its cc ay itment tc enhancing the liquidity of its securities and expanding the base o participating investors.
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