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    Carlos Antonio de Legarreta Diaz • Itaú Unibanco Holding S.A.

    Carlos Antonio de Legarreta Diaz's questions to America Movil SAB de CV (AMX) leadership

    Carlos Antonio de Legarreta Diaz's questions to America Movil SAB de CV (AMX) leadership • Q1 2025

    Question

    Carlos Legarreta requested clarification on the significant EBITDA margin increase in the newly reported 'Chile, Paraguay and Uruguay' segment and also asked about the drivers of the outstanding EBITDA margin increase in Central America.

    Answer

    CEO Daniel Hajj Aboumrad explained the Central America margin improvement was partly due to a favorable comparison with the prior year but also reflects successful investments and cost controls. Executive Oscar Von Hauske Solís clarified that the Southern Cone figures were presented pro forma for modeling purposes. Management then confirmed the massive profitability improvement in Chile is real and driven by significant merger synergies, including cost reductions and network maintenance savings.

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    Carlos Antonio de Legarreta Diaz's questions to America Movil SAB de CV (AMX) leadership • Q4 2024

    Question

    Carlos Antonio de Legarreta Diaz inquired about América Móvil's CapEx guidance for the upcoming year, considering foreign exchange volatility, and asked about the details of the MVNO agreement with Nubank in Brazil, specifically regarding potential cannibalization.

    Answer

    CEO Daniel Hajj Aboumrad confirmed the company is adhering to its three-year CapEx guidance, which now includes Chile's modernization plan, potentially adding MXN 250-300 million. He noted that 2024 CapEx was below budget, improving cash flow. Regarding the Nubank deal in Brazil, Mr. Hajj stated the company is pleased with the alliance and is not concerned about it cannibalizing its existing prepaid subscriber base.

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    Carlos Antonio de Legarreta Diaz's questions to America Movil SAB de CV (AMX) leadership • Q3 2024

    Question

    Carlos Antonio de Legarreta Diaz of Itaú BBA asked for an update on the company's plans for its fixed and wireless businesses in Argentina, including its 5G strategy.

    Answer

    Executive Daniel Hajj Aboumrad reported that the Argentinian operation is performing well, with continued investment in fiber leading to a broadband subscriber base of 1.6 million. He noted they have grown from the third-largest mobile player to nearly the first in terms of customers. The company is actively deploying 5G cell sites using its existing spectrum and assigned CapEx, and is optimistic about the country's potential economic improvements.

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    Carlos Antonio de Legarreta Diaz's questions to Telefonica Brasil SA (VIV) leadership

    Carlos Antonio de Legarreta Diaz's questions to Telefonica Brasil SA (VIV) leadership • Q2 2024

    Question

    Carlos de Legarreta asked for a reminder of the company's exposure to foreign exchange depreciation and for more details on its financial services offerings and the strategic opportunity they represent.

    Answer

    Executive David Sanchez-Friera explained that FX exposure is limited, with the main impact on handsets, where price changes can be passed to consumers, and on ~20% of CapEx, which has protections. Executive Christian Gebara detailed the financial services, which generated BRL 450 million in revenue over 12 months. Key products include personal loans, insurance, and new installment payment options, with a pending banking license expected to improve efficiency.

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