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    Carlos Antonio de Legarreta Diaz

    Director and Senior Equity Analyst at Itaú BBA

    Carlos Antonio de Legarreta Diaz is a Director and Senior Equity Analyst at Itaú BBA, specializing in coverage of the Latin American real estate sector with a strong focus on leading firms such as Fibra Uno, Vesta, Fibra Macquarie, and Terrafina. Known for his rigorous research and detailed analysis, he has been recognized in industry rankings such as Institutional Investor's Latin America Research survey for his accurate market calls and outperformance among peers. Carlos began his career at Citi in 2010, advancing through roles in equity research before joining Itaú BBA in 2013, where he has built a notable track record of generating consistent alpha and maintaining high success rates for institutional clients. He holds professional credentials including a Chartered Financial Analyst (CFA) designation and is registered with Mexican regulatory authorities for securities analysis.

    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 GRUPO TELEVISA, S.A.B. (TV) leadership

    Carlos Antonio de Legarreta Diaz's questions to GRUPO TELEVISA, S.A.B. (TV) leadership • Q1 2025

    Question

    Carlos Antonio de Legarreta Diaz of Itau inquired about Grupo Televisa's capital allocation strategy, particularly the potential for reactivating share buybacks, and asked for management's perspective on the recent debt rating downgrade of TelevisaUnivision by Moody's.

    Answer

    Executive Alfonso de Angoitia Noriega addressed the Moody's downgrade, stating that the company is focused on growing EBITDA and reducing leverage, and that Moody's view seems overly cautious. CFO Carlos Phillips Margain reiterated that the top priority for cash flow is debt reduction, citing the recent $219 million bond payment, and maintaining the company's investment-grade ratings.

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    Carlos Antonio de Legarreta Diaz's questions to GRUPO TELEVISA, S.A.B. (TV) leadership • Q4 2024

    Question

    Carlos Antonio de Legarreta Diaz asked about the reasons for the lower-than-expected 2024 CapEx, the outlook for 2025 CapEx given plans to expand the network, and the company's current stance on M&A in the Mexican cable industry. He also requested the forecasted exchange rate for 2025.

    Answer

    Executive Alfonso de Angoitia Noriega stated that past M&A efforts in the cable industry were unsuccessful, and the company is now focused on operations. He attributed the 2024 CapEx of $493 million, which was below guidance, to greater efficiency, inventory management, and a stronger peso. Executive Francisco Valim Filho added that the 2025 CapEx budget of $665 million will support passing nearly 1 million new homes and that the 2024 savings also came from synergies with Sky and a focus on higher-return clients. He provided a 2025 exchange rate forecast of MXN 20.5 to the dollar.

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    Carlos Antonio de Legarreta Diaz's questions to GRUPO TELEVISA, S.A.B. (TV) leadership • Q2 2024

    Question

    Carlos Antonio de Legarreta Diaz of Itaú BBA inquired about the company's target for operating cash flow margin in the medium term (2025) following the streamlining of Sky and Cable. He also asked about the proportion of broadband subscribers who are also ViX VOD users and sought confirmation of the updated CapEx guidance.

    Answer

    Alfonso de Angoitia Noriega, Executive Chairman, stated that the company is targeting a 20% operating cash flow margin and is on track to achieve this goal. Francisco Valim Filho, CEO of Cable and Sky, added that the vast majority of clients on plans of 60 Mbps and above have ViX hard-bundled. Mr. de Angoitia confirmed the revised 2024 CapEx budget is $720 million, allocated as $590 million for Cable, $120 million for Sky, and $10 million for corporate purposes.

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    Carlos Antonio de Legarreta Diaz's questions to TELEFONICA BRASIL (VIV) leadership

    Carlos Antonio de Legarreta Diaz's questions to TELEFONICA BRASIL (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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