Segments

12 Months Ended

Dec. 31, 2025

Note 23. Segments

América Móvil operates in different countries. As mentioned in Note 1, the Company has operations in Mexico, Guatemala, Nicaragua, Ecuador, El Salvador, Costa Rica, Brazil, Argentina, Colombia, Honduras, Peru, Paraguay, Uruguay, Chile, the Dominican Republic, Puerto Rico, Austria, Croatia, Bulgaria, Belarus, Macedonia, Serbia and Slovenia. The accounting policies for the segments are the same as those described in Note 2.

The Chief Executive Officer, who is the CODM, analyzes the financial and operating information by operating segment. All operating segments that (i) represent more than 10% of consolidated revenues, (ii) more than the absolute amount of its reported 10% of net profit of the year or (iii) more than 10% of consolidated assets, are presented separately.

The Company presents the following reportable segments for the purposes of its consolidated financial statements: Mexico (includes Telcel and corporate operations and assets), Telmex (Mexico), Brazil, Southern Cone (includes Argentina separated from Paraguay, Uruguay and Chile), Colombia, Andean (includes Ecuador and Peru), Central America (includes Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica), Caribbean (includes the Dominican Republic and Puerto Rico), and Europe (includes Austria, Bulgaria, Croatia, Belarus, Slovenia, Macedonia and Serbia).

The segment Southern Cone comprises mobile communication services in Argentina as well as Paraguay, Uruguay and Chile (see Note 12). Beginning in 2018, hyperinflation accounting in accordance with IAS 29 was initially applied to Argentina, which results in the restatement of non-monetary assets, liabilities and all items of the statement of comprehensive income for the change in a general price index and the translation of these items applying the period-end exchange rate.

The Company considers that the quantitative and qualitative aspects of any aggregated operating segments (that is, Central America and Caribbean) are similar in nature for all periods presented. In evaluating the appropriateness of aggregating operating segments, the key indicators considered included but were not limited to: (i) the similarity of key financial statements measures and trends, (ii) all entities provide telecommunications services, (iii) similarities of customer base and services, (iv) the methods to distribute services are the same, based on telephone plant in both cases, wireless and fixed lines, (v) similarities of governments and regulatory entities that oversee the activities and services of telecom companies, (vi) inflation trends, and (vii) currency trends.

										Southern Cone
	Mexico			Telmex			Brazil			Argentina			Uruguay and Paraguay			Colombia		Andean		Central America			Caribbean		Europe		Eliminations			Consolidated total
As of and for the year ended December 31, 2023 (in Ps.):
External revenues		248,890,778			84,821,370			162,224,734			18,884,623			3,995,812			62,342,147		52,903,716		43,964,411			37,148,876		100,836,377		—			816,012,844
Intersegment revenues		9,896,948			17,010,698			4,485,048			38,080			9,876			376,010		87,974		99,850			1,119,554		—		(33,124,038	)		—

Total revenues		258,787,726			101,832,068			166,709,782			18,922,703			4,005,688			62,718,157		52,991,690		44,064,261			38,268,430		100,836,377		(33,124,038	)		816,012,844
Depreciation and amortization		26,640,899			14,333,486			44,302,136			5,677,627			1,319,462			13,360,622		10,084,882		10,028,603			7,189,119		21,008,775		(2,159,547	)		151,786,064
Operating income (loss)		84,816,739			12,063,692			25,618,154			515,233			(444,485	)		9,958,999		10,638,985		6,956,209			7,723,115		15,751,978		(5,815,104	)		167,783,515
Interest income		27,202,474			1,465,927			4,252,205			543,248			4,231			867,151		2,338,242		621,068			1,616,687		392,951		(29,675,844	)		9,628,340
Interest expense		28,164,647			7,176,879			25,691,398			968,299			113,909			3,342,195		2,333,600		1,325,213			1,735,648		1,971,189		(28,277,736	)		44,545,241
Income tax		30,378,228			(625,561	)		(1,730,068	)		(4,760,360	)		(1,721	)		1,427,740		4,141,240		1,728,005			1,674,363		2,785,214		(473,077	)		34,544,003
Equity interest in net result of associated companies		(5,458,577	)		41,642			32,776			(1,814	)		—			—		—		(1,143	)		—		15,292		—			(5,371,824	)
Net profit (loss) attributable to equity holders of the parent		43,053,030			(5,278,857	)		9,866,950			(8,101,032	)		(294,922	)		4,180,800		7,769,059		4,733,871			5,604,618		11,145,743		3,431,357			76,110,617
Assets by segment		1,029,618,098			238,216,814			383,653,519			53,570,541			9,187,465			115,103,155		98,293,206		91,976,207			101,862,049		167,594,129		(724,889,223	)		1,564,185,960
Property, plant and equipment, net		46,695,107			150,219,598			150,226,089			21,087,810			4,089,689			53,038,210		30,416,383		42,790,489			35,214,165		86,706,171		(1,072,086	)		619,411,625
Revalued of assets		—			—			—			—			—			8,040,753		—		—			—		1,198,526		—			9,239,279
Rights of use assets, net		5,169,432			220,565			40,606,564			7,983,658			2,374,873			3,965,376		13,509,229		17,107,790			6,669,681		16,115,920		(154,768	)		113,568,320
Goodwill		26,434,428			215,381			29,437,800			—			201,912			9,304,613		4,603,998		6,279,966			14,186,723		55,414,076		—			146,078,897
Licenses and rights, net		10,555,645			92,065			32,446,402			10,603,388			1,017,772			10,227,439		3,180,343		4,660,729			8,593,842		18,520,001		—			99,897,626
Liabilities by segments		628,519,912			236,678,379			313,072,959			36,668,486			4,512,644			59,510,611		46,189,708		37,051,349			47,864,665		93,944,278		(361,529,413	)		1,142,483,578

										Southern Cone (1)
	Mexico			Telmex			Brazil			Argentina		Uruguay, Paraguay and Chile			Colombia		Andean		Central America			Caribbean		Europe		Eliminations			Consolidated total
As of and for the year ended December 31, 2024 (in Ps.):
External revenues		252,179,477			90,710,597			165,401,035			39,574,605		8,025,389			71,436,983		51,284,298		48,136,010			35,181,218		107,290,972		-			869,220,584
Intersegment revenues		12,850,407			17,009,409			4,889,447			108,973		25,606			364,005		140,126		105,832			1,169,243		388,927		(37,051,975	)		-

Total revenues		265,029,884			107,720,006			170,290,482			39,683,578		8,050,995			71,800,988		51,424,424		48,241,842			36,350,461		107,679,899		(37,051,975	)		869,220,584
Depreciation and amortization		25,628,734			14,935,037			42,956,936			11,737,247		3,932,327			16,069,344		10,697,841		11,814,612			7,215,207		23,409,159		(4,268,083	)		164,128,361
Operating income (loss)		89,445,892			14,745,648			30,925,701			1,557,289		(2,353,311	)		9,644,694		8,112,560		7,536,522			5,876,774		16,346,663		(1,738,342	)		180,100,090
Interest income		22,978,028			1,412,233			2,069,164			1,093,853		14,055			572,336		2,457,448		617,545			1,870,519		412,679		(24,489,640	)		9,008,220
Interest expense		37,936,534			4,600,341			24,096,598			2,518,511		431,181			4,034,032		2,329,634		1,103,466			1,374,621		2,160,180		(24,565,344	)		56,019,754
Income tax		16,661,724			2,496,264			(3,271,970	)		9,953,687		(1,459,393	)		1,481,320		2,680,751		2,058,918			2,665,185		2,145,866		(173,909	)		35,238,443
Equity interest in net result of associated companies		(5,294,505	)		49,924			44,122			-		-			-		-		(987	)		-		22,334		-			(5,179,112	)
Net profit (loss) attributable to equity holders of the parent		(26,212,930	)		(5,237,369	)		(4,412,015	)		6,105,737		(1,365,108	)		2,291,033		5,469,348		5,565,820			3,324,641		12,051,439		25,321,429			22,902,025
Assets by segment		1,022,191,247			257,019,909			350,641,199			92,425,415		67,214,434			136,037,736		109,408,583		115,513,670			110,510,952		197,030,441		(664,072,629	)		1,793,920,957
Property, plant and equipment, net		45,781,814			154,257,837			139,860,917			44,007,209		36,280,537			53,548,458		35,887,323		55,113,984			41,501,202		99,353,054		(2,264,994	)		703,327,341
Revalued of assets		-			-			-			-		-			7,954,569		-		-			-		2,502,519		-			10,457,088
Rights of use assets, net		81,713,962			193,632			35,137,224			8,941,870		7,973,991			4,771,008		15,072,246		20,238,997			6,900,369		18,561,879		(44,800	)		199,460,378
Goodwill		26,497,724			215,381			27,897,869			201,940		4,735,752			9,677,519		4,720,170		6,328,845			14,186,723		62,374,446		-			156,836,369
Licenses and rights, net		9,331,883			73,248			26,611,997			20,464,792		1,938,693			20,291,075		4,057,611		5,164,105			9,936,893		19,155,291		-			117,025,588
Liabilities by segments		733,673,637			205,016,281			287,411,028			56,329,087		40,851,110			78,608,757		61,627,902		42,458,437			44,392,804		104,786,220		(293,418,627	)		1,361,736,636

(1)

Includes the acquisitions of Claro Chile, SpA (see note 12 a)

								Southern Cone
	Mexico		Telmex			Brazil		Argentina			Uruguay, Paraguay and Chile			Colombia (1)		Andean		Central America		Caribbean		Europe (2)		Eliminations			Consolidated total
As of and for the year ended December 31, 2025 (in Ps.):
External revenues		260,860,901		91,809,477			177,524,392		36,571,343			26,934,980			78,606,339		57,156,506		56,291,546		36,719,643		121,163,279		-			943,638,406
Intersegment revenues		14,320,929		22,226,908			5,467,161		62,380			95,918			682,367		151,779		86,226		1,382,381		5,653		(44,481,702	)		-

Total revenues		275,181,830		114,036,385			182,991,553		36,633,723			27,030,898			79,288,706		57,308,285		56,377,772		38,102,024		121,168,932		(44,481,702	)		943,638,406
Depreciation and amortization		25,312,943		15,512,442			44,070,114		11,689,302			13,537,869			17,567,131		11,916,648		11,704,900		7,142,979		26,150,361		(3,799,906	)		180,804,783
Operating income (loss)		92,212,394		16,183,387			36,210,520		1,037,106			(7,913,241	)		10,696,481		9,842,247		12,768,911		6,337,793		18,209,048		(4,180,758	)		191,403,888
Interest income		19,667,722		1,232,222			3,720,357		1,047,982			94,778			774,208		1,785,957		681,313		1,550,714		809,396		(22,237,162	)		9,127,487
Interest expense		34,603,883		2,019,265			27,512,216		3,003,394			1,723,369			5,499,608		2,766,623		1,287,845		1,349,946		2,257,883		(21,705,175	)		60,318,857
Income tax		33,642,415		2,076,209			3,117,003		1,452,391			488,910			1,421,924		3,132,366		2,690,797		2,782,338		3,252,661		(186,825	)		53,870,189
Equity interest in net result of associated companies		182,429		55,247			29,185		-			-			-		-		-		-		27,374		-			294,235
Net profit (loss) attributable to equity holders of the parent		76,093,306		(5,006,075	)		13,521,617		(3,982,796	)		(8,953,594	)		2,926,842		6,019,755		9,640,767		3,011,166		13,137,762		(23,589,668	)		82,819,082
Assets by segment		1,064,507,161		258,033,577			363,859,328		73,341,282			64,235,131			145,026,232		111,706,262		104,956,303		99,559,791		202,756,122		(688,365,584	)		1,799,615,605
Property, plant and equipment, net		43,037,006		155,243,545			139,217,911		34,080,176			31,802,192			55,122,223		34,030,562		49,676,505		36,081,116		99,045,603		(224,827	)		677,112,012
Revalued of assets		-		-			-		-			-			7,850,714		-		-		-		2,300,336		-			10,151,050
Rights of use assets, net		77,637,360		175,509			41,921,450		5,454,963			7,296,802			6,188,596		13,832,765		19,081,616		5,984,143		20,007,551		(36,883	)		197,543,872
Goodwill		26,454,538		215,381			27,841,639		202,098			4,735,752			10,068,045		4,714,312		6,299,215		14,186,723		62,735,472		-			157,453,175
Licenses and rights, net		8,792,731		59,211			23,237,214		15,970,461			3,333,702			19,898,599		11,071,330		4,486,005		9,462,030		19,145,479		-			115,456,762
Liabilities by segments		705,313,279		231,506,580			285,446,324		45,871,982			42,339,871			85,036,582		65,209,861		36,943,971		39,906,419		101,707,608		(267,339,246	)		1,371,943,231

(1)

Includes the acquisitions of Sites Colombia (see note 12 a)

(2)

Includes the acquisitions of Connexio Metro and Peter-S-Teleurin (see note 12 a)