America Movil provided investors with a financial road map through 2028 during a presentation in New York that was closed to the press, according to a J.P. Morgan analyst note. The company set out a plan that emphasizes steady top-line and core-profit expansion while keeping capital spending largely unchanged at roughly $7 billion annually.
Guidance and growth assumptions
- Service revenue: Management projected that revenue from services will expand at a compound rate averaging between 4.0% and 5.0% per year from 2026 to 2028.
- EBITDA: Core earnings before interest, taxes, depreciation and amortization are expected to rise in the range of 4.5% to 6.0% annually over the same three-year span.
Capital spending and the 5G transition
The company told investors it intends to sustain capital expenditures at around $7 billion each year, which would amount to $21 billion over the 2026-2028 interval. Executives said this level of investment is feasible because most of the expensive radio frequency purchases required for its 5G network deployment have already been completed.
Uses of free cash flow
With a stable spending profile, America Movil said it expects to generate substantial cash flow. Management outlined three primary uses for that cash: to pursue acquisitions, to reduce outstanding debt, and to return capital to investors. Company representatives confirmed they are actively seeking acquisition targets, naming struggling internet service providers in Brazil and telecom operators in Eastern European countries such as Serbia and Slovenia as areas of interest.
Market-level ambitions
For major operating markets including Brazil and Colombia, management described an "aspiration to join the club of 50," identifying a long-term objective of attaining a 50% profit margin in those territories. The presentation did not provide a firm timeline for reaching that milestone, framing it as an ambition rather than a guaranteed outcome.
Disclosure and availability of details
The investor day was closed to the press, and a company spokesperson had not immediately replied to a request for confirmation of the figures cited in the analyst note.
Taken together, the guidance indicates a deliberate strategy: sustain network investment at current levels now that major spectrum costs are largely behind the company, and deploy the resulting cash to strengthen the balance sheet and pursue selective consolidation opportunities in underperforming markets. The approach ties capital allocation to a mix of growth, financial repair and shareholder returns, while management pursues higher profitability in core Latin American markets.