Millicom (Tigo) Q3 2025 Earnings Release
Millicom (Tigo) Q3 2025 Earnings Release
Luxembourg, November 6, 2025 – Millicom is pleased to announce its third quarter 2025 results. Please find below links to the Q3 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q3 2025 Highlights*
- Revenue $1.42 billion
- Operating profit $390 million, and record Adjusted EBITDA $695 million
- Net profit attributable to company owners $195 million, including approximately $138 million net profit from the closure of infrastructure transactions
- Equity free cash flow $243 million
- Additional interim dividend declared in August of $2.5 per share, amounting approximately $420 million
- Leverage of 2.09x, benefiting from one-time cash proceeds of $537 million from infrastructure transactions
| Financial highlights ($ millions) | Q3 2025 | Q3 2024 | Change % | Organic % Change | 9M 2025 | 9M 2024 | Change % | Organic % Change |
| Revenue | 1,420 | 1,431 | (0.7)% | 3.0% | 4,166 | 4,376 | (4.8)% | 1.1% |
| Operating Profit | 390 | 300 | 30.1% | 1,170 | 968 | 20.8% | ||
| Net Profit attributable to company owners | 195 | 51 | NM | 1,064 | 221 | NM | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 1,337 | 1,344 | (0.5)% | 3.5% | 3,904 | 4,082 | (4.4)% | 2.0% |
| Adjusted EBITDA | 695 | 585 | 18.7% | 23.8% | 1,971 | 1,851 | 6.5% | 13.1% |
| Capex | 161 | 166 | (3.3)% | 447 | 414 | 8.2% | ||
| Operating Cash Flow (OCF) | 534 | 419 | 27.5% | 1,524 | 1,437 | 6.0% | ||
| Equity free cash flow (EFCF) | 243 | 271 | (10.4)% | 638 | 540 | 18.1% |
*See page 11 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.
Millicom Chief Executive Officer Marcelo Benitez commented:
“The third quarter was another strong period for Millicom, both operationally and strategically.
We continued to execute our strategic plan with discipline, advancing key inorganic growth initiatives and resolving legacy processes that position us for long-term success. Our consistent commercial execution and sharp focus on capital allocation are delivering tangible results. Topline growth accelerated to 3.5 percent year-over-year, driven by mobile subscriber additions and ARPU expansion in key geographies. This momentum reflects the strength of our commercial strategy and the resilience of our markets. This quarter, we achieved a record Adjusted EBITDA of $695 million dollars and an Adjusted EBITDA margin of 48.9 percent, marking a significant step forward in profitability. Equity Free Cash Flow reached $243 million for the quarter, up $98 million year-to-date compared to the same period last year. As we look ahead we continue to execute our commercial strategy and remain committed to our culture of disciplined capital deployment and operational efficiency, which continues to drive sustainable value for all our stakeholders.”
2025 Financial Targets
Millicom continues to target 2025 EFCF of around $750 million and year-end leverage below 2.5x. These targets reflect full year run-rate savings expected from efficiency measures implemented during 2024 and lower expected restructuring costs in 2025, partially offset by the impact of weaker projected foreign exchange rates and legal settlements. The targets exclude the impact of inorganic initiatives, such as proceeds related to the sale of Lati International and other assets.
• IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on November 6, 2025, at 08:00 (New York) / 13:00 (London). Registration for the interactive event is required at the following link.
After registering, you will receive a confirmation email containing details about joining the video conference.
Participants who wish to ask a question during the live event must notify the Investor Relations team via email to investors@millicom.com after the start of the event.
Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 856 1232 5655
US: +1 929 205 6099 Sweden: +46 850 539 728
UK: +44 330 088 5830 Luxembourg: +352 342 080 9265
Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investors website.
For further information, please contact:
| Press: Sofía Corral, Communications Director press@millicom.com | Investors: Luca Pfeifer, VP of Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, highspeed data, voice, and business-to-business solutions such as cloud and security. As of September 30, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
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