Millicom (Tigo) Q4 2025 Earnings Release
Luxembourg, February 26, 2026 - Millicom pleased to announce its fourth quarter 2025 results. Please find below links to the Q4 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q4 2025 Highlights*
- Revenue $1.7 billion, up 4.7% year-on-year organically and 15.7% as reported
- Operating profit $469 million, and Adjusted EBITDA of $778 million, which includes $45 million from acquisitions
- Net profit attributable to company owners $252 million
- Equity free cash flow $278 million
- Leverage stood at 2.31x including Uruguay and Ecuador profitability since acquisition
FY 2025 Highlights*
- Revenue 5.8 billion, up 2.0% (organically) year-on-year
- Operating Profit increased 22.2% year-on-year to $1.6 billion, and Adjusted EBITDA of $2.7 billion, up 11.4% year-on-year, which includes a $45 million contribution from Uruguay and Ecuador
- Net profit attributable to company owners $1.3 billion, including approximately $727 million net profit from the closure of infrastructure transactions
- Equity free cash flow of $916 million, benefiting from net effects of the infrastructure transactions, ahead of $750 million FY target
| Financial highlights ($ millions) | Q4 2025 | Q4 2024 | Change % | Organic % Change | FY 2025 | FY 2024 | Change % | Organic % Change |
| Revenue | 1,652 | 1,428 | 15.7% | 4.7% | 5,819 | 5,804 | 0.2% | 2.0% |
| Operating Profit | 469 | 373 | 25.7% | 1,639 | 1,342 | 22.2% | ||
| Net Profit attributable to company owners | 252 | 31 | NM | 1,316 | 253 | NM | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 1,547 | 1,335 | 15.9% | 5.2% | 5,451 | 5,417 | 0.6% | 2.8% |
| Adjusted EBITDA | 778 | 618 | 25.9% | 18.0% | 2,749 | 2,469 | 11.4% | 14.4% |
| Capex | 272 | 264 | 3.2% | 720 | 677 | 6.2% | ||
| Operating Cash Flow (OCF) | 506 | 354 | 42.8% | 2,030 | 1,791 | 13.3% | ||
| Equity free cash flow (EFCF) | 278 | 236 | 17.9% | 916 | 777 | 17.9% |
*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 fourth quarter marked another record-setting period for Millicom and a powerful close to what has been the strongest year in our company's history. Our strategy delivered accelerating topline momentum, with service revenue growing organically 5.2% year-on-year to reach an all-time high of $1.5 billion. This performance reflects our continued disciplined execution of our commercial strategy, particularly the ongoing migration from prepaid to postpaid and our focus on driving fixed-mobile convergence as well as the successful integration of our expanded footprint in Ecuador and Uruguay. Our operational excellence also translated into exceptional profitability. Through rigorous cost discipline and industry-leading efficiency, we delivered our highest-ever quarterly Adjusted EBITDA of $778 million and a record EFCF of $278 million.
These achievements capped off a landmark year for Millicom. In 2025, we generated $916 million in EFCF, surpassing our full-year target, while maintaining leverage below 2.5x, even after the perimeter expansions in Uruguay and Ecuador. Just as importantly, we executed several major strategic milestones that further strengthened the company. We completed the Lati tower sale, for a total consideration of approximately $975 million, reached a settlement with the DOJ, and advanced a number of other legacy cleanup efforts, all of which position Millicom for greater agility and clarity moving forward.
As we look ahead, Millicom enters 2026 in its strongest position yet, both operationally and financially. Our balance sheet is more robust, our commercial strategy is delivering consistent results, and our regional footprint is generating increasing opportunities for scale and innovation. With this foundation, we have built exceptional momentum and are ready to embark on another transformative year for Millicom."
2026 Financial Targets
Millicom targets 2026 EFCF of at least $900 million and year-end leverage around 2.5x. These targets include restructuring costs of all acquired businesses.
Subsequent Events
On January 5, 2026, Tigo Paraguay signed a Share Purchase Agreement ("SPA") to sell its Mobile Finance business in Paraguay (Mobile Cash Paraguay S.A. and Transcom S.A.) for a base price of $10 million (and a potential $7 million earn-out, contingent of SPA's conditions). The transaction is subject to approval by the Central Bank of Paraguay and Conacom.
Following the closings with SBA, Tigo Guatemala signed an MLA amendment for the use of ground space on January 22, 2026. This amendment has a 15-year term and is for a total annual amount of approximately $13 million (resulting in the recognition of right-of-use assets and lease liabilities for $119 million). Concurrently, the termination of prior lease agreements resulted in a decrease the right-of-use assets by $68 million and lease liabilities by $74 million.
On January 27, 2026, Millicom was awarded 100% of the EPM's remaining shares in UNE EPM Telecommunicaciones S.A. ("UNE" or "Tigo Colombia"), following a winning bid in the public auction conducted by Empresas Públicas de Medellín E.S.P. ("EPM"). Millicom offered COP 418,741 per share, representing a total consideration of COP 2.1 trillion, (approximately $571 million). The transaction closed on January 29, 2026.
On February 6, 2026, Millicom closed the acquisition of Telefónica's controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. ("Coltel") in a tender offer that was conducted in accordance with the terms publicly disclosed, with a price of approximately $214 million for Telefónica's controlling 67.5% equity stake in Coltel.
On February 10, 2026, Millicom, through a jointly controlled vehicle, Celtel Chile, S.L. (owned by Millicom Spain, S.L. at 49% and NJJ Cactus SAS at 51%), completed the acquisition of 100% of the shares of Telefónica Móviles Chile S.A., pursuant to a Share Purchase Agreement (SPA) executed at the same date. The closing consideration was $50 million paid in cash. The SPA also provides for contingent consideration in the form of earn-outs up to $150 million, determined by formulas and procedures set out in the SPA, without recourse to Millicom.
In addition, under a Call Option Agreement signed at closing, Millicom has two 30-day windows following the fifth and sixth anniversaries of closing to acquire NJJ's entire interest in Celtel Chile, S.L. at a price determined under the agreement's valuation formulas; if Millicom does not exercise, NJJ obtains a subsequent 60-day option to acquire Millicom's interest using the same pricing methodology.
On February 18, 2026 Tigo Guatemala executed a variable five-year term bank credit facilities with Banco GYT Continental for an amount of GTQ400 million (approximately $52 million).
,Q4 2025 Earnings Release
,IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on February 26, 2026, at 08:00 (New York) / 14:00 (Luxembourg) / 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: 869 1177 5553
US: +1 929 205 6099Sweden: +46 850 539 728
UK: +44 330 088 5830Luxembourg: +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.
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For further information, please contact
| Press: Sofía Corral, Director Corporate Communications press@millicom.com | Investors: Luca Pfeifer, VP for 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 December 31, 2025, Millicom, including its Honduras Joint Venture, employed approximately 15,000 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.
