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Millicom International Cellular (TIGO) investor relations material

Millicom International Cellular Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Net profit surged to $869 million for H1 2025, driven by $604 million in asset sale gains and cost reductions, with strong operational execution and strategic acceleration.

  • Revenue declined 5.9%–6.8% year-over-year due to FX headwinds, but organic service revenue grew up to 2.4%.

  • Record adjusted EBITDA margin of 46.7% and robust equity free cash flow, with H1 EFCF at $395 million, up $126 million year-over-year.

  • Major M&A milestones included partial sale of Lati Paraguay, infrastructure deal with SBA, and agreements to acquire Telefónica's Uruguay and Ecuador operations.

  • Board approved a special interim dividend of $2.50 per share, to be paid in two installments, alongside a new shareholder remuneration policy.

Financial highlights

  • Adjusted EBITDA for H1 2025 was $1,277 million, up slightly year-over-year, with a Q2 margin of 46.7%.

  • Net profit reached $676 million in Q2, with EPS up to $4.05 from $0.46, and H1 EPS at $5.17.

  • Equity free cash flow for H1 was $395 million, up from $269 million last year.

  • Net cash from operating activities reached $794 million, and capex rose to $286 million for H1.

  • Leverage improved to 2.18x, with net debt at $4.66 billion as of Q2 2025.

Outlook and guidance

  • 2025 targets reaffirmed: equity free cash flow of ~$750 million and year-end leverage below 2.5x, excluding M&A impacts.

  • CapEx expected at $650–$700 million annually, or 11–12% of revenues.

  • Guidance excludes proceeds from inorganic initiatives and reflects efficiency savings and lower restructuring costs.

  • Service revenue growth expected to improve in H2 and 2026, driven by ARPU uplift and convergence.

  • Full-year run-rate savings from 2024 efficiency measures expected to support targets.

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Frequently asked questions

Millicom International Cellular S.A. provides cable and mobile services to customers in Latin America and Africa with a focus on emerging markets and growing digital economies. Millicom’s expertise lies in combining multinational expertise with local and market-leading customer experience. The company offers a range of digital lifestyle and entertainment services including cable television, high-speed broadband, mobile financial services, over-the-top content, and applications. The company was founded in 1990 and is headquartered in Luxembourg.

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