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Millicom International Cellular (TIGO) investor relations material
Millicom International Cellular Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record Adjusted EBITDA margin of 48.9% in Q3 2025, with strong operational execution, disciplined cost management, and strategic expansion through acquisitions in Uruguay and Ecuador.
Net profit for the nine months ended September 30, 2025, was $1,096 million, up from $217 million year-over-year, driven by a $742 million gain from the sale of Lati Operations.
Equity free cash flow reached $638 million for the first nine months of 2025, with $243 million in Q3, and an interim dividend of $2.5 per share declared.
Major acquisitions in Colombia, Uruguay, and Ecuador were completed, expanding the LATAM footprint and regional diversification.
Significant capital returned to shareholders through dividends and share repurchases, including a new policy to sustain or grow dividends annually.
Financial highlights
Q3 2025 revenue was $1.42 billion, down 0.7% year-over-year due to FX headwinds, but organic service revenue grew 3.5% year-over-year.
Adjusted EBITDA reached a record $695 million in Q3, up 18.7% year-over-year, with a margin of 48.9%.
Net profit attributable to owners was $195 million in Q3, including $138 million from infrastructure transaction closures.
Net debt at the group level was $4,627 million as of September 30, 2025, with leverage reduced to 2.09x.
Basic EPS for the nine months was $6.35, compared to $1.29 year-over-year.
Outlook and guidance
On track to deliver equity free cash flow of $750 million and maintain leverage below 2.5x by year-end 2025.
New shareholder remuneration policy aims to sustain or grow annual cash dividends while maintaining a prudent capital structure.
Ongoing integration of recent acquisitions in Uruguay and Ecuador, with further expansion in Colombia pending regulatory approvals.
Why is Home Service Revenue declining?
What caused Bolivia's Q3 revenue drop?
How did Lati sale impact Q3 EFCF?
Re-evaluate 2025 EFCF target post-M&A events.
Bolivia's profit growth: What are the key drivers?
Costa Rica merger appeal: What's the outlook?
Costa Rica merger appeal rejected: Next steps
Colombia's path to 50% EBITDA margin club?
DOJ provision: Underlying issue details
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Next Millicom International Cellular earnings date
Q4 202527 Feb, 2026
Next Millicom International Cellular earnings date
Q4 202527 Feb, 2026
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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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