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Millicom International Cellular
Millicom International Cellular (TIGO) investor relations material
Millicom International Cellular Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record Equity Free Cash Flow (EFCF) of $916 million for FY 2025, surpassing guidance, with strong topline growth, margin expansion, and rapid integration of Ecuador and Uruguay, expanding to 12 countries including Chile.
Adjusted EBITDA reached $2,749 million for FY 2025, up 11.4% year-over-year, with margin improving to 47.2%.
FY 2025 revenue was $5.8 billion, up 2.0% organically; net profit for the year was $1.3 billion, including $727 million from infrastructure transactions.
Leverage ended the year at 2.31x, or 2.17x pro forma for recent acquisitions, reflecting acquisitions and increased debt.
Major acquisitions in Uruguay, Ecuador, and Colombia, and entry into Chile via joint venture, expanded the South American footprint.
Financial highlights
Q4 2025 revenue reached $1.7 billion, up 15.7% year-over-year; Adjusted EBITDA for Q4 was $778 million, up 25.9% year-over-year, with a margin of 47.1%.
Service revenue by country: Colombia $375 million (+22.5% YoY), Guatemala $352 million (+6.6%), Panama $181 million (+4.9%).
Net profit attributable to owners was $252 million in Q4, a significant increase from $31 million in Q4 2024.
Net debt at year-end was $5.36 billion, with gross debt at $6.89 billion and cash at $1.55 billion.
Dividend payments totaled $334 million, with new shareholder remuneration policy aiming to sustain or grow annual cash dividends.
Outlook and guidance
FY 2026 targets at least $900 million EFCF and year-end leverage around 2.5x, including restructuring costs of acquired businesses.
Uruguay and Ecuador expected to contribute low to mid double-digit EFCF in 2026; Coltel (Colombia) expected to be neutral or slightly negative initially.
Focus remains on integrating recent acquisitions and achieving operational improvements, especially in Chile and Coltel.
Multiple dividend payments approved for 2025 and into 2026, including interim and quarterly installments.
Bolivia's macroeconomic impact on profitability?
How do recent Colombia/Chile acquisitions affect 2026 targets?
Assess fixed-mobile convergence strategy effectiveness
Coltel integration: expected eFCF impact?
Drivers of consistent margin expansion?
Dividend policy given 2026 leverage outlook?
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Next Millicom International Cellular earnings date
Q1 20267 May, 2026
Millicom International Cellular
Next Millicom International Cellular earnings date
Q1 20267 May, 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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