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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.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.
What is driving the increase in cash capex?
Explain the decline in Home ARPU.
How will Uruguay/Ecuador acquisition impact targets?
How will 5G rollout impact future CapEx?
Discuss drivers for accelerating service revenue growth.
Detail Guatemala's competitive environment.
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Next Millicom International Cellular earnings date
Q3 20256 Nov, 2025
Next Millicom International Cellular earnings date
Q3 20256 Nov, 2025
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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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