Millicom (TIGO) Q3 2025 earnings summary

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.