Millicom (TIGO) Q4 2025 earnings summary

Executive summary

• Achieved record Equity Free Cash Flow (EFCF) of $916 million for FY 2025, surpassing guidance, with strong topline growth, margin expansion, and successful integration of Ecuador and Uruguay, expanding to 11 countries and entering Chile as the 12th market.

• Adjusted EBITDA reached $2,749 million for FY 2025, up 11.4% year-over-year, with margin improving to 47.2%.

• Net profit for 2025 surged to $1,362 million, with Q4 net profit at $266 million, both significantly higher year-over-year.

• Major acquisitions in Uruguay and Ecuador expanded the South American footprint; Chile entered via joint venture.

• Sale of Lati Operations and tower assets generated a $741 million gain and contributed to EFCF.

Financial highlights

• Q4 2025 revenue reached $1.7 billion, up 15.7% year-over-year; FY 2025 revenue was $5.8 billion, up 2.0% organically.

• Adjusted EBITDA for Q4 was $778 million, up 25.9% year-over-year; FY 2025 Adjusted EBITDA was $2,749 million.

• Net debt at year-end was $5.36 billion, leverage at 2.31x, or 2.17x pro forma for new operations.

• Dividend payments totaled $334 million, with new shareholder remuneration policy aiming to sustain or grow annual cash dividends.

• Total assets increased to $17,253 million at year-end 2025.

Outlook and guidance

• 2026 EFCF target set at a minimum of $900 million, with year-end leverage expected around 2.5x, including restructuring costs.

• Uruguay and Ecuador expected to contribute low to mid double-digit millions in EFCF in 2026; Coltel expected to be EFCF neutral after restructuring.

• New dividend policy and multiple dividend payments approved for 2025 and into 2026.