Millicom (Tigo) Q3 2025 Earnings Release
Rhea-AI Summary
Millicom (TIGO) reported Q3 2025 results on November 6, 2025: revenue $1.42B, operating profit $390M, and a record Adjusted EBITDA $695M. Net profit attributable to owners was $195M, which includes approximately $138M from closure of infrastructure transactions. Equity free cash flow for the quarter was $243M. Leverage stood at 2.09x, aided by one-time cash proceeds of $537M from infrastructure transactions. Management reiterated 2025 targets of ~$750M EFCF and year-end leverage below 2.5x, excluding proceeds from inorganic asset sales.
Positive
- Adjusted EBITDA +18.7% YoY to $695M
- Operating profit +30.1% YoY to $390M
- Topline organic growth +3.5% year-over-year (service revenue)
- Equity free cash flow $243M in Q3 and $638M YTD 9M2025 (+18.1% YTD)
Negative
- Revenue down 0.7% YoY to $1.42B (9M revenue -4.8%)
- Q3 EFCF declined 10.4% YoY (243 vs 271)
- Net profit includes ~$138M one-time gain from infrastructure transactions
- Leverage 2.09x materially aided by one-time proceeds of $537M
- 2025 targets exposed to weaker FX and legal settlement impacts
News Market Reaction 11 Alerts
On the day this news was published, TIGO gained 3.76%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.5% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $302M to the company's valuation, bringing the market cap to $8.34B at that time.
Data tracked by StockTitan Argus on the day of publication.
Millicom (Tigo) Q3 2025 Earnings Release
Luxembourg, November 6, 2025 – Millicom is pleased to announce its third quarter 2025 results. Please find below links to the Q3 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q3 2025 Highlights*
- Revenue
$1.42 billion
- Operating profit
$390 million , and record Adjusted EBITDA$695 million
- Net profit attributable to company owners
$195 million , including approximately$138 million net profit from the closure of infrastructure transactions
- Equity free cash flow
$243 million
- Additional interim dividend declared in August of
$2.5 per share, amounting approximately$420 million - Leverage of 2.09x, benefiting from one-time cash proceeds of
$537 million from infrastructure transactions
| Financial highlights ($ millions) | Q3 2025 | Q3 2024 | Change % | Organic % Change | 9M 2025 | 9M 2024 | Change % | Organic % Change |
| Revenue | 1,420 | 1,431 | (0.7)% | | 4,166 | 4,376 | (4.8)% | |
| Operating Profit | 390 | 300 | | 1,170 | 968 | | ||
| Net Profit attributable to company owners | 195 | 51 | NM | 1,064 | 221 | NM | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 1,337 | 1,344 | (0.5)% | | 3,904 | 4,082 | (4.4)% | |
| Adjusted EBITDA | 695 | 585 | | | 1,971 | 1,851 | | |
| Capex | 161 | 166 | (3.3)% | 447 | 414 | | ||
| Operating Cash Flow (OCF) | 534 | 419 | | 1,524 | 1,437 | | ||
| Equity free cash flow (EFCF) | 243 | 271 | (10.4)% | 638 | 540 | |
*See page 11 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.
Millicom Chief Executive Officer Marcelo Benitez commented:
"The third quarter was another strong period for Millicom, both operationally and strategically.
We continued to execute our strategic plan with discipline, advancing key inorganic growth initiatives and resolving legacy processes that position us for long-term success. Our consistent commercial execution and sharp focus on capital allocation are delivering tangible results. Topline growth accelerated to 3.5 percent year-over-year, driven by mobile subscriber additions and ARPU expansion in key geographies. This momentum reflects the strength of our commercial strategy and the resilience of our markets. This quarter, we achieved a record Adjusted EBITDA of
2025 Financial Targets
Millicom continues to target 2025 EFCF of around
• IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on November 6, 2025, at 08:00 (New York) / 13:00 (London). Registration for the interactive event is required at the following link.
After registering, you will receive a confirmation email containing details about joining the video conference.
Participants who wish to ask a question during the live event must notify the Investor Relations team via email to investors@millicom.com after the start of the event.
Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 856 1232 5655
US: +1 929 205 6099 Sweden: +46 850 539 728
UK: +44 330 088 5830 Luxembourg: +352 342 080 9265
Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investors website.
For further information, please contact:
| Press: Sofía Corral, Communications Director press@millicom.com | Investors: Luca Pfeifer, VP of Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, highspeed data, voice, and business-to-business solutions such as cloud and security. As of September 30, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
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