Millicom (Tigo) Q4 2024 Earnings Release
Rhea-AI Summary
Millicom (Tigo) reported strong Q4 2024 and full-year financial results. Q4 revenue reached $1.43 billion with operating profit of $373 million and EBITDA of $618 million. The quarter saw 274,000 Postpaid Mobile and 49,000 Home FTTH/HFC net additions.
Full-year 2024 performance showed revenue of $5.80 billion, up 2.5% year-on-year, with operating profit increasing 62.5% to $1.34 billion. Net income reached $253 million ($1.47 per share), while EBITDA grew 16.9% to $2.47 billion. The company achieved 965,000 Postpaid Mobile and 115,000 Home FTTH/HFC net additions for the year.
Year-end leverage improved to 2.42x, with equity free cash flow of $777 million ($728 million excluding disposals). For 2025, Millicom targets EFCF of around $750 million, reflecting efficiency savings and considering foreign exchange impacts.
Positive
- Revenue up 2.5% YoY to $5.80B
- Operating profit surge of 62.5% to $1.34B
- EBITDA growth of 16.9% to $2.47B
- Strong net income of $253M ($1.47 per share)
- Improved leverage ratio to 2.42x
- Robust equity free cash flow of $777M
- Board reinstated shareholder remuneration
- Strong subscriber growth with 965,000 Postpaid Mobile additions
Negative
- Projected weaker foreign exchange rates for 2025
- Risk of adverse legal rulings noted in guidance
- Lower expected EFCF target for 2025 ($750M vs $777M in 2024)
News Market Reaction – TIGO
In the trading session that priced this news, TIGO declined 2.55%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Millicom (Tigo) Q4 2024 Earnings Release
Luxembourg, February 27, 2025 – Millicom is pleased to announce its fourth quarter 2024 results. Please find below links to the Q4 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q4 Highlights*
- Revenue
$1.43 billion
- Operating profit
$373 million , and EBITDA$618 million
- Net income of
$31 million
- Equity free cash flow
$236 million , leading to year-end leverage of 2.42x
- Robust commercial activity continued in Q4: 274,000 Postpaid Mobile and 49,000 Home FTTH/HFC net additions
Full Year Highlights*
- Revenue
$5.80 billion , up2.5% year-on-year
- Operating profit
$1.34 , up62.5%
- Net income of
$253 million or$1.47 per share
- EBITDA
$2.47 billion up16.9% (15.8% organically)
- Equity free cash flow
$777 million ($728 million excluding disposals) - 965,000 Postpaid Mobile and 115,000 Home FTTH/HFC net additions
| Financial highlights ($ millions) | Q4 2024 | Q4 2023 | Change % | Organic % Change | FY 2024 | FY 2023 | Change % | Organic % Change |
| Revenue | 1,428 | 1,475 | (3.2)% | (1.0)% | 5,804 | 5,661 | | |
| Operating Profit | 373 | 228 | | 1,342 | 826 | | ||
| Net Profit / (Loss) | 31 | (63) | NM | 253 | (82) | NM | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 1,335 | 1,375 | (2.9)% | (0.6)% | 5,417 | 5,250 | | |
| EBITDA | 618 | 557 | | | 2,469 | 2,111 | | |
| Capex | 264 | 262 | | 677 | 809 | (16.3)% | ||
| Operating Cash Flow (OCF) | 354 | 294 | | | 1,791 | 1,302 | | |
| Equity free cash flow (EFCF)** | 236 | 39 | NM | 728 | (18) | NM |
*See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures. ** EFCF excluding disposals.
Millicom Chief Executive Officer Marcelo Benitez commented:
"In 2024, we successfully completed our restructuring program, and strengthened the company’s financial position so we can continue to focus on our purpose: building digital highways, connecting people, and developing our communities. Our strong financial results, lower leverage, and improved outlook led the Board to reinstate shareholder remuneration. I want to express my profound gratitude to the exceptional Tigo teams who enabled this unique transformation.
Although this year marks the end of an intensive restructuring program, our work continues. We remain fully committed to driving greater efficiency and accelerating revenue growth. As we look ahead to 2025, our key priorities include generating sustainably around
2025 Financial Targets
Millicom targets EFCF of around
• IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on February 27, 2025, at 14:00 (Stockholm) / 13:00 (London) / 08:00 (Miami).
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 may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 834 3825 4041:
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: Michel Morin, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide 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, high-speed data, voice, and business-to-business solutions such as cloud and security. As of December 31, 2024, 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.
Regulatory Statement
This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on February 27, 2025.
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