Millicom (Tigo) Q4 2025 Earnings Release

Rhea-AI Summary

Millicom (NASDAQ:TIGO) reported Q4 2025 revenue of $1.65 billion (15.7% reported, 4.7% organic) and Adjusted EBITDA of $778 million. FY 2025 results include revenue of $5.82 billion, operating profit of $1.64 billion (+22.2% YoY) and EFCF of $916 million, ahead of a $750 million target. Net profit to owners was $1.32 billion, including ≈$727 million from infrastructure transactions. Leverage stood at 2.31x. Recent strategic closings include the Lati tower sale (~$975 million) and acquisitions in Colombia, Chile and Coltel.

Positive

• Adjusted EBITDA +11.4% FY to $2.749 billion
• Operating profit +22.2% YoY to $1.639 billion
• Equity free cash flow $916 million, above $750 million target
• Completed Lati tower sale for approximately $975 million

Negative

• FY organic revenue growth modest at 2.0% year-on-year
• Net profit included approximately $727 million one-time infrastructure gains
• Contingent earn-outs up to $150 million for Telefónica Chile acquisition

Key Figures

Q4 2025 Revenue: $1,652M Q4 Adjusted EBITDA: $778M Q4 Net Profit: $252M +5 more

8 metrics

Q4 2025 Revenue $1,652M Q4 2025 revenue, up 15.7% reported and 4.7% organically vs Q4 2024

Q4 Adjusted EBITDA $778M Q4 2025 Adjusted EBITDA, up 25.9% year-on-year; includes $45M from acquisitions

Q4 Net Profit $252M Q4 2025 net profit attributable to company owners vs $31M in Q4 2024

Q4 EFCF $278M Q4 2025 equity free cash flow vs $236M a year earlier

FY 2025 Revenue $5,819M FY 2025 revenue, up 0.2% reported and 2.0% organically vs FY 2024

FY 2025 Adjusted EBITDA $2,749M FY 2025 Adjusted EBITDA, up 11.4% year-on-year; includes $45M from Uruguay/Ecuador

FY 2025 EFCF $916M FY 2025 equity free cash flow, ahead of $750M full-year target

Leverage 2.31x Leverage including Uruguay and Ecuador profitability since acquisition, below 2.5x target

Market Reality Check

Price: $66.57 Vol: Volume 1,039,953 vs 20-da...

normal vol

$66.57 Last Close

Volume Volume 1,039,953 vs 20-day average 1,238,837 (relative volume 0.84). Trading activity was below recent norms ahead of the release. normal

Technical Price $66.57 is above the 200-day MA $47.79, reflecting a pre-news uptrend and recovery well off 52-week lows.

Peers on Argus

TIGO fell 2.73% while key telecom peers showed mixed, mostly modest moves (e.g.,...

TIGO fell 2.73% while key telecom peers showed mixed, mostly modest moves (e.g., LBRDK -2.29%, LBRDA -2.6%, KT +0.37%). Pre-news action appears more stock-specific than a broad sector rotation.

Previous Earnings Reports

5 past events · Latest: Feb 13 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 13	Results notice	Neutral	-0.0%	Announcement of Q4 2025 results date and investor video conference logistics.
Nov 06	Q3 2025 earnings	Positive	+3.8%	Q3 2025 revenue, record Adjusted EBITDA and strong EFCF with lower leverage.
Oct 16	Results notice	Neutral	-0.7%	Scheduling and access details for the upcoming Q3 2025 results conference.
Aug 07	Q2 2025 earnings	Positive	+7.6%	Q2 2025 record Adjusted EBITDA, large infrastructure gains and strong EFCF.
Jul 17	Results notice	Neutral	-1.7%	Announcement of Q2 2025 results release date and investor video conference.

Pattern Detected

Earnings-related headlines have generally seen modest positive price alignment, especially on strong quarterly results supported by infrastructure transactions and deleveraging.

Recent Company History

Across the last five earnings-tagged events, Millicom combined solid operating trends with balance sheet actions. Q2 and Q3 2025 earnings showed record Adjusted EBITDA and strong equity free cash flow, supported by infrastructure disposals and leverage reduction below 2.5x. Notice-style releases about upcoming results typically produced minimal price moves. Today’s Q4/FY 2025 release extends that narrative of improving profitability, robust cash generation, and continued emphasis on capital structure and regional expansion.

Historical Comparison

+1.8% avg move · In the past year, 5 earnings-related headlines saw an average move of 1.8%, with strong Q2 and Q3 20...

earnings

+1.8%

Average Historical Move earnings

In the past year, 5 earnings-related headlines saw an average move of 1.8%, with strong Q2 and Q3 2025 results drawing the largest positive reactions.

Earnings flow shows progression from strong Q2 and Q3 2025 EBITDA and EFCF, backed by infrastructure transactions and leverage reduction, into today’s record Q4 and FY 2025 figures.

Market Pulse Summary

This announcement details Millicom’s strongest year to date, with Q4 2025 revenue of $1,652M, record...

Analysis

This announcement details Millicom’s strongest year to date, with Q4 2025 revenue of $1,652M, record Adjusted EBITDA of $778M, and equity free cash flow of $278M. For FY 2025, revenue reached $5,819M and EFCF $916M, above the $750M target, while leverage stood at 2.31x. Investors may focus on how continued infrastructure transactions, regional acquisitions, and the $900M+ 2026 EFCF target balance growth, integration, and capital structure discipline.

Key Terms

ias 34, adjusted ebitda, earn-out, right-of-use assets, +3 more

7 terms

ias 34 regulatory

"links to the Q4 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements."

IAS 34 is an international accounting standard that requires companies to prepare interim financial reports—shorter updates like quarterly or half‑year statements—showing condensed but reliable information on profit, assets and cash flow between annual reports. It matters to investors because these regular snapshots make it easier to spot trends, risks or improvements sooner than waiting for a full-year report, much like checking a progress report between school terms to track performance and momentum.

adjusted ebitda financial

"Operating profit $469 million, and Adjusted EBITDA of $778 million, which includes $45 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

earn-out financial

"for a base price of $10 million (and a potential $7 million earn-out, contingent of SPA's conditions)."

An earn-out is a deal feature in mergers and acquisitions where part of the purchase price is paid later only if the acquired business meets specific future targets, such as revenue or profit goals. It matters to investors because it shares risk between buyer and seller—similar to paying for a used car only if it reaches promised mileage—affecting projected cash flows, valuation assumptions, and the likelihood of future payouts.

right-of-use assets financial

"term and is for a total annual amount of approximately $13 million (resulting in the recognition of right-of-use assets and lease liabilities for $119 million)."

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

lease liabilities financial

"recognition of right-of-use assets and lease liabilities for $119 million). Concurrently, the termination"

Lease liabilities are the recorded obligations a company has to make future payments for assets it uses under lease contracts, treated on the balance sheet much like a loan for rented equipment or property. Investors care because these liabilities increase a firm’s reported debt and affect measures of leverage, cash requirements and credit risk, so recognizing them gives a clearer picture of financial strength and the company’s ability to meet obligations.

share purchase agreement regulatory

"Tigo Paraguay signed a Share Purchase Agreement ("SPA") to sell its Mobile Finance business"

A share purchase agreement is a written contract that outlines the terms and conditions for buying and selling shares of a company. It specifies details like the price, number of shares, and any special conditions, ensuring both buyer and seller agree on the transaction. For investors, it provides clarity and legal protection, making sure the purchase is clear and enforceable.

call option financial

"under a Call Option Agreement signed at closing, Millicom has two 30‑day windows following"

A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time period. Think of it as a refundable reservation to buy an item later at today’s price: you pay a fee up front and can profit if the stock rises, while your downside is limited to that fee; investors use calls to gain leverage, speculate on upside, or hedge positions without owning the shares.

AI-generated analysis. Not financial advice.

 

Millicom (Tigo) Q4 2025 Earnings Release

Luxembourg, February 26, 2026 – Millicom pleased to announce its fourth quarter 2025 results. Please find below links to the Q4 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Q4 2025 Highlights*

• Revenue $1.7 billion, up 4.7% year-on-year organically and 15.7% as reported
• Operating profit $469 million, and Adjusted EBITDA of $778 million, which includes $45 million from acquisitions
• Net profit attributable to company owners $252 million
• Equity free cash flow $278 million
• Leverage stood at 2.31x including Uruguay and Ecuador profitability since acquisition

FY 2025 Highlights*

• Revenue 5.8 billion, up 2.0% (organically) year-on-year
• Operating Profit increased 22.2% year-on-year to $1.6 billion, and Adjusted EBITDA of $2.7 billion, up 11.4% year-on-year, which includes a $45 million contribution from Uruguay and Ecuador
• Net profit attributable to company owners $1.3 billion, including approximately $727 million net profit from the closure of infrastructure transactions
• Equity free cash flow of $916 million, benefiting from net effects of the infrastructure transactions, ahead of $750 million FY target

Financial highlights ($ millions)	Q4 2025	Q4 2024	Change %	Organic % Change	FY 2025	FY 2024	Change %	Organic % Change
Revenue	1,652	1,428	15.7%	4.7%	5,819	5,804	0.2%	2.0%
Operating Profit	469	373	25.7%		1,639	1,342	22.2%
Net Profit attributable to company owners	252	31	NM		1,316	253	NM
Non-IFRS measures (*)
Service Revenue	1,547	1,335	15.9%	5.2%	5,451	5,417	0.6%	2.8%
Adjusted EBITDA	778	618	25.9%	18.0%	2,749	2,469	11.4%	14.4%
Capex	272	264	3.2%		720	677	6.2%
Operating Cash Flow (OCF)	506	354	42.8%		2,030	1,791	13.3%
Equity free cash flow (EFCF)	278	236	17.9%		916	777	17.9%

                                                                                                                 *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 fourth quarter marked another record‑setting period for Millicom and a powerful close to what has been the strongest year in our company’s history. Our strategy delivered accelerating topline momentum, with service revenue growing organically 5.2% year‑on‑year to reach an all‑time high of $1.5 billion. This performance reflects our continued disciplined execution of our commercial strategy, particularly the ongoing migration from prepaid to postpaid and our focus on driving fixed‑mobile convergence as well as the successful integration of our expanded footprint in Ecuador and Uruguay. Our operational excellence also translated into exceptional profitability. Through rigorous cost discipline and industry‑leading efficiency, we delivered our highest‑ever quarterly Adjusted EBITDA of $778 million and a record EFCF of $278 million.

These achievements capped off a landmark year for Millicom. In 2025, we generated $916 million in EFCF, surpassing our full‑year target, while maintaining leverage below 2.5x, even after the perimeter expansions in Uruguay and Ecuador. Just as importantly, we executed several major strategic milestones that further strengthened the company. We completed the Lati tower sale, for a total consideration of approximately $975 million, reached a settlement with the DOJ, and advanced a number of other legacy cleanup efforts, all of which position Millicom for greater agility and clarity moving forward.

As we look ahead, Millicom enters 2026 in its strongest position yet, both operationally and financially. Our balance sheet is more robust, our commercial strategy is delivering consistent results, and our regional footprint is generating increasing opportunities for scale and innovation. With this foundation, we have built exceptional momentum and are ready to embark on another transformative year for Millicom."  

2026 Financial Targets

Millicom targets 2026 EFCF of at least $900 million and year-end leverage around 2.5x. These targets include restructuring costs of all acquired businesses.

Subsequent Events

On January 5, 2026, Tigo Paraguay signed a Share Purchase Agreement ("SPA") to sell its Mobile Finance business in Paraguay (Mobile Cash Paraguay S.A. and Transcom S.A.) for a base price of $10 million (and a potential $7 million earn-out, contingent of SPA's conditions). The transaction is subject to approval by the Central Bank of Paraguay and Conacom.

Following the closings with SBA, Tigo Guatemala signed an MLA amendment for the use of ground space on January 22, 2026. This amendment has a 15-year term and is for a total annual amount of approximately $13 million (resulting in the recognition of right-of-use assets and lease liabilities for $119 million). Concurrently, the termination of prior lease agreements resulted in a decrease the right-of-use assets by $68 million and lease liabilities by $74 million.

On January 27, 2026, Millicom was awarded 100% of the EPM's remaining shares in UNE EPM Telecommunicaciones S.A. (“UNE” or “Tigo Colombia”), following a winning bid in the public auction conducted by Empresas Públicas de Medellín E.S.P. ("EPM"). Millicom offered COP 418,741 per share, representing a total consideration of COP 2.1 trillion, (approximately $571 million). The transaction closed on January 29, 2026.

On February 6, 2026, Millicom closed the acquisition of Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (“Coltel”) in a tender offer that was conducted in accordance with the terms publicly disclosed, with a price of approximately $214 million for Telefónica’s controlling 67.5% equity stake in Coltel.

On February 10, 2026, Millicom, through a jointly controlled vehicle, Celtel Chile, S.L. (owned by Millicom Spain, S.L. at 49% and NJJ Cactus SAS at 51%), completed the acquisition of 100% of the shares of Telefónica Móviles Chile S.A., pursuant to a Share Purchase Agreement (SPA) executed at the same date. The closing consideration was $50 million paid in cash. The SPA also provides for contingent consideration in the form of earn-outs up to $150 million, determined by formulas and procedures set out in the SPA, without recourse to Millicom.

In addition, under a Call Option Agreement signed at closing, Millicom has two 30‑day windows following the fifth and sixth anniversaries of closing to acquire NJJ’s entire interest in Celtel Chile, S.L. at a price determined under the agreement’s valuation formulas; if Millicom does not exercise, NJJ obtains a subsequent 60‑day option to acquire Millicom’s interest using the same pricing methodology.

On February 18, 2026 Tigo Guatemala executed a variable five-year term bank credit facilities with Banco GYT Continental for an amount of GTQ400 million (approximately $52 million).

• Q4 2025 Earnings Release
• IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on February 26, 2026, at 08:00 (New York) / 14:00 (Luxembourg) / 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: 869 1177 5553  
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. 

-END-

For further information, please contact

Press: Sofía Corral, Director Corporate Communications press@millicom.com

Investors: Luca Pfeifer, VP for 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 December 31, 2025, Millicom, including its Honduras Joint Venture, employed approximately 15,000 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.

 

Attachments

• Millicom - Earnings Release - Q4 2025
• Millicom - IAS34 - Q4 2025

FAQ

What were Millicom (TIGO) Q4 2025 revenue and Adjusted EBITDA figures?

Q4 2025 revenue was $1.65 billion and Adjusted EBITDA was $778 million. According to the company, revenue rose 15.7% reported and 4.7% organically, while Adjusted EBITDA benefited from a $45 million acquisition contribution.

How did Millicom (TIGO) perform for full-year 2025 on cash flow and targets?

Millicom reported $916 million equity free cash flow for FY 2025, exceeding its $750 million target. According to the company, this benefited from net effects of infrastructure transactions and helped maintain leverage below 2.5x.

What drove Millicom (TIGO) FY 2025 net profit of $1.316 billion?

FY 2025 net profit included approximately $727 million from the closure of infrastructure transactions. According to the company, these one-time gains materially increased reported net profit to company owners.

What acquisitions and disposals did Millicom (TIGO) complete around Q4 2025?

Millicom closed multiple deals including UNE (Colombia), Coltel, and Telefónica Chile, and sold Lati towers for ≈$975 million. According to the company, several transactions closed in January–February 2026.

What is Millicom's (TIGO) 2026 financial guidance for leverage and cash flow?

Millicom targets 2026 equity free cash flow of at least $900 million and year-end leverage around 2.5x. According to the company, targets include restructuring costs of acquired businesses.

Are there contingent liabilities linked to Millicom's (TIGO) Chile acquisition?

Yes. The Telefónica Chile SPA includes contingent earn-outs up to $150 million. According to the company, earn-outs are formula-based and without recourse to Millicom.