Millicom (TIGO) reported Q3 2025 results showing steady operations and stronger profitability. Revenue was $1,420 million versus $1,431 million a year ago, while operating profit rose to $390 million from $300 million. Net profit attributable to owners increased to $195 million from $51 million. Adjusted EBITDA reached a record $695 million, with operating cash flow at $534 million and equity free cash flow at $243 million.
For the nine months, revenue was $4,166 million and net profit totaled $1,096 million, supported by a $742 million gain on the Sale of Lati Operations. Net cash from operating activities was $1,257 million, and cash and cash equivalents were $1,663 million as of September 30, 2025. The company completed acquisitions in Uruguay ($440 million enterprise value) and Ecuador ($380 million) after quarter-end and continues to target 2025 equity free cash flow of around $750 million and year-end leverage below 2.5x.
Millicom (Tigo) completed its USD 380 million acquisition of Telefónica’s telecommunications operations in Ecuador, advancing its South America strategy. The deal adds a new, dollarized market with stable fundamentals and strong demand for digital services.
Management framed the move as reinforcing Millicom’s role as a leading regional connectivity provider, following its recent Telefónica Uruguay acquisition. With Ecuador included, operations now span eleven countries, supporting the company’s focus on digital inclusion and next‑generation networks and services.
As of June 30, 2025, Millicom employed approximately 14,000 people and served 46 million customers, with a fiber‑cable footprint of over 14 million homes passed.
Atlas Investissement and related parties report holding 70,470,018 common shares of Millicom International Cellular S.A., representing 42.2% of the outstanding common shares based on 167,084,562 shares. The Schedule 13D/A (Amendment No. 23) updates prior filings and discloses that on August 20, 2025 Atlas entered into European-style call spread option transactions with third-party financial institutions to obtain economic exposure to Millicom shares.
The call spread transactions initially covered up to 1,111,111 shares per counterparty in multiple tranches and were exercisable in 40 staggered tranches. An amendment on September 2, 2025 extended the initial hedging period from 10 to 20 business days. As of September 18, 2025 the aggregate number of options was adjusted so the final aggregate number of Common Shares covered by the transactions is 1,691,380. The confirmations allow settlement in shares or cash and include strike/cap prices tied to hedging activity.