Millicom (Tigo) Q2 2025 Earnings Release
Luxembourg, August 7, 2025 – Millicom is pleased to announce its second quarter 2025 results. Please find below links to the Q2 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q2 2025 Highlights*
- Revenue $1.37 billion
- Operating profit $357 million, and record Adjusted EBITDA $641 million
- Net profit $676 million, including approximately $590 million net profit from infrastructure transactions
- Equity free cash flow $218 million
- Leverage of 2.18x, benefiting from one-time cash proceeds of $542 million from infrastructure transactions
| Financial highlights ($ millions) | Q2 2025 | Q2 2024 | Change % | Organic % Change | H1 2025 | H1 2024 | Change % | Organic % Change |
| Revenue | 1,372 | 1,458 | (5.9)% | 1.9% | 2,746 | 2,945 | (6.8)% | 0.2% |
| Operating Profit | 357 | 345 | 3.4% | | 780 | 669 | 16.7% | |
| Net Profit | 676 | 78 | NM | | 869 | 170 | NM | |
| Non-IFRS measures (*) | | | | | | | | |
| Service Revenue | 1,282 | 1,362 | (5.9)% | 2.4% | 2,567 | 2,738 | (6.3)% | 1.2% |
| Adjusted EBITDA | 641 | 634 | 1.1% | 9.3% | 1,277 | 1,266 | 0.9% | 8.1% |
| Capex | 155 | 134 | 15.1% | | 286 | 247 | 15.8% | |
| Operating Cash Flow (OCF) | 487 | 500 | (2.6)% | | 990 | 1,018 | (2.8)% | |
| Equity free cash flow (EFCF) | 218 | 268 | (18.8)% | | 395 | 269 | 46.7% | |
*See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.
Millicom Chief Executive Officer Marcelo Benitez commented:
"The second quarter was marked by strong and deliberate execution of our strategy. We signed an agreement to acquire Telefónica's operations in Uruguay and Ecuador, and we completed the partial closing of our infrastructure transaction with SBA, which unlocked over $500 million in proceeds and supported our recently announced interim dividend of $2.50 per share. To mark these strategic milestones, we proudly rang the Nasdaq opening bell - a symbolic moment that reflects our strengthened presence in Latin America and our long-term commitment to creating value for shareholders. At the same time, our core business continued to perform. We delivered record adjusted EBITDA margin of 46.7%, with almost half of our operations above 50%. Our equity free cash flow was strong at $218 million - well aligned with our full-year-target of around $750 million."
2025 Financial Targets
Millicom continues to target 2025 EFCF of around $750 million and year-end leverage below 2.5x. These targets reflect full year run-rate savings expected from efficiency measures implemented during 2024 and lower expected restructuring costs in 2025, partially offset by the impact of weaker projected foreign exchange rates and potential legal settlements. The targets exclude the impact of inorganic initiatives, such as proceeds related to the sale of Lati International and other assets.
Subsequent Events
On August 6, 2025, Millicom's Board approved a special interim dividend of $2.50 per share. The interim dividend will be distributed in two equal installments of $1.25 per share on October 15, 2025 and April 15, 2026, together with the regular dividend of $0.75 per share on those dates.
• Q2 2025 Earnings Release
• IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on August 7, 2025, at 14:00 pm (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 who wish to ask a question during the live event must notify the Investor Relations team via email to [email protected] 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: 881 2359 5258
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 [email protected] | Investors: [email protected] |
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 June 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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