Millicom International Cellular S.A. Earnings Recaps
Q2 2026
Aug 8, 2026
The shares rose 5.8% as Millicom posted better-than-expected organic revenue growth across mobile and home segments, driven by strong postpaid net additions and solid pricing execution. The market applauded the upgraded free cash flow guidance and improved leverage outlook amid successful integration efforts.
Key takeaways
- Service revenue grew 5% organically year-over-year to $2 billion, marking the strongest growth since 2021.
- Mobile service revenue increased 6.9% organically to $1.2 billion, supported by 31% growth in postpaid customers and a high pre-to-post migration rate.
- Adjusted EBITDA reached a record $1 billion with a healthy margin of 46.3%, despite restructuring costs from the Colombian integration.
- Equity free cash flow hit a record $327 million, leading to an upgraded 2026 guidance from $900 million to around $1.1 billion.
- The Board approved an additional interim dividend of $1.50 per share, reflecting confidence in cash generation and balance sheet strength.
Q3 2025
Nov 6, 2025
Millicom reported robust Q3 2025 results, with service revenue growth of 3.5% year-over-year and record adjusted EBITDA margin of 48.9%, underscoring strong operational discipline and strategic advancements.
Key takeaways
- Adjusted EBITDA reached $695 million with an all-time high margin of 48.9%, translating to $243 million in equity free cash flow.
- Organic mobile service revenue growth of 5.5% and successful addition of nearly 250,000 postpaid mobile customers, highlighting strong demand and effective pricing strategies.
- Completed strategic acquisitions in Uruguay and Ecuador, enhancing market presence and earnings quality, while also finalizing infrastructure monetization plans.
- Record operating cash flow in Guatemala of $204 million, reflecting superior operational efficiency and a 20% increase in postpaid customers.
- Net leverage maintained at a comfortable 2.09x, reaffirming commitment to financial stability even with integration of new operations.