Millicom International Cellular S.A. Earnings Recaps
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.