MILLICOM INTERNATIONAL CELLULAR (TIGO) Company Report

Analyst Coverage

Research analysts who have asked questions during MILLICOM INTERNATIONAL CELLULAR earnings calls.

Eduardo Nieto Leal

JPMorgan Chase & Co.

4 questions for TIGO

Also covers: TV

Marcelo Santos

JPMorgan Chase & Co.

4 questions for TIGO

Also covers: AFYA, AMX, LAUR +9 more

Gustavo Farias

UBS Group AG

3 questions for TIGO

Also covers: AMX, CINT, TIMB +5 more

Andreas Joelsson

Carnegie Investment Bank

2 questions for TIGO

Also covers: ERIC

Andreas Johnsen

DNB

2 questions for TIGO

Andres Coello

Scotiabank

2 questions for TIGO

Also covers: AMX

Phani Kanumuri

HSBC Holdings plc

2 questions for TIGO

Also covers: DAVA, TIMB, VIV

Stefan Gauffin

DNB ASA

2 questions for TIGO

Andreas

DNB Carnegie

1 question for TIGO

Andres Guayo

Scotiabank

1 question for TIGO

Gustavo Piras

UBS Group AG

1 question for TIGO

Leonardo Olmos

UBS Group AG

1 question for TIGO

Also covers: AMX, CINT, GLOB +4 more

Leonardo Ormos

UBS

1 question for TIGO

Livia De Luca

JPMorgan Chase & Co.

1 question for TIGO

Livia Manzotta

JPMorgan Chase & Co.

1 question for TIGO

Phani Kumar Kanumuri

HSBC

1 question for TIGO

Also covers: AMX, DAVA, TIMB +2 more

Latest news

Recent press releases and 8-K filings for TIGO.

Millicom International Cellular S.A. Announces Q4 and Full-Year 2025 Results, Exceeds EFCF Target, and Details Strategic Transactions

TIGO

Earnings

M&A

Guidance Update

Millicom International Cellular S.A. reported strong financial results for Q4 2025, with revenue of $1.7 billion (up 15.7% year-on-year) and Adjusted EBITDA of $778 million (up 25.9%), contributing to FY 2025 net profit attributable to company owners of $1.3 billion.
The company exceeded its full-year Equity Free Cash Flow (EFCF) target, reaching $916 million for FY 2025, compared to the $750 million target, and ended the year with leverage at 2.31x.
Key strategic milestones in 2025 included the completion of the Lati tower sale for approximately $975 million, which generated a $741 million gain, and a $118.2 million settlement with the DOJ related to TIGO Guatemala's past activities.
Millicom provided 2026 financial targets, aiming for Equity Free Cash Flow of at least $900 million and year-end leverage around 2.5x.
Subsequent to December 31, 2025, the company announced the sale of its Mobile Finance business in Paraguay for a base price of $10 million and completed significant acquisitions in Colombia, including 100% of EPM's remaining shares in Tigo Colombia for approximately $571 million and Telefónica’s 67.5% stake in Coltel for approximately $214 million.

1 day ago

6-K

Millicom International Cellular Reports Strong Q4 and Full-Year 2025 Results, Expands Footprint, and Provides 2026 Guidance

TIGO

Earnings

M&A

Guidance Update

Millicom International Cellular reported strong financial performance for full-year 2025, with Adjusted EBITDA reaching $778 million and Equity Free Cash Flow (EFCF) of $916 million, exceeding guidance. The group's adjusted EBITDA margin stood at a robust 47.1% in Q4 2025.
The company successfully integrated operations in Ecuador and Uruguay, expanding its presence to 11 countries, and further expanded into Chile, its twelfth market, through a joint venture.
Millicom consolidated its Colombian operations by acquiring 100% of Tigo Une and a two-thirds stake in Coltel, with plans to acquire the remaining 33% of Coltel in April 2026. For 2026, the company projects Equity Free Cash Flow of at least $900 million and anticipates leverage to increase temporarily in H1 2026 before returning to around 2.5 by year-end. The company confirmed that cutting dividends is not on the radar.

1 day ago

Transcript

Millicom International Cellular Reports Strong Q4 and Full Year 2025 Results, Expands Footprint

TIGO

Earnings

M&A

Guidance Update

Millicom International Cellular reported strong operational and financial performance for Q4 and full year 2025, with Adjusted EBITDA reaching $778 million and Equity Free Cash Flow (EFCF) of $916 million for the year, exceeding guidance.
The company successfully integrated newly acquired operations in Ecuador and Uruguay, which are now operating as "business as usual" with EBITDA margins above 40%.
Strategic expansion included acquiring a two-thirds stake in Coltel in Colombia and entering Chile through a joint venture with NJJ, acquiring 49% of Telefónica's operations.
For 2026, Millicom projects Equity Free Cash Flow of at least $900 million and expects leverage to temporarily increase in the first half due to acquisitions, aiming to return to around 2.5 by year-end.

1 day ago

Transcript

Millicom International Cellular Reports Strong Q4 and Full-Year 2025 Results, Expands Operations

TIGO

Earnings

M&A

Guidance Update

Millicom International Cellular (TIGO) reported strong financial results for Q4 and full-year 2025, with full-year Adjusted EBITDA reaching $778 million and Equity Free Cash Flow (EFCF) at $916 million (or $864 million excluding tower sales), exceeding guidance.
Q4 2025 service revenues grew 15.9% year-on-year to $1.55 billion, with organic growth of 5.2% excluding newly acquired operations, and Adjusted EBITDA increased 25.9% year-on-year to $778 million, achieving a 47.1% margin.
The company expanded its market presence through strategic M&A, acquiring full ownership of its Colombia operation, a two-thirds stake in Coltel, and a 49% stake in Telefónica's Chilean business via a joint venture.
Integration of Ecuador and Uruguay acquisitions was successful, with margins improving from approximately 30% to over 40%. Leverage is projected to temporarily increase in H1 2026 due to M&A payments but is expected to return to the 2.5 times target by year-end, with no plans to cut dividends.

1 day ago

Transcript

Millicom and NJJ Announce Joint Acquisition of Telefonica's Chilean Operations

TIGO

M&A

New Projects/Investments

Millicom International Cellular S.A. (TIGO) and NJJ have announced the joint acquisition of 100% of Telefonica S.A.'s interest in its Chilean business, structured as a 49%/51% partnership between Millicom and NJJ, respectively. The transaction includes an initial closing payment of $50 million to Telefonica, with potential additional earn-out consideration up to $150 million.
The acquisition is structured to protect Millicom's balance sheet, as the acquired business will not be consolidated in Millicom's financial statements, and its financial obligations are non-recourse to Millicom.
Millicom will operate the business from day one and holds a call option to purchase NJJ's share after the fifth and sixth years post-closing. Telefonica is also required to contribute CLP 79 billion (approximately USD 92 million) at closing to ensure the acquired entity's balance sheet stability.

Feb 10, 2026, 9:34 PM

6-K

Millicom and NJJ Jointly Acquire Telefonica's Chilean Operations

TIGO

M&A

New Projects/Investments

Millicom International Cellular S.A. (Millicom) and NJJ have jointly acquired 100% of Telefonica's interest in its Chilean business through a vehicle owned 51% by NJJ and 49% by Millicom.
The transaction includes an initial closing payment of $50 million to Telefonica, with potential earn-out consideration up to $150 million. Telefonica is also required to contribute CLP 79 billion (approximately USD 92 million) at closing for balance sheet stability.
The acquired business will not be consolidated in Millicom's financial statements, and its financial obligations are non-recourse to Millicom, protecting Millicom's balance sheet.
Millicom will operate the business from day one and holds a call option to purchase NJJ's share after the fifth and sixth years post-closing.

Feb 10, 2026, 2:00 PM

Press Release

Millicom Concludes Tender Offer for Telefónica's Controlling Stake in Coltel

TIGO

M&A

New Projects/Investments

Millicom International Cellular S.A. (TIGO) has successfully concluded a tender offer for Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel).
The acquisition price for Telefónica's controlling stake was USD 214.4 million, with the closing expected on February 6, 2026.
This transaction is intended to strengthen Colombia’s telecommunications sector by creating a financially solid operator, expanding access to advanced digital services, and accelerating the nationwide rollout of fiber and 5G.
Millicom is awaiting Phase 2 of the privatization process to acquire the remaining shares, which is expected around April.

Feb 6, 2026, 1:17 AM

6-K

Millicom Announces Successful Bid for EPM's Stake in UNE

TIGO

M&A

New Projects/Investments

Millicom (Tigo) has successfully bid for 100% of EPM’s remaining shares in UNE EPM Telecommunicaciones S.A. (Tigo Colombia).
The acquisition is valued at approximately COP 2.1 trillion, equivalent to about USD 571 million.
This transaction will consolidate Millicom’s ownership in UNE to nearly 100% and was expected to close on January 29, 2026.
The simplified ownership structure is anticipated to streamline Millicom's operations in Colombia and accelerate strategic integration plans.

Jan 30, 2026, 9:32 PM

6-K

Millicom and Liberty Latin America's Costa Rica Transaction Not Approved

TIGO

M&A

New Projects/Investments

Costa Rica's Board of Telecommunications Superintendency (SUTEL) did not approve the proposed transaction to combine Liberty Latin America and Millicom's operations in Costa Rica.
Both companies disagree with SUTEL's decision, believing the transaction would have enabled greater technology investment and strengthened market competitiveness.
Liberty Latin America and Millicom are currently working together on next steps as per the terms of their combination agreement.

Nov 13, 2025, 2:15 PM

Press Release

Millicom Subsidiary Resolves DOJ Investigation

TIGO

Legal Proceedings

Millicom International Cellular S.A.'s subsidiary, Comunicaciones Celulares S.A. (Comcel), has resolved a U.S. Department of Justice (DOJ) investigation concerning historical improper payments made to Guatemalan government officials.
Under a deferred prosecution agreement (DPA), Comcel will pay a $60 million fine and forfeit $58.2 million in approximate benefits.
The DPA will remain in place for two years and does not require a corporate monitor, reflecting Millicom's extensive cooperation and remediation efforts, and the fine amount represents a 50 percent discount off the applicable penalty range.
The misconduct occurred when Millicom lacked operational control over Comcel, prior to acquiring full ownership in November 2021.