Millicom International Cellular (TIGO) Q2 2025 earnings summary

Executive summary

• Net profit surged to $869 million for H1 2025, driven by $604 million in asset sale gains and cost reductions, with Q2 net profit at $676 million including $590 million from infrastructure transactions.

• Achieved strong operational execution, commercial momentum, and strategic acceleration, including major M&A milestones and a special interim dividend of $2.5 per share.

• Added nearly 250,000 net postpaid customers and 41,000 home customers, with significant improvements in commercial traction and efficiency.

• Revenue declined 5.9% year-over-year in Q2 2025 to $1.28–$1.37 billion, mainly due to FX headwinds, but organic service revenue grew 1.9–2.4%.

• Board approved a new shareholder remuneration policy, resuming regular and special dividends.

Financial highlights

• Adjusted EBITDA reached $641 million in Q2 2025, up 1.1% year-over-year (9.3% organic), with a record margin of 46.7%.

• Equity free cash flow for Q2 was $218 million, with H1 EFCF at $395 million, $126 million ahead of last year.

• Net income for H1 2025 was $869 million, with EPS up to $5.17 from $0.99 year-over-year.

• Operating profit rose to $780 million for H1 2025, up from $669 million year-over-year.

• CapEx for Q2 was $155–$201 million, including prepayments for future years.

Outlook and guidance

• 2025 EFCF target remains at $750 million, with year-end leverage expected below 2.5x.

• CapEx guidance for 2025 and coming years is $650–$700 million, or 11–12% of revenues.

• Interim dividend of $2.50 per share to be paid in two installments, totaling $423 million.

• Guidance excludes proceeds from inorganic initiatives such as asset sales.

• Full-year run-rate savings from 2024 efficiency measures expected to support targets.