Millicom delivered solid Q3 2025 results, highlighted by record Adjusted EBITDA of $695 million and a net income of $195 million, supported by proceeds from infrastructure transactions.

Millicom reported Q2 2025 revenue of $1.372 billion, net income of $676 million including $590 million from infrastructure transactions, adjusted EBITDA of $641 million (46.7% margin), and equity free cash flow of $218 million, with net leverage down to 2.18x.

Millicom posted revenue of $1.43 billion in Q4 2024, a 3.2% year-over-year decline due to lower B2B sales in Panama. However, operating profit surged 63.4% to $373 million, driven by efficiency gains. Net income improved to $31 million from a $63 million loss in Q4 2023. Free cash flow jumped to $213 million, reflecting disciplined capital spending and lower spectrum payments.