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Sep 30, 2025
Millicom Q3 2025 Earnings Report
Millicom reported a strong quarter with record Adjusted EBITDA and significant gains from infrastructure deals.
Key Takeaways
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.
Adjusted EBITDA reached a record $695 million in Q3 2025.
Net income was $195 million, including $138 million from infrastructure transactions.
Revenue declined slightly to $1.42 billion due to FX impact despite 3.5% organic growth.
Equity Free Cash Flow totaled $243 million for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Millicom reaffirmed its 2025 targets, expecting $750 million in equity free cash flow and leverage below 2.5x by year-end.
Positive Outlook
- Targeting $750 million equity free cash flow for 2025.
- Expected leverage below 2.5x by year-end.
- Full-year savings expected from 2024 efficiency programs.
- Lower expected restructuring costs in 2025.
- Proceeds from inorganic transactions excluded from guidance, allowing upside.
Challenges Ahead
- Weaker projected foreign exchange rates expected to impact results.
- Legal settlements could offset some gains.
- Excludes future proceeds from ongoing asset sales.
- Macroeconomic conditions remain uncertain in key markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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