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Sep 30
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.
Millicom
Millicom
Millicom Revenue by Segment
Millicom Revenue by Geographic Location
Revenue by Segment
Mobile Revenue
CapyFin.comFixed and other Revenue
CapyFin.comEquipment Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
Guatemala Revenue
CapyFin.comColombia Revenue
CapyFin.comPanama Revenue
CapyFin.comParaguay Revenue
CapyFin.comBolivia Revenue
CapyFin.comOther Markets Revenue
CapyFin.com 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.
- Pending regulatory appeal in Costa Rica adds risk to M&A strategy.