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Dec 31, 2025
Millicom Q4 2025 Earnings Report
Millicom delivered double-digit revenue and EBITDA growth in the fourth quarter, with strong profitability and cash flow expansion.
Key Takeaways
In Q4 2025, Millicom reported revenue of 1652000000, up 15.7% year-over-year, with operating profit of 469000000 and net income attributable to owners of 252000000. Adjusted EBITDA reached 778000000 and equity free cash flow totaled 278000000, while leverage ended the quarter at 2.31x.
Revenue increased 15.7% year-over-year to 1652000000.
Adjusted EBITDA rose 25.9% to 778000000 with margin expansion.
Net income attributable to owners was 252000000 with EPS of 1.51.
Equity free cash flow grew to 278000000 and leverage stood at 2.31x.
Revenue by Segment
Forward Guidance
For 2026, Millicom targets equity free cash flow of at least 900000000 and year-end leverage around 2.5x, including restructuring costs of acquired businesses.
Positive Outlook
- Equity free cash flow target of at least 900000000 for 2026.
- Year-end leverage expected around 2.5x.
- Momentum from perimeter expansion in Ecuador and Uruguay.
- Continued efficiency program supporting profitability.
- Strong operating cash flow trajectory exiting 2025.
Challenges Ahead
- Leverage increased to 2.31x from 2.09x in the prior quarter.
- Exposure to foreign exchange volatility, particularly Bolivia.
- Higher lease payments following infrastructure transactions.
- Increased tax payments compared to prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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