Millicom Posts Record Q4 2025 Earnings, Expands Footprint with Strategic Acquisitions — Millicom International Cellular S.A.

Event summary

Millicom reported Q4 2025 revenue of $1.7 billion, up 4.7% organically and 15.7% as reported, with Adjusted EBITDA of $778 million.
Full-year 2025 revenue reached $5.8 billion, with operating profit increasing 22.2% year-on-year to $1.6 billion.
Millicom completed several strategic acquisitions in early 2026, including Telefónica’s stake in Coltel for $214 million and UNE EPM’s remaining shares for $571 million.
Equity free cash flow for 2025 was $916 million, surpassing the $750 million target, with leverage standing at 2.31x.
Millicom targets 2026 EFCF of at least $900 million and year-end leverage around 2.5x.

The big picture

Millicom's strong Q4 2025 results and strategic acquisitions underscore its aggressive expansion in Latin America's telecommunications sector. The company's focus on fixed-mobile convergence and operational efficiency positions it well to capitalize on the region's growing demand for digital services. However, integrating multiple acquisitions and maintaining financial discipline will be critical to sustaining its momentum.

What we're watching

Integration Success: How Millicom will integrate its recent acquisitions, particularly in Colombia and Chile, to drive operational efficiency and revenue growth.
Market Expansion: Whether Millicom can sustain its growth momentum in Latin America through its expanded footprint and fixed-mobile convergence strategy.
Financial Discipline: The pace at which Millicom can maintain its leverage below 2.5x while pursuing further strategic investments and restructuring costs.