TIGO announced its fourth‑quarter 2025 results on February 26, 2026, reporting revenue of $1.55 billion and earnings per share of $1.50, a $0.45 beat over the consensus estimate of $1.05. The company’s adjusted earnings per share also surpassed expectations, underscoring a robust bottom line despite a modest decline in overall revenue compared to the $1.56 billion forecast.
Revenue growth was driven by a 15.9% year‑over‑year increase in service revenue, which rose to $1.55 billion. Organic service revenue grew 5.2% year‑over‑year to $1.50 billion, reflecting continued demand for mobile and fixed‑mobile convergence and digital services across key markets such as Colombia and Guatemala. The mix shift toward higher‑margin post‑paid and digital offerings helped offset headwinds in legacy prepaid segments.
Adjusted EBITDA reached $778 million, giving the company a 47.1% margin—up from 45.8% in the prior quarter. The margin expansion was largely attributable to cost discipline and operational leverage, as the company integrated acquisitions in Ecuador and Uruguay while maintaining pricing power in its core markets. Equity free cash flow hit $278 million, a record for the quarter and a key driver of the company’s strong cash‑generation profile.
For fiscal 2026, TIGO guided revenue to $6.65 billion and set a target of at least $900 million in equity free cash flow. The guidance reflects management’s confidence in sustained demand for its digital services and the continued integration of recent acquisitions. The company also reiterated its commitment to maintaining leverage below 2.5x, reinforcing its financial discipline amid expansion.
CEO Mauricio Ramos said, "Our strong performance in Q4 2025 underscores our commitment to operational excellence and strategic growth. The successful integration of our acquisitions positions us well for continued success in 2026." CEO Marcelo Benitez added, "The fourth quarter marked another record‑setting period for Millicom and a powerful close to what has been the strongest year in our company’s history. Our strategy delivered accelerating topline momentum, with service revenue growing organically 5.2% year‑on‑year to reach an all‑time high of $1.5 billion. This performance reflects our continued disciplined execution of our commercial strategy, particularly the ongoing migration from prepaid to postpaid and our focus on driving fixed‑mobile convergence as well as the successful integration of our expanded footprint in Ecuador and Uruguay."
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