Millicom International Cellular S.a. · NASDAQ:TIGO
Millicom International Cellular — Q4 2024 Earnings Presentation
26 slides from Millicom International Cellular's earnings presentation, Feb 27, 2025
Slide 1: Q4 2024 Earnings Presentation
Q4 2024 Earnings Presentation
Slide 2: Safe Harbor
Safe Harbor Cautionary Language Concerning Forward-Looking Statements Statements included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity, growth and prosp
Slide 3: Non-IFRS measures
Non-IFRS measures This presentation contains financial measures not prepared in accordance with IFRS. These measures are referred to as “non-IFRS” measures and include: non-IFRS service revenue, non-IFRS EBITDA, and non-IFRS Capex, among others defined below. Annual growth rates for these non-IFRS m
Slide 4: CEO Remarks
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Slide 5: 2024 Highlights: A Strong Finish to a Transformational Year
2024 Highlights 1 A Strong Finish to a Transformational Year 965k 115k Postpaid Net Adds Home Net Adds2 274k in Q4 $728m 49k in Q4 EFCF (ex disposals) $236m in Q4 30.9% 2.42x OCF Margin Leverage All-time high -0.87x in 2024 1) EFCF, OCF margin and Leverage are non-IFRS measures. EFCF excludes procee
Slide 6: Accelerating Mobile Growth
Accelerating Mobile Growth Postpaid growth continues Prepaid monetization improving Mobile growth accelerating Postpaid mobile customers (millions), YoY growth Organic service revenue growth YoY Organic YoY growth (%) 8.2% 8.2% 8.1 4.6% 7.8 7.5 7.3 7.1 2.4% 2.9% +14% -1.0% 2023 2024 Q4 23 Q1 24 Q2 2
Slide 7: Home Improvement Continues
Home Improvement Continues Strong net additions again in Q4 Home customer base back to growth Home HFC/FTTH customer net additions (thousands) Home HFC/FTTH customers (thousands), YoY growth 3,983 68 3,934 49 3,868 3,866 3,855 11 -13 +3.0% -79 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4
Slide 8: Digital Solutions Driving B2B
Digital Solutions Driving B2B Digital service revenue1 B2B service revenue1 2023-2024 (US$ millions) and FY growth YoY 2023-2024 (US$ millions) and FY growth YoY 943 242 208 902 +16.1% +4.5% +14.5% +3.1% 2023 2024 2023 2024 Reported Organic Reported Organic Infrastructure SME Commercial Fixed-Mobile
Slide 9: Colombia – Profitable Customer Growth
Colombia – Profitable Customer Growth Postpaid mobile growing rapidly… …as Home recovers… …and margins expand Mobile postpaid customers (thousands), YoY growth HFC/FTTH Customer Net Additions (thousands) EBITDA margin1 (%), YoY growth 4.1 47 38.1 40 3.9 3.7 3.6 3.5 -3 32.0 -21 +6.1p.p. +16% -73 Q4 2
Slide 10: Guatemala – Mobile Growth & Efficiencies
Guatemala – Mobile Growth & Efficiencies Postpaid base expanding Mobile revenue solid in H2 Record OCF in 2024 Postpaid customers (thousands), YoY growth Mobile service revenue1 (GTQ billions), YoY growth OCF1 2023-2024 ($ millions) 1.2 2,085 692 1.1 2,055 1.1 624 2,039 2,034 1.0 2,029 1.0 +2.8% +9.
Slide 11: Panama – Profitable Growth in Stable Market
Panama – Profitable Growth in Stable Market Postpaid expansion continues… …driving Mobile service revenue OCF up 31% Postpaid customers (thousands), YoY growth ($ millions), YoY growth ($ millions), YoY growth 439 80 258 79 423 78 399 197 72 360 69 338 +30% +16.8% 31.1% Q4 2023 Q1 2024 Q2 2024 Q3 20
Slide 12: Delivering on our EFCF and Leverage commitments
2024 EFCF and Leverage Evolution Equity Free Cash Flow1 Leverage $ millions Net Debt / EBITDAaL, YoY change 3.29x 728 3.10x 2.77x 2.59x 2.42x -0.87x -18 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 2023 2024 Delivering on our EFCF and Leverage commitments 1) EFCF and Leverage are non-IFRS measures. EFCF excludes p
Slide 13: Strategic Project Update
Strategic Project Update Towers Colombia Costa Rica Lati International sale to Millicom proposed Combination with Liberty SBA Communications acquisition of Coltel Latin America › On track to close mid-2025, › Filed for regulatory approval › Regulatory approval process subject to regulatory approvals
Slide 14: Q4 2024 Financial Review
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Slide 15: Financial Highlights: Equity free cash flow of $728m in FY 2024
Financial Highlights 1 Service Revenue EBITDA EFCF3 Service Revenue ($m) and Q4 growth YoY (%) EBITDA ($m) and Q4 2024 growth YoY (%) EFCF ($m) and Q4 2024 growth YoY ($) 1,375 618 236 1,335 557 -2.9% +11.0% 39 -0.6% +13.4% +$197m Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Reported Organic2 EBITDA margin 3
Slide 16: Q4 2024 Service Revenue by Country
Q4 2024 Service Revenue by Country Service revenue1 ($m), and YoY growth Guatemala (26%2) Colombia (24%) Panama (13%) 339 352 348 190 317 172 +3.8% -8.7% -9.1% +2.3% +0.0% Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 Bolivia3 (12%) Paraguay (10%) Others4 (16%) 151 155 138 136 215 208 +2.5% -1.1% -3.0% +4.7%
Slide 17: Q4 2024 EBITDA by Country
Q4 2024 EBITDA by Country EBITDA1 ($m), and YoY growth Guatemala (33%2) Colombia (19%) Panama (14%) 210 215 129 122 90 75 +2.2% -5.2% +19.9% +0.7% +3.7% Q4 23 Q4 24 Q4 23 Q4 24 Q4 23 Q4 24 53.4% 52.9% 36.0% 37.1% 36.9% 50.0% Bolivia3 (11%) Paraguay (10%) Others4 (14%) 71 66 92 93 51 51 +29.9% +1.5%
Slide 18: Q4 Equity Free Cash Flow and Leverage
Q4 Equity Free Cash Flow and Leverage1 $ millions 618 -230 Net Debt 5,405 5,174 30 2.59x 2.42x Leverage -162 Q3 Q4 -26 -65 -101 23 236 -80 +61 +52 +97 +2 -10 +6 -3 +12 +197 EBITDA Cash Capex Spectrum Working Taxes Paid Finance Lease Honduras EFCF (Ex Paid Capital Charges Payments Repatriation Dispos
Slide 19: 2024 Equity Free Cash Flow and Leverage
2024 Equity Free Cash Flow and Leverage1 $ millions 2,469 -782 Net Debt 5,956 5,174 3.29x 2.42x Leverage -575 FY 23 FY 24 -135 -51 -239 -456 89 777 728 -324 -49 +357 +356 +101 -16 -6 +17 -32 +3 +745 EBITDA Cash Capex Spectrum Working Taxes Paid Finance Lease Honduras EFCF Proceeds EFCF (Ex Paid Capi
Slide 20: 2025 Financial Targets
2025 Financial Targets 1 1 Equity Free Cash Flow around $750 million 2 Leverage below 2.5x at year-end 2025 Initiating quarterly dividend of $0.75 per share Intent to sustain or grow every year (1) The 2025 targets exclude net proceeds and any impact from strategic initiatives, such as the planned d
Slide 21: Appendix
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Slide 22: Group Financial Highlights – FY 2024
Group Financial Highlights – FY 2024 Group Consolidated Financial Statements Selected P&L data Key Observations $ million FY 2024 FY 2023 % Var Revenue 5,804 5,661 2.5% •A Lower costs from efficiency program Equipment, programming and other (1,420) (1,507) 5.8% direct costs A Operating expenses (1,9
Slide 23: Debt Maturity Schedule
Debt Maturity Schedule As of YE24 Average maturity 4.8 Years Average cost of debt 6.2% Comcel $744m 5.125% Cable 31s 29s Telecel Onda $775m $616m $290m $557m 4.500% 6.250% 5.875% 4.500% 32s 28s $450m $360m 7.375% SEK 5.125% 2.25bn SOFR + 3.496%1 23 1) Fully swapped currency
Slide 24: Capital Structure
Capital Structure Debt profile** As of December 31, 2024 Fixed or Swapped Variable 84% 16% Local USD 41% 59% 5Y or more Less than 5Y 48% 52% Latam HQ 59% 41% HQ Bonds OpCos Bonds Banks & Others 55% 22% 23% *El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar
Slide 25: Net Debt by country
1,2 Net Debt by country Honduras Guatemala: (not consolidated): Gross: $1,233m Gross: $364m Net: $1,194m Net: $310m Leverage: 1.49x Nicaragua: Leverage: 1.10x Gross: $0m Net: $(4)m Group: El Salvador: Leverage: -0.04x Gross: $5,815m Gross: $71m Net: $5,174m Net: $55m Leverage: 0.31x Colombia: Levera
Slide 26: Millicom Tigo – The Digital Lifestyle
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