Millicom International Cellular S.a. · NASDAQ:TIGO
Millicom International Cellular — Q2 2025 Earnings Presentation
25 slides from Millicom International Cellular's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 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: service revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Capex and Equity Free Cash Flow, among others defined below. Annual growt
Slide 4: CEO Remarks
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Slide 5: Q2 2025 Highlights
Q2 2025 Highlights 1 Strong commercial momentum, Cash Flow and Profitability Growth 247K 41k Postpaid Net Adds Home Net Adds2 178k in Q2-2024 $218m 11k in Q2-2024 QTD EFCF Up YTD $126m YoY 46.7% 2.18x Adj. EBITDA Margin Leverage 43.5% in Q2-2024 (+3.2p.p) 2.43x proforma ex Lati 1EFCF, Adjusted EBITD
Slide 6: Mobile
Mobile Postpaid Customer Growth Mobile Service Revenue1 Growth Postpaid mobile customers (millions), YoY growth Organic YoY growth1 (%) 8.6 4.7% 4.6% 8.4 4.2% 4.2% 8.1 7.8 3.1% 7.5 +14% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Network Channel Pre-to-Post Fixed-Mobile Investment Pr
Slide 7: Home
Home Home Customer Base Home Service Revenue1 Home HFC/FTTH customers (thousands), YoY growth YoY organic growth1 4,086 4,045 3,983 3,934 3,866 -1.4% +5.7% -2.8% -4.4% -4.9% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -6.1% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Network Speed Channel Fixed-Mobile Investment Upgrades Produ
Slide 8: Digital Service Revenue and B2B Service Revenue
B2B Digital Service Revenue1 B2B Service Revenue1 Q2 2023-Q2 2025 (Constant Currency millions) and CAGR Q2 2023-Q2 2025 (Constant Currency millions) and CAGR 220 228 54 56 208 42 +15.9% +4.7% CAGR CAGR Q2 23 Q2 24 Q2 25 Q2 23 Q2 24 Q2 25 Infrastructure Digital Channel SME Investment Services Focus P
Slide 9: Colombia
Colombia Postpaid Mobile Home Service Revenue1 Growth Adjusted EBITDA Margin1 Mobile postpaid customers (millions), YoY growth HFC/FTTH Customers (thousands), YoY growth Organic service revenue growth1 (%) Adjusted EBITDA margin1 (%) 4.3 1,603 4.9% 39.5% 39.5% 1,434 3.7 +15% +12% +4.7p.p. 0.2% Q2 24
Slide 10: Guatemala
Guatemala Postpaid Customer Base Mobile Revenue OCF1 Postpaid customers (millions), YoY growth Mobile service revenue1 (GTQ billions), YoY growth OCF1 ($ millions), YoY growth 1.30 2,115 190 191 1.24 1.19 2,085 177 175 1.14 2,069 2,055 168 1.08 2,034 +4.0% +20% +5.2% +8.0% Q2 24 Q3 24 Q4 24 Q1 25 Q2
Slide 11: Panama
Panama Postpaid Customer Base Mobile Service Revenue1 Adjusted EBITDA Margin1 Postpaid customers (thousands), YoY growth Mobile service revenue1 ($ millions), YoY growth Adjusted EBITDA margin1 476 81 51.2% 51.7% 460 80 80 50.0% 439 79 78 47.8% 47.4% 423 399 +19% +3.9% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
Slide 12: Strategic Project Update
Strategic Project Update Towers Costa Rica Uruguay & Ecuador Infrastructure sale Combination with Liberty Expanding presence in Latin America South America › Closed Paraguay with Atis Group in Q2 2025 › Regulatory approval process › Regulatory approval process › Partial closing with SBA executed ong
Slide 13: Q2 2025 Financial Review
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Slide 14: Financial Highlights
Financial Highlights 1 Service Revenue Adjusted EBITDA Margin EFCF Service Revenue ($m) and Q2 2025 growth YoY (%) Adjusted EBITDA ($m) and Q2 2025 growth YoY (%) EFCF ($m) and growth YTD YoY ($) FX FX +126 1,362 634 641 395 42 1,282 269 38 -5.9% +1.1% 353 +2.4% +9.3% 231 +46.7% Q2 24 Q2 25 Q2 24 Q2
Slide 15: Q2 2025 Service Revenue by Country
Q2 2025 Service Revenue by Country Service revenue1 ($m), and YoY growth Guatemala (28%2) Colombia (26%) Panama (13%) 358 347 339 171 170 348 +3.0% -2.2% -0.9% +1.9% +4.9% Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Paraguay (10%) Bolivia (6%) Others3 (17%) 134 132 150 217 218 -1.8% -51.9% 72 +0.4% +4.6% +7
Slide 16: Q2 2025 Adjusted EBITDA by Country
Q2 2025 Adjusted EBITDA by Country Adjusted EBITDA1 ($m), and YoY growth Guatemala (34%2) Colombia (21%) Panama (14%) 228 141 136 90 92 217 +5.3% -3.4% +2.0% +4.1% +3.6% Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 54.3% 54.8% 39.5% 39.5% 47.8% 51.7% Paraguay (10%) Bolivia (5%) Others3 (16%) 67 69 64 106 97
Slide 17: Q2 EFCF
Q2 EFCF1 $ millions 641 30 -201 -5 -106 -82 24 218 Incl. 2026 Capex prepayment -82 +7 -47 +17 -31 -24 +22 +7 -3 -50 Adjusted Cash Capex Spectrum Working Taxes Paid Finance Lease Honduras EFCF EBITDA Paid Capital Charges Payments Repatriation & Other Change YoY (1) The metrics on this page are non-IF
Slide 18: Q2 Net Debt Bridge
Q2 Net Debt Bridge1 $ millions -620 5,275 218 (0.10x) 542 4,655 12 2 125 (0.25x) 0.06x Net Debt Q1-25 EFCF Q2 Net Proceeds Dividends paid Derivatives & FX Other Net Debt Q2-25 Lati sale2 2,137 LTM Adjusted EBITDA D&I on Leases3 2,131 Leverage = Net Debt / Adjusted EBITDA D&I on Leases 2.18x 2.47x -0
Slide 19: 2025 Financial Targets
2025 Financial Targets 1 1 Equity Free Cash Flow around $750 million 2 Leverage below 2.5x at year-end 2025 Dividend of $3.00 per share Interim dividend of $2.50 per share Target to sustain or grow every year Exceptional due to liquidity event 1 The 2025 targets exclude net proceeds and any impact f
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Slide 21: Group Financial Highlights – Q2 2025
Group Financial Highlights – Q2 2025 Group Consolidated Financial Statements Selected P&L data Key Observations $ million Q2 2025 Q2 2024 % Var Revenue 1,372 A 1,458 (5.9)% A• Q2 2025 impacted by weaker FX, especially Bolivia Equipment, programming and other (316) (353) 10.6% direct costs Operating
Slide 22: Debt Maturity Schedule
Debt Maturity Schedule As of Q2 25 Average maturity 4.2 Years Average cost of debt 6.2% Comcel Comcel $744m $744m Comcel 5.125% 5.125% $744m Comcel 5.125% $744m Comcel 5.125% $744m 5.125% Cable Cable Cable 31s 31s 29s 29s 29s 31s TelecelTelecel Telecel Onda Cable $775m31s Onda Onda Cable $775m $775m
Slide 23: Capital Structure
Capital Structure Debt profile** As of June 30, 2025 Fixed or Swapped Variable 81% 19% Local USD 41% 59% 5Y or more Less than 5Y 49% 51% Latam HQ 59% 41% HQ Bonds OpCos Bonds Banks & Others 55% 21% 25% *El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as
Slide 24: Net Debt by country
1,2 2 Net Debt by country by country Honduras Guatemala: (not consolidated): Gross: $1,288m Gross: $371m Net: $1,203m Net: $342m Leverage: 1.48x Nicaragua: Leverage: 1.18x Gross: $0m Net: $(5)m Group: El Salvador: Leverage: -0.05x Gross: $5,912m Gross: $67m Net: $4,655m Net: $52m Leverage: 0.28x Col
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