Millicom International Cellular S.a. · NASDAQ:TIGO
Millicom International Cellular — Q1 2025 Earnings Presentation
24 slides from Millicom International Cellular's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 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: 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: Q1 2025 Highlights
Q1 2025 Highlights 1 Sustaining strong commercial momentum and cash flow growth 262k 62k Postpaid Net Adds Home Net Adds2 214k in Q1 2024 $135m -13k in Q1 2024 EFCF (ex disposals) Up $172m YoY 36.7% 2.47x OCF Margin Leverage 34.9% in Q1 2024 (+1.8p.p) Within 2.0-2.5x target range 1) EFCF, OCF margin
Slide 6: Mobile
Mobile Postpaid customer growth Mobile service revenue growth Postpaid mobile customers (millions), YoY growth Organic YoY growth (%) 8.4 5.3% 8.1 4.7% 4.2% 4.2% 7.8 7.5 7.3 3.1% +14% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Network Channel Pre-to-Post Fixed-Mobile Investment Prod
Slide 7: Home
Home Strong net additions again in Q1 Home customer base Home HFC/FTTH customer net additions (thousands) Home HFC/FTTH customers (thousands), YoY growth 4,045 68 62 3,983 3,934 49 3,855 3,866 11 +4.9% -13 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Network Speed Channel Fixed-Mobile
Slide 8: B2B
B2B Digital service revenue1 B2B service revenue1 Q1 2023-Q1 2025 (US$ millions) and CAGR Q1 2023-Q1 2025 (US$ millions) and CAGR 255 76 +4.2% 226 208 CAGR 54 +18.2% CAGR 39 Q1 23 Q1 24 Q1 25 Q1 23 Q1 24 Q1 25 Panama B2B Projects Panama B2B Projects Infrastructure Digital Services Channel SME Invest
Slide 9: Colombia
Colombia Postpaid mobile Home Service revenue growth Adjusted EBITDA margin Mobile postpaid customers (thousands), YoY growth HFC/FTTH Customers (thousands) Organic service revenue growth (%), YoY growth Adjusted EBITDA margin1 (%), YoY growth 4.2 1,566 39.1% 1,437 3.6% 36.5% 3.6 +15% +9% +3.6p.p. +
Slide 10: Guatemala
Guatemala Postpaid customer base Mobile revenue OCF Postpaid customers (millions), YoY growth Mobile service revenue1 (GTQ billions), YoY growth OCF1 ($ millions), YoY growth 1.24 190 2,085 1.19 2,069 1.14 177 175 2,055 172 1.08 2,039 168 1.05 2,034 +1.5% +19% +2.8% +10.0% Q1 24 Q2 24 Q3 24 Q4 24 Q1
Slide 11: Panama
Panama Postpaid customer base Mobile service revenue Adjusted EBITDA margin Postpaid customers (thousands), YoY growth Mobile service revenue ($ millions), YoY growth Adjusted EBITDA margin 460 80 80 51.2% 79 50.0% 439 78 423 47.8% 47.4% 399 360 72 42.8% +28% +12.2% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1
Slide 12: Strategic Project Update
Strategic Project Update Towers Colombia Costa Rica Lati International sale Millicom proposed Combination with Liberty acquisition of Coltel Latin America › Closed Nicaragua sale to SBA in Q1 › Regulatory approval process › Regulatory approval process › Remaining SBA closings expected ongoing ongoin
Slide 13: Q1 2025 Financial Review
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Slide 14: Equity free cash flow of $135m in Q1 2025
Financial Highlights 1 Service Revenue Adjusted EBITDA EFCF3 Service Revenue ($m) and Q1 2025 growth YoY (%) Adjusted EBITDA ($m) and Q1 2025 growth YoY (%) EFCF ($m) and Q1 2025 growth YoY ($) 1,376 FX 632 636 135 B2B Projects & other 1,285 177 -6.6% +0.6% +$172m 1 0.0% +6.9% -38 -42 -37 Q1 24 Q1 2
Slide 15: Q1 2025 Service Revenue by Country
Q1 2025 Service Revenue by Country Service revenue1 ($m), and YoY growth Guatemala (27%2) Colombia (26%) Panama (13%) 341 349 346 187 334 172 +2.2% -3.6% -7.9% +0.9% +3.6% Q1 24 Q1 25 Q1 24 Q1 25 Q1 24 Q1 25 B2B Projects Paraguay (10%) Bolivia (7%) Others3 (16%) 137 150 131 219 213 93 -4.4% -38.4% -
Slide 16: Q1 2025 Adjusted EBITDA by Country
Q1 2025 Adjusted EBITDA by Country Adjusted EBITDA1 ($m), and YoY growth Guatemala (34%2) Colombia (20%) Panama (14%) 215 222 130 133 90 92 +3.2% +2.7% +2.8% +1.9% +10.4% Q1 24 Q1 25 Q1 24 Q1 25 Q1 24 Q1 25 54.0% 54.9% 36.5% 39.1% 42.8% 51.2% Paraguay (10%) Bolivia (7%) Others3 (15%) 69 69 65 100 10
Slide 17: Most items contributing to improved EFCF
Q1 Equity Free Cash Flow and Leverage1 $ millions +101 Shareholder Remuneration 636 289 119 Buyback Net Debt 5,174 5,275 -114 170 Dividends 2.42x 2.47x Leverage -36 Q4 24 Q1 25 Q1 25 -77 -66 -107 23 177 135 -82 -42 +4 +192 +42 +116 -28 +26 -10 +8 +168 +172 Adjusted Cash Capex Spectrum Working Taxes
Slide 18: 2025 Financial Targets
2025 Financial Targets 1 1 Equity Free Cash Flow around $750 million 2 Leverage below 2.5x at year-end 2025 Proposed annual dividend of $3.00 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 dispos
Slide 19: Group Financial Highlights
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Slide 20: Group Financial Highlights – Q1 2025
Group Financial Highlights – Q1 2025 Group Consolidated Financial Statements Selected P&L data Key Observations $ million Q1 2025 Q1 2024 % Var Revenue A 1,374 B 1,487 (7.6)% • A Q1 2025 impacted by weaker FX, especially in Bolivia Equipment, programming and other (316) (382) 17.4% direct costs Oper
Slide 21: Debt Maturity Schedule
Debt Maturity Schedule As of Q1 25 Average maturity 4.4 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 21 1) Fully swapped currency
Slide 22: Capital Structure
Capital Structure Debt profile** As of March 31, 2025 Fixed or Swapped Variable 83% 17% Local USD 40% 60% 5Y or more Less than 5Y 49% 51% Latam HQ 58% 42% HQ Bonds OpCos Bonds Banks & Others 56% 21% 23% *El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as
Slide 23: Net Debt by country
1,2 Net Debt by country Honduras Guatemala: (not consolidated): Gross: $1,233m Gross: $368m Net: $1,179m Net: $327m Leverage: 1.46x Nicaragua: Leverage: 1.14x Gross: $0m Net: $(6)m Group: El Salvador: Leverage: -0.06x Gross: $5,772m Gross: $67m Net: $5,275m Net: $51m Leverage: 0.28x Colombia: Levera
Slide 24: The Digital Lifestyle
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Millicom International Cellular — Q1 2025 Earnings Presentation on 6ix