Millicom (Tigo) Q4 2024 Earnings Release
Luxembourg, February 27, 2025 - Millicom is pleased to announce its fourth quarter 2024 results. Please find below links to the Q4 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q4 Highlights*
- Revenue $1.43 billion
- Operating profit $373 million, and EBITDA $618 million
- Net income of $31 million
- Equity free cash flow $236 million, leading to year-end leverage of 2.42x
- Robust commercial activity continued in Q4: 274,000 Postpaid Mobile and 49,000 Home FTTH/HFC net additions
Full Year Highlights*
- Revenue $5.80 billion, up 2.5% year-on-year
- Operating profit $1.34, up 62.5%
- Net income of $253 million or $1.47 per share
- EBITDA $2.47 billion up 16.9% (15.8% organically)
- Equity free cash flow $777 million ($728 million excluding disposals)
- 965,000 Postpaid Mobile and 115,000 Home FTTH/HFC net additions
| Financial highlights ($ millions) | Q4 2024 | Q4 2023 | Change % | Organic % Change | FY 2024 | FY 2023 | Change % | Organic % Change |
| Revenue | 1,428 | 1,475 | (3.2)% | (1.0)% | 5,804 | 5,661 | 2.5% | 1.3% |
| Operating Profit | 373 | 228 | 63.4% | 1,342 | 826 | 62.5% | ||
| Net Profit / (Loss) | 31 | (63) | NM | 253 | (82) | NM | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 1,335 | 1,375 | (2.9)% | (0.6)% | 5,417 | 5,250 | 3.2% | 1.9% |
| EBITDA | 618 | 557 | 11.0% | 13.4% | 2,469 | 2,111 | 16.9% | 15.8% |
| Capex | 264 | 262 | 0.5% | 677 | 809 | (16.3)% | ||
| Operating Cash Flow (OCF) | 354 | 294 | 20.5% | 25.3% | 1,791 | 1,302 | 37.6% | 35.7% |
| Equity free cash flow (EFCF)** | 236 | 39 | NM | 728 | (18) | NM |
*See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures. ** EFCF excluding disposals.
Millicom Chief Executive Officer Marcelo Benitez commented:
"In 2024, we successfully completed our restructuring program, and strengthened the company's financial position so we can continue to focus on our purpose: building digital highways, connecting people, and developing our communities. Our strong financial results, lower leverage, and improved outlook led the Board to reinstate shareholder remuneration. I want to express my profound gratitude to the exceptional Tigo teams who enabled this unique transformation.
Although this year marks the end of an intensive restructuring program, our work continues. We remain fully committed to driving greater efficiency and accelerating revenue growth. As we look ahead to 2025, our key priorities include generating sustainably around $750 million in EFCF, advancing strategic initiatives in Costa Rica and Colombia, and completing the agreed-upon tower divestment."
2025 Financial Targets
Millicom targets EFCF of around $750 million for 2025. This target reflects full year run-rate savings expected from efficiency measures implemented during 2024 and lower expected restructuring costs in 2025, partially offset by the impact of weaker projected foreign exchange rates and the risk of adverse legal rulings. This target excludes the impact of strategic initiatives, such as net proceeds related to the planned sale of Lati International and other assets.
• Q4 2024 Earnings Release
• IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on February 27, 2025, at 14:00 (Stockholm) / 13:00 (London) / 08:00 (Miami).
Registration for the interactive event is required at the following link. After registering, you will receive a confirmation email containing details about joining the video conference.
Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 834 3825 4041:
US: +1 929 205 6099 Sweden: +46 850 539 728
UK: +44 330 088 5830 Luxembourg: +352 342 080 9265
Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investors website.
For further information, please contact:
| Press: Sofía Corral, Communications Director press@millicom.com | Investors: Michel Morin, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of December 31, 2024, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.
Regulatory Statement
This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on February 27, 2025.
