Millicom International Cellular S.A.

Millicom (Tigo) Q1 2025 Earnings Release

Luxembourg, May 8, 2025 – Millicom is pleased to announce its first quarter 2025 results. Please find below links to the Q1 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Q1 2025 Highlights*

Revenue $1.37 billion

Operating profit $423 million, and Adjusted EBITDA $636 million

Net income $193 million, including approximately $95 million in one-time gains

Equity free cash flow $135 million, excluding $42 million of net proceeds from disposals - leverage 2.47x

Robust customer net additions: 262,000 Postpaid Mobile and 62,000 Home FTTH/HFC

Financial highlights ($ millions) Q1 2025 Q1 2024 Change % Organic % Change Revenue 1,374 1,487 (7.6)% (1.6)% Operating Profit 423 324 30.8%  Net Profit 193 92 NM  Non-IFRS measures (*)  Service Revenue 1,285 1,376 (6.6)% 0.0% Adjusted EBITDA 636 632 0.6% 6.9% Capex 132 113 16.7%  Operating Cash Flow (OCF) 504 519 (2.9)%  Equity free cash flow (EFCF)** 135 (37) NM

*See page 9 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: 
"2025 is off to an excellent start, as we sustained strong commercial activity levels from H2 2024, with both mobile postpaid and home net additions near record levels. In addition, the restructuring program completed in 2024 produced incremental cost savings, which more than offset the impact of weaker foreign exchange rates in three of our largest country markets. Excluding disposals, EFCF of $135 million in Q1 2025 represents an increase of $172 million compared Q1 2024, which puts the company well on track to achieve its full year targets.”

2025 Financial Targets

Millicom continues to target 2025 EFCF of around $750 million and year-end leverage below 2.5x. These targets reflect 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. The targets exclude the impact of strategic initiatives, such as proceeds related to the planned sale of Lati International and other assets.

• Q1 2025 Earnings Release

• IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on May 8, 2025, at 14:00 pm (Luxembourg) / 13:00 (London) / 08:00 (Miami).
Registration for the interactive event is required at the following link. Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 844 3411 0044

Story Continues

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 [email protected] Investors: 
Michel Morin, VP Investor Relations  [email protected]

About Millicom

Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides 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 March 31, 2025, 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 with principal executive offices in Doral, Florida.

Attachments

Millicom - IAS34 - Q1 2025 Millicom - Earnings Release - Q1 2025

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