Core Insights - Millicom has released its 2024 Annual Report, highlighting a transformative year in the telecommunications industry in Latin America [1][2] - The report emphasizes a renewed strategic focus, operational efficiency, and a commitment to expanding digital inclusion across the region [2] Company Overview - Millicom, operating under the TIGO brand, is a leading provider of fixed and mobile telecommunications services in Latin America, offering a wide range of digital services including mobile financial services, local entertainment, and pay TV [4] - As of December 31, 2024, Millicom employed approximately 14,000 people and served over 46 million customers, with a fiber-cable footprint reaching about 14 million homes [4] Strategic Positioning - The company is positioned to capitalize on new opportunities in the telecommunications sector, supported by robust fixed and mobile networks, comprehensive digital platforms, and diverse content offerings [3] - Millicom aims to meet the growing demand for connectivity and digital services while maintaining consistent financial performance [3]

Millicom (Tigo) releases its 2024 Annual Report, marking a year of transformation in Latin America’s telecommunications industry Luxembourg, April 08, 2025 –Millicom, a leading provider of fixed and mobile services in Latin America, announces today the release of its 2024 Annual Report, which includes the standalone financial statements of Millicom International Cellular S.A. for the year 2024. This year’s report reflects a period of profound transformation for the company, driven by a renewed strategic fo ...

Financial Performance - Operating Profit for 2024 increased by 62.5% to $1.34 billion, with Net Income attributable to owners reaching $253 million ($1.47 per share), a significant recovery from a net loss of $82 million in 2023[38]. - Net Cash Provided by Operating Activities totaled $1.60 billion, leading to a record Equity Free Cash Flow of $777 million, enabling debt reduction and bringing leverage within target range[38]. - The company experienced net foreign exchange losses of $43 million in fiscal year 2024, compared to net foreign exchange gains of $31 million in fiscal year 2023[164]. - As of December 31, 2024, the company's consolidated indebtedness excluding lease liabilities was $5,815 million, with total indebtedness including lease liabilities amounting to $6,769 million[193]. - The company funded acquisitions in Panama and Nicaragua primarily through additional indebtedness, including a $750 million bond issued in March 2019 and a $600 million bond issued in November 2019[195]. Cost Management - Employee-related cost reductions achieved approximately 15% savings through a 27% average headcount reduction over the past two years[40]. - Operational expenses were reduced by approximately 21% on programming, 18% on information technology, and 18% on external services through renegotiated supplier contracts[40]. - Capital investment decreased by 30% over the past two years while improving customer broadband speeds and reducing churn[40]. - The company is committed to achieving operational goals and strategic plans, including cost-reduction projects and cash flow growth[61]. Strategic Acquisitions and Partnerships - Millicom signed a definitive agreement to acquire Telefónica's controlling 67.5% equity interest in Coltel, aiming to enhance its telecom capabilities in Colombia[40]. - A binding agreement was signed with Liberty Latin America to merge operations in Costa Rica, facilitating accelerated deployment of FTTH and 5G networks[43]. - The company entered into a definitive agreement to acquire 67.5% of Telefónica Colombia for approximately $1 billion, with plans to acquire the remaining 32.5%[198][199]. - A cashless merger with Liberty Latin America in Costa Rica is expected to close in the second half of 2025, with the company retaining a minority interest of approximately 14%[200]. Market Challenges - The company anticipates significant challenges due to global economic conditions, including high inflation and foreign exchange rate fluctuations[61]. - Rising content and programming costs, particularly for exclusive rights, are expected to impact profitability, with potential increases in costs due to foreign exchange fluctuations[76][77]. - The company faces intense competition in the broadband market, with local providers offering competitive pricing and services[71]. - Increased competition from larger operators due to industry consolidation may intensify pressure on the company's market position[109]. - The telecommunications industry is experiencing revenue declines from legacy services due to the rise of Over-the-Top (OTT) services, which has increased competitive risks[115]. Regulatory and Compliance Issues - The telecommunications market is heavily regulated, impacting licensing, construction, and operation of networks, which can lead to disputes with regulators[92]. - The company may face significant capital expenditures to acquire or renew licenses and access infrastructure necessary for service provision[84]. - Regulatory changes in markets like El Salvador and Honduras have required operators to shut down services or reduce signal capacity, affecting revenue[94]. - The company is subject to evolving fintech legislation, particularly regarding anti-money laundering, which may require additional investments to comply with new regulations[99]. - The company is subject to anti-corruption laws, including the Foreign Corrupt Practices Act and the Bribery Act, which could result in penalties affecting its business and financial condition[175]. Operational Risks - The company is navigating risks related to cybersecurity threats and potential disruptions in IT systems[63]. - Cyber-attacks have posed risks to the company's operations, with incidents occurring in several Latin American countries, potentially leading to significant business disruptions[102]. - The company has faced significant disruptions in the supply of microchips in recent years, although it did not experience such issues in 2023 or 2024[120]. - The company operates in markets with elevated risks of corruption violations, which could expose it to governmental investigations and legal penalties[175]. Customer and Market Dynamics - The company aims to expand its mobile financial services business in Latin America, focusing on customer growth and retention[61]. - Prepaid customers generated approximately 60% of the company's mobile service revenue during 2024[149]. - As of December 31, 2024, the Tigo Money business had a total of 3.7 million active users[146]. - The markets in which the company operates have mobile phone service penetration levels that typically exceed 100% of the population, which may constrain future growth[145]. Human Resources and Labor Relations - Approximately 13% of the company's employees participated in collective employment agreements as of December 31, 2024, which could lead to additional labor costs or work stoppages[191]. - The company’s ability to attract and retain talent is challenged by intense competition for qualified individuals in key areas such as digital and technology[212]. Legal and Litigation Risks - The company faced significant litigation risks, including complex and costly legal proceedings that could disrupt business operations[172]. - The company had a $16.2 million ruling against its business related to taxes on incoming international calls and interest expense deductibility in 2010[169]. - The company is subject to various national and local laws, and any significant changes could adversely impact its business and financial condition[156]. Future Outlook and Strategy - The company has established a clear strategy and set ambitious targets for 2025, focusing on execution and long-term value creation[50]. - The company is exploring acquisition opportunities to enhance its market position and operational efficiency[61]. - The company’s cash flow generation is highly dependent on the performance of its subsidiaries and joint ventures, particularly in emerging markets[213][215]. - The company may need to resort to additional external financing if it cannot generate sufficient cash flow[215].

Michael (Mike) Dion is an FP&A, Corporate Finance, and Small Business expert who spent the last 12 years working in the Fortune 100, building a startup's finance and accounting department, advising small businesses, and guiding non-profit organizations as a board member. He has finance experience across multiple industries, including Telecom, Media and Entertainment, Hospitality, and Construction. He founded F9 Finance, a website that helps Finance professionals accelerate their careers; and simplifies Fina ...

Core Points - Millicom's Nomination Committee has proposed the election of Pierre-Alain Allemand to the Board of Directors, following Tomas Eliasson's decision not to seek re-election [1][2] - The Nomination Committee expressed gratitude for Tomas Eliasson's contributions and looks forward to Pierre-Alain's addition to the Board [2] - The Nomination Committee for the 2025 AGM includes members appointed by various investment firms, with Jules Niel serving as Chair [3] Company Overview - Millicom is a leading provider of telecommunications services in Latin America, offering a range of digital services under the TIGO® and Tigo Business® brands [5] - As of December 31, 2024, Millicom employed approximately 14,000 people and served over 46 million customers, with a fiber-cable footprint covering about 14 million homes [5] - The company was founded in 1990 and is headquartered in Luxembourg [5]

Millicom’s Nomination Committee’s proposal for Board of Directors Luxembourg, March 17, 2025 – In advance of the Annual General Meeting of shareholders (“AGM”) of Millicom International Cellular S.A. (“Millicom”), to be held on May 21, 2025, Millicom’s Nomination Committee proposes:  The election of Pierre-Alain Allemand as new member of the Board of Directors;  The re-election of Maxime Lombardini, Jules Niel, Pierre-Emmanuel Durand, María Teresa Arnal, Bruce Churchill, Blanca Treviño de Vega and Justine D ...

Millicom (Tigo) and Telefonica sign definitive sale-purchase agreement in Colombia Luxembourg, March 12, 2025 – Pursuant to the announcement on July 31, 2024, Millicom and Telefonica have entered into a definitive agreement for the acquisition by Millicom of Telefonica’s controlling 67.5% equity stake in Coltel, subject to closing conditions including regulatory approvals. Millicom has also agreed to offer to purchase the remaining 32.5% of Coltel equity owned by La Nación and other investors at the same pu ...

Nasdaq Stockholm approved the delisting of Millicom (Tigo) SDRs and set the last day of trading on March 17, 2025 Luxembourg, March 3, 2025 – Millicom International Cellular S.A. (“Millicom” or the “Company”), today formally applied for delisting of its Swedish Depository Receipts (“SDRs”) from Nasdaq Stockholm. The delisting application was approved and Nasdaq Stockholm set the last day of trading (the “Delisting Effective Date”) on March 17, 2025. Millicom reminds holders of SDRs that the delisting will ...

Core Viewpoint - Millicom International Cellular S.A. announced a stock transaction by its Chief Legal and Compliance Officer, Salvador Escalon, who sold 10,991 shares at an average price of $28.8473 per share, reducing his ownership to 151,410 shares [1]. Company Overview - Millicom is a leading provider of fixed and mobile telecommunications services in Latin America, operating under the TIGO® and Tigo Business® brands [3]. - The company offers a variety of digital services, including mobile financial services (TIGO Money), local entertainment (TIGO Sports), pay TV (TIGO ONEtv), high-speed data, voice services, and business-to-business solutions such as cloud and security [3]. - As of December 31, 2024, Millicom employed approximately 14,000 people and served over 46 million customers, with a fiber-cable footprint covering more than 14 million homes [3]. - Millicom was founded in 1990 and is headquartered in Luxembourg [3].

Millicom International Cellular S.A. (NASDAQ:TIGO) Q4 2024 Earnings Conference Call February 27, 2025 8:00 AM ET Company Participants Marcelo Benitez - Chief Executive Officer Bart Vanhaeren - Chief Financial Officer Michel Morin - Vice President of Investor Relations Conference Call Participants Marcelo Santos - JP Morgan Stefan Gauffin - DNB Bank Phani Kanumuri - HSBC Gustavo Farias - UBS Michel Morin Hello, everyone, and welcome to our fourth quarter 2024 results call. This event is being recorded. Our ...