Financial Performance - Adjusted EBITDA reached $695 million, demonstrating a year-over-year growth of 18.7%[68] - The Adjusted EBITDA margin hit a record 48.9%[18,68] - Equity Free Cash Flow (EFCF) for the first 9 months of 2025 was $638 million, an increase of $98 million compared to the same period in 2024[17,70,73] - Service revenue increased to $1344 million, a 0.5% increase compared to Q3 2024[68] Customer Growth - Postpaid net additions reached 293,000[17] - Home net additions totaled 60,000[18] - Mobile postpaid customers grew by 14% year-over-year[21] - Home HFC/FTTH customers increased by 5.4% year-over-year[25] Strategic Initiatives - Millicom incorporated Ecuador and Uruguay, diversifying its LATAM footprint[53] - Revenue from Ecuador is $489 million and Adjusted EBITDA is $161 million[54] - Revenue from Uruguay is $246 million and Adjusted EBITDA is $93 million[56] Financial Position - Net debt stood at $4627 million[90,115] - Leverage ratio decreased to 2.09x[18,90,115] Country-Specific Performance - Colombia's Adjusted EBITDA margin increased by 4.9 percentage points[35] - Guatemala's mobile service revenue grew by 20% in local currency[41] - Panama achieved a record Adjusted EBITDA margin of 52.2%[49,51]

Core Insights - The development level of broadband in the United States is not as advanced as commonly perceived, facing significant challenges in affordability and access [1][10]. Affordability Issues - A report by BroadbandNow highlights a "devastating" affordability gap, with only 0.2% of residents in Alaska able to afford fixed broadband services despite 74.2% of the area having infrastructure [1][5]. - The disparity in broadband access is exacerbated by high costs, making it unaffordable for many households even in areas with existing coverage [4][10]. Coverage Disparities - The states with the lowest broadband development levels are primarily located west of the Mississippi River, where geographic and demographic factors lead to high infrastructure costs and limited operator interest [3][6]. - In contrast, states with the highest broadband levels, such as New Jersey, have nearly universal coverage and significantly better performance metrics compared to states like Alaska [6][10]. FCC Data Discrepancies - The Federal Communications Commission (FCC) previously reported that 19.6 million Americans lacked access to broadband, but BroadbandNow's analysis suggests the actual number is closer to 26 million, indicating a discrepancy of 6.4 million [7][10]. - The FCC's reliance on self-reported data from service providers has raised concerns about the accuracy of coverage statistics [7][10]. Policy Adjustments - The U.S. is shifting its broadband policy focus from a preference for fiber technology to a more cost-effective and speed-oriented approach, benefiting fixed wireless access (FWA) and low Earth orbit satellite technologies [2][10]. - The Broadband Equity, Access, and Deployment (BEAD) program is now emphasizing "technology neutrality," allowing for a broader range of deployment methods to address affordability and access issues [10].