Millicom International Cellular (NASDAQ:TIGO) Issues Quarterly Earnings Results, Beats Expectations By $0.45 EPS

Millicom International Cellular (NASDAQ:TIGO) announced its earnings results on Thursday. The technology company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.45, Zacks reports. Millicom International Cellular had a return on equity of 17.36% and a net margin of 22.62%.The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the business earned $0.18 EPS. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis.

Here are the key takeaways from Millicom International Cellular’s conference call:

• Strong Q4 profitability and cash generation: Adjusted EBITDA reached $778m (47% margin) in the quarter and full-year Equity Free Cash Flow was $916m (or $864m excl. tower proceeds), exceeding guidance despite DOJ settlements and FX headwinds.
• Operational progress driving structural revenue upgrades: Postpaid continues to scale (9.1m postpaid, +12.6% ex-perimeter) with >200k postpaid adds in Q4 (1.8m incl. Ecuador/Uruguay), plus 40k net home adds and strong digital/B2B momentum, supporting ARPU and lower churn.
• Aggressive footprint expansion via M&A: Company integrated Ecuador and Uruguay, closed a 49% stake JV for Telefónica Chile (limited recourse, earn-outs), took 100% control of Colombia and acquired two-thirds of Coltel, creating upside opportunities but adding integration complexity and contingent payments.
• Near-term leverage and integration pressure: Net leverage rose to 2.31 (pro forma 2.17) and is expected to peak above 2.5 in H1 2026 due to acquisition payments and Coltel restructuring (management flagged “triple-digit” restructuring costs), which could pressure cash flow and capital allocation in the near term.

Millicom International Cellular Price Performance

Shares of NASDAQ:TIGO traded up $2.21 during trading hours on Friday, hitting $72.89. 2,882,642 shares of the company’s stock traded hands, compared to its average volume of 1,286,847. The company’s fifty day simple moving average is $60.21 and its two-hundred day simple moving average is $52.84. The company has a market cap of $12.54 billion, a price-to-earnings ratio of 9.29 and a beta of 0.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.91 and a current ratio of 0.93. Millicom International Cellular has a 52 week low of $25.50 and a 52 week high of $73.54.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TIGO. Weiss Ratings restated a “buy (b)” rating on shares of Millicom International Cellular in a research note on Thursday, January 22nd. Scotiabank cut shares of Millicom International Cellular from a “sector perform” rating to a “sector underperform” rating and lowered their target price for the company from $46.80 to $43.00 in a research note on Wednesday, February 11th. Zacks Research downgraded shares of Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Morgan Stanley reaffirmed a “positive” rating and issued a $55.00 price target on shares of Millicom International Cellular in a research note on Thursday. Finally, UBS Group upgraded shares of Millicom International Cellular from a “neutral” rating to a “buy” rating and increased their price objective for the company from $49.00 to $70.00 in a report on Thursday, January 15th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Millicom International Cellular has a consensus rating of “Hold” and a consensus target price of $53.40.

Institutional Trading of Millicom International Cellular

Large investors have recently added to or reduced their stakes in the business. Vident Advisory LLC raised its position in shares of Millicom International Cellular by 2.3% during the fourth quarter. Vident Advisory LLC now owns 11,455 shares of the technology company’s stock worth $635,000 after purchasing an additional 254 shares during the period. Cetera Investment Advisers boosted its stake in shares of Millicom International Cellular by 4.1% during the 4th quarter. Cetera Investment Advisers now owns 10,935 shares of the technology company’s stock valued at $606,000 after buying an additional 428 shares during the period. AQR Capital Management LLC boosted its position in Millicom International Cellular by 5.0% during the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock valued at $290,000 after purchasing an additional 453 shares during the last quarter. Altshuler Shaham Ltd bought a new stake in shares of Millicom International Cellular in the 4th quarter valued at approximately $26,000. Finally, EverSource Wealth Advisors LLC grew its position in Millicom International Cellular by 55.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,413 shares of the technology company’s stock worth $53,000 after acquiring an additional 502 shares in the last quarter.

Millicom International Cellular News Roundup

Here are the key news stories impacting Millicom International Cellular this week:

• Positive Sentiment: Q4 results materially beat expectations: EPS $1.50 vs. consensus $1.05 and revenue $1.65B vs. $1.49B; revenue was +15.7% YoY and net margin/ROE improved — a clear earnings upside that supports a re-rating. TIGO Tops Q4 Estimates (Zacks)
• Positive Sentiment: Investor reaction focused on Latin America expansion and growth drivers — a headline piece arguing the bull case after the beat notes the company’s regional momentum and was a likely catalyst for the stock jump. Is Up 10.3% After Earnings Surge (Yahoo)
• Neutral Sentiment: Full earnings materials and management commentary are available (call transcript and slide deck). These provide detail for investors to assess sustainability of growth and capital allocation but did not introduce a new guidance shock. Q4 2025 Earnings Call Transcript (Seeking Alpha)
• Neutral Sentiment: Company-issued earnings release and slide presentation summarize results and strategy — useful for model updates but largely confirmatory of the beats. Q4 2025 Earnings Release (FinanzNachrichten)
• Negative Sentiment: Balance-sheet and liquidity remain areas to watch: current/quick ratios just under 1.0 and a debt-to-equity near 1.8 increase sensitivity to macro or FX shocks — a potential downside risk if growth slows or capex rises. Earnings Summary & Metrics (MarketBeat)

About Millicom International Cellular

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.