Millicom International Cellular (NASDAQ:TIGO) Announces Earnings Results

Millicom International Cellular (NASDAQ:TIGO) announced its earnings results on Thursday. The technology company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.05 by $0.45, Zacks reports. Millicom International Cellular had a net margin of 19.58% and a return on equity of 10.81%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the company posted $0.18 earnings per share. The business’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 Stock Up 3.6%

Shares of Millicom International Cellular stock traded up $2.56 during trading on Friday, hitting $73.24. 1,986,781 shares of the stock traded hands, compared to its average volume of 1,282,007. The company has a fifty day moving average price of $59.83 and a two-hundred day moving average price of $52.63. Millicom International Cellular has a twelve month low of $25.50 and a twelve month high of $73.44. The stock has a market cap of $12.60 billion, a P/E ratio of 11.23 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.

Institutional Trading of Millicom International Cellular

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its holdings in shares of Millicom International Cellular by 48.1% during the 1st quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock valued at $1,398,000 after purchasing an additional 14,990 shares in the last quarter. AQR Capital Management LLC raised its holdings 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 buying an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Millicom International Cellular during the first quarter valued at about $2,188,000. Goldman Sachs Group Inc. bought a new position in Millicom International Cellular during the first quarter valued at about $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Millicom International Cellular in the first quarter worth about $8,504,000.

Analysts Set New Price Targets

A number of equities analysts recently commented on TIGO shares. Morgan Stanley reaffirmed a “positive” rating and issued a $55.00 price objective on shares of Millicom International Cellular in a research note on Thursday. JPMorgan Chase & Co. raised their target price on Millicom International Cellular from $55.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Millicom International Cellular in a research report on Thursday, January 22nd. Scotiabank downgraded Millicom International Cellular from a “sector perform” rating to a “sector underperform” rating and reduced their price objective for the stock from $46.80 to $43.00 in a research note on Wednesday, February 11th. Finally, UBS Group raised Millicom International Cellular from a “neutral” rating to a “buy” rating and lifted their target price for the company from $49.00 to $70.00 in a research note on Thursday, January 15th. Four 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. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $53.40.

Millicom International Cellular Company Profile

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.