Millicom Q4 Mobile Revenue Up 5.7% to $954M, Adjusted EBITDA Rises 25.9%
Millicom added 40,000 Home customers and grew mobile service revenue 5.7% to $954 million in Q4, while adjusted EBITDA rose 25.9% to $778 million at a 47.1% margin. The company expanded into Chile as its twelfth market and guided 2026 equity free cash flow of at least $900 million.
1. Q4 operational highlights
In Q4, Millicom’s Home segment added 40,000 net customers, raising the base 5.1% year-over-year, while mobile service revenues reached $954 million, a 5.7% increase excluding perimeter effects. The company grew its postpaid base by 12.6% to 9.1 million customers and migrated over 200,000 new postpaid subscribers in the quarter.
2. Financial performance and margins
Group adjusted EBITDA increased 25.9% year-over-year to $778 million, achieving a 47.1% margin driven by digital services up 40.7% to $79 million and strong contributions from Colombia, Guatemala, and Paraguay. Equity free cash flow jumped to $278 million in Q4, supporting a net debt leverage ratio of 2.31x despite recent perimeter expansions.
3. Expansion and 2026 outlook
The acquisition of EPM’s 50% stake in Tigo Une gave Millicom full ownership in Colombia and the company launched operations in Chile as its twelfth market. Management guided for at least $900 million in equity free cash flow for 2026 and expects leverage to stabilize around 2.5x by year-end after planned Colombia-related acquisitions.