reports
- Chris Hoare
Millicom prices reopening of $75 million of 7.375% Senior Notes Due 20...
Millicom prices reopening of $75 million of 7.375% Senior Notes Due 2032 Millicom prices reopening of $75 million of 7.375% Senior Notes Due 2032 Luxembourg, April 2, 2026 – Millicom International Cellular S.A. (“Millicom”) (NASDAQ US, TIGO) announces today the successful pricing of $75 million aggregate principal amount of its 7.375% Senior Notes due 2032 (the “Additional Notes”) in a Regulation S only tap private placement to an investor that is not a “U.S. Person” (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) at a price of 100.985%...
Convening Notice for Annual General Meeting of Shareholders
Convening Notice for Annual General Meeting of Shareholders Convening Notice for Annual General Meeting of Shareholders MILLICOM INTERNATIONAL CELLULAR S.A.Registered Address:148-150, Boulevard de la PétrusseL-2330, Grand Duchy of Luxembourg– R.C.S. Luxembourg: B40630 – I. NOTICE The annual general meeting (“AGM”) of the shareholders of MILLICOM INTERNATIONAL CELLULAR S.A. (“Millicom” or the “Company”) is hereby convened to be held at Luxembourg Marriott Hotel Alfa, 16, Place de la...
Millicom (Tigo) publishes its 2025 Annual Report, highlighting record ...
Millicom (Tigo) publishes its 2025 Annual Report, highlighting record financial results and expanded regional footprint Millicom (Tigo) publishes its 2025 Annual Report, highlighting record financial results and expanded regional footprint Luxembourg, March 24, 2026 –Millicom International Cellular S.A. (“Millicom”) today published its 2025 Annual Report, including the standalone financial statements of the Company, reflecting a historic year defined by strong performance and strategic milestones. In 2025, the Company delivered record financial results and significantly expanded its reg...
- Chris Hoare
Global EM Telcos & Towers The impossible dream – NSR GEM Top-10 March...
2025 was such a strong year for EM Telcos with the result that while remaining bullish we thought it was not plausible that 2026 would be as strong. Yet if anything the year has started better than 2025, with our picks up 18% ytd already, and up 113% since the start of 2025.
- Chris Hoare
- Chris Hoare
- Chris Hoare
EM Telcos Pricing power returns; where best; why (some) EM Telcos’ mu...
The resumption of pricing power is one of the key drivers of the rally in EM Telcos and perhaps the area where consensus is most sceptical. In this note we analyse which markets have the greatest potential for sustained pricing power, looking at key issues: affordability and regulatory and competitive structure.
Millicom (Tigo) Q4 2025 Earnings Release
Millicom (Tigo) Q4 2025 Earnings Release Millicom (Tigo) Q4 2025 Earnings Release Luxembourg, February 26, 2026 – pleased to announce its fourth quarter 2025 results. Please find below links to the Q4 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Q4 2025 Highlights* Revenue $1.7 billion, up 4.7% year-on-year organically and 15.7% as reportedOperating profit $469 million, and Adjusted EBITDA of $778 million, which includes $45 million from acquisitionsNet profit attributable to company owners $252 millionEquity free cash flow $278 million Levera...
- Chris Hoare
Millicom (Tigo) notice of fourth quarter 2025 results and video confer...
Millicom (Tigo) notice of fourth quarter 2025 results and video conference Millicom (Tigo) notice of fourth quarter 2025 results and video conference Luxembourg, February 13, 2026 – Millicom (NASDAQ: TIGO) expects to announce its fourth quarter 2025 results on February 26, 2026, via a press release. Millicom is planning to host a video conference for the global financial community on February 26, 2026, at 08:00 (New York) / 14:00 (Luxembourg) / 13:00 (London). Registration for the interactive event is required at the following . After registering, you will receive a confirmation e...
- Chris Hoare
- Chris Hoare
TIM Brasil (Buy, TP: R$28, +1%) IHS Towers (Buy, TP: $10, +20%) TIM B...
As rumoured, TIM Brasil is buying the 49% of i-Systems it doesn’t own from IHS Towers for R$950m (US$ 181m). As we have been thinking would happen, the M&A cycle is hotting up in EM, and this deal likely facilitates the potential takeover of IHS by MTN too. This seems a sensible transaction to us, at a fair price to both sides.
Millicom (Tigo) acquires Telefonica operations in Chile jointly with N...
Millicom (Tigo) acquires Telefonica operations in Chile jointly with NJJ, structured to capture strategic value while protecting its balance sheet Millicom (Tigo) acquires Telefonica operations in Chile jointly with NJJ, structured to capture strategic value while protecting its balance sheet Key Highlights: Joint acquisition through a 49%/51% partnership between Millicom International Cellular S.A. (“Millicom”) and NJJ. Transaction structured with an initial closing payment of $50 million and additional earn-out consideration up to $150 million based on structural value creation and n...
Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s C...
Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s Controlling Stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) Millicom (Tigo) Successfully Concludes Tender Offer for Telefónica’s Controlling Stake in Colombia Telecomunicaciones S.A. E.S.P. (Coltel) Luxembourg, February 5, 2026 – Millicom International Cellular S.A. (“Millicom”) today announced it has successfully concluded a tender offer for the acquisition of Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (“Coltel”). The closing of the acquisition is expected to take p...
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
Millicom (Tigo) announces successful bid for EPM’s Stake in UNE
Millicom (Tigo) announces successful bid for EPM’s Stake in UNE Millicom (Tigo) announces successful bid for EPM’s Stake in UNE Luxembourg, January 27,2026 — Millicom International Cellular S.A. ("Millicom") today announced that it has been awarded 100% of EPM’s remaining shares in UNE EPM Telecommunicaciones S.A. (“UNE” or “Tigo Colombia”), following a winning bid in the public auction conducted by Empresas Públicas de Medellín E.S.P. ("EPM"). Millicom’s bid was COP 418,741 per share, representing a total consideration of approximately COP 2.1 trillion, (approximately USD 571 million). T...
- Chris Hoare
EM Tower Trends Q3 CY25 review: Solid quarter, especially in Africa
Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.
- Chris Hoare
- Chris Hoare
Mexican Cable/FTTH Megacable the clear outperformer in Q3; Q3 25 revi...
Q3 was a slightly slower quarter for the Mexican Broadband market from a top line and EBITDA growth perspective. However, subscriber net adds remained decent, in line with the previous quarters. Financially, Megacable was the clear outperformer in Q3 with double-digit revenue and EBITDA growth and widened the gap with peers.
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