Q4 2024 Millicom International Cellular SA Earnings Call Transcript

Feb 27, 2025 / 01:00PM GMT

Release Date Price: $27.15 (-2.55%)

Transcript

Key Points

Positve

Millicom International Cellular SA (TIGO) achieved a record equity free cash flow of $728 million for the full year 2024, excluding tower sales.
The company successfully reduced its leverage to below 2.5x, meeting one of its key financial priorities.
Mobile service revenue growth accelerated to 4.6% for the full year, driven by strategic initiatives such as network expansion and simplified commercial offers.
The B2B segment showed strong performance with a 3.1% organic revenue growth and a 15% increase in digital solutions.
Millicom International Cellular SA (TIGO) resumed shareholder remuneration, including dividends and a $150 million share buyback program, reflecting confidence in its sustainable cash flow profile.

Negative

Service revenue for Q4 2024 was down 2.9% year-on-year, impacted by FX fluctuations and the absence of Panama B2B project revenues.
The company faces potential negative impacts on equity free cash flow in 2025 due to FX risks in Bolivia, Colombia, and Paraguay.
Legal disputes pose a risk to equity free cash flow in 2025 if adverse rulings occur.
The competitive landscape in Colombia remains challenging, with aggressive market behavior impacting fixed broadband growth.
Bolivia's currency devaluation and the adoption of an estimated spot rate for financial reporting are expected to negatively impact service revenue and EBITDA.

Michel Morin

Millicom International Cellular SA - VP Strategy, Investor Relations

Hello, everyone, and welcome to our fourth quarter 2024 results call. This event is being recorded. Our speakers today will be our CEO, Marcelo Benitez, and our CFO, Bart Vanhaeren. The slides for today's presentation are available on our website along with the earnings release and our financial statements. Now please turn to slide 2 for the Safe Harbor disclosure.

We will be making forward-looking statements which involve risks and uncertainties, and these could have a material impact on our results. And then on slide 3, you can see that we define the non-IFRS metrics that we will be referencing throughout today's presentation. And you'll find reconciliation tables in the back of our earnings release as well as on our website. With those disclaimers out of the way, let me turn the call over to our CEO, Marcelo Benitez.

Marcelo Benitez

Millicom International Cellular SA - Chief Executive Officer

Thanks, Michel, and hello, everyone. Thanks for joining us to review the

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