Millicom Revenue Jumps 61% on Latin American Deals
Telecom operator's third-quarter sales rose as acquisitions in Colombia, Ecuador and Uruguay boosted results, while net profit fell.
Updated on Nov. 7, 2026 in Corporate Finance
Millicom International Cellular SA reported third-quarter revenue of $2.28 billion, up 61% from about $1.42 billion a year earlier, driven by its acquisitions of former Telefónica businesses. Net profit attributable to shareholders fell 49.9% to $98 million.
Why it matters
The revenue jump reflects a string of deals that turned Millicom into a large Latin American telecom operator, with organic growth of only 4.8% excluding acquisitions. Higher debt and one-time charges weighed on profit even as adjusted EBITDA rose 57.7%.
Millicom's third-quarter results show revenue of $2.28 billion against $1.42 billion a year earlier, with adjusted EBITDA up 57.7% to $1.09 billion. Excluding acquisitions, revenue grew only 4.8%, and the company booked $149 million of restructuring costs year to date.
The players
Millicom International Cellular SA
A Luxembourg-based telecommunications company with operations across Latin America, known for building a large regional footprint through acquisitions.
The details
Millicom bought Telefónica's units in Ecuador and Uruguay in October 2025 and completed its purchase of 67.5% of Colombia Telecomunicaciones in February. The quarter also included a $99 million litigation settlement in Guatemala and a $32 million goodwill impairment in Costa Rica.
Timeline
October 2025: Millicom bought Telefónica units in Ecuador and Uruguay.
February 2026: Millicom completed purchase of 67.5% of Coltel.
Sept. 30, 2026: Quarter ended for the reported third-quarter results.
Nov. 5, 2026: Millicom released its third-quarter results.
Market Landscape
Millicom's acquisitions of former Telefónica businesses in Colombia, Ecuador and Uruguay reflect the consolidation of Latin American telecom markets as Telefónica exited several countries in the region. Millicom's organic growth of 4.8% shows how much of its expansion has come from buying assets rather than growing existing operations.
Shareholders should weigh the 49.9% drop in net profit against the sharp rise in adjusted EBITDA when judging the company's earnings quality. The planned January 2027 dividend installment and the leverage target of 2.5 times net debt to EBITDA are the concrete points to track.
The takeaway
Revenue growth driven by acquisitions can mask weak organic growth, so readers should look at figures excluding deals. For Millicom, the gap between 61% reported growth and 4.8% organic growth is the key number to watch as leverage comes down.
What happens next
Millicom is aiming to bring its net debt ratio below 2.5 times by the end of the year and kept its full-year equity free cash flow target of about $1.1 billion. A dividend installment with an extra 75 cents per share is scheduled for January 2027.
Further reading
For broader context on deal activity and balance sheets, see Corporate Finance.
Source note: This article includes information reported by Daily News on African Billionaires and UHNWIs.
