MILLICOM INTERNATIONAL CELLULAR SA
For the period ended Aug 8, 2025. Filed Aug 8, 2025.
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Aug 8, 2025 · Filed Aug 8, 2025
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Contents
5. SEGMENT INFORMATION (Continued)
| Six months ended June 30, 2025 (in millions of U.S. dollars) | Guatemala | Colombia | Panama | Bolivia | Honduras | Paraguay | Other segments (v) | Total segments | Inter-segment and other eliminations(iv) | Total Group |
|---|---|---|---|---|---|---|---|---|---|---|
| Service revenue (i) | 707 | 673 | 342 | 165 | 293 | 263 | 430 | 2,873 | (306) | 2,567 |
| Telephone and equipment revenue | 115 | 13 | 16 | 2 | 15 | 8 | 26 | 195 | (15) | 180 |
| Revenue | 822 | 686 | 357 | 167 | 308 | 271 | 456 | 3,067 | (321) | 2,746 |
| Inter-segment revenue | 4 | 1 | 1 | 3 | 2 | 3 | 4 | 17 | n/a | n/a |
| Revenue from external customers | 817 | 685 | 356 | 164 | 306 | 269 | 452 | 3,050 | n/a | n/a |
| Adjusted EBITDA (ii) | 451 | 270 | 184 | 77 | 154 | 138 | 207 | 1,479 | (203) | 1,277 |
| Capital expenditures (iii) | 70 | 82 | 35 | 17 | 28 | 22 | 62 | 317 | (31) | 286 |
| (i) | Service revenue is revenue related to the provision of ongoing services such as monthly subscription fees for mobile and broadband, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, short message services, installation fees and other value-added services excluding telephone and equipment sales. |
| (ii) | Adjusted EBITDA is operating profit excluding impairment losses, depreciation and amortization, share of profit in Honduras joint venture and gains/losses on the disposal of fixed assets. |
| (iii) | Capital expenditures correspond to additions of property, plant and equipment, as well as operating intangible assets, excluding spectrum and licenses. The Group capital expenditure additions for the six-month period ended June 30, 2025 and 2024 can be reconciled with notes 9 and 10 for amounts of $257 million and $29 million respectively (2024: $202 million and $45 million, respectively). |
| (iv) | Includes intercompany eliminations, unallocated items and Honduras as a joint venture. |
| (v) | Includes our operations in El Salvador, Nicaragua and Costa Rica |
| Six months ended June 30, 2024 (in millions of U.S. dollars) | Guatemala | Colombia | Panama | Bolivia | Honduras | Paraguay | Other segments (v) | Total segments | Inter-segment and other eliminations(iv) | Total Group |
|---|---|---|---|---|---|---|---|---|---|---|
| Service revenue (i) | 689 | 693 | 358 | 300 | 289 | 272 | 436 | 3,037 | (299) | 2,738 |
| Telephone and equipment revenue | 109 | 19 | 39 | 2 | 18 | 9 | 28 | 225 | (18) | 207 |
| Revenue | 798 | 712 | 397 | 303 | 306 | 281 | 464 | 3,262 | (317) | 2,945 |
| Inter-segment revenue | 4 | 1 | 1 | — | 2 | 2 | 4 | 14 | n/a | n/a |
| Revenue from external customers | 794 | 711 | 396 | 303 | 304 | 279 | 460 | 3,248 | n/a | n/a |
| Adjusted EBITDA (ii) | 432 | 271 | 179 | 129 | 146 | 136 | 198 | 1,491 | (225) | 1,266 |
| Capital expenditures (iii) | 83 | 44 | 33 | 20 | 28 | 25 | 52 | 286 | (38) | 247 |
Unaudited Interim Condensed Consolidated Financial Statementsfor the three-month and six-month period June 30, 2025
| Three months ended June 30, 2025 (in millions of U.S. dollars) | Guatemala | Colombia | Panama | Bolivia | Honduras | Paraguay | Other segments (v) | Total segments | Inter-segment and other eliminations(iv) | Total Group |
|---|---|---|---|---|---|---|---|---|---|---|
| Service revenue (i) | 358 | 339 | 170 | 72 | 145 | 132 | 218 | 1,434 | (152) | 1,282 |
| Telephone and equipment revenue | 59 | 6 | 8 | 1 | 8 | 4 | 13 | 98 | (8) | 90 |
| Revenue | 417 | 346 | 177 | 73 | 153 | 136 | 230 | 1,532 | (160) | 1,372 |
| Inter-segment revenue | 2 | — | — | 2 | 1 | 1 | 2 | 9 | n/a | n/a |
| Revenue from external customers | 414 | 345 | 177 | 72 | 152 | 135 | 228 | 1,523 | n/a | n/a |
| Adjusted EBITDA (ii) | 228 | 136 | 92 | 33 | 77 | 69 | 106 | 742 | (101) | 641 |
| Capital expenditures (iii) | 37 | 42 | 20 | 7 | 21 | 12 | 36 | 175 | (21) | 155 |
| Three months ended June 30, 2024 (in millions of U.S. dollars) | Guatemala | Colombia | Panama | Bolivia | Honduras | Paraguay | Other segments (v) | Total segments | Inter-segment and other eliminations(iv) | Total Group |
|---|---|---|---|---|---|---|---|---|---|---|
| Service revenue (i) | 348 | 347 | 171 | 150 | 144 | 134 | 217 | 1,511 | (149) | 1,362 |
| Telephone and equipment revenue | 52 | 10 | 17 | — | 10 | 5 | 12 | 105 | (10) | 96 |
| Revenue | 399 | 357 | 188 | 151 | 154 | 139 | 229 | 1,617 | (159) | 1,458 |
| Inter-segment revenue | 2 | — | 1 | — | 1 | 1 | 2 | 7 | n/a | n/a |
| Revenue from external customers | 397 | 357 | 187 | 151 | 153 | 138 | 227 | 1,610 | n/a | n/a |
| Adjusted EBITDA (ii) | 217 | 141 | 90 | 64 | 73 | 67 | 97 | 749 | (115) | 634 |
| Capital expenditures (iii) | 40 | 27 | 18 | 15 | 17 | 15 | 29 | 161 | (27) | 134 |
Unaudited Interim Condensed Consolidated Financial Statementsfor the three-month and six-month period June 30, 2025
Reconciliation of Adjusted EBITDA for reportable segments to the Group's profit before taxes from continuing operations:
| (US$ millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Three months ended June 30, 2025 | Three months ended June 30, 2024 |
|---|---|---|---|---|
| Adjusted EBITDA for reportable segments | 1,479 | 1,491 | 742 | 749 |
| Depreciation | (442) | (475) | (222) | (228) |
| Amortization | (152) | (163) | (75) | (77) |
| Share of profit in Honduras joint venture | 26 | 25 | 13 | 12 |
| Other operating income (expenses), net | 72 | 16 | — | 4 |
| Interest and other financial expenses | (334) | (375) | (170) | (192) |
| Interest and other financial income | 5 | 31 | 2 | 12 |
| Sale of Lati International and Lati Paraguay (see note 4) | 604 | — | 604 | — |
| Other non-operating (expenses) income, net | 9 | (16) | (19) | (9) |
| Honduras as joint venture | (154) | (146) | (77) | (73) |
| Unallocated expenses and other reconciling items (i) | (49) | (79) | (24) | (42) |
| Profit before taxes from continuing operations | 1,064 | 309 | 774 | 156 |
(i) The unallocated expenses are primarily related to centrally managed costs.
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