Millicom International Cellular S.A. (TIGO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las telecomunicaciones, Millicom International Cellular S.A. (TIGO) surge como una fuerza transformadora, revolucionando la conectividad digital en América Latina. Al combinar ingeniosamente la comunicación móvil, los servicios financieros y la tecnología innovadora, TIGO ha creado un modelo de negocio sofisticado que trasciende los límites tradicionales de las telecomunicaciones. Su enfoque estratégico no solo une las brechas tecnológicas, sino que también potencia a diversos segmentos de clientes, desde profesionales urbanos hasta poblaciones no tenuadas, a través de soluciones digitales integrales y accesibles que redefinen la conectividad en los mercados emergentes.

Millicom International Cellular S.A. (TIGO) - Modelo de negocios: asociaciones clave

Proveedores de infraestructura de red móvil

Millicom se asocia con los siguientes proveedores de infraestructura de red:

Proveedor	País	Tecnología de red
Ericsson	Múltiples mercados latinoamericanos	Equipo de red 4G/5G
Nokia	Operaciones centroamericanas	Infraestructura de red de acceso a radio

Reguladores de telecomunicaciones locales

Las asociaciones reguladoras clave incluyen:

• Siget (Regulador de telecomunicaciones de El Salvador)
• Conatel (Autoridad de Telecomunicaciones de Honduras)
• ASFI (Bolivia Financial Services Regulator)

Proveedores de tecnología y proveedores de equipos

Proveedor	Segmento tecnológico	Valor anual del contrato
Huawei	Infraestructura de red	$ 47.3 millones
Sistemas de Cisco	Soluciones de redes empresariales	$ 22.6 millones

Socios estratégicos de servicios financieros móviles

Millicom colabora con socios de tecnología financiera:

• Visa internacional
• Tarjeta MasterCard
• Instituciones bancarias locales en los mercados operativos

Colaboradores de servicios en la nube y digital

Pareja	Tipo de servicio	Alcance de la asociación
Servicios web de Amazon	Infraestructura en la nube	Soluciones de nube empresarial
Microsoft Azure	Computación en la nube	Servicios de transformación digital

Millicom International Cellular S.A. (TIGO) - Modelo de negocios: actividades clave

Operaciones de red de telecomunicaciones móviles

A partir de 2024, Millicom opera redes móviles en 6 países latinoamericanos, incluidos Guatemala, Honduras, El Salvador, Bolivia, Paraguay y Colombia.

País	Suscriptores móviles	Cobertura de red
Guatemala	4.2 millones	85% de cobertura de población
Honduras	2.8 millones	78% de cobertura de población
Bolivia	3.1 millones	72% de cobertura de población

Servicios digitales y gestión de plataforma de dinero móvil

TIGO opera la plataforma de dinero TIGO con las siguientes métricas:

• 5.6 millones de usuarios activos de dinero móvil
• Volumen total de transacciones de $ 1.2 mil millones en 2023
• Más de 45,000 ubicaciones de agentes de dinero móvil

Provisión de servicios de Internet y datos de banda ancha

Millicom proporciona servicios de banda ancha con la siguiente infraestructura:

Tipo de servicio	Suscriptores	Velocidad promedio
Banda ancha fija	1.3 millones	50 Mbps
Datos móviles	8.7 millones	4G/LTE

Soluciones de conectividad empresarial y de consumo

TIGO proporciona soluciones de conectividad B2B y B2C con el siguiente desglose:

• Clientes empresariales: 12,500 clientes corporativos
• Ingresos empresariales anuales: $ 420 millones
• Servicios en la nube y ciberseguridad ofrecidos al 65% de los clientes corporativos

Desarrollo y expansión de la infraestructura de red

Inversión en infraestructura de red para 2024:

Categoría de inversión	Cantidad
Capex total	$ 350 millones
Desplle de red 5G	$ 120 millones
Expansión de fibra óptica	$ 85 millones

Millicom International Cellular S.A. (TIGO) - Modelo de negocios: recursos clave

Infraestructura de telecomunicaciones

Millicom opera infraestructura de telecomunicaciones en 6 países latinoamericanos: Guatemala, Honduras, El Salvador, Nicaragua, Bolivia y Paraguay. La cobertura total de la red abarca aproximadamente 130,000 kilómetros cuadrados.

País	Cobertura de red (SQ KM)	Población cubierta
Guatemala	42,042	17.2 millones
Honduras	112,492	9.5 millones
El Salvador	21,041	6.4 millones
Nicaragua	130,373	6.6 millones
Bolivia	1,098,581	11.7 millones
Paraguay	406,752	7.1 millones

Tecnología de red móvil

TIGO opera redes avanzadas 4G y 4G LTE con implementación de 5G planificada. La infraestructura de red actual incluye:

• 3.742 torres de celdas móviles
• 92 centros de datos
• La red de fibra óptica que abarca 15.600 kilómetros

Recursos de la fuerza laboral

A partir de 2023, Millicom emplea 16.872 profesionales de telecomunicaciones en los mercados latinoamericanos.

Categoría de empleado	Número de empleados
Ingeniería	6,124
Operaciones de red	4,563
Servicio al cliente	3,912
Gestión	2,273

Plataformas digitales

La plataforma de servicios financieros digitales de Tigo procesa aproximadamente $ 2.3 mil millones en transacciones de dinero móvil anualmente.

Licencias de espectro

Millicom tiene licencias de espectro en múltiples bandas de frecuencia:

Banda de frecuencia	Rango de espectro	Países
700 MHz	698-806 MHz	Guatemala, Honduras, Bolivia
AWS	1.7/2.1 GHz	El Salvador, Nicaragua, Paraguay
2.5 GHz	2500-2690 MHz	Guatemala, Honduras

Millicom International Cellular S.A. (TIGO) - Modelo de negocio: propuestas de valor

Soluciones de comunicación móvil integrales

Millicom ofrece servicios de comunicación móvil en 6 países latinoamericanos y 3 países africanos. A partir de 2023, la compañía informó:

Categoría de servicio	Base de suscriptores	Penetración del mercado
Servicios de voz móvil	49.3 millones de suscriptores	37% de participación de mercado en los mercados centrales
Servicios de datos móviles	42.7 millones de usuarios de datos activos	Tasa de penetración de datos del 41%

Conectividad digital asequible y accesible

La estrategia de precios de Tigo se centra en la conectividad asequible:

• Costo promedio del paquete de datos móviles: $ 5- $ 10 por mes
• Planes móviles prepagos a partir de $ 3
• Paquetes de teléfonos inteligentes de bajo costo: $ 50- $ 100

Dinero móvil innovador y servicios financieros

TIGO Money Platform Financial Metrics:

Métrica financiera	Valor 2023
Transacciones totales de dinero móvil	$ 2.4 mil millones
Usuarios activos de dinero móvil	12.6 millones
Crecimiento del volumen de transacciones	28% año tras año

Servicios de Internet y datos de alta calidad

Métricas de rendimiento de la red:

• Cobertura 4G LTE: 84% en mercados operativos
• Velocidad de datos móviles promedio: 25 Mbps
• Confiabilidad de la red: 99.2% de tiempo de actividad

Ecosistema de telecomunicaciones integrado

Ofertas de servicios integrados:

Integración de servicios	Cobertura
Banda ancha fija	3.2 millones de suscriptores de Internet en casa
Servicios de televisión por cable	2.1 millones de suscriptores de cable
Soluciones empresariales	15,000 clientes comerciales

Millicom International Cellular S.A. (TIGO) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

A partir de 2024, las plataformas de autoservicio digital de Millicom incluyen:

Plataforma	Métricas de usuario	Características clave
Aplicación TIGO	2.3 millones de usuarios mensuales activos	Pago de facturas, compra de datos, administración de cuentas
Tigo Portal en línea	1.8 millones de usuarios registrados	Personalización del servicio, actualizaciones de paquetes

Centros de atención al cliente

Infraestructura de atención al cliente de Millicom:

• Centros de soporte multilingües 24/7 en 6 países
• Tiempo de respuesta promedio: 3.2 minutos
• Tasa de satisfacción del cliente: 87.5%

Paquetes de servicios móviles personalizados

Tipo de paquete	Suscriptores mensuales	Precio medio
Plan móvil básico	1.2 millones	$12.50
Paquete de datos premium	650,000	$25.75
Solución móvil empresarial	45,000 clientes corporativos	$89.99

Programas de participación comunitaria

Iniciativas comunitarias de Millicom:

• Programa de alfabetización digital: 350,000 participantes en 2024
• Inversión comunitaria anual: $ 3.2 millones
• Compromiso de las redes sociales: 2.1 millones de seguidores en todas las plataformas

Sistemas de lealtad y recompensa

Programa de fidelización	Miembros	Valor de recompensas
Recompensas de tigo	1,5 millones de miembros activos	$ 8.5 millones en recompensas totales distribuidas
Nivel de lealtad corporativa	75,000 clientes empresariales	Créditos de servicio personalizados

Millicom International Cellular S.A. (TIGO) - Modelo de negocios: canales

Tiendas móviles minoristas

A partir de 2024, TIGO opera 1.247 tiendas minoristas de marca en los mercados latinoamericanos, incluidos Guatemala, Honduras, El Salvador, Paraguay y Bolivia.

País	Número de tiendas minoristas	Tamaño promedio de la tienda
Guatemala	423	85 metros cuadrados
Honduras	276	72 metros cuadrados
El Salvador	198	65 metros cuadrados
Paraguay	187	60 metros cuadrados
Bolivia	163	55 metros cuadrados

Plataformas digitales en línea

Las plataformas digitales de TIGO generan el 37% de las interacciones totales del cliente a partir de 2024.

• Tráfico del sitio web: 4.2 millones de visitantes únicos mensuales
• Plataforma web móvil: 2.8 millones de usuarios activos
• Volumen de transacción digital: $ 127 millones por trimestre

Redes de revendedor autorizadas

TIGO mantiene 2.345 ubicaciones de revendedores autorizadas en sus mercados operativos.

Tipo de revendedor	Número de ubicaciones	Volumen promedio de ventas mensuales
Minoristas independientes	1,876	$45,000
Socios de franquicia	469	$78,000

Interfaces de aplicaciones móviles

La aplicación móvil de Tigo atiende a 3.6 millones de usuarios mensuales activos en 2024.

• Descarga de la aplicación Recuento: 7.2 millones de descargas totales
• Promedio de compromiso de usuario activo mensual: 42 minutos
• Transacciones de autoservicio: 62% de las interacciones totales de la aplicación

Soporte del centro de llamadas

TIGO opera 12 centros de atención al cliente con 2.876 representantes de soporte total.

Canal de soporte	Volumen de contacto mensual	Tiempo de resolución promedio
Soporte telefónico	1,4 millones de llamadas	12.5 minutos
Chat en vivo	876,000 interacciones	8.3 minutos
Soporte por correo electrónico	423,000 boletos	24 horas

Millicom International Cellular S.A. (TIGO) - Modelo de negocio: segmentos de clientes

Usuarios móviles urbanos y rurales

A partir de 2023, Millicom atiende a aproximadamente 48.6 millones de clientes móviles en América Latina y África. Tasas de penetración móvil en sus mercados operativos:

País	Tasa de penetración móvil
Guatemala	67.2%
Honduras	59.4%
El Salvador	72.3%
Paraguay	54.6%

Empresas pequeñas y medianas

El segmento de negocios de TIGO atiende a aproximadamente 35,000 clientes de PYME en los mercados latinoamericanos. Ingresos mensuales promedio por cliente de PYME: $ 287.

• Soluciones de conectividad digital
• Servicios en la nube
• Paquetes de ciberseguridad
• Plataformas de comunicación empresarial

Digital primero demografía más joven

Segmento de edad objetivo: 18-35 años, que representa el 42% de la base total de suscriptores móviles. Consumo de datos móviles por usuario: 7.2 GB mensualmente.

Grupo de edad	Porcentaje de suscriptores	Uso promedio de datos mensuales
18-24	22%	5.6 GB
25-35	20%	8.9 GB

Poblaciones no bancarizadas

TIGO Money Platform atiende a 2.3 millones de usuarios activos de servicios financieros móviles. Volumen de transacción total en 2023: $ 1.4 mil millones.

• Servicios de billetera móvil
• Ofertas de microcrédito
• Soluciones de pago digital

Clientes corporativos y empresariales

Ingresos del segmento empresarial: $ 412 millones en 2023. Total de clientes corporativos: 1.750 en los mercados latinoamericanos.

Sector industrial	Número de clientes corporativos	Valor anual promedio del contrato
Servicios financieros	425	$285,000
Fabricación	350	$240,000
Gobierno	275	$310,000

Millicom International Cellular S.A. (TIGO) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de red

En 2023, Millicom informó costos de mantenimiento de infraestructura de red de $ 487.3 millones en sus operaciones latinoamericanas.

Categoría de costos	Gasto anual ($ M)	Porcentaje de costos totales de red
Mantenimiento de la torre celular	156.2	32%
Reparaciones de equipos	98.7	20.3%
Actualizaciones de software de red	72.4	14.9%

Inversiones de infraestructura tecnológica

Millicom invirtió $ 612.5 millones en infraestructura tecnológica en 2023, centrándose en expansiones de redes 4G y 5G.

• Expansión de la red 4G: $ 342.6 millones
• Desarrollo de infraestructura 5G: $ 169.9 millones
• Actualizaciones del centro de datos: $ 100 millones

Compensación de empleados

La compensación total de los empleados para 2023 fue de $ 423.6 millones en todos los mercados.

Categoría de empleado	Compensación anual promedio ($)
Liderazgo ejecutivo	1,250,000
Personal técnico	85,000
Representantes de servicio al cliente	35,000

Tarifas de licencia de espectro

Las tarifas de licencia de espectro en 2023 totalizaron $ 276.4 millones en los países operativos.

• Licencia de espectro de Colombia: $ 89.2 millones
• Licencia de espectro de Guatemala: $ 62.7 millones
• Licencia de espectro de Paraguay: $ 44.5 millones

Gastos de marketing y adquisición de clientes

Los costos de marketing y adquisición de clientes alcanzaron $ 215.3 millones en 2023.

Canal de marketing	Gasto ($ M)	Porcentaje del presupuesto total de marketing
Marketing digital	86.1	40%
Publicidad televisiva	54.3	25.2%
Campañas promocionales	42.7	19.8%

Millicom International Cellular S.A. (TIGO) - Modelo de negocios: flujos de ingresos

Ingresos del servicio de voz móvil

En 2022, Millicom reportó ingresos por servicios de voz móvil de $ 1.29 mil millones en sus mercados latinoamericanos. El desglose por el país fue el siguiente:

País	Ingresos de voz móvil (USD)
Colombia	$ 412 millones
Guatemala	$ 287 millones
Paraguay	$ 196 millones
Otros mercados	$ 395 millones

Cargos de conectividad a Internet y datos

Los ingresos por datos y conectividad a Internet para Millicom en 2022 totalizaron $ 2.47 mil millones, con un crecimiento significativo en el uso de datos móviles.

• Uso promedio de datos móviles mensuales por suscriptor: 4.8 GB
• Tasa de crecimiento de ingresos de datos móviles: 15.3%
• Ingresos de Internet de banda ancha fija: $ 687 millones

Tarifas de transacción de dinero móvil

La plataforma de dinero móvil de Millicom generó tarifas de transacción de $ 156 millones en 2022.

Métrica de dinero móvil	Valor
Transacciones totales de dinero móvil	$ 4.2 mil millones
Usuarios activos de dinero móvil	7.2 millones
Valor de transacción promedio	$58

Soluciones de conectividad empresarial

Los ingresos del segmento empresarial alcanzaron los $ 612 millones en 2022, con el siguiente desglose:

• Servicios de conectividad B2B: $ 287 millones
• Servicios en la nube y administrados: $ 215 millones
• IoT y soluciones digitales: $ 110 millones

Suscripciones de servicios digitales

Los ingresos por suscripción de servicio digital en 2022 ascendieron a $ 203 millones.

Categoría de servicio digital	Ingresos (USD)
Servicios de transmisión	$ 87 millones
Entretenimiento digital	$ 63 millones
Otras suscripciones digitales	$ 53 millones

Millicom International Cellular S.A. (TIGO) - Canvas Business Model: Value Propositions

You're looking at the core offerings Millicom International Cellular S.A. (TIGO) is pushing to keep customers engaged across Latin America. The focus is definitely on bundling services to keep churn low, which is working, as the convergence strategy keeps churn in the low single digits as of Q3 2025. This strategy ties mobile, home internet, and TV together for the customer.

The fixed broadband build-out is substantial, giving them a strong platform for these bundles. As of September 30, 2025, Millicom International Cellular S.A. (TIGO) had a fiber-cable footprint passing over 14 million homes. This fixed network supports a growing base; in Q3 2025, Home customers increased by 12% year-over-year, totaling 1.6 million HFC and FTTH connections. That's real scale.

Metric	Value (As of Q3 2025)	Context
Total Customers Served	Over 46 million	Mobile and fiber-cable services
Fiber-Cable Homes Passed	Over 14 million	Fixed broadband infrastructure
Home Connections (HFC & FTTH)	1.6 million	Year-over-year growth of 12%
Mobile Postpaid Base	8.9 million customers	Grew 14% year-over-year
Group Adjusted EBITDA Margin	48.9%	Record margin in Q3 2025

For business clients, the digital solutions segment is a major growth engine. Revenue for these B2B digital services-which includes cloud, cybersecurity, and SD-WAN-is growing around 35% year-over-year as of Q3 2025. Overall B2B service revenue reached $231 million in that quarter, up 5.3% year-over-year in constant currency. Small business clients also grew by 10%, totaling over 400,000.

Millicom International Cellular S.A. (TIGO) offers specific digital lifestyle services that address local needs. These value propositions include:

• TIGO Money for mobile financial services.
• TIGO Sports for local entertainment content.
• TIGO ONEtv for pay TV offerings.

The impact of TIGO Money on financial inclusion is notable, with active users increasing by 22% in 2024. That's a concrete example of bridging a digital divide.

The overall value proposition rests on reliable connectivity in emerging markets, supporting a large and growing customer base. Overall service revenue for the group grew by 6.5% in Q3 2025. This growth is supported by strong execution, with postpaid customer adds reaching nearly record levels in early 2025.

Finance: review Q4 2025 B2B pipeline conversion rates by end of next week.

Millicom International Cellular S.A. (TIGO) - Canvas Business Model: Customer Relationships

You're looking at how Millicom International Cellular S.A. (TIGO) manages its vast customer base across Latin America as of late 2025. The strategy blends digital efficiency with targeted high-touch service, especially as the company pushes its convergence and postpaid migration goals.

Automated self-service via TIGO apps for prepaid and basic services

Millicom International Cellular S.A. (TIGO) relies heavily on digital channels to manage high-volume, low-complexity interactions for its prepaid and basic service customers. This is the backbone for efficiency, helping to keep operating expenses in check across the footprint, which contributed to an Adjusted EBITDA margin of 48.9% in the third quarter of 2025. While specific active user counts for the TIGO apps aren't public, the strategy is clearly aimed at driving transactional self-service for tasks like top-ups and plan management.

Dedicated account managers for B2B and large enterprise clients

For the Business-to-Business (B2B) segment, the relationship shifts to a dedicated, high-value approach. The B2B segment service revenue reached $231 million, marking a 5.3% year-on-year increase in constant currency for Q3 2025. This segment is supported by specialized teams focused on product verticals like Cloud and Cybersecurity. The focus here is on deep account management to secure contract renewals and drive adoption of higher-margin digital solutions.

B2B Metric (Late 2025)	Value	Context
B2B Service Revenue (Q3 2025)	$231 million	Year-on-year growth of 5.3% in constant currency.
Small Business Clients	Over 400,000	Reflects a 10% growth in this client sub-segment (Q3 2025).
Digital Services Revenue Growth (YoY)	10%	Driven by cloud, cybersecurity, and SD-WAN offerings.

Loyalty programs and retention efforts focused on postpaid migration

Retention is intrinsically linked to the successful migration of customers from prepaid to postpaid plans, which is a core commercial lever. This strategy enhances customer lifetime value and stabilizes revenue streams, supporting the company's 2025 Equity Free Cash Flow target of around $750 million. The success of this focus is evident in the double-digit growth seen in the postpaid base across key markets.

• Postpaid base grew 14% to reach 8.9 million customers (Q3 2025).
• Colombia saw postpaid customers rise 12% year-over-year (Q3 2025).
• Guatemala reported postpaid customer growth of 20% year-over-year (Q3 2025).
• Nearly 250,000 net postpaid customers were added in Q2 2025, up from 178,000 the prior year.

High-touch, in-person support at TIGO retail stores for complex issues

While digital channels handle the routine, Millicom International Cellular S.A. (TIGO) maintains a physical footprint for complex troubleshooting and high-value sales interactions. These retail stores serve as the primary point of contact when self-service fails or when a customer requires in-person assistance with convergence setups or device issues. The investment in network quality, which fuels postpaid migration, necessitates a corresponding high-quality physical touchpoint for issue resolution.

Digital customer care via social media and chat for quick resolution

For immediate, non-complex queries outside of the dedicated app environment, digital customer care via social media and chat platforms is prioritized for speed. This channel supports the overall commercial model focused on delivering the best network experience. The operational discipline driving margins above 50% in five out of nine countries in Q3 2025 reflects efficiency gains across all support functions, including digital care response times.

Millicom International Cellular S.A. (TIGO) - Canvas Business Model: Channels

You're looking at how Millicom International Cellular S.A. (TIGO) gets its services-mobile, fixed, and money-into the hands of its customers across Latin America as of late 2025. The channel strategy is a mix of physical presence, digital self-service, and a massive agent network for financial services.

TIGO-branded retail stores and authorized dealer networks form the core of physical customer interaction for mobile and converged product sales. While I don't have the exact, current count of TIGO-branded retail stores as of late 2025, we know the company serves over 46 million mobile customers across its operating subsidiaries and joint ventures as of March 31, 2025. This physical footprint supports the sales of mobile services and the push for fixed-mobile convergence.

Digital channels: TIGO websites and self-service mobile applications are clearly a key focus, especially given the growth in digital services revenue. The company's overall digital services revenue saw a 10% rise in Q3 2025. The push for digital adoption is also evident in the mobile segment, where postpaid customers-who are generally more digitally engaged-grew by 14% to reach 8.9 million in Q3 2025. Still, the exact percentage of transactions handled purely through self-service apps isn't public, but the growth in digital revenue suggests strong uptake.

For the B2B and Home fiber-cable installations, a dedicated direct sales force is essential for closing larger contracts and managing complex fiber deployments. The B2B segment shows tangible results from this focus; service revenue reached $231 million in Q3 2025, an increase of 5.3% year-over-year in constant currency. Furthermore, the small business client base grew 10% to total over 400,000 clients in the same period. The home business channel added nearly 60,000 new home subscribers in Q3 2025 alone, showing the direct sales and installation teams are moving product.

The Mobile money agents for TIGO Money cash-in/cash-out transactions represent a vast, crucial last-mile distribution network, particularly for financial inclusion. TIGO Money works with over 11,000 Mobile Money agents across its Central and South American markets. This network supports over 4 million TIGO Money users who rely on these agents for essential cash-in and cash-out services.

For customer support and upselling, call centers for customer support and upselling converged products remain active, even as digital channels grow. While I don't have Millicom International Cellular S.A. (TIGO)'s specific call center efficiency metrics for 2025, we know the telecom industry benchmark for agent occupancy is often in the 80-90% range. The company's overall employee base was approximately 14,000 as of March 31, 2025, a portion of whom support these crucial customer interaction points. The goal here is definitely to handle support efficiently while cross-selling fixed and mobile bundles.

Here's a quick look at some of the scale metrics tied to these channels as of the latest reports:

Channel Metric Category	Specific Metric/Value	Period/Date
Total Customer Base Served	46 million mobile customers	March 31, 2025
Fixed Infrastructure Reach	Over 14 million homes passed	March 31, 2025
TIGO Money Agent Network	Over 11,000 agents	Historical/General
B2B Digital Service Growth	35% year-over-year growth in cloud/cybersecurity/SD-WAN	Q3 2025
Home Subscriber Net Additions	Approx. 60,000 in the quarter	Q3 2025

You can see the focus is on driving high-value postpaid and home subscriptions through direct sales, while leveraging the massive agent network for TIGO Money.

• Mobile Postpaid Customer Base Growth: 14% year-over-year.
• B2B Small Business Clients: Over 400,000.
• TIGO Money User Base: Over 4 million users.
• Q3 2025 Adjusted EBITDA Margin: A record 48.9%, reflecting channel productivity.

The company's market capitalization as of December 3, 2025, stood at $9.05 billion, which reflects the market's view of the scale achieved through these channels.

Finance: draft 13-week cash view by Friday.

Millicom International Cellular S.A. (TIGO) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Millicom International Cellular S.A. (TIGO) as of their Q3 2025 reporting. This breakdown shows where the revenue and growth momentum are coming from across their Latin American footprint.

The overall customer base is substantial; as of September 30, 2025, Millicom, including its Honduras Joint Venture, served more than 46 million customers with mobile and fiber-cable services. The company employed approximately 14,000 people at that time.

The customer segments are clearly delineated:

• Mass-market prepaid mobile users in Latin American countries.
• High-value postpaid mobile subscribers, which saw its base grow 14% in Q3 2025, reaching 8.9 million customers.
• Residential Home customers for fixed broadband, TV, and voice services. The company had a fiber-cable footprint over 14 million homes passed as of September 30, 2025. As of June 30, 2025, they reported +4.4 million home customer relationships.
• Small and Medium Enterprises (SMEs) for B2B connectivity and digital services, which totaled over 400,000 clients as of Q3 2025, marking a 10% growth in that client group.
• Large corporate and government entities requiring advanced cloud/security solutions.

The B2B segment, which includes SMEs and larger entities, is scaling well. Service revenue for the B2B segment reached $231 million in Q3 2025, an increase of 5.3% year-on-year in constant currency. This growth is being fueled by specific digital services.

Here's a quick look at the performance drivers within the B2B customer segment:

B2B Service Category	Q3 2025 Revenue Growth (YoY)	Key Metric Detail
Overall B2B Service Revenue	5.3% (Constant Currency)	Reached $231 million
Cloud, Cybersecurity, SD-WAN	Around 35%	Led revenue growth within B2B
Small Business Clients	10% Growth	Totaling over 400,000 clients

The shift from prepaid to postpaid is a key commercial strategy, driving ARPU (Average Revenue Per User) expansion as pricing aligns with inflation. Mobile service revenue overall was up 5.5% year-over-year in Q3 2025. The company is definitely focused on migrating customers to higher-value plans; that 14% postpaid growth is a clear indicator of success there. Finance: draft 13-week cash view by Friday.

Millicom International Cellular S.A. (TIGO) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Millicom International Cellular S.A. (TIGO)'s operations as we move through late 2025. The cost structure reflects a company focused on efficiency gains while still investing in its digital highways.

Network operating expenses (maintenance, energy, spectrum fees)

Network-related costs saw some favorable movement due to operational changes and efficiency drives. For the full year 2024, Total Operating Expenses were reported at $2.18 billion. Specifically looking at Q4 2024, Equipment, programming and other direct costs declined by 12.1% year-on-year, which directly reflects savings from the efficiency program. Also in Q4 2024, Depreciation and amortization saw a decline of 12.8% and 15.3%, respectively, partly due to a temporary effect from the creation of the shared mobile network in Colombia. Spectrum fees are embedded within these operating costs, but specific standalone figures aren't broken out in the latest releases.

Capital expenditure (CapEx) for 4G/5G and fiber-cable network expansion

Millicom International Cellular S.A. (TIGO) has been managing its capital spending carefully. Full Year 2024 Capex stood at $677 million, which was a decrease of 16.3% compared to the 2023 figure of $809 million. This reduction aligns with the strategic review mentioned in early 2024, where cash capex was already down 19.5% versus the prior year. The focus on capital discipline is evident, as the Capex-to-Operating-Cash-Flow ratio for the three months ended in September 2025 was 0.42. This suggests that for every dollar of operating cash flow generated in that period, only 42 cents went toward capital expenditure.

Sales and marketing costs for customer acquisition and retention

Costs associated with getting and keeping customers fall under Sales, General and Administrative (SG&A). For the fiscal year ending December 31, 2024, Sales, General and Admin. expenses were $1,861,000 thousand (or $1.861 billion). This is a key area where the 2024 efficiency program was expected to deliver structural improvements, helping to achieve the 2025 EFCF target.

Personnel and administrative costs, partially offset by 2024 efficiency program

Personnel and administrative costs are largely captured within the SG&A line item, but the impact of the efficiency drive is clear. Millicom International Cellular S.A. (TIGO) successfully completed its restructuring program in 2024. The full year 2025 Equity Free Cash Flow (EFCF) target of around $750 million explicitly reflects the full year run-rate savings expected from these 2024 efficiency measures. In Q4 2024, operating expenses saw an 11.6% year-on-year decline, directly attributed to these savings. To be fair, the Q1 2025 results noted that these incremental cost savings from the 2024 restructuring more than offset the impact of weaker foreign exchange rates in three major markets.

Finance charges and interest expense on debt

Managing debt costs is critical given the company's leverage profile. As of December 31, 2024, the average interest rate on Millicom International Cellular S.A. (TIGO)'s total debt was 6.2%. For dollar-denominated debt, the average interest rate was slightly lower at 5.5%. Net financial expenses for Q4 2024 were $160 million, showing a year-on-year decline of $9 million, which the company attributed to lower indebtedness resulting from debt repurchases. The company targets year-end 2025 leverage below 2.5x.

Here's a quick look at some key cost and expense metrics from the latest available full-year and quarterly data:

Cost/Expense Metric	Period	Amount (USD)
Total Operating Expenses	FY 2024	$2.18 billion
Sales, General and Admin. (SG&A)	FY 2024	$1,861 million
Capital Expenditure (CapEx)	FY 2024	$677 million
Net Financial Expenses	Q4 2024	$160 million
Operating Expenses Decline (due to efficiency)	Q4 2024 vs prior year	11.6%
Capex-to-Operating-Cash-Flow Ratio	3 Months Ended Sep 2025	0.42

You should also note the following specific components impacting the cost base:

• One-off costs included in Q4 2024 operating expenses related to restructuring and strategic projects totaled $30 million.
• The 2025 EFCF target of around $750 million is expected to benefit from lower restructuring costs in 2025 compared to 2024.
• As of December 31, 2024, 84% of gross debt was at fixed rates.
• The company employed approximately 14,000 people as of December 31, 2024.

Finance: draft 13-week cash view by Friday.

Millicom International Cellular S.A. (TIGO) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Millicom International Cellular S.A. (TIGO)'s revenue generation as of late 2025. Honestly, the story here is about services driving the bulk of the top line, with a clear focus on mobile and enterprise growth.

The total reported revenue for the third quarter of 2025 was $1,420 million. This total is primarily composed of Service Revenue, which hit $1,337 million for the quarter.

The remaining portion, which we'll attribute to equipment sales and other non-service revenue, was calculated as the difference between total revenue and service revenue:

Total Revenue (Q3 2025)	$1,420 million
Total Service Revenue (Q3 2025)	$1,337 million
Equipment Sales Revenue (and other non-service)	$83 million

The Service Revenue stream is broken down into several key areas, with B2B showing strong momentum.

• Mobile service revenue from prepaid and postpaid subscriptions showed organic growth of 5.5% year-over-year in Q3 2025.
• B2B service revenue from enterprise digital solutions reached $231 million in Q3 2025.

The remaining service revenue, which covers Fixed services and Mobile Financial Services, is derived from the total service revenue minus the B2B segment. Here's the breakdown of the remaining service streams:

• Combined Mobile Service Revenue (Prepaid/Postpaid) and Fixed Service Revenue totaled $1,106 million ($1,337 million minus $231 million).
• Fixed service revenue from Home broadband, Pay TV, and fixed voice is a component of this $1,106 million, with the Home business overall reported as essentially flat year-over-year.
• Mobile financial services revenue, primarily TIGO Money transaction fees, is included within the overall Service Revenue definition, but a specific standalone figure wasn't provided.

Equipment sales revenue, covering handsets and modems, is captured in the residual amount after accounting for all service revenue streams.

• Equipment sales revenue (handsets, modems) is part of the $83 million residual revenue stream.