Millicom International Cellular S.A. (TIGO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des télécommunications, Millicom International Cellular S.A. (TIGO) émerge comme une force transformatrice, révolutionnant la connectivité numérique à travers l'Amérique latine. En mélangeant ingénieusement la communication mobile, les services financiers et les technologies innovantes, Tigo a conçu un modèle commercial sophistiqué qui transcende les limites traditionnelles des télécommunications. Leur approche stratégique comble non seulement les lacunes technologiques, mais permet également de divers segments de clients, des professionnels urbains aux populations non bancarisées, grâce à des solutions numériques complètes et accessibles qui redéfinissent la connectivité dans les marchés émergents.

Millicom International Cellular S.A. (TIGO) - Modèle commercial: partenariats clés

Fournisseurs d'infrastructures de réseau mobile

Millicom s'associe aux fournisseurs d'infrastructures de réseau suivants:

Fournisseur	Pays	Technologie de réseau
Éricson	Plusieurs marchés latino-américains	Équipement réseau 4G / 5G
Nokia	Opérations d'Amérique centrale	Infrastructure de réseau d'accès radio

Régulateurs locaux de télécommunications

Les principaux partenariats réglementaires comprennent:

• SIGET (El Salvador Telecommunications Regulator)
• Conatel (Honduras Telecommunications Authority)
• ASFI (Bolivie Financial Services Regulator)

Vendeurs technologiques et fournisseurs d'équipement

Fournisseur	Segment technologique	Valeur du contrat annuel
Huawei	Infrastructure réseau	47,3 millions de dollars
Systèmes Cisco	Solutions de réseautage d'entreprise	22,6 millions de dollars

Partenaires stratégiques de services financiers mobiles

Millicom collabore avec des partenaires technologiques financières:

• Visa International
• MasterCard
• Institutions bancaires locales sur les marchés opérationnels

Collaborateurs de services cloud et numériques

Partenaire	Type de service	Portée du partenariat
Services Web Amazon	Infrastructure cloud	Solutions de cloud d'entreprise
Microsoft Azure	Cloud computing	Services de transformation numérique

Millicom International Cellular S.A. (TIGO) - Modèle d'entreprise: Activités clés

Opérations de réseau de télécommunications mobiles

En 2024, Millicom exploite des réseaux mobiles dans 6 pays d'Amérique latine, dont le Guatemala, le Honduras, le Salvador, la Bolivie, le Paraguay et la Colombie.

Pays	Abonnés mobiles	Couverture réseau
Guatemala	4,2 millions	Couverture de la population 85%
Honduras	2,8 millions	78% de couverture de la population
Bolivie	3,1 millions	Couverture de la population de 72%

Services numériques et gestion de la plate-forme d'argent mobile

Tigo exploite Tigo Money Platform avec les mesures suivantes:

• 5,6 millions d'utilisateurs de l'argent mobile actif
• Volume total de transactions de 1,2 milliard de dollars en 2023
• Plus de 45 000 emplacements d'agent d'argent mobile

Provision Internet et service de données à large bande

Millicom fournit des services à large bande avec l'infrastructure suivante:

Type de service	Abonnés	Vitesse moyenne
Haut débit fixe	1,3 million	50 Mbps
Données mobiles	8,7 millions	4G / LTE

Solutions de connectivité d'entreprise et de consommation

TIGO fournit des solutions de connectivité B2B et B2C avec la ventilation suivante:

• Clients d'entreprise: 12 500 clients d'entreprise
• Revenu annuel des entreprises: 420 millions de dollars
• Services de cloud et de cybersécurité offerts à 65% des clients d'entreprise

Développement et expansion des infrastructures réseau

Investissement dans l'infrastructure réseau pour 2024:

Catégorie d'investissement	Montant
Capex total	350 millions de dollars
Déploiement du réseau 5G	120 millions de dollars
Expansion de la fibre optique	85 millions de dollars

Millicom International Cellular S.A. (Tigo) - Modèle d'entreprise: Ressources clés

Infrastructure de télécommunications

Millicom exploite des infrastructures de télécommunications dans 6 pays d'Amérique latine: Guatemala, Honduras, El Salvador, Nicaragua, Bolivie et Paraguay. La couverture totale du réseau s'étend sur environ 130 000 kilomètres carrés.

Pays	Couverture réseau (SQ KM)	Population couverte
Guatemala	42,042	17,2 millions
Honduras	112,492	9,5 millions
El Salvador	21,041	6,4 millions
Nicaragua	130,373	6,6 millions
Bolivie	1,098,581	11,7 millions
Paraguay	406,752	7,1 millions

Technologie de réseau mobile

TIGO exploite les réseaux avancés 4G et 4G LTE avec déploiement 5G planifié. L'infrastructure réseau actuelle comprend:

• 3 742 tours de cellules mobiles
• 92 centres de données
• Réseau de fibre optique couvrant 15 600 kilomètres

Ressources de la main-d'œuvre

En 2023, Millicom emploie 16 872 professionnels des télécommunications sur les marchés latino-américains.

Catégorie des employés	Nombre d'employés
Ingénierie	6,124
Opérations de réseau	4,563
Service client	3,912
Gestion	2,273

Plates-formes numériques

La plate-forme de services financiers numériques de Tigo traite environ 2,3 milliards de dollars de transactions en argent mobile par an.

Licences de spectre

Millicom détient des licences de spectre dans plusieurs bandes de fréquences:

Bande de fréquence	Plage de spectre	Pays
700 MHz	698-806 MHz	Guatemala, Honduras, Bolivie
AWS	1,7 / 2,1 GHz	El Salvador, Nicaragua, Paraguay
2,5 GHz	2500-2690 MHz	Guatemala, Honduras

Millicom International Cellular S.A. (TIGO) - Modèle d'entreprise: propositions de valeur

Solutions de communication mobile complètes

Millicom fournit des services de communication mobile dans 6 pays d'Amérique latine et 3 pays africains. En 2023, la société a rapporté:

Catégorie de service	Base d'abonné	Pénétration du marché
Services vocaux mobiles	49,3 millions d'abonnés	37% de part de marché sur les marchés principaux
Services de données mobiles	42,7 millions d'utilisateurs de données actives	Taux de pénétration des données de 41%

Connectivité numérique abordable et accessible

La stratégie de tarification de Tigo se concentre sur la connectivité abordable:

• Coût moyen du package de données mobiles: 5 $ à 10 $ par mois
• Plans mobiles prépayés à partir de 3 $
• Packages de smartphones à faible coût: 50 $ - 100 $

Argent mobile et services financiers innovants

Tigo Money Platform Metrics financiers:

Métrique financière	Valeur 2023
Total des transactions en argent mobile	2,4 milliards de dollars
Utilisateurs de l'argent mobile actif	12,6 millions
Croissance du volume des transactions	28% d'une année à l'autre

Services Internet et données de haute qualité

Métriques de performance du réseau:

• Couverture 4G LTE: 84% sur les marchés opérationnels
• Vitesse moyenne des données mobiles: 25 Mbps
• Fiabilité du réseau: 99,2% de disponibilité

Écosystème des télécommunications intégrées

Offres de services intégrés:

Intégration de service	Couverture
Haut débit fixe	3,2 millions d'abonnés Internet à domicile
Services de télévision par câble	2,1 millions d'abonnés au câble
Solutions d'entreprise	15 000 clients commerciaux

Millicom International Cellular S.A. (TIGO) - Modèle d'entreprise: Relations clients

Plates-formes de libre-service numériques

Depuis 2024, les plateformes de libre-service numériques de Millicom comprennent:

Plate-forme	Métriques des utilisateurs	Caractéristiques clés
Application Tigo	2,3 millions d'utilisateurs mensuels actifs	Paiement de facture, achat de données, gestion des comptes
Portail en ligne Tigo	1,8 million d'utilisateurs enregistrés	Personnalisation du service, mises à niveau des packages

Centres de support client

Infrastructure de support client de Millicom:

• Centres de soutien multilingues 24/7 dans 6 pays
• Temps de réponse moyen: 3,2 minutes
• Taux de satisfaction client: 87,5%

Packages de services mobiles personnalisés

Type de package	Abonnés mensuels	Prix ​​moyen
Plan mobile de base	1,2 million	$12.50
Package de données premium	650,000	$25.75
Solution mobile d'entreprise	45 000 clients d'entreprise	$89.99

Programmes d'engagement communautaire

Initiatives communautaires de Millicom:

• Programme d'alphabétisation numérique: 350 000 participants en 2024
• Investissement communautaire annuel: 3,2 millions de dollars
• Engagement des médias sociaux: 2,1 millions de followers sur toutes les plateformes

Systèmes de fidélité et de récompense

Programme de fidélité	Membres	Valeur de récompense
Récompenses Tigo	1,5 million de membres actifs	8,5 millions de dollars de récompenses totales distribuées
Niveau de fidélité des entreprises	75 000 clients d'entreprise	Crédits de service personnalisés

Millicom International Cellular S.A. (Tigo) - Modèle d'entreprise: canaux

Magasins mobiles de vente au détail

En 2024, Tigo exploite 1 247 magasins de détail de marque sur les marchés latino-américains, notamment le Guatemala, le Honduras, le Salvador, le Paraguay et la Bolivie.

Pays	Nombre de magasins de détail	Taille moyenne du magasin
Guatemala	423	85 m²
Honduras	276	72 m²
El Salvador	198	65 m²
Paraguay	187	60 m²
Bolivie	163	55 m²

Plateformes numériques en ligne

Les plates-formes numériques de Tigo génèrent 37% des interactions totales des clients à partir de 2024.

• Trafic de site Web: 4,2 millions de visiteurs uniques mensuels
• Plateforme Web mobile: 2,8 millions d'utilisateurs actifs
• Volume de transaction numérique: 127 millions de dollars par trimestre

Réseaux de revendeurs autorisés

Tigo maintient 2 345 emplacements de revendeur autorisés sur ses marchés opérationnels.

Type de revendeur	Nombre d'emplacements	Volume de ventes mensuel moyen
Détaillants indépendants	1,876	$45,000
Partenaires de franchise	469	$78,000

Interfaces d'application mobile

L'application mobile de Tigo dessert 3,6 millions d'utilisateurs mensuels actifs en 2024.

• Compte de téléchargement d'applications: 7,2 millions de téléchargements totaux
• Engagement mensuel moyen des utilisateurs actifs: 42 minutes
• Transactions en libre-service: 62% des interactions totales d'applications

Assistance du centre d'appels

TIGO exploite 12 centres de support client avec 2 876 représentants du soutien total.

Canal de support	Volume de contact mensuel	Temps de résolution moyen
Support téléphonique	1,4 million d'appels	12,5 minutes
Chat en direct	876 000 interactions	8,3 minutes
Assistance par e-mail	423 000 billets	24 heures

Millicom International Cellular S.A. (TIGO) - Modèle d'entreprise: segments de clientèle

Utilisateurs mobiles urbains et ruraux

En 2023, Millicom dessert environ 48,6 millions de clients mobiles en Amérique latine et en Afrique. Taux de pénétration mobile sur leurs marchés opérationnels:

Pays	Taux de pénétration mobile
Guatemala	67.2%
Honduras	59.4%
El Salvador	72.3%
Paraguay	54.6%

Petites et moyennes entreprises

Le segment des entreprises TIGO dessert environ 35 000 clients PME sur les marchés latino-américains. Revenus mensuels moyens par Client PME: 287 $.

• Solutions de connectivité numérique
• Services cloud
• Packages de cybersécurité
• Plateformes de communication d'entreprise

Numérique d'abord de démographie plus jeune

Segment de l'âge cible: 18-35 ans, représentant 42% de la base totale des abonnés mobiles. Consommation de données mobiles par utilisateur: 7,2 Go par mois.

Groupe d'âge	Pourcentage d'abonnés	Utilisation mensuelle moyenne des données
18-24	22%	5,6 Go
25-35	20%	8,9 Go

Populations non bancarisées et sous-bancarisées

La plate-forme Tigo Money dessert 2,3 millions d'utilisateurs de services financiers mobiles actifs. Volume total des transactions en 2023: 1,4 milliard de dollars.

• Services de portefeuille mobiles
• Offrandes de microcrédit
• Solutions de paiement numérique

Clients d'entreprise et d'entreprise

Revenus de segments d'entreprise: 412 millions de dollars en 2023. Total des clients d'entreprise: 1 750 sur les marchés latino-américains.

Secteur de l'industrie	Nombre de clients d'entreprise	Valeur du contrat annuel moyen
Services financiers	425	$285,000
Fabrication	350	$240,000
Gouvernement	275	$310,000

Millicom International Cellular S.A. (Tigo) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

En 2023, Millicom a déclaré des coûts de maintenance des infrastructures de réseau de 487,3 millions de dollars dans ses opérations latino-américaines.

Catégorie de coûts	Dépenses annuelles ($ m)	Pourcentage du total des coûts du réseau
Entretien de la tour cellulaire	156.2	32%
Réparations de l'équipement	98.7	20.3%
Mises à jour du logiciel réseau	72.4	14.9%

Investissements infrastructures technologiques

Millicom a investi 612,5 millions de dollars dans les infrastructures technologiques en 2023, se concentrant sur les extensions du réseau 4G et 5G.

• Extension du réseau 4G: 342,6 millions de dollars
• Développement des infrastructures 5G: 169,9 millions de dollars
• Mises à niveau du centre de données: 100 millions de dollars

Compensation des employés

La rémunération totale des employés pour 2023 était de 423,6 millions de dollars sur tous les marchés.

Catégorie des employés	Compensation annuelle moyenne ($)
Leadership exécutif	1,250,000
Personnel technique	85,000
Représentants du service à la clientèle	35,000

Frais de licence de spectre

Les frais de licence de spectre en 2023 ont totalisé 276,4 millions de dollars entre les pays opérationnels.

• Colombie Spectrum Licence: 89,2 millions de dollars
• Licence de spectre du Guatemala: 62,7 millions de dollars
• Licence de spectre du Paraguay: 44,5 millions de dollars

Frais de marketing et d'acquisition des clients

Les frais de marketing et d'acquisition des clients ont atteint 215,3 millions de dollars en 2023.

Canal de marketing	Dépenses ($ m)	Pourcentage du budget marketing total
Marketing numérique	86.1	40%
Publicité télévisée	54.3	25.2%
Campagnes promotionnelles	42.7	19.8%

Millicom International Cellular S.A. (TIGO) - Modèle d'entreprise: sources de revenus

Revenus de service vocal mobile

En 2022, Millicom a rapporté des revenus de services vocaux mobiles de 1,29 milliard de dollars sur ses marchés d'Amérique latine. La rupture par le pays était la suivante:

Pays	Revenus vocaux mobiles (USD)
Colombie	412 millions de dollars
Guatemala	287 millions de dollars
Paraguay	196 millions de dollars
Autres marchés	395 millions de dollars

Frais de connectivité de données et Internet

Les revenus des données et de la connectivité Internet pour Millicom en 2022 ont totalisé 2,47 milliards de dollars, avec une croissance significative de l'utilisation des données mobiles.

• Utilisation mensuelle moyenne des données mobiles par abonné: 4,8 Go
• Taux de croissance des revenus de données mobiles: 15,3%
• Revenus Internet à large bande fixe: 687 millions de dollars

Frais de transaction en argent mobile

La plate-forme monétaire mobile de Millicom a généré des frais de transaction de 156 millions de dollars en 2022.

Métrique monétaire mobile	Valeur
Total des transactions en argent mobile	4,2 milliards de dollars
Utilisateurs de l'argent mobile actif	7,2 millions
Valeur de transaction moyenne	$58

Solutions de connectivité d'entreprise

Les revenus du segment des entreprises ont atteint 612 millions de dollars en 2022, avec la ventilation suivante:

• Services de connectivité B2B: 287 millions de dollars
• Cloud et services gérés: 215 millions de dollars
• IoT et solutions numériques: 110 millions de dollars

Abonnements de services numériques

Les revenus d'abonnement des services numériques en 2022 s'élevaient à 203 millions de dollars.

Catégorie de service numérique	Revenus (USD)
Services de streaming	87 millions de dollars
Divertissement numérique	63 millions de dollars
Autres abonnements numériques	53 millions de dollars

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.