Millicom International Cellular S.A. (TIGO): Business Model Canvas [Dec-2025 Updated]

You're looking at Millicom International Cellular S.A. (TIGO) fresh off their Q3 2025 report, where they hit a 48.9% Adjusted EBITDA margin and confirmed their $750 million Equity Free Cash Flow target while closing major M&A in Ecuador and Uruguay. Honestly, the numbers are only half the story; the real insight lies in their Business Model Canvas, which maps out their disciplined pivot from pure mobile to a converged digital lifestyle provider across 46 million customers. Below, I've distilled exactly how they manage key resources like their 14 million homes passed against their cost structure to hit those leverage targets-it's a precise blueprint you need to see.

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

You're looking at the core relationships Millicom International Cellular S.A. (TIGO) relies on to run its operations across Latin America as of late 2025. These partnerships are crucial for infrastructure management, capital structure, and content delivery, so understanding the terms matters a lot.

Infrastructure partners like SBA for tower management and sale-leasebacks

The strategic infrastructure partnership with SBA Communications Corporation (SBA) is a major component, focusing on monetizing non-core assets to optimize capital efficiency. This involved a definitive agreement for the sale and leaseback of approximately 7,000 towers across Guatemala, Honduras, Panama, El Salvador, and Nicaragua. The total consideration for this transaction is approximately US$975 million, which includes an earn-out contingent on financial performance metrics. By the Q3 2025 earnings release, completed closings had already generated approximately US$600 million, with the remaining US$325 million expected to be collected by the end of Q3 2025. Millicom will remain the anchor tenant on each site under the leaseback for a minimum term of 15 years. Furthermore, the partnership includes a build-to-suit agreement where SBA Communications will exclusively build up to 2,500 additional sites in Central America over the next seven years. SBA projects this deal will produce about $129 million in site leasing revenues and $89 million in tower cash flow during the first full year of operations post-closing. Millicom also agreed to extend all of its approximately 1,500 existing leases with SBA for a new 15-year term as part of the arrangement.

Local and international banks for financing and debt management

Managing a complex capital structure across multiple Latin American markets requires strong banking relationships for debt issuance and liability management. Millicom International Cellular S.A. (TIGO) has actively engaged in local currency financing to manage its debt profile, which stood at 50% in local currency as of the Q3 2025 earnings call. A recent example of this is the new 5-year local currency financing secured by the Uruguay operation with Banco Santander for a total equivalent of approximately $200 million, announced in October 2025. Also in Q3 2025, the Paraguay operation issued local bonds amounting to PYG 220,000 million (about USD 31 million at the transaction date) with a 5-year maturity and a fixed annual interest rate of 10.85%. For the financing related to the tender offer by Atlas Luxco, an interim facilities agreement for $8 billion of debt was put in place, intended to be refinanced with long-term facilities including a $2.6 billion term loan facility and a $600 million revolving credit facility. J.P. Morgan and Lazard served as Millicom's financial advisors for the major infrastructure deal with SBA Communications.

Here's a quick look at some of the recent financing activities:

• Banco Santander: 5-year local currency financing in Uruguay for approximately $200 million equivalent (October 2025).
• Paraguay Local Bonds: Issued PYG 220,000 million at 10.85% fixed annual interest rate (Q3 2025).
• Atlas Luxco Tender Offer Debt: Interim facilities agreement totaling $8 billion.
• SBA Deal Advisors: J.P. Morgan and Lazard.

Content providers for TIGO Sports and TIGO ONEtv entertainment bundles

Millicom International Cellular S.A. (TIGO) leverages exclusive content rights to enhance its bundled offerings like TIGO Sports and TIGO ONEtv. TIGO Sports, which first aired in February 2014, is available to subscribers in all of Millicom's mobile markets in Latin America. The service acts as a major sponsor for football at national and regional levels. The Tigo Sports App, for instance, provides access to Tigo's own televised local football league coverage. In Bolivia, the app quickly became the most downloaded sports app, popular for its coverage of more than 130 football matches both live and on-demand. The company also capitalized on major events, with over 550,000 World Cup fans in six Latin American markets downloading the FIFA World Cup app last year. TIGO ONEtv is the brand associated with pay TV services.

Technology vendors for 4G/5G network equipment and digital solutions

Building out the digital highways requires partnerships with major network equipment providers to support current 4G expansion and lay the foundation for 5G. Millicom is creating a telco cloud infrastructure, leveraging a Juniper network fabric foundation. Specifically, the data center architecture transformation utilizes Juniper QFX10000 Switches and QFX5100 Switches for the IP/EVPN fabric. NEC worked closely with Juniper to standardize, simplify, and automate data center operations across multiple countries. As of March 31, 2025, Millicom provided mobile and fiber-cable services to more than 46 million customers, with a fiber-cable footprint passing over 14 million homes. The company also provides business-to-business solutions such as cloud and security.

Key Technology Vendor Relationships:

• Juniper Networks: Provided core network fabric for telco cloud, using QFX10000 and QFX5100 Switches.
• NEC: Collaborated with Juniper on data center architecture and integration capabilities.
• General 5G Ecosystem Players: The broader market includes vendors like Huawei Technologies Co., Ltd., Samsung Electronics Co. Ltd, ZTE Corporation, Telefonaktiebolaget LM Ericsson, and Nokia Corporation, who are major contributors to 5G deployment globally.

Retail distributors and third-party dealers for device sales and top-ups

While specific financial figures for this segment aren't immediately available, Millicom International Cellular S.A. (TIGO) relies on a network of retail distributors and third-party dealers to facilitate device sales and mobile top-ups across its operating territories. This channel is essential for reaching the 46 million mobile customers as of March 31, 2025. The company also pushes its TIGO Money mobile financial services through its network, which includes payments, money transfers, and micro-insurance.

Key Partnership Financial/Statistical Snapshot (Selected Items as of late 2025):

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Millicom International Cellular S.A. (TIGO) operations as of late 2025, focusing on what they actively do to drive revenue and growth across their footprint.

The primary activity is the relentless build-out and operation of their digital infrastructure. As of June 30, 2025, Millicom International Cellular S.A. (TIGO) provided mobile and fixed fiber-cable services through its digital highways to more than 46 million customers. That fixed network, the fiber-cable footprint, spanned over 14 million homes passed. This network expansion is a capital-intensive, ongoing key activity, building on the 13.5 million homes passed they reported at the end of December 2024.

Strategic inorganic growth through Mergers and Acquisitions (M&A) is clearly a major focus. Millicom International Cellular S.A. (TIGO) executed on significant deals to deepen its South American presence. They successfully completed the USD 380 million acquisition of Telefónica's telecommunications operations in Ecuador on October 30, 2025. This followed the buyout of Telefónica Uruguay, valued at US$440mn. With the Ecuador addition, the company's operations now span eleven markets.

Developing and managing the digital services portfolio is how they monetize that network. You see this through their branded offerings, which include:

• TIGO Money for mobile financial services.
• TIGO Sports for local entertainment.
• TIGO ONEtv for pay TV services.
• High-speed data and voice connectivity.
• Business-to-business solutions like cloud and security.

Commercial execution centers on shifting the customer base and increasing the value from each one. For instance, in Q4 2024, they saw strong activity with 274,000 Postpaid Mobile net additions and 49,000 Home FTTH/HFC net additions. For the full year 2024, the total was 965,000 Postpaid Mobile and 115,000 Home FTTH/HFC net additions. By Q3 2025, this commercial discipline helped drive organic service revenue growth of 3.5 percent year-over-year, supported by ARPU expansion.

Disciplined capital allocation is the financial guardrail for all this activity. Millicom International Cellular S.A. (TIGO) continues to target year-end leverage below 2.5x for 2025. They've made significant progress toward this, reporting leverage of 2.09x as of the third quarter of 2025. This focus on the balance sheet is key; remember, leverage was 2.42x at the end of 2024. The 2025 Equity Free Cash Flow (EFCF) target remains around $750 million.

Here's a quick look at some of the key operational and financial metrics that reflect these activities through the first nine months of 2025:

The M&A activity involved significant cash deployment, such as the $380 million Ecuador deal, but was supported by cash events like the infrastructure transaction proceeds, which totaled $537 million by Q3 2025. Also, the company declared a special interim dividend of $2.50 per share in August 2025, which amounted to approximately $420 million. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Millicom International Cellular S.A. (TIGO) relies on to run its business across Latin America as of late 2025. These aren't just line items; they are the actual infrastructure and customer relationships driving the numbers.

The foundation is the physical network. Millicom International Cellular S.A. (TIGO) maintains an extensive 4G/5G mobile and HFC/FTTH fixed network infrastructure in Latin America. As of March 31, 2025, the cable footprint passed over 14 million homes. This infrastructure supports the delivery of high-speed data and broadband services across its operating footprint.

The regulatory standing is secured through spectrum licenses and regulatory approvals across 9 key markets. Millicom International Cellular S.A. (TIGO) operates in nine countries: Guatemala, El Salvador, Honduras, Paraguay, Nicaragua, Costa Rica, Bolivia, Colombia, and Panama. The company is actively involved in 5G deployment, which is becoming the dominant communication standard this year. For instance, in Q1 2025, spectrum spending totaled $36 million.

The scale of the customer base translates directly into brand strength. Millicom International Cellular S.A. (TIGO) boasts strong brand equity (TIGO) and a customer base of over 46 million subscribers. As of March 31, 2025, Millicom operating subsidiaries and joint ventures provided mobile services to approximately 46 million customers. By June 2025, this figure was still cited as over 46 million customers.

Digital platforms are critical value drivers, represented by proprietary digital platforms like TIGO Money and TIGO Business. The B2B segment, TIGO Business, showed strong momentum in Q3 2025. Service revenue reached $231 million, up 5.3% year-on-year in constant currency. Small business clients grew 10%, totaling over 400,000. Digital services revenue within B2B rose 10%, with cloud, cyber security, and SD-WAN growing around 35% year-over-year. TIGO Money provides mobile financial services across the footprint.

The financial output from these resources is quantified by the cash flow target. Millicom International Cellular S.A. (TIGO) has an Equity Free Cash Flow (EFCF) target of around $750 million for 2025. The company reported EFCF of $243 million for the third quarter of 2025, bringing the total over the last 9 months to $638 million.

Here's a quick look at the scale of the customer base and recent financial performance against the annual goal:

The operational footprint across the key markets is detailed below:

• Guatemala: Largest operating region by EBITDA, over 30% of annual EBITDA.
• Colombia: Postpay mobile customers rose 12% year-over-year in Q3 2025.
• Paraguay: Adjusted EBITDA margin reached 51.4% in Q3 2025.
• Nicaragua, Honduras: Margins above 50%.
• Total Markets with >50% Margin: 5 out of 9 countries.

Finance: draft 13-week cash view by Friday.

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.

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.

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:

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:

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:

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:

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.