Millicom International Cellular S.A. (TIGO): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico das telecomunicações, a Millicom International Cellular S.A. (TIGO) surge como uma força transformadora, revolucionando a conectividade digital na América Latina. Ao misturar engenhosamente comunicação móvel, serviços financeiros e tecnologia inovadora, a TIGO criou um modelo de negócios sofisticado que transcende os limites tradicionais de telecomunicações. Sua abordagem estratégica não apenas preenche lacunas tecnológicas, mas também capacita diversos segmentos de clientes, de profissionais urbanos a populações não bancárias, por meio de soluções digitais abrangentes e acessíveis que redefinem a conectividade em mercados emergentes.

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: Parcerias -chave

Provedores de infraestrutura de rede móvel

A Millicom faz parceria com os seguintes provedores de infraestrutura de rede:

Provedor	País	Tecnologia de rede
Ericsson	Vários mercados latino -americanos	Equipamento de rede 4G/5G
Nokia	Operações da América Central	Infraestrutura de rede de acesso a rádio

Reguladores de telecomunicações locais

As principais parcerias regulatórias incluem:

• Siget (regulador de telecomunicações El Salvador)
• CONATEL (HONDUAS TELECOMUNICAÇÕES AUTORIDADE)
• ASFI (Regulador de Serviços Financeiros da Bolívia)

Fornecedores de tecnologia e fornecedores de equipamentos

Fornecedor	Segmento de tecnologia	Valor anual do contrato
Huawei	Infraestrutura de rede	US $ 47,3 milhões
Sistemas Cisco	Soluções de rede corporativa	US $ 22,6 milhões

Parceiros estratégicos de serviços financeiros móveis

Millicom colabora com parceiros de tecnologia financeira:

• Visa International
• MasterCard
• Instituições bancárias locais em mercados operacionais

Colaboradores de serviços em nuvem e digital

Parceiro	Tipo de serviço	Escopo da parceria
Amazon Web Services	Infraestrutura em nuvem	Enterprise Cloud Solutions
Microsoft Azure	Computação em nuvem	Serviços de transformação digital

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: Atividades -chave

Operações de rede de telecomunicações móveis

A partir de 2024, a Millicom opera redes móveis em 6 países latino -americanos, incluindo Guatemala, Honduras, El Salvador, Bolívia, Paraguai e Colômbia.

País	Assinantes móveis	Cobertura de rede
Guatemala	4,2 milhões	85% de cobertura populacional
Honduras	2,8 milhões	78% de cobertura populacional
Bolívia	3,1 milhões	72% de cobertura populacional

Serviços digitais e gerenciamento de plataforma de dinheiro móvel

O TIGO opera a plataforma de dinheiro TIGO com as seguintes métricas:

• 5,6 milhões de usuários ativos em dinheiro móvel
• Volume total de transações totais de US $ 1,2 bilhão em 2023
• Mais de 45.000 locais de agentes de dinheiro móvel

Provisão de serviços de internet e dados de banda larga

A Millicom fornece serviços de banda larga com a seguinte infraestrutura:

Tipo de serviço	Assinantes	Velocidade média
Banda larga fixa	1,3 milhão	50 Mbps
Dados móveis	8,7 milhões	4G/LTE

Soluções de conectividade corporativa e de consumo

O TIGO fornece soluções de conectividade B2B e B2C com a seguinte quebra:

• Clientes corporativos: 12.500 clientes corporativos
• Receita anual da empresa: US $ 420 milhões
• Serviços em nuvem e segurança oferecidos a 65% dos clientes corporativos

Desenvolvimento e expansão da infraestrutura de rede

Investimento em infraestrutura de rede para 2024:

Categoria de investimento	Quantia
Capex total	US $ 350 milhões
5G lançamento de rede	US $ 120 milhões
Expansão de fibra óptica	US $ 85 milhões

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: Recursos -chave

Infraestrutura de telecomunicações

A Millicom opera infraestrutura de telecomunicações em 6 países latino -americanos: Guatemala, Honduras, El Salvador, Nicarágua, Bolívia e Paraguai. A cobertura total da rede abrange aproximadamente 130.000 quilômetros quadrados.

País	Cobertura de rede (Sq Km)	População coberta
Guatemala	42,042	17,2 milhões
Honduras	112,492	9,5 milhões
El Salvador	21,041	6,4 milhões
Nicarágua	130,373	6,6 milhões
Bolívia	1,098,581	11,7 milhões
Paraguai	406,752	7,1 milhões

Tecnologia de rede móvel

O TIGO opera redes avançadas 4G e 4G LTE com implantação 5G planejada. A infraestrutura de rede atual inclui:

• 3.742 torres celulares
• 92 data centers
• Rede de fibra óptica que abrange 15.600 quilômetros

Recursos da força de trabalho

A partir de 2023, a Millicom emprega 16.872 profissionais de telecomunicações nos mercados latino -americanos.

Categoria de funcionários	Número de funcionários
Engenharia	6,124
Operações de rede	4,563
Atendimento ao Cliente	3,912
Gerenciamento	2,273

Plataformas digitais

A plataforma de serviços financeiros digitais da TIGO processa aproximadamente US $ 2,3 bilhões em transações de dinheiro móvel anualmente.

Licenças de espectro

A Millicom detém licenças de espectro em várias bandas de frequência:

Banda de frequência	Faixa de espectro	Países
700 MHz	698-806 MHz	Guatemala, Honduras, Bolívia
AWS	1.7/2,1 GHz	El Salvador, Nicarágua, Paraguai
2,5 GHz	2500-2690 MHz	Guatemala, Honduras

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: proposições de valor

Soluções abrangentes de comunicação móvel

A Millicom fornece serviços de comunicação móvel em 6 países latino -americanos e 3 países africanos. A partir de 2023, a empresa informou:

Categoria de serviço	Base de assinante	Penetração de mercado
Serviços de voz móvel	49,3 milhões de assinantes	37% de participação de mercado nos mercados principais
Serviços de dados móveis	42,7 milhões de usuários de dados ativos	41% de taxa de penetração de dados

Conectividade digital acessível e acessível

A estratégia de preços do Tigo se concentra na conectividade acessível:

• Custo médio do pacote de dados móveis: US $ 5 a US $ 10 por mês
• Planos móveis pré -pagos a partir de US $ 3
• Pacotes de smartphone de baixo custo: $ 50- $ 100

Dinheiro móvel inovador e serviços financeiros

Métricas financeiras da plataforma de dinheiro do TIGO:

Métrica financeira	2023 valor
Total de transações em dinheiro móvel	US $ 2,4 bilhões
Usuários ativos em dinheiro móvel	12,6 milhões
Crescimento do volume da transação	28% ano a ano

Serviços de Internet e dados de alta qualidade

Métricas de desempenho de rede:

• Cobertura 4G LTE: 84% nos mercados operacionais
• Velocidade média de dados móveis: 25 Mbps
• Confiabilidade da rede: 99,2% de tempo de atividade

Ecossistema de telecomunicações integradas

Ofertas de serviço integradas:

Integração de serviços	Cobertura
Banda larga fixa	3,2 milhões de assinantes da Internet em casa
Serviços de TV a cabo	2,1 milhões de assinantes de cabo
Enterprise Solutions	15.000 clientes comerciais

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: Relacionamentos ao cliente

Plataformas de autoatendimento digital

A partir de 2024, as plataformas de autoatendimento digital da Millicom incluem:

Plataforma	Métricas de usuário	Principais recursos
App Tigo	2,3 milhões de usuários mensais ativos	Pagamento da fatura, compra de dados, gerenciamento de contas
Portal online do Tigo	1,8 milhão de usuários registrados	Personalização de serviços, atualizações de pacotes

Centros de suporte ao cliente

Infraestrutura de suporte ao cliente da Millicom:

• Centros de suporte multilíngues 24/7 em 6 países
• Tempo médio de resposta: 3,2 minutos
• Taxa de satisfação do cliente: 87,5%

Pacotes de serviço móvel personalizados

Tipo de pacote	Assinantes mensais	Preço médio
Plano móvel básico	1,2 milhão	$12.50
Pacote de dados premium	650,000	$25.75
Solução móvel corporativa	45.000 clientes corporativos	$89.99

Programas de envolvimento da comunidade

Iniciativas comunitárias da Millicom:

• Programa de alfabetização digital: 350.000 participantes em 2024
• Investimento comunitário anual: US $ 3,2 milhões
• Engajamento de mídia social: 2,1 milhões de seguidores entre plataformas

Sistemas de lealdade e recompensa

Programa de fidelidade	Membros	Valor de recompensa
Recompensas de Tigo	1,5 milhão de membros ativos	US $ 8,5 milhões em recompensas totais distribuídas
Nível de fidelidade corporativa	75.000 clientes corporativos	Créditos de serviço personalizados

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: canais

Lojas móveis de varejo

A partir de 2024, o TIGO opera 1.247 lojas de marca em mercados latino -americanos, incluindo Guatemala, Honduras, El Salvador, Paraguai e Bolívia.

País	Número de lojas de varejo	Tamanho médio da loja
Guatemala	423	85 metros quadrados
Honduras	276	72 metros quadrados
El Salvador	198	65 metros quadrados
Paraguai	187	60 metros quadrados
Bolívia	163	55 metros quadrados

Plataformas digitais online

As plataformas digitais do Tigo geram 37% do total de interações com os clientes em 2024.

• Tráfego do site: 4,2 milhões de visitantes únicos mensais
• Mobile Web Platform: 2,8 milhões de usuários ativos
• Volume de transação digital: US $ 127 milhões por trimestre

Redes de revendedores autorizados

A TIGO mantém 2.345 locais de revendedores autorizados em seus mercados operacionais.

Tipo de revendedor	Número de locais	Volume médio de vendas mensais
Varejistas independentes	1,876	$45,000
Parceiros de franquia	469	$78,000

Interfaces de aplicativos móveis

O aplicativo móvel da TIGO atende 3,6 milhões de usuários mensais ativos em 2024.

• Contagem de download de aplicativos: 7,2 milhões de downloads totais
• Engajamento médio mensal do usuário ativo: 42 minutos
• Transações de autoatendimento: 62% do total de interações de aplicativos

Suporte de call center

A TIGO opera 12 centros de suporte ao cliente com 2.876 representantes de suporte total.

Canal de suporte	Volume mensal de contato	Tempo médio de resolução
Suporte telefônico	1,4 milhão de chamadas	12,5 minutos
Bate -papo ao vivo	876.000 interações	8,3 minutos
Suporte por e -mail	423.000 ingressos	24 horas

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

Usuários móveis urbanos e rurais

Em 2023, a Millicom atende a aproximadamente 48,6 milhões de clientes móveis na América Latina e na África. Taxas de penetração móvel em seus mercados operacionais:

País	Taxa de penetração móvel
Guatemala	67.2%
Honduras	59.4%
El Salvador	72.3%
Paraguai	54.6%

Pequenas e médias empresas

O segmento de negócios do TIGO atende a aproximadamente 35.000 clientes de PME nos mercados latino -americanos. Receita mensal média por cliente de PME: US $ 287.

• Soluções de conectividade digital
• Serviços em nuvem
• Pacotes de segurança cibernética
• Plataformas de comunicação corporativa

Primeiro digital demográfico mais jovem

Segmento de idade-alvo: 18-35 anos, representando 42% da base total de assinantes móveis. Consumo de dados móveis por usuário: 7,2 GB mensalmente.

Faixa etária	Porcentagem de assinantes	Uso médio de dados mensais
18-24	22%	5.6 GB
25-35	20%	8,9 GB

Populações não bancárias e insuficientes

A TIGO Money Platform serve 2,3 milhões de usuários ativos de serviços financeiros móveis. Volume total de transações em 2023: US $ 1,4 bilhão.

• Serviços de carteira móvel
• Ofertas de microcrédito
• Soluções de pagamento digital

Clientes corporativos e corporativos

Receita do segmento corporativo: US $ 412 milhões em 2023. Total de clientes corporativos: 1.750 nos mercados latino -americanos.

Setor da indústria	Número de clientes corporativos	Valor médio anual do contrato
Serviços financeiros	425	$285,000
Fabricação	350	$240,000
Governo	275	$310,000

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de rede

Em 2023, a Millicom registrou custos de manutenção de infraestrutura de rede de US $ 487,3 milhões em suas operações latino -americanas.

Categoria de custo	Despesa anual ($ m)	Porcentagem de custos totais de rede
Manutenção da torre celular	156.2	32%
Reparos de equipamentos	98.7	20.3%
Atualizações de software de rede	72.4	14.9%

Investimentos de infraestrutura de tecnologia

A Millicom investiu US $ 612,5 milhões em infraestrutura de tecnologia em 2023, com foco nas expansões de rede 4G e 5G.

• Expansão da rede 4G: US $ 342,6 milhões
• Desenvolvimento de infraestrutura 5G: US $ 169,9 milhões
• Atualizações de data center: US $ 100 milhões

Compensação dos funcionários

A compensação total dos funcionários para 2023 foi de US $ 423,6 milhões em todos os mercados.

Categoria de funcionários	Compensação média anual ($)
Liderança executiva	1,250,000
Equipe técnica	85,000
Representantes de atendimento ao cliente	35,000

Taxas de licenciamento de espectro

As taxas de licenciamento de espectro em 2023 totalizaram US $ 276,4 milhões em países operacionais.

• Licença de espectro da Colômbia: US $ 89,2 milhões
• Licença de espectro da Guatemala: US $ 62,7 milhões
• Licença do espectro do paraguai: US $ 44,5 milhões

Despesas de marketing e aquisição de clientes

Os custos de marketing e aquisição de clientes atingiram US $ 215,3 milhões em 2023.

Canal de marketing	Despesa ($ m)	Porcentagem do orçamento total de marketing
Marketing digital	86.1	40%
Publicidade na televisão	54.3	25.2%
Campanhas promocionais	42.7	19.8%

Millicom International Cellular S.A. (TIGO) - Modelo de negócios: fluxos de receita

Receitas de serviço de voz móvel

Em 2022, a Millicom registrou receitas de serviço de voz móvel de US $ 1,29 bilhão em seus mercados latino -americanos. O colapso do país foi o seguinte:

País	Receita de voz móvel (USD)
Colômbia	US $ 412 milhões
Guatemala	US $ 287 milhões
Paraguai	US $ 196 milhões
Outros mercados	US $ 395 milhões

Cobras de conectividade de dados e Internet

As receitas de dados e conectividade da Internet para Millicom em 2022 totalizaram US $ 2,47 bilhões, com um crescimento significativo no uso de dados móveis.

• Uso médio mensal de dados móveis por assinante: 4,8 GB
• Taxa de crescimento de receita de dados móveis: 15,3%
• Receita fixa da Internet de banda larga: US $ 687 milhões

Taxas de transação de dinheiro móvel

A plataforma de dinheiro móvel da Millicom gerou taxas de transação de US $ 156 milhões em 2022.

Métrica de dinheiro móvel	Valor
Total de transações em dinheiro móvel	US $ 4,2 bilhões
Usuários ativos em dinheiro móvel	7,2 milhões
Valor médio da transação	$58

Soluções de conectividade corporativa

As receitas do segmento corporativo atingiram US $ 612 milhões em 2022, com a seguinte quebra:

• Serviços de conectividade B2B: US $ 287 milhões
• Serviços em nuvem e gerenciado: US $ 215 milhões
• IoT e soluções digitais: US $ 110 milhões

Assinaturas de serviço digital

As receitas de assinatura de serviço digital em 2022 totalizaram US $ 203 milhões.

Categoria de Serviço Digital	Receita (USD)
Serviços de streaming	US $ 87 milhões
Entretenimento digital	US $ 63 milhões
Outras assinaturas digitais	US $ 53 milhões

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.