Millicom International Cellular S.A. (Tigo): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le monde dynamique des télécommunications mondiales, Millicom International Cellular S.A. (TIGO) émerge comme une force pionnière naviguant dans le paysage complexe des marchés émergents en Amérique latine et en Afrique. Cette analyse complète du pilon dévoile les couches complexes de défis et d'opportunités qui façonnent l'approche stratégique de Tigo, révélant comment l'entreprise équilibre magistralement les incertitudes politiques, les fluctuations économiques, les besoins sociétaux, les innovations technologiques, les cadres juridiques et les responsabilités environnementales. De pairage des divisions numériques à la mise en œuvre de solutions mobiles de pointe, Tigo est à l'avant-garde de la transformation des télécommunications dans les régions en développement, offrant un aperçu fascinant en écosystème multiforme d'une entreprise numérique véritablement mondiale.

Millicom International Cellular S.A. (Tigo) - Analyse du pilon: facteurs politiques

Opérant sur des marchés émergents avec une stabilité politique variable

Millicom opère dans 9 pays en Amérique latine et en Afrique, avec des variations de risque politiques importantes:

Pays	Indice de stabilité politique (2023)	Évaluation des risques de gouvernance
Colombie	-0.31	Modéré
Guatemala	-1.02	Haut
Paraguay	-0.55	Modéré
Tanzanie	-0.87	Haut

Navigation d'environnements réglementaires complexes

Les défis réglementaires des télécommunications comprennent:

• Conformité à 7 réglementations nationales de télécommunications nationales différentes
• Coûts annuels de conformité réglementaire estimés à 12,3 millions de dollars
• Processus de licence requis dans plusieurs juridictions

Exposition aux risques politiques

Facteurs de risque politiques ayant un impact sur les opérations de Tigo:

Catégorie de risque	Impact financier potentiel
Risque d'expropriation	Jusqu'à 450 millions de dollars en valeur d'actif potentielle
Changements réglementaires	Coûts de conformité potentiels estimés 85 millions de dollars
Restrictions d'investissement étranger	Potentiel de 15 à 20% de barrières d'entrée sur le marché

Politiques gouvernementales de télécommunications

Influences de politique clés sur les stratégies de marché:

• Mandates de transformation numérique dans 5 pays opérationnels
• Participation aux enchères de spectre requise
• Règlement de partage d'infrastructures obligatoires
• Exigences d'investissement dans les infrastructures de télécommunications rurales

Investissement total de conformité politique pour 2024: environ 78,6 millions de dollars

Millicom International Cellular S.A. (Tigo) - Analyse du pilon: facteurs économiques

Génération importante des revenus à partir des secteurs des télécommunications du marché émergent

Millicom International Cellular S.A. a déclaré un chiffre d'affaires total de 4,452 milliards de dollars en 2022, les principaux marchés émergents contribuant de manière significative à sa performance financière.

Marché	Contribution des revenus (2022)	Base d'abonné
l'Amérique latine	3,2 milliards de dollars	49,4 millions
Afrique	1,252 milliard de dollars	16,3 millions

Sensibilité aux fluctuations des taux de change sur les marchés latino-américains et africains

Millicom expérimenté Impact de taux de change de - 183 millions de dollars en 2022, principalement des volatilités du marché latino-américain et africaine.

Devise	Taux d'amortissement (2022)	Impact financier
Peso bolivien	4.7%	- 42 millions de dollars
Paraguayen guarani	3.9%	- 35 millions de dollars

Contraintes économiques potentielles affectant les dépenses de télécommunications grand public

Les revenus moyens par utilisateur (ARPU) sur les marchés de Millicom ont démontré des variations notables:

Marché	Arpu (2022)	Changement d'année
Colombie	$5.60	-2.1%
Guatemala	$4.20	-1.5%

Défis d'investissement liés au développement des infrastructures dans les économies en développement

Millicom a investi 684 millions de dollars en infrastructure réseau En 2022, avec des allocations spécifiques sur tous les marchés:

Pays	Investissement en infrastructure	Expansion du réseau
Tanzanie	92 millions de dollars	Extension de la couverture 4G
Paraguay	76 millions de dollars	Déploiement du réseau 5G

Millicom International Cellular S.A. (Tigo) - Analyse du pilon: facteurs sociaux

Demandes croissantes de connectivité numérique dans les populations de marché émergentes

En 2024, Millicom opère dans 6 pays d'Amérique latine avec une base d'abonnés mobile totale de 49,4 millions d'utilisateurs. Les taux de croissance de la connectivité numérique sur ces marchés démontrent un potentiel significatif:

Pays	Taux de pénétration mobile	Taux de pénétration d'Internet
Colombie	128%	71.8%
Guatemala	112%	54.3%
Paraguay	98%	66.5%

Augmentation de la pénétration d'Internet mobile et des smartphones parmi les données démographiques plus jeunes

Les études de marché de Tigo indiquent les tendances de pénétration des smartphones:

• 18-35 groupes d'âge Propriété des smartphones: 82%
• Consommation de données mobiles par utilisateur: 8,2 Go / mois
• Revenus de données mobiles mensuelles moyennes: 12,50 $ par abonné

Inclusion sociale à travers des services de communication mobile et numérique abordables

Catégorie de service	Coût mensuel moyen	Pourcentage de niveau abordable
Plan mobile de base	$5.20	67%
Package de données prépayées	$3.75	72%
Smartphone à faible coût	$89	55%

Diversité culturelle influençant la conception de produits et de services de télécommunications

Les offres de services localisées de Tigo reflètent la diversité régionale:

• Support client multilingue en 4 langues
• Plates-formes de contenu mobile adaptées culturellement
• Solutions de paiement mobile régionales spécifiques

Mesures clés de l'impact social:

• Programmes d'alphabétisation numérique: 275 000 personnes formées
• Extension de connectivité rurale: 1 200 nouvelles tours cellulaires
• Initiatives des femmes dans la technologie: 42% de participation aux travailleurs féminins

Millicom International Cellular S.A. (Tigo) - Analyse du pilon: facteurs technologiques

Investissement continu dans l'infrastructure de réseau 4G et 5G émergente

Depuis 2024, Millicom International Cellular S.A. a investi 387 millions de dollars dans le développement des infrastructures de réseau sur les marchés latino-américains.

Technologie de réseau	Pourcentage de couverture	Montant d'investissement (USD)
Réseau 4G	72%	265 millions de dollars
Réseau 5G (émergent)	18%	122 millions de dollars

Stratégies de transformation numérique tirant parti des services financiers mobiles

Tigo a déployé des plateformes financières mobiles avec les mesures suivantes:

Catégorie de service	Base d'utilisateurs	Volume de transaction
Argent mobile	2,4 millions d'utilisateurs actifs	Transactions mensuelles de 1,2 milliard de dollars
Paiements numériques	1,8 million de comptes enregistrés	Valeur de transfert mensuelle de 780 millions de dollars

Solutions de technologie mobile avancées pour les segments de marché mal desservis

TIGO a mis en œuvre des solutions technologiques ciblées avec les spécifications suivantes:

• Plates-formes de connectivité rurale atteignant 65% des zones précédemment non connectées
• Initiatives de smartphone à faible coût avec des appareils au prix entre 49 $ et 89 $
• Packages de micro-données à partir de 0,50 $ pour un accès Internet limité

Mise en œuvre des technologies de télécommunications innovantes dans diverses régions géographiques

Pays	Mise en œuvre de la technologie	Investissement (USD)
Guatemala	Infrastructure informatique de bord	45 millions de dollars
Colombie	Extension du réseau IoT	62 millions de dollars
Paraguay	Plateforme de service client dirigée par AI	28 millions de dollars

Millicom International Cellular S.A. (Tigo) - Analyse du pilon: facteurs juridiques

Conformité aux cadres réglementaires internationaux des télécommunications

En 2024, Millicom opère dans 6 pays d'Amérique latine, avec des exigences spécifiques de conformité réglementaire dans chaque juridiction.

Pays	Corps de régulation des télécommunications	Statut de conformité
Colombie	Mintle	Compliance complète
Guatemala	S'ASSEOIR	Compliance complète
Paraguay	Conatel	Compliance complète

Gestion des exigences de licence complexes

Millicom maintient 17 licences de télécommunications actives sur ses marchés opérationnels en 2024.

Type de licence	Nombre de licences	Coût annuel moyen
Opérateur de réseau mobile	6	3,2 millions de dollars
Réseau fixe	5	1,8 million de dollars
Services de données	6	2,5 millions de dollars

Confidentialité des données et considérations juridiques de la cybersécurité

Investissement en cybersécurité: 42,5 millions de dollars alloués à la conformité juridique et à l'infrastructure de sécurité en 2024.

• Conformité aux normes du RGPD
• Règlements locaux de protection des données sur chaque marché
• Dépenses annuelles d'audit de la cybersécurité: 3,7 millions de dollars

Navigation des réglementations sur la propriété intellectuelle

Catégorie IP	Nombre d'actifs enregistrés	Coût de protection annuel
Brevets	23	1,2 million de dollars
Marques	47	$850,000
Copyrights logiciels	12	$450,000

Dépenses totales de conformité juridique: 68,3 millions de dollars en 2024.

Millicom International Cellular S.A. (Tigo) - Analyse du pilon: facteurs environnementaux

Engagement envers le développement des infrastructures de télécommunications durables

Millicom International Cellular S.A.

Métrique de la durabilité	Performance de 2023	Montant d'investissement
Consommation d'énergie renouvelable	37,5% de la consommation totale d'énergie	12,6 millions de dollars
Mises à niveau du centre de données vertes	3 nouvelles installations économes en énergie	8,7 millions de dollars
Programmes de compensation de carbone	22 500 tonnes métriques CO2 Offset	5,4 millions de dollars

Réduire l'empreinte carbone grâce à des technologies de réseau économe en énergie

TIGO a mis en œuvre des technologies de réseau économes en énergie avancées, entraînant une réduction de 22% de la consommation d'énergie du réseau. La société a déployé 147 sites cellulaires à énergie solaire dans ses régions opérationnelles.

Métrique de l'efficacité énergétique	Performance de 2023
Réduction de la consommation d'énergie du réseau	22%
Sites cellulaires à énergie solaire	147 sites
Investissements d'efficacité énergétique	16,5 millions de dollars

Initiatives électroniques de gestion des déchets et de recyclage

Millicom a collecté et recyclé de manière responsable 68 300 kg de déchets électroniques en 2023. La société s'est associée à 12 partenaires de recyclage de déchets électroniques certifiés sur ses marchés opérationnels.

Métrique de gestion des déchets électroniques	Performance de 2023
Total des déchets électroniques collectés	68 300 kg
Partenaires de recyclage	12 partenaires certifiés
Recyclage	2,3 millions de dollars

Soutenir les implémentations de technologies vertes dans les réseaux de télécommunications

TIGO a investi 27,8 millions de dollars dans les implémentations de technologies vertes, en se concentrant sur l'efficacité énergétique du réseau 5G et le développement durable des infrastructures.

Green Technology Initiative	2023 Investissement	Métrique de performance
Efficacité énergétique du réseau 5G	15,6 millions de dollars	30% de réduction d'énergie par unité de données
Infrastructure de réseau intelligent	8,2 millions de dollars	47 déploiements de réseau intelligent
Recherche sur la technologie verte	4 millions de dollars	3 projets techniques verts innovants

Millicom International Cellular S.A. (TIGO) - PESTLE Analysis: Social factors

Rapid urbanization and a growing middle class driving demand for premium data services.

The core of Millicom's (TIGO) growth opportunity rests on the demographic shift in Latin America, where rapid urbanization is creating a larger, more concentrated middle class. This segment demands greater connectivity and, crucially, is willing to pay for better quality service, which translates directly into higher Average Revenue Per User (ARPU). This is why the migration from prepaid to postpaid is a key metric.

In Q3 2025, Millicom's postpaid customer base grew by a significant 14% year-over-year, reaching 8.9 million customers. This shift toward more stable, higher-value contracts is a clear indicator of a growing financially-literate population. You see this in the mobile service revenue, which was up 5.5% year-over-year, driven by ARPU expansion in prepaid and the steady migration to postpaid. The goal is to capture this upward mobility with premium, bundled offerings. It's a defintely a high-margin play.

Metric (Q3 2025)	Value/Growth Rate	Social Factor Implication
Postpaid Customer Base	8.9 million	Growing middle class demanding stable, high-value contracts.
Postpaid Customer Growth (YoY)	14%	Successful migration from prepaid, indicating increased financial stability.
Mobile Service Revenue Growth (Organic YoY)	5.5%	Higher ARPU driven by demand for premium data and better network quality.

High mobile penetration but a shift toward data-centric usage and digital financial services (Tigo Money).

Mobile penetration across Millicom's markets is high, but the real opportunity lies in the shift from basic voice/SMS usage to data-centric consumption and the adoption of digital financial services (DFS). This is a societal move toward a cashless economy and greater financial inclusion (FinTech), which Tigo Money is designed to capture. The global mobile payment market exceeded $2.5 trillion in 2024, showing the scale of this trend.

Millicom's Tigo Money platform is a critical social tool, enabling remittances and bill payments for the unbanked. The platform saw a 22% increase in active users in 2024, demonstrating its growing impact on financial inclusion. Tigo Money contributed approximately $700 million to the company's total revenue in 2024, underscoring its commercial significance alongside its social role. Honestly, this service is a powerful social connector and a major revenue stream.

• Tigo Money active users increased 22% in 2024.
• Mobile money transactions in Latin America were projected to grow over 20% year-on-year by mid-2024.
• Total mobile customer base stood at 41.6 million in Q1 2025.

Increased demand for reliable, high-speed home internet to support remote work and education.

The societal changes brought on by the pandemic-specifically the permanence of remote work and digital education-have fundamentally altered demand for fixed broadband. Customers no longer tolerate unreliable connections; they need fiber-grade speed and reliability. This drives the company's aggressive Fiber-to-the-Home (FTTH) and Hybrid Fiber-Coaxial (HFC) build-out.

Millicom's 'Home' business is capitalizing on this, adding about 60,000 new home subscribers in Q3 2025. In Colombia, a key market, the Home customer base grew 12%, reaching 1.6 million HFC and FTTH connections, which drove Home service revenues up 5.7%. This isn't just about entertainment anymore; it's about economic and educational access. You can't work from home on a slow, shared network.

Digital literacy initiatives creating a larger, addressable market for bundled services.

Socio-economic inequality remains a challenge, with a segment of the population struggling with affordability and digital literacy (the ability to use digital technology effectively). Millicom addresses this by developing tiered product offerings and, more strategically, through corporate social responsibility (CSR) initiatives that expand the addressable market by increasing digital skills.

In 2024, Millicom invested in community development programs, including providing access to digital literacy programs for over 500,000 students. This kind of investment is not just goodwill; it directly creates future customers who are proficient in using data, mobile financial services, and high-speed internet, making them prime candidates for bundled services. Plus, supporting small businesses with digital tools impacted 10,000 entrepreneurs, further digitizing the local economy.

Millicom International Cellular S.A. (TIGO) - PESTLE Analysis: Technological factors

Aggressive 5G network rollout required to keep pace with competitors and meet data demand.

You are in a race to deploy next-generation wireless technology, and for Millicom International Cellular S.A. (TIGO), that means an aggressive, capital-intensive 5G rollout across Latin America. The competition isn't waiting, so TIGO's capital expenditure (CapEx) reflects this urgency. Through the first nine months of 2025, TIGO's CapEx totaled $447 million, marking an 8.2% increase year-over-year, largely funding this network build-out.

The strategic move to finalize the acquisition of Telefónica's 67.5% stake in Colombia Telecomunicaciones (Movistar Colombia) in March 2025 is a key part of this. This deal helps consolidate spectrum holdings and infrastructure, which is defintely critical for a rapid 5G deployment. Still, the regulatory environment presents hurdles; in Bolivia, for example, the government directly assigned the 5G-critical 3300-3600MHz spectrum to its state-owned competitor, Entel, forcing TIGO to wait for a separate auction. That's a real competitive risk.

Continued, costly expansion of fiber-to-the-home (FTTH) infrastructure across major cities.

The fixed-line business, particularly fiber-to-the-home (FTTH), is a core growth engine, but it demands constant and heavy investment. TIGO's strategy is to build out its digital highways to capture the high-value home segment. As of mid-2025, TIGO's fiber-cable footprint passed over 14 million homes. This expansion is not cheap, but it's essential for securing long-term, sticky revenue.

Here's the quick math: the Home business added 62,000 new FTTH/HFC connections in Q1 2025 alone, showing strong consumer demand for high-speed access. In Colombia, the Home customer base grew by 12%, reaching 1.6 million connections, which drove Home service revenues up 5.7%. This consistent growth justifies the CapEx, showing a direct return on network investment.

Metric (9M 2025)	Value (USD)	YoY Change
Total Capital Expenditure (CapEx)	$447 million	+8.2%
Q3 2025 CapEx	$161 million	-3.3%
Homes Passed (Mid-2025)	Over 14 million	N/A

Competition from Over-The-Top (OTT) services like WhatsApp and Netflix eroding traditional voice and SMS revenue.

Over-The-Top (OTT) services-like WhatsApp for messaging and voice, and Netflix for video-continue to cannibalize traditional voice and SMS revenue, a trend that's been clear for years. The real action is now in data and digital services. TIGO is successfully countering this by driving strong mobile service revenue growth, which was up 5.5% year-over-year in Q3 2025, the strongest organic growth since 2021.

This growth comes from two clear actions: encouraging prepaid customers to move to higher-value postpaid plans and increasing Average Revenue Per User (ARPU) by aligning pricing with inflation. The postpaid base grew 14% to reach 8.9 million customers in Q3 2025. Plus, the B2B segment is a major buffer, with digital services revenue rising 10%, which includes things like cloud and cybersecurity solutions.

Need to invest in cybersecurity to protect a growing base of digital financial service users.

TIGO Money, the mobile financial services arm, is a key strategic asset, but its growth increases the company's exposure to cyber threats and fraud. You must protect the money. The investment here is not just in IT infrastructure but in compliance and data security protocols. TIGO's B2B digital services revenue, which grew 10% in Q3 2025, is led by high-margin offerings like cloud, SD-WAN, and crucially, cybersecurity.

The company has made significant, measurable investments in its compliance framework, which directly impacts the security of its digital platforms. For instance, TIGO has reported an 800% growth in its compliance headcount over the last decade, showing a serious, long-term commitment. This is backed by technical controls like:

• Implementing data analytics for automated continuous monitoring across operations.
• Enforcing an ephemeral messaging policy with annual employee training.
• Using security services like cloud and SD-WAN to protect enterprise clients.

What this estimate hides is the constant, evolving nature of the threat landscape; you can never truly stop investing in security.

Millicom International Cellular S.A. (TIGO) - PESTLE Analysis: Legal factors

Anti-trust Reviews of Market Share and Potential Mergers

You are seeing firsthand how regulators in Latin America are flexing their anti-trust muscle, and it's defintely impacting Millicom's near-term growth strategy. The core issue is market concentration: when two large players combine, competition drops, and regulators step in. This isn't just theory; we have two major, active examples from 2025 alone.

First, the Costa Rica setback is a clear red flag. In November 2025, the Costa Rican Board of Telecommunications Superintendency (SUTEL) formally denied the proposed merger of Millicom's Tigo Costa Rica operations with Liberty Latin America. This decision was a direct block to a key expansion plan, and the two companies are now collaborating on next steps.

Second, the ongoing consolidation effort in Colombia is complex and under intense scrutiny. Millicom is working to merge its Tigo-UNE unit with Colombia Telecomunicaciones (ColTel/Movistar). This move is a game-changer, but it creates a near-duopoly: the combined entity would command a market share of approximately 43%, putting it head-to-head with America Movil's Claro, which holds about 45%. Millicom has also committed to an offer for Empresas Públicas de Medellín's (EPM) stake in Tigo-UNE for roughly $520 million, a crucial step to gain full control and proceed with the merger. This entire process is a high-stakes anti-trust review.

• Costa Rica Merger: Denied by SUTEL in November 2025.
• Colombia Merger: Tigo-UNE + ColTel (Movistar) would create a 43% market share entity.
• EPM Stake Acquisition: Offer of approximately $520 million to secure full control of Tigo-UNE.

Consumer Protection Agencies Imposing Large Fines and Major Legal Settlements

The biggest legal risk for Millicom in 2025 wasn't a consumer fine, but a massive Foreign Corrupt Practices Act (FCPA) resolution that underscores the compliance risks of operating in emerging markets. This is a material financial event you need to factor into your valuation models.

In November 2025, Millicom's subsidiary, Comunicaciones Celulares S.A. (Comcel), operating as Tigo Guatemala, entered a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice (DOJ) to resolve an investigation into historical improper payments to government officials. The total financial penalty is a staggering $118.2 million. This includes a $60 million criminal fine and a forfeiture of $58.2 million in benefits gained from the corrupt scheme. The company did receive a 50% reduction in the fine due to its voluntary self-disclosure and extensive cooperation, but the cash outflow is immediate.

On the more routine consumer front, local agencies are still active. For instance, in 2024, the Superintendency of Industry and Commerce (SIC) in Colombia fined Tigo Colombia approximately $80,000 (COP 305,000) for failing to uphold customer rights related to data protection, like not stopping marketing text messages upon request.

Key Legal and Regulatory Financial Impacts (2025 Fiscal Year)

Legal Action/Fine	Jurisdiction/Authority	Type of Violation	Financial Impact (USD)
FCPA Resolution (Comcel/Tigo Guatemala)	U.S. Department of Justice (DOJ)	Bribery/Improper Payments	$118.2 million (Fine + Forfeiture)
Data Protection Fine (Tigo Colombia)	Colombia SIC	Failing to heed customer data requests	Approx. $80,000 (COP 305,000)
Merger Denial	Costa Rica SUTEL	Anti-trust/Market Concentration	Opportunity Cost (Expansion Blocked)

Strict Data Privacy and Localization Laws

The trend of strict data privacy and localization laws, often modeled after the European Union's General Data Protection Regulation (GDPR), is accelerating across Latin America. While local fines are currently smaller, the compliance burden is rising fast. You need to look beyond the fines and focus on the operational expense of compliance.

Millicom must navigate a patchwork of national laws, ensuring customer data is processed and stored according to local rules, which sometimes requires data localization (keeping data within the country's borders). The Colombia fine for failing to manage customer data requests shows that local regulators are serious about enforcing these rights. The internal cost of implementing an ephemeral messaging policy and expanding the compliance headcount by 800% over the last decade, as noted in the FCPA resolution, illustrates the scale of the ongoing compliance investment required to mitigate these risks.

Ongoing Regulatory Scrutiny over Interconnection Rates and Wholesale Access

Regulators continuously scrutinize interconnection rates (what one carrier pays another to terminate a call) and wholesale access to infrastructure. This is a fundamental tool for promoting competition, especially in markets where one provider might have a dominant fixed or mobile network. Since Millicom is actively acquiring and consolidating, this scrutiny intensifies.

The anti-trust review of the proposed Colombia merger, which would create a strong duopoly, will almost certainly involve regulatory conditions related to wholesale access and interconnection. Regulators will demand structural or behavioral remedies, such as mandated access to network infrastructure or specific rate caps, to ensure the new entity doesn't stifle smaller competitors. This means Millicom's ability to maximize revenue from its network assets is always subject to regulatory review, limiting potential upside from its fiber and mobile network investments.

The legal environment is not static; it's a fluid, high-cost operating reality.

Millicom International Cellular S.A. (TIGO) - PESTLE Analysis: Environmental factors

Pressure from investors and regulators to reduce energy consumption and carbon footprint from network operations.

You are seeing a massive shift in how investors view energy consumption, and Millicom International Cellular S.A. (TIGO) is right in the crosshairs. The pressure isn't just moral; it's financial, especially with the rise of ESG-Linked financing. TIGO has responded with concrete, Science-Based Targets (SBTi) to reduce its absolute carbon footprint.

The company is committed to reducing its absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions by a significant 50% by fiscal year 2030, using a 2020 base year. This is a tough goal, and it requires aggressive energy efficiency measures and a major shift to renewable energy sources across its Latin American footprint. For context, in 2023, TIGO's Total Emissions (Market Based) stood at approximately 1,563,288 metric tonnes of CO₂ equivalent (t CO₂e), resulting in an emissions intensity of 276 t CO₂e per million USD of net revenue. That's the quick math on the scale of the challenge.

To be fair, TIGO is moving. By April 2025, one report noted the company had already achieved a cumulative carbon emissions reduction of around 25% through renewable energy initiatives. Still, the path to half by 2030 is defintely the primary focus for capital expenditure in the near term.

Managing significant electronic waste (e-waste) from equipment upgrades and consumer devices.

The constant cycle of network upgrades and new consumer devices-think 5G rollouts and faster home broadband-creates a massive electronic waste (e-waste) problem. For TIGO, this is a dual-pronged issue: managing its own network equipment and handling the Customer Premises Equipment (CPE) like modems and set-top boxes in customer homes.

The company tackles this with a strong reverse logistics program, which is key to controlling costs and environmental impact. Their goal is simple: no broadband equipment left behind. The results show progress: at the end of 2022, their CPE end-to-end recovery rate was already at a strong 83%, significantly exceeding their internal 2024 target of 76%. Also, their responsible e-waste management program reported a total weight of e-waste for recycling of approximately 5,044 metric tonnes for the period covered by their 2022 report. That's a huge volume to manage.

• Recover CPE for redeployment or recycling.
• Use reverse logistics to repair and reuse equipment.
• Avoid CO₂ emissions from new CPE manufacturing.
• Run public programs like Un Celular, Un Árbol in Panama, planting one tree for each cell phone retrieved.

Increasing focus on climate resilience for infrastructure, especially in areas prone to severe weather.

Operating across Latin America means TIGO's infrastructure is exposed to elevated political and macroeconomic volatility, but also to increasing climate-related severe weather events like hurricanes and floods. Building climate resilience into the network is not optional; it's a core operational risk mitigation strategy.

While specific 'resilience' investment figures are often embedded in broader capital expenditure, we can see the intent in recent financing. In July 2025, TIGO's El Salvador operation secured a financing package of up to $205 million from IDB Invest and Bladex. A key part of this package is explicitly for enhancing the capacity and quality of its mobile and fixed broadband infrastructure. This kind of network hardening-better capacity, better quality-is what provides the necessary resilience to withstand and quickly recover from severe weather disruption.

Here's the quick math: a more robust network is a more reliable network, and that translates directly into higher uptime and lower repair costs, a must-have for a region with unpredictable weather.

Mandatory ESG reporting and transparency requirements influencing capital allocation.

The regulatory and investor landscape is forcing a clear link between environmental performance and capital allocation. TIGO is already aligning its reporting with major global standards, which is a prerequisite for attracting ESG-focused capital.

The company's reporting is mapped against the Global Reporting Index (GRI) and the Sustainable Accounting Standards Board (SASB), plus it uses the Task Force on Climate-related Financial Disclosures (TCFD) recommendations for its climate-related disclosures. This transparency is necessary because investors are increasingly focused on it, especially regarding climate change and ESG-Linked financing. This discipline directly influences their financial targets, such as the 2025 goal of achieving an Equity Free Cash Flow (EFCF) of around $750 million and maintaining year-end leverage below 2.5x.

The need for transparent reporting means environmental risks are now explicitly factored into the cost of capital. You can't separate the two anymore.

Environmental Metric / Target	Value / Commitment (FY2025 Context)	Base Year / Benchmark
Absolute Scope 1 & 2 GHG Reduction Target	50% reduction by FY2030	FY2020 Base Year
2023 Total Emissions (Market Based)	1,563,288 t CO₂e	2023 Benchmark
CPE End-to-End Recovery Rate	83%	End of 2022 (Exceeded 76% 2024 Target)
El Salvador Infrastructure Financing (2025)	Up to $205 million for network enhancement	IDB Invest/Bladex Financing (July 2025)