The increase corresponds to the third quarter, after the incorporation of Telefónica's operations in these Central American countries. If the first nine months of 2019 are considered, the increase is 7.4% year-on-year. However, the acquisitions also affected operating profit, which fell 15% for both the quarter and the accumulated year, and net profit, to the point that the company reported a loss of US$130 million between July and September.

Millicom presented its financial results for the period July-September 2019, which show the impact of acquisitions in Central America. Revenues stood at US $1.097 billion, while the operating profit was US$178 million, affected not only by these integrations but also by the economic situation in some markets (Nicaragua, Paraguay, Bolivia and Panama). The 15% decrease in this last component caused the company to report losses of US$130 million in the period.

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Millicom revenues increased due to acquisitions in Panama and Nicaragua

MORE ANALYSIS

Operators maintain profits with limited investment and cost controls

That is according to a report by analyst firm MTN Consulting, which estimated EBIT margins at 15.7% in the fourth quarter of 2025.

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Ronald Spina is General Manager of the National Telecommunications Corporation (Corporación Nacional de Telecomunicaciones, CNT). He said the state-owned Ecuadorian operator’s turnaround was achieved while improving its EBITDA margin and accelerating the rollout of FTTH and 5G.

Telefónica’s two sides: growth in core markets, Latin America sales weigh on profit

Liberty Latin America consolidated postpaid growth in the first quarter

The operator added 50,000 new lines across the countries in which it operates, with Costa Rica, Panama, and Jamaica standing out. It also recorded slight increases in RGUs in Costa Rica and Jamaica. Total revenues reached US$1.083 billion, in line with the same period a year earlier.

Millicom acquisitions drive 45% revenue growth

Revenue rounded out at US$2 billion in the first quarter of 2026. Mobile customers reached 57.3 million, a 37.8% increase compared with a year earlier.

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