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Millicom (Tigo) Q3 2023 Earnings Release

Luxembourg, October 26, 2023 – Millicom is pleased to announce its third quarter 2023 results. Please find below links to the Q3 2023 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.


  • Revenue grew 2.6%, reflecting both organic growth and the effect of stronger currencies. Excluding currency impacts, revenue increased 1.4% year-on-year.
  • Service revenue increased 1.8% organically, as Mobile accelerated to 3.0% in Q3 fueled by improved ARPU trends, while Fixed and other services was flat.
  • Operating profit increased 6.8%, as increased profit from joint ventures and other income more than offset a 1.2% decline in EBITDA, which was impacted by $33 million of one-off severance costs and a legal ruling. Excluding one-off items in both years, organic EBITDA growth was 2.6%, in excess of service revenue growth.
  • Operating cash flow increased 23.3% to $353 million, as a result of capital allocation and price discipline in our Home business in some countries.
  • Equity free cash flow of $100 million in the quarter, up strongly from $26 million in Q3 2022. We reiterate our guidance of cumulative EFCF of at least $500 million for the 2022-2024 period.
Financial highlights ($ millions) Q3 2023 Q3 2022 % change Organic % Change 9M 2023 9M 2022 % change Organic % Change
Revenue 1,424 1,388 2.6% 1.4% 4,186 4,243 (1.4)% 1.1%
Operating Profit 209 196 6.8%   597 678 (11.8)%  
Net Profit / (Loss) (32) (100.2)%   (19) 120 (115.7)%  
Non-IFRS measures (*)                
Service Revenue 1,320 1,280 3.2% 1.8% 3,875 3,895 (0.5)% 2.0%
EBITDA 533 539 (1.2)% (2.0)% 1,555 1,680 (7.5)% (5.4)%
Capex 180 253 (29.0)%   547 707 (22.6)%  
Operating Cash Flow 353 286 23.3% 22.3% 1,008 973 3.6% 6.7%

*See page 11 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.

Millicom Chief Executive Officer Mauricio Ramos commented:

"During the third quarter, we continued to advance on the four key priorities I outlined last quarter:

  • Colombia: performance was solid with 9% EBITDA local currency growth, record EBITDA margins, and OCF growth of more than 70% year-to-date; we obtained regulatory approval to share our mobile network and spectrum with Telefonica's; and in October, we reached an agreement with our partner EPM to jointly capitalize the business to tap the growth and value creation potential we see in that market;
  • Guatemala: we have achieved our objective of sustaining our market share and leadership; we acquired spectrum critical to preserving our brand quality; we took price action to mitigate the effects of inflation, and we saw signs of stabilization during the quarter;
  • Project Everest: during Q3, we significantly increased the scope and accelerated the implementation of our efficiency program; the actions taken in Q3 are expected to add $35 million to our original $100 million target, with more initiatives planned for Q4.
  • Lati, our Tower and Infrastructure company: we began transferring tower assets to Lati in October, and we expect to launch a monetization process in Q4.

The steps we are taking position the company to achieve its equity free cash flow target of at least $500 million in the 2022-2024 period"

Q3 2023 Earnings Release

IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on October 26, 2023, at 14:00 (Stockholm) / 13:00 (London) / 08:00 (Miami).

Registration for the interactive event is required at the following link. After registering, you will receive a confirmation email containing details about joining the video conference. Participants who wish to ask a question during the live event must notify the Investor Relations team via email to after the start of the event.

Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 878 9840 3093

US: +1 929 205 6099                                                   Sweden: +46 850 539 728

UK: +44 330 088 5830                                                Luxembourg: +352 342 080 9265

Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investors website.

For further information, please contact:

Sofía Corral, Communications Director
Michel Morin, VP Investor Relations

About Millicom

Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of September 30, 2023, Millicom, including its Honduras Joint Venture, employed approximately 19,000 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 13 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

Regulatory Statement

This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on October 26, 2023.


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