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Millicom (Tigo) Q4 2023 Earnings Release

Millicom (Tigo) Q4 2023 Earnings Release

Luxembourg, February 27, 2024 – Millicom is pleased to announce its fourth quarter 2023 results. Please find below links to the Q4 2023 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.


  • Revenue grew 6.8% driven by Service revenue up 7.7%, reflecting the effect of stronger currencies and organic growth of 3.2%, up from 1.8% in Q3 thanks mostly to large B2B contracts in Panama, as well as faster growth in Colombia and Bolivia.
  • Operating profit declined 3.8%, while EBITDA grew 1.6%, and both were impacted by $42 million of one-off severance costs in the quarter.
  • Excluding severance and the benefit of stronger currencies, EBITDA grew 5.3% organically, with Colombia up 24.5%, as margins continued to expand in the country.
  • Operating cash flow was $294 million in Q4 and $1.3 billion for the full year, up 12.3% organically excluding severance and other one-offs thanks largely to improved performance in our Colombia operation.
  • For the full year 2023, Equity free cash flow was negative $18 million1 and was impacted by $106 million in severance and other one-off costs, as well as increased spectrum renewal and purchase activity.
Financial highlights ($ millions) Q4 2023 Q4 2022 % change Organic % Change FY 2023 FY 2022 % change Organic % Change
Revenue 1,475 1,381 6.8% 2.5% 5,661 5,624 0.7% 1.5%
Operating Profit 228 238 (3.8)%   826 915 (9.8)%  
Net Profit / (Loss) (63) 57 NM   (82) 177 NM  
Non-IFRS measures (*)                
Service Revenue 1,375 1,276 7.7% 3.2% 5,250 5,171 1.5% 2.3%
EBITDA 557 548 1.6% (2.2)% 2,111 2,228 (5.2)% (4.6)%
Capex 262 266 (1.2)%   809 973 (16.8)%  
Operating Cash Flow 294 282 4.2% (3.1)% 1,302 1,255 3.7% 4.4%
Equity free cash flow** 39 206 (81.0)%   (18) 171 NM  

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

Millicom Chief Executive Officer Mauricio Ramos commented:

"During Q4, we put in place the last remaining building blocks to position the company to drive a material and sustainable increase in annual equity free cash flow generation beginning in 2024. Specifically:

  • we implemented Phase 2 of Project Everest, which we anticipate will drive significantly higher EBITDA from each country and lower centrally-managed costs going forward;
  • we acquired 5G spectrum jointly with Telefonica's Colombia subsidiary and we advanced a mobile network combination, marking another important step to optimize our capital investment, improve profitability, and increase free cash flow generation in this country;
  • we sustained market leadership and saw encouraging pricing and growth trends in Guatemala, and we started to utilize recently-acquired spectrum to optimize our network investment in that country;
  • we maintained our B rating from CDP, demonstrating Millicom’s commitment to climate change mitigation; 
  • we launched the Lati monetization process, aimed at optimizing Millicom's investment and capital structure.

As a result of these actions and considering also many other initiatives implemented in recent years, we are well positioned to achieve our target equity free cash flow of around $550 million in 2024.

Finally and on behalf of the board and the entire Tigo team, I wish to express our heartfelt sorrow following the untimely passing of Nicolas Jaeger, our esteemed Board member, colleague, and friend."

• Q4 2023 Earnings Release

• IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on February 27, 2024, 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: 831 6130 4429:

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 investor's 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 December 31, 2023, Millicom, including its Honduras Joint Venture, employed approximately 16,500 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 February 27, 2024.

1 Excluding $17 million of taxes related to the Lati carve-out transaction.


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