Millicom (Tigo) Q2 2026 Earnings Release
Millicom (Tigo) Q2 2026 Earnings Release
Luxembourg, August 6, 2026 – Millicom is pleased to announce its second quarter 2026 results. Please find below the links to the Q2 2026 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q2 2026 Highlights*
- Revenue $2.18 billion, up 59.4% year-on-year as reported and 4.3% organically
- Operating profit $462 million, and Adjusted EBITDA of $1.01 billion, up 58.0% year-on-year
- Net profit attributable to company owners of $109 million
- Record equity free cash flow of $327 million, up 50.1% year-on-year
- Leverage decreased to 2.73x including the acquisitions in Colombia, Ecuador and Uruguay
- $3.00 per share dividend declared in May, with payments to be made quarterly over the next 12 months,
- Additional interim dividend of $1.50 per share declared on August 5 and payable in two installments in 2027
| Financial highlights ($ millions) | Q2 2026 | Q2 2025 | Change % | Organic % Change | H1 2026 | H1 2025 | Change % | Organic % Change |
| Revenue | 2,179 | 1,367 | 59.4% | 4.3% | 4,164 | 2,735 | 52.3% | 4.2% |
| Operating Profit | 462 | 354 | 30.4% | 877 | 775 | 13.2% | ||
| Net Profit attributable to company owners | 109 | 676 | (83.9)% | 218 | 869 | (74.9)% | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 2,043 | 1,276 | 60.1% | 5.4% | 3,900 | 2,555 | 52.6% | 5.2% |
| Adjusted EBITDA | 1,009 | 638 | 58.0% | 9.1% | 1,866 | 1,271 | 46.8% | 9.3% |
| Capex | 234 | 155 | 51.2% | 426 | 286 | 48.8% | ||
| Operating Cash Flow (OCF) | 775 | 484 | 60.2% | 1,440 | 985 | 46.2% | ||
| Equity free cash flow (EFCF)** | 327 | 218 | 50.1% | 552 | 353 | 56.4% |
*See page 12 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.** EFCF excluding proceeds from disposals.
Millicom Chief Executive Officer Marcelo Benitez commented:
“Millicom is becoming a larger, stronger and more cash generative company. Our strategy is to strengthen our leadership positions in Latin America through disciplined organic growth and selective consolidation, while applying a consistent operating model focused on customer value, efficiency and equity free cash flow. Our second-quarter performance demonstrates that this strategy is working: we are growing the underlying business, integrating our expanded portfolio and strengthening our capacity to create sustainable value for our customers and shareholders.
We are also seeing encouraging results from the Millicom playbook in our acquired operations. Ecuador and Uruguay have delivered meaningful improvements in margins and equity free cash flow and are now performing broadly in line with the Millicom average. In Colombia and Chile, the integration and turnaround are progressing well, with early improvements in profitability and cash generation as we approach a more steady state of the operations.
We delivered strong second-quarter financial results. Service revenue reached $2.04 billion, while Adjusted EBITDA exceeded $1.01 billion for the first time in Millicom’s history. Equity free cash flow reached a quarterly record of $327 million.
Our first-half performance, together with the progress of our integrations and improved visibility across the portfolio, gives us increased confidence for the remainder of the year. As a result, we are raising our 2026 equity free cash flow guidance to around $1.1 billion, while lowering the year-end leverage target from approximately 2.5x to below 2.5x.
Reflecting this stronger performance, Millicom's Board of Directors approved an incremental interim dividend of $1.50 per share, payable in two installments of $0.75 per share in January and April 2027. We remain focused on disciplined execution and believe there is significant additional value to unlock.”
2026 Financial Targets
Millicom is raising its full-year 2026 EFCF guidance from at least $900 million to around $1.1 billion, while lowering its year-end leverage target from around 2.5x to below 2.5x. These targets include restructuring costs associated with all acquired businesses.
Subsequent Events
Interim cash dividend
On August 5, 2026, Millicom's Board approved an interim dividend of $1.50 per share. The dividend will be distributed in two equal installments of $0.75 per share, on January 15, 2027 and April 15, 2027.
Financing
Bolivia: In July 2026, Bolivia entered into five different bank local loans (three with a one-year term and two with a five-year term) with Banco de Credito de Bolivia, Banco Nacional de Bolivia and Banco BISA, adding an aggregate amount of BOB 439.7 million (approximately $44 million).
Colombia (Coltel): In July 2026, Coltel repaid approximately $102 million of the outstanding credit facilities denominated in COP and U.S. dollars with Banco de Occidente, Bladex and J.P. Morgan.
IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on August 6, 2026, at 08:00 (New York) / 14:00 (Luxembourg) / 13:00 (London).
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 investors@millicom.com 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: 869 6353 4578
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:
| Press: | Investors: |
| Sofia Corral, Director Corporate Communications press@millicom.com |
Luca Pfeifer, VP of Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides 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 June 30, 2026, Millicom, including its Honduras Joint Venture and Chile associate, employed over 20,000 people and provided mobile and fiber-cable services through its digital highways to more than 69 million customers, with a fiber-cable footprint over 22 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
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