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Millicom (Tigo) Q1 2024 Earnings Release

Millicom (Tigo) Q1 2024 Earnings Release

Luxembourg, May 8, 2024 – Millicom is pleased to announce its first quarter 2024 results. Please find below links to the Q1 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Highlights*

Financial highlights ($ millions) Q1 2024 Q1 2023 % change Organic % Change
Revenue 1,487 1,369 8.6% 3.8%
Operating Profit 324 190 70.6%  
Net Profit 92 3 NM  
Non-IFRS measures (*)        
Service Revenue 1,376 1,264 8.8% 3.8%
EBITDA 632 507 24.5% 20.0%
Capex 113 185 (38.9)%  
Operating Cash Flow 519 322 61.0% 53.0%
Equity Free Cash Flow 1 (133) NM  

*See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.

Millicom Chief Executive Officer Mauricio Ramos commented:

“I am very pleased to report that 2024 is off to a good start, as the combination of key investments and strategic initiatives implemented over the last several years, combined with savings from both phases of Project Everest, produced strong Q1 performance on many fronts:

Q1 benefited from large B2B contracts, favorable capex phasing, stronger FX and other tailwinds, yet Q1 results demonstrate the cash flow generation potential of the business, and strengthen our ability to achieve our 2024 Equity Free Cash Flow target of $550 million.
As recently-communicated, Millicom’s Board of Directors appointed Marcelo Benitez to succeed me as Millicom’s next CEO. I will continue as Chair of the Board of Directors, subject to shareholder approval at the upcoming AGM. The entire Board and I look forward to working with Marcelo to ensure a smooth transition and continued success in his incredible journey with Millicom over the past 30 years.”

• Q1 2024 Earnings Release

• IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on May 8, 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 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: 822 3803 6738:

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:

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 March 31, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,500 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint about 14 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 May 8, 2024.

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