Millicom (Tigo) Q1 2026 Earnings Release
Luxembourg, May 12, 2026 – Millicom pleased to announce its first quarter 2026 results. Please find below links to the Q1 2026 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Q1 2026 Highlights*
- Revenue $2 billion, up 4.2% year-on-year organically and 45.1% as reported
- Operating profit $416 million, and Adjusted EBITDA of $857 million, which includes $119 million from acquisitions
- Net profit attributable to company owners of $109 million
- Equity free cash flow of $225 million up 66.5% year-on-year when excluding last year's infrastructure sale
- Leverage stood at 2.76x following the acquisitions in Colombia, Ecuador and Uruguay
| Financial highlights ($ millions) | Q1 2026 | Q1 2025 | Change % | Organic % Change |
| Revenue | 1,985 | 1,368 | 45.1% | 4.2% |
| Operating Profit | 416 | 421 | (1.2)% | |
| Net Profit attributable to company owners | 109 | 193 | (43.4)% | |
| Non-IFRS measures (*) | ||||
| Service Revenue | 1,857 | 1,279 | 45.2% | 4.9% |
| Adjusted EBITDA | 857 | 633 | 35.5% | 9.6% |
| Capex | 193 | 132 | 46.0% | |
| Operating Cash Flow (OCF) | 664 | 501 | 32.7% | |
| Equity free cash flow (EFCF)** | 225 | 135 | 66.5% |
*See page 12 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.** EFCF excluding disposals.
Millicom Chief Executive Officer Marcelo Benitez commented:
"We are off to a strong start in 2026, with solid operational execution and important progress on the strategic initiatives that will shape the future of Millicom. During the quarter, we strengthened our position in Colombia through the acquisition of EPM's 50% stake in Tigo UNE and Telefónica's majority stake in Coltel, which we are now fully consolidating in our results. Shortly after quarter-end, we also acquired the remaining stake in Coltel from La Nación de Colombia. Together, these steps give us greater scale, stronger network assets, and a broader customer base in one of our most important markets.
Led by NJJ, we began to apply the Millicom playbook in Chile, following the acquisition of Telefónica Chile. While it is still early, the new leadership team has already taken decisive action to simplify the commercial offer, stabilize ARPU, reduce leverage, and resize the organization.
Operationally, our underlying business continues to perform well. In Mobile, our prepaid-to-postpaid migration strategy continues to gain traction, supporting ARPU growth and service revenue momentum.
Financially, Service Revenue grew 4.9% organically to USD $2 billion while Adjusted EBITDA reached $857 million, with a reported margin of 43.2%, despite initial Coltel integration and restructuring costs. Equity free cash flow was $225 million for the quarter improving $90 million year-on-year when excluding last years infrastructure sale, a strong outcome for what is typically our weakest quarter.
Overall, we are executing a clear strategy: strengthen our core markets, improve customer value, expand convergence, and maintain disciplined cash flow management."
2026 Financial Targets
Millicom targets 2026 EFCF of at least $900 million and year-end leverage around 2.5x. These targets include restructuring costs of all acquired businesses.
Subsequent Events
Colombia - Purchase of "La Nacion" shareholding in Coltel
On April 27, 2026, Millicom completed the acquisition of the remaining 32.5% equity stake in Coltel formerly held by La Nación.
Financing
Corporate: On April 14, 2026, Millicom completed an $87.5 million aggregate principal amount reopening of its 7.375% Senior Notes due 2032 (the "Additional Notes") in a Regulation S only private placement that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act") to Banco General, S.A. The Additional Notes have been admitted to trading on the Luxembourg Stock Exchange Euro MTF market.
Colombia (Coltel): On April 13, 2026, Coltel entered into a one-year new bridge facility with Banco Santander for an amount of $100 million at variable rate. Coltel used these funds to repay the $100 million facility with HSBC, with April 17, 2026 as original maturity date. Additionally, on May 7, 2026, Coltel entered into a new one-year working capital loan agreement in local currency by COP 70,000 million (approximately $19 million) with JP Morgan.
Paraguay: On April 29, 2026, Tigo Paraguay redeemed all of its 5.875% Senior Unsecured Notes due 2027 (the "Notes") at par plus accrued and unpaid interest, for an aggregate principal amount of approximately $139.7 million.
Tigo Sports
On April 13, 2026, Tigo Central America and FOX Latin America announced an agreement under which FOX acquired Tigo Sports' local sports content, a portfolio of local rights, production capabilities, and on-air talent across Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, and Panama.
Voluntary retirement and severance plans
Tigo Colombia: In April, 2026, Tigo Colombia conducted a voluntary retirement plan for its employees; severance expenses related to this plan of approximately COP95,000 million (approximately $26 million).
Tigo Chile: In April, 2026, Tigo Chile incurred severance costs for approximately CLP19,000 million (approximately $21 million).
Q1 2026 Earnings Release
IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on May 12, 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 March 31, 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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