Millicom (Tigo) Q1 2024 Earnings Release

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:

  • EBITDA grew 20% organically, with all countries up between 8% and 26%;
  • OCF grew even faster, up 53% organically, as we optimized investment and benefited from favorable phasing;
  • Colombia EBITDA margin hit a new record and is on track to generate positive and sustainable EFCF in 2024, after years of heavy investment;
  • Guatemala returned to positive service revenue and EBITDA growth, aided by improved mobile pricing; and,
  • Panama cemented its market leadership with record postpaid mobile net additions, as the third mobile operator ceased operations on April 20.

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."