Sustained Growth Momentum in Q2


Millicom Chief Executive Officer Mauricio Ramos commented:

"We had a solid Q2, with service revenue growing organically in every country and business unit for the fourth consecutive quarter, while EBITDA grew both year-on-year and sequentially compared to Q1.

Colombia performed exceptionally well, as service revenue growth accelerated to more than 8%, driven by mobile, which grew nearly 20% fueled by high-single-digit ARPU growth resulting from the shift in mix toward postpaid, as we reap the benefits of our recent investments in spectrum, network and distribution. The improved mobile ARPU and revenue lifted underlying margins in Colombia for a third consecutive quarter.

During the quarter, we advanced with our plans to carve out our infrastructure and fintech assets, and we plan to begin unlocking and crystallizing value from these assets with transactions in 2023. We also completed the planned rights offering designed to fund the Guatemala acquisition. 

Finally, we were very active on the ESG front, as our climate targets were validated by the Science Based Targets initiative. We also joined the White House partnership for Central America, re-affirming our long-standing commitment to invest to build the digital highways that improve lives in the region.

We recognize that the current global macro context has become more challenging, but the business has continued to perform strongly and ahead of our plans thanks to the dedication and hard work of our more than 20,000 employees throughout the region. In light of the very strong cash flow generation that we expect for the second half of this year, I am confident that we will deliver on the commitments we outlined at our recent investor day."


We continue to execute on the plans announced at the February Investor Day, and reconfirm the financial targets of organic OCF growth of around 10% per year on average and cumulative EFCF of between $800 million and $1 billion over the next three years. For the remainder of 2022, we expect organic OCF growth to accelerate significantly, achieving full-year 2022 organic OCF growth of around 10%.

Key moments


In this latest addition to our quarterly results video series, we invite you to take a look at our second-quarter 2022 key moments recap. 

 Check out our previous features: