Millicom (Tigo) Q2 2023 Earnings Release

Millicom Chief Executive Officer Mauricio Ramos commented:

"The second quarter saw both continued challenges and positive trends. On the positive side, our B2B operation continued to perform very well, with organic growth of 6%, along with postpaid, which grew almost 9% during the quarter.

In contrast, growth in our Home business remained challenged, especially in Colombia and Bolivia, two of our largest Home markets, and we have adjusted our investment plans accordingly. In Guatemala, we took additional steps to defend our mobile market leadership, which impacted profitability during the quarter but allowed us to maintain our customer base and market leadership, maximizing value creation potential over the long term. We also expect the recent acquisition of high-band spectrum will further strengthen our competitive position as we start to utilize it in coming months. With this, we remain optimistic about the outlook in our most important market.

Looking ahead, our four key priorities are to: (1) deliver the expected efficiencies from Project Everest, (2) sustain market leadership and improve cash generation in Guatemala, (3) accelerate cash flow improvement in Colombia via organic and inorganic initiatives, and (4) capture value from Lati, our tower and infrastructure company. Delivering on these priorities will position the company to generate robust and sustainable equity free cash flow and create significant shareholder value."

Our First Semester 2023

In the first semester of 2023, we have ensured our work aligns with our mission of connecting Latin America. To achieve this, we have focused on the following:

  • Establishing strategic alliances to improve connectivity across the region.
  • Recognizing and celebrating the exceptional efforts of our teams in all nine markets.
  • Implementing ESG (Environmental, Social, and Governance) programs to bridge the digital and financial divide.

    We have been working tirelessly to enhance connectivity in all our markets and move closer to realizing our vision of a more interconnected Latin America.

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