Staying the Course


Millicom Chief Executive Officer Mauricio Ramos commented:

"Q3 was another solid quarter for Millicom, and once again we delivered positive organic service revenue growth across the vast majority of our country markets and in all three business lines, even as we faced a more challenging macroeconomic backdrop.

We have entered this period of increased volatility from a position of strength of our networks, our people and our brand. This is the result of our consistent and sustained investment, aimed at creating sustainable shareholder value over the long term.

Our long-term focus allows us to stay the course and execute on the plans we laid out at the Investor Day last February. Consistent with those plans, organic OCF growth accelerated in Q3 as we had anticipated, even as we continue to invest throughout the business to sustain healthy growth over the medium to long term.

During the quarter, we took meaningful steps to mitigate the impact of rising inflation, including the implementation of numerous price increases, which position the company to sustain healthy service revenue growth and margins going forward."


Although the macro backdrop has become more challenging, business and financial performance through the first nine months of the year is broadly in line with our plans. We therefore re-affirm our 2022 target of organic OCF growth of around 10%. In addition, we expect equity free cash flow of between $150 million and $200 million for the full year 2022, implying very robust cash generation in Q4, consistent with historical seasonal patterns.

Great Place to Work® Names Millicom One of the Fortune World’s Best Workplaces™ 


In this latest edition, we invite you to look at this proud moment, as we've earned a fifth place among the World's Best Workplaces™ in 2022Great Place to Work® and Fortune magazine list ranks the top 25 best places to work globally.

The Fortune World’s Best Workplaces list is highly competitive. The 25 world’s best places to work stood out for creating globally exceptional employee experiences, high-trust relationships, and workplaces that are fair and equal for all. These companies represent approximately 15 million employees worldwide.

Great Place to Work®, the global authority on workplace culture, selected the list using rigorous analytics and confidential employee feedback. Companies were only considered on the basis that they are a Great Place to Work-Certified™ organization.

“Thank you to our committed leadership teams and dedicated employees, who make our organization one of the top places to work in the world,” said Mauricio Ramos, CEO at Millicom. “Our Sangre Tigo, the DNA of our company culture, drives us to win together every day.”

“We are honored to be one of the top five World’s Best Workplaces™ in 2022 and are grateful to our entire team. Our sense of purpose and unique culture that we call ‘Sangre Tigo’ serves as a beacon guiding everyone in our organization to perform their best daily regardless of their role. Sangre Tigo is grounded in creating an inclusive workplace, relentless customers focus, and of course getting results,” said Susy Bobenrieth, Executive Vice President and Chief Human Resources Officer at Millicom. “Working as One Team at Tigo we continue to raise the bar and challenge ourselves to be better every day!”

To learn more about our culture and this milestone, click here.


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