Millicom (Tigo) Q3 2023 Earnings Release

Millicom Chief Executive Officer Mauricio Ramos commented:

"During the third quarter, we continued to advance on the four key priorities I outlined last quarter:

  • Colombia: performance was solid with 9% EBITDA local currency growth, record EBITDA margins, and OCF growth of more than 70% year-to-date; we obtained regulatory approval to share our mobile network and spectrum with Telefonica's; and in October, we reached an agreement with our partner EPM to jointly capitalize the business to tap the growth and value creation potential we see in that market;
  • Guatemala: we have achieved our objective of sustaining our market share and leadership; we acquired spectrum critical to preserving our brand quality; we took price action to mitigate the effects of inflation, and we saw signs of stabilization during the quarter;
  • Project Everest: during Q3, we significantly increased the scope and accelerated the implementation of our efficiency program; the actions taken in Q3 are expected to add $35 million to our original $100 million target, with more initiatives planned for Q4.
  • Lati, our Tower and Infrastructure company: we began transferring tower assets to Lati in October, and we expect to launch a monetization process in Q4.

The steps we are taking position the company to achieve its equity free cash flow target of at least $500 million in the 2022-2024 period"

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