Millicom (Tigo) Q4 2023 Earnings Release

Millicom Chief Executive Officer Mauricio Ramos commented:

"During Q4, we put in place the last remaining building blocks to position the company to drive a material and sustainable increase in annual equity free cash flow generation beginning in 2024. Specifically:

  • we implemented Phase 2 of Project Everest, which we anticipate will drive significantly higher EBITDA from each country and lower centrally-managed costs going forward;
  • we acquired 5G spectrum jointly with Telefonica's Colombia subsidiary and we advanced a mobile network combination, marking another important step to optimize our capital investment, improve profitability, and increase free cash flow generation in this country;
  • we sustained market leadership and saw encouraging pricing and growth trends in Guatemala, and we started to utilize recently-acquired spectrum to optimize our network investment in that country;
  • we maintained our B rating from CDP, demonstrating Millicom’s commitment to climate change mitigation;
  • we launched the Lati monetization process, aimed at optimizing Millicom's investment and capital structure.

As a result of these actions and considering also many other initiatives implemented in recent years, we are well positioned to achieve our target equity free cash flow of around $550 million in 2024. Finally and on behalf of the board and the entire Tigo team, I wish to express our heartfelt sorrow following the untimely passing of Nicolas Jaeger, our esteemed Board member, colleague, and friend."