TIGO Millicom International Cellular S.A.

Millicom (Tigo) Q3 2024 Earnings Release

Millicom (Tigo) Q3 2024 Earnings Release

Millicom (Tigo) Q3 2024 Earnings Release

Luxembourg, November 7, 2024 –  is pleased to announce its third quarter 2024 results. Please find below links to the Q3 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Highlights*

  • Revenue $1.43 billion up 0.5% - Service Revenue up 1.8% (2.4% organically)  
  • Robust commercial activity: 299,000 Postpaid Mobile and 68,000 Home FTTH/HFC net additions
  • Operating profit $300 million, up 43.1%
  • EBITDA $585 million, up 9.8%
  • Net income $51 million ($0.30 per share)
  • Equity free cash flow $271 million, up from $100 million in Q3 2023
  • Leverage 2.59x, down 0.18x from 2.77x at Q2
Financial highlights ($ millions) Q3 2024 Q3 2023 Change % Organic % Change 9M 2024 9M 2023 Change % Organic % Change
Revenue 1,431 1,424 0.5% 1.0% 4,376 4,186 4.5% 2.1%
Operating Profit 300 209 43.1%   968 597 62.1%  
Net Profit / (Loss) 51 NM   221 (19) NM  
Non-IFRS measures (*)                
Service Revenue 1,344 1,320 1.8% 2.4% 4,082 3,875 5.3% 2.8%
EBITDA 585 533 9.8% 10.2% 1,851 1,555 19.0% 16.6%
Capex 166 180 (7.4)%   414 547 (24.4)%  
Operating Cash Flow (OCF) 419 353 18.6% 19.3% 1,437 1,008 42.6% 38.7%
Equity free cash flow (EFCF) 271 100 NM   540 (57) NM  

*See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.

Millicom Chief Executive Officer Marcelo Benitez commented:

"Millicom's transformation gained momentum in Q3, with solid equity free cash flow sustained alongside significant customer net additions driven by new commercial initiatives launched in H1. The increase in customer growth during Q3 underscores the resilience of our cash flow generation, enabled by our efficiency programs. As we finalize our 2025 budget, a core focus will be on continued EFCF growth, accelerating service revenue, and advancing strategic milestones—including the completion of our announced initiatives in Costa Rica and Colombia, as well as the tower disposal in Central America.”

2024 Financial Targets

In light of stronger than expected EFCF generation in the first nine months of the year, Millicom now targets EFCF of around $650 million for 2024. This is an increase from the prior target of more than $600 million. The target excludes net proceeds of approximately $41 million from the previously-announced tower sale in Colombia and taxes related to the planned disposal of Lati International S.A. Millicom continues to target leverage to near 2.5x at year-end 2024.

• 

• 

Millicom is planning to host a video conference for the global financial community on November 7, 2024, at 15:00 (Stockholm) / 14:00 (London) / 09:00 (Miami).

Registration for the interactive event is required at the following After registering, you will receive a confirmation email containing details about joining the video conference. Participants who wish to ask a question during the live event must notify the Investor Relations team via email to after the start of the event.

Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 864 7447 9329:

US:                                                   Sweden:

UK: 0                                                Luxembourg: 65

Additional international numbers are available at the following . Accompanying slides and a replay of the event will be available on the .

For further information, please contact:

Press:

Sofía Corral, Communications Director

Investors:

Michel Morin, VP Investor Relations

About Millicom

Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of September 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

Regulatory Statement

This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on November 7, 2024.

Attachments



EN
07/11/2024

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Millicom International Cellular S.A.

Stefan Gauffin
  • Stefan Gauffin

Millicom (Buy, TP: SEK350.00) - Customer comeback

Despite increased customer intake in Q3, EBITDA adjusted for one-offs and EFCF was solid. We expect improved customer momentum to drive service revenue growth in 2025. We reiterate our BUY and have raised our target price to SEK350 (330).

 PRESS RELEASE

Notification of share transaction by Director of Millicom (Tigo) share...

Notification of share transaction by Director of Millicom (Tigo) shares Notification of share transaction by Director of Millicom (Tigo) shares Luxembourg, November 8, 2024 – International Cellular S.A. ("Millicom") announces that, on November 8, 2024, Tomas Eliasson, Director of Millicom, sold 17,269  Millicom Swedish Depository Receipts (SDRs) in the open market at an average price of SEK 289.19 per share. Mr. Eliasson now directly owns no shares. Details of the transaction are disclosed on Millicom’s . For further information, please contact: Press: Sofía Co...

 PRESS RELEASE

Millicom (Tigo) Q3 2024 Earnings Release

Millicom (Tigo) Q3 2024 Earnings Release Millicom (Tigo) Q3 2024 Earnings Release Luxembourg, November 7, 2024 –  is pleased to announce its third quarter 2024 results. Please find below links to the Q3 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Highlights* Revenue $1.43 billion up 0.5% - Service Revenue up 1.8% (2.4% organically)   Robust commercial activity: 299,000 Postpaid Mobile and 68,000 Home FTTH/HFC net additionsOperating profit $300 million, up 43.1% EBITDA $585 million, up 9.8% Net income $51 million ($0.30 per share)Equity free cash...

Stefan Gauffin
  • Stefan Gauffin

Millicom (Buy, TP: SEK330.00) - Towers sale outweighs FX impact

Large negative FX movements and one-off costs mean we are slightly below September consensus ahead of the Q3 results (due at 12:00 CET on 7 November). We like the company’s profitability transformation and reiterate our BUY, having raised our target price to SEK330 (310).

 PRESS RELEASE

Millicom (Tigo) and SBA Communications agree to long-term partnership ...

Millicom (Tigo) and SBA Communications agree to long-term partnership in Central America Millicom (Tigo) and SBA Communications agree to long-term partnership in Central America Luxembourg, October 28, 2024 – Millicom International Cellular S.A. (NASDAQ: TIGO) announces today that it has entered into an agreement with SBA Communications Corporation (NASDAQ: SBAC) to sell and leaseback a tower portfolio of approximately 7,000 towers in Guatemala, Honduras, Panama, El Salvador and Nicaragua for a total consideration of approximately $975 million, plus an earn-out contingent on ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch