Millicom (Tigo) Q3 2024 Earnings Release
Luxembourg, November 7, 2024 – Millicom 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.
• IAS 34 Interim Condensed Consolidated Financial Statements
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 link. 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 investors@millicom.com 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: +1 929 205 6099 Sweden: +46 850 539 728
UK: +44 330 088 5830 Luxembourg: +352 342 080 9265
Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investors website.
For further information, please contact:
| Press: Sofía Corral, Communications Director press@millicom.com | Investors: Michel Morin, VP Investor Relations investors@millicom.com |
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.
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