Millicom (Tigo) Q3 2026 Earnings Release

Millicom (Tigo) Q3 2026 Earnings Release

Luxembourg, November 5, 2026 – Millicom is pleased to announce its third quarter 2026 results. Please find below links to the Q3 2026 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements

Q3 2026 Highlights*

• Revenue $2.28 billion, up 60.8% year-on-year and 4.8% organically
• Operating profit $600 million, and Adjusted EBITDA of $1.09 billion, up 57.7% year-on-year
• Net profit attributable to company owners of $98 million
• Equity free cash flow of $316 million, up 27.1% year-on-year
• Leverage decreased to 2.53x including the acquisitions in Colombia, Ecuador and Uruguay
• Following the AGM, we established a May-to-May dividend cycle of $0.75 per share per quarter and subsequently  increased the January and April 2027 dividend payments by an additional $0.75 per share.

Financial highlights ($ millions)	Q3 2026	Q3 2025	Change %	Organic % Change	9M 2026	9M 2025	Change %	Organic % Change
Revenue	2,276	1,415	60.8%	4.8%	6,440	4,150	55.2%	4.4%
Operating Profit	600	388	54.8%		1,478	1,163	27.1%
Net Profit attributable to company owners	98	195	(49.9)%		316	1,064	(70.3)%
Non-IFRS measures (*)
Service Revenue	2,145	1,332	61.0%	5.4%	6,045	3,888	55.5%	5.3%
Adjusted EBITDA	1,092	693	57.7%	7.7%	2,958	1,964	50.6%	8.8%
Capex	243	161	51.0%		669	447	49.6%
Operating Cash Flow (OCF)	849	532	59.7%		2,289	1,516	50.9%
Equity free cash flow (EFCF)**	316	248	27.1%		867	601	44.3%

                                                                                                           *See page 12 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.** EFCF excluding proceeds from disposals.

Millicom Chief Executive Officer Marcelo Benitez commented: 

“We delivered another strong quarter, driven by solid execution and the commitment of our teams across Latin America. Our Double-E strategy is working: delivering a better customer Experience while operating more Efficiently, driving sustainable growth, stronger profitability, and cash flow generation.

Our Customers are at the center of our efforts, which is why we continue investing in our networks to improve coverage, capacity, and quality. At the same time, our prepaid-to-postpaid migration strategy is helping customers stay connected for more days each month, with larger allowances and greater predictability. Customers benefit from a better experience, while we build stronger relationships, improve loyalty, and grow ARPU.

We are also executing a clear more-for-more pricing strategy. When customers pay a little more, they get more in return: more data, better services, and greater value. This is how we believe sustainable growth should work. In Home, we are following the same principle, focusing on delivering greater value and a better experience rather than simply growing subscriber numbers.

This quarter was also marked by the earthquakes in Colombia and Panama. We are deeply saddened by the loss of an employee and a contractor in Colombia, and our thoughts are with their families and loved ones. I want to thank our teams in both countries for their resilience and commitment during these difficult moments.

Against this backdrop, our teams continued to execute effectively and delivered strong financial performance. Service revenue reached $2.14 billion, while adjusted EBITDA was $1.09 billion, reflecting operating leverage and cost discipline. Importantly, we continued to generate strong equity free cash flow of $316 million during the quarter, bringing year-to-date EFCF to $867 million keeping us firmly on track to achieve our full-year guidance of around $1.1 billion.

Our priorities remain unchanged: invest in our networks, deliver a superior customer experience, operate with maximum efficiency, and generate sustainable growth and strong cash flow. We know what works, we know how to execute, and we have a great team to keep moving forward.”

2026 Financial Targets

Millicom maintains its full-year 2026 EFCF of around $1.1 billion. Based on current operations, acquisitions completed to date, and expected cash flow generation, the Company remains on track toward its previously communicated year-end leverage target of below 2.5x.

Q3 2026 Earnings Release

IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on November 5, 2026, at 08:00 (New York) / 14:00 (Luxembourg) / 13:00 (London).

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: 869 6353 4578

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:	Investors:
Sofia Corral, Director Corporate Communications press@millicom.com	Luca Pfeifer, VP of Investor Relations investors@millicom.com

About Millicom

Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products, including TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2026, Millicom, including its Honduras Joint Venture and Chile associate, employed over 20,000 people and provided mobile and fiber-cable services through its digital highways to more than 69 million customers, with a fiber-cable footprint over 22 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.

Attachments

• Millicom - Earnings Release - Q3 2026
• Millicom - IAS34 - Q3 2026