Millicom (Tigo) Q1 2024 Earnings Release

Millicom (Tigo) Q1 2024 Earnings Release

Luxembourg, May 8, 2024 – Millicom is pleased to announce its first quarter 2024 results. Please find below links to the Q1 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Highlights*

• Revenue grew 8.6% driven by Service revenue up 8.8%, due to stronger currencies and organic growth of 3.8%, up from 3.2% in Q4 attributable to large B2B contracts in Panama and a return to positive growth in Guatemala.
• Operating profit increased 70.6%, reflecting the revenue increase and a 3.4% decline in operating expenses, while EBITDA grew 24.5% (20.0% organically) despite $30 million of restructuring costs incurred in the period.
• Colombia EBITDA rose 50.3% (24.2% organically) with a record EBITDA margin of 36.5% despite an $18 million restructuring charge. Excluding this one-off, Colombia's EBITDA margin was 41.4%.
• Operating cash flow rose 53.0% organically to $519 million, reflecting both the robust EBITDA growth and a 38.9% reduction in capex due mostly to slower phasing of investments in 2024 compared to 2023.
• Net income of $92 million in Q1 2024 was up strongly from $3 million in Q1 2023, reflecting the significant increase in operating profit.
• Leverage declined to 3.10x at the end of March 2024 from 3.29x at year-end 2023. 

Financial highlights ($ millions)	Q1 2024	Q1 2023	% change	Organic % Change
Revenue	1,487	1,369	8.6%	3.8%
Operating Profit	324	190	70.6%
Net Profit	92	3	NM
Non-IFRS measures (*)
Service Revenue	1,376	1,264	8.8%	3.8%
EBITDA	632	507	24.5%	20.0%
Capex	113	185	(38.9)%
Operating Cash Flow	519	322	61.0%	53.0%
Equity Free Cash Flow	1	(133)	NM

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