Millicom (Tigo) Q1 2026 Earnings Release

Rhea-AI Summary

Millicom (TIGO) reported Q1 2026 revenue of $1,985 million, up 45.1% reported and 4.2% organically. Operating profit was $416 million and net profit attributable to owners $109 million. Adjusted EBITDA reached $857 million, including $119 million from acquisitions, with equity free cash flow of $225 million, up 66.5%.

Leverage stood at 2.76x after acquisitions in Colombia, Ecuador and Uruguay. Millicom completed further Coltel ownership consolidation, refinanced debt, redeemed $139.7 million Paraguay notes, and sold Tigo Sports local sports content. The company targets ≥$900 million 2026 EFCF and year-end leverage around 2.5x.

Positive

• Revenue $1,985 million, up 45.1% reported and 4.2% organically
• Adjusted EBITDA $857 million, up 35.5% year-on-year; 9.6% organic growth
• Equity free cash flow $225 million, up 66.5% year-on-year
• 2026 EFCF target of at least $900 million
• Year-end 2026 leverage target around 2.5x, including restructuring costs
• Completion of remaining 32.5% Coltel stake acquisition in April 2026
• Redemption of $139.7 million Paraguay 5.875% notes due 2027

Negative

• Net profit attributable to owners fell 43.4% year-on-year to $109 million
• Operating profit declined 1.2% year-on-year to $416 million
• Leverage at 2.76x following acquisitions in Colombia, Ecuador and Uruguay
• Voluntary retirement and severance costs of about $47 million in Colombia and Chile
• New $87.5 million senior notes reopening and $100 million bridge facility increase gross debt

News Market Reaction – TIGO

+2.08%

16 alerts

+2.08% Session close to close

+12.2% Peak Tracked

-6.8% Trough Tracked

$13.72B Market Cap

1.4x Rel. Volume

In the May 12 session, TIGO gained 2.08%, reflecting a moderate positive market reaction. Argus tracked a peak move of +12.2% during that session. Argus tracked a trough of -6.8% from its starting point during tracking. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Q1 2026 growth with revenue of $1,985M, stronger Adjusted EBITDA of $857M ...

Analysis

This announcement details Q1 2026 growth with revenue of $1,985M, stronger Adjusted EBITDA of $857M and EFCF of $225M, alongside a drop in net profit and leverage rising to 2.76x after acquisitions. It also outlines new financing, note redemptions and restructuring costs in Colombia and Chile. Investors may track progress toward the ≥$900M 2026 EFCF target, integration of Coltel and Chile, and future leverage trends.

Key Figures

Q1 2026 Revenue: $1,985M Q1 2026 Operating Profit: $416M Q1 2026 Net Profit to Owners: $109M +5 more

8 metrics

Q1 2026 Revenue $1,985M Up 45.1% reported and 4.2% organic vs Q1 2025

Q1 2026 Operating Profit $416M Down (1.2)% vs Q1 2025

Q1 2026 Net Profit to Owners $109M Down 43.4% vs Q1 2025

Q1 2026 Adjusted EBITDA $857M Up 35.5% reported and 9.6% organic vs Q1 2025

Q1 2026 EFCF $225M Up 66.5% vs Q1 2025 (excluding disposals)

Leverage 2.76x Post acquisitions in Colombia, Ecuador and Uruguay

2026 EFCF Target ≥$900M Company guidance for full-year 2026 EFCF

Colombia Severance COP 95,000M (~$26M) Voluntary retirement plan at Tigo Colombia

Previous Earnings Reports

5 past events · Latest: Apr 30 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 30	Earnings notice	Neutral	+3.2%	Announcement of Q1 2026 results date and investor video conference details.
Mar 24	Annual results	Positive	+2.5%	Publication of 2025 Annual Report with record revenue, profit and EFCF.
Feb 26	Quarterly earnings	Positive	+6.0%	Q4 2025 earnings with higher revenue, strong EBITDA and EFCF above target.
Feb 13	Earnings notice	Neutral	-0.0%	Notice of upcoming Q4 2025 results and video conference logistics.
Nov 06	Quarterly earnings	Positive	+3.8%	Q3 2025 earnings with strong revenue, record Adjusted EBITDA and solid EFCF.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings-related and results-focused announcements have generally been followed by modestly positive price reactions, suggesting investors often reward Millicom’s financial updates.

Recent Company History

Recent earnings and results communication has coincided with mostly positive moves. The Q3 2025 earnings release showed strong revenue and record Adjusted EBITDA, with shares rising afterwards. The 2025 Annual Report highlighted record $5.8B revenue and $916M EFCF. Notices of upcoming Q4 2025 and Q1 2026 results also saw small gains. Against this backdrop, Q1 2026 results with higher revenue, Adjusted EBITDA and EFCF but lower net profit fit a continuing expansion and integration phase.

Key Terms

ias 34, adjusted ebitda, equity free cash flow, senior notes, +4 more

8 terms

ias 34 regulatory

"links to the Q1 2026 Earnings Release and IAS 34 Interim Condensed..."

IAS 34 is an international accounting standard that requires companies to prepare interim financial reports—shorter updates like quarterly or half‑year statements—showing condensed but reliable information on profit, assets and cash flow between annual reports. It matters to investors because these regular snapshots make it easier to spot trends, risks or improvements sooner than waiting for a full-year report, much like checking a progress report between school terms to track performance and momentum.

adjusted ebitda financial

"Operating profit $416 million, and Adjusted EBITDA of $857 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

equity free cash flow financial

"Equity free cash flow of $225 million up 66.5% year-on-year..."

Equity free cash flow is the amount of cash a company generates that is available to pay shareholders after it pays operating costs, reinvests in the business, and handles debt-related payments and borrowings. Think of it as the household money left over after paying bills, fixing the house, and settling loans—funds that could be used for dividends, share buybacks, or retained for future needs. Investors use it to judge how much real cash a company can return to owners and to value a stock.

senior notes financial

"reopening of its 7.375% Senior Notes due 2032..."

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

regulation s regulatory

"in a Regulation S only private placement that is exempt..."

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

securities act regulatory

"exempt from the registration requirements of the U.S. Securities Act of 1933..."

A securities act is a law that governs the offering, sale and disclosure of stocks, bonds and other investment products to the public. It requires companies to provide clear, truthful information—like a product label for an investment—so buyers can understand risks and value before they invest. For investors, these rules reduce fraud, promote transparency, and help ensure fair access to market information.

bridge facility financial

"Coltel entered into a one-year new bridge facility with Banco Santander..."

A bridge facility is a short-term loan or credit line companies use to cover immediate cash needs while they arrange longer-term financing, sell assets, or complete a larger funding deal. Investors care because it temporarily props up a company’s finances and can signal urgent funding gaps; like a bridge that lets traffic keep moving until a permanent road is built, it reduces short-term default risk but may carry higher cost or dilution if extended.

working capital loan financial

"entered into a new one-year working capital loan agreement in local currency..."

A working capital loan is a short-term loan a company uses to cover everyday needs like payroll, inventory purchases or gaps between paying bills and receiving customer payments—think of it as a business credit card for routine cash needs. Investors watch these loans because they reveal how easily a company can keep operations running: occasional use is normal, but heavy or repeated reliance can signal cash stress, higher interest costs and greater risk to earnings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Millicom (Tigo) Q1 2026 Earnings Release

Luxembourg, May 12, 2026 – Millicom pleased to announce its first quarter 2026 results. Please find below links to the Q1 2026 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. 

Q1 2026 Highlights*

• Revenue $2 billion, up 4.2% year-on-year organically and 45.1% as reported
• Operating profit $416 million, and Adjusted EBITDA of $857 million, which includes $119 million from acquisitions
• Net profit attributable to company owners of $109 million
• Equity free cash flow of $225 million up 66.5% year-on-year when excluding last year's infrastructure sale
• Leverage stood at 2.76x following the acquisitions in Colombia, Ecuador and Uruguay

Financial highlights ($ millions)	Q1 2026	Q1 2025	Change %	Organic % Change
Revenue	1,985	1,368	45.1%	4.2%
Operating Profit	416	421	(1.2)%
Net Profit attributable to company owners	109	193	(43.4)%
Non-IFRS measures (*)
Service Revenue	1,857	1,279	45.2%	4.9%
Adjusted EBITDA	857	633	35.5%	9.6%
Capex	193	132	46.0%
Operating Cash Flow (OCF)	664	501	32.7%
Equity free cash flow (EFCF)**	225	135	66.5%

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

Millicom Chief Executive Officer Marcelo Benitez commented: 

“We are off to a strong start in 2026, with solid operational execution and important progress on the strategic initiatives that will shape the future of Millicom. During the quarter, we strengthened our position in Colombia through the acquisition of EPM’s 50% stake in Tigo UNE and Telefónica’s majority stake in Coltel, which we are now fully consolidating in our results. Shortly after quarter-end, we also acquired the remaining stake in Coltel from La Nación de Colombia. Together, these steps give us greater scale, stronger network assets, and a broader customer base in one of our most important markets.

Led by NJJ, we began to apply the Millicom playbook in Chile, following the acquisition of Telefónica Chile. While it is still early, the new leadership team has already taken decisive action to simplify the commercial offer, stabilize ARPU, reduce leverage, and resize the organization.

Operationally, our underlying business continues to perform well. In Mobile, our prepaid-to-postpaid migration strategy continues to gain traction, supporting ARPU growth and service revenue momentum.

Financially, Service Revenue grew 4.9% organically to USD $2 billion while Adjusted EBITDA reached $857 million, with a reported margin of 43.2%, despite initial Coltel integration and restructuring costs. Equity free cash flow was $225 million for the quarter improving $90 million year-on-year when excluding last years infrastructure sale, a strong outcome for what is typically our weakest quarter.

Overall, we are executing a clear strategy: strengthen our core markets, improve customer value, expand convergence, and maintain disciplined cash flow management.”

2026 Financial Targets

Millicom targets 2026 EFCF of at least $900 million and year-end leverage around 2.5x. These targets include restructuring costs of all acquired businesses.

Subsequent Events

Colombia - Purchase of "La Nacion" shareholding in Coltel

On April 27, 2026, Millicom completed the acquisition of the remaining 32.5% equity stake in Coltel formerly held by La Nación.

Financing

Corporate: On April 14, 2026, Millicom completed an $87.5 million aggregate principal amount reopening of its 7.375% Senior Notes due 2032 (the “Additional Notes”) in a Regulation S only private placement that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”) to Banco General, S.A. The Additional Notes have been admitted to trading on the Luxembourg Stock Exchange Euro MTF market.

Colombia (Coltel): On April 13, 2026, Coltel entered into a one-year new bridge facility with Banco Santander for an amount of $100 million at variable rate. Coltel used these funds to repay the $100 million facility with HSBC, with April 17, 2026 as original maturity date.  Additionally, on May 7, 2026, Coltel entered into a new one-year working capital loan agreement in local currency by COP 70,000 million (approximately $19 million) with JP Morgan.

Paraguay: On April 29, 2026, Tigo Paraguay redeemed all of its 5.875% Senior Unsecured Notes due 2027 (the “Notes”) at par plus accrued and unpaid interest, for an aggregate principal amount of approximately $139.7 million.

Tigo Sports

On April 13, 2026, Tigo Central America and FOX Latin America announced an agreement under which FOX acquired Tigo Sports’ local sports content, a portfolio of local rights, production capabilities, and on-air talent across Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, and Panama.

 Voluntary retirement and severance plans

Tigo Colombia: In April, 2026, Tigo Colombia conducted a voluntary retirement plan for its employees; severance expenses related to this plan of approximately COP95,000 million (approximately $26 million).

Tigo Chile: In April, 2026, Tigo Chile incurred severance costs for approximately CLP19,000 million (approximately $21 million).

Q1 2026 Earnings Release
IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on May 12, 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 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 March 31, 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 - IAS34 - Q1 2026
• Millicom - Earnings Release - Q1 2026

FAQ

How did Millicom (TIGO) perform in its Q1 2026 earnings results?

Millicom reported Q1 2026 revenue of $1,985 million and net profit of $109 million. According to Millicom, revenue rose 45.1% reported and 4.2% organically, while Adjusted EBITDA reached $857 million and equity free cash flow was $225 million, up 66.5% year-on-year.

What were Millicom (TIGO) Adjusted EBITDA and margins in Q1 2026?

Millicom recorded Q1 2026 Adjusted EBITDA of $857 million, up 35.5% year-on-year. According to Millicom, this included $119 million from acquisitions, with a reported Adjusted EBITDA margin of 43.2%, supported by service revenue growth and despite initial Coltel integration and restructuring costs.

How did Millicom (TIGO) equity free cash flow change in Q1 2026?

Equity free cash flow reached $225 million in Q1 2026, improving $90 million year-on-year. According to Millicom, this represents 66.5% growth when excluding the prior year’s infrastructure sale and is notable for what is typically the company’s weakest quarter seasonally.

What acquisition steps did Millicom (TIGO) take in Colombia in early 2026?

Millicom acquired EPM’s 50% stake in Tigo UNE and Telefónica’s majority stake in Coltel, then bought La Nación’s remaining 32.5% Coltel stake. According to Millicom, these moves increase scale, strengthen network assets, and broaden its customer base in Colombia.

What are Millicom (TIGO) financial targets for 2026 after Q1 results?

Millicom targets 2026 equity free cash flow of at least $900 million and year-end leverage around 2.5x. According to Millicom, these goals already factor in restructuring costs for all acquired businesses, reflecting a focus on cash generation and gradual deleveraging.

How did recent financing and debt actions impact Millicom (TIGO) in 2026?

Millicom reopened its 7.375% 2032 senior notes for $87.5 million and arranged new Coltel bank facilities. According to Millicom, Tigo Paraguay also redeemed about $139.7 million of 5.875% notes due 2027, while group leverage stood at 2.76x after acquisitions.

What restructuring and severance costs did Millicom (TIGO) incur in Colombia and Chile?

In April 2026, Tigo Colombia ran a voluntary retirement plan costing about $26 million, while Tigo Chile incurred roughly $21 million severance costs. According to Millicom, these expenses relate to resizing and restructuring efforts in the recently consolidated operations.