Millicom (Tigo) Q2 2026 Earnings Release

Millicom (NASDAQ: TIGO) reported Q2 2026 revenue of $2.18 billion, up 59.4% year-on-year as reported and 4.3% organically.

Rhea-AI Summary

Millicom (NASDAQ: TIGO) reported Q2 2026 revenue of $2.18 billion, up 59.4% year-on-year as reported and 4.3% organically. Operating profit was $462 million, while Adjusted EBITDA rose 58.0% to $1.01 billion. Net profit attributable to owners was $109 million.

The company generated record quarterly equity free cash flow of $327 million, up 50.1% year-on-year, and reported leverage of 2.73x including acquisitions in Colombia, Ecuador and Uruguay. Millicom raised its full-year 2026 EFCF guidance from at least $900 million to around $1.1 billion and lowered its year-end leverage target from around 2.5x to below 2.5x.

The Board maintained a previously declared $3.00 per share dividend, payable quarterly over the next 12 months, and approved an additional interim dividend of $1.50 per share, to be paid in two installments in 2027. Subsequent financing actions included approximately $44 million in new local loans in Bolivia and repayment of about $102 million of credit facilities in Colombia.

Positive

• Revenue $2.18B, up 59.4% YoY and 4.3% organically in Q2 2026
• Adjusted EBITDA $1.01B, up 58.0% YoY; organic growth 9.1% in Q2 2026
• Record equity free cash flow $327M, up 50.1% YoY in Q2 2026
• Leverage reduced to 2.73x including acquisitions in Colombia, Ecuador, Uruguay
• Full-year 2026 EFCF guidance raised to around $1.1B from at least $900M
• Additional $1.50 per share interim dividend approved, payable in two installments in 2027

Negative

• Q2 2026 net profit attributable to owners $109M, down 83.9% from $676M
• H1 2026 net profit attributable to owners $218M, down 74.9% YoY
• Q2 2026 capex increased 51.2% YoY to $234M, higher cash outlay
• New Bolivia bank loans of about $44M increase gross debt, partly offset by Colombia repayments

Argus Aug 6 session 55 alerts

+13.64% close to close 1.5x rel. volume Open Argus

Details

News Market Reaction – TIGO

+11.6% Peak in 6 hr 58 min

$18.16B Market Cap

In the Aug 6 session, TIGO gained 13.64%, reflecting a significant positive market reaction. Argus tracked a peak move of +11.6% during that session. Our momentum scanner triggered 55 alerts that day, indicating high trading interest and price volatility. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +13.6% in the session following this news. The Q4 2025 earnings release was followe...

Analysis

The stock surged +13.6% in the session following this news. The Q4 2025 earnings release was followed by a 5.97% 24-hour gain. This report adds raised cash-flow guidance and a dividend increase, while recent insider activity was Net Selling, a sourced risk.

Key Figures

Revenue: $2.18 billion Operating Profit: $462 million Adjusted EBITDA: $1.01 billion +5 more

Revenue

$2.18 billion

Q2 2026; up 59.4% year-on-year and 4.3% organically

Operating Profit

$462 million

Q2 2026; up 30.4% year-on-year

Adjusted EBITDA

$1.01 billion

Q2 2026; up 58.0% year-on-year

Net Profit

$109 million

Q2 2026; attributable to company owners, down 83.9% year-on-year

Equity Free Cash Flow

$327 million

Q2 2026 quarterly record; up 50.1% year-on-year

2026 EFCF Guidance

From at least $900 million to around $1.1 billion

Raised full-year 2026 guidance

Year-End Leverage Target

Below 2.5x

Lowered from around 2.5x

Interim Dividend

$1.50 per share

Approved August 5, 2026; payable in two $0.75 installments in 2027

Previous Earnings Reports

5 past events · Latest: Jul 27

Same Type 5 events

1. Jul 27

   Q2 results notice

   24h Move

   +0.3%

   Announced Q2 results release date and investor video conference arrangements.

2. May 12

   Q1 earnings report

   24h Move

   +2.1%

   Reported Q1 growth, stronger cash flow, and 2026 financial targets.

3. Apr 30

   Q1 results notice

   24h Move

   +3.2%

   Scheduled first-quarter results release and accompanying investor conference.

4. Mar 24

   Annual results report

   24h Move

   +2.5%

   Published annual report highlighting record results and regional expansion.

5. Feb 26

   Q4 earnings report

   24h Move

   +6.0%

   Reported Q4 growth, ahead-of-target annual cash flow, and strategic closings.

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

Key Terms

ias 34, adjusted ebitda, equity free cash flow, non-ifrs measures

4 terms

ias 34 regulatory

"IAS 34 Interim Condensed Consolidated Financial Statements"

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

"Adjusted EBITDA of $1.01 billion, up 58.0% year-on-year"

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

"Record equity free cash flow of $327 million"

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.

non-ifrs measures financial

"See page 12 for a description of non-IFRS measures"

Non-IFRS measures are financial figures that companies create on their own to show aspects of their performance, beyond what standard accounting rules require. They can help investors better understand how a company is really doing by highlighting information that might be more relevant or easier to interpret, much like a sports coach emphasizes certain stats to showcase team strengths not captured by official scores.

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

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Millicom (Tigo) Q2 2026 Earnings Release

Luxembourg, August 6, 2026 – Millicom is pleased to announce its second quarter 2026 results. Please find below the links to the Q2 2026 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Q2 2026 Highlights*

• Revenue $2.18 billion, up 59.4% year-on-year as reported and 4.3% organically
• Operating profit $462 million, and Adjusted EBITDA of $1.01 billion, up 58.0% year-on-year
• Net profit attributable to company owners of $109 million
• Record equity free cash flow of $327 million, up 50.1% year-on-year
• Leverage decreased to 2.73x including the acquisitions in Colombia, Ecuador and Uruguay
• $3.00 per share dividend declared in May, with payments to be made quarterly over the next 12 months,
• Additional interim dividend of $1.50 per share declared on August 5 and payable in two installments in 2027

Financial highlights ($ millions)	Q2 2026	Q2 2025	Change %	Organic % Change	H1 2026	H1 2025	Change %	Organic % Change
Revenue	2,179	1,367	59.4%	4.3%	4,164	2,735	52.3%	4.2%
Operating Profit	462	354	30.4%		877	775	13.2%
Net Profit attributable to company owners	109	676	(83.9)%		218	869	(74.9)%
Non-IFRS measures (*)
Service Revenue	2,043	1,276	60.1%	5.4%	3,900	2,555	52.6%	5.2%
Adjusted EBITDA	1,009	638	58.0%	9.1%	1,866	1,271	46.8%	9.3%
Capex	234	155	51.2%		426	286	48.8%
Operating Cash Flow (OCF)	775	484	60.2%		1,440	985	46.2%
Equity free cash flow (EFCF)**	327	218	50.1%		552	353	56.4%

*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: 

“Millicom is becoming a larger, stronger and more cash generative company. Our strategy is to strengthen our leadership positions in Latin America through disciplined organic growth and selective consolidation, while applying a consistent operating model focused on customer value, efficiency and equity free cash flow. Our second-quarter performance demonstrates that this strategy is working: we are growing the underlying business, integrating our expanded portfolio and strengthening our capacity to create sustainable value for our customers and shareholders.

We are also seeing encouraging results from the Millicom playbook in our acquired operations. Ecuador and Uruguay have delivered meaningful improvements in margins and equity free cash flow and are now performing broadly in line with the Millicom average. In Colombia and Chile, the integration and turnaround are progressing well, with early improvements in profitability and cash generation as we approach a more steady state of the operations.

We delivered strong second-quarter financial results. Service revenue reached $2.04 billion, while Adjusted EBITDA exceeded $1.01 billion for the first time in Millicom’s history. Equity free cash flow reached a quarterly record of $327 million.

Our first-half performance, together with the progress of our integrations and improved visibility across the portfolio, gives us increased confidence for the remainder of the year. As a result, we are raising our 2026 equity free cash flow guidance to around $1.1 billion, while lowering the year-end leverage target from approximately 2.5x to below 2.5x.

Reflecting this stronger performance, Millicom's Board of Directors approved an incremental interim dividend of $1.50 per share, payable in two installments of $0.75 per share in January and April 2027. We remain focused on disciplined execution and believe there is significant additional value to unlock.”

2026 Financial Targets

Millicom is raising its full-year 2026 EFCF guidance from at least $900 million to around $1.1 billion, while lowering its year-end leverage target from around 2.5x to below 2.5x. These targets include restructuring costs associated with all acquired businesses.

Subsequent Events

Interim cash dividend

On August 5, 2026, Millicom's Board approved an interim dividend of $1.50 per share. The dividend will be distributed in two equal installments of $0.75 per share, on January 15, 2027 and April 15, 2027.

Financing

Bolivia: In July 2026, Bolivia entered into five different bank local loans (three with a one-year term and two with a five-year term) with Banco de Credito de Bolivia, Banco Nacional de Bolivia and Banco BISA, adding an aggregate  amount of BOB 439.7 million (approximately $44 million).

Colombia (Coltel): In July 2026, Coltel repaid approximately $102 million of the outstanding credit facilities denominated in COP and U.S. dollars  with Banco de Occidente, Bladex and J.P.  Morgan.

Q2 2026 Earnings Release

IAS 34 Interim Condensed Consolidated Financial Statements

Millicom is planning to host a video conference for the global financial community on August 6, 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 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 - IAS34 - Q2 2026 -
• Millicom - Earnings Release - Q2 2026 -

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Millicom (TIGO) perform financially in Q2 2026?

Millicom reported Q2 2026 revenue of $2.18 billion, up 59.4% year-on-year. According to Millicom, Adjusted EBITDA reached $1.01 billion, up 58.0%, while net profit attributable to owners was $109 million and equity free cash flow hit a record $327 million.

What earnings guidance did Millicom (TIGO) give for full-year 2026?

Millicom raised its 2026 equity free cash flow guidance to around $1.1 billion. According to Millicom, this is up from at least $900 million previously and includes restructuring costs for all acquired businesses, alongside a lower year-end leverage target of below 2.5x.

What dividends will Millicom (TIGO) shareholders receive after the Q2 2026 results?

Millicom confirmed a $3.00 per share dividend declared in May 2026, paid quarterly over 12 months. According to Millicom, the Board also approved an additional interim dividend of $1.50 per share, payable in two equal installments in January and April 2027.

How did Millicom (TIGO) leverage change with Q2 2026 results?

Millicom reported Q2 2026 leverage of 2.73x, including recent acquisitions. According to Millicom, it also lowered its year-end 2026 leverage target from around 2.5x to below 2.5x, reflecting stronger cash generation and integration progress across Colombia, Ecuador, Uruguay and other operations.

Why did Millicom (TIGO) net profit decline year-on-year in Q2 2026?

Millicom’s Q2 2026 net profit attributable to owners was $109 million, down 83.9% from $676 million. According to Millicom’s financial highlights, this decline contrasts with strong growth in revenue, Adjusted EBITDA and equity free cash flow during the same quarter and first half.

What financing actions did Millicom (TIGO) take in Bolivia and Colombia after Q2 2026?

After Q2 2026, Bolivia entities entered local bank loans totaling about BOB 439.7 million (approximately $44 million). According to Millicom, Colombian unit Coltel repaid around $102 million of credit facilities in July 2026 with Banco de Occidente, Bladex and J.P. Morgan.