Millicom (Tigo) Q2 2026 Earnings Release
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
Market Reaction – TIGO
Following this news, TIGO has gained 6.72%, reflecting a notable positive market reaction. Our momentum scanner has triggered 6 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $97.96.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 27 | Q2 results notice | Neutral | +0.3% | Announced Q2 results release date and investor video conference arrangements. |
| May 12 | Q1 earnings report | Positive | +2.1% | Reported Q1 growth, stronger cash flow, and 2026 financial targets. |
| Apr 30 | Q1 results notice | Neutral | +3.2% | Scheduled first-quarter results release and accompanying investor conference. |
| Mar 24 | Annual results report | Positive | +2.5% | Published annual report highlighting record results and regional expansion. |
| Feb 26 | Q4 earnings report | Positive | +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.
Tag-specific history showed positive 24-hour reactions for all five selected earnings-related events, ranging from 0.27% to 5.97%.
Key Terms
ias 34 regulatory
adjusted ebitda financial
equity free cash flow financial
non-ifrs measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 , up59.4% year-on-year as reported and4.3% organically - Operating profit
$462 million , and Adjusted EBITDA of$1.01 billion , up58.0% year-on-year - Net profit attributable to company owners of
$109 million - Record equity free cash flow of
$327 million , up50.1% 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 | 4,164 | 2,735 | ||||
| Operating Profit | 462 | 354 | 877 | 775 | ||||
| Net Profit attributable to company owners | 109 | 676 | (83.9)% | 218 | 869 | (74.9)% | ||
| Non-IFRS measures (*) | ||||||||
| Service Revenue | 2,043 | 1,276 | 3,900 | 2,555 | ||||
| Adjusted EBITDA | 1,009 | 638 | 1,866 | 1,271 | ||||
| Capex | 234 | 155 | 426 | 286 | ||||
| Operating Cash Flow (OCF) | 775 | 484 | 1,440 | 985 | ||||
| Equity free cash flow (EFCF)** | 327 | 218 | 552 | 353 |
*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
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
Reflecting this stronger performance, Millicom's Board of Directors approved an incremental interim dividend of
2026 Financial Targets
Millicom is raising its full-year 2026 EFCF guidance from at least
Subsequent Events
Interim cash dividend
On August 5, 2026, Millicom's Board approved an interim dividend of
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
Colombia (Coltel): In July 2026, Coltel repaid approximately
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.
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