Millicom (Tigo) Q3 2026 Earnings Release

Quarterly operating profit and cash flow increased, but net profit attributable to owners fell 49.9% year-on-year.

Rhea-AI Summary

Millicom (NASDAQ: TIGO) reported third-quarter 2026 revenue of $2,276 million, up from the same period a year earlier. Revenue rose 60.8% year-on-year, or 4.8% organically. Operating profit increased 54.8% to $600 million, while net profit attributable to owners fell 49.9% to $98 million. Adjusted EBITDA, a non-IFRS earnings measure, rose 57.7% to $1,092 million.

Equity free cash flow, excluding disposal proceeds, increased 27.1% to $316 million, bringing the nine-month total to $867 million. Millicom maintains its full-year target of around $1.1 billion and expects year-end leverage below 2.5x; leverage decreased to 2.53x including acquisitions in Colombia, Ecuador and Uruguay. January and April 2027 dividend payments were each increased by $0.75 per share above the established quarterly $0.75 payment. Nine-month revenue rose 55.2% to $6,440 million, while net profit attributable to owners fell 70.3% to $316 million.

16 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue of $2,276 million rose 60.8% year-on-year and 4.8% organically.
• Moderate pointQ3 operating profit of $600 million increased 54.8% year-on-year.
• Moderate pointQ3 adjusted EBITDA of $1,092 million increased 57.7% year-on-year and 7.7% organically.
• Moderate pointQ3 service revenue of $2,145 million grew 61.0% year-on-year and 5.4% organically.
• Moderate pointQ3 operating cash flow of $849 million increased 59.7% year-on-year.
• Moderate pointQ3 equity free cash flow of $316 million, excluding disposal proceeds, rose 27.1% year-on-year.
• Moderate pointLeverage decreased to 2.53x, including acquisitions in Colombia, Ecuador and Uruguay.
• Moderate point. Forward-looking: it has not happened yet and may not happen.January and April 2027 dividends each increased by $0.75 per share above the quarterly $0.75 payment.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 equity free cash flow target maintained at around $1.1 billion.

7 minor points

• Minor pointNine-month revenue of $6,440 million increased 55.2% year-on-year and 4.4% organically.
• Minor pointNine-month operating profit of $1,478 million rose 27.1% year-on-year.
• Minor pointNine-month adjusted EBITDA of $2,958 million increased 50.6% year-on-year and 8.8% organically.
• Minor pointNine-month service revenue of $6,045 million grew 55.5% year-on-year and 5.3% organically.
• Minor pointNine-month operating cash flow of $2,289 million increased 50.9% year-on-year.
• Minor pointNine-month equity free cash flow of $867 million, excluding disposal proceeds, rose 44.3% year-on-year.
• Minor point. Forward-looking: it has not happened yet and may not happen.Year-end leverage target below 2.5x remains on track, Millicom expects.

Negative

• Moderate pointQ3 net profit attributable to owners of $98 million fell 49.9% year-on-year.
• Moderate pointQ3 capital expenditure of $243 million increased 51.0% year-on-year.
• Minor pointNine-month net profit attributable to owners of $316 million fell 70.3% year-on-year.
• Minor pointNine-month capital expenditure of $669 million increased 49.6% year-on-year.
• Minor pointEarthquakes in Colombia resulted in the deaths of an employee and a contractor.

Key Figures

Revenue: $2,276 million; up 60.8% year-on-year Operating profit: $600 million; up 54.8% Adjusted EBITDA: $1,092 million; up 57.7% +5 more

Revenue

$2,276 million; up 60.8% year-on-year

Q3 2026; up 4.8% organically

Operating profit

$600 million; up 54.8%

Q3 2026

Adjusted EBITDA

$1,092 million; up 57.7%

Q3 2026; up 7.7% organically

Net profit attributable to company owners

$98 million; down 49.9%

Q3 2026

Equity free cash flow

$316 million; up 27.1%

Q3 2026

Full-year EFCF guidance

Around $1.1 billion, maintained

Full-year 2026

Leverage

2.53x

Includes acquisitions in Colombia, Ecuador and Uruguay

Dividend payments

$0.75 per share per quarter; January and April 2027 payments each increased by an additional $0.75 per share

May-to-May dividend cycle

Previous Earnings Reports

2 past events · Latest: Aug 06

Same Type 2 events

1. Aug 06

   Q2 earnings

   24h Move

   +13.6%

   Revenue and adjusted EBITDA grew; equity free cash flow reached a quarterly record, and guidance was raised.

2. May 12

   Q1 earnings

   24h Move

   +2.1%

   Revenue and adjusted EBITDA increased, with higher equity free cash flow and 2026 financial targets disclosed.

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

Key Terms

ias 34, non-ifrs, arpu

3 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.

non-ifrs financial

"Non-IFRS measures (*) Service Revenue"

Non-IFRS refers to financial measures that companies report outside the standard accounting rules set by the International Financial Reporting Standards; these figures exclude or adjust certain items such as one-time costs, stock-based pay, or restructuring charges. Investors care because non-IFRS numbers try to show the business’s underlying performance — like a chef presenting a dish with optional toppings removed to highlight the core flavor — but they can be shaped to look more favorable, so compare them with the official IFRS statements.

arpu financial

"improve loyalty, and grow ARPU"

ARPU, or Average Revenue Per User, measures how much money a company earns, on average, from each of its customers over a set period. It helps investors understand how effectively a business is generating income from its customer base, similar to calculating how much each customer spends at a store. Higher ARPU often indicates stronger sales per customer and better revenue performance.

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

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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

FAQ

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

What were Millicom's Q3 2026 earnings results?

Millicom reported $2,276 million in revenue, $600 million in operating profit and $98 million in net profit attributable to company owners. Revenue increased 60.8% and operating profit rose 54.8% year-on-year, while net profit attributable to owners declined 49.9%.

What is Millicom's full-year 2026 cash flow and leverage outlook?

Millicom maintains its full-year 2026 equity free cash flow target of around $1.1 billion and expects to remain on track toward year-end leverage below 2.5x. The leverage outlook is based on current operations, acquisitions completed to date and expected cash flow generation.

What dividend cycle has Millicom established?

Millicom established a May-to-May dividend cycle following its annual general meeting, with payments of $0.75 per share per quarter. It subsequently increased the January and April 2027 payments by an additional $0.75 per share each.