Millicom (TIGO) Q1 2026 earnings summary

Executive summary

• Revenue reached $2 billion in Q1 2026, up 45.1% year-over-year and 4.2% organically, driven by major acquisitions in Colombia, Chile, Uruguay, and Ecuador, and strong operational execution.

• Equity free cash flow (EFCF) was $225 million, up 66.5% year-over-year excluding last year's infrastructure sale, marking a record first quarter.

• Net profit attributable to owners was $109 million, down 43.4% year-over-year, impacted by $67 million in restructuring charges and absence of prior year one-time gains.

• Integration of Coltel and Telefónica Chile progressing, with cost base resets, margin improvement, and early positive results in cash flow.

• Major acquisitions fully consolidated, expanding scale and customer base, with significant postpaid and home net additions.

Financial highlights

• Service revenue rose 45% year-over-year to $1.9 billion, with Coltel contributing $243 million.

• Adjusted EBITDA reached $969 million, up from $735 million year-over-year, with a margin of 43.2%.

• Operating profit was $416 million, nearly flat year-over-year due to higher integration and restructuring costs.

• Net debt at quarter-end was $7.6 billion, with leverage at 2.76x, up from 2.17x at year-end 2025, mainly due to acquisition-related payments.

• CapEx increased 46% to $193 million, reflecting expansion and integration activities.

Outlook and guidance

• 2026 targets reaffirmed: equity free cash flow of at least $900 million and leverage around 2.5x by year-end, inclusive of restructuring costs.

• Board proposed an annual dividend of $3.00 per share for 2026, payable in four quarterly installments.

• Guidance may be updated after Q2, pending further integration progress.