Millicom (TIGO) Q2 2026 earnings summary

Executive summary

• Achieved record service revenue of $2.18 billion in Q2 2026, up 59.4% year-over-year, driven by acquisitions in Colombia, Ecuador, and Uruguay, and strong organic growth of up to 5.4%.

• Adjusted EBITDA reached a record $1.01 billion, up 58% year-over-year, with margin at 46.3%, despite restructuring costs.

• Equity free cash flow hit a record $327 million, up over 50% year-over-year, driven by operational efficiency and successful integration of acquisitions.

• Net profit attributable to owners was $109 million in Q2 2026, or $0.65 per share, down from $676 million in Q2 2025 due to one-time gains in the prior year.

• Board approved an additional interim dividend of $1.50 per share, payable in two installments in 2027.

Financial highlights

• Service revenue grew 60.1% year-over-year to $2.04 billion; organic service revenue up 5.4%.

• Adjusted EBITDA increased 9.1% organically and 58% reported year-over-year, margin at 46.3%.

• Equity free cash flow rose to $327 million, benefiting from favorable expense timing and working capital.

• Net debt increased to $8.1 billion, but leverage declined to 2.73x from 2.76x.

• Capex rose 51.2% to $234 million, mainly due to Colombia consolidation.

Outlook and guidance

• Full-year 2026 equity free cash flow guidance raised from at least $900 million to around $1.1 billion.

• Year-end leverage target improved to below 2.5x.

• Dividend policy remains at distributing two-thirds of equity free cash flow.

• Interim dividend of $1.50/share approved, payable in two installments in 2027.

• Guidance includes restructuring costs from all acquired businesses.