Millicom (Tigo) Q3 2024 Earnings Release
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Millicom (Tigo) Q3 2024 Earnings Release
Luxembourg, November 7, 2024 – Millicom is pleased to announce its third quarter 2024 results. Please find below links to the Q3 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Highlights*
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Revenue $1.43 billion up 0.5% - Service Revenue up 1.8% (2.4% organically)
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Robust commercial activity: 299,000 Postpaid Mobile and 68,000 Home FTTH/HFC net additions
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Operating profit $300 million, up 43.1%
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EBITDA $585 million, up 9.8%
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Net income $51 million ($0.30 per share)
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Equity free cash flow $271 million, up from $100 million in Q3 2023
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Leverage 2.59x, down 0.18x from 2.77x at Q2
| Financial highlights ($ millions) | Q3 2024 | Q3 2023 | Change % | Organic % Change | 9M 2024 | 9M 2023 | Change % | Organic % Change |
| Revenue | 1,431 | 1,424 | 0.5% | 1.0% | 4,376 | 4,186 | 4.5% | 2.1% |
| Operating Profit | 300 | 209 | 43.1% |
| 968 | 597 | 62.1% |
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| Net Profit / (Loss) | 51 | — | NM |
| 221 | (19) | NM |
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| Non-IFRS measures (*) |
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| Service Revenue | 1,344 | 1,320 | 1.8% | 2.4% | 4,082 | 3,875 | 5.3% | 2.8% |
| EBITDA | 585 | 533 | 9.8% | 10.2% | 1,851 | 1,555 | 19.0% | 16.6% |
| Capex | 166 | 180 | (7.4)% |
| 414 | 547 | (24.4)% |
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| Operating Cash Flow (OCF) | 419 | 353 | 18.6% | 19.3% | 1,437 | 1,008 | 42.6% | 38.7% |
| Equity free cash flow (EFCF) | 271 | 100 | NM |
| 540 | (57) | NM |
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*See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.
Millicom Chief Executive Officer Marcelo Benitez commented:
"Millicom's transformation gained momentum in Q3, with solid equity free cash flow sustained alongside significant customer net additions driven by new commercial initiatives launched in H1. The increase in customer growth during Q3 underscores the resilience of our cash flow generation, enabled by our efficiency programs. As we finalize our 2025 budget, a core focus will be on continued EFCF growth, accelerating service revenue, and advancing strategic milestones—including the completion of our announced initiatives in Costa Rica and Colombia, as well as the tower disposal in Central America.”
2024 Financial Targets
In light of stronger than expected EFCF generation in the first nine months of the year, Millicom now targets EFCF of around $650 million for 2024. This is an increase from the prior target of more than $600 million. The target excludes net proceeds of approximately $41 million from the previously-announced tower sale in Colombia and taxes related to the planned disposal of Lati International S.A. Millicom continues to target leverage to near 2.5x at year-end 2024.