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Millicom (Tigo) Q2 2024 Earnings Release
Millicom (Tigo) Q2 2024 Earnings Release Luxembourg, August 02, 2024 – Millicom is pleased to announce its second quarter 2024 results. Please find below
About this update from Millicom International Cellular S.a.
[{"type":"text","content":"Millicom (Tigo) Q2 2024 Earnings Release Luxembourg, August 02, 2024 – Millicom is pleased to announce its second quarter 2024 results. Please find below links to the Q2 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Q2 Highlights* Revenue $1.46 billion, up 4.7%Operating profit $345 million, up 74.1% EBITDA $634 million, up 23.1% - Colombia EBITDA margin 39.5% Net income $78 million ($0.46 per share)Equity free cash flow $268 millionLeverage 2.77x Financial highlights ($ millions) Q2 2024 Q2 2023 Change % Organic Change % H1 2024 H1 2023 Change % Organic Change % Revenue 1,458 1,393 4.7% 1.4% 2,945 2,762 6.6% 2.6% Operating Profit 345 198 74.1% 669 388 72.4% Net Profit (Loss) 78 (22) NM 170 (19) NM Non-IFRS measures (*) Service Revenue 1,362 1,291 5.5% 2.1% 2,738 2,555 7.1% 2.9% EBITDA 634 515 23.1% 19.7% 1,266 1,022 23.8% 19.9% Capex 134 182 (26.3)% 247 367 (32.7)% Operating Cash Flow 500 333 50.2% 44.7% 1,018 655 55.5% 48.8% Equity Free Cash Flow 268 (24) NM 269 (157) NM *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 has undergone an important transformation aimed at significantly increasing the company's equity free cash flow generation. These efforts began to pay off in Q2, with EBITDA up almost 20% organically, EFCF of $268 million and leverage down significantly to 2.77x, putting the company on track to achieve its 2024 targets. Meanwhile, we are streamlining our product offerings and internal processes, which is enhancing productivity and generating cost savings beyond the initial targets of the efficiency project Everest. Additionally, we are prioritizing ARPU growth in Mobile, reducing churn in Home, and accelerating growth in B2B. We are also making return-focused investments to sustain our market leadership and drive customer growth in the second half of 2024. All these actions are designed to ensure continued EFCF growth in 2025 and beyond, in line with our long-term plan. As we wrap up my initial quarter as CEO, I want to express my gratitude to the entire Millicom team for their tremendous energy and dedication, even amid significant challenges and uncertainties. Together, we are transforming into a more agile and efficient platform to fu...