Millicom (Tigo) releases Q2 2023 earnings report

Luxembourg – Millicom is pleased to announce its second quarter 2023 results. Please find below links to the Q2 2023 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.


  • Revenue declined 3.8% mainly due to currency depreciation compared to the prior year and lower telephone and equipment sales. Excluding currency impacts, revenue declined 0.2% year-on-year.
  • Service revenue increased 1.9% organically, with growth across all business units, including 6.1% growth in B2B and 1.7% growth in mobile driven by 8.6% growth in postpaid, with growth in most countries.
  • Operating profit declined 19.8%, mostly reflecting currency depreciation and lower EBITDA, which declined 7.9% organically, impacted mainly by restructuring costs, higher non-cash share-based compensation and legal expenses, as well as incremental costs related to investments to protect our leadership position in Guatemala.
  • Operating cash flow increased 3.3% to $333 million, an organic increase of 9.5%, mostly reflecting lower capital investment in our Home business in some countries, which more than offset the decline in EBITDA.
  • Net loss of $22 million compared to net profit $129 million in Q2 2022, which included a large gain on the sale of our Tanzania operation.
  • During Q2, our Colombia operation signed a Memorandum of Understanding with Telefonica Colombia to create a jointly-owned mobile infrastructure company, which is expected to produce material synergies. Full transaction documentation is not yet completed, and the transaction is subject to various regulatory approvals.
Financial highlights ($ millions) Q2 2023 Q2 2022 % change Organic % Change H1 2023 H1 2022 % change Organic % Change
Revenue 1,393 1,447 (3.8)% (0.2)% 2,762 2,856 (3.3)% 1.0%
Operating Profit 198 247 (19.8)%   388 481 (19.4)%  
Net Profit / (Loss) (22) 129 NM   (19) 152 (112.5)%  
Non-IFRS measures (*)                
Service Revenue 1,291 1,315 (1.8)% 1.9% 2,555 2,615 (2.3)% 2.1%
EBITDA 515 577 (10.8)% (7.9)% 1,022 1,141 (10.4)% (7.0)%
Capex 182 255 (28.5)%   367 454 (19.1)%  
Operating Cash Flow 333 322 3.3% 9.5% 655 687 (4.7)% 0.1%

*See page 12 of the Q2 2023 Earning Release for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures. This information is also available at

Millicom chief executive officer Mauricio Ramos commented:

"The second quarter saw both continued challenges and positive trends. On the positive side, our B2B operation continued to perform very well, with organic growth of 6%, along with postpaid, which grew almost 9% during the quarter.

In contrast, growth in our Home business remained challenged, especially in Colombia and Bolivia, two of our largest Home markets, and we have adjusted our investment plans accordingly. In Guatemala, we took additional steps to defend our mobile market leadership, which impacted profitability during the quarter but allowed us to maintain our customer base and market leadership, maximizing value creation potential over the long term. We also expect the recent acquisition of high-band spectrum will further strengthen our competitive position as we start to utilise it in coming months. With this, we remain optimistic about the outlook in our most important market.

Looking ahead, our four key priorities are to: (1) deliver the expected efficiencies from Project Everest, (2) sustain market leadership and improve cash generation in Guatemala, (3) accelerate cash flow improvement in Colombia via organic and inorganic initiatives, and (4) capture value from Lati, our tower and infrastructure company. Delivering on these priorities will position the company to generate robust and sustainable equity free cash flow and create significant shareholder value."

• Q2 2023 Earnings Release

• IAS 34 Interim Condensed Consolidated Financial Statements

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