Millicom (Tigo) reports continued growth in all business lines

Luxembourg – Millicom is pleased to announce its first quarter 2022 results. Please find below links to the Q1 2022 Earnings Release, and IAS 34 Interim Condensed Consolidated Financial Statements.

Millicom Chief Executive Officer Mauricio Ramos commented:

"We are off to a strong start in 2022, with operating and financial results ahead of our plans. Our Mobile business performed particularly well, especially in Colombia, where we have added one million postpaid subscribers over the past 12 months, implying growth of more than 50% in the country, and puts us well on track toward achieving the scale we need to sustain higher levels of profitability in that market over the long term.

B2B also performed strongly, with growth accelerating to about 5%, our fastest growth in more than three years. This is a direct result of our strategic focus in this area in recent years. As discussed at the recent Investor Day, we have simplified our product set around clear customer segments, and we have invested to develop the technical sales capabilities needed to meet the strong demand for cloud and other digital services. Meanwhile, Home continued to perform strongly, with solid net adds and service revenue growth of just over 5% as compared to a very strong Q1 in 2021. We anticipate faster growth in H2 2022, as we ramp up our planned network expansion toward our goal of adding approximately 1 million new homes passed in 2022.

We continued to develop Tigo Money, our Fintech business, boosting our commercial efforts in Guatemala and readying the Panama launch later this year, and we are advancing with the plans outlined at our recent Investor Day to unlock value from both our Tigo Money and our Infrastructure businesses.

Finally, I am pleased to report that we have once again ranked as the top telco in the region in the 2022 Great Place to Work survey, placing in the Top 5 in eight of our nine countries and #5 in Central America across all industries.

Based on the broad-based nature of our solid performance in Q1, I am confident that 2022 will be an outstanding year for Millicom, now entirely focused on the Latin America region."