Jun 2026 (Q2 FY26) — Aug 6, 2026
Millicom Q2 FY26 — Record Adjusted EBITDA and Equity Free Cash Flow, Raised Guidance
Read the full callMillicom (TIGO) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Millicom earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Home business service revenue growth (return to positive growth) | return to positive service revenue growth | Jun 2024 | Service revenue grew 3% organically to $513 million, supported by disciplined pricing, high-value broadband offers, continued growth in convergence and strong customer response to our FIFA World Cup content. | Achieved |
| Annual dividend per share (sustain-or-grow policy) | $3 per share annually ($0.75/quarter), with explicit intent to sustain or grow this dividend every year | Dec 2024 | our Board has approved an additional interim dividend of $1.50 per share payable in 2 equal installments of $0.75 per share in January and April of next year | Revised Up |
| Full-year CapEx wallet | ~$1 billion territory | Mar 2026 | Today, you will see more or less 11%, I mean, including the new perimeter of CapEx over revenues, and we expect to be full year around 12%. | On Track |
1 of MILLICOM INTERNATIONAL CELLULAR SA's 22 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Service revenue reached $2 billion, growing 5% organically year-over-year, its strongest organic growth since 2021.
- Record adjusted EBITDA of $1 billion, the first time Millicom has surpassed this milestone in a single quarter.
- Record equity free cash flow of $327 million, an increase of more than 50% year-on-year.
- Raised 2026 equity free cash flow guidance from at least $900 million to around $1.1 billion.
- Improved year-end leverage target to below 2.5x, from 2.73x in Q2 FY26.
- Board approved an additional interim dividend of $1.50 per share, payable in two installments in January and April 2027.
Qualified
- Reported prepaid and home subscriber figures in Colombia include a normalization effect due to Coltel integration, not reflecting underlying business deterioration.
- Chile remains a highly competitive market with aggressive pricing and elevated churn.
- Ecuador's Adjusted EBITDA margin is expected to contract a few percentage points in H2 2026 due to Tigo brand launch and associated marketing investments.
- Q2 equity free cash flow benefited from favorable expense timing and working capital movements, requiring caution for forecasting the remainder of the year.
Price
$79.28 −4.33% · −$3.59
Performance +67.8% 1Y
1Y: $47.24 on 17 Oct 2025 → $79.28. High $104.31 (6 Aug 2026), low $45.81 (4 Nov 2025).
- Previous close
- $82.87
- 52-week range
- $45.81 – $104.31
- One year
- +68.11%
Overview
- Symbol
- TIGO
- Sector
- Communication Services
- Industry
- Radiotelephone Communications
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Home business service revenue growth (return to positive growth) | return to positive service revenue growth | Jun 2024 | Service revenue grew 3% organically to $513 million, supported by disciplined pricing, high-value broadband offers, continued growth in convergence and strong customer response to our FIFA World Cup content. | Achieved |
| Annual dividend per share (sustain-or-grow policy) | $3 per share annually ($0.75/quarter), with explicit intent to sustain or grow this dividend every year | Dec 2024 | our Board has approved an additional interim dividend of $1.50 per share payable in 2 equal installments of $0.75 per share in January and April of next year | Revised Up |
| Full-year CapEx wallet | ~$1 billion territory | Mar 2026 | Today, you will see more or less 11%, I mean, including the new perimeter of CapEx over revenues, and we expect to be full year around 12%. | On Track |
Claimed
- Service revenue reached $2 billion, growing 5% organically year-over-year, its strongest organic growth since 2021.
- Record adjusted EBITDA of $1 billion, the first time Millicom has surpassed this milestone in a single quarter.
- Record equity free cash flow of $327 million, an increase of more than 50% year-on-year.
- Raised 2026 equity free cash flow guidance from at least $900 million to around $1.1 billion.
- Improved year-end leverage target to below 2.5x, from 2.73x in Q2 FY26.
- Board approved an additional interim dividend of $1.50 per share, payable in two installments in January and April 2027.
Qualified
- Reported prepaid and home subscriber figures in Colombia include a normalization effect due to Coltel integration, not reflecting underlying business deterioration.
- Chile remains a highly competitive market with aggressive pricing and elevated churn.
- Ecuador's Adjusted EBITDA margin is expected to contract a few percentage points in H2 2026 due to Tigo brand launch and associated marketing investments.
- Q2 equity free cash flow benefited from favorable expense timing and working capital movements, requiring caution for forecasting the remainder of the year.
The full ledger
Open MILLICOM INTERNATIONAL CELLULAR SA’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 12, 2026
Millicom Q1 FY26 — Strong Operational Start with Coltel Integration Progress
Read the full callEvery analysed call
Millicom earnings calls (TIGO)
Financials
What the filings say
| Line item | Dec 2017 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 6,183 | 10,215 | 10,148 | 12,401 | 10,565 | 11,071 | 10,163 | 13,633 |
| Fixed assets | 2,880 | 2,899 | 2,755 | 3,382 | 2,989 | 3,107 | 2,847 | 3,226 |
| Total assets | 9,464 | 12,895 | 12,422 | 15,141 | 14,198 | 14,516 | 13,737 | 17,253 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 792 | 801 | 821 | 956 | 1,284 | 1,223 | 1,603 | 1,734 |
| Cash from investing | -1,199 | -1,502 | -495 | -2,703 | -1,104 | -1,116 | -604 | -374 |
| Cash from financing | 341 | 1,355 | -598 | 1,777 | -1 | -377 | -1,066 | -485 |
| Net cash flow | -98 | 645 | -289 | 20 | 168 | -264 | -76 | 861 |
| Capital expenditure | -632 | -736 | -622 | -740 | -800 | -814 | -540 | -650 |
| Free cash flow | 160 | 65 | 199 | 216 | 484 | 409 | 1,063 | 1,084 |
Insider filings
11 filings between May 20, 2026 and Jun 11, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$8.27M
7 sales by 6 insiders
Compensation
not trading decisions- 4
- Award — granted as compensation
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Escalon Salvador | — | $4.36M | Jun 1, 2026 |
| Lesina Karim Antonio | — | $3.82M | Jun 11, 2026 |
| CHURCHILL BRUCE | — | $21.0K | May 20, 2026 |
| Arnal Maria Teresa | — | $21.0K | May 20, 2026 |
| Trevino de Vega Blanca | — | $21.0K | May 20, 2026 |
| Dimovic Justine | — | $21.0K | May 20, 2026 |
Latest filings (11)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 11, 2026 | Lesina Karim Antonio EVP, CEA Officer | Sale | 42,497 | $3.82M |
| Jun 1, 2026 | Escalon Salvador Chief Legal & Compliance Off. | Sale | 8,500 | $752.2K |
| Jun 1, 2026 | Escalon Salvador Chief Legal & Compliance Off. | Sale | 40,788 | $3.61M |
| May 20, 2026 | CHURCHILL BRUCE Director | Award | 1,420 | $0 |
| May 20, 2026 | CHURCHILL BRUCE Director | Sale | 284 | $21.0K |
| May 20, 2026 | Trevino de Vega Blanca Director | Award | 1,420 | $0 |
| May 20, 2026 | Dimovic Justine Director | Sale | 284 | $21.0K |
| May 20, 2026 | Trevino de Vega Blanca Director | Sale | 284 | $21.0K |
| May 20, 2026 | Dimovic Justine Director | Award | 1,420 | $0 |
| May 20, 2026 | Arnal Maria Teresa Director | Award | 1,420 | $0 |
| May 20, 2026 | Arnal Maria Teresa Director | Sale | 284 | $21.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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