Financial Data and Key Metrics Changes - Equity free cash flow reached $268 million, a significant improvement from an outflow of $24 million in Q2 2023 [18][26] - Service revenue increased by 5.5% year-on-year to $1.36 billion, with organic growth of 2.1% when excluding large B2B projects [16][18] - EBITDA rose by 23.1% year-on-year to $634 million, driven by service revenue growth and cost savings from efficiency projects [16][17] Business Line Data and Key Metrics Changes - Mobile service revenue grew by 5% in Q2, an acceleration from just over 2% growth in 2023, driven by network enhancements and customer migrations [4][5] - B2B service revenue grew almost 6% organically, with digital solutions growing 30% in Q2 [7] - Home business focused on profitability, leading to strong ARPU improvement and a reduction in churn by 60 basis points [6] Market Data and Key Metrics Changes - Colombia's EBITDA margin reached a record 39.5%, with significant cost reductions and improved profitability in the home business [8][21] - Guatemala's service revenue grew 3%, up from 2% in Q1, reflecting a more rational competitive environment [9][19] - Panama's mobile service revenue accelerated to 14%, attributed to market consolidation and cost savings [10][20] Company Strategy and Development Direction - The company is focused on executing strategic projects in Colombia and Costa Rica to enhance equity free cash flow and market position [28][32] - Plans to acquire Telefonica's stake in Coltel and merge operations in Costa Rica to create a leading fixed-mobile operator [28][29] - Emphasis on efficiency improvements and return-focused investments to sustain growth and profitability [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining and growing equity free cash flow beyond 2024, despite potential risks [27][32] - The company is optimistic about the improving competitive dynamics in Guatemala and the potential for further growth in Colombia [9][21] - Management highlighted the importance of network quality and customer experience in driving future growth [40][44] Other Important Information - The company expects full-year CapEx for 2024 to be below $700 million, a reduction of over $100 million compared to 2023 [18][27] - The leverage ratio improved to 2.77 times, down from 3.1 times in Q1 2024, reflecting effective debt reduction strategies [26] Q&A Session Summary Question: Long-term plan improvements and ambitions in Colombia - Management indicated that operational and efficiency initiatives are expected to yield sustainable benefits in the coming years, with a focus on strengthening networks and capturing data growth [34][36][38] Question: CapEx guidance and focus areas - Management acknowledged the shift in CapEx focus towards efficiency and network upgrades, with a commitment to maintaining a balance between investment and returns [39][42][44] Question: Dependency within Colombia transaction offers - Management clarified that the merger of entities is a prerequisite for the transaction, with all parties needing to agree for synergies to be realized [45][47] Question: Additional efficiency measures - Management highlighted ongoing efforts to reduce employee costs and optimize contracts, with a focus on improving both operational efficiency and top-line growth [49][50] Question: Competition response in Guatemala - Management noted a more rational market in Guatemala, with expectations of improved commercial dynamics and customer retention despite some subscriber losses [56][57]

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 million Leverage 2.77x | --- | --- | --- ...

Core Insights - Millicom reported a strong performance in Q2 2024, with revenue reaching $1.46 billion, a 4.7% increase year-over-year, and operating profit soaring by 74.1% to $345 million [2][3] - The company achieved an EBITDA of $634 million, reflecting a 23.1% growth, with a notable EBITDA margin of 39.5% in Colombia [2][3] - Net income turned positive at $78 million, compared to a loss of $22 million in the same quarter last year, indicating a significant turnaround [2][3] Financial Performance - Revenue for Q2 2024 was $1,458 million, up from $1,393 million in Q2 2023, marking a 4.7% increase [2] - Operating profit increased to $345 million from $198 million, a 74.1% rise [2] - EBITDA rose to $634 million from $515 million, a 23.1% increase, with organic growth of 19.7% [2] - Net profit improved to $78 million from a loss of $22 million, demonstrating a strong recovery [2] - Equity free cash flow reached $268 million, a significant improvement from a negative $24 million in Q2 2023 [2] Strategic Initiatives - The CEO highlighted a transformation aimed at increasing equity free cash flow, with Q2 results showing positive outcomes from these efforts [3] - The company is streamlining product offerings and internal processes to enhance productivity and achieve cost savings [4] - Millicom is focusing on ARPU growth in mobile services, reducing churn in home services, and accelerating B2B growth [4] - The company aims for equity-free cash flow above $600 million in 2024 and plans to reduce leverage to near 2.5x by year-end [5] Company Overview - Millicom is a leading telecommunications provider in Latin America, offering a range of digital services under the TIGO® and Tigo Business® brands [9] - As of June 30, 2024, Millicom served over 45 million customers and employed approximately 15,000 people [9] - The company provides services including mobile financial services, pay TV, high-speed data, and business solutions [9]

Core Viewpoint - Atlas Luxco S.à r.l. has increased its offer price to USD 25.75 per common share and per SDR for Millicom International Cellular S.A., representing a 7.3% increase from the initial offer price of USD 24.00 [2][3]. Offer Details - The revised offer price of USD 25.75 per common share and SDR is the highest price Millicom shares have reached in the last two years until May 22, 2024 [3]. - The new offer represents a 27.5% premium compared to the volume weighted average trading price over the last 90 days prior to May 22, 2024, and a 36.4% premium over the last 180 days [3][6][8]. Shareholder Benefits - Shareholders who have already tendered their shares at the previous price will automatically benefit from the increased offer price without needing to take further action [5]. - The total value of the revised offers is approximately USD 4.4 billion based on all outstanding shares, and USD 3.1 billion based on shares not owned by Atlas or its affiliates [9]. Timetable - The acceptance period for the offers expires on August 16, 2024, unless extended [10]. - Settlement for shares tendered is expected to be initiated around August 29, 2024, provided all conditions for completion are satisfied [10]. Company Background - Atlas Investissement is a majority-owned subsidiary of NJJ Holding, which is owned by Xavier Niel, a significant investor in the telecom sector [19].

Luxembourg, July 31st, 2024 – Millicom (NASDAQ: TIGO) and Telefonica today announced that they have entered into a non-binding memorandum of understanding for the potential combination of Telefonica Colombia (Coltel) and TigoUne. The discussions include the potential acquisition by Millicom of Telefonica's stake in Coltel for approximately $400 million in cash. The proposed combined entity would rejuvenate Colombia's telecom sector by forming a robust telecom entity with the necessary scale and financial ca ...

Millicom also intends to offer to purchase La Nación's and other minority interests in Coltel for cash at the same purchase price per share offered to Telefonica. Additionally, Millicom intends to offer to purchase Empresas Públicas de Medellin's (EPM) 50% interest in TigoUne for cash at a comparable valuation multiple as the one implied by the Coltel acquisition. Regulatory Statement For further information, please contact: Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of f ...

Remuneration of Directors by distribution of Millicom (Tigo) shares Luxembourg, July 30, 2024 – Millicom International Cellular S.A. ("Millicom") announces that, in accordance with the resolution of its shareholders at the annual general meeting held on May 23, 2024, it has distributed a total of 31,682 shares to members of its Board of Directors representing the share-based portion of director remuneration for the period from the date of the 2024 AGM to the 2025 AGM, planned to be held in May 2025. Details ...

Group 1 - On July 1, 2024, Atlas Luxco S.à r.l. announced public offers to shareholders of Millicom International Cellular S.A. in Sweden and the United States, inviting them to tender their common shares with a nominal value of USD 1.50 per share [4][29] - The Independent Bid Committee of Millicom issued a statement and obtained a fairness opinion from Nordea Bank Abp, which led to an amendment to the combined Tender Offer Statement filed with the SEC on July 18, 2024 [1][7] - The Offers include a Swedish Offer and a US Offer, with the Offer to Purchase made public on July 1, 2024, and additional documentation available on Atlas' website [4][5][29] Group 2 - The Atlas Financial Advisor, Svenska Handelsbanken AB, is exclusively advising Atlas and is not responsible for providing advice to any other parties regarding the Offers [2] - A supplement to the Offer to Purchase will be prepared for the Swedish Offer, which will include the Independent Bid Committee's statement and the fairness opinion [5] - The Offers are subject to Swedish and Luxembourg law, and the procedures for extensions and settlements differ from those customary in the United States [23]

Millicom is planning to host a video conference for the global financial community on August 2, 2024, at 14:00 (Stockholm) / 13:00 (London) / 08:00 (Miami). Millicom (Tigo) notice of second quarter 2024 results and video conference Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 886 2640 8960: For further information, please contact: UK: +44 330 088 5830 Luxembourg: +352 342 080 9265 About Millicom Registration for the intera ...

Millicom's (Tigo) Independent Committee Issued Recommendation Under U.S. and Swedish Rules That Shareholders and SRD Holders Reject the Tender Offers Made by Atlas Luxco S.à r.l Luxembourg, July 15, 2024 – Millicom International Cellular S.A. ("Millicom") today announced that a committee of independent members of its Board of Directors (the "Independent Committee"), following deliberation and discussions with Millicom's financial advisors, has unanimously determined that the all-cash tender offers in the U. ...