Millicom (Tigo) Q2 2024 Earnings Release

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]