Building momentum and delivering results

Rhea-AI Summary

Millicom announced strong second quarter 2021 results, achieving double-digit growth in service revenue and EBITDA. The company leads the Colombian market with the best mobile network and a record number of new postpaid customers. Millicom is resuming shareholder remuneration with a $100 million share buyback program, citing excellent share value and healthy cash flow. The company aims for mid-single-digit service revenue growth and approximately 10% OCF growth over the medium term.

Positive

• Double-digit growth in service revenue and EBITDA.
• Best mobile network in Colombia, leading market in portability.
• Record number of new postpaid customers added.
• Resuming shareholder remuneration with a $100 million share buyback program.
• Strong operational and financial performance outlook.

Negative

• None.

Building momentum and delivering results

Luxembourg, July 29, 2021 – Millicom is pleased to announce its second quarter 2021 results. Please find below links to the Q2 2021 Earnings Release and H1 2021 Interim Condensed Consolidated Financial Statements.

Millicom Chief Executive Officer Mauricio Ramos commented:

"We had an outstanding Q2. We built on our robust Q1 performance and delivered double-digit growth in both service revenue and EBITDA. In Colombia, we now have the best mobile network, and we capitalized on this in Q2 by leading the market in portability and by adding a record number of new postpaid customers.

Our rapid customer and revenue growth is a direct result of our unwavering commitment to delivering the best customer experience, including network quality and reliability. With that in mind, and considering our healthy cash flow generation, we have accelerated investments that we expect will help us drive faster growth in all our businesses going forward.

In light of our strong operational and financial performance and the favorable outlook for the remainder of the year, we are resuming shareholder remuneration with a share buyback program of up to $100 million. We believe that our shares currently offer excellent value, and a buyback program provides an efficient way to compound our growth over time. Now, more than ever, I am confident that we are well positioned to deliver on our ambition to sustain mid-single-digit service revenue growth, mid-to-high single-digit EBITDA growth and OCF growth of about 10% over the medium term."

• Q2 2021 Earnings Release
• H1 2021 Interim Condensed Consolidated Financial Statements

Video conference details

Millicom will host a video conference for the global financial community today, July 29, 2021 at 14:00 (Stockholm) / 13:00 (London) / 08:00 (Miami).

Registration for the interactive event is required at the following link. After registering, you will receive a confirmation email containing details about joining the video conference.

Participants who wish to ask a question during the live event must notify the Investor Relations team via email to investors@millicom.com after the start of the event.

Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 870 2660 5299:

US: +1 929 205 6099                                             Sweden: +46 850 539 728

UK: +44 330 088 5830                                           Luxembourg: +352 342 080 9265

Additional international numbers are available at the following link.

Accompanying slides and a replay of the event will be available on the Millicom investors website.

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For further information, please contact

Press: Vivian Kobeh, Director Corporate Communications +1 786-628-5300 press@millicom.com   Yocasta Valdez, Group Manager Digital Media & Communications +1-305-929-5417 press@millicom.com

Investors: Michel Morin, VP Investor Relations +1 786-628-5270 investors@millicom.com Sarah Inmon, Director Investor Relations +1 786-628-5303 investors@millicom.com

About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile services dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing high-speed broadband and innovation around The Digital Lifestyle® services through its principal brand, TIGO. As of December 31, 2020, Millicom operating subsidiaries and joint ventures employed more than 21,000 people and provided mobile services to approximately 55 million customers, with a cable footprint of more than 12 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg. For more information, visit: millicom.com. Connect with Millicom on Twitter, Instagram, Facebook and LinkedIn.

Regulatory Statement
This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on July 29, 2021.

 

Attachments

• PR_Millicom_Building momentum and delivering results_072921
• Q2 2021 Earnings Release
• H1 2021 Interim Condensed Consolidated Financial Statements

FAQ

What were Millicom's Q2 2021 financial results?

Millicom reported double-digit growth in both service revenue and EBITDA for Q2 2021.

What is Millicom's plan for shareholder remuneration?

Millicom is resuming shareholder remuneration with a $100 million share buyback program.

What market position does Millicom hold in Colombia?

Millicom has the best mobile network in Colombia and leads the market in portability.

What is Millicom's growth outlook for the medium term?

Millicom aims for mid-single-digit service revenue growth and approximately 10% OCF growth over the medium term.

How many new postpaid customers did Millicom add in Q2 2021?

Millicom added a record number of new postpaid customers in Q2 2021.