Millicom provides trading update

Rhea-AI Summary

Millicom Trading Update

On October 19, 2020, Millicom International Cellular provided a trading update detailing the impact of COVID-19 on its operational and financial performance. The second quarter of 2020 was particularly weak, but there was improvement in June that has continued into the third quarter. Despite this recovery, key indicators are still significantly below pre-COVID levels. Millicom is set to report its Q3 2020 results on October 30, 2020.

Positive

• Improved performance in June continued into Q3 2020.
• Most business lines in various countries showed better performance in Q3 compared to Q2 2020.

Negative

• COVID-19 severely impacted performance starting mid-March 2020.
• Key indicators remain meaningfully below pre-COVID levels.

Millicom provides trading update  

Luxembourg, October 19, 2020 – In conjunction with previously-announced proposed financing activities, Millicom International Cellular S.A. (“Millicom”) is providing the following trading update:

• Millicom’s operating and financial performance was severely impacted by COVID-19 beginning in mid-March 2020;
• actual results for second quarter 2020 reflected weak performance in April and May, followed by slightly improved performance in June;
• the improved trend that began in June has continued throughout the third quarter, with most business lines and most countries experiencing better performance in the third quarter as compared to the second quarter of 2020, although key indicators generally remained meaningfully below pre-COVID levels.

Millicom will report its Q3 2020 results on October 30, 2020.

-END-

For further information, please contact

Press: Vivian Kobeh, Corporate Communications Director +1-786-628-5300 press@millicom.com

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

About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of cable and mobile services dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing highspeed broadband and innovation around The Digital Lifestyle® services through its principal brand, TIGO. As of December 31, 2019, Millicom operating subsidiaries and joint ventures employed more than 22,000 people and provided mobile services to approximately 52 million customers, with a cable footprint of more than 11 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

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 14:55 CET on 19/10/2020.

 

Attachment

• PR_Millicom provides trading update_101920

FAQ

What was Millicom's trading update on October 19, 2020?

Millicom reported that its performance was severely impacted by COVID-19 but showed improvement in June that continued into Q3 2020.

When will Millicom report its Q3 2020 results?

Millicom will report its Q3 2020 results on October 30, 2020.

How did COVID-19 affect Millicom's business performance?

COVID-19 severely impacted Millicom's performance starting mid-March 2020, leading to weak results in April and May.

What indicators showed improvement for Millicom in Q3 2020?

Most business lines and countries experienced better performance in Q3 2020 compared to Q2, although still below pre-COVID levels.