Millicom (Tigo) continued strong mobile performance in Q1
Millicom (Tigo) reported strong mobile performance in Q1 2023, with notable growth in its Tigo Business B2B segment, attributed to digital services and network investments. The company’s organic growth accelerated, enhancing Average Revenue Per User (ARPU) trends, particularly in mobile services.
The implementation of Project Everest is expected to deliver over $100 million in run-rate savings by the end of 2024, despite incurring significant restructuring costs. Millicom's commitment to ESG practices maintained an 'AA' MSCI ESG rating, outperforming industry averages. The company anticipates achieving its outlined medium-term financial targets based on its robust performance and ongoing operational efficiencies.
- Strong organic growth in Tigo Business B2B segment.
- Growth in mobile ARPU trends due to network investments.
- $100 million expected in run-rate savings from Project Everest by end of 2024.
- Maintained 'AA' MSCI ESG rating, above industry average.
- Significant restructuring costs incurred for Project Everest.
Millicom (Tigo) continued strong mobile performance in Q1
Luxembourg, April 27, 2023 – Millicom is pleased to announce its first quarter 2023 results. Please find below links to the Q1 2023 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.
Millicom Chief Executive Officer Mauricio Ramos commented:
"During the quarter, we continued to execute our plans, which are yielding positive results as we navigate the challenging macroeconomic environment. I am particularly pleased with our performance of Tigo Business (our B2B operation), where organic growth continued to accelerate, thanks to our clearly-defined strategy centered on digital services. We also saw robust growth in Mobile, as a result of recent network investments and pricing actions, which are driving an ongoing and valuable shift to postpaid and improving ARPU trends. Additionally, our continued commitment to ESG yielded positive results as we maintained our MSCI ESG rating at 'AA', placing above the industry average and reinforcing our position as a leader in corporate governance.
As we look to the future, we remain focused on improving operational efficiency. During Q1, we incurred meaningful restructuring costs as we began to implement Project Everest, a comprehensive program that is expected to deliver run-rate savings of over
We have also made significant strides in optimizing our investment activity, securing multi-year agreements with key vendors to lower our annual spend as we commit to expand capacity and coverage of our networks in coming years. As a result of these initiatives and our solid top-line performance, we remain confident in our ability to achieve the medium-term targets we outlined in early 2022."
• IAS 34 Interim Condensed Consolidated Financial Statements
Millicom is planning to host a video conference for the global financial community on April 27, 2023 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: 848 0381 6933:
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.
For further information, please contact:
| Press: Sofía Corral, Communications Director press@millicom.com | Investors: Michel Morin, VP Investor Relations Sarah Inmon, Director Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of March 31, 2023, Millicom, including its Honduras Joint Venture, employed approximately 19,300 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 13 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.
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