Millicom (Tigo) reports continued strength in Q1

Rhea-AI Summary

Millicom (TIGO) has reported strong Q1 2022 results, outperforming expectations. The company added 1 million postpaid subscribers in Colombia, achieving over 50% growth. B2B services grew by approximately 5%, the highest in three years, thanks to a strategic focus on customer segmentation and digital services. Home services also showed solid performance with service revenue growth of over 5%. Millicom is optimistic about accelerated growth for the rest of the year, aiming to expand network access to 1 million new homes and developing its Fintech services.

Positive

• 1 million new postpaid subscribers added in Colombia, over 50% growth.
• B2B growth accelerated to approximately 5%, the highest in three years.
• Home services generated over 5% service revenue growth compared to Q1 2021.
• Plans to expand network to 1 million new homes in 2022.

Negative

• None.

Millicom (Tigo) reports continued strength in Q1

Luxembourg, April 28, 2022 – Millicom is pleased to announce its first quarter 2022 results. Please find below links to the Q1 2022 Earnings Release, and IAS 34 Interim Condensed Consolidated Financial Statements.

Millicom Chief Executive Officer Mauricio Ramos commented:

"We are off to a strong start in 2022, with operating and financial results ahead of our plans. Our Mobile business performed particularly well, especially in Colombia, where we have added one million postpaid subscribers over the past 12 months, implying growth of more than 50% in the country, and puts us well on track toward achieving the scale we need to sustain higher levels of profitability in that market over the long term.

B2B also performed strongly, with growth accelerating to about 5%, our fastest growth in more than three years. This is a direct result of our strategic focus in this area in recent years. As discussed at the recent Investor Day, we have simplified our product set around clear customer segments, and we have invested to develop the technical sales capabilities needed to meet the strong demand for cloud and other digital services. Meanwhile, Home continued to perform strongly, with solid net adds and service revenue growth of just over 5% as compared to a very strong Q1 in 2021. We anticipate faster growth in H2 2022, as we ramp up our planned network expansion toward our goal of adding approximately 1 million new homes passed in 2022.

We continued to develop Tigo Money, our Fintech business, boosting our commercial efforts in Guatemala and readying the Panama launch later this year, and we are advancing with the plans outlined at our recent Investor Day to unlock value from both our Tigo Money and our Infrastructure businesses.

Finally, I am pleased to report that we have once again ranked as the top telco in the region in the 2022 Great Place to Work survey, placing in the Top 5 in eight of our nine countries and #5 in Central America across all industries.

Based on the broad-based nature of our solid performance in Q1, I am confident that 2022 will be an outstanding year for Millicom, now entirely focused on the Latin America region."

• Q1 2022 Earnings Release
• IAS 34 Interim Condensed Consolidated Financial Statements

Video conference call details

A video conference to discuss these results will take place on April 28, 2022 at 14:00 (Stockholm) | 13:00 (London) | 08:00 (Miami).

Registration for the interactive event is required at the following link.

After registering, participants 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 dialling any of the following numbers and entering the Webinar ID: 813 9817 2391:

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.

Courtesy Pictures: Picture 1, Picture 2

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For further information, please contact

Press: Yocasta Valdez, Group Manager Digital Media & Communications press@millicom.com

Investors: Sarah Inmon, Director Investor Relations investors@millicom.com   Michel Morin, VP 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, 2022, Millicom employed approximately 20,000 people and provided mobile and fiber-cable services through its digital highways to around 50 million customers, with a fiber-cable footprint of close to 13 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 12:00 CET on April 28, 2022.

 

Attachments

• Millicom - Earnings Release - Q1 2022
• Millicom - IAS34 - Q1 2022
• PR_Millicom (Tigo) reports continued strength in Q1 2022_042822

FAQ

What were Millicom's Q1 2022 results regarding subscriber growth?

Millicom added 1 million postpaid subscribers in Q1 2022, achieving over 50% growth in Colombia.

How did Millicom's B2B services perform in Q1 2022?

B2B services grew by approximately 5% in Q1 2022, the fastest growth in more than three years.

What is Millicom's expectation for home services growth in 2022?

Millicom anticipates faster growth in home services in H2 2022, aiming to add around 1 million new homes passed.

What initiatives is Millicom pursuing in its Fintech business?

Millicom is enhancing its Tigo Money business, focusing on commercial efforts in Guatemala and launching in Panama later this year.