Broad-based growth continued in Q3

Broad-based growth continued in Q3

Luxembourg, October 28, 2021 – Millicom is pleased to announce its third-quarter 2021 results. Please find below links to the Q3 2021 Earnings Release, and IAS 34 Interim Condensed Consolidated Financial Statements.

Millicom Chief Executive Officer Mauricio Ramos commented:

"We had another excellent quarter in Q3, with every business line and every country in Latam contributing to our solid performance. In Colombia, we continued to leverage our mobile network superiority to grow our customer base, adding 359,000 mobile customers, including 249,000 in postpaid. Our robust commercial performance is producing strong momentum for mobile service revenue, which grew 6.5% year-on-year and 4.1% sequentially. El Salvador led the way with service revenue growth of 18.0%, a direct result of recent investments to acquire spectrum and expand our network in that country. 

During Q3, we resumed shareholder remuneration, repurchasing nearly 1% of our shares outstanding, and we continued to reduce our financial leverage. We remain on track to deliver on our OCF target of at least $1.4 billion for 2021, as we continue to execute on our 2021 investment plan, which includes our Colombia mobile network expansion, as well as the modernization of our mobile networks in El Salvador, Honduras, Paraguay and Bolivia. Additionally, during the quarter we continued to invest in our Tigo Money business and in our infrastructure, and we have projects underway to carve out these valuable assets from our core business to provide optionality to optimize their capital structure and unlock value in the future.

Now more than ever, we measure our success not only by looking at our financial results and at our balance sheet, but also by measuring our contribution to the lives of our employees and of the people in the communities we serve, while also reducing our impact on the environment. During the quarter, we made significant progress on many facets of our ESG agenda, and we plan to announce Paris-aligned emissions reduction targets in the near future. We recognize and embrace our role as an agent of positive change in our region, and the work we do every day to connect more people to our digital highways is a source of tremendous pride for me personally, and for each of our 21,000 employees. We remain very focused on nurturing and strengthening the Sangre Tigo culture that motivates our teams and drives our performance."