Millicom International Cellular S.A. Q2 2026 Earnings Recap

The shares rose 5.8% as Millicom posted better-than-expected organic revenue growth across mobile and home segments, driven by strong postpaid net additions and solid pricing execution. The market applauded the upgraded free cash flow guidance and improved leverage outlook amid successful integration efforts.

Key Takeaways

• Service revenue grew 5% organically year-over-year to $2 billion, marking the strongest growth since 2021.
• Mobile service revenue increased 6.9% organically to $1.2 billion, supported by 31% growth in postpaid customers and a high pre-to-post migration rate.
• Adjusted EBITDA reached a record $1 billion with a healthy margin of 46.3%, despite restructuring costs from the Colombian integration.
• Equity free cash flow hit a record $327 million, leading to an upgraded 2026 guidance from $900 million to around $1.1 billion.
• The Board approved an additional interim dividend of $1.50 per share, reflecting confidence in cash generation and balance sheet strength.