Millicom International Cellular S.A. Q3 2026 Earnings Recap

Millicom shares rose 8.0% after earnings, with the quarter’s 7.7% organic EBITDA growth and 27% increase in equity free cash flow likely driving the positive reaction. The results included a sequential loss of 86,000 Home customers, partly linked to Colombia’s earthquake and the company’s pricing approach.

Key Takeaways

• Service revenue was approximately $2.1 billion, up 5.4% organically year over year; adjusted EBITDA reached a quarterly record of $1.1 billion, up 7.7%, with a 48% margin.
• Equity free cash flow was $316 million, up 27% year over year. Management said nine-month cash flow of approximately $870 million keeps it on track for full-year guidance of around $1.1 billion.
• Mobile service revenue grew 7.2% organically to $1.3 billion. The postpaid base reached 17.2 million, up nearly 31% year over year; 73% of postpaid sales came from prepaid migrations.
• Home customers declined by 86,000 sequentially, although Home service revenue increased 3.4% year over year. The transcript attributes the customer decline partly to the Colombia earthquake and partly to the company’s pricing and customer-value approach.