Millicom Boosts Cash Flow and Dividends on Strong Q2 2026 Results — Millicom International Cellular S.A.

Event summary

Millicom reported Q2 2026 revenue of $2.18 billion, up 59.4% year-on-year and 4.3% organically.
Adjusted EBITDA reached a record $1.01 billion, with equity free cash flow at $327 million, up 50.1% year-on-year.
Leverage decreased to 2.73x including recent acquisitions in Colombia, Ecuador, and Uruguay.
Millicom declared an additional interim dividend of $1.50 per share, payable in two installments in 2027.

The big picture

Millicom's strong Q2 2026 results reflect its strategy of disciplined organic growth and selective consolidation in Latin America. The company is strengthening its leadership positions through improved margins, cash flow generation, and strategic integrations. Its ability to raise dividends while reducing leverage highlights a focus on sustainable value creation for shareholders.

What we're watching

Integration Progress: Whether Millicom can sustain early improvements in profitability and cash generation in its acquired operations, particularly in Colombia and Chile.
Cash Flow Guidance: The pace at which Millicom achieves its raised 2026 equity free cash flow guidance of around $1.1 billion.
Debt Reduction: How effectively Millicom lowers its year-end leverage target to below 2.5x while maintaining growth momentum.