Millicom International Cellular SA

TIGO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Millicom Earnings: Margin Gains Continue to Exceed Our Expectations, Though Currencies Helped

Michael Hodel

Aug 7, 2026

Millicom continues to execute extremely well. Consolidated service revenue increased 60% during the second quarter, or about 5% excluding acquisitions and currency shifts. The EBITDA margin was roughly flat versus the prior year, despite ongoing integration efforts, and cash flow increased sharply.

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Millicom International Cellular SA

Millicom Earnings: Margin Gains Continue to Exceed Our Expectations, Though Currencies Helped

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