Key Highlights

● Third quarter 2026 results are scheduled for Thursday, November 5.

● Second quarter Equity free Cash Flow reached a record $327 million.

● Leverage declined from 2.76 times to 2.73 times, with a target below 2.5 times.

● The board approved an additional Interim Dividend of $1.50 per share.

Millicom International Cellular S.A. (NASDAQ:TIGO), which operates under the Tigo Brand across Latin America, is scheduled to publish third-quarter 2026 results on Thursday, November 5, with a video conference at 8:00 a.m. New York time. Figures cited come from the company's second-quarter 2026 call held on August 6, 2026, as summarized in a published transcript.

Record Cash Flow, Raised Guidance

According to that transcript summary, which may contain errors, second-quarter service Revenue was about $2 billion, up 5.4% on an organic basis, and adjusted EBITDA was about $1 billion, up 9.1% organically, at a 46.3% margin. Equity free cash flow reached a record $327 million, and management raised its 2026 equity free cash flow guidance to about $1.1 billion from at least $900 million, while cautioning that the second quarter benefited from expense timing and working capital.

Leverage declined from 2.76 times to 2.73 times, with a target below 2.5 times by year-end 2026, and net Debt was $8.1 billion. The company completed its purchase of the remaining Coltel stake, requiring $221 million of payments. Third-quarter figures were not yet available at the time of writing, so all numbers precede the November 5 release.

Dividends, Currency and Colombia

Shareholder returns and Leverage are linked. The board approved an additional interim dividend of $1.50 per share, payable in two installments of $0.75 in January and April 2027, and second-quarter dividend payments totaled $335 million, including $210 million connected to last year's tower transaction. At the same time, net debt rose in dollar terms mainly because of currency effects on local-currency borrowings. Colombia organic service revenue grew 11% to $816 million, while management described Chile, a newly acquired operation, as being in its first quarter and facing intense competition.

Management said it will provide 2027 guidance with its fourth-quarter report. The company also stated that recent acquisitions had been accretive to equity free cash flow within their first year, according to the transcript, although Acquisition accounting and currency effects complicate year-on-year comparisons. Restructuring charges of about $35 million in the second quarter also affected reported margins, a point investors may wish to adjust for when comparing periods.

Thursday's Release in Focus

On November 5, investors may watch whether free cash flow in the third quarter moves lower as management signaled, and whether the roughly $1.1 billion full-year equity free cash flow guidance is maintained. Progress toward the leverage target of below 2.5 times is another point, since currency moves and acquisitions can shift the ratio. Integration of the Colombian and Chilean operations, competitive pricing in several markets and regulatory decisions on spectrum and taxes could influence margins. Investors may also listen for any change in commentary about dividend sustainability, which depends on cash generation and local currency trends. The transcript did not mention a share repurchase program, so any such announcement would be new information. The date of the fourth-quarter report, when 2027 guidance is expected, was not given.

Deleveraging Meets Shareholder Payouts

Millicom enters its third-quarter report with a stated focus on cash generation, deleveraging and dividends, while integrating recent acquisitions in competitive markets. The release could confirm or complicate that framework depending on timing effects and currencies.