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Millicom International Cellular S.A.

Q2 FY26Wireless Telecommunication Services

Millicom International Cellular S.A. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹84
Market cap₹14.0K Cr
P/E11.3
Updated29 May 2026
Read4 min read

What the Q2 FY26 call signalled

1 of 3 strong

RevenueSlow growth
MarginMargins steady
CapexCapex planned

The short version

- Colombia: Strong top-line growth at 8%, driven by mobile postpaid growth, B2B services, and home (FMC) customer expansion due to Coltel acquisition and pre-to-post migration strategy. - Colombia: Expected top-line growth of around 8%, driven by mobile (pre- to postpaid migration), home (FMC penetration), and B2B segments.

From Millicom International Cellular S.A.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Slow growth
  • Colombia: Strong top-line growth at 8%, driven by mobile postpaid growth, B2B services, and home (FMC) customer expansion due to Coltel acquisition and pre-to-post migration strategy.
  • Ecuador and Uruguay: Currently investing in network and commercial setup; launch of Tigo brand in Ecuador expected to increase commercial expenses, potentially reducing margins short-term.
  • Mobile service revenue excluding acquisitions grew 7% year-on-year, showing acceleration.
  • Home customer base up 4.6% organically; fixed broadband customers up 5%. Post-integration with Coltel, total home customers reached 5.7 million.
  • B2B revenue up nearly 19% year-over-year, fueled by digital services like cybersecurity and cloud solutions.
  • Guatemala: Mobile revenues up 6.6% year-on-year, supported by pre-to-postpaid migration strategy.

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Profitability & Margins

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Capital Expenditure Plans

Capex planned
  • CapEx investment is focused on Colombia to compete with Claro, including a 4x expansion of 5G coverage this year and deployment of 1,000 new sites in the next 18-24 months.
  • Total CapEx budget for the year is about $1 billion, similar percentage-wise to last year relative to revenue projections.
  • Incremental CapEx related to acquired businesses (e.g., Ecuador, Uruguay, and Colombia acquisitions) supports network investments and commercial setups.
  • Spectrum payments increased, including $70 million related to Ecuador.
  • CapEx is being refocused toward strengthening networks and growth drivers rather than increasing total spend.

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Fundraising & Capital Structure

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Order Book & Pipeline

See what Millicom International Cellular S.A. said on order book & pipeline — free account, 30 seconds.

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Frequently Asked Questions

What were Millicom International Cellular S.A. Q2 FY26 results?

- Colombia: Strong top-line growth at 8%, driven by mobile postpaid growth, B2B services, and home (FMC) customer expansion due to Coltel acquisition and pre-to-post migration strategy. - Colombia: Expected top-line growth of around 8%, driven by mobile (pre- to postpaid migration), home (FMC penetration), and B2B segments.

What is Millicom International Cellular S.A. share price analysis?

Millicom International Cellular S.A. currently shows a neutral. The stock trades at a P/E of 11.3 with a market cap of $14,045. Investors should review the full earnings analysis for detailed insights.

Is Millicom International Cellular S.A. planning capital expenditure?

- CapEx investment is focused on Colombia to compete with Claro, including a 4x expansion of 5G coverage this year and deployment of 1,000 new sites in the next 18-24 months.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.