Millicom Is Executing Extremely Well Across Markets As Colombia Shows Signs of Progress

Millicom's current management team, which took over in mid-2023, has led an impressive cost-cutting program that has sharply improved profitability and cash flow without affecting revenue. Given the attractive competitive dynamics in several countries, like Guatemala and Panama, we expect these improvements to persist. In addition, management is now applying its cost-cutting acumen to new markets, picking up assets in Latin America from Telefónica. These operations offer an opportunity to grow cash flow and, in Colombia, dramatically improve competitive dynamics.