Millicom’s subscriber base expanded dramatically during the first quarter of 2026 as acquisitions across Latin America transformed the scale of its mobile and fixed-network operations.
Postpaid subscribers reached 16.543 million, up 98% from 8.356 million a year earlier. Total mobile customers increased 37.8% to 57.335 million.
The fixed-network footprint expanded at a similar pace. Homes passed increased 61.2% to 21.853 million, HFC/FTTH customer relationships increased 41.7% to 5.732 million and broadband internet connections increased 44.1% to 5.553 million.
Much of that expansion reflects acquisition activity, particularly the consolidation of Coltel in Colombia. Excluding inorganic growth, Millicom said mobile net additions would still have increased by 827,000 customers, including approximately 1 million additional postpaid customers.
Millicom strengthened its Colombian position through acquisitions involving EPM’s 50% interest in Tigo UNE and Telefónica’s majority stake in Coltel. Shortly after quarter-end, it also acquired the remaining Coltel stake from La Nación. The company is separately applying its operating strategy in Chile following the acquisition of Telefónica Chile alongside NJJ.
Q1 revenue increased 45.1% on a reported basis to $1.985 billion and 4.2% organically. Adjusted EBITDA increased 35.5% to $857 million, including $119 million from acquisitions, while organic Adjusted EBITDA growth was 9.6%.
Equity-free cash flow reached $225 million, up 66.5% when excluding the prior-year infrastructure sale. Leverage increased to 2.76x following acquisitions in Colombia, Ecuador and Uruguay.
KEY QUOTES:
“During the quarter, we strengthened our position in Colombia through the acquisition of EPM’s 50% stake in Tigo UNE and Telefónica’s majority stake in Coltel, which we are now fully consolidating in our results. Shortly after quarter-end, we also acquired the remaining stake in Coltel from La Nación de Colombia.”
“Together, these steps give us greater scale, stronger network assets, and a broader customer base in one of our most important markets.”
Marcelo Benitez, Chief Executive Officer of Millicom
