Millicom presented its first-quarter 2026 results and reported cutting 35% of its Chile staff after taking control of Telefónica operations in February. The move generated US$21 million in severance and voluntary retirement costs.
The company entered the Chilean market mid-quarter and applied its strategy to reverse accumulated losses. According to Telefónica data at the end of 2025, staff stood at 3,236 people, resulting in about 1,130 layoffs.
CEO Marcelo Benítez noted that debt was also reduced by US$85 million, lowering the leverage ratio by 0.4 times EBITDA. The commercial offering of Movistar was simplified and a plan to improve the mobile network was launched.
The firm generated US$200 million in revenue between February and March and achieved positive cash flow before restructuring. CFO Bart Vanhaeren highlighted that the operation moved from losing US$500,000 daily to optimism about reaching neutral cash flow by year-end.
Joint venture results posted US$13 million in losses, driven mainly by the Chile stake.
