Millicom International Cellular (TIGO) saw its shares surge 8.40% during intraday trading on Thursday, as investors reacted to a robust second-quarter earnings report that surpassed analyst expectations across key metrics.

The Latin American telecommunications provider reported earnings of $0.65 per diluted share, beating the FactSet consensus estimate of $0.59. Revenue for the quarter came in at $2.18 billion, exceeding the $2.13 billion analyst forecast and marking a 59.4% increase year-on-year. The company also posted record adjusted EBITDA of $1.01 billion and record equity free cash flow of $327 million, up 50.1% from the prior year.

Adding to the positive momentum, Millicom raised its full-year 2026 equity free cash flow guidance to approximately $1.1 billion, up from a prior target of at least $900 million, and lowered its year-end leverage target to below 2.5x. The Board of Directors also declared an additional interim dividend of $1.50 per share, payable in two installments in 2027, reflecting confidence in the company’s strengthened financial position and cash generation.