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    Gustavo Piras

    CFA and Senior Equity Analyst at UBS Group AG

    Gustavo Piras Oliveira is a CFA and Senior Equity Analyst at UBS Brasil CCTVM S.A., specializing in emerging markets sector research with a focus on equities and sector strategy. He has covered a range of public companies in Latin America, contributing to detailed sector analyses and helping clients navigate volatile market conditions, with research utilized for investment strategy and asset allocation. With a career spanning more than a decade, Piras Oliveira has held analyst and portfolio management roles at major financial institutions in Brazil before joining UBS, serving in capacities including portfolio manager and analyst covering both utilities and consumer sectors. He holds the Chartered Financial Analyst (CFA) credential, reflecting a strong foundation in investment research, and is registered for securities activities in Brazil.

    Gustavo Piras's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership

    Gustavo Piras's questions to MILLICOM INTERNATIONAL CELLULAR (TIGO) leadership • Q3 2024

    Question

    Gustavo Piras of UBS Group AG asked for commentary on the B2B segment's performance, noting lower sequential growth, and inquired about the project pipeline, growth avenues, and margin outlook. He also sought clarification on the timing of the $40 million annual free cash flow impact from the tower sale leaseback.

    Answer

    Executive Marcelo Benitez outlined three B2B growth drivers: converging services for the SME segment, upselling digital solutions like cloud and cybersecurity (which grew 27%), and cross-selling to large corporate clients. Executive Bart Vanhaeren added that the sequential slowdown in B2B was impacted by adverse currency exchange rates. He also clarified that the $40 million negative impact on free cash flow from the tower deal is an annual run-rate figure that would begin pro-rata after the deal closes, expected mid-next year.

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