Millicom International Cellular S.a. · NASDAQ:TIGO
Millicom International Cellular — Q1 2026 Earnings Presentation
24 slides from Millicom International Cellular's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation
Slide 2: Safe Harbor
Safe Harbor Cautionary Language Concerning Forward-Looking Statements Statements included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity, growth and prosp
Slide 3: Non-IFRS measures
Non-IFRS measures This presentation contains financial measures not prepared in accordance with IFRS. These measures are referred to as “non-IFRS” measures and include: service revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Capex and Equity Free Cash Flow, among others defined below. Annual growt
Slide 4: CEO Remarks
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Slide 5: Q1 2026 Highlights: Record First Quarter Supported by Continuous EFCF Expansion
Q1 2026 Highlights 1 Record First Quarter Supported by Continuous EFCF Expansion +5.6m +1.5m $1.9b $857m $225m Postpaid Net Adds Home Net Adds2 Service Revenue Adjusted EBITDA QTD EFCF +250K +46K +4.9% +9.6% +$90m Excluding Coltel Excluding Coltel Organic Growth Organic Growth Excluding Lati 1) Adju
Slide 6: Mobile
Mobile Customer Growth Pre-to-Post Migration Mobile Service Revenue1 Mobile customers (millions), Pre to Post sales over total postpaid sales Postpaid mobile customers (millions), Postpaid Prepaid 57.3 67% 1.133 64% 49.3 48.6 16.5 62% 41.6 41.8 42.2 10.9 11.2 1.013 8.9 58% 8.4 8.6 +24.6% 55% 950 -0.
Slide 7: Home
Home Home Customer Base FMC Penetration Home Service Revenue1 Home HFC/FTTH customers (thousands), YoY growth Mobile Postpaid Penetration % of Total HFC/ FTTH Customers Home Service Revenue (millions), 36% 5,732 453 34% 32% 4,086 4,146 4,186 4,232 4,045 29% +4.6% 26% 374 363 349 +0.0% 344 337 Q1 25
Slide 8: B2B Digital Service Revenue and B2B Service Revenue
B2B Digital Service Revenue1 B2B Service Revenue1 Digital Service Revenue (USD millions) B2B Service Revenue, (USD millions) 104 367 89 296 306 84 +5.3% 226 226 237 60 +18.9% 54 56 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 26 ex. Coltel ex. Coltel Organic YoY growth2 (%) I
Slide 9: Guatemala Postpaid
Guatemala PostpaidGuatemala Mobile Customers Pre-to-Post Conversion Mobile Service Revenue1 Postpaid Customers (millions), YoY Growth (%) Pre to Post sales over total postpaid sales Mobile service revenue (USD Millions), YoY growth (%) 85.7% 288 288 1.5 1.4 281 83.8% 1.4 +20.0% +7.3% 82.9% 275 +6.6%
Slide 10: Colombia
Colombia Postpaid Mobile Customers Pre to Post Migration Mobile postpaid customers (millions), YoY organic growth Pre to Post sales over total postpaid sales Coltel Tigo 9.90 4.45 5.37 62.6% 64.0% 4.17 4.27 4.38 59.6% +8.5% 4.53 53.1% 49.2% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Slide 11: Coltel – Disciplined Integration Plan Under Way
Coltel – Disciplined Integration Plan Under Way Cost Base Reset Best Network Commercial Uplift 01 02 03 04 05 06 Strong Financial Efficiency IT Coverage & Commercial FMC Discipline initiatives simplification Capacity Simplification expansion Improvement Integration Integration is focused is focused
Slide 12: Ecuador & Uruguay
Ecuador & Uruguay 1 ECU – Adjusted EBITDA ECU - EFCF URU – Adjusted EBITDA URU – EFCF Adjusted EBITDA ($m) and Q1 2026 growth YoY (%) EFCF ($m) and Q1 2026 growth YoY (%) Adjusted EBITDA ($m) and Q1 2026 growth YoY (%) EFCF ($m) and Q1 2026 growth YoY (%) Spectrum 56 29 14 35 23 -9 48 +30.1% 10 -70
Slide 13: Chile: Turnaround-Driven Investment
Chile: Turnaround-Driven Investment Restructuring completed with a 35% organizational reduction, following 1 the Millicom playbook applied in other markets 2 Reduced debt by $85 million, improving leverage by ~0.4x Targeted investment, NW audit and optimization already improved the 3 Quality and Cov
Slide 14: Q1 2026 Financial Review
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Slide 15: Financial Highlights: Organic Equity Free Cash Flow Increase of +66.5%
Financial Highlights 1 Service Revenue Adjusted EBITDA EFCF Service Revenue ($m) and Q1 2026 growth YoY (%) Adjusted EBITDA ($m) and Q1 2026 growth YoY (%) EFCF ($m) and growth YTD YoY ($) Coltel Coltel Infrastructure 857 1,857 33 225 243 177 +66.5% +45.2% +35.5% 42 +4.9% +9.6% 1,279 +27.3% 633 Q1 2
Slide 16: Q1 2026 Service Revenue by Country
1 Q1 2026 Service Revenue by Country Service Revenue ($ millions), YoY Growth Guatemala (20%2) Colombia (35%) Panama (9%) 653 +6.2% +95.7% 243 +0.1% 349 370 334 172 172 410 +5.5% +8.4% Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Paraguay (8%) Ecuador (6%) Others3 (22%) +26.5% +31.6% 402 +0.7% 305 +4.9% 4.8%
Slide 17: Q1 2026 Adjusted EBITDA by Country
1 Q1 2026 Adjusted EBITDA by Country Adjusted EBITDA ($ millions), YoY Growth Guatemala (27%2) Colombia (23%) Panama (10%) 222 237 205 33 133 +53.8% -1.0% +6.6% 92 91 172 +6.0% +13.7% Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 54.9% 55.4% 39.1% 30.0% 51.2% 50.7% 41.2% Paraguay (10%) Ecuador (6%) Others3 (2
Slide 18: Q1 Equity Free Cash Flow
Q1 Equity Free Cash Flow1 $ millions 857 -221 -99 -27 -53 -126 34 225 -140 +221 -107 -63 +49 +13 -19 -58 +11 +48 Adjusted Cash Spectrum Working Taxes Finance Lease Honduras2 EFCF EBITDA Capex Paid Capital & Other Paid Charges Payments Change YoY (1) The metrics on this page are non-IFRS measures. Pl
Slide 19: Q1 Net Debt Bridge
Q1 Net Debt Bridge $ millions +2,253 7,609 125 64 3 773 0.05x 0.03x 1,513 0.31x 5,357 225 0.61x (0.09x) Net Debt EFCF2 Coltel Net Debt M&A Dividends Derivatives Other Net Debt Q4-25 Paid & FX Q1-26 2,467 LTM Adjusted EBITDA D&I on Leases 4 2,761 Leverage = Net Debt / Adjusted EBITDA D&I on Leases 2.
Slide 20: 2026 Financial Targets
2026 Financial Targets 1 1 Equity Free Cash Flow of at least $900 million 2 Leverage around 2.5x at year-end 2026 1 The 2026 targets include restructuring costs of all acquired businesses. Equity free cash flow and leverage are non-IFRS measures. Please refer to the non-IFRS disclosures in this pres
Slide 21: Appendix
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Slide 22: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Interest Rates FX Exposure1 Maturity Geography Source Variable HQ Banks& USD Bonds Others <5Y 29% 39% 35% 43% 41% >5Y 50% 57% USD 61% 65% 71% Fixed / Local Swapped LATAM 9% Local Bonds Debt Profile2 1,365 1,590 1,501 165 2.76X Leverage4 443 142 1,140 90 Comcel 925
Slide 23: Net Debt by country
1,2 Net Debt by country Gross Debt Net Debt Leverage 1) Guatemala $1,709 $1,663 2.03x 1 2 3 4 2) El Salvador $248 $220 1.18x 5 6 7 3) Honduras $383 $348 1.22x 4) Costa Rica $159 $150 3.44x 8 5) Nicaragua $0 $(6) -0.05x 6) Panama $735 $724 2.24x 9 7) Colombia3 $2,164 $2,106 2.99x 10 8) Ecuador3 $78 $
Slide 24: Millicom
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