Millicom International Cellular S.a. · NASDAQ:TIGO
Millicom International Cellular — Q3 2025 Earnings Presentation
26 slides from Millicom International Cellular's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 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: Q3 2025 Highlights
Q3 2025 Highlights 1 Strong Commercial Execution and Disciplined Cost Management Drive Record Adjusted EBITDA Margin 293K 60k Postpaid Net Adds Home Net Adds2 299k in Q3-2024 $243m 68k in Q3-2024 QTD EFCF Up YTD $98m YoY $695m 2.09x Adj. EBITDA Leverage Record profitability (48.9%) 2.33x proforma ex
Slide 6: Mobile
Mobile Postpaid Customer Growth Mobile Service Revenue1 Growth Postpaid mobile customers (millions), YoY growth Organic YoY growth1 (%) 8.9 5.5% 8.6 8.4 4.6% 8.1 4.2% 4.2% 7.8 3.1% +14% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Network Channel Pre-to-Post Fixed-Mobile Investment Pr
Slide 7: Home
Home Home Customer Base Home Service Revenue1 Home HFC/FTTH customers (thousands), YoY growth YoY organic growth1 4,146 4,086 -0.2% 4,045 3,983 3,934 -1.4% +5.4% -2.8% -4.4% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -4.9% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Network Speed Channel Fixed-Mobile Investment Upgrades Produ
Slide 8: Digital and B2B Service Revenue
B2B Digital Service Revenue1 B2B Service Revenue1 Q3 2023-Q3 2025 (Constant Currency millions) and CAGR Q3 2023-Q3 2025 (Constant Currency millions) and CAGR 59 231 219 53 209 42 +17.7% +5.1% CAGR CAGR Q3 23 Q3 24 Q3 25 Q3 23 Q3 24 Q3 25 Infrastructure Digital Channel SME Investment Services Focus P
Slide 9: Colombia
Colombia Postpaid Mobile Home Service Revenue1 Growth Adjusted EBITDA Margin1 Mobile postpaid customers (millions), YoY growth HFC/FTTH Customers (thousands), YoY growth Organic service revenue growth1 (%) Adjusted EBITDA margin1 (%) 4.4 1,646 6.5% 43.5% 1,475 3.9 39.0% +12% +12% +4.9p.p. 1.6% Q3 24
Slide 10: Guatemala
Guatemala Postpaid Customer Base Mobile Revenue OCF1 Postpaid customers (millions), YoY growth Mobile service revenue1 (GTQ billions), YoY growth OCF1 ($ millions), YoY growth 1.37 2,150 204 1.30 1.24 2,115 190 191 1.19 2,085 1.14 175 2,069 168 2,055 +4.6% +20% +5.7% +22.0% Q3 24 Q4 24 Q1 25 Q2 25 Q
Slide 11: Panama
Panama Postpaid Customer Base Mobile Service Revenue1 Adjusted EBITDA Margin1 Postpaid customers (thousands), YoY growth Mobile service revenue1 ($ millions), YoY growth Adjusted EBITDA margin1 488 84 52.2% 476 51.2% 51.7% 460 81 50.0% 439 80 80 423 79 47.4% +15% +7.1% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Slide 12: With the Incorporation of Ecuador and Uruguay Millicom Further Diversifies its LATAM Footprint
With the Incorporation of Ecuador and Uruguay Millicom Further Diversifies its LATAM Footprint Ecuador Uruguay Population (m) 18.3 Population (m) 3.4 Market Share ~30% Market Share ~33% 25 60 Spectrum (Freq.) 55 100 100 Spectrum (Freq.) Low Mid Low Mid High Cell Sites (#) ~2500 Cell Sites (#) ~710 R
Slide 13: Strategic Projects Update
Strategic Projects Update Towers Costa Rica Legal Processes Infrastructure sale Combination with Liberty Resolution of legal matters Latin America › Closed SBA Honduras › Sutel rejected proposal › Settled litigation with Telefonica on Costa Rica Merger dispute › Closed SBA El Salvador › Filed appeal
Slide 14: Q3 2025 Financial Review
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Slide 15: Financial Highlights
Financial Highlights 1 Service Revenue Adjusted EBITDA EFCF Service Revenue ($m) and Q3 2025 growth YoY (%) Adjusted EBITDA ($m) and Q3 2025 growth YoY (%) EFCF ($m) and growth YTD YoY ($) FX FX +98 1,344 1,337 695 638 37 540 49 585 -0.5% +18.7% 601 491 +3.5% +23.8% +18.1% Q3 24 Q3 25 Q3 24 Q3 25 9M
Slide 16: Q3 2025 Service Revenue by Country
Q3 2025 Service Revenue by Country Service revenue1 ($m), and YoY growth Guatemala (27%2) Colombia (27%) Panama (13%) 366 364 170 170 350 331 +4.6% +10.0% +0.4% +3.6% +6.5% Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Paraguay (11%) Bolivia (6%) Others3 (16%) 143 152 214 217 133 84 +7.8% -45.1% +1.4% +3.5% +
Slide 17: Q3 2025 Adjusted EBITDA by Country
Q3 2025 Adjusted EBITDA by Country Adjusted EBITDA1 ($m), and YoY growth Guatemala (33%2) Colombia (22%) Panama (13%) 236 161 93 220 133 84 +7.3% +21.1% +10.4% +6.2% +17.3% Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 55.1% 56.6% 39.0% 43.5% 47.4% 52.2% Paraguay (11%) Bolivia (6%) Others3 (15%) 76 66 108 100
Slide 18: Q3 EFCF
Q3 EFCF1 $ millions +98 695 638 540 -175 9M-24 9M-25 -21 -15 -64 -108 22 243 -5 -86 +110 -50 -12 -66 -10 +10 -3 -2 -28 Adjusted Cash Capex Spectrum Working Taxes Paid Finance Lease Honduras Lati2 EFCF EBITDA Paid Capital Charges Payments Repatriation & Other Change YoY (1) The metrics on this page a
Slide 19: Q3 Net Debt Bridge
Q3 Net Debt Bridge1 $ millions -28 4,655 4,627 9 80 243 125 0.04x (0.11x) 0.06x Net Debt Q2-25 EFCF2 Dividends paid Derivatives & FX Other3 Net Debt Q3-25 2,131 LTM Adjusted EBITDA D&I on Leases4 2,217 Leverage = Net Debt / Adjusted EBITDA D&I on Leases 2.09x 2.18x -0.09x 1. The metrics on this page
Slide 20: 2025 Financial Targets
2025 Financial Targets 1 1 Equity Free Cash Flow around $750 million 2 Leverage below 2.5x at year-end 2025 Dividend of $3.00 per share Interim dividend of $2.50 per share Target to sustain or grow every year Exceptional due to liquidity event 1 The 2025 targets exclude net proceeds and any impact f
Slide 21: Appendix
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Slide 22: Group Financial Highlights – Q3 2025
Group Financial Highlights – Q3 2025 Group Consolidated Financial Statements Selected P&L data Key Observations $ million Q3 2025 Q3 2024 % Var Revenue 1,420 A 1,431 (0.7)% A Q3 2025 impacted by weaker FX, especially Bolivia Equipment, programming and other (313) (341) 8.2% direct costs B Q3 2024 ha
Slide 23: Debt Maturity Schedule
Debt Maturity Schedule As of Q3 25 Average maturity 4.3 Years Average cost of debt 6.2% Comcel $744m 5.125% 29s 31s $616m $775m 6.250% Cable 4.500% Onda Telecel $557m 32s $140m 28s 4.500% $450m 5.875% $360m 7.375% SEK 5.125% 2.25bn SOFR + 3.496%1 23 1) Fully swapped currency
Slide 24: Capital Structure
Capital Structure Debt profile** As of September 30, 2025 Fixed or Swapped Variable 76% 24% Local USD 47% 53% 5Y or more Less than 5Y 53% 47% Latam HQ 62% 38% HQ Bonds OpCos Bonds Banks & Others 49% 20% 31% *El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dolla
Slide 25: Net Debt by country
1,2 Net Debt by country Honduras Guatemala: (not consolidated): Gross: $1,603m Gross: $373m Net: $1,549m Net: $342m Leverage: 1.91x Nicaragua: Leverage: 1.18x Gross: $0m Net: $(4)m Group: El Salvador: Leverage: -0.03x Gross: $6,260m Gross: $149m Net: $4,627m Net: $134m Leverage: 0.70x Colombia: Leve
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