Millicom International Cellular S.a. · NASDAQ:TIGO
Millicom International Cellular — Q2 2026 Earnings Presentation
21 slides from Millicom International Cellular's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 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: Q2 2026 Highlights
Q2 2026 Highlights 1 Strong Operating Leverage and Accretive M&A Drives Record Profitability and EFCF +262k -79k $2.0b $1.0b $327m Postpaid Net Adds Home Net Adds2 Service Revenue Adjusted EBITDA QTD EFCF +167k +7k +5.4% +9.1% +50% QoQ Excluding M&A QoQ Normalized3 YoY Organic Growth YoY Organic Gro
Slide 6: Mobile
Mobile Customer Growth Pre-to-Post Migration Mobile Service Revenue1 Mobile customers (millions), Pre to Post sales over total postpaid sales Mobile Service Revenue (millions), Postpaid Prepaid 57.3 Excluding Coltel 67% 55.8 66% 1,232 49.3 48.6 64% 16.5 16.8 62% 1,133 41.8 42.2 10.9 11.2 8.9 58% 8.6
Slide 7: Home
Home Home Customer Base FMC Penetration2 Home Service Revenue1 Home HFC/FTTH customers (thousands), YoY growth Mobile Postpaid Penetration % of Total HFC/ FTTH Customers Home Service Revenue (USD millions), 39% 5.73 5.65 513 36% 453 34% 4.09 4.15 4.19 4.23 363 374 32% 337 349 +2.4% 29% +3.0% Q2 25 Q
Slide 8: Digital Service Revenue and B2B Service Revenue
B2B Digital Service Revenue1 B2B Service Revenue1 Digital Service Revenue (USD millions) B2B Service Revenue, (USD millions) 120 401 367 104 296 306 89 84 226 237 +14.1% +3.8% 60 56 Q2 25 Q3 25 Q4 25 Q1 26 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q1 26 Q2 26 ex. Coltel ex. Coltel Organic YoY growth2 (%)
Slide 9: Guatemala Postpaid
Guatemala PostpaidGuatemala Mobile Customers Pre-to-Post Migration Mobile Service Revenue1 Postpaid Customers (millions), YoY Growth (%) Pre to Post sales over total postpaid sales Mobile service revenue (USD Millions), YoY growth (%) 86% 295 1.54 86% 1.49 1.43 288 288 1.37 1.30 281 84% +18.8% 275 +
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 Excluding Coltel 9.90 10.04 63% 64% 63% 4.27 4.38 4.45 60% +7.1%1 53% 45% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Home Cus
Slide 11: Q2 2026 Financial Review
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Slide 12: Financial Highlights
Financial Highlights 1 Service Revenue Adjusted EBITDA3 EFCF Service Revenue ($m) and Q2 2026 growth YoY (%) Adjusted EBITDA ($m) and Q2 2026 growth YoY (%) EFCF ($m) and growth YTD YoY ($) 2,043 +60.1% +58.0% +50.1% 1,276 1,009 +5.4% +9.1% 638 327 218 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 46.7% 46.3%
Slide 13: Q2 2026 Service Revenue by Country
1 Q2 2026 Service Revenue by Country Service Revenue ($ millions), YoY Growth Colombia (40%2) Guatemala (19%) Panama (9%) 816 +140.3% +6.7% +3.1% 339 358 382 +11.0% +5.9% 170 175 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Paraguay (8%) Ecuador (5%) Others3 (19%) +33.3% +37.4% +3.4% +0.5% 2.8% 398 290 126 1
Slide 14: Q2 2026 Adjusted EBITDA by Country
1 Q2 2026 Adjusted EBITDA by Country Adjusted EBITDA ($ millions), YoY Growth Colombia (33%2) Guatemala (24%) Panama (9%) 336 228 245 +146.6% +7.1% +0.5% 136 92 92 +3.9% +6.3% Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 39.5% 39.4% 54.8% 55.6% 51.7% 50.7% Paraguay (10%) Ecuador (6%) Others3 (19%) +50.6% +39
Slide 15: Q2 Equity Free Cash Flow
Q2 Equity Free Cash Flow1 $ millions 1,010 47 -274 -41 -146 -131 23 327 -161 +369 -72 -36 +17 -40 -49 -79 -1 +109 Adjusted Cash Spectrum Working Taxes Finance Lease Honduras3 EFCF EBITDA2 Capex Paid Capital & Other Paid Charges Payments Change YoY (1) The metrics on this page are non-IFRS measures.
Slide 16: Q2 Net Debt Bridge
Q2 Net Debt Bridge $ millions +465 8,075 236 7,609 335 0.08x 327 221 0.11x (0.11x) 0.07x Net Debt EFCF M&A Dividends Derivatives, FX & Others Net Debt Q1-26 Paid Q2-26 2,761 LTM Adjusted EBITDA D&I on Leases2 2,957 2.76x Leverage = Net Debt / Adjusted EBITDA D&I on Leases 2.73x -0.03x 1) The metrics
Slide 17: 2026 Financial Targets
2026 Financial Targets 1 1 Equity Free Cash Flow around $1.1 billion Up from at least $900 million 2 Leverage below 2.5x at year-end 2026 From around 2.5x at year-end 2026 3 Additional $1.50 interim dividend Payable in two $0.75 installments in January and April 2027 1 The 2026 targets include restr
Slide 18: Appendix
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Slide 19: Capital Structure and Debt Maturity
Capital Structure and Debt Maturity Interest Rates FX Exposure1 Maturity Geography Source HQ Banks& USD Bonds Variable USD Others <5Y 35% 30% 39% 43% 44% >5Y 49% 56% 61% 65% 70% Fixed / LATAM Local 8% Swapped Local Bonds Debt Profile2 1,610 1,601 1,403 456 166 154 2.73X Leverage4 1,261 97 1,062 Comc
Slide 20: Net Debt by country
1,2 Net Debt by country Gross Debt Net Debt Leverage 1) Guatemala $1,713 $1,671 2.02x 1 2 3 4 2) El Salvador $248 $214 1.16x 5 6 7 3) Honduras $379 $360 1.28x 4) Costa Rica $163 $146 3.72x 8 5) Nicaragua $0 $(8) -0.07x 6) Panama $735 $722 2.24x 9 7) Colombia3 $2,318 $2,232 2.72x 10 8) Ecuador3 $74 $
Slide 21: Millicom Tigo
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