Millicom International Cellular S.a. · NASDAQ:TIGO
Millicom International Cellular — Q4 2025 Earnings Presentation
25 slides from Millicom International Cellular's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 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: Q4 2025 Highlights
Q4 2025 Highlights 1 Topline Growth Acceleration and Continuous Margin Expansion Lead to Record Equity Free Cash Flow of $916m for 2025 ($864m Excl. Lati) 2M 40k Postpaid Net Adds Home Net Adds2 221K excl. M&A $278m 49k in Q4-2024 QTD EFCF YTD $916m Guidance Beat $778m 2.31x Adj. EBITDA Leverage Adj
Slide 6: Mobile
Mobile Customer Growth Mobile Service Revenue1 Mobile customers (millions), Organic YoY growth Mobile Service Revenue (USD millions) Postpaid Prepaid 49.3 954 41.6 41.8 42.2 43.1 10.9 842 41.5 792 801 763 768 8.1 8.4 8.6 8.9 9.1 +12.6% +1.6% +5.7% 38.4 33.4 33.3 33.2 33.3 34.0 Q4 24 Q1 25 Q2 25 Q3 2
Slide 7: Home
Home Home Customer Base Home Service Revenue1 Home HFC/FTTH customers (thousands), YoY growth YoY organic growth1 4,186 4,146 -0.2% -0.3% 4,086 4,045 3,983 -1.4% +5.1% -2.8% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -4.4% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Organic YoY growth1 (%) Network Speed Channel Fixed-Mobile I
Slide 8: Digital Service Revenue and B2B Service Revenue
B2B Digital Service Revenue1 B2B Service Revenue1 Digital Service Revenue (USD millions) 89 B2B Service Revenue (USD millions) 296 79 260 237 223 226 226 60 54 54 56 +40.7% +14.1% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 25 excl. excl. Organic YoY growth1 (%) M&A Organic
Slide 9: Guatemala
Guatemala Postpaid Customer Base Mobile Revenue OCF1 Postpaid customers (millions), YoY growth Mobile service revenue1 (USD Millions), YoY growth OCF1 ($ millions), YoY growth 1.43 288 204 206 1.37 1.30 190 191 1.24 281 1.19 175 275 +5.9% 270 +20.2% 268 +6.8% +17.4% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4
Slide 10: 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 1,676 6.9% 44.1% 1,521 4.1 37.1% +9.6% +10.2% +6.9p.p. 0.0% Q4
Slide 11: Panama
Panama Postpaid Customer Base Mobile Service Revenue1 Adjusted EBITDA1 Postpaid customers (thousands), YoY growth Mobile service revenue1 ($ millions), YoY growth Adjusted EBITDA ($ millions)1 503 84 84 94 488 93 476 81 92 460 92 80 80 439 90 +14.6% +4.5% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2
Slide 12: With the Incorporation of Chile Millicom Further Diversifies its LATAM Footprint
With the Incorporation Chile Millicom Further Diversifies its LATAM Footprint and Deepens its Presence in Colombia Colombia – Coltel Chile Population (m) 53.9 Population (m) 20 Market Share ~20% Market Share ~27% Spectrum1 (Freq.) 40 100 50 Spectrum (Freq.) 45 60 50 Low Mid High Low Mid High Cell Si
Slide 13: Q4 2025 Financial Review
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Slide 14: Record FY Equity Free Cash Flow of $916m
Financial Highlights 1 Service Revenue Adjusted EBITDA EFCF Service Revenue ($m) and growth YoY (%) Adjusted EBITDA ($m) and growth YoY (%) EFCF ($m) and growth YTD YoY ($) FX M&A 5,417 5,451 FX M&A 2,749 Infrastructure sale 45 +139 131 916 52 2,469 777 49 1,547 778 131 45 864 1,335 728 +15.9% +0.6%
Slide 15: Q4 2025 Service Revenue by Country
Q4 2025 Service Revenue by Country Service revenue1 ($m), and YoY growth Guatemala (24%2) Colombia (25%) Panama (12%) 1,448 1,426 700 693 1,391 1,342 181 172 375 389 352 317 +6.6% +4.1% +22.5% +6.3% +4.9% -1.0% +5.8% +3.0% +6.9% +5.5% Q4 24 Q4 25 FY 24 FY 25 Q4 24 Q4 25 FY 24 FY 25 Q4 24 Q4 25 FY 24
Slide 16: Q4 2025 Adjusted EBITDA by Country
Q4 2025 Adjusted EBITDA by Country Adjusted EBITDA1 ($m), and YoY growth Guatemala (30%2) Colombia (22%) Panama (12%) 928 604 371 867 525 354 241 174 90 94 215 122 +12.2% +7.0% +42.8% +15.0% +4.5% +4.9% +11.3% +5.9% +24.6% +13.9% Q4 24 Q4 25 FY 24 FY 25 Q4 24 Q4 25 FY 24 FY 25 Q4 24 Q4 25 FY 24 FY 2
Slide 17: Q4 Equity Free Cash Flow
Q4 Equity Free Cash Flow1 $ millions +139 778 916 777 -170 -10 FY-24 FY-25 -60 -98 -85 52 278 -128 +160 -7 +16 -94 -33 +16 -48 +30 +42 Adjusted Cash Spectrum Working Taxes Finance Lease Honduras EFCF EBITDA Capex Paid Capital & Other Paid Charges Payments Repatriation2 Change YoY (1) The metrics on
Slide 18: FY Equity Free Cash Flow
FY 25 Equity Free Cash Flow 1 $ millions 2,749 -657 -73 -122 -335 -382 122 916 -386 +284 -82 +63 -75 -96 +74 -61 +33 +139 Adjusted Cash Capex Spectrum Working Taxes Paid Finance Lease Honduras EFCF EBITDA Paid Capital & Other Charges Payments Repatriation2 Change YoY (1) The metrics on this page are
Slide 19: Q4 Net Debt Bridge
Q4 Net Debt Bridge1 +730 5,357 4 831 4,627 278 83 236 334 0.36x (0.12x) 0.04x (0.10x) 0.14x Net Debt EFCF2 Net Proceeds Dividends Derivatives Acquisitions and Other3 Net Debt Q3-25 Lati Sale Paid & FX Net Debt UY & EC Q4-25 Incl. UY&EC Proforma 2,217 LTM Adjusted EBITDA D&I on Leases4 2,318 2,467 Le
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
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Slide 22: Debt Maturity Schedule
Debt Maturity Schedule As of Q4 25 Average maturity 4.3 Years Average cost of debt 6.7% Comcel $744m 5.125% 31s Telecel 29s Cable $775 $140m $616m Onda 4.500% 32s 5.875% 6.250% $557m 28s $450m SEK $360m 4.500% 7.375% 2.25bn 5.125% SOFR + 3.496%1 22 1) Fully swapped currency
Slide 23: Capital Structure
Capital Structure Debt profile** As of December 31, 2025 Fixed or Swapped Variable 70% 30% Local USD 52% 48% 5Y or more Less than 5Y 40% 60% Latam HQ 65% 35% HQ Bonds OpCos Bonds Banks & Others 35% 31% 34% *El Salvador and Ecuador’s official unit of currency is the U.S. dollar, while Panama uses the
Slide 24: Net Debt by country
1,2 Net Debt by country Honduras Guatemala: (not consolidated): Gross: $1,602m Gross: $367m Net: $1,558m Net: $299m Leverage: 1.90x Leverage: 1.03x Nicaragua: Gross: $0m Net: $0m Group: El Salvador: Leverage: 0.00x Gross: $6,886m Gross: $248m Net: $5,357m Net: $229m Leverage: 1.21x Colombia: Leverag
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