Slides
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Q2 2025 Earnings Presentation
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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 prospects, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Millicom’s results could be materially adversely affected. In particular, there is uncertainty about global economic activity and inflation, the demand for Millicom's products and services, and global supply chains. The risks and uncertainties include, but are not limited to, the following: • global economic conditions, foreign exchange rate fluctuations and high inflation, as well as local economic conditions in the markets we serve, which can be impacted by geopolitical developments outside of our principal geographic markets; • potential disruption due to health crises, including pandemics, epidemics, or other public health emergencies, geopolitical events, armed conflict, and acts by terrorists; • telecommunications usage levels, including traffic, customer growth and the accelerated transition from traditional to digital services and alternative technologies; • competitive forces,including pricing pressures, piracy, the ability to connect to other operators’ networks and our ability to retain market share in the face of competition from existing and new market entrants as well as industry consolidation; • the achievement of our operational goals, environmental, social and governance targets, financial targets and strategic plans, including the acceleration of cash flow growth, the expansion of our fixed broadband network and the reduction in net leverage; • legal or regulatory developments and changes, or changes in governmental policy, including with respect to the availability and terms and conditions of spectrum and licenses, the level of tariffs, laws and regulations which require the provision of services to customers without charging, tax matters, controls or limits on the purchase of U.S. dollars, the terms of interconnection, customer access and international settlement arrangements; • our ability to grow our mobile financial services business in our Latin American markets; • adverse legal or regulatory disputes or proceedings; • the success of our business, operating and financing initiatives and strategies, including partnerships and capital expenditure plans; • our expectations regarding the growth in fixed broadband penetration rates and the return that our investment in broadband networks will yield; • the level and timing of the growth and profitability of new initiatives, start-up costs associated with entering new markets, the successful deployment of new systems and applications to support new initiatives; • our ability to create a new organizational structure for the Tigo Money business and manage it independently to enhance its value; • our ability to optimize the utilization and capital structure of our tower assets, and increase our network coverage, capacity and quality of service by focusing capital on other fixed assets; • relationships with key suppliers and costs of handsets and other equipment; • disruptions in our supply chain due to economic and political instability, the outbreak of war or other hostilities, public health emergencies, natural disasters and general business conditions; • our ability to successfully pursue acquisitions, investments or merger opportunities, integrate any acquired businesses in a timely and cost-effective manner, divest or restructure assets and businesses, and achieve the expected benefits of such transactions; • the availability, terms and use of capital, the impact of regulatory and competitive developments on capital outlays, the ability to achieve cost savings and realize productivity improvements; • technological development and evolving industry standards, including challenges in meeting customer demand for new technology and the cost of upgrading existing infrastructure; • cybersecurity threats, a security breach or other significant disruption of our IT systems or those of our business partners, suppliers or customers; • the capacity to upstream cash generated in operations through dividends, royalties, management fees and repayment of shareholder loans; and • other factors or trends affecting our financial condition or results of operations. A further list and description of risks, uncertainties and other matters can be found in Millicom’s Annual Report on Form 20-F, including those risks outlined in “Item 3. Key Information—D. Risk Factors,” and in Millicom’s subsequent U.S. Securities and Exchange Commission filings, all of which are available at www.sec.gov. All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by applicable law, we do not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. 2 2 Safe Harbor
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3 3 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 growth rates for these non-IFRS measures are often expressed in organic constant currency terms to exclude the effect of changes in foreign exchange rates, the adoption of new accounting standards, and are proforma for material changes in perimeter due to acquisitions and divestitures. The non-IFRS financial measures are presented in this presentation as Millicom’s management believes they provide investors with an additional information for the analysis of Millicom’s results of operations, particularly in evaluating performance from one period to another. Millicom’s management uses non-IFRS financial measures to make operating decisions, as they facilitate additional internal comparisons of Millicom’s performance to historical results and to competitors' results, and provides them to investors as a supplement to Millicom’s reported results to provide additional insight into Millicom’s operating performance. Millicom’s Compensation and Talent Committee uses certain non-IFRS measures when assessing the performance and compensation of employees, including Millicom’s executive directors. The non-IFRS financial measures used by Millicom may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies - refer to the section “Non-IFRS Financial Measure Descriptions” for additional information. In addition, these non-IFRS measures should not be considered in isolation as a substitute for, or as superior to, financial measures calculated in accordance with IFRS, and Millicom’s financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Non-IFRS Financial Measure Descriptions Service revenue is revenue related to the provision of ongoing services such as monthly subscription fees for mobile and broadband, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, short message services, installation fees and other value-added services excluding telephone and equipment sales. Adjusted EBITDA is operating profit excluding impairment losses, depreciation and amortization, gains/losses on fixed asset disposals, and early termination of leases. Adjusted EBITDA Margin represents Adjusted EBITDA in relation to revenue. Organic growth represents year-on-year growth excluding the impact of changes in FX rates, perimeter, and accounting. Changes in perimeter are the result of acquisitions and divestitures. Results from divested assets are immediately removed from both periods, whereas the results from acquired assets are included in both periods at the beginning (January 1) of the first full calendar year of ownership. Net debt is Debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits. Leverage is the ratio of net debt over LTM (last twelve months) Adjusted EBITDA less depreciation of right-of-use assets and Interest expense on leases, proforma for acquisitions made during the last twelve months. Capex is balance sheet capital expenditure excluding spectrum and license costs and lease capitalizations. Cash Capex represents the cash spent in relation to capital expenditure, excluding spectrum and licenses costs. Operating Cash Flow (OCF) is Adjusted EBITDA less Capex. Operating Free Cash Flow (OFCF) is Adjusted EBITDA, less cash capex, less spectrum paid, working capital, other non-cash items, and taxes paid. Equity Free Cash Flow (EFCF) is OFCF less finance charges paid (net), lease interest payments, lease principal repayments, and advances for dividends to non-controlling interests, plus cash repatriation from joint ventures and associates. Please refer to our 2024 Annual Report for a list and description of non-IFRS measures.
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CEO Remarks
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Q2 2025 Highlights1 5 Strong commercial momentum, Cash Flow and Profitability Growth 41k Home Net Adds2 46.7% Adj. EBITDA Margin 2.18x Leverage $218m QTD EFCF 178k in Q2-2024 247K Postpaid Net Adds 11k in Q2-2024 Up YTD $126m YoY 2.43x proforma ex Lati43.5% in Q2-2024 (+3.2p.p) 1EFCF, Adjusted EBITDA margin and Leverage are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. (2) HFC/FTTH customers
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Mobile 6 Organic YoY growth1 (%) Mobile Service Revenue1 Growth Network Investment Postpaid mobile customers (millions), YoY growth Postpaid Customer Growth Pre-to-Post Migrations Fixed-Mobile Convergence Channel Productivity 1) Service Revenue and organic growth are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 7.5 7.8 8.1 8.4 8.6 +14% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 4.7% 4.2% 4.2% 3.1% 4.6%
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Home Home Service Revenue1 YoY organic growth1 Network Investment Speed Upgrades Channel Productivity Fixed-Mobile Convergence 7 Home Customer Base Home HFC/FTTH customers (thousands), YoY growth Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 3,866 3,934 3,983 4,045 4,086 +5.7% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -6.1% -4.9% -4.4% -2.8% -1.4% 1Service Revenue and organic growth are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center
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B2B 8 Q2 2023-Q2 2025 (Constant Currency millions) and CAGR Digital Service Revenue1 B2B Service Revenue1 Q2 2023-Q2 2025 (Constant Currency millions) and CAGR Infrastructure Investment Digital Services Focus SME Growth Channel Productivity 1Service Revenue is non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting- center Q2 23 Q2 24 Q2 25 42 54 56 208 220 228 Q2 23 Q2 24 Q2 25 +15.9% CAGR +4.7% CAGR
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Colombia Home Note: Mobile service revenue and EBITDA year-on-year growth expressed in local currency. ARPU, EBITDA, EBITDA Margin, Capex and OCF are non-IFRS metrics. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center 9 Postpaid Mobile HFC/FTTH Customers (thousands), YoY growth Service Revenue Growthacceleration Mobile postpaid customers (millions), YoY growth Adjusted EBITDA Margin1 Adjusted EBITDA margin1 (%)Organic service revenue growth1 (%) Service Revenue1 Growth 1Service Revenue, organic growth, and Adjusted EBITDA Margin are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center Q2 24 Q2 25 3.7 4.3 Q2 24 Q2 25 1,434 1,603 Q2 24 Q2 25 0.2% 4.9% Q2 24 Q2 25 39.5% 39.5% +15% +12% +4.7p.p.
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Guatemala 10 Postpaid customers (millions), YoY growth Postpaid Customer Base OCF1 Mobile service revenue1 (GTQ billions), YoY growth Mobile Revenue OCF1 ($ millions), YoY growth Reported Local currency growth Mobile growth accelerating from 1.5% in Q1 25 to 4.0% 1Service Revenue, organic growth, and Operating Cash Flow (OCF )are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 1.08 1.14 1.19 1.24 1.30 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 2,034 2,055 2,085 2,069 2,115 177 168 175 190 191 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 +20% +5.2% +8.0% +4.0%
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Panama 11 Postpaid Customer Base Adjusted EBITDA Margin1 Mobile service revenue1 ($ millions), YoY growth Mobile Service Revenue1 Adjusted EBITDA margin1Postpaid customers (thousands), YoY growth Record Adjusted EBITDA Margin of 51.7% 1Service Revenue, organic growth and Adjusted EBITDA Margin are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center 399 423 439 460 476 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 78 79 80 80 81 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 47.8% 47.4% 50.0% 51.2% 51.7% +19% +3.9% Reported
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Strategic Project Update 12 Infrastructure sale › Closed Paraguay with Atis Group in Q2 2025 › Partial closing with SBA executed in Q2 2025 › Remaining SBA closing expected Q3 2025 Towers Millicom proposed acquisition of Coltel (TEF) › Regulatory approval process ongoing › Waiting for minimum price disclosure for La Nación stake › Closing expected Q1 2026 Colombia Combination with Liberty Latin America › Regulatory approval process ongoing › Closing expected Q1 2026 Costa Rica Uruguay & Ecuador Expanding presence in South America › Regulatory approval process ongoing › Uruguay expected in Q3 2025, and Ecuador closing expected Q4 2025 Millicom proposed acquisition of EPM stake in TIGO-UNE › Minimum price disclosed › Awaiting EPM to formally launch privatization (Law 226)
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Q2 2025 Financial Review
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Financial Highlights1 14 Equity Free Cash Flow of $395min H1 2025 EFCF ($m) and growth YTD YoY ($)Adjusted EBITDA ($m) and Q2 2025 growth YoY (%) EFCFAdjusted EBITDA MarginService Revenue Service Revenue ($m) and Q2 2025 growth YoY (%) 1 Group financial information does not include Honduras, which is not consolidated. Service Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and EFCF are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. 2 Organic growth rates exclude the impact of FX movements and are non-IFRS measures. Q2 24 Q2 25 1,362 1,282 FX 641 Q2 24 Q2 25 634 -5.9% +1.1% +2.4% +9.3% 43.5% 46.7%Reported Organic2 Adj. EBITDA Margin 231 353 38 H1 24 42 H1 25 269 395 +126 Infrastructure sale +46.7% FX
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Guatemala (28%2) Bolivia (6%) Colombia (26%) Panama (13%) Paraguay (10%) Service revenue1 ($m), and YoY growth Q2 2025 Service Revenue by Country Others3 (17%) 15 1 Service Revenue is a Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. 2 Percent of Group Service Revenue. 3 Includes El Salvador, Nicaragua and Costa Rica. 348 358 Q2 24 Q2 25 347 339 Q2 24 Q2 25 171 170 Q2 24 Q2 25 134 132 Q2 24 Q2 25 150 72 Q2 24 Q2 25 217 218 Q2 24 Q2 25 +3.0% -2.2% -0.9% -1.8% -51.9% +0.4% +1.9% +4.9% +4.6% +7.0% Reported Local Currency growth
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Guatemala (34%2) Panama (14%) Adjusted EBITDA1 ($m), and YoY growth Q2 2025 Adjusted EBITDA by Country Colombia (21%) Paraguay (10%) Bolivia (5%) Others3 (16%) 16 217 228 Q2 24 Q2 25 141 136 Q2 24 Q2 25 90 92 Q2 24 Q2 25 67 69 Q2 24 Q2 25 33 Q2 24 Q2 25 64 97 106 Q2 24 Q2 25 +5.3% -3.4% +2.0% +4.1% +3.6% +2.5% -48.0% +9.2% +9.2% +16.7% 48.3% 50.5% 42.5% 45.5% 42.5% 46.2% 54.3% 54.8% 39.5% 39.5% 47.8% 51.7% (1) Adjusted EBITDA and Adjusted EBITDA margin are Non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. (2) Percent of Group Adjusted EBITDA. (3) Includes El Salvador, Nicaragua and Costa Rica. Reported Local Currency growth
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Q2 EFCF1 17 $ millions 641 218 30 24 Adjusted EBITDA Cash Capex Spectrum Paid Working Capital & Other Taxes Paid Finance Charges Lease Payments Honduras Repatriation EFCF -201 -5 -106 -82 -82 +7 -47 +17 -31 -24 +22 +7 -3 Change YoY -50 Incl. 2026 Capex prepayment (1) The metrics on this page are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center.
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Q2 Net Debt Bridge1 18 $ millions 218 542 125 Net Debt Q1-25 EFCF Q2 Net Proceeds Lati sale2 Dividends paid 12 Derivatives & FX 2 Other Net Debt Q2-25 5,275 4,655 -620 (0.25x) 0.06x (0.10x) 2,137 LTM Adjusted EBITDA D&I on Leases 3 2,131 Leverage = Net Debt / Adjusted EBITDA D&I on Leases -0.29x 2.47x 2.18x 1. The metrics on this page are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. 2. Net of cash disposal of -$4m. 3. LTM (Last twelve month) Adjusted EBITDA less depreciation of right-of-use assets and Interest expense on leases, proforma for acquisitions made during the last twelve months.
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2025 Financial Targets1 19 1 2 Equity Free Cash Flow around $750 million Leverage below 2.5x at year-end 2025 Dividend of $3.00 per share Target to sustain or grow every year 1 The 2025 targets exclude net proceeds and any impact from strategic initiatives, such as the planned disposal of Lati International, S.A. and the planned transactions in Colombia and Costa Rica. Equity free cash flow and leverage are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. Interim dividend of $2.50 per share Exceptional due to liquidity event
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Q&A
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Selected P&L data $ million Q2 2025 Q2 2024 % Var Revenue 1,372 1,458 (5.9)% Equipment, programming and other direct costs (316) (353) 10.6% Operating expenses (416) (471) 11.8% Depreciation & amortization (298) (304) 2.3% Share of net profit in Honduras JV 13 12 7.6% Other operating — 4 (93.3)% Operating profit 357 345 3.4% Net financial expense (168) (180) 6.5% Sale of Lati International and Lati Paraguay 604 — NM Other non-operating (19) (9) (97.8)% Profit before tax 774 156 NM Taxes (102) (78) (31.0)% Minority interests 3 — NM Discontinued operations — — NM Net income (Loss) 676 78 NM EPS ($ per share) 4.05 0.46 NM. Key Observations A C B Group Consolidated Financial Statements Group Financial Highlights – Q2 2025 21 D E • Q2 2025 impacted by weaker FX, especially Bolivia • Temporary effect related to creation of the shred mobile network in Colombia and, to a lesser extend, o longer useful lives for fiber assets. • Lower indebtedness because of debt repayment • Aggregated gross result of the partial closing of the infrastructure deal with SBA on June 13, 2025 and the sale of Lati Paraguay to Atis Group on June 3, 2025. • Increased year-on-year mainly due to higher profitability and the effect of the infrastructure transactions. • EPS includes $590m net profit from infrastructure transactions A B C D E F F
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1) Fully swapped currency As of Q2 25 Average maturity 4.2 Years Average cost of debt 6.2% Debt Maturity Schedule Cable Onda $557m 4.500% Telecel $290m 5.875% 28s $360m 5.125% 29s $616m 6.250% 31s $775m 4.500% Comcel $744m 5.125% 32s $450m 7.375% SEK 2.25bn SOFR + 3.496%1 Cable Onda $557m 4.500% Telecel $290m 5.875% 28s $360m 5.125% 29s $616m 6.250% 31s $775m 4.500% Comcel $744m 5.125% 32s $450m 7.375% SEK 2.25bn SOFR + 3.496%1 Cable Onda $557m 4.500% Telecel $290m 5.875% 28s $360m 5.125% 29s $616m 6.250% 31s $775m 4.500% Comcel $744m 5.125% 32s $450m 7.375% SEK 2.25bn SOFR + 3.496%1 Cable Onda $557m 4.500% Telecel $290m 5.875% 28s $360m 5.125% 29s $616m 6.250% 31s $775m 4.500% Comcel $744m 5.125% 22 32s $450m 7.375% SEK 2.25bn SOFR + 3.496%1 Cable Onda $557m 4.500% Telecel $290m 5.875% 28s $360m 5.125% 29s $616m 6.250% 31s $775m 4.500% Comcel $744m 5.125% 32s $450m 7.375% SEK 2.25bn SOFR + 3.496%1
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As of June 30, 2025 Capital Structure Debt profile** 23 Variable 19% Fixed or Swapped 81% Banks & Others 25% Local 41% OpCos Bonds 21% HQ Bonds 55% USD 59% 5Y or more 49% Less than 5Y 51% Latam 59% HQ 41% *El Salvador's official unit of currency is the U.S. dollar, while Panama uses the U.S. dollar as legal tender. Our local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY). ** Does not Include vendor & license financing.
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Paraguay: Gross: $613m Net: $589m Leverage: 2.41x Nicaragua: Gross: $0m Net: $(5)m Leverage: -0.05x 24 Panama: Gross: $734m Net: $724m Leverage: 2.26x Net Debt1,2 by country2 by country Guatemala: Gross: $1,288m Net: $1,203m Leverage: 1.48x El Salvador: Gross: $67m Net: $52m Leverage: 0.28x Costa Rica: Gross: $147m Net: $144m Leverage: 3.40x Bolivia: Gross: $78m Net: $58m Leverage: 0.29x 1) As of June 30, 2025. Gross Debt & Net Debt excludes leases. Millicom has provided guarantees covering 100% of the gross debt in Costa Ric a and 100% of gross debt in El Salvador. 2) Beginning in Q4 2023, we have amended our definition of Leverage to conform with the most common practice among peers. Lev erage is now defined as the ratio of net debt over LTM (last twelve months) Adjusted EBITDA, with the latter further adjusted by subtracting depreciation of right-of-use assets and Interest expense on leases, proforma for acquisitions made during the last twelve months. Colombia: Gross: $579m Net: $519m Leverage: 1.33x Corporate: Gross: $2,406m Net: $1,372m Group: Gross: $5,912m Net: $4,655m Leverage: 2.18x Honduras (not consolidated): Gross: $371m Net: $342m Leverage: 1.18x