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MILLICOM ticô Q2 2026 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 anticipated efficiencies and savings of our cost-reduction project, 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 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 optimize the utilization of our owned and leased towers, 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 subtracting 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. Average Revenue per user per Month (ARPU) for our mobile customers is (x) the total mobile and mobile financial services revenue (excluding revenue earned from tower rentals, call center, data and mobile virtual network operator, visitor roaming, national third parties roaming and mobile telephone equipment sales revenue) for the period, divided by (y) the average number of mobile subscribers for the period, divided by (z) the number of months in the period. We define ARPU for our home customers as (x) the total home revenue (excluding equipment sales and TV advertising) for the period, divided by (y) the average number of customer relationships for the period, divided by (z) the number of months in the period. ARPU is not subject to a standard industry definition and our definition of ARPU may be different from other industry participants. Please refer to our 2025 Annual Report for a list and description of non-IFRS measures.
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CEO Remarks
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+262k Postpaid Net Adds -79k Home Net Adds2 $2.0b Service Revenue $327m QTD EFCF +5.4% YoY Organic Growth +50% YoY 1) Adjusted EBITDA, Adjusted EBITDA Margin, EFCF, 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 customer. 3) Normalized for harmonization of commercial standards in Colombia. Strong Operating Leverage and Accretive M&A Drives Record Profitability and EFCF Q2 2026 Highlights1 $1.0b Adjusted EBITDA +9.1% YoY Organic Growth +7k QoQ Normalized3 +167k QoQ Excluding M&A
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763 796 Q2 25 Q3 25 Q4 25 Q1 26 ex. Coltel Q1 26 Q2 26 950 1,013 1,133 1,232 6 Mobile Mobile customers (millions), Customer Growth Pre to Post sales over total postpaid sales Pre-to-Post Migration 33.2 33.3 38.4 37.4 40.8 39.0 8.6 8.9 10.9 11.2 16.5 16.8 Q2 25 Q3 25 Q4 25 Q1 26 ex. Coltel Q1 26 Q2 26 41.8 42.2 49.3 48.6 57.3 55.8Postpaid Prepaid Mobile Service Revenue (millions), Mobile Service Revenue1 58% Q2 25 62% Q3 25 64% Q4 25 52% 67% Q1 26 66% Q2 26 +8.5% +6.9% +31.9% Network Investment Pre-to-Post Migrations Fixed-Mobile Convergence Prepaid Base Management 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. 2) Excludes growth from Coltel perimeter expansion Prepaid YoY2 Organic YoY growth2 (%)Postpaid YoY2 Excluding Coltel
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7 Home Home Service Revenue1 Home Service Revenue (USD millions), Home Customer Base Home HFC/FTTH customers (thousands), YoY growth Q2 25 Q3 25 Q4 25 Q1 26 ex. Coltel Q1 26 Q2 26 4.09 4.15 4.19 4.23 5.73 5.65 +2.4% 337 349 363 374 453 513 Q2 25 Q3 25 Q4 25 Q1 26 ex. Coltel Q1 26 Q2 26 FMC Penetration2 x 29% Q2 25 32% Q3 25 34% Q4 25 36% Q1 26 39% Q2 26 Network Investment Speed Upgrades Fixed-Mobile Convergence Channel Productivity 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. 2) Excluding Coltel. +3.0% Organic YoY growth1 (%) Mobile Postpaid Penetration % of Total HFC/ FTTH Customers Home Customer Base YoY2(%)
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Digital Service Revenue (USD millions) Digital Service Revenue1 B2B Service Revenue1 8 B2B B2B Service Revenue, (USD millions) 56 60 89 84 104 120 Q2 25 Q3 25 Q4 25 Q1 26 ex. Coltel Q1 26 Q2 26 226 237 296 306 367 401 Q2 25 Q3 25 Q4 25 Q1 26 ex. Coltel Q1 26 Q2 26 +14.1% +3.8% 8 Infrastructure Investment Digital Services Focus SME Growth Channel Productivity 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 . 2) Excludes growth from Coltel perimeter expansion Organic YoY growth2 (%)
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9 Guatemala Postpaid Customers (millions), YoY Growth (%) Postpaid Mobile Customers Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1.30 1.37 1.43 1.49 1.54 Conversion Strategy Drives Postpaid Growth Leading to 6.4% Mobile Service Revenue Increase! 82% Q2 25 84% Q3 25 83% Q4 25 86% Q1 26 Q2 26 86% x Mobile Service Revenue1 Mobile service revenue (USD Millions), YoY growth (%) Pre-to-Post Migration Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 275 281 288 288 295 Reported Organic YoY growth1 (%) +7.2% +6.4% +18.8% Guatemala Pre to Post sales over total postpaid sales 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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10 Colombia Mobile postpaid customers (millions), YoY organic growth Postpaid Mobile Customers Pre to Post sales over total postpaid sales Pre-to-Post Migration HFC/ FTTH Customers (millions), YoY organic growth Home Customers Fixed Mobile Penetration % of Total HFC/ FTTH Customer Relations FMC – Penetration1 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 4.27 4.38 4.45 9.90 10.04 Postpaid Growth, and Convergent Offerings Drive Robust Organic Performance Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1.60 1.65 1.68 3.20 3.11 x 26% Q2 25 30% Q3 25 33% Q4 25 37% Q1 26 44% Q2 26 +7.1%1 +2.4%1 53% Q2 25 60% Q3 25 63% Q4 25 45% 64% Q1 26 63% Q2 26 Excluding Coltel 1) Excluding Coltel.
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Q2 2026 Financial Review
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12 Financial Highlights1 Service Revenue Service Revenue ($m) and Q2 2026 growth YoY (%) 1,276 Q2 25 Q2 26 2,043 +60.1% +5.4% EFCF ($m) and growth YTD YoY ($)Adjusted EBITDA ($m) and Q2 2026 growth YoY (%) EFCFAdjusted EBITDA3 638 1,009 Q2 25 Q2 26 46.3% Q2 25 Q2 26 218 327 1 Group financial information does not include Honduras, which is not consolidated. Service Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and EFCF are non-IFRS measures. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. 2 Organic growth rates exclude the impact of FX movementsand Coltel and are non-IFRS measures. 3 Excl. Adjusted EBITDA from Discontinued Operations. Y ear on Y ear Equity Free Cash Flow Increase of +50.1% Reported Organic2 Margin +58.0% +9.1% 46.7% +50.1%
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13 Reported Organic4 Q2 2026 Service Revenue1 by Country Ecuador (5%) Panama (9%) Paraguay (8%) Others3 (19%) 170 175 Q2 25 Q2 26 126 169 Q2 25 Q2 26 112 112 Q2 25 pro forma Q2 26 290 398 Q2 25 Q2 26 +3.1% +37.4% 1 Service Revenue is a Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at www.millicom.com/investors/reporting-center. 2 Percent of Group Service Revenue. 3 Includes El Salvador, Nicaragua, Costa Rica, Bolivia and Uruguay. 4 Organic growth rates exclude the impact of FX movements and Coltel and are non-IFRS measures. +33.3% +3.4% +0.5% 2.8% Service Revenue ($ millions), YoY Growth Guatemala (19%) 358 382 Q2 25 Q2 26 +6.7% +5.9% Colombia (40%2) 339 816 Q2 25 Q2 26 +140.3% +11.0%
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14 Guatemala (24%) Panama (9%) Paraguay (10%) Ecuador (6%) Others3 (19%) 228 245 Q2 25 Q2 26 92 92 Q2 25 Q2 26 66 100 Q2 25 Q2 26 42 58 Q2 25 proforma Q2 26 140 194 Q2 25 Q2 26 +7.1% +0.5% +6.3% +39.0% 50.5% 56.9% 33.5% 48.9% 46.0% 46.3% 54.8% 55.6% 51.7% 50.7% Q2 2026 Adjusted EBITDA1 by Country +50.6% +16.9% +39.4% Reported Organic4 Margin +4.7% Adjusted EBITDA ($ millions), YoY Growth 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, Costa Rica Bolivia and Uruguay. 4 Organic growth rates exclude the impact of FX movements and Coltel and are non-IFRS measures. Colombia (33%2) 136 336 Q2 25 Q2 26 39.5% 39.4% +146.6% +3.9%
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15 Q2 Equity Free Cash Flow1 $ millions 1,010 327 47 23 Adjusted EBITDA2 Cash Capex Spectrum Paid Working Capital & Other Taxes Paid Finance Charges Lease Payments Honduras3 EFCF -274 -41 -146 -131 -161 +369 -72 -36 +17 -40 -49 -79 -1 Change YoY +109 (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) Includes adj. EBITDA from discontinued operations (3) Incl. Dividends and advances to non-controlling interest,
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16 Q2 Net Debt Bridge $ millions 327 221 335 236 Net Debt Q1-26 EFCF M&A Dividends Paid Derivatives, FX & Others Net Debt Q2-26 7,609 8,075 +465 (0.11x) 2,761 LTM Adjusted EBITDA D&I on Leases2 2,957 Leverage = Net Debt / Adjusted EBITDA D&I on Leases -0.03x 2.76x 2.73x 0.07x 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) 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. 0.11x 0.08x
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2026 Financial Targets1 Equity Free Cash Flow around $1.1 billion Up from at least $900 million 1 Leverage below 2.5x at year-end 2026 From around 2.5x at year-end 2026 2 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 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. Additional $1.50 interim dividend Payable in two $0.75 installments in January and April 2027 3
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Q&A
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1) El Salvador and Ecuador official unit of currency is the USD, while Panama uses the USD as legal tender. Our local debt in both countries is therefore denominated in U.S. dollars but presented as local currency (LCY)2) Does not include vendor financing 3) Fully swapped currency 4) is the ratio of net debt over LTM (last twelve months) Adjusted EBITDA subtracting depreciation of right-of-use assets and interest expense on leases, proforma for acquisitions made during the last twelve months Capital Structure and Debt Maturity Telecel $140m 5.875% Cable Onda $557m 4.500%28s $360m 5.125% 29s $616m 6.250% 19 SEK 2.25bn SOFR + 3.496%1 78 467 77 86 119 209 106 612 965 559 97 167 154456 166 44 2026 47 2027 28s $360m 5.125% 2028 29s $616m 6.250% 2029 Coltel $500m 4.950% Cable Onda $557 4.500% 2030 2031 2032 9 2033 >2034 511 891 1,403 1,261 1,610 1,062 1,601 218 184 Bank and Development Financial Institution Local Bonds (COL, BOL, PAR) International Bond 56% 44% Fixed / Swapped Variable Interest Rates FX Exposure1 Maturity Geography Source 61% 39% Local USD 35% 65% >5Y <5Y 70% 30% LATAM HQ 49% 8% 43% USD Bonds Local Bonds Banks& Others Debt Profile2 2.73X 3.5Y 8.2% Leverage4 Average Maturity Average Cost of Debt SEK 2.25bn SOFR+ 3.496%3 Comcel $744m 5.125% 32s $538 7.375% 31s $775m 4.500%
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20 Net Debt1,2 by country 1) As of June 30, 2026. Gross Debt & Net Debt excludes leases. Millicom has provided guarantees covering 100% of the gross debt in Costa Rica 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 c ommon practice among peers. Leverage is now defined as the ratio of net debt over LTM (Last twelve month) Adjusted EBITDA, with the latter further adjusted by subtra cting depreciation of right-of-use assets and Interest expense on leases, proforma for acquisitions made during the last twelve months. 3) Proforma incl. LTM Profitability. 1 2 3 4 5 6 7 9 Gross Debt Net Debt Leverage 1) Guatemala $1,713 $1,671 2.02x 2) El Salvador $248 $214 1.16x 3) Honduras $379 $360 1.28x 4) Costa Rica $163 $146 3.72x 5) Nicaragua $0 $(8) -0.07x 6) Panama $735 $722 2.24x 7) Colombia3 $2,318 $2,232 2.72x 8) Ecuador3 $74 $19 0.16x 8) Bolivia $119 $99 0.47x 10) Paraguay $576 $559 1.75x 11) Uruguay3 $196 $185 2.18x 12) Corporate $2,599 $2,237 N.A. 13) Group3 $8,742 $8,075 2.73x 8 10 11