Millicom International Cellular S.A. Q4 FY2025 earnings call

• Closed 2025 with strong operational and financial performance, top line acceleration. Expanded to 12 markets, integrated Ecuador and Uruguay, appointed new management teams, redesigned executive teams, and reduced headcount by 30%. • Mobile business: Engine strengthening, service revenue growth, postpaid customer growth, prepaid base management. • Home business: Added net new homes, focused on high-speed broadband and fixed mobile convergence. • B2B business: Digital service revenue growth, strong performance across broader B2B segment. • Key strategic projects: Acquired 2/3 stake of Coltel, announced acquisition of Telefonica operations in Chile through joint venture with NJJ

Mobile business: Service revenue totaled $954 million, including $112 million from Ecuador and Uruguay. Excluding perimeter effects, mobile service revenue grew 5.7% year-over-year. Postpaid customers reached 9.1 million, up 12.6% year-over-year when excluding perimeter expansion. Prepaid base revenue grew 3%. Home business: Added 40,000 net new homes, customer base increased 5.1% year-over-year. Home service revenues declined 0.3% year-over-year. B2B business: Digital service revenues increased 40.7% year-over-year to $79 million in the quarter, excluding perimeter expansion. Mobile service revenues growth in B2B was 7%, SME segment accelerated to 5% growth. Guatemala: Postpaid grew 20% year-over-year, mobile service revenue increased 5.9%, operating cash flow grew over 17% in the quarter, full year operating cash flow reached record $791 million. Colombia: Postpaid mobile and home customer bases both expanded 10% year-on-year, service revenue growth increased 6.9% year-on-year, adjusted EBITDA reached record quarterly margin of 44%. Panama: Postpaid customer base expanded 14.6% year-on-year, mobile service revenue grew 4.5% year-on-year, adjusted EBITDA reached $94 million or 49.8%

• Project equity free cash flow of at least $900 million for 2026. • Expect leverage to increase in first half of 2026 due to acquisitions, then bring down to around 2.5 by year-end and land within 2.0 to 2.5 range in 2027. • Uruguay and Ecuador to contribute low to mid-double-digit equity free cash flow in 2026

• Macro volatility in Latin America, including political, tax, and legal risks. • Execution risk in turning around Coltel business. • Currency risk in Latin American markets

Q: Regarding acquisition of operations in Chile, view on competitive environment and operational plan; A: Chile has strong macroeconomics, fragmented market, playbook fits well, executing downsize to make operation equity free cash flow neutral this year.

Q: Equity free cash flow guidance; A: Organic equity free cash flow $864 million, Uruguay and Ecuador to contribute low to mid-double-digit, but Coltel and risks need to be considered.

Q: Margins, sustainability, Colombia, Ecuador/Uruguay, appetite for acquisitions; A: Margins from efficiencies and top line growth, Colombia sustainable, Ecuador/Uruguay sustainable, focus on in-market consolidation and adjacencies.

Q: Shareholder remuneration, Guatemala revenue growth, postpaid appetite; A: Not giving dividend guidance yet, Guatemala revenue growth from prepaid to postpaid migration, network investment, prepaid base management.

Q: Restructuring costs in 2026, ARPU growth; A: Uruguay and Ecuador had $20 million in 2025, Coltel likely more in 2026, ARPU growth from pre to post migration and prepaid value proposition.

Q: M&A pending payments, leverage peak, dividend; A: M&A payments in Q1, leverage to peak in first half, not considering cutting dividends soon