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Long-term assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Subclassifications of assets, liabilities and equities [abstract] |
Disclosure of intangible assets useful lives | Estimated useful lives are:
| Years
Estimated useful lives |
Trademarks | 1 to 15
Customer lists | 4 to 20
Movements in intangible assets and goodwill | Movements in intangible assets in 2025
| Goodwill | Licenses and Spectrum | Customer Lists | IRUs | Trademarks | Other (i) | Total
| (US$ millions)
Opening balance, net | 4,094 |  | 840 |  | 679 |  | 25 |  | 912 |  | 359 |  | 6,908 |
Change in scope (see note A.1.2. and A.2.2.) | 127 |  | 252 |  | 163 |  | — |  | — |  | 4 |  | 546 |
Additions | — |  | 506 |  | — |  | — |  | — |  | 65 |  | 572 |
Amortization charge | — |  | (91) |  | (92) |  | (6) |  | — |  | (129) |  | (319) |
Impairment | — |  | — |  | — |  | — |  | — |  | (4) |  | (4) |
Disposals, net | — |  | — |  | — |  | — |  | — |  | (2) |  | (2) |
Transfers | — |  | — |  | — |  | 1 |  | 1 |  | (2) |  | — |
Transfer to/from held for sale (see note E.4) | — |  | (4) |  | — |  | — |  | — |  | — |  | (4) |
Exchange rate movements | 44 | 46 |  | 3 |  | — |  | 3 |  | 6 |  | 102 |
Closing balance, net | 4,265 |  | 1,548 |  | 753 |  | 20 |  | 915 |  | 297 |  | 7,798 |
Cost or valuation | 4,265 |  | 2,354 |  | 1,381 |  | 178 |  | 1,248 |  | 1,422 |  | 10,848 |
Accumulated amortization and impairment | — |  | (805) |  | (628) |  | (158) |  | (333) |  | (1,125) |  | (3,050) |
Net | 4,265 |  | 1,548 |  | 753 |  | 20 |  | 915 |  | 297 |  | 7,798 |
Movements in intangible assets in 2024
| Goodwill | Licenses and Spectrum | Customer Lists | IRUs | Trademarks | Other (i) | Total
| (US$ millions)
Opening balance, net | 4,107 |  | 1,558 |  | 769 |  | 33 |  | 910 |  | 408 |  | 7,785 |
Change in scope (see note A.1.2.) | — |  | 114 |  | — |  | — |  | — |  | — |  | 114 |
Additions | — |  | 123 |  | — |  | 1 |  | — |  | 97 |  | 221 |
Amortization charge | — |  | (81) |  | (92) |  | (9) |  | — |  | (138) |  | (319) |
Impairment (ii) | — |  | (3) |  | — |  | — |  | — |  | (5) |  | (8) |
Disposals, net | — |  | 2 |  | — |  | — |  | — |  | (1) |  | 1 |
Asset retirement obligation | — |  | 1 |  | — |  | — |  | — |  | — |  | 1 |
Transfers | — |  | 4 |  | — |  | 3 |  | — |  | 24 |  | 30 |
Transfer to/from held for sale | — |  | (861) |  | — |  | — |  | — |  | (9) |  | (870) |
Exchange rate movements | (13) |  | (19) |  | 2 |  | (2) |  | 2 |  | (16) |  | (47) |
Closing balance, net | 4,094 |  | 840 |  | 679 |  | 25 |  | 912 |  | 359 |  | 6,908 |
Cost or valuation | 4,094 |  | 1,594 |  | 1,211 |  | 169 |  | 1,240 |  | 1,302 |  | 9,611 |
Accumulated amortization and impairment | — |  | (755) |  | (533) |  | (144) |  | (329) |  | (943) |  | (2,703) |
Net | 4,094 |  | 840 |  | 679 |  | 25 |  | 912 |  | 359 |  | 6,908 |
(i) Other includes mainly software costs. (ii) During the year ended December 31, 2024, Millicom decommissioned an IT software and as a result recorded $7 million under operating expenses as impairment charges.
Cash used for purchases of long-term assets | Cash used for intangible asset additions
| 2025 | 2024 | 2023
| (US$ millions)
Additions | 65 |  | 98 |  | 116 |
Change in advances to suppliers | 3 |  | (2) |  | (3) |
Change in accruals and payables for intangibles | 23 |  | (2) |  | 21 |
Cash used for additions | 91 |  | 94 |  | 133 |
Cash used for property, plant and equipment
| 2025 | 2024 | 2023
| (US$ millions)
Additions | 654 |  | 579 |  | 694 |
Change in advances to suppliers | 7 |  | (2) |  | 3 |
Change in accruals and payables for property, plant and equipment | (10) |  | (37) |  | 116 |
Cash used | 650 |  | 540 |  | 814 |
Allocation of goodwill to cash generating units | Allocation of Goodwill to cash generating units (CGUs)
| 2025 | 2024
| (US$ millions)
Guatemala | 2,489 |  | 2,477 |
Panama | 907 |  | 907 |
El Salvador | 194 |  | 194 |
Costa Rica | 142 |  | 139 |
Paraguay | 49 |  | 41 |
Colombia | 158 |  | 135 |
Nicaragua | 197 |  | 197 |
Bolivia | 2 |  | 3 |
Uruguay (see note A.1.2.) | 127 |  | n/a
Ecuador (see note A.1.2.) | — |  | n/a
Total | 4,265 |  | 4,094 |
Allocation of indefinite useful life trademarks to cash generating units (CGUs)
| 2025 | 2024
| (US$ millions)
Guatemala | 915 |  | 912 |
Total | 915 |  | 912 |
The most significant estimates used for the 2025 and 2024 impairment test are shown below:
CGU | Average EBITDA margin (%) (i) | Average CAPEX intensity (%) (i) | Perpetual growth rate (%) | WACC rate after tax (%) (ii)
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Bolivia | 47.7 | 46.9 | 14.3 | 14.8 | 0.5 | 1.0 | 13.6 | 22.9
Colombia | 45.1 | 41.4 | 15.0 | 11.2 | 0.5 | 2.0 | 9.5 | 8.9
Costa Rica | 35.8 | 37.7 | 13.2 | 16.4 | 0.5 | — | 8.2 | 8.2
Ecuador | 47.5 | n/a | 12.7 | n/a | 1.0 | n/a | 11.7 | n/a
El Salvador | 48.8 | 47.8 | 13.8 | 11.9 | 1.0 | 1.0 | 10.6 | 10.2
Guatemala | 56.7 | 55.9 | 9.6 | 8.3 | 1.0 | 1.0 | 8.9 | 8.7
Nicaragua | 51.7 | 50.5 | 14.5 | 15.1 | 0.5 | 2.0 | 13.1 | 15.3
Panamá | 51.2 | 51.0 | 11.9 | 10.9 | 1.0 | 1.0 | 8.8 | 9.4
Paraguay | 52.2 | 50.8 | 11.8 | 12.9 | 0.5 | — | 8.8 | 8.6
Uruguay | 47.5 | n/a | 9.5 | n/a | 1.0 | n/a | 7.6 | n/a
(i) Average is computed over the period covered by the plan. (ii) Millicom uses post-tax rate for the impairment-test, the difference with the pre-tax not resulting in different conclusions. Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases, expressed in percentage points, were considered for all CGUs:
Reasonable changes in key assumptions (%)
Financial variables | 2025 | 2024
WACC rates | +/- 2 | +/-2
Perpetual growth rates | +/-1 | +/-1
Operating variables |  |
EBITDA margin | +/-3 | +/-3
CAPEX intensity | +/-2 | +/-1
At December 31, 2025 and the sensitivity analysis shows no impairment under the above mentioned changes in assumptions for all CGUs. At December 31, 2024, the sensitivity analysis shows no impairment under the above mentioned changes in assumptions for all CGUs, except for Nicaragua where. if the assumptions used in the impairment test were changed to a greater extent than as presented in the following table, the changes would, in isolation, trigger a potential impairment loss being recognised for the Nicaragua CGU in the year ended December 31, 2024 .
| 2024
Change required for carrying value to equal recoverable amount | CGU
| Nicaragua
Financial variables |
WACC rate | +109bps
Perpetual growth rates | n/a
Operating variables |
Average EBITDA margin | (1.95)%
CAPEX intensity | n/a
Schedule of property, plant and equipment and movements in tangible assets |
Estimated useful lives | Duration
Buildings | Up to 40 years
Networks (including civil works) | 5 to 25 years
Other | 2 to 10 years
Movements in tangible assets in 2025
| Network Equipment | Land and Buildings | Construction in Progress | Other(i) | Total
| (US$ millions)
Opening balance, net | 2,271 |  | 171 |  | 370 |  | 35 |  | 2,847 |
Change in scope (see note A.1.2. and A.2.2.) | 293 |  | 25 |  | 55 |  | 14 |  | 387 |
Additions | 133 |  | 1 |  | 508 |  | 12 |  | 654 |
Impairments/reversal of impairment, net | 2 |  | — |  | — |  | (1) |  | 2 |
Disposals, net | (81) |  | — |  | (3) |  | — |  | (84) |
Depreciation charge | (669) |  | (17) |  | — |  | (25) |  | (710) |
Asset retirement obligations | 46 |  | 3 |  | — |  | — |  | 49 |
Transfers | 523 |  | 5 |  | (561) |  | 29 |  | (3) |
Exchange rate movements | 68 |  | 9 |  | 8 |  | — |  | 85 |
Other | 4 |  | (4) |  | — |  | — |  | — |
Closing balance, net | 2,591 |  | 194 |  | 376 |  | 65 |  | 3,226 |
Cost or valuation | 10,175 |  | 444 |  | 376 |  | 416 |  | 11,411 |
Accumulated depreciation and impairment | (7,584) |  | (250) |  | — |  | (351) |  | (8,185) |
Net at December 31, 2025 | 2,591 |  | 194 |  | 376 |  | 65 |  | 3,226 |
Movements in tangible assets in 2024
| Network equipment | Land and buildings | Construction in progress | Other(i) | Total
| (US$ millions)
Opening balance, net | 2,507 |  | 162 |  | 394 |  | 44 |  | 3,107 |
Change in scope (see note A.1.2.) | 114 |  | — |  | 1 |  | — |  | 115 |
Additions | 118 |  | 23 |  | 433 |  | 5 |  | 579 |
Disposals, net | (11) |  | — |  | (5) |  | — |  | (16) |
Depreciation charge | (671) |  | (16) |  | — |  | (23) |  | (710) |
Asset retirement obligations | 23 |  | 4 |  | — |  | — |  | 27 |
Transfers | 404 |  | 5 |  | (445) |  | 9 |  | (26) |
Transfers from/(to) assets held for sale (see note E.4.) | (122) |  | — |  | — |  | — |  | (122) |
Exchange rate movements | (90) |  | (8) |  | (8) |  | — |  | (107) |
Closing balance, net | 2,271 |  | 171 |  | 370 |  | 35 |  | 2,847 |
Cost or valuation | 8,767 |  | 328 |  | 370 |  | 338 |  | 9,803 |
Accumulated depreciation and impairment | (6,496) |  | (157) |  | — |  | (303) |  | (6,956) |
Net at December 31, 2024 | 2,271 |  | 171 |  | 370 |  | 35 |  | 2,847 |
(i) Other mainly includes office equipment and motor vehicles.
Disclosure of movement in right of use assets | Movements in right of use assets in 2025
Right-of-use assets | Land and buildings | Sites rental | Tower rental | Capacity | Other network equipment | Other | Total
(US$ millions)
Opening balance, net | 101 |  | 164 |  | 477 |  | 29 |  | 14 |  | 6 |  | 792 |
Change in scope (see note A.1.2) | — |  | — |  | 314 |  | — |  | — |  | — |  | 314 |
Additions (see note A.1.3) | 6 |  | 34 |  | 1,154 |  | 1 |  | 14 |  | — |  | 1,210 |
Modifications | 38 |  | 38 |  | 190 |  | — |  | 5 |  | 1 |  | 272 |
Disposals | (4) |  | (12) |  | (34) |  | — |  | (1) |  | (3) |  | (53) |
Depreciation | (34) |  | (42) |  | (160) |  | (7) |  | (4) |  | (2) |  | (249) |
Asset retirement obligations | — |  | 1 |  | 1 |  | — |  | 1 |  | — |  | 3 |
Transfers | 1 |  | — |  | 2 |  | — |  | — |  | — |  | 3 |
Transfers to/from assets held for sale (see note E.4) | — |  | (23) |  | — |  | — |  | — |  | — |  | (23) |
Exchange rate movements | 9 |  | (7) |  | 76 |  | — |  | — |  | — |  | 79 |
Closing balance, net | 118 |  | 153 |  | 2,021 |  | 23 |  | 29 |  | 2 |  | 2,346 |
Cost of valuation | 280 |  | 376 |  | 2,607 |  | 180 |  | 40 |  | 6 |  | 3,489 |
Accumulated depreciation and impairment | (163) |  | (223) |  | (586) |  | (157) |  | (11) |  | (4) |  | (1,142) |
Net at 31 December 2025 | 118 |  | 153 |  | 2,021 |  | 23 |  | 29 |  | 2 |  | 2,346 |
Movements in right of use assets in 2024
Right-of-use assets | Land and buildings | Sites rental | Tower rental | Capacity | Other network equipment | Other | Total
| (US$ millions) |  |  |
Opening balance, net | 130 |  | 177 |  | 537 |  | 27 |  | 16 |  | 9 |  | 896 |
Additions | 13 |  | 5 |  | 99 |  | 8 |  | — |  | 1 |  | 126 |
Modifications | 13 |  | 50 |  | 59 |  | — |  | 1 |  | 2 |  | 125 |
Impairments | (1) |  | — |  | (3) |  | — |  | — |  | — |  | (4) |
Disposals | (9) |  | (18) |  | (8) |  | — |  | — |  | (3) |  | (39) |
Depreciation | (36) |  | (47) |  | (109) |  | (6) |  | (2) |  | (3) |  | (204) |
Asset retirement obligations | — |  | — |  | 1 |  | — |  | — |  | — |  | 1 |
Transfers | — |  | — |  | 1 |  | — |  | (1) |  | — |  | — |
Transfer to/from held for sale | — |  | (2) |  | (74) |  | — |  | — |  | — |  | (76) |
Exchange rate movements | (9) |  | — |  | (25) |  | — |  | — |  | — |  | (34) |
Closing balance, net | 101 |  | 164 |  | 477 |  | 29 |  | 14 |  | 6 |  | 792 |
Cost of valuation | 233 |  | 385 |  | 785 |  | 54 |  | 24 |  | 15 |  | 1,497 |
Accumulated depreciation and impairment | (132) |  | (220) |  | (308) |  | (26) |  | (10) |  | (9) |  | (705) |
Net at 31 December 2024 | 101 |  | 164 |  | 477 |  | 29 |  | 14 |  | 6 |  | 792 |
Disclosure of assets held for sale | Assets held for sale - Summary
Assets and liabilities reclassified as held for sale (In millions of U.S. dollars) | December 31, 2024
Towers sale in Colombia related to the third batch | 1
Mobile network sharing agreement in Colombia | 613
Towers sale (including certain lease transfers) in Nicaragua | 13
Total assets of held for sale | 627
Towers sale in Colombia related to the third batch | 1
Mobile network sharing agreement in Colombia | 698
Towers sale (including certain lease transfers) in Nicaragua | 10
Total liabilities directly associated with assets held for sale | 709
Net assets held for sale / book value | (83)

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