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The Millicom Group (Tables) | 12 Months Ended
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Dec. 31, 2025
Interests In Other Entities [Abstract] |
Disclosure of main subsidiaries | The Group's main subsidiaries are as follows:
Entity | Country | Activity | December 31, 2025 % holding* | December 31, 2024 % holding* | December 31, 2023 % holding*
Colombia Móvil S.A. E.S.P. | Colombia | Mobile | 50-1 share | 50-1 share | 50-1 share
Comunicaciones Celulares S.A. | Guatemala | Mobile | 100 |  | 100 |  | 100 |
Grupo de Comunicaciones Digitales, S.A. (formerly Telefónica Móviles Panama, S.A.) | Panama | Mobile | 100 |  | 100 |  | 100 |
Millicom Cable Costa Rica S.A. | Costa Rica | Cable, DTH | 100 |  | 100 |  | 100 |
Millicom International Operations B.V. | Netherlands | Holding Company | 100 |  | 100 |  | 100 |
Millicom International Services LLC | USA | Services Company | 100 |  | 100 |  | 100 |
Millicom LIH S.A. | Luxembourg | Holding Company | 100 |  | 100 |  | 100 |
Millicom International Operations S.A. | Luxembourg | Holding Company | 100 |  | 100 |  | 100 |
Millicom Spain S.L. | Spain | Holding Company | 100 |  | 100 |  | 100 |
Millicom Telecommunications S.A. (i) | Luxembourg | Holding Company ('MFS business') | 100 |  | 100 |  | 100 |
Navega.com S.A. | Guatemala | Cable, DTH | 100 |  | 100 |  | 100 |
Otecel, S.A. | Ecuador | Mobile | 100 |  | N/A | N/A
Servicios Especializados en Telecomunicaciones, S.A. | Guatemala | Mobile | 100 |  | 100 |  | 100 |
Servicios Innovadores de Comunicación y Entretenimiento, S.A. | Guatemala | Mobile | 100 |  | 100 |  | 100 |
Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.) | Panama | Cable, Pay-TV, Internet, DTH, Fixed-line | 100 |  | 100 |  | 100 |
Telefónica Celular de Bolivia S.A. | Bolivia | Mobile, DTH, Cable | 100 |  | 100 |  | 100 |
Telefonía Celular de Nicaragua S.A. | Nicaragua | Mobile, Cable, Internet, Fixed-line | 100 |  | 100 |  | 100 |
Telefónica Celular del Paraguay S.A. | Paraguay | Mobile, Cable, Pay-TV, Internet | 100 |  | 100 |  | 100 |
Telemóvil El Salvador S.A. de C.V. | El Salvador | Mobile, Cable, DTH | 100 |  | 100 |  | 100 |
Telefónica Móviles de Uruguay S.A. | Uruguay | Mobile | 100 |  | N/A | N/A
UNE EPM Telecomunicaciones S.A. and subsidiaries | Colombia | Fixed-line, Internet, Pay-TV, Mobile | 50-1 share | 50-1 share | 50-1 share
* Also reflects the voting interest, except in Colombia where voting interest is 50% + 1 share for each of the two entities. See also Note "H."
(i) Millicom Telecommunications S.A. is the holding Company of most of the Group's MFS business. |
The summarized financial information for material non-controlling interests in our operations in Colombia is provided below. This information is based on amounts before inter-company eliminations. Colombia
| 2025 (*) | 2024 | 2023
| (US$ millions)
Revenue | 1,450 | 1,380 | 1,313
Total operating expenses | (493) | (496) | (501)
Operating profit | 313 | 283 | 60
Net profit (loss) for the year | 92 | 30 | (326)
50% non-controlling interest in net (loss) | 46 | 15 | (163)
Total assets (excluding goodwill) | 2,649 | 2,089 | 2,470
Total liabilities | 2,653 | 2,177 | 2,605
Net assets | (4) | (87) | (135)
50% non-controlling interest in net assets | (2) | (44) | (68)
Consolidation adjustments | (19) | (11) | (17)
Total non-controlling interest | (21) | (55) | (85)
Dividends and advances paid to non-controlling interest | (2) | — | —
Net cash from operating activities | 435 | 297 | 270
Net cash from (used in) investing activities | (226) | (175) | (214)
Net cash from (used in) financing activities | (124) | (119) | (54)
Exchange impact on cash and cash equivalents, net | 6 | (7) | 2
Net increase (decrease) in cash and cash equivalents | 91 | (3) | 5
(*) It includes figures from Unired/UT.
Disclosure of discontinued operations | For the years ended December 31, 2025, December 31, 2024 and December 31, 2023 results from discontinued operations relate to operating expense for nil, $3 million and operating income of $4 million, respectively reflecting residual impacts of Millicom's exit from Africa . For further details on Assets held for sale, refer to note E.4.
Disclosure of interests in joint ventures | Our main joint ventures are as follows:
Entity | Country | Activity | December 31, 2025 % holding | December 31, 2024 % holding
Telefonica Celular S.A. (i) | Honduras | Mobile, MFS | 66.7 | 66.7
Navega S.A. de CV (i) | Honduras | Cable | 66.7 | 66.7
(i)Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity method. The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values:
| Honduras (i) |
| (US$ millions) |
Opening balance at January 1, 2024 | 576 |  |
Results for the year | 54 |  |
Dividends declared during the year | (48) |  |
Currency exchange differences | (21) |  |
Closing balance at December 31, 2024 | 561 |  |
Results for the year | 102 |  |
Dividends declared during the year | (51) |  |
Currency exchange differences | (29) |  |
Closing balance at December 31, 2025 | 583 |  |
(i) Includes all the companies under the Honduras group. Share of profit is recognized under ‘Share of profit in joint ventures’ in the statement of income for the year ended December 31, 2025.
Disclosure of summarised financial information of joint venture | Summarized financial information of the Honduras operation is as follows. This information is based on amounts before inter-company eliminations.
| 2025 | 2024 | 2023
| (US$ millions)
Revenue | 621 |  | 617 |  | 612 |
Depreciation and amortization | (100) |  | (101) |  | (105) |
Operating profit | 267 |  | 159 |  | 124 |
Financial income (expenses), net | (51) |  | (37) |  | (28) |
Profit before taxes | 206 |  | 120 |  | 95 |
Tax expense | (52) |  | (40) |  | (32) |
Profit for the year | 154 |  | 80 |  | 63 |
Net profit for the year attributable to Millicom (*) | 102 |  | 54 |  | 42 |
Dividends and advances paid to Millicom | 99 |  | 66 |  | 63 |
Total non-current assets (excluding goodwill) (**) | 799 |  | 465 |  | 429 |
Total non-current liabilities | 722 |  | 463 |  | 440 |
Total current assets | 274 |  | 235 |  | 200 |
Total current liabilities | 299 |  | 262 |  | 223 |
Total net assets | 52 |  | (25) |  | (35) |
Group's share in % | 66.7 | % | 66.7 | % | 66.7 | %
Group's share in USD millions | 35 |  | (17) |  | (23) |
Goodwill and consolidation adjustments | 549 |  | 578 |  | 600 |
Carrying value of investment in joint venture | 583 |  | 561 |  | 576 |
Cash and cash equivalents | 68 |  | 55 |  | 47 |
Debt and financing – non-current (**) | 704 |  | 417 |  | 394 |
Debt and financing – current | 55 |  | 34 |  | 28 |
Net cash from operating activities | 192 |  | 183 |  | 162 |
Net cash from (used in) investing activities | (15) |  | (65) |  | (94) |
Net cash from (used in) financing activities | (162) |  | (109) |  | (48) |
Net (decrease) increase in cash and cash equivalents | 15 |  | 9 |  | 21 |
(*) In 2025, it includes $45 million of gain related to the sale of Lati Honduras. (**) Includes $294 million of initial balances of right-of-use assets and lease liabilities recognized by the end of October 2025 in Tigo Honduras books after the sale of Lati Honduras
Disclosure of detailed information about business combination |
Tigo Uruguay | Provisional fair values (At acquisition date 7Oct2025) ($ millions)
Intangible assets (excluding goodwill) | 203
Property, plant and equipment | 120
Right of use assets | 82
Other non-current assets | 9
Current assets (excluding cash) | 43
Trade receivables | 24
Cash and cash equivalents | 53
Total assets acquired | 534
Lease liabilities | 82
Other debt and financing | 200
Other liabilities | 78
Total liabilities assumed | 360
(A) Fair value of assets acquired and liabilities assumed, net | 174
(B) Purchase consideration | 301
(C=B-A) Provisional goodwill arising on acquisition | 127
Tigo Ecuador | Provisional fair values (At acquisition date 30Oct2025) ($ millions)
Intangible assets (excluding goodwill) | 216
Property, plant and equipment | 269
Right of use assets | 233
Other non-current assets | 20
Current assets (excluding cash) | 110
Trade receivables | 32
Cash and cash equivalents | 83
Total assets acquired | 963
Lease liabilities | 231
Other debt and financing | 85
Other liabilities | 267
Total liabilities assumed | 583
(A) Fair value of assets acquired and liabilities assumed, net | 380
(B) Purchase consideration | 380
(C=B-A) Provisional goodwill arising on acquisition | —

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