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v3.26.1

Performance (Tables) | 12 Months Ended
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Dec. 31, 2025
Analysis of income and expense [abstract] |
Disclosure of revenue | Revenue from contracts with customers from continuing operations:
|  | 2025 | 2024 | 2023
$ millions | Timing of revenue recognition | Group | Group | Group
Mobile | Over time | 3,260 |  | 3,119 |  | 2,949 |
Mobile Financial Services | Point in time | 26 |  | 39 |  | 44 |
Fixed and other services | Over time | 2,068 |  | 2,175 |  | 2,192 |
Other | Over time | 98 |  | 84 |  | 65 |
Service Revenue |  | 5,451 |  | 5,417 |  | 5,250 |
Telephone and equipment | Point in time | 367 |  | 387 |  | 411 |
Revenue from contracts with customers |  | 5,819 |  | 5,804 |  | 5,661 |
Disclosure of cost of sales | The various costs and expenses incurred by the Group can be summarized as presented below. The Group recognizes and categorizes expenses by their nature as either 'equipment, programming and other direct costs' which are those more directly related to the generation of revenue or as '(Other) operating expenses and income' which are rather indirect costs. As a result, 'equipment, programming and other direct costs' specifically excludes the following costs/expense which are further detailed below and elsewhere in the consolidated financial statements: •'Operating expenses, net' further detailed below; •Depreciation and amortization, which are further detailed in Notes E.1.3. ‘Movements in intangible assets’, E.2.2. ‘Movements in tangible assets’ and E.3. ‘Right of use assets’. •‘Other operating income (expenses), net’, also further detailed below. Equipment, programming and other direct costs
| 2025 | 2024 | 2023
| (US$ millions)
Cost of telephone, equipment and other accessories | (341) |  | (358) |  | (386) |
TV Content and data costs | (234) |  | (290) |  | (349) |
Voice airtime and transmission costs | (175) |  | (209) |  | (234) |
Bad debt and obsolescence cost | (125) |  | (143) |  | (141) |
Call center costs | (88) |  | (76) |  | (72) |
Transmission and other costs | (16) |  | (18) |  | (19) |
Other costs | (333) |  | (326) |  | (306) |
Equipment, programming and other direct costs | (1,311) |  | (1,420) |  | (1,507) |
Disclosure of operating expenses | Operating expenses Operating expenses incurred by the Group can be summarized as follows.
| 2025 | 2024 | 2023
| (US$ millions)
Marketing expenses | (543) |  | (525) |  | (536) |
Site and network maintenance costs | (322) |  | (325) |  | (322) |
Employee related costs (B.4.) | (452) |  | (553) |  | (614) |
External and other services | (208) |  | (262) |  | (281) |
Other operating expenses | (233) |  | (250) |  | (290) |
Operating expenses, net | (1,758) |  | (1,915) |  | (2,043) |
Disclosure of other operating income (expense) | Other operating income (expenses), net The other operating income and expenses incurred by the Group can be summarized as follows:
| Notes | 2025 | 2024 | 2023
|  | (US$ millions)
Impairment of intangible assets and property, plant and equipment | E.1., E.2. | (3) |  | (12) |  | (3) |
Gain on the formation of a joint operation | A.2. | — |  | 28 |  | — |
Gain (loss) on disposals of intangible assets and property, plant and equipment | E.2. E.4.2. | 36 |  | 23 |  | 6 |
Gain (loss) on disposal of equity investments |  | — |  | 5 |  | — |
Other income (expenses) (i) |  | 34 |  | 10 |  | 8 |
Other operating income (expenses), net |  | 68 |  | 54 |  | 10 |
(i) In 2025 other income is mainly attributed to contract lease terminations in Colombia following the assignment of lease contracts to our joint operation (see note A.1.2.) and contract lease derecognition in Guatemala while in 2024 is mainly attributed to contract lease modification in Paraguay and Guatemala for $8 million in total and in 2023 is mainly attributed to contract lease modification in Colombia for $2 million and social obligation spectrum liability derecognition in Paraguay for $3 million.)
Disclosure of operating segments | Revenue, Service revenue, Adjusted EBITDA, capital expenditures and other segment information for the years ended December 31, 2025, 2024 and 2023, are shown on the below:
December 31, 2025 | Guatemala | Colombia | Panama | Honduras | Paraguay | Bolivia | Other segments (v) | Total segments | Inter-segment and other eliminations(iv) | Total Group
(US$ millions)
Service revenue(i) | 1,448 |  | 1,426 |  | 693 |  | 590 |  | 559 |  | 353 |  | 999 |  | 6,068 |  | (617) |  | 5,451 |
Telephone and equipment revenue | 222 |  | 24 |  | 32 |  | 31 |  | 19 |  | 3 |  | 67 |  | 398 |  | (31) |  | 367 |
Revenue | 1,671 |  | 1,450 |  | 725 |  | 621 |  | 578 |  | 356 |  | 1,066 |  | 6,467 |  | (648) |  | 5,819 |
Inter-segment revenue | 9 |  | 2 |  | 2 |  | 5 |  | 5 |  | 7 |  | 7 |  | 37 |  | n/a | n/a
Revenue from external customers | 1,662 |  | 1,449 |  | 723 |  | 616 |  | 573 |  | 349 |  | 1,059 |  | 6,430 |  | n/a | n/a
Adjusted EBITDA(ii) | 928 |  | 604 |  | 371 |  | 320 |  | 297 |  | 174 |  | 466 |  | 3,159 |  | (410) |  | 2,749 |
Capital expenditures (iii) | 137 |  | 209 |  | 90 |  | 76 |  | 65 |  | 47 |  | 166 |  | 789 |  | (70) |  | 719 |
(i) 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. (ii) EBITDA is operating profit excluding impairment losses, depreciation and amortization, share of profit in Honduras joint venture and gains/losses on the disposal of fixed assets. (iii) Capital expenditures correspond to additions of property, plant and equipment, as well as operating intangible assets, excluding spectrum and licenses. The Group capital expenditure additions can be reconciled with notes E.1.3. and E.2.2.for amounts of $654 million and $65 million, respectively (2024: $579 million and $98 million, respectively). (iv) Includes intercompany eliminations, unallocated items and Honduras as a joint venture. (v) Includes our operations in El Salvador, Nicaragua,Costa Rica, Ecuador and Uruguay.
December 31, 2024 | Guatemala | Colombia | Panama | Honduras | Paraguay | Bolivia | Other segments (v) | Total segments | Inter-segment and other eliminations(iv) | Total Group
(US$ millions)
Service revenue(i) | 1,391 |  | 1,342 |  | 700 |  | 584 |  | 540 |  | 607 |  | 858 |  | 6,022 |  | (605) |  | 5,417 |
Telephone and equipment revenue | 212 |  | 39 |  | 56 |  | 34 |  | 18 |  | 6 |  | 56 |  | 420 |  | (34) |  | 387 |
Revenue | 1,603 |  | 1,380 |  | 756 |  | 617 |  | 559 |  | 613 |  | 914 |  | 6,442 |  | (638) |  | 5,804 |
Inter-segment revenue | 9 |  | 2 |  | 2 |  | 4 |  | 4 |  | 1 |  | 8 |  | 29 |  | n/a | n/a
Revenue from external customers | 1,594 |  | 1,379 |  | 753 |  | 613 |  | 555 |  | 613 |  | 906 |  | 6,413 |  | n/a | n/a
Adjusted EBITDA(ii) | 867 |  | 525 |  | 354 |  | 302 |  | 267 |  | 266 |  | 391 |  | 2,972 |  | (504) |  | 2,469 |
Capital expenditures (iii) | 175 |  | 144 |  | 96 |  | 75 |  | 72 |  | 73 |  | 132 |  | 766 |  | (89) |  | 677 |
December 31, 2023 | Guatemala | Colombia | Panama | Honduras | Paraguay | Bolivia | Other segments (v) | Total segments | Inter-segment and other eliminations(iv) | Total Group
(US$ millions)
Service revenue(i) | 1,339 |  | 1,268 |  | 669 |  | 572 |  | 544 |  | 601 |  | 847 |  | 5,842 |  | (591) |  | 5,250 |
Telephone and equipment revenue | 225 |  | 45 |  | 50 |  | 39 |  | 24 |  | 11 |  | 55 |  | 450 |  | (39) |  | 411 |
Revenue | 1,564 |  | 1,313 |  | 719 |  | 612 |  | 568 |  | 613 |  | 902 |  | 6,292 |  | (631) |  | 5,661 |
Inter-segment revenue | 8 |  | 3 |  | 2 |  | 5 |  | 3 |  | — |  | 7 |  | 28 |  | n/a | n/a
Revenue from external customers | 1,556 |  | 1,311 |  | 717 |  | 607 |  | 565 |  | 613 |  | 895 |  | 6,264 |  | n/a | n/a
Adjusted EBITDA(ii) | 807 |  | 420 |  | 296 |  | 272 |  | 236 |  | 224 |  | 352 |  | 2,609 |  | (498) |  | 2,111 |
Capital expenditures (iii) | 183 |  | 161 |  | 100 |  | 103 |  | 97 |  | 92 |  | 148 |  | 883 |  | (73) |  | 809 |
Reconciliation of Adjusted EBITDA for reportable segments to the Group Profit before taxes:
(US$ millions) | 2025 | 2024 | 2023
Adjusted EBITDA for reportable segments | 3,159 | 2,972 | 2,609
Depreciation | (961) | (916) | (978)
Amortization | (319) | (319) | (360)
Share of profit in joint venture | 102 | 54 | 42
Other operating income (expenses), net | 68 | 54 | 10
Interest and other financial expenses | (702) | (716) | (712)
Interest and other financial income | 28 | 46 | 28
Sale of Lati Operations | 741 | — | —
Other non-operating (expenses) income, net | (43) | (119) | 36
Profit (loss) from other joint ventures and associates, net | 1 | — | (3)
Honduras as joint venture | (320) | (302) | (272)
Unallocated expenses and other reconciling items (i) | (90) | (202) | (225)
Profit before taxes from continuing operations | 1,665 | 552 | 175
(i) The unallocated expenses are primarily related to centrally managed costs.
Disclosure of number of permanent employees | Number of permanent employees
| 2025 | 2024 | 2023
Subsidiaries (i) | 14,282 |  | 13,456 |  | 15,742 |
Honduras joint venture | 680 |  | 729 |  | 785 |
Total | 14,962 |  | 14,185 |  | 16,527 |
(i) Emtelco (subsidiary of UNE EPM Telecomunicaciones S.A.) headcount are excluded from this disclosure and any internal reporting because their costs are classified as direct costs and not employee related costs.
Disclosure of employee related costs |
| Notes | 2025 | 2024 | 2023
|  | (US$ millions) |
Wages and salaries |  | (358) |  | (421) |  | (463) |
Social security |  | (59) |  | (63) |  | (73) |
Share based compensation | B.4.1. | (14) |  | (50) |  | (52) |
Pension and other long-term benefit costs | B.4.2. | (2) |  | (3) |  | (3) |
Other employees related costs |  | (19) |  | (17) |  | (24) |
Total |  | (452) |  | (553) |  | (614) |
Disclosure of cost of share-based compensation | Cost of equity settled share-based compensation
| 2025 | 2024 | 2023
| (US$ millions)
2021 incentive plans | — |  | — |  | (10) |
2022 incentive plans | — |  | (5) |  | (10) |
2023 incentive plans | (4) |  | (23) |  | (32) |
2024 incentive plans | (5) |  | (22) |  | — |
2025 incentive plans | (5) |  | — |  | — |
Total share based compensation | (14) |  | (50) |  | (52) |
Disclosure of assumptions and fair value of the shares under the TSR portion | Assumptions and fair value of the shares under the TSR and SAR portion(s) For the PSPs, and in order to calculate the fair value of the TSR portion of those plans, it is necessary to make a number of assumptions which are set out below. The assumptions have been set based on an analysis of historical data as at grant date.
| Risk-free rate % | Dividend yield % | Share price volatility(i) % | Award term (years) | Share fair value (in US$)
Performance Share Plan 2023 (Relative TSR) | 4.66 | — | 52.88 | 2.82 | 31.13
Performance Share Plan 2022 (Relative TSR) | 2.01 | — | 47.94 | 2.80 | 29.12
(i) Historical volatility retained was determined on the basis of a three-year historic average. For the PSPs, and in order to calculate the fair value of the SAR portion of the plan, it is necessary to make a number of assumptions which are set out below. The assumptions have been set based on an analysis of historical data as at grant date.
| Risk-free rate % | Dividend yield % | Share price volatility(i) % | Award term (years) | Unit fair value (in US$)
Performance share plan 2024 (SAR) | 4.31 | — | 38.20 | 6.50 | 9.35
Disclosure of plan awards and shares expected to vest | Plan awards and shares expected to vest
| 2025 Plan | 2024 Plan | 2023 Plan | 2022 Plan
| DSP | PSP (iii) | DSP | PSP | DSP | PSP | DSP
| (number of shares)
Shares granted (i) | 222,817 |  | 695,936 |  | 1,139,838 |  | 818,842 |  | 2,375,143 |  | 306,641 |  | 913,450 |
Effect of the Right Offering (ii) | — |  | — |  | — |  | — |  | — |  | 83,926 |  | 227,947 |
Revision for forfeitures | — |  | (43,852) |  | (55,244) |  | (233,983) |  | (156,243) |  | (72,290) |  | (84,684) |
Shares cancelled in 2024 | — |  | (438,396) |  | (229,963) |  | (308,172) |  | (244,537) |  | (144,108) |  | (33,305) |
Total before issuances | 222,817 |  | 213,688 |  | 854,631 |  | 276,687 |  | 1,974,363 |  | 174,169 |  | 1,023,408 |
Shares issued in 2022 |  |  |  |  |  |  | (13,957) |
Shares issued in 2023 |  |  |  | (31,124) |  | (354,331) |  | (29,885) |  | (476,256) |
Shares issued in 2024 |  |  | (135,092) |  | (66,519) |  | (824,237) |  | (49,245) |  | (312,725) |
Shares issued in 2025 | (70,252) |  | (43,612) |  | (349,551) |  | (105,193) |  | (445,526) |  | (136,547) |  | (220,470) |
Performance conditions overachievement | — |  | — |  | — |  | 75,248 |  | — |  | 41,508 |  | — |
Shares still expected to vest | 152,565 |  | 170,076 |  | 369,988 |  | 149,099 |  | 350,269 |  | — |  | — |
Estimated cost over the vesting period (US$ millions) | 7 |  | 7 |  | 22 |  | 17 |  | 43 |  | — |  | — |
(i) Additional shares granted represent grants made for new joiners and/or as per contractual arrangements. (ii) In 2022, as per plan rules, additional shares have been granted to all participants for unvested plans as a result of the effect of the right offering. (iii) 2024 Performance share plan is including a portion of 123,103 share appreciation right units.
Disclosure of directors renumeration charge | Remuneration charge for the non-executive Directors of the Board (gross of withholding tax)
| 2025 | 2024 | 2023
| (US$ ’000)
Chairperson | 250 |  | — |  | 315 |
Other non-executive directors of the Board | 768 |  | 1,300 |  | 1,360 |
Total (i) | 1,018 |  | 1,300 |  | 1,675 |
Shares beneficially owned by the non-executive Directors
| 2025 | 2024
| (number of shares)
Chairperson | — |  | — |
Other non-executive directors of the Board | 59,073 |  | 47,473 |
Total (i) | 59,073 |  | 47,473 |
(i)Cash compensation is denominated in USD. Share based compensation is based on the market value of Millicom shares on the corresponding AGM date (2025: in total 14,500 shares; 2024: in total 39,606 shares; 2023: in total 42,141 shares. Net remuneration comprised 41% in shares and 59% in cash (2024: 58% in shares and 42% in cash; 2023: 75% in shares and 25% in cash).
Disclosure of executive team renumeration charge | Remuneration charge for the Group Leadership Team
| Group Leadership Team (i) | Group Leadership Team (ii) | Group Leadership Team (iii)
| 2025 | 2024 | 2023
Base salary | 3,427 |  | 5,040 |  | 4,903 |
Bonus | 5,446 |  | 13,230 |  | 3,267 |
Pension | 623 |  | 1,042 |  | 1,194 |
Other benefits | 1,676 |  | 635 |  | 529 |
PCA (2025) / MSU (2024) (amount earned) | — |  | 1,169 |  | — |
Termination benefits | 4,036 |  | 4,940 |  | 804 |
Total before share based compensation | 15,208 |  | 26,056 |  | 10,696 |
Share based compensation(ii) | 5,371 |  | 16,277 |  | 21,663 |
Total | 20,579 |  | 42,332 |  | 32,359 |
(i) For 2025, it includes the compensation paid to the CEO role (Mr. Marcelo Benitez), the CFO role (Mr. Bart Vanhaeren) and the rest of the Group Leadership Team (Mr. Salvador Escalón, Mr. Karim Lesina and Mr. Guillaume Duhaze). It also includes termination benefits of former Group Leadership Team members. (ii) For 2024, it includes the compensation paid to the CEO role (for Mr. Mauricio Ramos with Mr Marcelo Benitez assuming the CEO role effective on June 1, 2024) and the CFO role (for Mr. Sheldon Bruha and Mr. Bart Vanhaeren assuming the CFO role effective April 15.2024). (iii) For 2023, it includes compensation paid to Mr. Maxime Lombardini (who joint the Group in September 2023) to Mr. Esteban Iriarte, former Chief Operating Officer (departed in May, 2023) and Ms Susy Bobenrieth (departed in December, 2023). For further details see also 'Restructuring Costs', part of this B.4 note.
Disclosure of vested and unvested share awards beneficially granted to the Executive team |
In number of shares (i) | Group Leadership team
2025 |
Share ownership (vested from equity plans and otherwise acquired) | 434,675 |
Share awards not vested (i) | 502,914 |
2024 |
Share ownership (vested from equity plans and otherwise acquired) | 270,850 |
Share awards not vested (i) | 474,225 |
(i) 2024 Performance share plan award is including a portion of share appreciation right units. For further details see also 'Restructuring Costs', part of this B.4. note.
Disclosure of other non-operating (expenses) income, net | Other non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on the results of the Group.
| Note | 2025 | 2024 | 2023
|  | (US$ millions) |
Change in fair value of derivatives | C.7.2. | (10) |  | 9 |  | 2 |
Exchange gains (losses), net |  | 71 |  | (43) |  | 31 |
Other and litigation costs (i) |  | (104) |  | (85) |  | 3 |
Total other non-operating (expenses) income, net |  | (43) |  | (119) |  | 36 |
(i) Please see note G.3.1.
Disclosure of income tax charge | Income tax charge
| 2025 | 2024 | 2023
| (US$ millions)
Income tax (charge) credit |  |  |
Withholding tax | (81) |  | (75) |  | (81) |
Other income tax relating to the current year | (256) |  | (203) |  | (170) |
Adjustments in respect of prior years | (24) |  | (6) |  | (10) |
Total | (361) |  | (284) |  | (261) |
Deferred tax (charge) credit |  |  |
Origination and reversal of temporary differences | (86) |  | (3) |  | 44 |
Effect of change in tax rates | — |  | 1 |  | 1 |
Tax income (expense) before valuation allowances | (86) |  | (2) |  | 45 |
(Increase)/decrease in unrecognised deferred tax assets and impairment (i) | 142 |  | 3 |  | (209) |
Total | 56 |  | 1 |  | (164) |
Adjustments in respect of prior years | 2 |  | 2 |  | 1 |
| 58 |  | 3 |  | (163) |
Tax (charge) credit on continuing operations | (303) |  | (281) |  | (424) |
Tax (charge) credit on discontinuing operations | — |  | — |  | — |
Tax expense | (303) |  | (281) |  | (424) |
(i) In 2025 it mainly relates to uses of deferred tax assets from previously on unrecognized balances, resulting from the application of IAS12. In 2023, it mainly relates to the impairment of tax credits and DTA.
Disclosure of income tax calculation | Reconciliation between the tax expense and tax at the weighted average statutory tax rate is as follows: Income tax calculation
| 2025 | 2024 | 2023
| Continuing operations | Discontinued operations | Total | Continuing operations | Discontinued operations | Total | Continuing operations | Discontinued operations | Total
| (US$ millions)
Profit before tax | 1,665 | — | 1,665 | 552 | (3) | 549 | 175 | 4 | 179
Tax at the weighted average statutory rate | (411) | — | (411) | (139) | 1 | (138) | (27) | (1) | (28)
Effect of: |  |  |  |  |  |  |  |  |
Items taxed at a different rate | (8) | — | (8) | 29 | — | 29 | 10 | — | 10
Change in tax rates on deferred tax balances | — | — | — | 1 | — | 1 | 1 | — | 1
Expenditure not deductible and income not taxable | 37 | — | 37 | (92) | (1) | (93) | (121) | 1 | (120)
Unrelieved withholding tax | (80) | — | (80) | (74) | — | (74) | (80) | — | (80)
Accounting for associates and joint ventures | 31 | — | 31 | 16 | — | 16 | 13 | — | 13
Movement in deferred tax on unremitted earnings | 8 | — | 8 | (21) | — | (21) | (2) | — | (2)
Unrecognized / recognized of previously unrecognized deferred tax assets | 142 | — | 142 | 3 | — | 3 | (209) | — | (209)
Adjustments in respect of prior years | (22) | — | (22) | (4) | — | (4) | (9) | — | (9)
Tax expense | (303) | — | (303) | (281) | — | (281) | (424) | — | (424)
Weighted average statutory tax rate | 24.7% |  | 24.7% | 25.2% |  | 25.1% | 15.4% |  | 15.6%
Effective tax rate | 18.2% |  | 18.2% | 50.9% |  | 51.2% | 242.3% |  | 236.9%
Tax expense increase from December 31, 2025, is mainly due to higher profitability and offset by the effect of certain tax risks provisions, part of the "Adjustments in respect of prior years", line. The weighted average statutory tax rate in 2023 of approximately 15% has been affected by higher losses in Colombia and Holdings (which do not have a corresponding tax effect).
Disclosure of deferred taxes and deductible temporary differences | Deferred tax
| Fixed assets | Unused tax losses | Unremitted earnings | Other | Offset | Total
| (US$ millions)
Balance at December 31, 2023 | (33) |  | — |  | (26) |  | 60 |  | — |  | 1 |
Deferred tax assets | 88 |  | — |  | — |  | 64 |  | (11) |  | 141 |
Deferred tax liabilities | (121) |  | — |  | (26) |  | (4) |  | 11 |  | (140) |
Balance at December 31, 2023 | (33) |  | — |  | (26) |  | 60 |  | — |  | 1 |
(Charge)/credit to income statement | 10 |  | — |  | (21) |  | 14 |  | — |  | 3 |
Charge to Other Comprehensive Income | — |  | — |  | — |  | — |  | — |  | — |
Exchange differences | — |  | — |  | — |  | — |  | — |  | — |
Balance at December 31, 2024 | (23) |  | — |  | (47) |  | 74 |  | — |  | 4 |
Deferred tax assets | 92 |  |  | — |  | 86 |  | (25) |  | 153 |
Deferred tax liabilities | (115) |  |  | (47) |  | (12) |  | 25 |  | (149) |
Balance at December 31, 2024 | (23) |  | — |  | (47) |  | 74 |  | — |  | 4 |
Acquisitions | 4 |  | — |  | — |  | (7) |  | — |  | (3) |
(Charge)/credit to income statement | 21 |  | — |  | 8 |  | 29 |  | — |  | 58 |
Charge to Other Comprehensive Income | 1 |  | — |  | — |  | (1) |  | — |  | — |
Exchange differences | (19) |  | — |  | — |  | (22) |  | — |  | (41) |
Balance at December 31, 2025 | (16) |  | — |  | (39) |  | 73 |  | — |  | 18 |
Deferred tax assets | 76 |  | — |  | — |  | 105 |  | (14) |  | 167 |
Deferred tax liabilities | (92) |  | — |  | (39) |  | (32) |  | 14 |  | (149) |
Balance at December 31, 2025 | (16) |  | — |  | (39) |  | 73 |  | — |  | 18 |
Deferred tax assets have not been recognized in respect of the following deductible temporary differences:
| Fixed assets | Unused tax losses | Other | Total
| (US$ millions)
At December 31, 2025 | 119 |  | 5,226 |  | 186 |  | 5,531 |
At December 31, 2024 | 112 |  | 5,705 |  | 170 |  | 5,987 |
Disclosure of unrecognized loss carryforwards | Unrecognized tax losses carryforward related to continuing operations expire as follows:
| 2025 | 2024 |
| (US$ millions)
Expiry: |  |  |
Within one year | — |  | 1 |  |
Within one to five years | 12 |  | 25 |  |
Between five to fifteen years | 1,625 |  | 1,715 |  |
No expiry | 3,589 |  | 3,964 |  |
Total | 5,226 |  | 5,705 |  |
The Group has unrecognized tax losses in the following jurisdictions:
| 2025 | 2024
Jurisdiction: | (US$ millions)
Luxembourg | 4,848 |  | 5,283 |
Colombia | 361 |  | 379 |
Sweden | 1 |  | 15 |
Panama | 8 |  | 22 |
The Netherlands | 3 |  | 3 |
Bolivia | 3 |  | 3 |
Curacao | — |  | 1 |
United Kingdom | 1 |  | 1 |
Unrecognized tax losses | 5,226 |  | 5,705 |
Disclosure of earnings per share | Net profit/(loss) used in the earnings (loss) per share computation
| 2025 | 2024 | 2023 |
| (US$ millions) |
Basic and Diluted |  |  |  |
Net profit (loss) attributable to equity holders from continuing operations | 1,316 | 256 | (86) |
Net profit (loss) attributable to equity holders from discontinued operations | — | (3) | 4 |
Net profit attributable to all equity holders to determine the profit per share | 1,316 | 253 | (82) |
in thousands |  |  |  |
Weighted average number of ordinary shares for basic earnings per share | 167,563 | 171,313 | 171,397 |
Effect of dilutive share-based compensation plans | 437 | 1,247 | — |
Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution (i) | 168,000 | 172,560 | 171,397 |
| (U.S. dollars) |
Basic |  |  |  |
Earnings per common share for profit from continuing operations attributable to owners of the Company | 7.86 | 1.49 | (0.50) |
Earnings per common share for profit from discontinued operations attributable to owners of the Company | — | (0.02) | 0.02 |
Earnings (loss) per common share for profit (loss) for the period attributable to owners of the Company | 7.86 | 1.47 | (0.48) |
Diluted |  |  |  |
Earnings per common share for profit from continuing operations attributable to owners of the Company | 7.83 | 1.48 | (0.50) |
Earnings per common share for profit from discontinued operations attributable to owners of the Company | — | (0.02) | 0.02 |
Earnings per common share for profit for the period attributable to owners of the Company | 7.83 | 1.46 | (0.48) |
(i) For the purpose of calculating the diluted earnings (loss) per common share, the weighted average outstanding shares used for the basic earnings (loss) per common share were increased only by the portion of the shares which have a dilutive effect on the earnings (loss) per common share. As a result, for years in which the Group has reported net loss, diluted net loss per share is the same as the basic net loss per share, because dilutive ordinary shares are not assumed to have been issued if their effect is anti-dilutive. Accordingly, 1,433 thousand potential ordinary shares as a result of share-based compensation plans were not considered in 2023 EPS as their impact was anti-dilutive.

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