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The Millicom Group (Tables)
 12 Months Ended
Dec. 31, 2025
Interests In Other Entities [Abstract]  
Disclosure of main subsidiaries The Group's main subsidiaries are as follows:
EntityCountryActivityDecember 31, 2025 % holding*December 31, 2024 % holding*December 31, 2023 % holding*
Colombia Móvil S.A. E.S.P. ColombiaMobile
50-1 share
50-1 share
50-1 share
Comunicaciones Celulares S.A.GuatemalaMobile100 100 100 
Grupo de Comunicaciones Digitales, S.A. (formerly Telefónica Móviles Panama, S.A.)PanamaMobile100 100 100 
Millicom Cable Costa Rica S.A.Costa RicaCable, DTH100 100 100 
Millicom International Operations B.V.NetherlandsHolding Company100 100 100 
Millicom International Services LLCUSAServices Company100 100 100 
Millicom LIH S.A.LuxembourgHolding Company100 100 100 
Millicom International Operations S.A.LuxembourgHolding Company100 100 100 
Millicom Spain S.L.SpainHolding Company100 100 100 
Millicom Telecommunications S.A. (i)LuxembourgHolding Company ('MFS business')100 100 100 
Navega.com S.A.GuatemalaCable, DTH100 100 100 
Otecel, S.A.EcuadorMobile100 N/AN/A
Servicios Especializados en Telecomunicaciones, S.A.GuatemalaMobile100 100 100 
Servicios Innovadores de Comunicación y Entretenimiento, S.A.GuatemalaMobile100 100 100 
Telecomunicaciones Digitales, S.A. (formerly Cable Onda S.A.)PanamaCable, Pay-TV, Internet, DTH, Fixed-line100 100 100 
Telefónica Celular de Bolivia S.A.BoliviaMobile, DTH, Cable100 100 100 
Telefonía Celular de Nicaragua S.A.NicaraguaMobile, Cable, Internet, Fixed-line100 100 100 
Telefónica Celular del Paraguay S.A.ParaguayMobile, Cable, Pay-TV, Internet100 100 100 
Telemóvil El Salvador S.A. de C.V.El SalvadorMobile, Cable, DTH100 100 100 
Telefónica Móviles de Uruguay S.A.UruguayMobile100 N/AN/A
UNE EPM Telecomunicaciones S.A. and subsidiaries ColombiaFixed-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)
Revenue1,4501,3801,313
Total operating expenses(493)(496)(501)
Operating profit31328360
Net profit (loss) for the year9230(326)
50% non-controlling interest in net (loss)
4615(163)
Total assets (excluding goodwill)2,6492,0892,470
Total liabilities2,6532,1772,605
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 activities435297270
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, net6(7)2
Net increase (decrease) in cash and cash equivalents91(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 $4 million, respectively reflecting residual impacts of Millicom's exit from Africa . For further details on Assets held for sale, refer to note E.4.
Disclosure of interests in joint ventures
Our main joint ventures are as follows:
Entity
Country
Activity
December 31, 2025 % holdingDecember 31, 2024 % holding
Telefonica Celular S.A. (i)HondurasMobile, MFS66.766.7
Navega S.A. de CV (i)HondurasCable66.766.7
(i)Millicom owns more than 50% of the shares in these entities and has the right to nominate a majority of the directors of each of these entities. However, key decisions over the relevant activities must be taken by a super majority vote. This effectively gives either shareholder the ability to veto any decision and therefore neither shareholder has sole control over the entity. Therefore, the operations of these joint ventures are accounted for under the equity method.
The table below summarizes the movements for the year in respect of the Group’s joint ventures carrying values:
Honduras (i)
(US$ millions)
Opening balance at January 1, 2024576 
Results for the year54 
Dividends declared during the year(48)
Currency exchange differences(21)
Closing balance at December 31, 2024561 
Results for the year102 
Dividends declared during the year(51)
Currency exchange differences(29)
Closing balance at December 31, 2025583 
(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.
202520242023
(US$ millions)
Revenue621 617 612 
Depreciation and amortization(100)(101)(105)
Operating profit267 159 124 
Financial income (expenses), net(51)(37)(28)
Profit before taxes206 120 95 
Tax expense(52)(40)(32)
Profit for the year154 80 63 
Net profit for the year attributable to Millicom (*)102 54 42 
Dividends and advances paid to Millicom99 66 63 
Total non-current assets (excluding goodwill) (**)799 465 429 
Total non-current liabilities722 463 440 
Total current assets274 235 200 
Total current liabilities299 262 223 
Total net assets52 (25)(35)
Group's share in %66.7 %66.7 %66.7 %
Group's share in USD millions35 (17)(23)
Goodwill and consolidation adjustments549 578 600 
Carrying value of investment in joint venture583 561 576 
Cash and cash equivalents68 55 47 
Debt and financing – non-current (**)704 417 394 
Debt and financing – current55 34 28 
Net cash from operating activities192 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 equivalents15 9 21 
(*) In 2025, it includes $45 million of gain related to the sale of Lati Honduras.
(**) Includes $294 million of initial balances of right-of-use assets and lease liabilities recognized by the end of October 2025 in Tigo Honduras books after the sale of Lati Honduras
Disclosure of detailed information about business combination
Tigo UruguayProvisional fair values (At acquisition date 7Oct2025)
($ millions)
Intangible assets (excluding goodwill)203
Property, plant and equipment120
Right of use assets82
Other non-current assets9
Current assets (excluding cash)43
Trade receivables24
Cash and cash equivalents53
Total assets acquired534
Lease liabilities82
Other debt and financing200
Other liabilities78
Total liabilities assumed360
(A) Fair value of assets acquired and liabilities assumed, net 174
(B) Purchase consideration301
(C=B-A) Provisional goodwill arising on acquisition127
Tigo EcuadorProvisional fair values (At acquisition date 30Oct2025)
($ millions)
Intangible assets (excluding goodwill)216
Property, plant and equipment269
Right of use assets233
Other non-current assets20
Current assets (excluding cash)110
Trade receivables32
Cash and cash equivalents83
Total assets acquired963
Lease liabilities231
Other debt and financing85
Other liabilities267
Total liabilities assumed583
(A) Fair value of assets acquired and liabilities assumed, net380
(B) Purchase consideration380
(C=B-A) Provisional goodwill arising on acquisition—