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Performance (Tables)

12 Months Ended

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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