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Capital structure and financing (Tables)
 12 Months Ended
Dec. 31, 2025
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]  
Disclosure of share capital, share premium
Share capital, share premium
20252024
Authorized and registered share capital (number of shares)200,000,000 200,000,000 
Subscribed and fully paid up share capital (number of shares)169,000,000 172,096,305 
Par value per share1.50 1.50 
Share capital (US$ millions)253 258 
Share premium (US$ millions)1,036 1,064 
Total (US$ millions)1,290 1,322 
Following the Extraordinary General Meeting of shareholders dated 21 May, 2025, Millicom cancelled 3,096,305 treasury shares .
Disclosure of other equity reserves
Other equity reserves
Legal reserve
Equity settled transaction reserve
Hedge reserve
Currency translation reserve
Pension obligation reserve
Total
(US$ millions)
As of January 1, 202316 51 5 (626)(4)(559)
Share based compensation— 50 — — — 50 
Issuance of shares with respect to LTIPs— (40)— — — (40)
Remeasurements of post-employment benefit obligations— — — — (2)(2)
Transfer to legal reserves2 — — — 0 2 
Cash flow hedge reserve movement— — (7)— — (7)
Currency translation movement— — — 56 — 56 
As of December 31, 202318 61 (2)(571)(6)(500)
Share based compensation— 49 — — — 49 
Share based cancellation— (35)— — 0 (35)
Issuance of shares with respect to LTIPs— (50)— — — (50)
Remeasurements of post-employment benefit obligations— — — — 1 1 
Transfer to legal reserves8 — — — — 8 
Cash flow hedge reserve movement— — (2)— — (2)
Currency translation movement— — — (2)— (2)
As of December 31, 202426 24 (4)(573)(5)(531)
Share based compensation— 14 — — — 14 
Issuance of shares with respect to LTIPs— (29)— — — (29)
Cash flow hedge reserve movement— — 3 — — 3 
Currency translation movement— — — (145)— (145)
As of December 31, 202526 9 (1)(718)(5)(689)
Disclosure of detailed information about borrowings
Debt and financing by type (See also note D.1.1. for further details on maturity)
Note
20252024
(US$ millions)
Debt and financing due after more than one year
BondsC.3.1.4,414 4,418 
Bank and Development Financial InstitutionC.3.2.2,284 1,253 
Total non-current financing6,698 5,671 
Less: portion payable within one year(142)(138)
Total non-current financing due after more than one year6,556 5,533 
Debt and financing due within one year
BondsC.3.1.137 43 
Bank and Development Financial InstitutionC.3.2.51 68 
Other financing (i)— 33 
Total current debt and financing188 144 
Add: portion of non-current debt payable within one year142 138 
Total329 282 
Total debt and financing6,886 5,815 
(i) In June 2025, Millicom repaid the COP144,054.5 million bilateral facility with IIC (Inter-American Development Bank).

Debt and financing by location
20252024
(US$ millions)
Millicom International Cellular S.A. (Luxembourg)2,416 2,401 
Guatemala1,602 1,233 
Colombia620 554 
Paraguay705 524 
Bolivia128 153 
Panama734 734 
Costa Rica148 146 
El Salvador248 71 
Nicaragua— — 
Uruguay201 n/a
Ecuador83 n/a
Total debt and financing6,886 5,815 
Bond financing
NoteCountryMaturityInterest Rate %20252024
(US$ millions)
SEK Variable Rate Notes1 Luxembourg2027STIBOR (i) +3.000 %244 202 
USD 7.375% Senior Notes
2 Luxembourg20327.375 %446 445 
USD 4.500% Senior Notes
3 Luxembourg20314.500 %755 752 
USD 6.250% Senior Notes
4 Luxembourg20296.250 %614 613 
USD5.125% Senior Notes
5 Luxembourg20285.125 %359 358 
USD 5.875% Senior Notes
6 Paraguay20275.875 %140 291 
PYG 9.250% Notes
6 Paraguay20269.250 %8 6 
PYG 10.000% Notes
6 Paraguay202910.000 %10 8 
PYG 9.250% Notes
6 Paraguay20269.250 %2 1 
PYG 10.000% Notes
6 Paraguay202910.000 %4 3 
PYG 9.250% Notes
6 Paraguay20279.250 %2 2 
PYG 10.000% Notes
6 Paraguay203010.000 %3 3 
PYG 6.000% Notes
6 Paraguay20266.000 %15 13 
PYG 6.700% Notes
6 Paraguay20286.700 %22 18 
PYG 7.500% Notes
6 Paraguay20317.500 %24 20 
PYG 7.800% Notes
6 Paraguay20277.800 %16 13 
PYG 8.170% Notes
6 Paraguay20328.170 %56 47 
PYG 8.100% Notes
6 Paraguay20298.100 %15 — 
PYG 8.900% Notes
6 Paraguay20318.900 %2 — 
PYG 10.000% Notes
6 Paraguay202810.000 %6 — 
PYG 10.000% Notes
6 Paraguay202810.000 %2 — 
PYG 10.850% Notes
6 Paraguay203010.850 %33 — 
PYG 10.850% Notes
6 Paraguay203010.850 %5 — 
PYG 11.500% Notes
6 Paraguay203611.500 %51 — 
PYG 12.000% Notes
6 Paraguay203212.000 %77 — 
BOB 5.800% Notes
7 Bolivia20265.800 %11 25 
BOB 4.300% Notes
7 Bolivia20294.300 %6 10 
BOB 5.300% Notes
7 Bolivia20265.300 %1 4 
BOB 5.000% Notes
7 Bolivia20265.000 %17 36 
BOB 6.000% Notes
7 Bolivia20286.000 %27 54 
UNE Bond 3 (tranche B)
8 Colombia2026CPI (ii) +4.150 %67 58 
UNE Bond 3 (tranche C)
8 Colombia2036CPI (ii) +4.890 %34 29 
UNE Bond 6.600%
8 Colombia20306.600 %40 34 
UNE Bond 4 (tranche A)
8 Colombia20285.560 %31 26 
UNE Bond 4 (tranche B)
8 Colombia2031CPI (ii) +2.610 %75 64 
UNE Bond 4 (tranche C)
8 Colombia2036CPI (ii) +3.180 %23 19 
UNE Bond 7 (tranche B)
8 Colombia2026CPI (ii) +8.100 %3 2 
UNE Bond 7 (tranche C)
8 Colombia2027CPI (ii) +8.250 %4 3 
UNE Bond 8 (tranche A)
8 Colombia202717.000 %15 13 
USD 4.500% Senior Notes
9 Panama20304.500 %550 549 
USD 5.125% Senior Notes
10 Guatemala20325.125 %738 737 
Total bond financing4,550 4,461 
(i)    STIBOR – Swedish Interbank Offered Rate.
(ii)    CPI - Colombian Consumer Price Index
NoteCountryMaturity rangeInterest rate 20252024
(US$ millions)
Fixed rate loans
PYG Long-term loans1Paraguay2026-2028Fixed212 98 
USD - Long-term loans2Panama2026Fixed75 185 
BOB Long-term loans3Bolivia2026-2028Fixed65 23 
GTQ Long-term loans8Guatemala2027-2028Fixed396 444 
Variable rate loans
USD Long-term loans4Costa Rica2026Variable— 32 
CRC Long-term loans4Costa Rica2029Variable148 113 
COP Long-term loans5Colombia2028-2031Variable329 306 
USD Long-term loans2Panama2031Variable109 — 
GTQ Long-term loans8Guatemala2030-2033Variable469 52 
USD Credit Facility / Senior Unsecured Term Loan Facility6El Salvador2030Variable248 71 
USD Revolving Credit Facility (i)7Luxembourg2027Variable(1)(3)
USD Long-term loans9Ecuador2029-2031Variable83 — 
UYU Long-term loans 10Uruguay2027-2030Variable201 — 
Total Bank and Development Financial Institution financing2,335 1,321 
(i) Relates to the amortized costs of the undrawn RCF that the Company entered into in October 2020 - see point 7 below.
Disclosure of interest and other financial expenses
The Group’s interest and other financial expenses comprised the following:
202520242023
(US$ millions)
Interest expense on bonds and bank financing(407)(449)(477)
Interest expense on leases(182)(122)(117)
Early redemption charges— — (1)
Others(112)(146)(117)
Total interest and other financial expenses(702)(716)(712)
Disclosure of contingent liabilities
Maturity of guarantees
Bank and financing guarantees (i)Supplier guarantees
TermsAs at December 31, 2025As at December 31, 2024As at December 31, 2025As at December 31, 2024
Outstanding and Maximum exposureOutstanding and Maximum exposure
0-1 year25 12 12 — 
1-3 years271 220 — — 
3-5 years333 — — — 
Total629 232 12 — 
(i) If non-payment by the obligor, the guarantee ensures payment of outstanding amounts by the Group's guarantor.
Disclosure of leases
At December 31, 2025, lease liabilities are presented in the statement of financial position as follows:
December 31, 2025December 31, 2024
(US$ millions)
Current293 156 
Non-Current2,293 798 
Total Lease liabilities2,587 954 
Schedule of cash and cash equivalents
20252024
(US$ millions)
Cash and cash equivalents in USD1,370 550 
Cash and cash equivalents in other currencies182 149 
Total cash and cash equivalents1,552 699 
Schedule of restricted cash
20252024
(US$ millions)
Mobile Financial Services37 47 
Others13 10 
Restricted cash50 57 
Disclosure of net debt
Net debt
'Net debt' is debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits.
20252024
(US$ millions)
Gross debt6,886 5,815 
Add (less) derivatives & vendor financing related to debt (note D.1.2.)23 59 
Less:
Cash and cash equivalents(1,552)(699)
Pledged deposits— — 
Net debt5,357 5,174 

Net financing obligations
'Net financing obligations' is Net debt plus lease liabilities.

AssetsLiabilities from financing and other activities
Cash and cash equivalentsOtherBond and bank debt and financing
Derivatives
Lease liabilitiesTotal
Net financial obligations as at January 1, 2024775 6 6,678 58 1,043 6,999 
Cash flows(68)(5)(745)9 (204)(867)
Recognition / Remeasurement— — — — 269 269 
Interest accretion— — (6)— — (6)
Foreign exchange movements(8)— (109)(13)(51)(166)
Transfers to/from assets held for sale— — — — (102)(102)
Other non-cash movements— — (4)5 — 1 
Net financial obligations as at December 31, 2024699 — 5,815 59 954 6,128 
Cash flows738 — 599 (3)(214)(355)
Change in scope (see note A.1.2.)136 — 285 — 313 461 
Recognition / Remeasurement (see note A.1.3.)— — — — 1,363 1,363 
Interest accretion— — 11 — — 11 
Foreign exchange movements(14)— 180 (33)90 251 
Transfer to/from held for sale (see note E.4 and A.1.3)(8)— — — 82 90 
Other non-cash movements— — (5)— — (5)
Net financial obligations as at December 31, 20251,552 — 6,886 23 2,587 7,944 
Disclosure of fair value measurement of assets
Fair values of financial instruments at December 31,
Carrying valueFair value
Note
2025202420252024
(US$ millions)
Financial assets
Other non-current assets (iii)123 84 123 84 
Trade receivables, net527 390 527 390 
Amounts due from non-controlling interests, associates and joint venture partnersG.5.22 15 22 15 
Other current assets (iv)196 166 196 166 
Restricted cashC.5.2.50 57 50 57 
Cash and cash equivalentsC.5.1.1,552 699 1,552 699 
Total financial assets2,469 1,410 2,469 1,410 
Current2,347 1,327 2,347 1,327 
Non-current123 84 123 84 
Financial liabilities
Debt and financing (i)C.3.6,886 5,815 6,672 5,478 
Other trade payables491 300 491 300 
Payables and accruals for capital expenditure440 305 440 305 
Derivative financial instruments23 59 23 59 
Amounts due to non-controlling interests, associates and joint venture partnersG.5.197 138 197 138 
Accrued interest and other expenses538 421 538 421 
Dividend PayableC.2424 172 424 172 
Other liabilities (ii)A.1.3., G.5.1,036 396 1,036 396 
Total financial liabilities10,036 7,606 9,822 7,269 
Current2,558 1,732 2,558 1,732 
Non-current7,478 5,875 7,264 5,538 
(i)    Fair values are measured with reference to Level 1 (for listed bonds) or level 2.
(ii) Increase mainly due to spectrum payable from the UT. ( see note A.1.3.).
(iii) Includes mainly tax authorities receivables judicial deposits and non-current receivable for the sale of property plant and equipment from Colombia Costa Rica and Panama.
(iv) Includes mainly tax credits (including VAT), advances to suppliers and employees, and other current receivables related to operating activities and capital expenditure projects.
Disclosure of fair value measurement of liabilities
Fair values of financial instruments at December 31,
Carrying valueFair value
Note
2025202420252024
(US$ millions)
Financial assets
Other non-current assets (iii)123 84 123 84 
Trade receivables, net527 390 527 390 
Amounts due from non-controlling interests, associates and joint venture partnersG.5.22 15 22 15 
Other current assets (iv)196 166 196 166 
Restricted cashC.5.2.50 57 50 57 
Cash and cash equivalentsC.5.1.1,552 699 1,552 699 
Total financial assets2,469 1,410 2,469 1,410 
Current2,347 1,327 2,347 1,327 
Non-current123 84 123 84 
Financial liabilities
Debt and financing (i)C.3.6,886 5,815 6,672 5,478 
Other trade payables491 300 491 300 
Payables and accruals for capital expenditure440 305 440 305 
Derivative financial instruments23 59 23 59 
Amounts due to non-controlling interests, associates and joint venture partnersG.5.197 138 197 138 
Accrued interest and other expenses538 421 538 421 
Dividend PayableC.2424 172 424 172 
Other liabilities (ii)A.1.3., G.5.1,036 396 1,036 396 
Total financial liabilities10,036 7,606 9,822 7,269 
Current2,558 1,732 2,558 1,732 
Non-current7,478 5,875 7,264 5,538 
(i)    Fair values are measured with reference to Level 1 (for listed bonds) or level 2.
(ii) Increase mainly due to spectrum payable from the UT. ( see note A.1.3.).
(iii) Includes mainly tax authorities receivables judicial deposits and non-current receivable for the sale of property plant and equipment from Colombia Costa Rica and Panama.
(iv) Includes mainly tax credits (including VAT), advances to suppliers and employees, and other current receivables related to operating activities and capital expenditure projects.