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Long-term assets (Tables)

12 Months Ended

Dec. 31, 2025

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of intangible assets useful lives

Estimated useful lives are:

			Years
Estimated useful lives
Trademarks			1 to 15
Customer lists			4 to 20

Movements in intangible assets and goodwill

Movements in intangible assets in 2025

			Goodwill			Licenses and Spectrum			Customer Lists			IRUs			Trademarks			Other (i)			Total
			(US$ millions)
Opening balance, net			4,094			840			679			25			912			359			6,908
Change in scope (see note A.1.2. and A.2.2.)			127			252			163			—			—			4			546
Additions			—			506			—			—			—			65			572
Amortization charge			—			(91)			(92)			(6)			—			(129)			(319)
Impairment			—			—			—			—			—			(4)			(4)
Disposals, net			—			—			—			—			—			(2)			(2)
Transfers			—			—			—			1			1			(2)			—
Transfer to/from held for sale (see note E.4)			—			(4)			—			—			—			—			(4)
Exchange rate movements			44			46			3			—			3			6			102
Closing balance, net			4,265			1,548			753			20			915			297			7,798
Cost or valuation			4,265			2,354			1,381			178			1,248			1,422			10,848
Accumulated amortization and impairment			—			(805)			(628)			(158)			(333)			(1,125)			(3,050)
Net			4,265			1,548			753			20			915			297			7,798

Movements in intangible assets in 2024

			Goodwill			Licenses and Spectrum			Customer Lists			IRUs			Trademarks			Other (i)			Total
			(US$ millions)
Opening balance, net			4,107			1,558			769			33			910			408			7,785
Change in scope (see note A.1.2.)			—			114			—			—			—			—			114
Additions			—			123			—			1			—			97			221
Amortization charge			—			(81)			(92)			(9)			—			(138)			(319)
Impairment (ii)			—			(3)			—			—			—			(5)			(8)
Disposals, net			—			2			—			—			—			(1)			1
Asset retirement obligation			—			1			—			—			—			—			1
Transfers			—			4			—			3			—			24			30
Transfer to/from held for sale			—			(861)			—			—			—			(9)			(870)
Exchange rate movements			(13)			(19)			2			(2)			2			(16)			(47)
Closing balance, net			4,094			840			679			25			912			359			6,908
Cost or valuation			4,094			1,594			1,211			169			1,240			1,302			9,611
Accumulated amortization and impairment			—			(755)			(533)			(144)			(329)			(943)			(2,703)
Net			4,094			840			679			25			912			359			6,908

(i)    Other includes mainly software costs.

(ii)     During the year ended December 31, 2024, Millicom decommissioned an IT software and as a result recorded $7 million under operating expenses as impairment charges.

Cash used for purchases of long-term assets

Cash used for intangible asset additions

			2025			2024			2023
			(US$ millions)
Additions			65			98			116
Change in advances to suppliers			3			(2)			(3)
Change in accruals and payables for intangibles			23			(2)			21
Cash used for additions			91			94			133

Cash used for property, plant and equipment

			2025			2024			2023
			(US$ millions)
Additions			654			579			694
Change in advances to suppliers			7			(2)			3
Change in accruals and payables for property, plant and equipment			(10)			(37)			116
Cash used			650			540			814

Allocation of goodwill to cash generating units

Allocation of Goodwill to cash generating units (CGUs)

			2025			2024
			(US$ millions)
Guatemala			2,489			2,477
Panama			907			907
El Salvador			194			194
Costa Rica			142			139
Paraguay			49			41
Colombia			158			135
Nicaragua			197			197
Bolivia			2			3
Uruguay (see note A.1.2.)			127			n/a
Ecuador (see note A.1.2.)			—			n/a
Total			4,265			4,094

Allocation of indefinite useful life trademarks to cash generating units (CGUs)

			2025			2024
			(US$ millions)
Guatemala			915			912
Total			915			912

The most significant estimates used for the 2025 and 2024 impairment test are shown below:

CGU			Average EBITDA margin (%) (i)						Average CAPEX intensity (%) (i)						Perpetual growth rate (%)						WACC rate after tax (%) (ii)
			2025			2024			2025			2024			2025			2024			2025			2024
Bolivia			47.7			46.9			14.3			14.8			0.5			1.0			13.6			22.9
Colombia			45.1			41.4			15.0			11.2			0.5			2.0			9.5			8.9
Costa Rica			35.8			37.7			13.2			16.4			0.5			—			8.2			8.2
Ecuador			47.5			n/a			12.7			n/a			1.0			n/a			11.7			n/a
El Salvador			48.8			47.8			13.8			11.9			1.0			1.0			10.6			10.2
Guatemala			56.7			55.9			9.6			8.3			1.0			1.0			8.9			8.7
Nicaragua			51.7			50.5			14.5			15.1			0.5			2.0			13.1			15.3
Panamá			51.2			51.0			11.9			10.9			1.0			1.0			8.8			9.4
Paraguay			52.2			50.8			11.8			12.9			0.5			—			8.8			8.6
Uruguay			47.5			n/a			9.5			n/a			1.0			n/a			7.6			n/a

    

(i) Average is computed over the period covered by the plan.

(ii) Millicom uses post-tax rate for the impairment-test, the difference with the pre-tax not resulting in different conclusions.

Management performed a sensitivity analysis on key assumptions within the test. The following maximum increases or decreases, expressed in percentage points, were considered for all CGUs:

Reasonable changes in key assumptions (%)
Financial variables			2025			2024
WACC rates			+/- 2			+/-2
Perpetual growth rates			+/-1			+/-1
Operating variables
EBITDA margin			+/-3			+/-3
CAPEX intensity			+/-2			+/-1

At December 31, 2025 and the sensitivity analysis shows no impairment under the above mentioned changes in assumptions for all CGUs. At December 31, 2024, the sensitivity analysis shows no impairment under the above mentioned changes in assumptions for all CGUs, except for Nicaragua where. if the assumptions used in the impairment test were changed to a greater extent than as presented in the following table, the changes would, in isolation, trigger a potential impairment loss being recognised for the Nicaragua CGU in the year ended December 31, 2024 .

			2024
Change required for carrying value to equal recoverable amount			CGU
			Nicaragua
Financial variables
WACC rate			+109bps
Perpetual growth rates			n/a
Operating variables
Average EBITDA margin			(1.95)%
CAPEX intensity			n/a

Schedule of property, plant and equipment and movements in tangible assets

Estimated useful lives			Duration
Buildings			Up to 40 years
Networks (including civil works)			5 to 25 years
Other			2 to 10 years

Movements in tangible assets in 2025

			Network Equipment			Land and Buildings			Construction in Progress			Other(i)			Total
			(US$ millions)
Opening balance, net			2,271			171			370			35			2,847
Change in scope (see note A.1.2. and A.2.2.)			293			25			55			14			387
Additions			133			1			508			12			654
Impairments/reversal of impairment, net			2			—			—			(1)			2
Disposals, net			(81)			—			(3)			—			(84)
Depreciation charge			(669)			(17)			—			(25)			(710)
Asset retirement obligations			46			3			—			—			49
Transfers			523			5			(561)			29			(3)
Exchange rate movements			68			9			8			—			85
Other			4			(4)			—			—			—
Closing balance, net			2,591			194			376			65			3,226
Cost or valuation			10,175			444			376			416			11,411
Accumulated depreciation and impairment			(7,584)			(250)			—			(351)			(8,185)
Net at December 31, 2025			2,591			194			376			65			3,226

Movements in tangible assets in 2024

			Network equipment			Land and buildings			Construction in progress			Other(i)			Total
			(US$ millions)
Opening balance, net			2,507			162			394			44			3,107
Change in scope (see note A.1.2.)			114			—			1			—			115
Additions			118			23			433			5			579
Disposals, net			(11)			—			(5)			—			(16)
Depreciation charge			(671)			(16)			—			(23)			(710)
Asset retirement obligations			23			4			—			—			27
Transfers			404			5			(445)			9			(26)
Transfers from/(to) assets held for sale (see note E.4.)			(122)			—			—			—			(122)
Exchange rate movements			(90)			(8)			(8)			—			(107)
Closing balance, net			2,271			171			370			35			2,847
Cost or valuation			8,767			328			370			338			9,803
Accumulated depreciation and impairment			(6,496)			(157)			—			(303)			(6,956)
Net at December 31, 2024			2,271			171			370			35			2,847

(i)    Other mainly includes office equipment and motor vehicles.

Disclosure of movement in right of use assets

Movements in right of use assets in 2025

Right-of-use assets			Land and buildings			Sites rental			Tower rental			Capacity			Other network equipment			Other			Total
(US$ millions)
Opening balance, net			101			164			477			29			14			6			792
Change in scope (see note A.1.2)			—			—			314			—			—			—			314
Additions (see note A.1.3)			6			34			1,154			1			14			—			1,210
Modifications			38			38			190			—			5			1			272
Disposals			(4)			(12)			(34)			—			(1)			(3)			(53)
Depreciation			(34)			(42)			(160)			(7)			(4)			(2)			(249)
Asset retirement obligations			—			1			1			—			1			—			3
Transfers			1			—			2			—			—			—			3
Transfers to/from assets held for sale (see note E.4)			—			(23)			—			—			—			—			(23)
Exchange rate movements			9			(7)			76			—			—			—			79
Closing balance, net			118			153			2,021			23			29			2			2,346
Cost of valuation			280			376			2,607			180			40			6			3,489
Accumulated depreciation and impairment			(163)			(223)			(586)			(157)			(11)			(4)			(1,142)
Net at 31 December 2025			118			153			2,021			23			29			2			2,346

Movements in right of use assets in 2024

Right-of-use assets			Land and buildings			Sites rental			Tower rental			Capacity			Other network equipment			Other			Total
			(US$ millions)
Opening balance, net			130			177			537			27			16			9			896
Additions			13			5			99			8			—			1			126
Modifications			13			50			59			—			1			2			125
Impairments			(1)			—			(3)			—			—			—			(4)
Disposals			(9)			(18)			(8)			—			—			(3)			(39)
Depreciation			(36)			(47)			(109)			(6)			(2)			(3)			(204)
Asset retirement obligations			—			—			1			—			—			—			1
Transfers			—			—			1			—			(1)			—			—
Transfer to/from held for sale			—			(2)			(74)			—			—			—			(76)
Exchange rate movements			(9)			—			(25)			—			—			—			(34)
Closing balance, net			101			164			477			29			14			6			792
Cost of valuation			233			385			785			54			24			15			1,497
Accumulated depreciation and impairment			(132)			(220)			(308)			(26)			(10)			(9)			(705)
Net at 31 December 2024			101			164			477			29			14			6			792

Disclosure of assets held for sale

Assets held for sale - Summary

Assets and liabilities reclassified as held for sale (In millions of U.S. dollars)			December 31, 2024
Towers sale in Colombia related to the third batch			1
Mobile network sharing agreement in Colombia			613
Towers sale (including certain lease transfers) in Nicaragua			13
Total assets of held for sale			627
Towers sale in Colombia related to the third batch			1
Mobile network sharing agreement in Colombia			698
Towers sale (including certain lease transfers) in Nicaragua			10
Total liabilities directly associated with assets held for sale			709
Net assets held for sale / book value			(83)

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