MILLICOM INTERNATIONAL CELLULAR SA

For the period ended Feb 26, 2026. Filed Feb 26, 2026.

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Feb 26, 2026 · Filed Feb 26, 2026

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Contents

5. SEGMENT INFORMATION (Continued)

Revenue, Service revenue, Adjusted EBITDA, capital expenditures and other segment information for the years ended December 31, 2025, and 2024 are shown on the below:

Twelve months ended December 31, 2025 (in millions of U.S. dollars)	Guatemala	Colombia	Panama	Bolivia	Honduras	Paraguay	Other segments (v)	Total segments	Inter-segment and other eliminations(iv)	Total Group
Service revenue (i)	1,448	1,426	693	353	590	559	999	6,068	(617)	5,451
Telephone and equipment revenue	222	24	32	3	31	19	67	398	(31)	367
Revenue	1,671	1,450	725	356	621	578	1,066	6,467	(648)	5,819
Inter-segment revenue	9	2	2	7	5	5	7	37	n/a	n/a
Revenue from external customers	1,662	1,449	723	349	616	573	1,059	6,430	n/a	n/a
Adjusted EBITDA (ii)	928	604	371	174	320	297	466	3,159	(410)	2,749
Capital expenditures (iii)	137	209	90	47	76	65	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)	Adjusted 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 for the year ended December 31, 2025 and 2024 can be reconciled with notes 9 and 10 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, Uruguay and Ecuador.

Twelve months ended December 31, 2024 (in millions of U.S. dollars)	Guatemala	Colombia	Panama	Bolivia	Honduras	Paraguay	Other segments (v)	Total segments	Inter-segment and other eliminations(iv)	Total Group
Service revenue (i)	1,391	1,342	700	607	584	540	858	6,022	(605)	5,417
Telephone and equipment revenue	212	39	56	6	34	18	56	420	(34)	387
Revenue	1,603	1,380	756	613	617	559	914	6,442	(638)	5,804
Inter-segment revenue	9	2	2	1	4	4	8	29	n/a	n/a
Revenue from external customers	1,594	1,379	753	613	613	555	906	6,413	n/a	n/a
Adjusted EBITDA (ii)	867	525	354	266	302	267	391	2,972	(504)	2,469
Capital expenditures (iii)	175	144	96	73	75	72	132	766	(89)	677

Unaudited Interim Condensed Consolidated Financial Statementsfor the three-month period and year ended December 31, 2025

Three months ended December 31, 2025 (in millions of U.S. dollars)	Guatemala	Colombia	Panama	Bolivia	Honduras	Paraguay	Other segments (v)	Total segments	Inter-segment and other eliminations(iv)	Total Group
Service revenue (i)	375	389	181	105	150	154	352	1,705	(158)	1,547
Telephone and equipment revenue	56	6	8	—	9	6	29	114	(9)	105
Revenue	431	395	189	105	159	159	380	1,819	(167)	1,652
Inter-segment revenue	2	—	1	3	1	1	2	10	n/a	n/a
Revenue from external customers	429	394	189	103	158	158	379	1,809	n/a	n/a
Adjusted EBITDA (ii)	241	174	94	56	86	83	151	885	(107)	778
Capital expenditures (iii)	35	72	33	22	26	28	77	293	(21)	272

Three months ended December 31, 2024 (in millions of U.S. dollars)	Guatemala	Colombia	Panama	Bolivia	Honduras	Paraguay	Other segments (v)	Total segments	Inter-segment and other eliminations(iv)	Total Group
Service revenue (i)	352	317	172	155	149	136	208	1,490	(155)	1,335
Telephone and equipment revenue	54	11	8	2	9	5	14	102	(9)	93
Revenue	406	328	180	157	158	141	223	1,592	(164)	1,428
Inter-segment revenue	2	—	—	1	1	1	2	8	n/a	n/a
Revenue from external customers	403	328	180	156	157	140	221	1,584	n/a	n/a
Adjusted EBITDA (ii)	215	122	90	71	78	66	93	734	(117)	618
Capital expenditures (iii)	39	72	40	31	28	30	53	293	(29)	264

Unaudited Interim Condensed Consolidated Financial Statementsfor the three-month period and year ended December 31, 2025

Reconciliation of Adjusted EBITDA for reportable segments to the Group's profit before taxes from continuing operations:

(US$ millions)	Twelve months ended December 31, 2025	Twelve months ended December 31, 2024	Three months ended December 31, 2025	Three months ended December 31, 2024
Adjusted EBITDA for reportable segments	3,159	2,972	885	734
Depreciation	(961)	(916)	(285)	(219)
Amortization	(319)	(319)	(85)	(77)
Share of profit in Honduras joint venture	102	54	63	14
Other operating income (expenses), net	68	54	(2)	37
Interest and other financial expenses	(702)	(716)	(194)	(166)
Interest and other financial income	28	46	12	6
Sale of Lati Operations (see note 4)	741	—	(1)	—
Other non-operating (expenses) income, net	(43)	(119)	25	(93)
Profit (loss) from other joint ventures and associates, net	1	—	—	—
Honduras as joint venture	(320)	(302)	(86)	(78)
Unallocated expenses and other reconciling items (i)	(90)	(202)	(21)	(39)
Profit before taxes from continuing operations	1,665	552	312	121

(i)	The unallocated expenses are primarily related to centrally managed costs.

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