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Millicom (Tigo) Q2 2025 Earnings Release

1. Millicom reports Q2 2025 revenue of $1.37 billion, down 5.9%. 2. Net profit soared to $676 million from $78 million year-over-year. 3. Equity free cash flow for Q2 2025 is $218 million, aligning with targets. 4. Millicom plans to acquire Telefónica's operations in Uruguay and Ecuador. 5. A special interim dividend of $2.50 per share was announced.

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Why Bullish?

Strong earnings and acquisition plans suggest positive growth potential for TIGO, similar to past surges in profits leading to stock price increases.

How important is it?

The significant increase in net profit and acquisition strategy is primed to boost investor confidence.

Why Long Term?

The strategic acquisition strengthens TIGO's market position, likely delivering value over time.

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Millicom (Tigo) Q2 2025 Earnings Release Luxembourg, August 7, 2025 – Millicom is pleased to announce its second quarter 2025 results. Please find below links to the Q2 2025 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Q2 2025 Highlights* Revenue $1.37 billion Operating profit $357 million, and record Adjusted EBITDA $641 million Net profit $676 million, including approximately $590 million net profit from infrastructure transactions Equity free cash flow $218 million Leverage of 2.18x, benefiting from one-time cash proceeds of $542 million from infrastructure transactions Financial highlights ($ millions) Q2 2025 Q2 2024 Change % Organic % Change H1 2025 H1 2024 Change % Organic % Change Revenue 1,372 1,458 (5.9)% 1.9% 2,746 2,945 (6.8)% 0.2% Operating Profit 357 345 3.4%   780 669 16.7%   Net Profit 676 78 NM   869 170 NM   Non-IFRS measures (*)                 Service Revenue 1,282 1,362 (5.9)% 2.4% 2,567 2,738 (6.3)% 1.2% Adjusted EBITDA 641 634 1.1% 9.3% 1,277 1,266 0.9% 8.1% Capex 155 134 15.1%   286 247 15.8%   Operating Cash Flow (OCF) 487 500 (2.6)%   990 1,018 (2.8)%   Equity free cash flow (EFCF) 218 268 (18.8)%   395 269 46.7%             *See page 10 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures. Millicom Chief Executive Officer Marcelo Benitez commented: "The second quarter was marked by strong and deliberate execution of our strategy. We signed an agreement to acquire Telefónica’s operations in Uruguay and Ecuador, and we completed the partial closing of our infrastructure transaction with SBA, which unlocked over $500 million in proceeds and supported our recently  announced interim dividend of $2.50 per share. To mark these strategic milestones, we proudly rang the Nasdaq opening bell - a symbolic moment that reflects our strengthened presence in Latin America and our long-term commitment to creating value for shareholders. At the same time, our core business continued to perform. We delivered record adjusted EBITDA margin of 46.7%, with almost half of our operations above 50%. Our equity free cash flow was strong at $218 million - well aligned with our full-year-target of around $750 million."   2025 Financial Targets Millicom continues to target 2025 EFCF of around $750 million and year-end leverage below 2.5x. These targets reflect full year run-rate savings expected from efficiency measures implemented during 2024 and lower expected restructuring costs in 2025, partially offset by the impact of weaker projected foreign exchange rates and potential legal settlements. The targets exclude the impact of inorganic initiatives, such as proceeds related to the sale of Lati International and other assets.  Subsequent Events On August 6, 2025, Millicom's Board approved a special interim dividend of $2.50 per share. The interim dividend will be distributed in two equal installments of $1.25 per share on October 15, 2025 and April 15, 2026, together with the regular dividend of $0.75 per share on those dates. • Q2 2025 Earnings Release • IAS 34 Interim Condensed Consolidated Financial Statements Millicom is planning to host a video conference for the global financial community on August 7, 2025, at 14:00 pm (Stockholm) / 13:00 (London) / 08:00 (Miami). Registration for the interactive event is required at the following link. After registering, you will receive a confirmation email containing details about joining the video conference. Participants who wish to ask a question during the live event must notify the Investor Relations team via email to investors@millicom.com after the start of the event. Participants may also join the conference in listen-only mode by dialing any of the following numbers and entering the Webinar ID: 881 2359 5258 US: +1 929 205 6099                                                           Sweden: +46 850 539 728UK: +44 330 088 5830                                                        Luxembourg: +352 342 080 9265 Additional international numbers are available at the following link. Accompanying slides and a replay of the event will be available on the Millicom investors website. For further information, please contact: About Millicom Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, highspeed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida. Millicom - Earnings Release - Q2 2025. Millicom - IAS34 - Q2 2025fp.

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