UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2026.

Commission File Number: 001-38763

MILLICOM INTERNATIONAL CELLULAR S.A.

(Exact Name of Registrant as Specified in Its Charter)

8400 NW 36^th Street, Suite 530

Doral, FL 33166

United States

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

MILLICOM INTERNATIONAL CELLULAR S.A.

INDEX TO FURNISHED MATERIAL

Item
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Item 1

Millicom International Cellular S.A.

For the nine-month period ended

September 30, 2026

November 5, 2026

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Unaudited interim condensed consolidated statement of income for the three- and nine-month period ended September 30, 2026

(i) Colombia Telecomunicaciones S.A. E.S.P. ("Coltel") is fully consolidated since the acquisition of the 67.5% shareholding on February 6, 2026. Additionally, Tigo Uruguay and Tigo Ecuador are also fully consolidated as from October 2025, acquisition dates. As a result, comparability with September 30, 2025 figures is affected. See note 3 for further details.

(ii) Re-presented for discontinued operations (see note 4)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Unaudited interim condensed consolidated statement of comprehensive income for the three and nine-month period ended September 30, 2026

(i) Colombia Telecomunicaciones S.A. E.S.P. ("Coltel") is fully consolidated since the acquisition of the 67.5% shareholding on February 6, 2026. Additionally, Tigo Uruguay and Tigo Ecuador are also fully consolidated as from October 2025, acquisition dates. As a result, comparability with September 30, 2025 figures is affected. See note 3 for further details.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Unaudited interim condensed consolidated statement of financial position as at September 30, 2026

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Unaudited interim condensed consolidated statement of financial position as at September 30, 2026 (continued)

(i) Restated after the finalization of the Uruguay and Ecuador acquisition accounting. See note 3 for further details

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Unaudited interim condensed consolidated statement of cash flows for the nine-month period ended September 30, 2026

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Unaudited interim condensed consolidated statement of cash flows for the nine-month period ended September 30, 2026 (continued)

(i) Re-presented for discontinued operations (see note 4)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Unaudited interim condensed consolidated statements of changes in equity for the nine-month period ended September 30, 2026

As of September 30, 2026 EPM is still a non-controlling partner in certain operations in Colombia.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

Notes to the unaudited interim condensed consolidated financial statements

1. GENERAL INFORMATION

Millicom International Cellular S.A. (the “Company” or “MIC SA”), a Luxembourg Société Anonyme, and its subsidiaries, joint ventures and associates (the “Group” or “Millicom”) is a provider of fixed and mobile services dedicated to emerging markets in Latin America. Millicom provides high speed broadband and innovation around The Digital Lifestyle® services through its principal brand, TIGO. On November 4, 2026, the Board of Directors authorized these unaudited interim condensed consolidated financial statements for issuance.

2. SUMMARY OF ACCOUNTING POLICIES

These interim condensed consolidated financial statements of the Group are unaudited. They are presented in US dollars ($) and have been prepared in accordance with International Accounting Standard (“IAS”) 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union ("EU"). In the opinion of management, these unaudited interim condensed consolidated financial statements reflect all adjustments that are necessary for a proper presentation of the results for interim periods. Millicom’s operations are not affected by significant seasonal or cyclical patterns.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the period ended December 31, 2025, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB and in conformity with IFRS as adopted by the EU. These financial statements are prepared in accordance with consolidation and accounting policies consistent with the December 31, 2025 consolidated financial statements.

We have made rounding adjustments to reach some of the figures included in these unaudited interim condensed consolidated financial statements. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them and percentage calculations using these adjusted figures may not result in the same percentage values as are shown in these unaudited interim condensed consolidated financial statements.

Foreign currency

In accordance with the Amendments to IAS 21, 'The Effects of Changes in Foreign Exchange Rates', effective as of January 1, 2025, the Group evaluated the exchangeability of the Boliviano (BOB). Based on this evaluation, the Group determined that the BOB was not exchangeable and, accordingly, applied alternative estimated exchange rates, in compliance with the requirements of the amended standard. As of the date of the initial application of the amendment referred above, the estimated exchange rate was 11.32 BOB per U.S. dollar. In turn, the official reference exchange rate was 6.91 BOB per US dollar as of January 1, 2025.

The adoption of the Amendments to IAS 21, 'The Effects of Changes in Foreign Exchange Rates' as of January 1, 2025 resulted in a negative impact of $70 million on remeasurement of monetary and non-monetary items and a negative translation into presentation currency (USD) effect of $118 million, totaling $188 million negative effect included in a single line item, titled "Adjustment on adoption of Amendment to IAS 21", in the Group's consolidated statements of changes in equity for the nine-month period ended September 30, 2025. By the end of 1H 2026, the Bolivian Government initiated the transition from the fixed exchange rate regime to a flexible, market-driven exchange rate regime with the Central Bank of Bolivia introducing a new methodology to determine the Official Exchange Rate and as a consequence, starting in Q3 2026, the Group considers the BOB as exchangeable and retook back the application of IAS21. The exchange rate resulting from the new regime was substantially consistent with the estimated exchange rate already applied by the Group.

The following new and amended IFRS Accounting Standards have been issued but are not yet effective. Their potential impact on the Group consolidated financial statements are currently being assessed by management:

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

3. ACQUISITION AND DISPOSAL OF SUBSIDIARIES, JOINT VENTURES, ASSOCIATES AND OTHER NON-CONTROLLING INTERESTS

Acquisitions or disposals for the nine-month period ended September 30, 2026

Colombia Acquisitions - UNE EPM remaining shares acquisition, Acquisition of Colombia Telecomunicaciones S.A. E.S.P. (Coltel)

Pursuant to the announcement on July 31, 2024, Millicom and Telefonica, on March 12, 2025, entered into a definitive agreement for the acquisition by Millicom of Telefonica’s controlling 67.5% equity stake in Coltel, subject to closing conditions including regulatory approvals. Millicom has also agreed to offer to purchase the remaining 32.5% of Coltel equity owned by La Nación and other investors at the same purchase price per share offered to Telefonica. See the following paragraph for further details on the "UNE EPM acquisition..

On January 27, 2026, Millicom was awarded 100% of Empresas Publicas de Medellin E.S.P.'s ("EPM") remaining shares in UNE EPM Telecomunicaciones S.A. (“UNE” or “Tigo Colombia”) following a successful bid in the public auction conducted by EPM. Millicom offered COP 418,741 per share, representing a total consideration of approximately COP 2.1 trillion (approximately $571 million). The transaction closed on January 29, 2026. As Millicom already controlled Tigo UNE and its subsidiaries prior to the transaction, the acquisition of EPM’s non-controlling interest was accounted for as an equity transaction within the Millicom Group. Accordingly, the consideration paid was recognized as a reduction of consolidated equity, with no impact on profit or loss, as disclosed in the 'condensed consolidated statements of changes in equity', resulting in a decrease in equity of $627 million.

On February 6, 2026, Millicom closed the acquisition of Telefónica’s controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P. (“Coltel”) through a tender offer that was conducted in accordance with publicly disclosed terms, at a price of approximately $214.4 million (out of which $169 million were paid as of acquisition date). Following the completion of the transaction, the initial accounting for the business combination remains in progress and, accordingly, does not include expected remeasurement of intangible assets, such as spectrum, right of use assets / lease liabilities and PP&E which are part of the joint operations with Tigo Colombia (UT/UNIRED). The provisional fair values are still subject to a high degree of measurement uncertainty and might change as Millicom continues to obtain information about facts and circumstances that existed at the acquisition date. The measurement period will not exceed 12 months from the acquisition date. Any adjustments to the provisional amounts will be recognized retrospectively as if the accounting for the acquisition had been completed at the acquisition date, with a corresponding adjustment to the carrying amount of goodwill.

On April 27, 2026, Millicom completed the acquisition of the remaining 32.5% equity stake in Coltel formerly held by La Nación (following a share disposal sale carried out by the Government of Colombia). As Millicom already controlled Coltel and its subsidiaries prior to the transaction, the acquisition of Coltel’s non-controlling interest was accounted for as an equity transaction within the Millicom Group. Accordingly, the net consideration paid was recognized as a reduction of consolidated equity, with no impact on profit or loss, as disclosed in the 'condensed consolidated statements of changes in equity', resulting in a decrease in equity of $219 million.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

3. ACQUISITION AND DISPOSAL OF SUBSIDIARIES, JOINT VENTURES, ASSOCIATES AND OTHER NON-CONTROLLING INTERESTS (Continued)

At acquisition date - February 6, 2026 Provisional fair values (100%) ($ millions)

(*) Millicom is still working on Coltel's purchase accounting, with an update to the provisional purchase price allocation reported as of June 30, 2026. Such update shows an increase in PP&E of $51 million, a net increase in customer relationships/spectrum of $71 million, an increase both in RoU/Lease Liabilities of $45 million and an increase in other liabilities of $96 million (including related deferred tax impact) and net increase in working capital for $21 million. Variations are attributable to updates to key valuation assumptions and also related to accounting policy alignments (such as PP&E useful lives alignment, lease capitalization policy alignment). Net residual decrease of goodwill was $32 million).

The goodwill is attributable to the workforce and the future expected synergies and profitability of Coltel. It is currently not expected to be tax deductible. As from acquisition and for the period ended September 30, 2026, Coltel contributed $1,127 million of revenue and a net loss of $168 million to the Group. This net loss has been negatively impacted by approximately $71 million of recorded severance costs as Millicom carried out cost reduction projects, with a focus on efficiency after acquisition. If Coltel had been acquired on January 1, 2026, incremental revenue for the nine-month period would have been $132 million and incremental net loss for the same period of $34 million. Acquisition related costs included in the statement of income under operating expenses were approximately $16 million.

Acquisition of Telefónica’s Operation in Chile Jointly with NJJ

On February 10, 2026, Millicom through a joint vehicle, Celtel Chile, S. L. (owned by Millicom Spain, S.L. at 49% and NJJ Cactus SAS at 51%), completed the acquisition of 100% of the shares of Telefónica Moviles Chile, S.A., pursuant to a Share Purchase Agreement (SPA) executed at the same date. The closing consideration was $50 million paid in cash. The SPA provided for contingent consideration in the form of two earn-outs, up to $490 million, determined by formulas and procedures set out in the SPA, without recourse to Millicom. As of September 30, 2026, Celtel has an outstanding recognized liability measured at net present value of $110 million (with $130 million already paid by Celtel) funded by Celtel's external financial debt. In addition, under a Call Option Agreement signed at closing, Millicom has two 30-day windows following the fifth and sixth anniversaries of closing to acquire NJJ’s entire interest in Celtel Chile, S.L. at a price determined under the agreement’s valuation formulas; if Millicom does not exercise, NJJ obtains a subsequent 60-day option to acquire Millicom’s interest using the same pricing methodology. At inception, the call option was accounted for as a derivative instrument, and based on the valuation assumptions, its fair value was determined to be immaterial. The call option arrangements do not confer present joint control over Celtel Chile by Millicom.

Celtel and its subsidiaries meet the definition of an associate for Millicom. Millicom hence accounts them using the equity method. As of September 30, 2026, Celtel has only commenced the purchase price allocation process, remaining at an early stage. As a result, the provisional fair values are subject to a high degree of measurement uncertainty and might change as Celtel continues to obtain information about facts and circumstances that existed at the acquisition date. The measurement period will not exceed 12 months from the acquisition date. Any adjustments to the provisional amounts will be recognized retrospectively, as if the accounting for the acquisition had been completed at the acquisition date, with a consequent adjustment to the carrying amount of the investment. See also Note 8.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

3. ACQUISITION AND DISPOSAL OF SUBSIDIARIES, JOINT VENTURES, ASSOCIATES AND OTHER NON-CONTROLLING INTERESTS (Continued)

Agreement to sell MFS business in Paraguay

On January 5, 2026, Tigo Paraguay signed a Share Purchase Agreement ("SPA") to sell its Mobile Finance business ("MFS") in Paraguay (Mobile Cash Paraguay S.A. and Transcom S.A.) for a base price of $10 million, net of cash and debt but including a working capital required to operate (and a potential $7 million earn-out, contingent of SPA's conditions). During March, 2026 and October 2026, Tigo Paraguay has gathered the corresponding regulatory approvals. All assets and liabilities of our MFS business in Paraguay are classified as held for sale as of September 30, 2026 and their results have been removed from the results of continuing operations and are shown as a single line item on the face of the statement of comprehensive income under 'net result from discontinued operations', in accordance with IFRS 5. Comparative figures of the statement of income have been re-presented accordingly.

Acquisitions or disposals for the year ended December 31, 2025

Acquisition accounting: finalization of Uruguay ("Tigo Uruguay") and updates of Ecuador ("Tigo Ecuador")

Comparative restated figures as of December 31, 2025. including impacts of the finalization of the acquisition accounting for Tigo Uruguay and the updates on the provisional accounting for Tigo Ecuador, are shown below:

The impact of the finalization of Uruguay's purchase accounting and the impact of the updates on Ecuador's purchase accounting on the 2025 Group statement of income are immaterial. Therefore, no adjustments were made in that respect on comparative figures.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

3. ACQUISITION AND DISPOSAL OF SUBSIDIARIES, JOINT VENTURES, ASSOCIATES AND OTHER NON-CONTROLLING INTERESTS (Continued)

Tigo Uruguay

On October 7, 2025, Millicom completed the acquisition of 100% of Telefonica Moviles del Uruguay S.A. (Movistar) after final regulatory approval, for an enterprise value of $440 million. In April 2026, Telefonica Moviles del Uruguay S.A. changed its name to Telemovil Uruguay S.A. As of September 30, 2026, Millicom has finalized the acquisition accounting and determined the fair values of Tigo Uruguay's identifiable assets and liabilities. Comparative figures as of December 31, 2025 have been restated accordingly. The finalization of the purchase accounting had the following effects at acquisition date:

(i) Variation attributable to an increase in the fair value of the customer relationship intangible asset, following updates to key valuation assumptions, deriving in a related increase in Deferred tax liability.

(ii) Mainly attributable to the finalization of the Right-of-Use and Lease liabilities remeasurement, as migrated to the Millicom Group's lease engine.

Tigo Ecuador

Millicom completed the acquisition of 100% of Telefónica’s telecommunications operations in Ecuador on October 30, 2025, after final regulatory approval, for an enterprise value of $380 million. As of September 30, 2026, the initial accounting for the business combination remains provisional but with an update to the initial purchase price allocation reported as of December 31, 2025 showing a decrease in the consideration for approximately $8 million (following post-closing reviews on price adjustment in accordance with the Share Purchase Agreement), an increase in the other assets value of approximately $34 million (mainly related to the recognition of indemnity assets and additional receivables in connection with arbitral proceedings), a decrease in the PP&E values of approximately $9 million (mainly related to useful lives policy alignment), an increase in other liabilities of $33 million (mainly related to the tax provisions reassessment, following IAS 37 and IFRS 3), and a decrease of $3 million in the fair value of the customer relationship intangible asset, following updates to key valuation assumptions. Provisional goodwill as of acquisition date is $4 million as a consequence of the above mentioned related net impact on goodwill after deferred tax.

As of September 30, 2026, the purchase acquisition accounting is still provisional in respect of certain elements of the purchase price allocation, principally relating to PP&E and Right-of-Use / Lease liabilities with any related adjustment to be recognised retrospectively as at the acquisition date, impacting goodwill. The measurement period under IFRS 3 ended on 30 October 2026 and as of the date of issuance of these financial statements, Millicom was in the process of finalizing the acquisition-date accounting for the above items as part of its October 2026 closing.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

3. ACQUISITION AND DISPOSAL OF SUBSIDIARIES, JOINT VENTURES, ASSOCIATES AND OTHER NON-CONTROLLING INTERESTS (Continued)

Lati Disposal - Lati Operations and other assets

On October 28, 2024, Millicom agreed to sell Lati International, S.A. and other assets encompassing a portfolio of more than 7,000 towers in Central America to SBA Communications Corp. We have also entered into other agreements including a 15-year leaseback for the sites, and a new build-to-suit agreement under which SBA will build up to 2,500 additional sites for Millicom in the same markets. In addition to the transactions with SBA, Millicom sold Lati Paraguay to Atis Group on June 3, 2025.

As further explained in our audited consolidated financial statements for the year ended December 31, 2025, gain on sale for the year ended December 31, 2025 of $741 million has been recognized under "Sale of Lati Operations" in the consolidated statement of income for the year ended December 31, 2025, while the gain share on the sale of assets from Tigo Honduras to Lati Honduras for approximately $50 million, has been recognized under "Share of Profit in Honduras joint venture" for the year ended December 31, 2025).

Following the closings with SBA, Tigo Guatemala signed a Master Lease Agreement amendment for the use of ground space on January 22, 2026. The amendment has a 15-year term and is for a total annual lease amount of approximately $13 million (resulting in the recognition of right-of use assets and lease liabilities for $118 million, together with new equipment dismantling provisions for $20 million). Concurrently, the termination of the prior lease agreements led to the derecognition of right-of-use assets by $68 million and lease liabilities by $74 million, with the net impact of $6 million recognized in other operating income (expenses), net line during the nine-month period ended September 30, 2026. In addition, the derecognition of tower dismantling provisions resulted in a gain of approximately $33 million (recognized also in other operating income (expenses), net line during the nine-month period ended September 30, 2026).

During the first quarter of 2025 and as part of the other assets portfolio sale described above, Tigo Nicaragua transferred most of the towers to SBA for a total gross consideration of approximately $49 million. The tower transfer qualified as a sale under IFRS 15. Under IFRS 16, Tigo Nicaragua recognized only the gain on the portion of rights transferred, for approximately $17 million, under ‘Other operating income (expenses), net for the nine-month period ended September 30, 2025’, since it continues to use a percentage of the towers economic benefit via the leaseback.

4. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Agreement to sell MFS business in Paraguay

Financial information relating to discontinued operations relate to our MFS business in Paraguay (see note 3). The figures shown below are after inter-company eliminations.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

4. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Continued)

The Assets and liabilities held for sale relate principally to our MFS business in Paraguay and also to certain Property, plan and equipment in Colombia, detailed as follows:

Colombia

As of December 31, 2025 assets held for sale amounts to $1 million (and relate to Property, plant and equipment, net from Tigo Colombia).

5. SEGMENT INFORMATION

As further detailed in note 1, Millicom operates in a single geographical region, Latin America, and more specifically in the following countries: Guatemala, Colombia, Panama, Honduras, Paraguay, El Salvador, Bolivia, Nicaragua, Costa Rica, Uruguay, Ecuador and Chile.

As further explained in the 2025 Group's Consolidated Financial Statements, the 'Chief Operating Decision Maker ("CODM") assesses performance and allocates resources, based on individual countries, which are also operating segments under IFRS 8. Following the recent acquisition of Coltel, the CODM assesses performance and allocates resources in Colombia separately for Tigo Colombia and Coltel, which are therefore presented as separate operating segments. In addition, the Honduras joint venture is reviewed by the CODM in a manner consistent with the Group’s controlled operations and accordingly presented as a separate operating segment at 100%. In the case of the Chile associate, discrete financial information on its operating results is available and regularly reviewed by Millicom's CODM for performance assessment and resources allocation, primarily for the purpose of assessing the ongoing investor–investee relationship due to its strategic significance. In accordance with IFRS 8 Operating Segments, this regular review by the CODM qualifies the Chile associate as an operating segment, and it is therefore presented as a separate operating segment at 100%. The amounts of the Honduras joint venture and the Chile associate are subsequently eliminated to reconcile to the Group consolidated results, as shown in the reconciliations below.

Management evaluates performance and makes decisions about allocating resources to the Group's operating segments based on financial measures, such as revenue, including service revenue, and Adjusted EBITDA. Capital expenditures are also a significant aspect for management and in the telecommunication industry as a whole. Management believes that service revenue and Adjusted EBITDA are essential financial indicators for the CODM and investors. These measures are particularly valuable for evaluating performance over time. Management utilizes service revenue and Adjusted EBITDA when making operational decisions, allocating resources, and conducting internal comparisons against historical performance and competitor benchmarks. Additionally, these metrics provide deeper insights into the Group's operating performance. Millicom's Nomination, Talent and Compensation Committee also employs service revenue and Adjusted EBITDA when assessing employees' performance and compensation, including that of the Group's executives. A reconciliation of service revenue to revenue and Adjusted EBITDA to profit before taxes is provided below.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

5. SEGMENT INFORMATION (Continued)

Following the above-mentioned changes in scope which took place during 1Q of 2026, the Group considers the following individual countries as reportable segments, with Ecuador being reported on separately to provide additional information to users of the financial statements, even though it does not meet the quantitative thresholds for reportable segments under IFRS 8. (and Bolivia no longer considered as a reportable segment following the application of IAS21 Amendments). Comparative information has been re-presented accordingly.

Revenue, Service revenue, Adjusted EBITDA, capital expenditures and other segment information for the years ended September 30, 2026, and 2025 are shown on the below:

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

5. SEGMENT INFORMATION (Continued)

(*) Re-presented for discontinued operations (see note 4).

(**) Re-presented for 'Other Segments' category, including Bolivia.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

5. SEGMENT INFORMATION (Continued)

Revenue from contracts with customers from continuing operations:

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

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

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

6. OTHER NON-OPERATING (EXPENSES) INCOME, NET

The Group’s other non-operating (expenses) income, net comprised the following:

7. SHAREHOLDER REMUNERATION POLICY AND EARNINGS PER COMMON SHARE

On November 29, 2024, Millicom's Board approved an interim dividend of $1.00 per share (or its equivalent in SEK per SDR) for approximately $172 million paid on January 10, 2025.

On 14 January, 2025, Millicom's Board announced the approval of a new shareholder remuneration policy under which it proposes to resume regular cash dividends sustaining or growing cash dividends every year while maintaining a prudent capital structure. Following the above mentioned announcements:

On May 20, 2026, the Annual General Meeting of shareholders (following Board's proposal) approved a dividend of $3.00 per share payable in four equal quarterly installments: $0.75/share in July, 2026; $0.75/ share in October, 2026: $0.75/share in January, 2027 and; $0.75/share in April, 2027.

On August 5, 2026, Millicom's Board approved an interim dividend of $1.50 per share. The dividend will be distributed in two equal installments of $0.75 per share, on January 15, 2027 and April 15, 2027.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

7. SHAREHOLDER REMUNERATION POLICY AND EARNINGS PER COMMON SHARE (Continued)

Earning per common share

Earnings per common share (EPS) attributable to owners of the Company are comprised as follows:

(i) For the purpose of calculating the diluted earnings per common share, the weighted average outstanding shares used for the basic earnings per common share were increased only by the portion of the shares which have a dilutive effect on the earnings per common share.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

8. JOINT ARRANGEMENTS AND MAIN ASSOCIATES

Tigo Honduras

Joint ventures are businesses over which Millicom exercises joint control as decisions over the relevant activities of each, such as the ability to upstream cash from the joint ventures, require unanimous consent of shareholders. Millicom determines the existence of joint control by reference to joint venture agreements, articles of association, structures and voting protocols of the board of directors of those ventures. Our investments in joint ventures is comprised solely of Honduras.

At September 30, 2026, the net assets of our joint venture in Honduras totaled $333 million (December 31, 2025: $426 million). Out of these net assets, $4 million (December 31, 2025: $3 million) represent statutory reserves that are unavailable to be distributed to the Group. These net assets do not necessarily represent statutory reserves available for distribution as these include consolidation adjustments (such as goodwill and identified assets and assumed liabilities recognized as part of the purchase accounting). During the three-month period ended September 30, 2026, Millicom's joint venture in Honduras repatriated cash of $79 million under different forms (September 30, 2025: $69 million).

At September 30, 2026, Millicom had $184 million payable to Honduras joint venture which were mainly comprised of advances and cash pool balances (December 31, 2025: $192 million). In addition, as of September 30, 2026, Millicom had a total receivable from Honduras joint venture of $20 million, (December 31, 2025: $19 million) mainly corresponding to other operating receivables.

The table below summarizes the movements for the period in respect of the Honduras joint venture's carrying value:

UNIRED and UT

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Those parties are called joint operators. Millicom and Telefonica had joint control of UNIRED and UT until the acquisition of Coltel (date as from which the Millicom Group began consolidating UNIRED and UT in full; see Note 3 for further reference).

During the first quarter of 2025, Tigo Colombia derecognised right-of-use assets and liabilities amounting to $71 million and $104 million, respectively, in connection with lease agreements previously classified as assets held for sale in fourth quarter of 2024. These lease agreements were transferred to UNIRED, the entity that had already assumed the role of lessee under the respective contracts. The net impact of the derecognition resulted in a gain of $33 million, which was recognized in the consolidated statement of profit or loss under ‘Other operating income (expenses), net' for the period ended September 30, 2025. Additionally, the Tigo Colombia terminated certain lease agreements with deferred gains of $15 million as of December 31, 2024. These gains were accelerated and recognized in full in Q1 2025 within the same line item.

Tigo Chile

As previously explained in Note 3, NJJ and Millicom, through a joint vehicle, Celtel, completed on February 10, 2026, the acquisition of Telefónica Moviles Chile, S.A. ("Tigo Chile"). Millicom has significant influence over Tigo Chile holding 49% of shareholding. The Group accounts for associates in the same way as it accounts for joint ventures, that is, using the equity method. The table below summarizes the movements for the period in respect of the Chile associate's carrying value:

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

8. JOINT ARRANGEMENTS AND MAIN ASSOCIATES (Continued)

During the period ended September 30, 2026, Tigo Chile carried out cost reduction projects with a focus on efficiency after acquisition with severance expenses related to this plan of approximately CLP 84,287 million (approximately $95 million). Following IAS 28, the unrecognized losses of Tigo Chile as of September 30, 2026 at Millicom's share amount to $41 million as they exceed Millicom's interest in Tigo Chile.

9. PROPERTY, PLANT AND EQUIPMENT

During the period ended September 30, 2026, Millicom added property, plant and equipment for $598 million (September 30, 2025: $407 million) and received $1 million from disposal of property, plant and equipment (September 30, 2025: $73 million including $49 million from the tower sale and leaseback transaction between Tigo Nicaragua and SBA, as detailed in note 3).

10. INTANGIBLE ASSETS

During the period ended September 30, 2026, Millicom added intangible assets for $128 million of which $57 million related to spectrum and licenses (mostly attributable to frequency charges costs to the 700MHz and 3,500 MHz bands in Ecuador and to additional spectrum in Tigo Paraguay on AWS and 100 MHz in the 2.3 GHz band for 5G services), and $71 million to additions of other intangible assets (September 30, 2025: $67 million of intangible assets out of which $27 million related to spectrum and licenses mostly attributable to the 10 MHz spectrum in the 1900 MHz band awarded to Tigo Panama; and $40 million to additions of other intangible assets). During the period ended September 30, 2026 and September 30, 2025, Millicom did not receive any proceeds from disposal of intangible assets.

11. FINANCIAL OBLIGATIONS

A. Debt and financing

The most material movements in debt and financing for the period ended September 30, 2026 were as follows. When applicable, local currency amounts are translated in USD using the exchange rate at the time of occurrence.

Bolivia

In June 2026, Tigo Bolivia issued a new-7-year BOB bond at a nominal fixed rate of 9.8% for approximately BOB 87 million (approximately $9 million). Additionally, in August 2026 Tigo Bolivia issued a new seven-year BOB bond at a nominal fixed rate of 9.8% for approximately BOB 87 million (approximately $7 million) and repaid at maturity its 5% bond formerly listed on the Bolivia Stock Exchange including accrued interest for BOB 181 million (approximately $15 million).

In July 2026, Tigo Bolivia entered into five different local bank loans (three with a one-year term and two with a five-year term) with Banco de Credito de Bolivia, Banco Nacional de Bolivia and Banco BISA, adding an aggregate amount of approximately BOB 440 million (approximately $42 million). In August and September 2026, Tigo Bolivia entered into three additional local bank loans (two with a one-year term and the other with a three-to-four year term) for an aggregate amount of BOB 193 million (approximately $17 million). During July to September 2026, Tigo Bolivia repaid approximately BOB 152 million (approximately $14 million) of the outstanding credit facilities denominated in BOB with different local banks.

Colombia

On March 11, 2026, Tigo Colombia executed a variable four-year term loan with Davivienda Bank, for an amount of COP 220,000 million. For the period ended September 30, 2026 , Tigo Colombia partially repurchased its UNE Bond 3 (tranche B) for COP 35,250 million originally due in May 2026 and redeemed the outstanding amount of Tranch B of its COP bond issued in 2016 at par plus accrued and unpaid interest, for an approximate amount of COP215.000 million (approximately $58 million), originally becoming due in May 2026.

During March 2026 and May 2026, Coltel executed two new one-year variable loans with JP Morgan each for an amount of COP70,000 million (approximately $38 million in aggregate). On April 13, 2026, Coltel entered into a one-year new bridge facility with Banco Santander for an amount of $100 million at variable rate. Coltel used these funds to repay the $100 million facility with HSBC, with April 17, 2026 as original maturity date. Additionally in June 2026 Coltel entered into a new 3-year variable loan facility with BTG Pactual Colombia S.A. for COP170,000 million (approximately $49 million), a new 3-year variable loan facility with Bancolombia for COP820,000 million (approximately $237 million) and a new 1-year variable loan facility with Banco AV Villas for COP29,000 million (approximately $8 million).

In July 2026, Coltel repaid approximately $102 million of the outstanding credit facilities denominated in COP and U.S. dollars with Banco de Occidente, Bladex and J.P. Morgan.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

11. FINANCIAL OBLIGATIONS (continued)

In August 2026 Coltel entered into two new 3-year variable loans with Banco Davivienda and DaviBank for an amount of COP 245.000 million (approximately $77 million) and COP54,500 (approximately $17 million), respectively. Funds were primary used to repay the loan with Bank Nova Scotia for an amount of COP 272.000 million, including interests accrued (approximately $87 million).

Corporate

On March 27, 2026, Millicom executed a new 8-year COP-USD linked Private Bond issuance for COP 370,000 million at fixed rate subscribed by Inter-American Development Bank (IDB) and Proparco.

On April 14, 2026, Millicom completed an $87.5 million aggregate principal amount reopening of its 7.375% Senior Notes due 2032 (the “Additional Notes”) in a Regulation S only private placement that is exempt from the registration requirements of the U.S. Securities Act of 1933., as amended (the “Securities Act”) to Banco General, S.A. The Additional Notes have been admitted to trading on the Luxembourg Stock Exchange Euro MTF market.

Guatemala

On February 18, 2026 and on March 17, 2026, Tigo Guatemala executed two variable (one with a five-year term and the other with a

six-year term) bank credit loans with Banco GYT Continental and Banco Agricola Mercantil for an amount of GTQ 400 million each.

Panama

In August 2026, Tigo Panama fully repaid the loan with The Bank of Nova Scotia for $75 million and entered into a new 6-year loan agreement with BAC International for an equivalent amount.

Paraguay

On April 29, 2026, Tigo Paraguay redeemed all of its 5.875% Senior Unsecured Notes due 2027 (the “Notes”) at par plus accrued and unpaid interest, for an aggregate principal amount of approximately $139.7 million.

In September 2026, Tigo Paraguay executed a bond redemption for PYG 98 billion with Bolsa de Valores y Productos de Asunción Sociedad Anónima (approximately $17 million). Additionally, during 3Q 2026, Tigo Paraguay repaid approximately PYG88 billion (approximately $15 million) of the outstanding credit facilities denominated in PYG with different local banks.

B. Analysis of debt and financing by maturity

The total amount of debt and financing is repayable as follows:

The Group’s interest and other financial expenses comprised the following:

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

12. FINANCIAL INSTRUMENTS

Other than the items disclosed below, the fair values of financial assets and financial liabilities approximate their carrying values as at September 30, 2026 and December 31, 2025:

(i)       Fair values are measured with reference to Level 1 (for listed bonds) or 2.

Derivative financial instruments

MIC SA entered into swap contracts in order to hedge the foreign currency risk in relation to the 2027 SEK 2.2 billion bond (approximately $252 million, using the exchange rate at the time of the issuance of this bond) issued in January 2022 with maturity date January 2027. As of September 30, 2026 Coltel has swaps contracts to hedge the foreign currency risk in relation to a $500 million bond issued in 2020 and to a $70 million bank loan raised in 2024.

In January 2023, MIC S.A. also entered into two currency swap agreements to hedge an intercompany receivable of COP 206 billion (approximately $41 million) owed by Tigo-UNE. On January 5 ,2026, the mentioned swaps expired, in accordance with their maturity dates. During the period ended September 30, 2026, Tigo Colombia and Tigo Paraguay entered into short-term forwards in order to hedge foreign currency risk of USD denominated expected obligations. As of September 30, 2026, Coltel has current and non-current non-delivery forwards in order to hedge foreign currency risk of USD denominated expected obligations.

The net fair value, including Coltel's acquisition, of the aforementioned swaps/forwards amounts to a liability of $183 million as of September 30, 2026 (December 31, 2025: a liability of $23 million).

Interest rate swaps, currency swaps and forwards are measured with reference to Level 2 of the fair value hierarchy.

There are no other derivative financial instruments with a material fair value at September 30, 2026.

13. COMMITMENTS AND CONTINGENCIES

Litigation & claims

The Group is contingently liable with respect to lawsuits, legal, regulatory, commercial and other legal risks that arise in the normal course of business. As of September 30, 2026, the total amount of claims brought against MIC SA and its subsidiaries is $217 million mainly as explained in the next paragraphs (December 31, 2025: $146 million). The Group's share of the comparable exposure for its joint venture in Honduras and Chile associate is $12 million (December 31, 2025: $3 million).

As at September 30, 2026, $91 million has been provisioned by the Group for these claims and risks in the unaudited interim condensed consolidated statement of financial position (December 31, 2025: $37 million). The Group's share of provisions made by the joint venture and the associate was $9 million (December 31, 2025: $1 million). While it is not possible to ascertain the ultimate legal and financial liability with respect to these claims and risks, the ultimate outcome is not anticipated to have a material effect on the Group’s financial position and results of operations.

During the period, the Millicom Group entered into settlement agreements with four former executives of the Group's Guatemala operations ("Tigo Guatemala") in relation to the previously disclosed legal claims against Tigo Guatemala. The agreements fully resolved all pending litigations and claims involving these parties. In relation to this settlement, as of September 30, 2026, Millicom recognized an expense of $99 million, presented within Other non-operating (expenses) income, net in the Statement of Income. Of this amount, $31 million was paid during the quarter, while $68 million remained outstanding and is payable over the period of seven years.

Taxation

At September 30, 2026, the tax risks exposure of the Group's subsidiaries is estimated at $378 million, for which provisions of $60 million have been recorded in tax liabilities; representing management's assessment of the probable cash outflow of eventual claims including those related to acquisitions as explained in Note 3 (December 31, 2025: $376 million of which provisions of $32 million were recorded). The Group's share of comparable tax exposure in its joint venture and associates amounts to $195 million (December 31, 2025: $160 million) for which provisions of $8 million (December 31, 2025: $8 million), were made.

Unaudited Interim Condensed Consolidated Financial Statements for the nine-month period ended September 30, 2026

13. COMMITMENTS AND CONTINGENCIES (continued)

Capital commitments

At September 30, 2026, the Group had fixed commitments to purchase network equipment, other fixed assets and intangible assets of $384 million of which $367 million are due within one year (December 31, 2025: $305 million of which $280 million are due within one year). The Group’s share of commitments in its Honduras joint venture and Chile associate is $47 million of which $47 million are due within one year (December 31, 2025: $31 million out of which $31 million are due within one year). Additionally, the Group's share of commitments in the UNIRED joint operation was $16 million for December 31, 2025.

14. RESTRUCTURING COSTS

Voluntary retirement and severance plans

In April, 2026, Tigo Colombia conducted a voluntary retirement plan for its employees with severance expenses related to this plan of approximately COP95,000 million (approximately $26 million). Between July and September 2026, further Tigo Colombia employees accepted this voluntary retirement plan, resulting in an additional severance expense of approximately COP44,000 (approximately $14 million).

In March 2026, Coltel carried out cost reduction projects with a focus on efficiency after acquisition with severance expenses related to this plan of approximately COP240,000 million (approximately $65 million). Between August and September 2026, further cost reductions projects were in place, resulting in an additional severance expense of approximately COP18,000 (approximately $6 million).

15. IMPAIRMENT IN COSTA RICA

During the nine-months ended September 30, 2026, the Group recorded a goodwill impairment charge of approximately $32 million for its Costa Rica cash-generating unit (CGU) following an IAS 36 impairment test triggered by continued underperformance and a revised business outlook. The charge, recognized in Other operating income (expenses), net, was driven by lower projected future cash flows based on updated revenue growth, margin, and long-term market assumptions.

Following the impairment recognized during the period, the Costa Rica CGU continues to include goodwill of approximately $123 million, as of September 30, 2026 . Management will continue to monitor the CGU's performance and market conditions.

16. SUBSEQUENT EVENTS

Financing

Coltel: On October 15, 2026, Coltel entered into a new loan with BTG Pactual for COP 40,000 million (approximately $12.5 million) and also made a partial prepayment of $12.5 million of its loan with Banco Santander.

Additional incentive plan

In October 2026, Millicom communicated an additional incentive plan for senior management contingent upon achieving annual Equity Free Cash Flow of $2 billion. The plan provides for aggregate incentive compensation of approximately $50 million upon achieving this target in the medium term, with accelerated and potentially higher payouts if the milestone is achieved earlier.

Item 2

Luxembourg, November 5, 2026

Millicom (Tigo) Q3 2026 Earnings Release

Q3 2026 Highlights*

*See page 12 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.** EFCF excluding proceeds from disposals.

Millicom Chief Executive Officer Marcelo Benitez commented:

“We delivered another strong quarter, driven by solid execution and the commitment of our teams across Latin America. Our Double-E strategy is working: delivering a better customer Experience while operating more Efficiently, driving sustainable growth, stronger profitability, and cash flow generation.

Our Customers are at the center of our efforts, which is why we continue investing in our networks to improve coverage, capacity, and quality. At the same time, our prepaid-to-postpaid migration strategy is helping customers stay connected for more days each month, with larger allowances and greater predictability. Customers benefit from a better experience, while we build stronger relationships, improve loyalty, and grow ARPU.

We are also executing a clear more-for-more pricing strategy. When customers pay a little more, they get more in return: more data, better services, and greater value. This is how we believe sustainable growth should work. In Home, we are following the same principle, focusing on delivering greater value and a better experience rather than simply growing subscriber numbers.

This quarter was also marked by the earthquakes in Colombia and Panama. We are deeply saddened by the loss of an employee and a contractor in Colombia, and our thoughts are with their families and loved ones. I want to thank our teams in both countries for their resilience and commitment during these difficult moments.

Against this backdrop, our teams continued to execute effectively and delivered strong financial performance. Service revenue reached $2.14 billion, while adjusted EBITDA was $1.09 billion, reflecting operating leverage and cost discipline. Importantly, we continued to generate strong equity free cash flow of $316 million during the quarter, bringing year-to-date EFCF to $867 million keeping us firmly on track to achieve our full-year guidance of around $1.1 billion.

Our priorities remain unchanged: invest in our networks, deliver a superior customer experience, operate with maximum efficiency, and generate sustainable growth and strong cash flow. We know what works, we know how to execute, and we have a great team to keep moving forward.”

2026 Financial Targets

Millicom maintains its full-year 2026 EFCF of around $1.1 billion. Based on current operations, acquisitions completed to date, and expected cash flow generation, the Company remains on track toward its previously communicated year-end leverage target of below 2.5x.

Earnings Release     Q3 2026

Group Quarterly Financial Review - Q3 2026

Revenue increased 60.8% year over year in Q3 2026, driven by inorganic growth from the Coltel acquisition, expansion into Ecuador and Uruguay, favorable currency effects, and sustained commercial strength across our Mobile, Home, and B2B businesses. Mobile revenue growth was supported by effective customer migration to higher-value postpaid plans, while Home revenue benefited from strong uptake of FIFA World Cup content and related subscriber growth.

Equipment, programming and other direct costs increased 72.4% year-on-year, primarily driven by the Coltel acquisition and the addition of Ecuador and Uruguay. The increase also reflects higher bad debt expense and World Cup-related programming and operating costs.

Operating expenses increased 57.4% year-on-year, reflecting the integration of operations in Colombia including $20 million in related restructuring charges as well as the addition of Ecuador and Uruguay.

Depreciation and amortization increased 65.5% and 41.5%, respectively, primarily driven by the acquisition of Coltel in Colombia, the expansion of our consolidation perimeter to include Ecuador and Uruguay, and the appreciation of local currencies against the U.S. dollar.

Share of profit (loss) in Honduras joint venture and Chile associate was $14 million mainly reflecting our share of profits in the Honduras Joint Venture. Other operating expenses were $2 million for the quarter. As a result of the above effects, operating profit increased 54.8% year-on-year to $600 million.

Earnings Release     Q3 2026

Net financial expenses increased $153 million year-over-year to $314 million, driven by higher interest and lease expenses, as a result of inorganic growth and the Lati infrastructure deal.

Sale of Lati operations of $138 million reflects the gross impact of the partial closing of the Lati infrastructure deal with SBA and Atis Group during Q3 2025.

Other non-operating expenses, net, totaled $71 million expense, primarily reflecting a settlement agreement resolving all pending material litigations and claims in Guatemala brought by former employees of Tigo Guatemala.

Net tax expense increased year-over-year to $115 million, mostly driven by the expansion of the business perimeter as well as an increase in profitability.

Non-controlling interests' share of net loss totaled $1 million in Q3 2026, reflecting the portion of gains attributable to non-controlling shareholders in certain Colombian operations. This compares to a $9 million loss in Q3 2025, reflecting EPM's share of gains in the Colombian operation.

As a result of the above operating performance, net profit attributable to owners of the company, was $98 million, or $0.58 per share, based on 167.72 million weighted average shares outstanding in Q3 2026.

Earnings Release     Q3 2026

Cash Flow

* See page 12 for a description of non-IFRS measures.

Equity Free Cash Flow (EFCF) in Q3 2026 was $316 million, compared to $243 million in Q3 2025. The increase in EFCF over the past year is explained primarily by the following items:

Positives:

Detractors:

Earnings Release     Q3 2026

Debt

During Q3 2026, gross debt was stable at $8.6 billion as of September 30, 2026, when compared to June 30, 2026 as new debt issuances during the quarter were largely offset by scheduled repayments and refinancing.

As of September 30, 2026, 61% of gross debt was denominated in local currency¹. Fixed-rate² debt represented 56% of our total debt, compared with 70% at year-end 2025, primarily reflecting the addition of Coltel's variable-rate debt. The average debt maturity was 3.5 years. Approximately 70% of gross debt was held at our operating entities, while the remaining 30% was held at the corporate level. The average interest rate on our debt was 8.3%. On our dollar-denominated debt³, the average interest rate was 5.7% with an average maturity of 3.7 years.

Cash totaled $848 million as of September 30, 2026, compared to $861 million as of June 30, 2026, with approximately 78% held in U.S. dollars. Net debt* was $8.0 billion as of September 30, 2026, essentially unchanged from the prior quarter, as EFCF generation of $316 million was largely offset by a $126 million dividend payment as well as foreign exchange rate impacts related to the appreciation of local currency denominated debt. As a result, leverage* improved to 2.53x at quarter end, compared to 2.73x as of June 30, 2026.

* Net Debt and Leverage are non-IFRS measures. See page 12 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.

¹ Or swapped for local currency

² Or swapped for fixed rates

³ Including SEK denominated bonds that have been swapped into US dollars.

Earnings Release     Q3 2026

Operating performance

The information contained herein can also be accessed electronically in the Financial & Operational Data Excel file published at www.millicom.com/investors alongside this earnings release.

Business units

We discuss our performance under two principal business units:

1. Mobile, including mobile data, mobile voice, and mobile financial services (MFS) to consumer, business and government customers;

2. Fixed and other services, including broadband, Pay TV, content, and fixed voice services for residential (Home) customers, as well as voice, data and value-added services and solutions to business and government customers.

On occasion, we also discuss our performance by customer type, with B2B referring to our business and government customers, while B2C includes residential and personal consumer groups.

Market environment

The macroeconomic environment in our markets remained relatively favorable during Q3 2026, with the Colombian Peso, Paraguayan Guarani and Bolivian Boliviano appreciating year over year 25.4%, 22.7% and 17.1% respectively against the U.S. Dollar, impacting reported results during the period. However, the ongoing conflict in the Middle East involving Iran contributed to higher and more volatile global energy prices, adding to inflationary pressures across the region and creating potential headwinds for consumer purchasing power and operating costs. In Bolivia, following the transition from a fixed exchange rate peg to a more flexible, market-driven regime, foreign exchange volatility and macroeconomic uncertainty remained elevated. We continue to monitor these developments closely and assess their potential impact on our operations and financial position. Foreign exchange rates and movements are presented on page 16.

Key Performance Indicators

The mobile business ended Q3 2026 with 55.8 million customers, up 32.5% year-on-year representing an increase of 13.7 million customers. This growth was primarily driven by the inclusion of Coltel and our operations in Ecuador and Uruguay. Coltel alone contributed 8.3 million mobile customers, including 5.5 million postpaid subscribers. Postpaid net additions totaled 8.3 million customers during the year. Mobile ARPU increased 19.0% year-on-year. Excluding the impact of M&A, the postpaid customer base increased by 0.9 million customers year-on-year, supported by our continued focus on executing our pre-to-postpaid migration strategy.

At the end of Q3 2026, Millicom's fixed networks passed 22.8 million homes, up 9.1 million year-over-year. HFC and FTTH customer relationships increased 1.4 million while HFC/FTTH revenue-generating units ("RGU") grew by 2.4 million. These trends were mainly driven by the consolidation of our newly acquired operations. Excluding M&A, HFC/ FTTH RGUs would have declined by 434,000 for the year due to a reduction in fixed telephony connections.

Earnings Release     Q3 2026

* KPIs exclude our joint venture in Honduras, which is not consolidated in the Group figures. ARPU calculation excludes Coltel. During the three-month consolidation period, Coltel’s Mobile and Home ARPU were $8.4 and $31.0, respectively.

Financial indicators

In Q3 2026, revenue increased 60.8% year-on-year to $2.3 billion, while service revenue grew 61.0% to $2.1 billion. Excluding the impact of foreign exchange movements and the in-market consolidation in Colombia, organic service revenue grew 5.4% year-on-year, supported by disciplined pricing and healthy growth across Mobile, Home and B2B.

Adjusted EBITDA reached $1.1 billion, increasing 57.7% year-on-year driven mostly driven by the in market consolidation in Colombia, operating leverage and favorable foreign exchange movements. Capex totaled $243 million in Q3 2026, up 51.0% year-over-year, primarily as a result of our inorganic growth in Colombia, Ecuador and Uruguay. Excluding this impact, capex increased 8.6% year-over-year, mainly due to investments in Guatemalan Network Capacity and accelerated capital deployment in Bolivia. As a result, Operating Cash Flow (OCF) increased 59.7% to $849 million in Q3 2026 compared to $532 million in Q3 2025.

Earnings Release     Q3 2026

* Service revenue, Adjusted EBITDA, Adjusted EBITDA margin, Capex, OCF and organic growth are non-IFRS measures. See page 12 for a description of non-IFRS measures and for reconciliations to the nearest equivalent IFRS measures.

Country performance

Commentary in this section refers to performance measured in local currency terms, unless specified otherwise.

Earnings Release     Q3 2026

ESG highlights

At Millicom, we believe technology is a powerful driver of development and equity. Through our social impact programs, we promote digital inclusion and expand opportunities for underserved communities across the countries where we operate. In Paraguay, Jóvenes Conectados is helping young people develop skills for the future, and we aim to progressively expand the initiative to other countries, adapting it to local needs. Building on our regional experience, we remain committed to expanding effective programs and creating lasting value for the communities we serve.

As part of our ongoing commitment to digital inclusion, our social impact initiatives continue to expand learning opportunities and promote the responsible use of technology across the region during the reporting period. To date, we have trained 18,066 teachers in digital and educational skills, reached 63,114 women through digital literacy and entrepreneurship training, and engaged 125,422 children, parents, and educators in activities focused on digital education and online safety. Through these initiatives, we have directly reached more than 206,000 beneficiaries across the region, fostering digital skills, educational opportunities, and safer, more responsible online experiences.

⁴ Comprised of El Salvador, Bolivia, Nicaragua, Uruguay and Costa Rica

Earnings Release     Q3 2026

Video conference details

A video conference to discuss these results will take place on November 5 at 08:00 (New York) / 14:00 (Luxembourg) / 13:00 (London). Registration for the live event is required and is available at the following link. After registering, participants will receive a confirmation email containing details about joining the video conference. Alternatively, participants can join in a listen-only mode, by dialing any of the following numbers and using webinar ID number 869 6353 4578. Please dial a number based on your location:

Additional international numbers are available at the following link.

Financial calendar

2027

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 ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of September 30, 2026, Millicom, including its Honduras Joint Venture and Chile associate, employed approximately 19,000 people and provided mobile and fiber-cable services through its digital highways to more than 65 million customers, with a fiber-cable footprint over 28 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.

Earnings Release     Q3 2026

Forward-Looking Statements

Statements included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity, growth and prospects, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Millicom’s results could be materially adversely affected. In particular, there is uncertainty about global economic activity and inflation, the demand for Millicom's products and services, and global supply chains. The risks and uncertainties include, but are not limited to, the following:

A further list and description of risks, uncertainties and other matters can be found in Millicom’s Annual Report on Form 20-F, including those risks outlined in “Item 3. Key Information—D. Risk Factors,” and in Millicom’s subsequent U.S. Securities and Exchange Commission filings, all of which are available at www.sec.gov. All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by applicable law, we do not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings Release     Q3 2026

Non-IFRS Measures

This press release contains financial measures not prepared in accordance with IFRS. These measures are referred to as “non-IFRS” measures and include: service revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Capex and Equity Free Cash Flow, among others defined below. Annual growth rates for these non-IFRS measures are often expressed in organic constant currency terms to exclude the effect of changes in foreign exchange rates, the adoption of new accounting standards, and are proforma for material changes in perimeter due to acquisitions and divestitures. The non-IFRS financial measures are presented in this press release as Millicom’s management believes they provide investors with additional information for the analysis of Millicom’s results of operations, particularly in evaluating performance from one period to another. Millicom’s management uses non-IFRS financial measures to make operating decisions, as they facilitate additional internal comparisons of Millicom’s performance to historical results and to competitors' results, and provide them to investors as a supplement to Millicom’s reported results to provide additional insight into Millicom’s operating performance. Millicom’s Compensation and Talent Committee uses certain non-IFRS measures when assessing the performance and compensation of employees, including Millicom’s executive directors.

The non-IFRS financial measures used by Millicom may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies - refer to the section “Non-IFRS Financial Measure Descriptions” for additional information. In addition, these non-IFRS measures should not be considered in isolation as a substitute for, or as superior to, financial measures calculated in accordance with IFRS, and Millicom’s financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated.

Non-IFRS Financial Measure Descriptions

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.

Adjusted EBITDA is operating profit excluding impairment losses, depreciation and amortization, gains/losses on fixed asset disposals, and early termination of leases.

Adjusted EBITDA Margin represents Adjusted EBITDA in relation to revenue.

Organic growth represents year-on-year growth excluding the impact of changes in FX rates, perimeter, and accounting. Changes in perimeter are the result of acquisitions and divestitures. Results from divested assets are immediately removed from both periods, whereas the results from acquired assets are included in both periods at the beginning (January 1) of the first full calendar year of ownership.

Net debt is Debt and financial liabilities, including derivative instruments (assets and liabilities), less cash and pledged and time deposits.

Leverage is the ratio of net debt over LTM (last twelve months) Adjusted EBITDA subtracting depreciation of right-of-use assets and interest expense on leases, proforma for acquisitions made during the last twelve months.

Capex is balance sheet capital expenditure excluding spectrum and license costs and lease capitalizations.

Cash Capex represents the cash spent in relation to capital expenditure, excluding spectrum and licenses costs.

Operating Cash Flow (OCF) is Adjusted EBITDA less Capex.

Operating Free Cash Flow (OFCF) is Adjusted EBITDA, less cash capex, less spectrum paid, working capital, other non-cash items, and taxes paid.

Equity Free Cash Flow (EFCF) is OFCF less finance charges paid (net), lease interest payments, lease principal repayments, and advances for dividends to non-controlling interests, plus cash repatriation from joint ventures and associates.

Average Revenue per user per Month (ARPU) for our mobile customers is (x) the total mobile and mobile financial services revenue (excluding revenue earned from tower rentals, call center, data and mobile virtual network operator, visitor roaming, national third parties roaming and mobile telephone equipment sales revenue) for the period, divided by (y) the average number of mobile subscribers for the period, divided by (z) the number of months in the period. We define ARPU for our home customers as (x) the total home revenue (excluding equipment sales and TV advertising) for the period, divided by (y) the average number of customer relationships for the period, divided by (z) the number of months in the period. ARPU is not subject to a standard industry definition and our definition of ARPU may be different from other industry participants.

Please refer to our 2025 Annual Report for a list and description of non-IFRS measures.

Earnings Release     Q3 2026

Non-IFRS Reconciliations⁵

Reconciliation from Reported Growth to Organic Growth for the Group

*Organic growth calculated by re-basing all periods to the budget FX rates of the current year. This creates small differences captured in "Other".

*Organic growth is calculated by re-basing all periods to the budget FX rates of the current year. This creates small differences captured in "Other".

Adjusted EBITDA reconciliation

⁵_{Except for balance sheet and cash flow items, the 2025 comparative financial information has been re-presented to reflect the classification of Tigo Paraguay’s Mobile Finance business as discontinued operations. Coltel has been fully consolidated since the acquisition of the 67.5% stake on February 6, 2026. Tigo Uruguay and Tigo Ecuador have been fully consolidated since their respective acquisition dates in October 2025.}

Earnings Release     Q3 2026

Adjusted EBITDA margin

One-off Summary - Items above Adjusted EBITDA

ARPU reconciliations

The above figures exclude Coltel. Coltel's Mobile ARPU during the three-month consolidation period was $8.4 and for the eight-month consolidation period was $7.5.

* Refers to production services, MVNO, DVNO, equipment rental revenue, call center revenue, national roaming, equipment sales, visitor roaming, tower rental, DVNE, and other non-customer driven revenue.

** Average QoQ for the quarterly view is the average of the last quarter.

Beginning in Q1 2023 the calculation of Home ARPU now includes equipment rental.

The above figures exclude Coltel. Coltel's Home ARPU during the three-month consolidation period was $31.0, and for the eight-month consolidation period was $29.1.

* TV advertising, production services, equipment rental revenue, call center revenue, equipment sales and other non customer driven revenue.

** Represented by homes connected all technologies (HFC/FTTH + Other Technologies + DTH & Wimax RGUs).

*** Average QoQ for the quarterly view is the average of the last quarter.

Earnings Release     Q3 2026

OCF (Adjusted EBITDA- Capex) Reconciliation

Capex Reconciliation

Equity Free Cash Flow Reconciliation

* Equity free cash flow does not include Cash Flow from Financing Activities, such as the issuance or repurchase of shares.

Earnings Release     Q3 2026

Foreign Exchange rates

(i) Refer to the note 2 of the IAS 34 for details on the adoption of the amendments to IAS21.

(ii) 2025 average rate as from acquisition date.

(iii) 2026 average rate as from acquisition date.

Item 3

Millicom (Tigo) Q3 2026 Earnings Release

Luxembourg, November 5, 2026 – Millicom is pleased to announce its third quarter 2026 results. Please find below links to the Q3 2026 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements.

Q3 2026 Highlights*