Millicom Highlights from the 1Q26 Conference Call

Research evidence excerpt

Millicom Highlights from the 1Q26 Conference Call

J P M O R G A N Latin America Equity Research

12 May 2026

Millicom Overweight

TIGO, TIGO US

Highlights from the 1Q26 Conference Call Price (11 May 26):$78.50

LatAm Technology & Telecom /

Millicom concluded its conference call to discuss 1Q26 results. Key highlights Education

include: Marcelo Santos, CFA AC

(55-11) 4950-3708

• Dividend to be kept at $3/shr until reaches 2.5x ND/EBITDA, with room to marcelo.p.santos@jpmorgan.com

increase afterwards. Management also requested permission to buy back up to Livea Mizobata

10% of the shares, representing another potential mechanism of shareholder (55-11) 4950-3604

return. livea.mizobata@jpmorgan.com

Banco J.P. Morgan S.A.

• Positive trends on EFCF, guidance to be updated in 2Q.

• Capex to keep similar % of revenues as in 2025. Tigo will invest more in

Colombia, extending 5G coverage by 4x and deploying 1k+ sites in 18-24

months.

• Guatemala: benefitting from price increases in February/March, pre-to-post

paid migration, and operating leverage.

• Colombia: (1) price increases in B2C/home businesses, helped by government

contracts, and Coltel already generating positive EFCF; (2) combined

company growth at the level of ~8% is sustainable during the year, helped by

prepaid-postpaid migration, higher fixed-mobile convergence, and good B2B

growth; (3) margins for 2026 should be similar to Tigo UNE 2025; (4)

restructuring costs for the remainder of the year should be around $100m.

• Paraguay: margins should close the year in the 50-56% range.

• Panama: growth was slower than expected, but management is confident on

top line momentum improving.

• Ecuador: higher growth is expected for the mid-term, will rebrand later in the

year, which should put some pressure on margins.