Millicom International Cellular SA Q4 FY2024 earnings call

• Efficiency program drove OCF margin up 8 points to ~31%, equity-free cash flow $728M in 2024 (excluding tower sales), reduced debt to leverage below 2.5x. - Mobile strategies: Expanded network capacity, simplified commercial offers, migrated prepaid to postpaid, introduced convergence plans. - Home business: Upgraded broadband, simplified offers, accelerated convergence, customer base up 3% YOY. - B2B growth: Digital solutions up nearly 15%, revamped FMC offer drove SME growth. - Strategic initiatives: Sale of Lati International on track, progress in Colombia with Coltel acquisition, ongoing regulatory process in Costa Rica.

Mobile business: Q4 organic service revenue grew over 4%, matching Q3; full-year 2024 Mobile service revenue growth accelerated to 4.6% vs. 2.4% in 2023. Home business: Added 49,000 customers in Q4, customer base up 3% year-over-year. B2B business: Full-year 2024 organic revenue growth 3.1%, digital solutions up nearly 15%, SME customer base grew ~7%. Country-wise: Colombia had full-year EBITDA margin 38.1%; Guatemala saw 2024 OCF up ~10% to $692M, EBITDA margin 54%, service revenue growth strongest since 2021; Panama had service revenue grow ~5% in 2024, B2B had record year, OCF over $250M.

• Target 2025 equity-free cash flow ~$750M, aim to end year with leverage below 2.5x. - Caution on Q1 leverage due to seasonality and shareholder remuneration (interim dividends and share buyback). - Resumed shareholder remuneration with interim dividends and a $150M share buyback program.

• Volatility in emerging markets, especially Bolivia's currency impact on financials. - Adverse legal rulings, including potential negative outcomes in Costa Rica and other countries. - FX risks in Colombia and Paraguay.

Q: Asked about markets and segments for growth in 2025 and OpEx/CapEx impact.

A: Marcelo Benitez discussed Mobile, Home, B2B growth and CapEx focus on granular investment.

Q: About CapEx, legal rulings, Bolivia spot rates.

A: Bart Vanhaeren addressed CapEx stabilization, legal provisions, and Bolivia spot rate implications.

Q: Pricing power in markets and leverage/dividends.

A: Marcelo Benitez on pricing power, Bart on leverage and dividend distribution.

Q: 2025 guidance, macro risks, Colombia competition.

A: Bart on guidance assumptions and risks, Marcelo on Colombia competition.

Q: Update on M&A projects.

A: Bart on Colombia and Costa Rica regulatory processes.