Cash Flow Statement

Operating Cash Flow

+37%

+110%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	0	0	0	(385)	0	0	0	179	0	0	0	66	0	0	0	171	314	474	659	364	483	572	0	631	1 139	1 191	1 537	671	685	755	801	692	764	828	921	1 838	1 923	2 001	2 046	1 071	762	543	193	864	873	700	0	349	2 800	2 989	3 235	3 057	748	466	283	(153)	(99)	(61)	(64)	83	73	2	(6)	226	248	279	299	91	48	18	(148)	218	7	(43)	(9)	(271)	(77)	(93)	13	732	804	945	903	238	178	141	173	175	289	410	498	552	689	1 308	1 473	1 665
Depreciation & Amortization	0	0	0	139	0	0	0	129	0	0	0	171	0	0	0	141	0	0	0	227	0	0	0	314	0	0	0	464	0	0	0	611	0	0	0	677	0	0	0	739	935	1 134	1 340	727	719	713	0	786	1 229	1 289	1 598	1 158	1 248	1 332	1 346	1 321	1 198	1 100	1 024	932	936	920	895	879	865	851	832	830	885	952	1 019	1 111	1 145	1 172	1 207	1 208	1 236	1 219	1 183	1 196	1 230	1 286	1 359	1 364	1 337	1 323	1 318	1 338	1 341	1 317	1 280	1 234	1 197	1 190	1 206	1 280
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	4	10	13	13	13	13	15	19	0	0	10	14	0	16	11	10	13	14	33	31	31	32	17	17	19	21	20	22	22	21	17	17	18	13	13	22	23	29	34	19	15	13	13	14	17	19	20	22	23	20	18	22	21	26	30	30	30	30	28	24	15	14	14	17	27	27	29	29	35	41	48	52	49	46	54	50	43	39	19	14
Other Non-Cash Items	0	0	0	280	0	0	0	(194)	0	0	0	35	0	0	0	102	(18)	(24)	(20)	17	517	527	522	333	507	480	(366)	101	93	97	351	594	587	553	846	(750)	(694)	(974)	(831)	234	306	632	877	(11)	(142)	(113)	0	217	(1 858)	(1 959)	(1 957)	(2 103)	206	487	663	1 027	841	684	547	320	352	412	432	247	246	232	232	396	417	382	550	219	400	443	348	579	362	427	362	(272)	(193)	(195)	(60)	654	685	687	661	655	659	678	685	728	625	16	(76)	(182)
Cash Taxes Paid	0	0	0	22	0	0	0	20	0	0	0	40	0	0	85	68	76	125	92	100	115	144	159	164	0	190	209	201	223	177	196	196	212	241	226	239	257	269	260	268	250	266	288	252	258	251	0	277	462	446	537	380	376	355	310	252	215	163	155	130	127	130	124	132	136	134	138	153	142	145	133	114	122	108	149	142	140	149	113	127	180	233	270	316	291	280	271	233	234	233	230	239	267	291	301	335
Cash Interest Paid	0	0	0	197	0	0	0	135	0	0	0	92	0	0	140	99	109	143	93	113	117	117	139	148	0	144	137	137	0	0	167	148	0	0	160	171	0	237	176	141	189	157	166	156	159	163	0	214	310	362	433	350	378	379	399	377	353	366	351	357	388	364	393	372	367	352	339	318	328	392	433	485	534	536	550	562	543	536	516	495	509	508	533	539	560	572	589	620	636	649	637	619	587	561	568	585
Change in Working Capital	133	47	108	33	95	130	141	71	198	225	258	31	335	351	335	(99)	30	(98)	(203)	(174)	(201)	(199)	562	(219)	(270)	(295)	(1 108)	(247)	(189)	(229)	(265)	(255)	(327)	(303)	(382)	(394)	(457)	(448)	(291)	(380)	(345)	(470)	(510)	(45)	(20)	(62)	1 145	(436)	(501)	(380)	(1 585)	(654)	(766)	(847)	(836)	(544)	(425)	(311)	(338)	(457)	(456)	(500)	(549)	(551)	(579)	(555)	(538)	(519)	(575)	(601)	(667)	(756)	(801)	(770)	(752)	(695)	(719)	(776)	(746)	(700)	(728)	(825)	(918)	(996)	(983)	(947)	(910)	(945)	(1 027)	(945)	(917)	(911)	(800)	(837)	(900)	(1 037)
Cash from Operating Activities	133 N/A	47 -64%	108 +128%	67 -38%	95 +41%	130 +37%	141 +9%	184 +31%	198 +7%	225 +14%	258 +15%	303 +18%	335 +10%	351 +5%	335 -5%	316 -6%	326 +3%	352 +8%	436 +24%	434 0%	799 +84%	900 +13%	961 +7%	1 059 +10%	865 -18%	865 0%	63 -93%	989 +1 482%	1 053 +6%	1 087 +3%	1 351 +24%	1 642 +22%	1 635 0%	1 691 +3%	1 996 +18%	1 372 -31%	1 449 +6%	1 256 -13%	1 601 +28%	1 664 +4%	1 658 0%	1 839 +11%	1 900 +3%	1 535 -19%	1 430 -7%	1 238 -13%	1 270 +3%	916 -28%	968 +6%	1 237 +28%	1 291 +4%	1 458 +13%	1 436 -2%	1 438 +0%	1 456 +1%	1 651 +13%	1 515 -8%	1 412 -7%	1 169 -17%	878 -25%	905 +3%	834 -8%	772 -7%	801 +4%	780 -3%	807 +3%	825 +2%	798 -3%	775 -3%	751 -3%	754 +0%	792 +5%	751 -5%	802 +7%	794 -1%	821 +3%	802 -2%	777 -3%	812 +5%	956 +18%	1 113 +16%	1 211 +9%	1 284 +6%	1 260 -2%	1 217 -3%	1 204 -1%	1 242 +3%	1 223 -2%	1 262 +3%	1 460 +16%	1 546 +6%	1 603 +4%	1 711 +7%	1 677 -2%	1 703 +2%	1 726 +1%
Investing Cash Flow
Capital Expenditures	0	0	0	(141)	0	0	0	(90)	0	0	0	(237)	0	0	0	(205)	0	0	0	(480)	0	0	0	(794)	0	0	0	(1 274)	(1 510)	0	0	(773)	(876)	(993)	0	(623)	0	0	0	(757)	(959)	(1 169)	(1 396)	(870)	(959)	(940)	0	(1 032)	(1 506)	(1 637)	(1 982)	(1 312)	(1 275)	(1 204)	(1 191)	(1 205)	(1 266)	(1 184)	(1 044)	(862)	(771)	(780)	(768)	(783)	(823)	(814)	(797)	(780)	(773)	(807)	(862)	(907)	(928)	(923)	(878)	(824)	(808)	(789)	(794)	(875)	(847)	(897)	(964)	(893)	(948)	(968)	(905)	(1 050)	(978)	(872)	(819)	(675)	(634)	(669)	(720)	(723)
Other Items	(192)	(88)	(123)	288	117	131	116	(6)	(155)	(160)	(164)	50	(125)	(278)	(353)	(133)	(510)	(531)	(577)	(23)	(437)	(488)	(577)	38	(935)	(1 069)	(269)	(505)	(329)	(443)	(624)	(157)	(106)	381	13	95	(33)	57	19	65	279	140	(11)	(156)	(369)	(340)	(853)	(846)	(675)	(799)	(51)	1 036	1 034	1 082	992	(206)	(233)	(55)	(19)	310	305	260	403	416	485	594	610	(419)	(918)	(884)	(1 540)	(595)	(113)	(217)	287	329	297	350	350	(1 828)	(1 865)	(2 252)	(2 272)	(211)	(206)	(48)	(61)	(66)	(33)	0	46	71	93	642	624	349
Cash from Investing Activities	(192) N/A	(88) +54%	(123) -39%	147 N/A	117 -20%	131 +12%	116 -12%	(96) N/A	(155) -62%	(160) -3%	(164) -3%	(187) -14%	(125) +33%	(278) -123%	(353) -27%	(338) +4%	(510) -51%	(531) -4%	(577) -9%	(503) +13%	(437) +13%	(488) -12%	(577) -18%	(756) -31%	(935) -24%	(1 069) -14%	(269) +75%	(1 779) -562%	(1 839) -3%	(1 717) +7%	(1 897) -11%	(930) +51%	(746) +20%	(611) +18%	(759) -24%	(528) +31%	(553) -5%	(347) +37%	(604) -74%	(692) -15%	(680) +2%	(1 029) -51%	(1 407) -37%	(1 026) +27%	(1 328) -29%	(1 280) +4%	(1 084) +15%	(1 878) -73%	(1 699) +10%	(1 954) -15%	(2 033) -4%	(276) +86%	(241) +13%	(122) +49%	(198) -63%	(1 411) -612%	(1 499) -6%	(1 239) +17%	(1 063) +14%	(552) +48%	(466) +16%	(520) -12%	(365) +30%	(367) -1%	(338) +8%	(220) +35%	(187) +15%	(1 199) -541%	(1 691) -41%	(1 691) N/A	(2 402) -42%	(1 502) +37%	(1 041) +31%	(1 140) -10%	(591) +48%	(495) +16%	(511) -3%	(439) +14%	(444) -1%	(2 703) -509%	(2 712) 0%	(3 149) -16%	(3 236) -3%	(1 104) +66%	(1 154) -5%	(1 016) +12%	(966) +5%	(1 116) -16%	(1 011) +9%	(872) +14%	(773) +11%	(604) +22%	(541) +10%	(27) +95%	(96) -256%	(374) -290%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	(3)	0	0	0	0	0	0	0	206	0	0	0	4	0	0	0	14	0	0	0	34	0	0	0	3	0	0	0	3	0	0	0	(297)	0	0	0	(497)	0	(603)	(687)	(190)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(10)	(10)	(10)	(10)	0	0	(28)	(50)	0	0	0	0	0	0	0	(5)	(32)	(37)	(70)	(99)	(191)	(186)	(153)	(119)
Net Issuance of Debt	0	0	0	(181)	0	0	0	71	0	0	0	(53)	0	0	0	205	0	0	0	117	0	0	0	191	0	0	0	555	0	0	0	121	0	0	0	(249)	0	0	0	(89)	(111)	(5)	166	562	681	622	0	853	1 091	978	1 026	(694)	(426)	(532)	(529)	488	36	499	514	(108)	(131)	(120)	(159)	(199)	(213)	(438)	(641)	609	1 152	1 353	1 840	1 636	1 661	866	479	(390)	(1 191)	(713)	(757)	1 641	1 706	1 251	1 434	(714)	(558)	(261)	(405)	(447)	(580)	(530)	(731)	(966)	(865)	(645)	(150)	391
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	(3)	0	0	0	(2)	0	0	0	(5)	0	0	0	(18)	0	0	0	(260)	0	0	0	0	0	0	0	(789)	0	0	0	(494)	0	(738)	(738)	(541)	0	(467)	0	(264)	0	(528)	(528)	(264)	0	(264)	(264)	(264)	0	(265)	(265)	(265)	0	(265)	(265)	(265)	0	(133)	(133)	(266)	0	(266)	(266)	(268)	0	(135)	(135)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(170)	(295)	(420)	(754)
Other	45	18	(18)	(17)	(206)	(228)	(171)	(82)	(25)	29	(18)	0	365	377	414	0	41	65	102	0	103	161	101	0	274	9	143	0	10	257	104	0	(125)	(706)	(472)	0	127	196	(333)	(27)	0	0	778	0	0	1	(113)	126	(96)	(175)	(107)	(410)	(262)	(232)	(296)	(308)	(234)	(368)	(259)	(68)	0	114	97	0	(1)	(2)	15	(2)	(12)	(12)	(13)	(13)	(2)	(3)	(5)	(198)	(54)	(10)	(7)	186	42	716	714	713	712	(3)	0	75	49	0	0	(1)	(2)	0	0	(3)
Cash from Financing Activities	45 N/A	18 -61%	(18) N/A	(200) -998%	(206) -3%	(228) -10%	(171) +25%	(12) +93%	(25) -116%	29 N/A	(18) N/A	150 N/A	365 +143%	377 +3%	414 +10%	206 -50%	41 -80%	65 +58%	102 +58%	127 +24%	103 -19%	161 +57%	101 -37%	207 +105%	274 +32%	9 -97%	143 +1 540%	299 +109%	333 +12%	580 +74%	427 -26%	124 -71%	(105) N/A	(685) -553%	(452) +34%	(1 335) -195%	(1 208) +9%	(1 139) +6%	(1 668) -46%	(1 107) +34%	(1 085) +2%	(885) +18%	(481) +46%	(169) +65%	(50) +70%	72 N/A	(103) N/A	715 N/A	587 -18%	301 -49%	391 +30%	(1 368) N/A	(952) +30%	(1 028) -8%	(1 090) -6%	(84) +92%	(462) -450%	(134) +71%	(10) +93%	(441) -4 542%	(464) -5%	(271) +42%	(327) -21%	(464) -42%	(479) -3%	(573) -20%	(759) -32%	341 N/A	874 +156%	1 075 +23%	1 561 +45%	1 355 -13%	1 381 +2%	718 -48%	329 -54%	(598) N/A	(1 245) -108%	(723) +42%	(792) -10%	1 777 N/A	1 698 -4%	1 917 +13%	2 126 +11%	(1) N/A	154 N/A	(264) N/A	(405) -53%	(377) +7%	(536) -42%	(492) +8%	(727) -48%	(1 066) -47%	(1 228) -15%	(1 127) +8%	(724) +36%	(485) +33%
Change in Cash
Effect of Foreign Exchange Rates	2	3	3	(0)	0	1	1	1	1	0	(0)	(1)	(2)	(1)	(1)	(2)	(1)	1	2	3	3	7	6	8	15	12	7	(9)	(30)	(22)	(9)	1	19	2	2	3	1	6	(15)	(27)	(24)	(29)	(17)	2	(3)	(4)	0	1	(2)	2	(14)	(29)	(57)	(71)	(84)	(81)	(51)	(35)	(5)	(8)	(12)	(7)	(9)	4	16	0	(8)	(33)	(39)	(29)	(39)	(8)	(40)	(34)	(20)	(17)	11	2	2	(10)	(7)	(7)	(11)	(11)	(10)	(4)	2	6	5	0	(1)	(8)	(30)	(31)	(22)	(14)
Net Change in Cash	(12) N/A	(21) -71%	(30) -46%	14 N/A	6 -57%	33 +448%	86 +158%	78 -9%	19 -75%	94 +391%	75 -20%	265 +252%	573 +117%	449 -22%	395 -12%	183 -54%	(144) N/A	(114) +21%	(37) +67%	60 N/A	467 +676%	581 +24%	491 -16%	518 +6%	219 -58%	(183) N/A	(57) +69%	(500) -786%	(483) +3%	(71) +85%	(128) -80%	837 N/A	803 -4%	396 -51%	787 +99%	(488) N/A	(310) +36%	(224) +28%	(686) -206%	(162) +76%	(131) +19%	(105) +20%	(4) +96%	342 N/A	49 -86%	26 -47%	83 +219%	(246) N/A	(146) +41%	(414) -184%	(365) +12%	(215) +41%	186 N/A	217 +17%	84 -61%	75 -11%	(497) N/A	4 N/A	92 +2 200%	(123) N/A	(37) +70%	36 N/A	71 +97%	(26) N/A	(21) +19%	14 N/A	(129) N/A	(93) +28%	(81) +13%	106 N/A	(126) N/A	637 N/A	1 051 +65%	346 -67%	512 +48%	(289) N/A	(943) -226%	(383) +59%	(422) -10%	20 N/A	92 +360%	(28) N/A	163 N/A	144 -12%	207 +44%	(80) N/A	(127) -59%	(264) -108%	(280) -6%	96 N/A	45 -53%	(75) N/A	(88) -17%	492 N/A	861 +75%	853 -1%
Free Cash Flow
Free Cash Flow	133 N/A	47 -64%	108 +128%	(74) N/A	95 N/A	130 +37%	141 +9%	94 -33%	198 +110%	225 +14%	258 +15%	66 -74%	335 +405%	351 +5%	335 -5%	112 -67%	326 +193%	352 +8%	436 +24%	(46) N/A	799 N/A	900 +13%	961 +7%	265 -72%	865 +226%	865 0%	63 -93%	(285) N/A	(457) -60%	1 087 N/A	1 351 +24%	869 -36%	759 -13%	698 -8%	1 996 +186%	749 -62%	1 449 +94%	1 256 -13%	1 601 +28%	907 -43%	699 -23%	670 -4%	504 -25%	665 +32%	471 -29%	298 -37%	1 270 +326%	(116) N/A	(538) -364%	(400) +26%	(691) -73%	146 N/A	161 +10%	234 +45%	265 +13%	446 +68%	249 -44%	228 -8%	125 -45%	16 -87%	134 +738%	54 -60%	4 -93%	18 +350%	(43) N/A	(7) +84%	28 N/A	18 -36%	2 -89%	(56) N/A	(108) -93%	(115) -6%	(177) -54%	(121) +32%	(84) +31%	(3) +96%	(6) -100%	(12) -100%	18 N/A	81 +350%	266 +228%	314 +18%	320 +2%	367 +15%	269 -27%	236 -12%	337 +43%	173 -49%	284 +64%	588 +107%	727 +24%	928 +28%	1 077 +16%	1 008 -6%	983 -2%	1 003 +2%

Income Statement Balance Sheet Cash Flow Statement

Millicom International Cellular SA
NASDAQ:TIGO

Cash Flow Statement

Cash Flow Statement
Millicom International Cellular SA

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Millicom International Cellular SA NASDAQ:TIGO

Cash Flow Statement

Cash Flow Statement Millicom International Cellular SA

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Millicom International Cellular SA
NASDAQ:TIGO

Cash Flow Statement
Millicom International Cellular SA