Millicom CEO Amends Form 3 to Report Performance Cash Award Units

Executive Summary

On October 13, 2026, Millicom International Cellular S.A. ($TIGO) filed an amended initial statement of beneficial ownership (Form 3/A) on behalf of Chief Executive Officer Marcelo Benitez. The amendment corrects the original Form 3 submission dated March 18, 2026, adding previously omitted derivative holdings consisting of 33,730 Performance Cash Award Units (PCA Units).

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Filing & Holding Details

• Reporting Person: Marcelo Benitez
• Title / Role: Chief Executive Officer
• Issuer: Millicom International Cellular S.A. ($TIGO)
• Security: Performance Cash Award Units (underlying 33,730 common shares)
• Ownership Type: Direct (D)
• Event Date: March 18, 2026
• Original Submission Date: March 18, 2026

Award Terms & Conditions:

• Award Type: Performance Cash Award Units granted under Millicom's 2025 Performance Cash Award Program.
• Performance Factor: Reflects achievement of performance conditions at 173.41% of target.
• Settlement: Each PCA Unit represents the cash equivalent of the closing price of one common share on the trading day preceding vesting, plus accrued dividends.
• Vesting Schedule: Units vest in substantially equal tranches on January 1, 2027, and January 1, 2028, subject to continued service.

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Market Impact & Significance

• Significance Level: Low
• Analysis: This filing is an administrative correction (Form 3/A) to document equity-linked incentive awards that were omitted during the initial Form 3 filing. Because it represents a reporting correction for cash-settled units rather than an open-market transaction or share sale, it carries minimal immediate market impact.