LILAK

This article first appeared on GuruFocus. Revenue: $1.1 billion in Q2 2026, up 1% reported and flat on a rebased basis. Adjusted OIBDA: $436 million in Q2, reflecting 3% rebased growth over Q2 2025. Adjusted OIBDA Margin: 40%, an approximate 130 basis points year-over-year improvement. Liberty Caribbean Revenue: $362 million in Q2, with rebased year-over-year declines due to Hurricane Melissa impacts. Liberty Caribbean Adjusted OIBDA: $165 million in Q2, impacted by roughly $6 million net from Hurricane Melissa. Panama Revenue: $177 million in Q2, flat year over year. Panama Adjusted OIBDA: $65 million in Q2, down 5% year over year, with margin at 37%. Liberty Networks Revenue: $130 million in Q2, representing rebased growth of 10%. Liberty Networks Adjusted OIBDA: $67 million in Q2, up 9% rebased. Liberty Networks Wholesale Revenue: Increased 14% rebased year over year. C&W Credit Silo Revenue: $649 million in Q2, up 1% rebased. C&W Credit Silo Adjusted OIBDA: $297 million in Q2, down 2% rebased. Costa Rica Revenue: $169 million in Q2, flat on a rebased basis. Costa Rica Adjusted OIBDA: $64 million in Q2, up 7% rebased, with margin expansion of approximately 200 basis points to 38%. Puerto Rico Revenue: $288 million in Q2, representing a 5% year-over-year rebased decline. Puerto Rico Adjusted OIBDA: $93 million in Q2, up 7% year over year on a rebased basis, with margin expanding to 32%. P&E Additions: $179 million in Q2 and $289 million year-to-date, representing 16% and 13% of revenue, respectively. Adjusted Free Cash Flow Before Distributions: $83 million in Q2 and $19 million for the first half, increases of $124 million and $164 million over the prior year periods, respectively. Puerto Rico Adjusted Free Cash Flow: Negative $48 million for Q2 and negative $91 million for H1 2026. Total Debt: $8.5 billion, with cash of $700 million and consolidated net leverage of 4.6 times. Preferred Stock Distribution: Successfully completed distribution of $500 million in preferred stock, carrying a 9% annual dividend payable quarterly. Share Repurchases: Over $60 million of stock repurchased through Q3 year-to-date, with close to $140 million remaining under authorization. Warning! GuruFocus has detected 8 Warning Signs with LILA. Is LILA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Added 45,000 mobile postpaid and broadband subscribers in Q2, with all segments contributing positively. Reported 3% year-over-year rebased adjusted OIBDA growth, accelerating from Q1 and setting up a strong second half. Adjusted free cash flow before distributions increased significantly, up $164 million in H1 2026 versus H1 2025. Announced an AI-driven IT services deal with Amdocs, expected to deliver over $250 million in NPV through OpEx and CapEx reductions. Successfully distributed $500 million in preferred stock, providing an attractive cash return and reflecting confidence in the business. Launched 5G in Jamaica, covering 70% of the population, and introduced the 'Unbeatable Network' campaign to enhance fixed and mobile connectivity. Liberty Networks delivered 10% rebased revenue growth, driven by strong wholesale demand and new projects like the El Salvador subsea cable. Liberty Puerto Rico showed improved postpaid momentum with positive adds for three consecutive quarters and improved port-in data. Executed price increases in Panama and Puerto Rico with early feedback showing lower churn and supportive customer response. Continued share repurchases, buying over $60 million year-to-date, with $140 million remaining under authorization. Liberty Caribbean results were negatively impacted by Hurricane Melissa, with a $6 million net impact on revenue and adjusted OIBDA in Q2. Liberty Puerto Rico revenue declined 5% year-over-year on a rebased basis, with continued single-digit declines in residential mobile and fixed. Cable & Wireless Panama adjusted OIBDA declined 5% year-over-year due to lower B2B revenue and higher professional services costs. Liberty Costa Rica fixed revenue continued to decline year-over-year, and postpaid adds were temporarily paused due to sales channel migration. Consolidated net leverage remains high at 4.6 times, with Puerto Rico's leverage adding roughly a turn to the overall ratio. Adjusted free cash flow in H2 2026 is expected to be less robust than last year due to weather derivative proceeds received in Q4 2025 and vendor financing paydowns. Jamaica fixed subscriber base has not fully recovered to pre-hurricane levels, with some homes not expected to be rebuilt. The company faces ongoing competitive pressures in Costa Rica and Puerto Rico, requiring continued investment and operational improvements. The preferred stock distribution adds gearing to common equity, increasing financial risk for shareholders. The company's stock continues to trade at a discount to fair value, partly due to perceived headwinds from Puerto Rico. Q: Can you provide more color on the Amdocs partnership, specifically the timing and phasing of the $250 million NPV, and how are you thinking about free cash flow momentum for the rest of the year?A: Balan Nair (CEO) explained that the Amdocs deal is a domain-specific AI transformation to replace legacy systems, derisk operations, and guarantee cost savings. The transition begins in Q4 2026, with immediate benefits starting then. Chris Noyes (CFO) added that while H1 free cash flow was strong due to improved working capital, H2 will likely be less robust than last year's second half, partly due to the $81 million weather derivative receipt in Q4 2025 and vendor financing paydowns. Q: Given the recent improvement in postpaid trends in Puerto Rico, can you discuss the current competitive environment and how sustainable this momentum is? Also, what drives your decisions on portfolio optimization and your long-term vision for the networks business?A: Balan Nair (CEO) attributed Puerto Rico's postpaid success to reengineered channels, new talent, improved network investments, and innovative commercial offers, leading to positive port-in ratios against both T-Mobile and Claro. On portfolio optimization, he stated that "everything is for sale at the right price" and that the company is focused on rational markets. For Liberty Networks, he noted it deserves a higher multiple due to high cash conversion and that they are exploring both organic and inorganic growth opportunities. Q: How is your position differentiated from US cable stocks regarding Starlink, and how will that partnership evolve, especially with newer satellite versions?A: Balan Nair (CEO) stated that Starlink is viewed as an add-on partner, not a replacement. He highlighted that LLA's markets are more "ring-fenced" due to their significant local employment and government relationships, making satellite operators a complementary "fill-in-the-blank" role rather than a wholesale threat. Q: Can you update us on the pace of the buyback program and any updates on strategic initiatives for Puerto Rico, including a potential spin-off?A: Balan Nair (CEO) confirmed they will remain opportunistic and disciplined with buybacks, noting all prior purchases are in the money. On Puerto Rico, he said it's "work in progress" and self-funded by local operations. They are working constructively with debt counterparties to find a resolution, with a spin-off remaining one of the key options on the table. Q: Can you update us on the recovery in Jamaica relative to the pre-hurricane run rate, and do you have any concerns about insurance availability for future weather events?A: Balan Nair (CEO) reported that Jamaica's mobile business, ARPU, and market share have improved post-hurricane. The fixed business is not yet at 100% but is expected to get close, with B2B largely recovered and bad debt under control. Chris Noyes (CFO) confirmed they are fully locked in for parametric insurance for the upcoming season at a cost-effective rate, similar to prior years. Q: Do you have any internal goals for high single-digit or low double-digit growth in the Liberty Networks business for the rest of the decade?A: Balan Nair (CEO) confirmed the bullish outlook, citing new builds in Colombia, Mexico, El Salvador, and Venezuela. He emphasized the business's high cash conversion and operating contribution margins, noting that new routes do not significantly increase OpEx. He stated they are leaning in more because it provides better returns than the consumer business. Q: You mentioned potential M&A opportunities. What type of assets are you exploring?A: Balan Nair (CEO) stated they would only look at assets accretive to free cash flow, with significant synergies and a glide path for future revenue growth. He balanced this against the current stock price, noting that "there is nothing out there that we see that's a better value than our own stock." Q: Can you discuss the factors driving the strong free cash flow generation in Q2 and the expectations for the second half of the year?A: Chris Noyes (CFO) highlighted that H1 was strong due to improved working capital and smoother phasing. However, he reiterated that Q4 is seasonally strong, but H2 will likely be less robust than last year due to the weather derivative proceeds received in Q4 2025 and expected vendor financing paydowns. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Liberty Latin America Ltd.? Here are five stocks we like better. Liberty Latin America returned to operating growth in Q2, with revenue of $1.1 billion, rebased adjusted OIBDA up 3% to $436 million, and a 40% margin. The company added 45,000 mobile postpaid and broadband subscribers. Cash flow improved substantially, with adjusted free cash flow before distributions reaching $83 million in the quarter, while leverage stood at 4.6 times net debt to OIBDA. Management plans to balance share repurchases against deleveraging and acquisitions. Growth initiatives are advancing across key markets: Panama and Puerto Rico showed stronger subscriber trends, Liberty Networks grew revenue 10%, and a new Amdocs AI-driven IT agreement is expected to generate more than $250 million in net present value and reduce costs over time. Liberty Latin America (NASDAQ:LILA) reported second-quarter revenue of $1.1 billion, up 1% on a reported basis and flat on a rebased basis, while adjusted OIBDA rose 3% year over year on a rebased basis to $436 million. The company added 45,000 mobile postpaid and broadband subscribers during the quarter, with positive contributions across its operating segments. CEO Balan Nair said the quarterly performance reflected continued mobile postpaid momentum and improving broadband additions, including progress beyond the company’s recovery efforts in Jamaica. Consolidated adjusted OIBDA margin reached 40%, an increase of approximately 130 basis points from a year earlier, according to CFO Chris Noyes. → 3 Drone Stocks That Should Soar After the Summer Slump “We returned to Adjusted OIBDA growth and delivered substantial year-over-year expansion in cash flow,” Noyes said, adding that both revenue and adjusted OIBDA increased sequentially from the first quarter. Adjusted free cash flow before distributions was $83 million in the second quarter and $19 million for the first half. Those figures represented increases of $124 million and $164 million, respectively, from the comparable periods of 2025. Noyes attributed the improvement to stronger operating cash flow, working-capital performance and vendor-financing timing. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth The company said free cash flow remains weighted toward the fourth quarter. However, Noyes cautioned that second-half cash flow will likely be less robust than the prior-year period, partly because the company received $81 million of weather-derivative proceeds in the fourth quarter of 2025 following Hurricane Melissa. Property and equipment additions totaled $179 million in the quarter and $289 million year to date, or 16% and 13% of revenue, respectively. The company expects capital spending to be higher in the second half than in the first half, while remaining within the same percentage-of-revenue range as 2025 for the full year. → Jersey Mike's Serves Fresh Gains After IPO Stumble Liberty Latin America had $8.5 billion of total debt, $700 million of cash and consolidated net leverage of 4.6 times at quarter-end, along with approximately $900 million of borrowing capacity. During June, the company distributed roughly $500 million of notional value of preferred stock to common shareholders. The preferred instrument carries a 9% annual dividend, paid quarterly. The company also repurchased more than $60 million of common stock through the third quarter to date and had nearly $140 million remaining under its repurchase authorization. Nair said management intends to remain opportunistic but disciplined with repurchases, noting that the company views its common shares as undervalued. He said the company would weigh repurchases against deleveraging and potential acquisition opportunities, though he added that management currently sees no opportunity offering better value than its own stock. Liberty Caribbean added 11,000 postpaid subscribers during the second quarter, including 6,000 in Jamaica. The company launched 5G service in Jamaica in June, covering about 70% of the population and serving both residential and enterprise postpaid customers. Revenue at Liberty Caribbean was $362 million and adjusted OIBDA was $165 million, both reflecting rebased year-over-year declines. Noyes said Hurricane Melissa reduced revenue and adjusted OIBDA by roughly $6 million combined during the quarter. He said the recovery is progressing and that the business is positioned for “much improved results” in the fourth quarter. Nair said Jamaica’s mobile business has improved following the hurricane, including market share and ARPU gains. The company is approaching pre-hurricane operating levels in fixed services, though he said some homes will not be rebuilt. Its business-to-business operations are largely back, with bad debt “pretty much under control,” he said. Cable & Wireless Panama generated $177 million of revenue and $65 million of adjusted OIBDA. Revenue was flat year over year, while adjusted OIBDA declined 5%, reflecting lower business-to-business revenue and higher professional-services costs. The segment’s adjusted OIBDA margin was 37%. Panama delivered the group’s highest subscriber additions across postpaid mobile and broadband. Postpaid subscribers grew at a double-digit year-over-year rate, while fixed-mobile convergence penetration exceeded 40%. Residential broadband net additions rose to 10,000, aided by commercial efforts and lower churn. The company initiated postpaid price increases in Panama in July, followed by fixed-service increases later in the month and in early August. Nair said early customer feedback was supportive, including lower customer-care contacts and reduced churn compared with historical price actions. In Costa Rica, revenue was flat on a rebased basis at $169 million, while adjusted OIBDA increased 7% on a rebased basis to $64 million. The adjusted OIBDA margin expanded about 200 basis points to 38%, which Noyes said partly reflected the impact of cost-reduction and efficiency initiatives. Mobile revenue rose 6%, offsetting declines in residential fixed and business-to-business revenue. Liberty Puerto Rico reported $288 million in revenue, down 5% on a rebased basis, while adjusted OIBDA increased 7% to $93 million. Its adjusted OIBDA margin expanded to 32% from 29% a year earlier. The unit posted positive postpaid additions for a third consecutive quarter. Nair said postpaid churn improved significantly during the first half, and by the end of July the company had become a net port-in gainer against both competitors for the first time since its migration. He attributed the performance to channel improvements, new talent, network investments, additional spectrum and a mix of subsidized and unsubsidized mobile offers. Liberty Puerto Rico also continued to reduce broadband churn, while video net additions remained positive for a second consecutive quarter. The company implemented a $2 monthly price increase across its television portfolio after growth in video gross additions and stabilization in churn. For near-term liquidity, the Puerto Rico business raised financing through unrestricted subsidiaries, including a $140 million revolving credit facility maturing in 2030 and a $200 million senior secured term loan facility. Of the term loan, $150 million has been drawn and $50 million remains available. Nair said Puerto Rico is self-funded through local operations and that the company continues to work constructively with debt counterparties on its capital structure. A potential spinoff remains among the options being considered, he said. Liberty Networks was the company’s strongest revenue performer, delivering $130 million in revenue and $67 million in adjusted OIBDA. Revenue and adjusted OIBDA increased 10% and 9%, respectively, on a rebased basis. Wholesale revenue rose 14%, supported by a milestone on an El Salvador subsea project and lease-capacity sales, while enterprise revenue increased 3%. The company is also launching Phoenix, a 378-kilometer submarine cable extension into Venezuela through the Americas-II route. Nair said the project will provide 14 terabytes of capacity and direct access to Caracas, which he described as the country’s largest concentration of enterprise and carrier demand. Nair said Liberty Networks has high cash conversion and operating contribution margins, and that the company intends to pursue additional organic and potential inorganic growth opportunities in the business. Separately, Liberty Latin America announced an AI-driven IT services agreement with Amdocs that it estimates has a net present value exceeding $250 million. Nair said the transition is expected to begin in the fourth quarter, with cost savings beginning then as well. The agreement is intended to modernize legacy systems, support AI capabilities and reduce operating and capital expenditures over time. Liberty Latin America is a telecommunications company that provides video, broadband internet, telephony and mobile services across Latin America and the Caribbean. The company's operations span consumer and business markets, offering cable television packages, high-speed broadband connections, fixed-line voice services and wireless data plans. Through its brands, including Flow in several Caribbean territories and VTR in Chile, Liberty Latin America focuses on delivering converged digital solutions designed to meet both residential and enterprise needs. Formed in 2018 as a spin-off from Liberty Global, Liberty Latin America built its initial footprint by integrating legacy assets acquired from Cable & Wireless Communications and Columbus Communications. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Liberty Latin America Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Gained 45,000 postpaid and broadband net adds in Q2 Operating Income & Adjusted OIBDA YoY growth Significant expansion in cash flow from operations and Adjusted FCF Completed preferred stock distribution; declared quarterly preferred dividend Accelerated stock repurchase activity: over $60 million to date in 2026 DENVER, Colorado, August 05, 2026--(BUSINESS WIRE)--Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ("Q2") and six months ("YTD" or "H1") ended June 30, 2026. President and CEO Balan Nair commented, "The second quarter represented another strong quarter of postpaid mobile additions as well as highlighting better momentum in broadband. The broadband momentum includes our recovery in Jamaica and stronger net additions elsewhere in the group." "Adjusted OIBDA returned to YoY growth in the second quarter, while still being impacted by headwinds from Hurricane Melissa. Adjusted FCF showed a healthy advance of over $160 million YoY in the first half of 2026." "To further accelerate cost initiatives across the group, we are announcing a 10-year strategic agreement with Amdocs that brings greater scale, specialized expertise and expanded technology and AI capabilities to our IT operations. This further supports efforts to improve our cost base, drive Adjusted OIBDA margin expansion and improve capital efficiency. This transaction is expected to deliver in excess of $250 million in NPV to LLA." "As discussed at our first quarter earnings, we distributed $500 million of preferred stock in the second quarter and announce today our first quarterly dividend on September 15, 2026 to preferred shareholders. This provides for an attractive return on the preferred security while also indicating our confidence in future cash flow generation." "Reflecting this constructive outlook for the business and our conviction on value in the LLA equity, we accelerated share repurchases into the third quarter. Through 2026 to date the buyback is running at over $60 million and we will remain opportunistic on further purchases." Business Highlights Liberty Caribbean: Hurricane impacts lessening though still affecting YoY growth C&W Panama: Highest subscriber additions in the LLA group across broadband and postpaid Liberty Networks: Projects driving top line Liberty Puerto Rico: Improving momentum on subscriber volumes continues Liberty Costa Rica: Improving Adjusted OIBDA Preferred Dividend Update Liberty Latin America also today announced that its Board of Directors declared the regular quarterly cash dividend payable to holders of its 9.0% Series A Cumulative Redeemable Preferred Stock. The per share amount of the quarterly cash dividend will be $0.5625, payable in cash on September 15, 2026 to stockholders of record of the preferred stock at the close of business on September 1, 2026. Financial and Operating Highlights Revenue Highlights The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Reported revenue for the three and six months ended June 30, 2026 was 1% higher compared to the corresponding prior-year periods. Rebased revenue over the respective periods was flat and 1% lower. Q2 2026 Revenue Growth – Segment Highlights (All growth rates are year-over-year unless otherwise specified) Liberty Caribbean: revenue decreased 1% and 2% on a reported and rebased basis. For the second quarter of 2026, Hurricane Melissa negatively impacted revenue by $6 million on a net basis. We have seen continued strength in residential mobile, with subscription revenue growing 8%, driven by rising FMC penetration and strong postpaid subscriber additions, as well from supportive pricing on both postpaid and prepaid. Residential fixed revenue declined by 8% on a rebased basis with continued headwinds from offline and lost subscribers from Hurricane Melissa. C&W Panama: revenue was flat in Q2. Total residential revenue grew 1% supported by a double-digit expansion in the postpaid subscriber base, while we have also registered positive prepaid net additions for the last four quarters. B2B revenue was down 3% in Q2 driven by a decline in rates during the first quarter of 2026 related to data services provided to government-related agencies. Liberty Networks: revenue increased by 14% and 10% on a reported and rebased basis, respectively. This was driven by our El Salvador project and lease capacity sales in our Wholesale business. Enterprise continued to register low single-digit growth in the quarter. Liberty Puerto Rico: revenue was down 5% due to pressure on mobile, predominantly coming from a lower prepaid subscriber base following the Boost migration as well as from lower roaming revenue. Lower residential fixed pricing also contributed to the segment decline. Liberty Costa Rica: revenue was up 11% on a reported basis and flat on a rebased basis. We continued to grow residential mobile revenue, up 6% on a rebased basis, on the back of the strong postpaid subscriber additions over the last twelve months. This continues, however, to be offset by the residential fixed business which saw revenue fall 11% on a rebased basis. Operating Income We reported operating income (loss) of $181 million and ($333 million) for the three months ended June 30, 2026 and 2025, respectively, and $326 million and ($205 million) for the six months ended June 30, 2026 and 2025, respectively. Adjusted OIBDA Highlights The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Adjusted OIBDA on a reported basis for the three and six months ended June 30, 2026 was up 5% and 2%, respectively, over prior-year periods. On a rebased basis, Adjusted OIBDA grew 3% and 1% over the corresponding periods. Q2 2026 Adjusted OIBDA Growth – Segment Highlights (All growth rates are year-over-year unless otherwise specified) Liberty Caribbean: Adjusted OIBDA fell by 5% on a reported basis and 6% on a rebased basis, largely resulting from the impact of Hurricane Melissa. C&W Panama: Adjusted OIBDA fell by 5% in Q2, reflecting higher professional services and commercial costs. Liberty Networks: Adjusted OIBDA increased by 10% and 9% on a reported and rebased basis, respectively, reflecting a positive delta from El Salvador project revenue and costs booked this quarter. Liberty Puerto Rico: Adjusted OIBDA increased by 7%. The improvement reflected a favorable year-over-year comparison on inventory charges, programming costs, as well as bad debt expenses. Liberty Costa Rica: Adjusted OIBDA increased by 18% and 7% on a reported and rebased basis, respectively, benefitting from cost-saving initiatives principally associated with reductions in commercial costs, including call center expenses and sales commissions. We continue to anticipate cost saving initiatives supporting trends in the coming periods. Property & Equipment Additions and Capital Expenditures The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net. Operating Income (Loss) less Property & Equipment Additions Operating income (loss) less property and equipment additions was $3 million and ($483 million) for the three months ended June 30, 2026 and 2025, respectively, and $37 million and ($475 million) for the six months ended June 30, 2026 and 2025, respectively. Adjusted OIBDA less Property & Equipment Additions The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period. Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at June 30, 2026: Residential Fixed ARPU per Customer Relationship The following table provides residential fixed ARPU per customer relationship for the indicated periods: Residential Mobile ARPU The following table provides residential ARPU per mobile subscriber for the indicated periods: Forward-Looking Statements and Disclaimer This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance; cost reduction and efficiency initiatives; growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico and Jamaica operations; the impact of Hurricane Melissa on our business and operations; the anticipated benefits from our partnership with Amdocs; the strength of our balance sheet and tenor of our debt; capital intensity expectations; future share repurchases; our future projected sources and uses of cash; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. About Liberty Latin America Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B). Liberty Latin America also has a class of preferred shares, which is traded on the NASDAQ Global Select market under the symbol "LILAP". For more information, please visit www.lla.com. Additional Information | Cable & Wireless Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP: The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents: At June 30, 2026, our total and proportionate net debt was $4.4 billion and $4.1 billion, respectively, our Fully-swapped Borrowing Cost was 6.4%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 5.2 years. Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share ("Proportionate Adjusted OIBDA"), was $246 million for Q2 2026. C&W's Covenant Proportionate Net Leverage Ratio was 3.8x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W's Credit Agreement. At June 30, 2026, we had maximum undrawn commitments of $654 million, including $80 million under our regional facilities. At June 30, 2026, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the June 30, 2026 compliance reporting requirements. Liberty Puerto Rico (LPR) Borrowing Group Liberty Puerto Rico Borrowing Group includes Liberty Communications PR Holding LP, which consolidates the respective restricted parent and it subsidiaries. The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP: The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents: At June 30, 2026, our Fully-swapped Borrowing Cost was 7.3% and the average tenor of our debt (excluding debt related to the Tower Transactions and handset financing) was approximately 2.2 years. LPR's Covenant Consolidated Net Leverage Ratio was 14.1x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s Credit Agreement. At June 30, 2026, we had maximum undrawn commitments of $190 million. At June 30, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the June 30, 2026 compliance reporting requirements. Liberty Costa Rica Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP: The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt and cash and cash equivalents: At June 30, 2026, our Fully-swapped Borrowing Cost was 10.2% and the average tenor of our debt was approximately 4.5 years. LCR's Covenant Consolidated Net Leverage Ratio was 2.0x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR’s Credit Agreement. At June 30, 2026, we had maximum undrawn commitments of $20 million (CRC 9.1 billion). At June 30, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the June 30, 2026 compliance reporting requirements. Subscriber Table Quarterly Subscriber Variance Glossary Adjusted OIBDA – Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters. Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash to annualized operating income from the most recent two consecutive fiscal quarters. Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit ("EBU") adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. FMC – Fixed-mobile convergence. Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results. Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module ("SIM") cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. NPV – Represents the $250 million estimated pre-tax cash flow savings which we expect to generate over the life of the contract Property and Equipment Addition Categories Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE; New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network; Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections; Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term. Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group. Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SOHO – Small office/home office customers. Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers. Tower Transactions – Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct. U.S. GAAP – Generally accepted accounting principles in the United States. Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU. Additional General Notes Most of our operations provide telephony, broadband internet, data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers." To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes. Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates. While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews. Non-GAAP Reconciliations We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a consolidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor. Adjusted OIBDA On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. Adjusted OIBDA Less Property and Equipment Additions We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP measure of income included in our condensed consolidated statement of operations. A reconciliation of our operating income (loss) or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table: Adjusted Free Cash Flow Definition and Reconciliation We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: Rebase Information Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following table sets forth the reconciliation from reported revenue to rebased revenue and related change calculations. The following table sets forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations. The following table sets forth the reconciliation from reported revenue by product on a consolidated basis to rebased revenue by product and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our Liberty Costa Rica segment to rebased revenue by product and related change calculations. Non-GAAP Reconciliation for Consolidated Leverage Ratios We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of June 30, 2026 and March 31, 2026 are set forth below: Non-GAAP Reconciliations for Our Borrowing Groups The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA; (iv) rebased revenue and (v) rebased Adjusted OIBDA. Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table: A reconciliation of Liberty Puerto Rico's operating income (loss) to Adjusted OIBDA is presented in the following table: A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table: The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations: The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations: View source version on businesswire.com: https://www.businesswire.com/news/home/20260805484068/en/ Contacts Investor RelationsSoomit [email protected] Corporate CommunicationsMichael [email protected]

Interested in Liberty Latin America Ltd.? Here are five stocks we like better. Operational beat and Jamaica recovery: Liberty Latin America added 50,000 mobile postpaid subscribers in Q1 and reported $405 million of adjusted OIBDA ahead of internal expectations, while adjusted free cash flow before partner distributions improved to negative $64 million (a $40M y/y improvement) as Jamaica and Liberty Caribbean rebounded after Hurricane Melissa. Capital-return actions: Management announced a planned distribution of $500 million of preferred equity carrying a 9% cash-paid rate to be completed before Q2 end, and resumed share repurchases with roughly $185 million remaining under authorization as the company leans into a more levered equity stance. Balance sheet and Puerto Rico risks: The company finished the quarter with $8.4 billion of total debt, $1.5 billion of liquidity and consolidated net leverage of 4.5x (mid‑3s excluding Puerto Rico), while the Puerto Rico credit silo carries ~$3 billion of debt with borrowing-group net leverage ≈8x and covenant leverage ≈14x, prompting active liability-management evaluation. Liberty Latin America (NASDAQ:LILA) executives told investors the company opened 2026 with what CEO Balan Nair described as a “very solid performance,” highlighted by mobile postpaid subscriber growth, stronger-than-expected adjusted operating cash flow and an improved free cash flow trajectory despite ongoing hurricane-related impacts in Jamaica. Nair said Liberty Latin America added 50,000 mobile postpaid subscribers in the first quarter, with “all segments across the group contributing.” He attributed the growth to fixed-mobile convergence initiatives and continued migration from prepaid to postpaid plans. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% The company reported $405 million of adjusted OIBDA in Q1 2026, which Nair said came in ahead of internal expectations, led by Jamaica and Liberty Caribbean. CFO Chris Noyes said revenue totaled $1.1 billion, “consistent with last year,” reflecting a 1% rebased decline. Both executives pointed to specific headwinds weighing on year-over-year comparisons, including a full quarter of Hurricane Melissa impacts, project timing and cost/revenue phasing in B2B, and a change in the Costa Rican fixed residential equipment business model. Nair said adjusted free cash flow before distributions to non-controlling interests improved materially versus last year, even with hurricane effects. Noyes quantified adjusted free cash flow before partner distributions at negative $64 million in Q1, which he said was $40 million better year-over-year, driven by stronger cash flow from operations and lower capital spending. He also noted seasonality, saying working capital in the first quarter is “always constrained” after a typically strong fourth quarter, and that free cash flow is “highly weighted to later in the year.” → Light Speed Returns: Corning Cashes In on NVIDIA Growth In Jamaica, Nair said the business is recovering faster than anticipated. He cited the speed of reconnecting homes to the residential fixed network and continued mobile strength. Nair said the company’s direct-to-cell connectivity during the hurricane supported customer affinity, and he noted that the network was recognized by Ookla as the fastest mobile network on the island in the second half of 2025. Management also outlined capital return actions and balance sheet updates. Nair announced the company’s intent to distribute a $500 million notional amount of preferred equity as a dividend, carrying a 9% cash-paid rate. Noyes said the company expects to complete the distribution before the end of Q2, describing the structure as providing shareholders “an attractive cash pay security” and “a regearing of our equity,” adding that the company is “leaning into the levered equity model” based on its conviction in future free cash flow generation. → Years in the Making, AMD’s Upside Movement Has Just Begun Nair said the company also resumed share repurchases during the quarter for the first time since the first half of 2024. Noyes said the company had roughly $184 million remaining under board authorization at quarter end, while Nair cited approximately $185 million remaining and said the company would remain opportunistic. Liberty Caribbean (including Jamaica): Noyes said Liberty Caribbean reported $355 million in revenue and $163 million in adjusted OIBDA, with year-over-year declines primarily due to the hurricane, including a $12 million negative revenue effect. Nair said Liberty Caribbean added 15,000 postpaid subscribers in the quarter, including 11,000 in Jamaica. He said Jamaica experienced a seasonal drop in prepaid subscribers versus Q4, but the company “took an opportunity to increase price” and posted strong prepaid revenue growth year-over-year. He added that the fixed business “felt the brunt of the hurricane,” though residential fixed broadband net additions remained positive. Nair said revenue-generating residential customers in Jamaica fell by more than 110,000 through Q4 after Hurricane Melissa, but the company added back 30,000 such customers in Q1. He said Liberty Latin America is now “more optimistic” about reconnecting customers previously removed from fixed counts, as power has returned and network mapping has been updated. Nair reiterated prior targets discussed at full-year 2025 results—returning to run-rate Jamaican adjusted OIBDA by year-end and limiting negative 2026 free cash flow impact to up to $100 million—adding that the company is increasingly confident it will land “on the right side” of those goals, “especially on free cash flow.” Cable & Wireless Panama: Nair said Panama’s first quarter tends to be seasonally quieter for B2B after a strong Q4, but highlighted residential initiatives and mobile postpaid growth. He said postpaid subscribers grew 10% year-over-year, supported by customer value management using data analytics for upsell and cross-sell, and that fixed-mobile convergence penetration is “over 40%,” while postpaid churn is at historically low levels. Nair said prepaid trends were positive but were pressured by a regulatory pushback on certain price increases; he highlighted adoption of a loyalty program and value-added services such as cash advances, trivia and gaming. Noyes said CWP posted $176 million in revenue and $64 million in adjusted OIBDA, down 1% year-over-year on a rebased basis, as growth in fixed and mobile was offset by B2B declines tied to government contract pricing negotiations and seasonal timing. Liberty Networks: Both executives pointed to underlying demand for subsea capacity. Nair said wholesale demand from international and regional carriers and hyperscalers remains healthy. Noyes said Liberty Networks generated $121 million in revenue (7% rebased growth) while adjusted OIBDA declined 5% to $55 million, impacted by the timing of El Salvador project costs. Noyes added the company recognized $7 million of El Salvador subsea build costs in Q1 without corresponding revenue. Nair described two major projects—Manta, in build through 2027 with elevated CapEx and working capital ahead of go-live, and El Salvador, where milestone-based revenue and costs are “lumpy.” Liberty Costa Rica: Nair said Costa Rica remains the company’s most competitive fixed market, with five national players and additional regional competition. He said the fixed residential subscriber base is broadly stable but ARPU is pressured by downward front-book pricing over the past year. Noyes said Costa Rica posted $158 million in revenue and $57 million in adjusted OIBDA, down 4% and 8% year-over-year on a rebased basis, driven by lower residential fixed and B2B revenue, ARPU pressure, and reduced equipment sales under the “buy to own” model. Nair also announced Liberty Costa Rica signed an agreement with Starlink to launch a direct-to-cell service, branded “Liberty-Starlink,” planned for the second half of 2026. He said the service is intended to provide connectivity in rural, mountainous, maritime and other hard-to-reach areas, including national parks, and to support both consumer and corporate clients. Liberty Puerto Rico: Nair said Puerto Rico’s mobile business posted positive postpaid additions for the second consecutive quarter, helped by commercial value propositions such as Liberty SIMple, a subsidy-free postpaid SIM offer. He said the postpaid port-in/port-out ratio exceeded 1 in April, indicating postpaid market share growth. Noyes said Liberty Puerto Rico revenue was $296 million (down 1%), while adjusted OIBDA rose 12% to $91 million, largely due to cost improvements including lower labor and bad debt expense. Nair added that the company’s focus has shifted back toward residential fixed, citing improved fixed NPS, lower churn closer to pre-migration levels and diminishing net broadband losses that recently “disappear[ed] almost entirely.” Noyes said Liberty Latin America ended the quarter with $8.4 billion of total debt and $1.5 billion of liquidity, including just under $700 million in cash and almost $800 million available under committed credit lines. Consolidated net leverage was 4.5x, and Noyes said excluding Puerto Rico leverage would bring leverage to the “mid-3s.” He said more than 75% of borrowings are due in 2031 and beyond. In Puerto Rico, Noyes said the credit silo has $3 billion of total debt, with borrowing group net leverage of 8x and covenant leverage of restricted subsidiaries of 14x. He said Liberty Puerto Rico borrowed the remaining $50 million under its unrestricted subsidiary facility during the quarter, bringing total proceeds under that facility to $250 million and strengthening liquidity. He added that the company continues evaluating liability management options “to maximize value,” which “may or may not include direct engagement with its lenders and bondholders.” During the Q&A, Benchmark’s Matthew Harrigan asked about front-book and back-book pricing dynamics, citing Costa Rica and broader industry examples. Nair responded that the company has been “very disciplined” with front-book pricing, saying that between 2019 and 2024 it did not take price increases “anywhere,” resulting in competitive front-book positioning. He described Costa Rica as an “aberration,” and said Liberty is willing to “play the ARPU game to hang on to market share,” emphasizing the importance of maintaining share in competitive markets. New Street Research’s David Lopes asked about the impact of rising energy costs. Nair said the company remains focused on costs and expects further improvements, including through expanded use of AI, noting Liberty has implemented AI on the front line and is working on back-office deployment. Noyes added that energy costs are “roughly 2% of revenue” overall, and said network upgrades and topology improvements have helped reduce energy usage over time, with mitigation strategies available if regional energy prices rise. Closing the call, Nair said management’s announcements reflect “significant confidence” in Liberty Latin America’s business and future free cash flow growth prospects, and he also highlighted what he called John Malone’s increased investment in the company. Liberty Latin America is a telecommunications company that provides video, broadband internet, telephony and mobile services across Latin America and the Caribbean. The company's operations span consumer and business markets, offering cable television packages, high-speed broadband connections, fixed-line voice services and wireless data plans. Through its brands, including Flow in several Caribbean territories and VTR in Chile, Liberty Latin America focuses on delivering converged digital solutions designed to meet both residential and enterprise needs. Formed in 2018 as a spin-off from Liberty Global, Liberty Latin America built its initial footprint by integrating legacy assets acquired from Cable & Wireless Communications and Columbus Communications. The article "Liberty Latin America Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Solid postpaid net adds across all segments Improved cash flow from operations and Adjusted FCF Jamaica recovery ahead of expectations Intention to distribute preferred stock; active stock repurchases DENVER, Colorado, May 07, 2026--(BUSINESS WIRE)--Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ("Q1") ended March 31, 2026. President and CEO Balan Nair commented, "The first quarter represented a strong start to 2026 for Liberty Latin America, adding 50,000 postpaid net additions with all segments contributing positively, including Puerto Rico for a second consecutive quarter, as we maintain a razor-sharp focus on our commercial positioning across the group." "Key metrics such as Adjusted OIBDA and Adjusted FCF came in ahead of our own expectations, which had reflected the tougher year-over-year comparables due to the impact of Hurricane Melissa and from the timing of B2B projects, notably in C&W Panama and Liberty Networks. We anticipate that year-over-year headwinds will ease through the remainder of the year and be supported by revenue growth and ongoing cost reduction initiatives." "Our recovery in Jamaica, meanwhile, is proceeding ahead of prior expectations and we are accelerating our ambition for fixed home reconnections this year, all within our anticipated capex envelope. Our Jamaican mobile operation continues to scale at pace, successfully leveraging off our satellite initiatives both during and following Hurricane Melissa. We are also thrilled to have announced our agreement to launch Central America’s first direct-to-cell service, Liberty-Starlink, in Costa Rica." "With bolstered confidence in our business, liquidity and cash flow trajectory, and with a focus on unlocking value for shareholders, we are announcing the intent in Q2 to distribute to our shareholders $500 million in preferred stock with a 9% dividend rate. We believe this capital allocation strategy provides our shareholders with a compelling cash return preferred stock, combined with an even more attractively geared common equity." "Notwithstanding this significant development, for the first time since H1 2024, we conducted stock repurchases in March 2026. We will be opportunistic with respect to further repurchases, as we have approximately $185 million remaining under our current repurchase authorization. As we look out through the rest of the year, we continue to be highly focused on organic growth, cash flow expansion, as well as our ongoing strategic initiatives." Intent to distribute Preferred Stock to LLA shareholders Today we are announcing the intention to distribute to LLA shareholders a new series of preferred stock, with an aggregate notional amount of $500 million and a dividend rate of 9%. We are working to complete this distribution before the end of Q2 and will keep shareholders apprised of key dates, including the final distribution ratio and other terms. This structure demonstrates our confidence in the future cash profile of LLA, providing our shareholders with a high cash return security as well as regearing our common equity. Beyond the expected $45 million annual cash dividend, we expect to have ample cash for other purposes, including stock buybacks, investments and/or deleveraging. LLA's Director Emeritus Dr. John Malone, Executive Chairman Mike Fries, and President and CEO Balan Nair have each indicated their intention to be long-term holders of the preferred shares both directly and indirectly. Business Highlights Liberty Caribbean: Full quarter of hurricane impact Hurricane impacting YoY trends, though Jamaica recovery ahead of expectations Plans to accelerate fixed reconnections in Jamaica C&W Panama: Solid residential performance Momentum on residential fixed; falling churn on mobile Normalized B2B trends in Q1 after very strong Q4 2025 contribution Liberty Networks: Robust underlying growth Continued healthy demand for subsea capacity driving Wholesale revenue Adjusted OIBDA in Q1 negatively impacted by timing of project costs Liberty Puerto Rico: Turning the corner on volumes A second quarter of positive postpaid net adds Diminishing broadband subscriber losses through Q1 Liberty Costa Rica: Healthy postpaid net adds Maintained fixed volumes in a competitive market Cost initiatives in focus for 2026 Financial and Operating Highlights Revenue Highlights The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Reported and rebased revenue for the three months ended March 31, 2026 was flat and 1% lower as compared to the corresponding prior-year periods, respectively. Strong growth at Liberty Networks was offset by declines in Liberty Caribbean and Liberty Costa Rica. Q1 2026 Revenue Growth – Segment Highlights (All growth rates are year-over-year unless otherwise specified) Liberty Caribbean: revenue decreased 3% on both a reported and rebased basis, driven by a full quarter impact of Hurricane Melissa. For the first quarter we estimate that Hurricane Melissa negatively impacted revenue by $12 million on an underlying basis, which was partly offset by $6 million of revenue for services rendered to customers immediately following the hurricane that was believed to be uncertain of collection in 2025. We have seen continued solid momentum in mobile, excepting only for a seasonally lighter Q1 sequentially on prepaid. Postpaid volumes and prepaid pricing continue to be supportive in Jamaica and across Liberty Caribbean more broadly. This contributed positively to residential mobile service revenue for the segment, with the overall decline of 1% for total residential mobile revenue reflecting lower inbound roaming revenue and lower handset sales. Residential fixed revenue declined by 8% mainly due to the headwind from offline and lost subscribers from Hurricane Melissa. B2B revenue increased by 1% driven by the aforementioned revenue recovery. C&W Panama: revenue decreased by 1% in Q1. Total residential revenue grew 1% and in-line with the prior quarter. Mobile postpaid revenue, in particular, remains supportive on the back of 10% subscriber growth. While we had a very strong performance in the prior quarter in B2B, in the seasonally quieter Q1 we reported a 47% sequential decline. Liberty Networks: revenue increased by 10% and 7% on a reported and rebased basis, respectively. This was driven principally by our Wholesale business and strong underlying demand for subsea capacity. Following a strong contribution in the prior quarter, project revenue was more limited in Q1, reflecting the timing of project milestones. Liberty Puerto Rico: revenue was 1% lower in Q1. This reflected a 1% increase in residential mobile revenue, supported by handset sales and inbound roaming, offset by a 2% decrease in residential fixed revenue. The residential fixed revenue decline reflected the lower subscriber base, notwithstanding the better RGU momentum this quarter, partly offset by higher ARPU following last year's price increase. Liberty Costa Rica: revenue was flat on a reported basis and fell 4% on a rebased basis. We continued to grow residential mobile revenue, up 2% on a rebased basis, on the back of strong postpaid subscriber momentum. This was, however, more than offset by the residential fixed business which saw revenue fall 18% on a rebased basis. While we continue to see competitive pressure on residential fixed ARPU, we note that the primary driver of this decline resulted from lower sales on our buy-to-own ("BTO") model for equipment. Operating Income We reported operating income of $145 million and $128 million for the three months ended March 31, 2026 and 2025, respectively. The improvement for the three month comparison is primarily due to a decrease in (i) depreciation and amortization, and (ii) impairment, restructuring and other operating items. Adjusted OIBDA Highlights The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Adjusted OIBDA for the three months ended March 31, 2026 was flat on a reported basis and declined by 1% on a rebased basis as compared to the corresponding prior-year period. We saw strong expansion in Adjusted OIBDA from Puerto Rico, with declines mainly at Liberty Caribbean, Liberty Networks and Liberty Costa Rica. The headwinds from Hurricane Melissa were $13 million at the Adjusted OIBDA level in the first quarter. On a net basis, reflecting the $6 million revenue recovery, the headwind was $8 million. In addition to the impact of the hurricane, phasing on certain B2B projects presented headwinds to Adjusted OIBDA in Q1 on a year-over-year basis. Across the group, we continue to execute on a number of cost initiatives which should bear fruit during 2026. Q1 2026 Adjusted OIBDA Growth – Segment Highlights (All growth rates are year-over-year unless otherwise specified) Liberty Caribbean: Adjusted OIBDA fell by 6% resulting from the drag of Hurricane Melissa. C&W Panama: Adjusted OIBDA fell by 1% in Q1, tracking the revenue performance over the period. Liberty Networks: Adjusted OIBDA decreased by 5% reflecting the timing of project-related costs booked this quarter. Liberty Puerto Rico: Adjusted OIBDA increased by 12%. The improvement reflects a return to more normalized bad debt expense levels this quarter, as well as the aggressive cost-out program run through 2025, and the streamlining of various operating structures and processes, which together more than offset the small revenue decline. Liberty Costa Rica: Adjusted OIBDA declined by 4% and 8% on a reported and rebased basis, respectively, primarily reflecting the revenue decline in the period. We continue to focus on cost reduction initiatives in Costa Rica, which will yield benefits in 2026. Property & Equipment Additions and Capital Expenditures The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net. Operating Income less Property & Equipment Additions Operating income less property and equipment additions was $35 million and $8 million for the three months ended March 31, 2026 and 2025, respectively. Adjusted OIBDA less Property & Equipment Additions The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period. Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at March 31, 2026: Residential Fixed ARPU per Customer Relationship The following table provides residential fixed ARPU per customer relationship for the indicated periods: Residential Mobile ARPU The following table provides residential ARPU per mobile subscriber for the indicated periods: Forward-Looking Statements and Disclaimer This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance; cost reduction and efficiency initiatives; growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico and Jamaica operations; the impact of Hurricane Melissa on our business and operations; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our anticipated preferred share distribution, including the declaration and timing thereof and the terms of the preferred shares; future share repurchases; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. About Liberty Latin America Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B). For more information, please visit www.lla.com. Additional Information | Cable & Wireless Borrowing Group The following table reflects preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP. The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents: At March 31, 2026, our total and proportionate net debt was $4.5 billion and $4.2 billion, respectively, our Fully-swapped Borrowing Cost was 6.3%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 5.4 years. Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share ("Proportionate Adjusted OIBDA"), was $239 million for Q1 2026. C&W's Covenant Proportionate Net Leverage Ratio was 3.7x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W's Credit Agreement. At March 31, 2026, we had maximum undrawn commitments of $654 million, including $80 million under our regional facilities. At March 31, 2026, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the March 31, 2026 compliance reporting requirements. Liberty Puerto Rico (LPR) Borrowing Group Liberty Puerto Rico Borrowing Group includes Liberty Communications PR Holding LP, which consolidates the respective restricted parent and its subsidiaries. The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP: The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents: At March 31, 2026, our Fully-swapped Borrowing Cost was 6.8% and the average tenor of our debt (excluding debt related to the Tower Transactions and handset financing) was approximately 2.5 years. LPR's Covenant Consolidated Net Leverage Ratio was 13.7x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s Revolving Credit Facility Agreement. At March 31, 2026, we had maximum undrawn commitments of $116 million. At March 31, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the March 31, 2026 compliance reporting requirements. Liberty Costa Rica Borrowing Group The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP: The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt and cash and cash equivalents: At March 31, 2026, our Fully-swapped Borrowing Cost was 10.2% and the average tenor of our debt was approximately 4.8 years. LCR's Covenant Consolidated Net Leverage Ratio was 2.0x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR’s Credit Agreement. At March 31, 2026, we had maximum undrawn commitments of $20 million (CRC 9.3 billion). At March 31, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the March 31, 2026 compliance reporting requirements. Subscriber Table Quarterly Subscriber Variance Glossary Adjusted OIBDA – Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters. Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash related to debt to annualized operating income from the most recent two consecutive fiscal quarters. Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit ("EBU") adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results. Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash related to debt. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module ("SIM") cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Property and Equipment Addition Categories Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE; New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network; Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections; Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term. Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group. Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SOHO – Small office/home office customers. Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers. Tower Transactions – Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct. U.S. GAAP – Generally accepted accounting principles in the United States. Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU. Additional General Notes Most of our operations provide telephony, broadband internet, data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers." To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes. Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates. While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews. Non-GAAP Reconciliations We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a consolidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor. Adjusted OIBDA On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. Adjusted OIBDA Less Property and Equipment Additions We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP Measure of income included in our condensed consolidated statement of operations. A reconciliation of our operating income or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table: Adjusted Free Cash Flow Definition and Reconciliation We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: Rebase Information Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we reflect the translation of our rebased amounts for the prior-year period at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the period indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following table sets forth the reconciliation from reported revenue to rebased revenue and related change calculations. The following table sets forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations. The following table sets forth the reconciliation from reported revenue by product on a consolidated basis to rebased revenue by product and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our Liberty Costa Rica segment to rebased revenue by product and related change calculations. Non-GAAP Reconciliation for Consolidated Leverage Ratios We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of March 31, 2026 and December 31, 2025 are set forth below: Non-GAAP Reconciliations for Our Borrowing Groups The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA; (iv) rebased revenue and (v) rebased Adjusted OIBDA. Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table: A reconciliation of Liberty Puerto Rico's operating income to Adjusted OIBDA is presented in the following table: A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table: The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations: The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations: View source version on businesswire.com: https://www.businesswire.com/news/home/20260507026510/en/ Contacts Investor Relations Soomit Datta [email protected] Corporate Communications Michael Coakley [email protected]

This article first appeared on GuruFocus. Release Date: February 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Liberty Latin America Ltd (NASDAQ:LILA) added over 225,000 mobile postpaid subscribers in 2025, driven by efforts in Costa Rica and Puerto Rico. The company reported $1.7 billion of adjusted OEBITDA for the full year 2025, representing a 9% growth. B2B segment showed strong performance in the fourth quarter, which is seasonally the best quarter for B2B. Liberty Networks achieved a 14% year-over-year increase in revenue, driven by new project wins and lease capacity sales. The company is focused on rebuilding efforts in Jamaica post-Hurricane Melissa, with a target to return to pre-hurricane profitability levels by the end of 2026. Hurricane Melissa negatively impacted the fourth quarter results, causing a $27 million adverse effect on adjusted OEBITDA. Liberty Puerto Rico faced a 6% revenue decline for the year, primarily due to customer losses from the 2024 migration. The fixed network in Jamaica was significantly damaged by the hurricane, impacting both residential and B2B customers. Liberty Costa Rica experienced a 2% revenue decline in Q4, with challenges in the B2B segment. Liberty Puerto Rico has a high leverage ratio, with reported borrowing group net leverage of nearly 8 times. Warning! GuruFocus has detected 8 Warning Signs with LILA. Is LILA fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the impact of the Manta and El Salvador projects on your growth strategy? A: The Manta project is focused on building resiliency and adding capacity on profitable routes, with sales expected to start soon. The El Salvador project is a build, operate, transfer model with the government, offering upsides like network maintenance and potential capacity expansion. Both projects are complex but expected to be highly accretive with good margins. (Respondent: Unidentified_6) Q: How do you see AI impacting your operational costs and efficiency? A: AI presents a significant opportunity for cost reduction and productivity improvement. While it's early days, AI can enhance repetitive processes and customer interactions. We are focused on translating these improvements into tangible free cash flow expansion. (Respondent: Unidentified_6) Q: What is the potential for fixed to mobile convergence in your markets? A: Fixed mobile convergence is beneficial, especially in prepaid markets. It involves migrating customers from prepaid to postpaid and linking postpaid mobile with fixed broadband. This strategy increases customer ARPU and reduces churn, offering significant growth opportunities. (Respondent: Unidentified_6) Q: Can you provide a range for annual re-based revenue growth? A: While not providing specific guidance, we expect single-digit growth in mobile due to prepaid to postpaid migration. Fixed broadband growth is offset by declines in legacy products. B2B growth is promising, but voice service cancellations and roaming revenue declines present headwinds. (Respondent: Unidentified_6) Q: What is the outlook for Puerto Rico's top-line growth, particularly in postpaid and B2B segments? A: Puerto Rico's postpaid segment showed improvement due to system stabilization and strong value propositions. B2B faced challenges but is expected to improve with new leadership and strategic focus. The trajectory is positive, with further improvements anticipated in 2026. (Respondent: Unidentified_6) Q: Are there any plans for shareholder returns or equity value unlocks? A: We are confident in our business and future cash flow generation. While most free cash flow is expected in the second half of the year, we are considering options to reward shareholders and may announce something during the year. (Respondent: Unidentified_6) For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Liberty Latin America reported strong operational and profitability progress with more than 225,000 mobile postpaid net additions, $1.7 billion of adjusted OIBDA (up 9% rebased) and a 27% increase in adjusted OIBDA less P&E to $1.1 billion, aided by cost initiatives and capex discipline (P&E additions at 14% of revenue). Hurricane Melissa materially hurt Jamaica's fixed network—forcing removal of 133,000 home passes—and reduced Q4 results by about $27 million$100 million adjusted free cash flow impact in 2026 while deploying $81 million of weather-derivative proceeds to support recovery and target near pre-hurricane profitability by end-2026. On capital structure, the company ended 2025 with $8.4 billion of total debt and liquidity of $800 million cash plus $900 million available credit (consolidated net leverage 4.3x), while Liberty Puerto Rico remains high-leverage (about 8x borrowing-group net leverage) and may need additional liquidity as management pursues a potential separation and evaluates shareholder-return actions. Interested in Liberty Latin America Ltd.? Here are five stocks we like better. Liberty Latin America (NASDAQ:LILA) executives highlighted mobile subscriber momentum, improving profitability, and ongoing storm recovery efforts during the company’s full-year 2025 investor call, while also outlining priorities for 2026 that include fixed-mobile convergence initiatives, cost discipline, and continued investment in subsea and 5G infrastructure. CEO Balan Nair said the business “performed very well in 2025,” pointing to more than 225,000 mobile postpaid net additions across the group. He attributed the growth notably to Costa Rica and to fixed-mobile convergence (FMC) efforts and prepaid-to-postpaid migrations. Nair also noted that the quarter included a positive net add contribution from Puerto Rico for the first time since its customer migration. → Corning’s Surprise AI Boom: Is It Already Too Late to Buy? On profitability, management reported $1.7 billion of adjusted OIBDA for full-year 2025, representing 9% growth on a rebased basis. Nair said the performance was driven by execution on cost initiatives and customer management, though results faced headwinds in the fourth quarter from Hurricane Melissa. The company also emphasized capital spending discipline. Nair said property and equipment (P&E) additions were 14% of revenue in 2025, in line with prior intentions and down 2 percentage points from the prior year. CFO Chris Noyes added that total P&E additions were $640 million in 2025 versus $725 million in 2024. With adjusted OIBDA expanding and P&E additions falling, management reported adjusted OIBDA less P&E additions increased 27% for the year to $1.1 billion, or 24% of revenue. → Medtronic’s “Textbook” Reversal: How High Can It Really Go in 2026? Noyes said fourth-quarter revenue was $1.2 billion, reflecting 1% year-over-year rebased growth, supported by double-digit growth at Liberty Networks and Cable & Wireless Panama, and partially offset by declines in Liberty Caribbean and Liberty Puerto Rico. On a full-year basis, revenue was slightly down on a rebased basis to $4.4 billion. Adjusted OIBDA was $451 million in Q4 and $1.7 billion for 2025. Noyes said adjusted OIBDA grew 8% in Q4 and 9% for the year on a rebased basis, but both periods were adversely affected by $27 million related to Hurricane Melissa. He also cited a roughly 300 basis point improvement in adjusted OIBDA margins in 2025 driven by cost control and efficiency, and said management expects those actions to continue benefiting 2026 results. → 3 Discount Retail Stocks to Watch as Earnings Put Valuations to the Test On cash flow, Noyes reported adjusted free cash flow before partner distributions of $278 million in Q4 and $150 million for the full year, a 29% year-over-year increase. He said the improvement was driven primarily by the higher adjusted OIBDA less P&E additions, partly offset by working capital movements. Liberty Caribbean results reflected the storm in Jamaica. Noyes said Liberty Caribbean posted $356 million in Q4 revenue and $153 million in Q4 adjusted OIBDA, with year-over-year declines “entirely due to Hurricane Melissa.” He quantified the impact as a $20 million revenue decline and a $27 million adjusted OIBDA decline in Jamaica in the last two months of the quarter, while emphasizing the segment delivered 7% adjusted OIBDA rebased growth for full-year 2025. Management cautioned that the next quarters will be financially challenging in Jamaica, with difficult comparisons until the company laps the hurricane impact in Q4. In Cable & Wireless Panama, management described accelerating postpaid momentum and improving B2B trends. Nair highlighted that Panama signed new B2B wins, including a contract with Panama’s Ministry of Education (MEDUCA) to provide high-speed internet to public schools nationwide. Nair said B2B rebased revenue growth in Panama was 1% for the full year, driven largely by the fourth quarter, which posted 24% year-over-year growth. Noyes added that government-related projects helped C&W Panama deliver double-digit rebased growth in both revenue and adjusted OIBDA in Q4, reporting $230 million of revenue and $94 million of adjusted OIBDA. Liberty Networks delivered double-digit growth. Nair said wholesale revenue grew 6% on a rebased basis in 2025, and that underlying wholesale growth would have been 12% excluding non-cash IRU headwinds. Noyes reported Liberty Networks generated $129 million in Q4 revenue and $75 million in Q4 adjusted OIBDA, up 14% and 21% year over year on a rebased basis, aided in part by the El Salvador build and continued ramp in wholesale infrastructure. Nair said the company will deploy $81 million in net proceeds from its weather derivatives program as part of its 2026 investment focus in Jamaica. He said the mobile network recovered quickly and was carrying more data traffic than prior to the hurricane, with improving trends continuing through early February. He noted that Jamaica’s mobile base is largely prepaid, and said the improving KPIs translated into higher prepaid and overall residential mobile revenue in Q4. On fixed services, Nair said the fixed network was “materially more damaged” and that the company removed 133,000 home passes from its count where it does not foresee restoring fixed service in the near term. He said more than 75% of fixed broadband customers are back online, though recovery varies by geographic zone. Management’s target is to be back close to pre-hurricane levels of profitability in Jamaica by the end of 2026. Noyes said that while the company saw financial impacts in Q4, “a substantial amount of the adverse impact, including a large portion of the recovery investment, is expected to occur in 2026.” He said the company generally expects the 2026 adjusted free cash flow impact from the storm to be “in the neighborhood of $100 million,” with an operating goal to be near pre-hurricane run-rate levels by year-end and positioned for a fuller recovery in 2027. Management described Puerto Rico as stabilizing, while acknowledging continued competitive and financial pressure. Nair said Puerto Rico achieved its first quarter of positive postpaid mobile adds since the migration, helped by commercial efforts including the launch of Liberty Mix and the completion of the Boost MVNO customer migration onto Liberty’s network. Nair called the Boost customers “high ARPU prepaid customers,” and said retaining them while removing wholesale costs was an important milestone. However, management said Puerto Rico’s full-year revenue declined. Nair stated Puerto Rico recorded a 6% revenue decline for the year, driven largely by a 6% decline in residential mobile revenue, while B2B revenue declined 16% and residential fixed fell 1% (supported by early-2025 price increases). Noyes said Puerto Rico delivered $301 million of Q4 revenue (a 4% rebased decline year over year), while adjusted OIBDA was $89 million, reflecting double-digit rebased growth year over year due to cost structure improvements, normalized customer service levels, and improved collections and bad debt expense. On leverage and liquidity, Noyes said the company ended 2025 with $8.4 billion of total debt and liquidity of $800 million in cash plus $900 million available under credit lines. Consolidated net leverage was 4.3x, an improvement from 2024. He noted Liberty Puerto Rico had $2.9 billion of total debt and reported borrowing group net leverage of nearly 8x, with covenant leverage of restricted subsidiaries at 14x as of Q4 2025. He said Liberty Puerto Rico may need to raise additional liquidity in the near future, though no definitive decisions have been made, and reiterated that management is actively working on a separation of Liberty Puerto Rico and Liberty Latin America. Asked about shareholder returns, Nair said the company feels confident about the business and suggested that management and the board could make decisions during the year that would “reward” shareholders, while not providing specific timing or details. Liberty Latin America is a telecommunications company that provides video, broadband internet, telephony and mobile services across Latin America and the Caribbean. The company's operations span consumer and business markets, offering cable television packages, high-speed broadband connections, fixed-line voice services and wireless data plans. Through its brands, including Flow in several Caribbean territories and VTR in Chile, Liberty Latin America focuses on delivering converged digital solutions designed to meet both residential and enterprise needs. Formed in 2018 as a spin-off from Liberty Global, Liberty Latin America built its initial footprint by integrating legacy assets acquired from Cable & Wireless Communications and Columbus Communications. The article "Liberty Latin America Q4 Earnings Call Highlights" was originally published by MarketBeat.

Sustained commercial momentum to finish the year Operating income improvement; 9% FY 2025 rebased Adjusted OIBDA growth Improving capital expenditure efficiency Building back stronger in Jamaica DENVER, Colorado, February 18, 2026--(BUSINESS WIRE)--Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ("Q4") and full year ("FY") ended December 31, 2025. CEO Balan Nair commented, "The fourth quarter capped a strong year of commercial momentum across the Liberty Latin America group." "The residential mobile business maintained its cadence of strong postpaid mobile subscriber additions leveraging recent investments, including in 5G, and underpinned by our focus on FMC." "Revenue was notably supported toward year-end by underlying strength in our B2B and B2G business line, particularly in Liberty Networks and C&W Panama. In Liberty Networks, we are on track with our infrastructure projects, including the construction of a new subsea route on behalf of El Salvador and our own system expansion with Manta, adding low latency and high capacity routes to Latin America, the Caribbean and the USA, that will drive incremental cash flow for LLA. Additionally, we are quite excited about our recently announced strategic agreement with Amazon Web Services that will bring enhanced products to customers in the region." "Continued cost reductions and customer base management helped drive strong margin expansion across the group. Segment highlights included steep margin recovery at Liberty Puerto Rico, robust performance at Liberty Caribbean, despite significant headwinds from Hurricane Melissa, and double-digit FY rebased Adjusted OIBDA growth at C&W Panama. A number of efficiency initiatives are in flight across LLA which will be supportive to our financial performance in 2026." "Our team has worked tirelessly in our recovery efforts in Jamaica, rapidly restoring our mobile service after a category 5 hurricane: we are now back to 100% and beyond pre hurricane levels. We continue to innovate our network transformation in mobile and are in the process of rebuilding our fixed network in line with the recovery of homes and businesses." "For LLA, we drove year-over-year growth in Adjusted FCF before partner distributions, including a record fourth quarter. A key component of our performance was management of our capital intensity, which ended the year at 14% of revenue. As we turn to 2026, LLA continues to be highly focused on organic growth, cash flow expansion, and unlocking value in our equity." Business Highlights Liberty Caribbean: Q4 headwinds from Hurricane Melissa Mobile resilience and building back stronger in Jamaica Strong YoY cost delivery supporting underlying Adjusted OIBDA C&W Panama: Q4 revenue growth of 10% YoY driven by B2B B2B posted Q4 revenue growth of 24% YoY and 37% sequentially Supportive margin mix lifts Adjusted OIBDA by 18% YoY Liberty Networks: Double-digit YoY revenue and Adjusted OIBDA growth in Q4 Recent government subsea win already contributing Adjusted OIBDA margin expansion of ~200bps YoY in Q4 Liberty Puerto Rico: Continued improvement in mobile Return to positive postpaid net adds in Q4 following attractive CVP launch Lower bad debt and cost reduction efforts drive YoY expansion in Adjusted OIBDA Liberty Costa Rica: FY record mobile postpaid net additions driving group momentum Improved fixed volumes against a tough market backdrop Cost initiatives in focus for 2026 Financial and Operating Highlights Amounts may not recalculate due to rounding. Note: rebased growth rates, consolidated Adjusted OIBDA and Adjusted FCF are non-GAAP measures. Revenue and Adjusted OIBDA reflect immaterial adjustments made to previously reported 2024 numbers. Growth rates reflect these and are also rebased for the estimated impacts of FX, acquisitions and disposals. See Non-GAAP Reconciliations section. Revenue Highlights The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Reported and rebased revenue for the year ended December 31, 2025 was flat and 1% lower as compared to the corresponding prior-year periods, respectively. In Q4, revenue grew 1% YoY on a reported and rebased basis. Strong growth at C&W Panama and Liberty Networks was partly offset by unfavorable YoY trends in Puerto Rico as well as headwinds from Hurricane Melissa impacting our Liberty Caribbean segment. Q4 2025 Revenue Growth – Segment Highlights (All growth rates are year-over-year unless otherwise specified) Liberty Caribbean: revenue decreased 4% on both a reported and rebased basis, driven by the negative impact of Hurricane Melissa from the end of October. For the fourth quarter we estimate that Hurricane Melissa negatively impacted revenue by $20 million. The Jamaican mobile network recovered quickly after the hurricane, and subsequently saw a solid uplift in prepaid revenue; the smaller postpaid business has proved quite resilient. We recorded residential mobile revenue growth of 4% and 5% on a reported and rebased basis, respectively, across Liberty Caribbean supported by the continued success of FMC. Residential fixed revenue was most exposed to the hurricane in Jamaica. Revenue declined by 10% and 9% on a reported and rebased basis, respectively, mainly due to the headwind of offline and lost subscribers from Hurricane Melissa. Underlying residential fixed revenue continued to feel some pressure across the region from video and voice volumes. B2B revenue declined by 6% on both a reported and rebased basis driven by the impact of Hurricane Melissa and given the relatively high weighting of fixed revenue within our B2B business. C&W Panama: revenue increased by 10% on both a reported and rebased basis. The principal driver of this strong performance was B2B, delivering 24% growth on a rebased basis, due to higher revenue from new government-related projects. Sequentially, B2B revenue increased by $29 million. Liberty Networks: revenue increased by 18% and 14% on a reported and rebased basis, respectively. This was driven principally by our Wholesale business, in turn supported by a large contract win as well as ongoing momentum in subsea capacity. Liberty Puerto Rico: revenue was 4% lower on both a reported and rebased basis. As seen in prior quarters, our rebased revenue decline was due to both a 3% decrease in residential mobile and a 4% decline in B2B, resulting from the challenges with our mobile network migration in 2024. Sequentially, revenue grew by 1% supported by higher mobile equipment sales in the seasonally strong period. Liberty Costa Rica: revenue was flat on a reported basis and fell 2% on a rebased basis, respectively. Strength in our residential business was driven by solid growth in postpaid mobile revenue, having grown the postpaid subscriber base by 16% in 2025. This was offset by weaker B2B (-28%) as we faced a tough comparison with the prior-year period. Sequentially, segment revenue increased by 9%. Operating Income (Loss) We reported operating income (loss) of $126 million and $119 million for the three months ended December 31, 2025 and 2024, respectively, and $108 million and $(77) million for the year ended December 31, 2025 and 2024, respectively. The improvement for the three month comparison is primarily due to the net effect of (i) an increase in Adjusted OIBDA, (ii) an increase in impairment, restructuring and other operating items, net, mostly attributable to Hurricane Melissa, and (iii) a decline in share-based compensation expense. The improvement for the full-year comparison is primarily driven by (i) an increase in Adjusted OIBDA and (ii) a decrease in depreciation and amortization. Adjusted OIBDA Highlights The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Adjusted OIBDA for the year ended December 31, 2025 increased by 9% on both a reported and rebased basis as compared to the corresponding prior-year periods. For the fourth quarter, corresponding YoY growth rates were 8%. Adjusted OIBDA increased in Q4 given strong YoY expansion at C&W Panama, Liberty Networks and Liberty Puerto Rico and notwithstanding the impact of Hurricane Melissa. These headwinds represented $27 million at the Adjusted OIBDA level in the fourth quarter. Across LLA, we maintain a number of cost initiatives, which are providing our operating segments and corporate, with enhanced operating leverage, as we streamline our operating structure and achieve cost efficiencies. These activities should continue to bear fruit in 2026. Q4 2025 Adjusted OIBDA Growth – Segment Highlights (All growth rates are year-over-year unless otherwise specified) Liberty Caribbean: Adjusted OIBDA fell by 9% and 8% on a reported and rebased basis, respectively, resulting from the drag of Hurricane Melissa more than offsetting strongly improving underlying costs over the period. C&W Panama: Adjusted OIBDA increased by 18% on both a reported and rebased basis, driven by the aforementioned strength in B2B project revenue and supported by a favorable YoY margin mix. Liberty Networks: Adjusted OIBDA increased by 22% and 21% on a reported and rebased basis, respectively, primarily due to higher revenue and a favorable phasing of project-related costs for the fourth quarter. Liberty Puerto Rico: Adjusted OIBDA increased by 26% on both a reported and rebased basis, despite the aforementioned rebased revenue decline. Adjusted OIBDA benefited from a significant reduction in bad debt expense versus the prior-year period. In addition, the business has been engaged in an aggressive cost-out program in 2025 and, as a result, has been able to further streamline and right size its operating structure and processes to complement its current customer base. Liberty Costa Rica: Adjusted OIBDA declined by 1% and 3% on a reported and rebased basis, respectively. This reflected lower year-over-year revenue on a rebased basis, along with higher bad debt expense. Property & Equipment Additions and Capital Expenditures The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net. Operating Income (Loss) less Property & Equipment Additions Operating income (loss) less property and equipment additions was $(95) million and $(122) million for the three months ended December 31, 2025 and 2024, respectively, and $(532) million and $(802) million for the year ended December 31, 2025 and 2024, respectively. Adjusted OIBDA less Property & Equipment Additions The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period. Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at December 31, 2025: Residential Fixed ARPU per Customer Relationship The following table provides residential fixed ARPU per customer relationship for the indicated periods: Residential Mobile ARPU The following table provides residential ARPU per mobile subscriber for the indicated periods: Forward-Looking Statements and Disclaimer This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance; efficiency initiatives; growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico operations; the impact of Hurricane Melissa on our business and operations; anticipated benefits from our partnership with AWS; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our capital return policy; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. About Liberty Latin America Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B). For more information, please visit www.lla.com. Additional Information | Cable & Wireless Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP. 1. Indicated growth rates are rebased for the estimated impacts of a disposal and FX. The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents: At December 31, 2025, our total and proportionate net debt was $4.4 billion and $4.1 billion, respectively, our Fully-swapped Borrowing Cost was 6.3%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 5.6 years. Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, ("Proportionate Adjusted OIBDA") was $258 million for Q4 2025. C&W's Covenant Proportionate Net Leverage Ratio was 3.5x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W's Credit Agreement. At December 31, 2025, we had maximum undrawn commitments of $688 million, including $80 million under our regional facilities. At December 31, 2025, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the December 31, 2025 compliance reporting requirements. Liberty Puerto Rico (LPR) Borrowing Group Liberty Puerto Rico Borrowing Group includes Liberty Communications PR Holding LP, which consolidates the respective restricted parent and it subsidiaries. The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP: Note: Revenue and Adjusted OIBDA reflect immaterial adjustments made to previously reported 2024 numbers. Growth rates reflect these and are also rebased for the estimated impacts of an acquisition. See Non-GAAP Reconciliations section. The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents: At December 31, 2025, our Fully-swapped Borrowing Cost was 6.9% and the average tenor of our debt (excluding vendor financing, debt related to the Tower Transactions and other debt) was approximately 2.7 years. LPR's Covenant Consolidated Net Leverage Ratio was 14.0x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s Revolving Credit Facility Agreement. This takes into account the designation of certain entities within the Liberty Puerto Rico Borrowing Group as "Unrestricted Subsidiaries" under, and in accordance with, terms governing the 6.75% Senior Secured Notes due 2027, the 5.125% Senior Secured Notes due 2029, the Term Loan Facility due 2028 and the Revolving Credit Facility. A more detailed presentation of this construct will be included in the reporting at the Liberty Puerto Rico Borrowing Group level. At December 31, 2025, we had maximum undrawn commitments of $166 million. At December 31, 2025, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the December 31, 2025 compliance reporting requirements. Subsequent to December 31, 2025, we borrowed the remaining $50 million of the facility amount available under the Term Loan Facility due 2030. Liberty Costa Rica Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP: The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt and cash and cash equivalents: At December 31, 2025, our Fully-swapped Borrowing Cost was 10.5% and the average tenor of our debt was approximately 5.4 years. LCR's Covenant Consolidated Net Leverage Ratio was 1.8x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR’s Credit Agreement. At December 31, 2025, we had maximum undrawn commitments of $60 million (CRC 29.8 billion). At December 31, 2025, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the December 31, 2025 compliance reporting requirements. Subsequent to December 31, 2025, $40 million of the Term Loan B Facility due 2031 outstanding principal amount was repaid at a price of 103% and $5 million of the Term Loan A Facility due 2031 outstanding principal amount was repaid at par. Subscriber Table Quarterly Subscriber Variance Glossary Adjusted OIBDA – Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and Other Operating Items. Other Operating Items includes (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters. Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash related to debt to annualized operating income from the most recent two consecutive fiscal quarters. Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit ("EBU") adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results. Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash related to debt. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module ("SIM") cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Property and Equipment Addition Categories Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE; New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network; Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections; Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term. Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group. Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SOHO – Small office/home office customers. Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers. Tower Transactions – Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years. U.S. GAAP – Generally accepted accounting principles in the United States. Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU. Additional General Notes Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be "SOHO RGUs" or "SOHO customers." To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes. Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates. While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews. Non-GAAP Reconciliations We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a consolidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor. During the fourth quarter of 2025, we identified certain immaterial errors in our previously reported 2024 consolidated financial statements, primarily related to revenue and bad debt expense. This impacted FY 2024 revenue at Liberty Puerto Rico by $10 million and Adjusted OIBDA by $29 million, and Q4 2024 revenue by $2 million and Adjusted OIBDA by $9 million. 2024 numbers have been restated accordingly. Adjusted OIBDA On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. Adjusted OIBDA Less Property and Equipment Additions We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP Measure of income included in our condensed consolidated statement of operations. A reconciliation of our operating income or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table: Adjusted Free Cash Flow Definition and Reconciliation We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: Rebase Information Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows: In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations. The following tables set forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our Liberty Puerto Rico segment to rebased revenue by product and related change calculations. The following tables set forth the reconciliation from reported revenue by product for our Liberty Costa Rica segment to rebased revenue by product and related change calculations. Non-GAAP Reconciliation for Consolidated Leverage Ratios We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of December 31, 2025 and September 30, 2025 are set forth below: Non-GAAP Reconciliations for Our Borrowing Groups The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA, (iv) rebased revenue and (v) rebased Adjusted OIBDA. Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table: A reconciliation of Liberty Puerto Rico's operating income (loss) to Adjusted OIBDA is presented in the following table: A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table: The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations: The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations: View source version on businesswire.com: https://www.businesswire.com/news/home/20260218360119/en/ Contacts Investor Relations Soomit Datta [email protected] Corporate Communications Michael Coakley [email protected]