Exhibit 99.1 Discussion of Results The following table provides the financial results of GCI Liberty for the fourth quarter and full year of 2024 and 2025. | | | 4Q24 | | 4Q25 | % Change | | 2024 | | 2025 | % Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (amounts in millions) | | | | | | | | | | | | Consolidated Financial Metrics | | | | | | | | | | | | Revenue | | | | | | | | | | | | Consumer | $ | 122 | $ | 119 | (2)% | $ | 483 | $ | 474 | (2)% | | Business | | 141 | | 143 ...

Financial Performance - Consolidated revenue increased by $30 million to $1,046 million for the year ended December 31, 2025, compared to $1,016 million in 2024 [347]. - Operating income decreased by $487 million, resulting in an operating loss of $347 million for the year ended December 31, 2025 [364]. - Adjusted OIBDA increased by $43 million to $403 million for the year ended December 31, 2025, compared to $360 million in 2024 [367]. - For the year ended December 31, 2025, the company reported net losses of $309 million compared to net earnings of $70 million for 2024, reflecting fluctuations in revenue and expenses [371]. Revenue Breakdown - GCI Holdings' revenue is driven by monthly fees for data, wireless, voice, and managed services, as well as universal service subsidies from the FCC [319]. - Consumer data revenue decreased by $8 million to $239 million for the year ended December 31, 2025, primarily due to a decline in subscribers [350]. - Consumer wireless revenue increased by $16 million to $208 million for the year ended December 31, 2025, driven by increased wireless USF support for high-cost areas [351]. - Business data revenue increased by $43 million to $503 million for the year ended December 31, 2025, primarily due to service upgrades with existing healthcare and education customers [353]. Expenses and Impairments - The impairment of goodwill and intangible assets was recorded at $525 million, consisting of a goodwill impairment of $108 million and an intangible asset impairment of $417 million [363]. - Operating expenses decreased by $16 million to $523 million for the year ended December 31, 2025, compared to $539 million in 2024 [355]. - Interest expense decreased by $4 million to $45 million for the year ended December 31, 2025, due to lower interest rates and reduced amounts outstanding on the Senior Credit Facility [369]. - The company recorded impairments of $401 million for cable certificates, $16 million for other indefinite-lived intangible assets, and $108 million for goodwill during the year ended December 31, 2025 [395]. Cash Flow and Liquidity - As of December 31, 2025, the company had a cash and cash equivalents balance of $416 million, with substantial investments in U.S. Treasury securities and other highly rated financial instruments [376][374]. - Net cash provided by operating activities increased to $370 million in 2025 from $278 million in 2024, driven by increased operating income [377][380]. - The company’s total material cash requirements as of December 31, 2025, amounted to $1.666 billion, with $275 million due within one year [373]. - Net cash flows used in investing activities were primarily related to capital expenditures of $224 million in 2025, compared to $193 million in 2024 [380]. - Financing activities in 2025 generated net cash of $202 million, mainly from a rights offering of $299 million, partially offset by net debt repayments of $88 million [381]. - The company expects to use approximately $290 million for net capital expenditures and $50 million for interest payments on outstanding debt in 2026 [382]. Corporate Developments - GCI Liberty completed a rights offering, distributing approximately 11,059,127 shares of GLIBK, raising about $300 million for general corporate purposes, including potential strategic acquisitions [317]. - GCI Holdings exited the video business and discontinued service for all video customers as of December 31, 2025 [318]. - The company expects to incur corporate overhead expenses of approximately $5 million annually related to being a standalone public company [315]. - The company is monitoring the impact of potential changes to the Universal Service Fund programs, which could materially affect revenue [332]. - GCI Holdings has faced legal challenges regarding the constitutionality of the FCC Universal Service Support Programs, with ongoing litigation that could impact operations [329]. Market Conditions - The Alaska economy, which GCI Holdings is heavily reliant on, is subject to recessionary pressures due to volatility in oil prices and inflation [324]. - The company has experienced inflation-sensitive cost pressures, including increased costs of materials and labor, impacting its margins [325]. - The number of cable modem subscribers decreased to 151,200 in 2025 from 155,700 in 2024, while wireless lines in service increased to 199,000 from 195,500 [348]. Taxation - The effective income tax rate for 2025 was 20%, down from 28% in 2024, primarily due to state income taxes and an impairment of goodwill that is not deductible for tax purposes [370]. Debt Structure - As of December 31, 2025, the company’s debt included $371 million in variable rate debt with a weighted average interest rate of 5.8% and $600 million in fixed rate debt with a weighted average interest rate of 4.8% [401].

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fund focuses on long-term, competitively positioned companies that are well-managed and have significant potential in untapped markets. The letter also addressed the advancements in AI and how humans define themselves in the changing landscape. In Q4, the fund generated a return of 0.19% (Institutional Shares), underperforming the Russell 2 ...

Core Viewpoint - Liberty Broadband Corporation is inviting shareholders and analysts to participate in a quarterly Q&A session following the fourth quarter earnings conference call of GCI Liberty, Inc, scheduled for February 11 at 11:15 a.m. E.T [1] Group 1 - The conference call will cover the financial performance and outlook of Liberty Broadband and GCI Liberty, along with other forward-looking matters [1] - Interested participants can join the call by phone using specific numbers and a confirmation code, and are advised to call at least 10 minutes prior to the start [2] - A webcast of the conference call will be available on Liberty Broadband's investor relations site, with a replay accessible after the call [3] Group 2 - Liberty Broadband's principal asset is its interest in Charter Communications [3]

Group 1 - GCI Liberty, Inc. will host a conference call on February 11, 2025, at 11:15 a.m. E.T. to discuss its fourth-quarter results [1] - A press release detailing the financial performance and outlook will be issued before market trading on the same day [1] - The conference call will include a Q&A session for management to address questions regarding GCI Liberty and Liberty Broadband Corporation [1] Group 2 - GCI Liberty, Inc. is comprised of its wholly owned subsidiary GCI, which is Alaska's largest communications provider [4] - GCI serves over 200 communities in Alaska, offering data, voice, and managed services to both consumer and business customers [4] - The company has invested $4.7 billion in its Alaska network and facilities over the past 45 years to enhance connectivity and address the digital divide [4]

Core Viewpoint - GCI Liberty, Inc. has successfully completed its rights offering, raising approximately $300 million for various corporate purposes, including potential strategic acquisitions and debt management [1][2]. Group 1: Rights Offering Details - The rights offering was fully subscribed, resulting in the issuance of 11,059,127 shares of Series C GCI Group common stock [2]. - Approximately 95% of the shares were subscribed through validly exercised basic subscription privileges, with remaining shares allocated pro rata to oversubscribing rightsholders [2]. - The shares purchased in the rights offering were issued on December 23, 2025, with refunds for unfulfilled oversubscriptions expected to be distributed around the same date [3]. Group 2: Company Background - GCI Liberty, Inc. is the parent company of GCI, LLC, which is Alaska's largest communications provider, serving over 200 communities [5]. - The company has invested $4.7 billion in its network and facilities in Alaska over the past 45 years, focusing on expanding and strengthening its statewide network infrastructure [5][6].

Core Points - GCI Liberty, Inc. announced the terms for a rights offering to distribute subscription rights to holders of its Series A, B, and C common stock to acquire Series C GCI Group common stock [1][2] - The rights distribution date is set for November 25, 2025, with a record date of November 24, 2025 [1][3] - Each holder will receive 0.3838 of a Series C GCI Group Right for each share held, with fractional rights rounded up [1][2] - The subscription price for each whole Series C GCI Group Right is $27.20, representing a 20% discount to the average trading price for the ten days ending November 21, 2025 [2] - The ex-dividend date is expected to be November 26, 2025, coinciding with the commencement of the rights offering [3] Company Overview - GCI Liberty, Inc. operates through its wholly owned subsidiary GCI, LLC, which is Alaska's largest communications provider [8][9] - GCI has invested $4.7 billion in its network and facilities over the past 45 years, aiming to enhance connectivity and close the digital divide in Alaska [9]

Group 1 - Madison Mid Cap Fund reported a return of 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - The Information Technology sector led the performance for both the quarter and year-to-date [1] - The fund's top five holdings were highlighted as key picks for 2025 [1] Group 2 - GCI Liberty, Inc. (NASDAQ:GLIBK) experienced a one-month return of -6.56% and a three-month decline of 12.56%, closing at $33.75 per share with a market capitalization of $968.552 million on November 20, 2025 [2] - Madison Mid Cap Fund sold its holding in GCI Liberty, Inc. due to mediocre growth prospects and its small market capitalization, which was deemed immaterial to the portfolio [3] Group 3 - GCI Liberty, Inc. is not among the 30 most popular stocks among hedge funds, with a belief that certain AI stocks present greater upside potential and lower downside risk [4]

Core Points - GCI Liberty will participate in a Q&A session during the Liberty Media annual Investor Meeting on November 20, 2025, hosted by John Malone and Derek Chang [1][2] - GCI Liberty is a subsidiary of GCI, LLC, which is Alaska's largest communications provider, serving over 200 communities [3] - GCI has invested $4.7 billion in its network and facilities in Alaska over the past 45 years to enhance connectivity and address the digital divide [3] Company Information - GCI Liberty, Inc. trades on Nasdaq under the symbols GLIBA and GLIBK [4][8] - The company is involved in telecommunications, providing data, voice, and managed services [5] - GCI Liberty has announced a $300 million rights offering for Series C GCI Group common stock, with subscription rights distributed to holders of Series A, B, and C common stock [7]

Table of Contents As filed with the Securities and Exchange Commission on November 5, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its charter) Nevada (State or other jurisdiction of incorporation or organization) 4841 (Primary Standard Industrial Classification Code Number) 36-5128842 (I.R.S. Employer Identification No.) 12300 Lib ...