Industry Overview - The Zacks Wireless National industry is experiencing healthy demand trends due to accelerated 5G rollout and increased fiber densification, which aids in bridging the digital divide with seamless connectivity [1] - The industry primarily includes firms providing a wide range of communication services, including wireless, wireline, broadband, and cloud-based services to both retail consumers and businesses [3] Future Trends - The 5G ecosystem is gaining traction as companies deploy advanced 4G LTE technologies and expand fiber optic networks to support both 4G and 5G standards, enhancing coverage and speed for customers [4] - Industry participants are shifting towards a software-centric network model to improve operational efficiencies and meet increasing business demands [6] Competitive Landscape - Increased infrastructure spending has led to short-term margin erosion due to aggressive promotional expenses and low-priced service plans aimed at customer retention [5] - The industry faces challenges from over-the-top service providers and price-sensitive competition, which is expected to intensify [5] Performance Metrics - The Zacks Wireless National industry has outperformed the S&P 500 and the broader Zacks Computer and Technology sector over the past year, with a growth of 22.4% compared to 15.9% for the S&P 500 and 21.4% for the sector [9] - The industry is currently trading at a trailing 12-month EV/EBITDA of 9.5X, significantly lower than the S&P 500's 17.77X and the sector's 17.81X [12] Key Companies - Array Digital Infrastructure, Inc. is benefiting from solid user engagement in its fixed wireless business and has delivered an earnings surprise of 40% on average over the trailing four quarters, carrying a Zacks Rank 2 (Buy) [15] - Liberty Latin America Ltd. is positioned to leverage its end-to-end communications platform and upgraded infrastructure, carrying a Zacks Rank 3 (Hold) [18] - Cambium Networks Corporation is well-positioned with a broad portfolio of fixed wireless broadband solutions and has a long-term earnings growth expectation of 20%, also carrying a Zacks Rank 3 [20]

Financial Data and Key Metrics Changes - Q2 2025 revenue was $1.1 billion, a 3% decrease on a rebased basis, primarily due to the phasing of project-related B2B revenues [34] - Adjusted OIBDA increased by 7% to $415 million, building on an 8% growth in Q1 [34] - Adjusted OIBDA less P&E additions rose by 26% to $265 million, representing 24% of revenue compared to 19% last year [36] Business Line Data and Key Metrics Changes - Liberty Caribbean reported $366 million in revenue with flat rebased growth year over year, driven by a 6% increase in residential mobile revenue [38] - Cable and Wireless Panama generated $177 million in revenue, with a 10% rebased revenue decline, but adjusted OIBDA grew by 6% year over year [39] - Liberty Networks delivered $150 million in revenue, reflecting a 3% rebased decline, primarily due to a decrease in non-cash IRU revenue [41] Market Data and Key Metrics Changes - Residential revenue in Puerto Rico declined by 5% year over year, with mobile residential revenue down 3% [42] - In Costa Rica, mobile residential revenue grew by 5% year over year, supported by higher postpaid volumes [45] - B2B revenue in Panama declined by 30%, reflecting a strong prior year comparison driven by government project wins [39] Company Strategy and Development Direction - The company plans to separate Liberty Puerto Rico from Liberty Latin America to unlock shareholder value and improve capital structure [6][50] - Focus on lowering capital intensity led to a 23% expansion in adjusted OIBDA less P&E additions year over year [9] - The company is pursuing consolidation opportunities and enhancing its fixed-mobile convergence strategy [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, anticipating stronger cash flow generation and improved revenue performance [54] - The company is focused on operational efficiencies and cost reduction initiatives to enhance margins [33] - Management highlighted the importance of government investments in digitization and cloud computing as growth opportunities [32] Other Important Information - The company reported a negative adjusted free cash flow of $41 million in Q2, attributed to working capital swings [36] - Management changes in Puerto Rico focus on operations, network improvements, and commercial strategies to enhance performance [84] Q&A Session Summary Question: Can you provide more details on the B2B headwinds in Panama? - The B2B headwinds were primarily due to a strong comparison with Q2 2024 and delays in recognizing government project revenues [58][60] Question: What assets will be utilized in the Puerto Rico spin-off? - The company is not commenting on specific assets but acknowledges strong assets that provide financial flexibility [68] Question: Can you elaborate on the impairment in Puerto Rico? - The impairment relates to spectrum acquired from AT&T, which had a higher carrying value than newly acquired spectrum [78][79] Question: What changes were made to the management team in Puerto Rico? - Changes focused on operations, network technology, and commercial strategies to improve performance and customer engagement [84]

"SAFE HARBOR" FORWARD-LOOKING STATEMENT | DEFINED TERMS Part of Liberty Latin America LIBERTY LATIN AMERICA Q2 & H1 2025 INVESTOR CALL August 7, 2025 AGENDA EXECUTIVE SUMMARY 01 | 02 | FINANCIAL RESULTS 03 | APPENDIX FORWARD-LOOKING STATEMENTS & DISCLAIMER This presentation 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, growth expec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Or ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 & H1 2025 Performance Overview](index=1&type=section&id=Q2%20%26%20H1%202025%20Performance%20Overview) Liberty Latin America achieved sustained growth in broadband and postpaid mobile subscribers in Q2 and H1 2025, adding over 100,000 subscribers in the first half. Despite rebased revenue decline due to high B2B comparables, adjusted OIBDA grew 7% and 8% year-over-year in Q2 and H1, respectively, driven by cost efficiencies - Sustained growth in broadband and postpaid mobile subscribers[2](index=2&type=chunk) - Liberty Caribbean, C&W Panama, and Liberty Costa Rica added approximately **45,000 organic broadband and postpaid subscribers** in Q2, with over **100,000 cumulative additions** in H1[3](index=3&type=chunk) - LLA achieved **7% and 8% rebased adjusted OIBDA growth** in Q2 and H1, respectively[3](index=3&type=chunk) - LLA's rebased revenue year-over-year growth was impacted by higher B2B project revenue in the prior year, with B2B expected to be a growth catalyst in H2[3](index=3&type=chunk) [Strategic Initiatives & Shareholder Value](index=1&type=section&id=Strategic%20Initiatives%20%26%20Shareholder%20Value) Liberty Latin America plans to spin off Liberty Puerto Rico to unlock shareholder value, ensuring a strong and sustainable capital structure for the remaining Cable & Wireless and Liberty Costa Rica businesses, which are expected to continue OIBDA growth and generate significant cash flow with lower leverage - Company plans to enhance shareholder value through the spin-off of Liberty Puerto Rico[2](index=2&type=chunk) - Post-spin, Cable & Wireless and Liberty Costa Rica are expected to benefit from strong investments in fixed and mobile infrastructure, delivering sustained adjusted OIBDA growth and significant cash flow, supporting an attractive capital return policy of dividends and/or share repurchases with lower leverage[3](index=3&type=chunk) [Consolidated Financial & Operating Highlights](index=2&type=section&id=Consolidated%20Financial%20%26%20Operating%20Highlights) [Key Financial Metrics](index=2&type=section&id=Key%20Financial%20Metrics) In Q2 2025, LLA's revenue decreased by 3%, with an operating loss of $333 million, primarily due to a $494 million impairment of Liberty Puerto Rico's spectrum license intangible asset; adjusted OIBDA, however, increased 7% to $415 million. H1 revenue declined 2%, operating loss was $205 million, and adjusted OIBDA grew 8% to $822 million, while property and equipment additions decreased 16% in Q2 and 14% in H1 2025 Q2 & H1 Key Financial Data (USD in millions) | Metric (USD in millions) | Q2 2025 | Q2 2024 | YoY Increase / (Decline) | YoY Rebased Increase / (Decline) | H1 2025 | H1 2024 | YoY Increase / (Decline) | YoY Rebased Increase / (Decline) | | :----------------------- | :------ | :------ | :----------------------- | :------------------------------- | :------ | :------ | :----------------------- | :------------------------------- | | Revenue | 1,087 | 1,118 | (3%) | (3%) | 2,170 | 2,217 | (2%) | (3%) | | Operating income (loss) | (333) | 111 | (401%) | | (205) | 204 | (201%) | | | Adjusted OIBDA | 415 | 389 | 7% | 7% | 822 | 763 | 8% | 8% | | Property & equipment additions | 150 | 180 | (16%) | | 271 | 315 | (14%) | | - Operating loss in Q2 and H1 2025 primarily due to a **$494 million impairment** of Liberty Puerto Rico's spectrum license intangible asset[22](index=22&type=chunk) [Key Operating Metrics](index=4&type=section&id=Key%20Operating%20Metrics) In Q2 2025, LLA experienced a net organic customer loss of 2,600, contrasting with a gain of 1,300 in Q1; fixed RGUs increased by 17,500, but mobile subscribers saw an organic loss of 84,900, mainly from prepaid users, despite 25,600 new postpaid additions 2025 Q2 & Q1 Operating Highlights | Operating Highlights | Q2 2025 | Q1 2025 | | :------------------- | :------ | :------ | | Total customers | 1,904,600 | 1,907,200 | | Organic customer additions (losses) | (2,600) | 1,300 | | Fixed RGUs | 3,979,400 | 3,961,900 | | Organic RGU additions | 17,500 | 19,100 | | Organic internet additions | 1,700 | 6,600 | | Mobile subscribers | 6,643,600 | 6,728,500 | | Organic mobile losses | (84,900) | (16,800) | | Organic postpaid additions | 25,600 | 36,400 | [Segment Performance Analysis](index=4&type=section&id=Segment%20Performance%20Analysis) [Revenue Highlights by Segment](index=4&type=section&id=Revenue%20Highlights%20by%20Segment) Consolidated revenue for Q2 and H1 2025 decreased by 3% and 2% respectively, primarily due to reduced revenue across all segments except Liberty Costa Rica, with B2B revenue significantly impacted by high prior-year project revenue and current project approval delays 2025 Q2 & H1 Revenue by Segment (USD in millions) | Segment (USD in millions) | Q2 2025 | Q2 2024 | Reported % Change | Rebased % Change | H1 2025 | H1 2024 | Reported % Change | Rebased % Change | | :------------------------ | :------ | :------ | :---------------- | :--------------- | :------ | :------ | :---------------- | :--------------- | | Liberty Caribbean | 366.3 | 368.3 | (1) | — | 730.2 | 732.5 | — | — | | C&W Panama | 177.3 | 197.2 | (10) | (10) | 354.3 | 366.4 | (3) | (3) | | Liberty Networks | 114.6 | 119.1 | (4) | (3) | 225.0 | 227.6 | (1) | — | | Liberty Puerto Rico | 301.3 | 308.6 | (2) | (5) | 599.7 | 635.8 | (6) | (8) | | Liberty Costa Rica | 151.3 | 147.2 | 3 | 1 | 309.5 | 299.5 | 3 | 2 | | Corporate | 3.8 | 5.9 | (36) | (36) | 7.7 | 11.0 | (30) | (30) | | Eliminations | (27.9) | (28.3) | N.M. | N.M. | (56.2) | (55.4) | N.M. | N.M. | | Total | 1,086.7 | 1,118.0 | (3) | (3) | 2,170.2 | 2,217.4 | (2) | (3) | - Reported revenue for Q2 and H1 2025 decreased, primarily due to reduced revenue across all segments except Liberty Costa Rica[15](index=15&type=chunk) [Liberty Caribbean](index=4&type=section&id=Liberty%20Caribbean_Revenue) Liberty Caribbean's rebased revenue remained flat year-over-year, with mobile residential revenue growing 6% due to higher prepaid ARPU and new postpaid subscribers, while fixed residential revenue declined 1% impacted by Hurricane Beryl and reduced non-subscription revenue, and B2B revenue decreased 3% due to high prior-year project revenue - Liberty Caribbean's rebased revenue remained flat year-over-year[15](index=15&type=chunk) - Mobile residential revenue increased **5% (reported) and 6% (rebased)** year-over-year, driven by higher prepaid ARPU in Jamaica following price increases and **41,000 new organic postpaid subscribers** over the past 12 months[15](index=15&type=chunk) - Fixed residential revenue decreased **2% (reported) and 1% (rebased)** year-over-year, primarily due to lower volumes impacted by Hurricane Beryl in Q3 2024 and reduced non-subscription revenue, partially offset by ARPU growth[17](index=17&type=chunk) [C&W Panama](index=5&type=section&id=C%26W%20Panama_Revenue) C&W Panama's rebased revenue decreased 10% year-over-year, with mobile residential revenue growing 6% due to new postpaid subscribers and equipment sales, despite national protests affecting prepaid business, while fixed residential revenue grew 2% driven by broadband RGU additions and churn management, and B2B revenue declined 30% due to exceptionally strong prior-year project revenue and current project approval delays - C&W Panama's rebased revenue decreased **10%** year-over-year[17](index=17&type=chunk) - Mobile residential revenue increased **6% (reported and rebased)** year-over-year, a combined effect of **26,000 new organic postpaid subscribers** over the past 12 months, increased equipment sales, and the negative impact of national protests on the prepaid business[17](index=17&type=chunk) - B2B revenue decreased **30% (reported and rebased)** year-over-year, primarily reflecting exceptionally strong project revenue in the prior year and reduced contributions from project approval delays this year[17](index=17&type=chunk) [Liberty Networks](index=5&type=section&id=Liberty%20Networks_Revenue) Liberty Networks' rebased revenue decreased 3% year-over-year, primarily due to reduced wholesale revenue from accelerated recognition of non-cash IRU revenue in the prior year, partially offset by new leased capacity sales, while enterprise IT-as-a-service and connectivity revenue growth was offset by reduced project-related revenue - Liberty Networks' rebased revenue decreased **3%** year-over-year, primarily due to reduced wholesale revenue from accelerated recognition of non-cash IRU revenue in the prior year, partially offset by new leased capacity sales[17](index=17&type=chunk) [Liberty Puerto Rico](index=5&type=section&id=Liberty%20Puerto%20Rico_Revenue) Liberty Puerto Rico's rebased revenue decreased 5% year-over-year, with residential fixed revenue declining 1% as ARPU growth from a February 2025 price increase was offset by a shrinking subscriber base, including the impact of the ACP program ending, and residential mobile revenue decreasing 3% due to postpaid mobile subscriber losses from migration disruptions, while B2B revenue fell 18% due to a smaller subscriber base and lower mobile ARPU, though sequential revenue grew 1% driven by residential and roaming revenue - Liberty Puerto Rico's rebased revenue decreased **5%** year-over-year[17](index=17&type=chunk) - Residential fixed revenue decreased **1%** year-over-year on a rebased basis, primarily due to higher ARPU from price increases implemented in February 2025 being offset by a shrinking subscriber base, including the impact of the ACP program ending[17](index=17&type=chunk) - Residential mobile revenue decreased **3%** year-over-year on a rebased basis, primarily due to postpaid mobile subscriber losses from migration disruptions[17](index=17&type=chunk) - Puerto Rico revenue increased **1% sequentially**, driven by residential revenue growth, including increased roaming revenue, partially offset by lower FCC and B2B revenue[16](index=16&type=chunk) [Liberty Costa Rica](index=6&type=section&id=Liberty%20Costa%20Rica_Revenue) Liberty Costa Rica's rebased revenue increased 1% year-over-year, driven by mobile revenue growth from postpaid subscriber additions and increased mobile equipment sales, along with higher fixed non-subscription revenue, offsetting headwinds in residential fixed subscription ARPU - Liberty Costa Rica's rebased revenue increased **1%** year-over-year, primarily driven by mobile revenue growth from postpaid subscriber additions and increased mobile equipment sales, along with higher fixed non-subscription revenue, offsetting headwinds in residential fixed subscription ARPU[18](index=18&type=chunk) [Adjusted OIBDA Highlights by Segment](index=6&type=section&id=Adjusted%20OIBDA%20Highlights%20by%20Segment) Consolidated rebased adjusted OIBDA for Q2 and H1 2025 grew 7% and 8% year-over-year respectively, driven by growth in Liberty Caribbean, Liberty Puerto Rico, and C&W Panama, alongside ongoing cost efficiency improvements 2025 Q2 & H1 Adjusted OIBDA by Segment (USD in millions) | Segment (USD in millions) | Q2 2025 | Q2 2024 | Reported % Change | Rebased % Change | H1 2025 | H1 2024 | Reported % Change | Rebased % Change | | :------------------------ | :------ | :------ | :---------------- | :--------------- | :------ | :------ | :---------------- | :--------------- | | Liberty Caribbean | 173.8 | 157.0 | 11 | 11 | 347.1 | 307.6 | 13 | 13 | | C&W Panama | 68.6 | 64.8 | 6 | 6 | 133.2 | 121.6 | 10 | 10 | | Liberty Networks | 60.8 | 63.1 | (4) | (3) | 118.7 | 122.3 | (3) | (3) | | Liberty Puerto Rico | 87.0 | 71.1 | 22 | 21 | 168.5 | 140.2 | 20 | 18 | | Liberty Costa Rica | 54.0 | 53.4 | 1 | — | 112.9 | 111.7 | 1 | (1) | | Corporate | (29.2) | (20.3) | (44) | (44) | (58.8) | (40.1) | (47) | (47) | | Total | 415.0 | 389.1 | 7 | 7 | 821.6 | 763.3 | 8 | 8 | | Adjusted OIBDA margin | 38.2 % | 34.8 % | | | 37.9 % | 34.4 % | | | - Reported adjusted OIBDA for Q2 and H1 2025 increased **7% and 8%**, respectively, driven by growth in Liberty Caribbean, Liberty Puerto Rico, and C&W Panama[23](index=23&type=chunk) [Liberty Caribbean](index=6&type=section&id=Liberty%20Caribbean_OIBDA) Liberty Caribbean's rebased adjusted OIBDA grew 11% year-over-year, with its adjusted OIBDA margin improving 480 basis points to 47%, primarily due to lower equipment costs, a prior-year tax assessment, and ongoing cost efficiencies in network and commercial expenses - Liberty Caribbean's rebased adjusted OIBDA grew **11%** year-over-year[21](index=21&type=chunk) - Adjusted OIBDA margin improved **480 basis points to 47%** year-over-year, reflecting lower equipment costs, a prior-year tax assessment, and ongoing cost efficiencies in network and commercial expenses[21](index=21&type=chunk)[24](index=24&type=chunk) [C&W Panama](index=7&type=section&id=C%26W%20Panama_OIBDA) C&W Panama's rebased adjusted OIBDA grew 6% year-over-year, with its margin expanding 580 basis points to 39%, primarily due to reduced low-margin project revenue and lower operating expenses - C&W Panama's rebased adjusted OIBDA grew **6%**, with its margin expanding **580 basis points to 39%**, primarily due to reduced low-margin project revenue and lower operating expenses[26](index=26&type=chunk) [Liberty Networks](index=7&type=section&id=Liberty%20Networks_OIBDA) Liberty Networks' rebased adjusted OIBDA decreased 3% year-over-year, primarily due to reduced non-cash IRU revenue, partially offset by lower bad debt expense - Liberty Networks' rebased adjusted OIBDA decreased **3%** year-over-year, primarily due to reduced non-cash IRU revenue, partially offset by lower bad debt expense[26](index=26&type=chunk) [Liberty Puerto Rico](index=7&type=section&id=Liberty%20Puerto%20Rico_OIBDA) Liberty Puerto Rico's rebased adjusted OIBDA grew 21% year-over-year despite rebased revenue decline, driven by lower bad debt expense, the phasing out of upfront costs related to the AT&T transition services agreement, and reduced employee and marketing costs, while sequentially, adjusted OIBDA grew 7% - Liberty Puerto Rico's rebased adjusted OIBDA grew **21%** year-over-year, primarily due to lower bad debt expense, the phasing out of upfront costs related to the AT&T transition services agreement, and reduced employee and marketing costs[26](index=26&type=chunk) - Adjusted OIBDA increased **7% sequentially**, driven by revenue growth and a reduction in full-time employees following workforce restructuring, along with lower professional services costs[26](index=26&type=chunk) [Liberty Costa Rica](index=7&type=section&id=Liberty%20Costa%20Rica_OIBDA) Liberty Costa Rica's rebased adjusted OIBDA remained flat year-over-year, as revenue growth was offset by increased handset and bad debt expenses - Liberty Costa Rica's rebased adjusted OIBDA remained flat year-over-year, as revenue growth was offset by increased handset and bad debt expenses[26](index=26&type=chunk) [Capital Expenditures & Cash Flow](index=8&type=section&id=Capital%20Expenditures%20%26%20Cash%20Flow) [Property & Equipment Additions](index=8&type=section&id=Property%20%26%20Equipment%20Additions) In Q2 2025, total property and equipment additions decreased 16% to $150.2 million, and 14% to $270.5 million for H1, with additions as a percentage of revenue falling from 16% to 14% in Q2 and 14% to 12% in H1, and new build and upgraded homes significantly declining in both periods Property & Equipment Additions (USD in millions) | Property & Equipment Additions (USD in millions) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------------------- | :------ | :------ | :------ | :------ | | Customer Premises Equipment | 38.1 | 46.0 | 81.0 | 87.3 | | New Build & Upgrade | 20.9 | 43.7 | 39.9 | 67.7 | | Capacity | 23.8 | 26.1 | 44.0 | 49.6 | | Baseline | 58.8 | 52.1 | 91.7 | 90.0 | | Product & Enablers | 8.6 | 11.7 | 13.9 | 19.9 | | **Total Property & equipment additions** | **150.2** | **179.6** | **270.5** | **314.5** | | Property & equipment additions as % of revenue | 13.8 % | 16.1 % | 12.5 % | 14.2 % | New Build and Homes Upgraded | New Build and Homes Upgraded | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--------------------------- | :------ | :------ | :------ | :------ | | Liberty Caribbean | 14,100 | 41,400 | 36,300 | 63,800 | | C&W Panama | 17,200 | 13,100 | 39,500 | 30,400 | | Liberty Puerto Rico | 900 | 15,600 | 1,700 | 29,400 | | Liberty Costa Rica | 30,000 | 23,800 | 60,000 | 42,900 | | **Total** | **62,200** | **93,900** | **137,500** | **166,500** | [Operating Income (Loss) less P&E Additions](index=9&type=section&id=Operating%20Income%20(Loss)%20less%20P%26E%20Additions) Operating income (loss) less property and equipment additions significantly declined to $(483) million in Q2 2025 and $(475) million in H1 2025, primarily due to the $494 million impairment of Liberty Puerto Rico's spectrum license intangible asset - Operating income (loss) less property and equipment additions decreased to **$(483) million** in Q2 2025 and **$(475) million** in H1 2025, primarily due to the impairment of Liberty Puerto Rico's spectrum license intangible asset[29](index=29&type=chunk) [Adjusted OIBDA less P&E Additions](index=9&type=section&id=Adjusted%20OIBDA%20less%20P%26E%20Additions) Adjusted OIBDA less property and equipment additions increased 26% to $264.8 million in Q2 2025 and 23% to $551.1 million in H1 2025, indicating improved operational efficiency relative to capital expenditures Adjusted OIBDA less P&E Additions (USD in millions) | Adjusted OIBDA less P&E Additions (USD in millions) | Q2 2025 | Q2 2024 | % Change | H1 2025 | H1 2024 | % Change | | :-------------------------------------------------- | :------ | :------ | :------- | :------ | :------ | :------- | | Liberty Caribbean | 125.8 | 101.9 | 23 | 261.6 | 208.2 | 26 | | C&W Panama | 48.0 | 33.4 | 44 | 97.9 | 73.6 | 33 | | Liberty Networks | 40.7 | 48.5 | (16) | 80.2 | 95.9 | (16) | | Liberty Puerto Rico | 49.5 | 22.2 | 123 | 102.4 | 50.3 | 104 | | Liberty Costa Rica | 36.7 | 32.5 | 13 | 80.4 | 79.7 | 1 | | **Liberty Latin America (Consolidated)** | **264.8** | **209.5** | **26** | **551.1** | **448.8** | **23** | [Adjusted Free Cash Flow](index=27&type=section&id=Adjusted%20Free%20Cash%20Flow) Adjusted Free Cash Flow (FCF) remained negative in Q2 and H1 2025, with net outflows of $(41.3) million and $(173.8) million respectively, showing a slight increase in outflows compared to prior periods Adjusted Free Cash Flow (USD in millions) | Metric (USD in millions) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------- | :------ | :------ | :------ | :------ | | Net cash provided by operating activities | 141.2 | 156.9 | 165.8 | 180.2 | | Capital expenditures, net | (139.3) | (140.5) | (236.0) | (250.2) | | Adjusted FCF before distributions to noncontrolling interest owners | (41.3) | (7.1) | (144.7) | (156.8) | | Distributions to noncontrolling interest owners | — | (10.7) | (29.1) | (10.7) | | **Adjusted FCF** | **(41.3)** | **(17.8)** | **(173.8)** | **(167.5)** | [Debt, Leverage & Liquidity](index=10&type=section&id=Debt,%20Leverage%20%26%20Liquidity) [Consolidated Debt and Cash Position](index=10&type=section&id=Consolidated%20Debt%20and%20Cash%20Position) As of June 30, 2025, Liberty Latin America reported total debt and finance lease obligations of $8.2325 billion, with cash and cash equivalents totaling $527.4 million June 30, 2025 Debt and Cash Position (USD in millions) | Metric (USD in millions) | June 30, 2025 | | :----------------------- | :------------ | | Debt | 8,228.4 | | Finance lease obligations | 4.1 | | **Total Debt and finance lease obligations** | **8,232.5** | | Cash, cash equivalents and restricted cash related to debt | 527.4 | [Consolidated Leverage Ratios](index=10&type=section&id=Consolidated%20Leverage%20Ratios) As of June 30, 2025, the consolidated gross leverage ratio slightly increased to 5.0x, and the net leverage ratio rose to 4.7x, while unused borrowing capacity decreased from $768.2 million to $724.9 million Consolidated Leverage and Liquidity Information | Consolidated Leverage and Liquidity Information | June 30, 2025 | March 31, 2025 | | :---------------------------------------------- | :------------ | :------------- | | Consolidated debt and finance lease obligations to operating income (loss) ratio | (20.1)x | 16.1x | | Consolidated net debt and finance lease obligations to operating income (loss) ratio | (18.8)x | 15.0x | | Consolidated gross leverage ratio | 5.0x | 4.9x | | Consolidated net leverage ratio | 4.7x | 4.6x | | Weighted average debt tenor | 4.9 years | 5.1 years | | Fully-swapped borrowing costs | 6.5% | 6.5% | | Unused borrowing capacity (in millions) | $724.9 | $768.2 | [Average Revenue Per User (ARPU)](index=11&type=section&id=Average%20Revenue%20Per%20User%20(ARPU)) In Q2 2025, residential fixed ARPU showed mixed performance across segments, with Liberty Puerto Rico seeing a 2% FX-neutral increase, while C&W Panama and Liberty Costa Rica experienced declines; residential mobile ARPU generally increased or remained stable, with Liberty Caribbean showing a 3% FX-neutral growth Residential Fixed ARPU per Customer Relationship | Residential Fixed ARPU per Customer Relationship | June 30, 2025 | March 31, 2025 | FX-Neutral % Change | | :----------------------------------------------- | :------------ | :------------- | :------------------ | | Liberty Caribbean | $50.84 | $50.71 | 1% | | C&W Panama | $37.25 | $37.92 | (2%) | | Liberty Puerto Rico | $78.63 | $77.02 | 2% | | Liberty Costa Rica | $39.07 | $40.96 | (4%) | | Cable & Wireless Borrowing Group | $47.47 | $47.58 | —% | Residential Mobile ARPU | Residential Mobile ARPU | June 30, 2025 | March 31, 2025 | FX-Neutral % Change | | :---------------------- | :------------ | :------------- | :------------------ | | Liberty Caribbean | $15.62 | $15.19 | 3% | | C&W Panama | $12.15 | $12.13 | —% | | Liberty Puerto Rico | $36.72 | $36.22 | 1% | | Liberty Costa Rica | $11.35 | $11.39 | —% | | Cable & Wireless Borrowing Group | $13.87 | $13.66 | 2% | [Subscriber Information](index=20&type=section&id=Subscriber%20Information) [Total Subscribers by Segment](index=20&type=section&id=Total%20Subscribers%20by%20Segment) As of June 30, 2025, Liberty Latin America reported 1,904,600 total customer relationships, 3,979,400 fixed RGUs, and 6,643,600 total mobile subscribers, with Liberty Costa Rica having the most mobile subscribers (2,130,000) and Liberty Caribbean the most fixed RGUs (1,693,300) June 30, 2025 Operating Data | Operating Data — June 30, 2025 | Homes Passed | Customer Relationships | Video RGUs | Internet RGUs | Telephony RGUs | Total Fixed RGUs | Prepaid Mobile | Postpaid Mobile | Total Mobile Subscribers | | :----------------------------- | :----------- | :--------------------- | :--------- | :------------ | :------------- | :--------------- | :------------- | :-------------- | :----------------------- | | Liberty Caribbean | 1,765,300 | 810,200 | 323,400 | 756,200 | 613,700 | 1,693,300 | 1,493,600 | 376,400 | 1,870,000 | | C&W Panama | 979,600 | 270,700 | 172,400 | 264,500 | 251,100 | 688,000 | 1,507,400 | 433,900 | 1,941,300 | | Liberty Puerto Rico | 1,193,000 | 530,700 | 218,800 | 504,700 | 283,300 | 1,006,800 | 180,600 | 521,700 | 702,300 | | Liberty Costa Rica | 858,000 | 293,000 | 203,600 | 281,900 | 105,800 | 591,300 | 1,063,800 | 1,066,200 | 2,130,000 | | **Total** | **4,795,900** | **1,904,600** | **918,200** | **1,807,300** | **1,253,900** | **3,979,400** | **4,245,400** | **2,398,200** | **6,643,600** | [Quarterly Subscriber Variance](index=21&type=section&id=Quarterly%20Subscriber%20Variance) In Q2 2025, LLA's total organic customer relationships decreased by 2,600, and mobile subscribers by 84,900; fixed RGUs increased by 17,500, primarily from C&W Panama and Liberty Costa Rica, while mobile losses were mainly due to prepaid reductions in Liberty Caribbean and C&W Panama, partially offset by postpaid gains in Liberty Costa Rica June 30, 2025 vs March 31, 2025 Fixed and Mobile Subscriber Variance | Fixed and Mobile Subscriber Variance Table — June 30, 2025 vs March 31, 2025 | Homes Passed | Fixed-line Customer Relationships | Video RGUs | Internet RGUs | Telephony RGUs | Total Fixed RGUs | Prepaid Mobile | Postpaid Mobile | Total Mobile Subscribers | | :------------------------------------------------------------------------- | :----------- | :-------------------------------- | :--------- | :------------ | :------------- | :--------------- | :------------- | :-------------- | :----------------------- | | Liberty Caribbean | 1,500 | (1,300) | (4,400) | 700 | 100 | (3,600) | (85,700) | 12,000 | (73,700) | | C&W Panama | 13,200 | 6,500 | 8,100 | 6,700 | 6,100 | 20,900 | (21,400) | 6,600 | (14,800) | | Liberty Puerto Rico | 600 | (8,100) | (2,600) | (6,600) | 2,300 | (6,900) | (5,500) | (9,900) | (15,400) | | Liberty Costa Rica | 10,100 | 300 | 2,100 | 900 | 4,100 | 7,100 | 2,100 | 16,900 | 19,000 | | **Total Organic Change** | **25,400** | **(2,600)** | **3,200** | **1,700** | **12,600** | **17,500** | **(110,500)** | **25,600** | **(84,900)** | - Q2 2025 adjustments include historical database clean-up, with no impact on consolidated financial statements[51](index=51&type=chunk) [Borrowing Group Specific Information](index=14&type=section&id=Borrowing%20Group%20Specific%20Information) [Cable & Wireless Borrowing Group](index=14&type=section&id=Cable%20%26%20Wireless%20Borrowing%20Group) The C&W Borrowing Group's rebased revenue decreased 3% in Q2 and 1% in H1 2025; adjusted OIBDA, however, grew 7% rebased in Q2 and 9% in H1, with its margin improving to 47.7% in Q2, while total third-party debt was $4.994 billion and the covenant net leverage ratio was 3.9x as of June 30, 2025 C&W Borrowing Group Financials (USD in millions) | C&W Borrowing Group Financials (USD in millions) | Q2 2025 | Q2 2024 | Reported Change | Rebased Change | H1 2025 | H1 2024 | Reported Change | Rebased Change | | :----------------------------------------------- | :------ | :------ | :-------------- | :------------- | :------ | :------ | :-------------- | :------------- | | Revenue | 635.8 | 662.3 | (4%) | (3%) | 1,264.6 | 1,282.6 | (1%) | (1%) | | Operating income | 138.8 | 98.0 | 42% | | 262.3 | 178.4 | 47% | | | Adjusted OIBDA | 303.1 | 284.4 | 7% | 7% | 599.0 | 551.1 | 9% | 9% | | Property & equipment additions | 88.7 | 101.1 | (12%) | | 159.3 | 173.8 | (8%) | | | Adjusted OIBDA as a percentage of revenue | 47.7 % | 42.9 % | | | 47.4 % | 43.0 % | | | - As of June 30, 2025, C&W's total third-party net debt and proportionate net debt were **$4.5 billion and $4.2 billion**, respectively, with fully-swapped borrowing costs of **6.3%** and a weighted average debt tenor of approximately **6.0 years**[44](index=44&type=chunk) - C&W's covenant proportionate net leverage ratio was **3.9x**[44](index=44&type=chunk) [Liberty Puerto Rico Borrowing Group](index=16&type=section&id=Liberty%20Puerto%20Rico%20Borrowing%20Group) The Liberty Puerto Rico Borrowing Group's rebased revenue decreased 5% in Q2 and 8% in H1 2025, with operating loss significantly increasing due to a $494 million impairment; however, adjusted OIBDA grew 21% rebased in Q2 and 18% in H1, with its margin improving to 28.9% in Q2, while total debt and finance lease obligations were $2.7515 billion and the covenant consolidated net leverage ratio was 7.9x as of June 30, 2025 LPR Borrowing Group Financials (USD in millions) | LPR Borrowing Group Financials (USD in millions) | Q2 2025 | Q2 2024 | Reported Change | Rebased Change | H1 2025 | H1 2024 | Reported Change | Rebased Change | | :----------------------------------------------- | :------ | :------ | :-------------- | :------------- | :------ | :------ | :-------------- | :------------- | | Revenue | 301.3 | 308.6 | (2)% | (5)% | 599.7 | 635.8 | (6)% | (8)% | | Operating loss | (474.8) | (19.1) | N.M. | | (471.0) | (28.5) | N.M. | | | Adjusted OIBDA | 87.0 | 71.1 | 22 % | 21 % | 168.5 | 140.2 | 20 % | 18 % | | Property & equipment additions | 37.5 | 48.9 | (23)% | | 66.1 | 89.9 | (26)% | | | Adjusted OIBDA as a percentage of revenue | 28.9 % | 23.0 % | | | 28.1 % | 22.1 % | | | - Operating loss primarily due to a **$494 million impairment** of Liberty Puerto Rico's spectrum license intangible asset[22](index=22&type=chunk) - LPR's covenant consolidated net leverage ratio was **7.9x**[47](index=47&type=chunk) [Liberty Costa Rica Borrowing Group](index=18&type=section&id=Liberty%20Costa%20Rica%20Borrowing%20Group) The Liberty Costa Rica Borrowing Group's revenue increased 1% in Q2 and 2% in H1 (in Costa Rican Colón), while operating income declined 9% in both periods; adjusted OIBDA remained flat in Q2 and decreased 1% in H1, while total debt was 245.2 billion Costa Rican Colón and the covenant consolidated net leverage ratio was 2.1x as of June 30, 2025 LCR Borrowing Group Financials (CRC in billions) | LCR Borrowing Group Financials (CRC in billions) | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :----------------------------------------------- | :------ | :------ | :----- | :------ | :------ | :----- | | Revenue | 76.7 | 75.6 | 1% | 156.5 | 153.9 | 2% | | Operating income | 12.9 | 14.2 | (9%) | 28.6 | 31.6 | (9%) | | Adjusted OIBDA | 27.4 | 27.4 | —% | 57.1 | 57.4 | (1%) | | Property & equipment additions | 8.8 | 10.7 | (18%) | 16.5 | 16.4 | 1% | | Adjusted OIBDA as a percentage of revenue | 35.7 % | 36.2 % | | 36.5 % | 37.3 % | | - As of June 30, 2025, fully-swapped borrowing costs were **10.7%** and the weighted average debt tenor was approximately **5.1 years**[49](index=49&type=chunk) - LCR's covenant consolidated net leverage ratio was **2.1x**[49](index=49&type=chunk) [Company Information & Disclaimers](index=12&type=section&id=Company%20Information%20%26%20Disclaimers) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements in the press release, including expectations for strategic, financial, and operational performance, subscriber growth, and the Liberty Puerto Rico spin-off plan, detailing inherent risks and uncertainties such as natural disasters, competition, regulatory changes, and economic factors that could cause actual results to differ materially - This press release contains forward-looking statements regarding the company's strategy, financial and operational performance, growth expectations, digital strategy, product innovation, business plans, subscriber growth, regional connectivity needs, Puerto Rico business recovery, and the planned spin-off of Liberty Puerto Rico[39](index=39&type=chunk) - Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including natural disasters, political or social events, pandemics, competition, technological changes, legal and regulatory changes, economic factors, ability to integrate acquisitions, regulatory approvals, programming content availability, ability to achieve financial targets, litigation outcomes, ability to access operating company cash, capital availability, currency and interest rate fluctuations, supplier capabilities, and network planning requirements[39](index=39&type=chunk) [About Liberty Latin America](index=13&type=section&id=About%20Liberty%20Latin%20America) Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean, offering digital video, broadband internet, telephony, and mobile services, also managing an undersea and terrestrial fiber optic cable network connecting over 30 markets in the region, and has three classes of common shares traded on Nasdaq and OTC Link - Liberty Latin America is a leading communications company operating in over **20 countries** across Latin America and the Caribbean, with brands including BTC, Flow, Liberty, and Más Móvil[40](index=40&type=chunk) - The company provides digital video, broadband internet, telephony, and mobile services to residential and business customers, as well as enterprise-grade connectivity, data center, hosting, and managed solutions IT services[40](index=40&type=chunk) - Liberty Latin America operates an undersea and terrestrial fiber optic cable network connecting over **30 markets** in the region[40](index=40&type=chunk) - The company has three classes of common shares traded on the Nasdaq Global Select Market (LILA and LILAK) and OTC Link (LILAB)[41](index=41&type=chunk) [Non-GAAP Reconciliations & Glossary](index=22&type=section&id=Non-GAAP%20Reconciliations%20%26%20Glossary) [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles various non-GAAP financial measures used by Liberty Latin America, including Adjusted OIBDA, Adjusted OIBDA Margin, Adjusted Free Cash Flow, Rebased Growth Rates, and Consolidated Leverage Ratios, emphasizing their use by management to assess operational performance, allocate resources, and compare with industry peers as supplementary to GAAP metrics - This press release includes non-GAAP measures such as Adjusted OIBDA, Adjusted OIBDA Margin, Adjusted Free Cash Flow, Rebased Revenue and Adjusted OIBDA Growth Rates, and Consolidated Leverage Ratios[76](index=76&type=chunk) - Adjusted OIBDA is the primary measure used by the company's chief operating decision maker to assess segment operating performance and a key factor in internal decision-making for resource allocation[77](index=77&type=chunk) - Adjusted Free Cash Flow can be used to measure the company's ability to service debt and fund new investment opportunities[81](index=81&type=chunk) - Rebased growth rates are non-GAAP measures used to adjust historical revenue and Adjusted OIBDA to reflect the impact of acquisitions, dispositions, or transfers of operations, allowing for growth rate assessment on a comparable basis[83](index=83&type=chunk) [Glossary of Terms](index=22&type=section&id=Glossary%20of%20Terms) This section defines key financial and operational terms used in the report, such as Adjusted OIBDA, ARPU, Customer Relationships, Homes Passed, RGU, Mobile Subscribers, and various Property and Equipment Additions categories, clarifying their calculation and application - Adjusted OIBDA: Operating income (loss) before share-based compensation expense, depreciation and amortization, provisions for significant litigation, impairment, restructuring, and other operating items[53](index=53&type=chunk) - ARPU: Average Revenue Per User, referring to average monthly subscription revenue per customer relationship or mobile subscriber[55](index=55&type=chunk) - RGU (Revenue Generating Unit): Refers to a video RGU, internet RGU, or telephony RGU, where a residential or commercial unit may contain one or more RGUs[68](index=68&type=chunk) - Mobile Subscribers: Refers to the number of active SIM cards, not the number of services provided[64](index=64&type=chunk)

Group 1 - The article discusses the potential for revenue growth in Liberty Latin America Ltd. (NASDAQ: LILA) driven by WiFi optimization, network expansion, and growth in the video streaming market [1] - The author has extensive experience in the financial industry, having worked in equity research, investment funds, and investment banking, focusing on small and medium-cap companies [1] - The investment strategy emphasizes deep value investments, M&A deals, and dividend investing, targeting an internal rate of return of approximately 5%-7% [1] Group 2 - The author holds a beneficial long position in LILA shares, indicating confidence in the company's future performance [2] - The article is a personal opinion piece and does not constitute financial advice, highlighting the author's independent analysis [2] - There is a disclaimer regarding the nature of past performance not guaranteeing future results, emphasizing the speculative nature of investment [3]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $1.1 billion, a 2% decrease on a rebased basis compared to the previous year [22] - Adjusted OIBDA increased by 8% year over year to $407 million, with three of the five operating segments posting year-over-year rebased growth [23] - Adjusted OIBDA less P and E additions rose to $286 million, representing 26% of revenue compared to 22% in the previous year [23] Business Line Data and Key Metrics Changes - The Cable and Wireless Caribbean segment generated $364 million in revenue with flat rebased growth, driven by a 5% increase in mobile revenue [26] - Cable and Wireless Panama reported $177 million in revenue, reflecting a 5% rebased growth, with mobile revenue increasing by 16% [28] - Liberty Networks generated $110 million in revenue, with a 3% rebased growth, while adjusted OIBDA declined by 2% due to higher network maintenance expenses [28] Market Data and Key Metrics Changes - In Puerto Rico, Q1 revenue was $298 million, reflecting an 11% rebased decline year over year, primarily due to lower mobile and B2B revenues [30] - Liberty Costa Rica delivered Q1 revenue of $158 million, with a 2% rebased growth, while adjusted OIBDA declined by 1% [31] - The company added 44,000 broadband and postpaid mobile subscribers in total during the quarter, with significant growth in Costa Rica and the Caribbean [6][7] Company Strategy and Development Direction - The company is focusing on fixed-mobile convergence (FMC) strategies to drive subscriber growth and reduce churn, with FMC penetration exceeding 30% in successful markets [7] - A joint venture with TIGO in Costa Rica is expected to consolidate the fixed market and create growth opportunities [18] - The company aims to maintain a capital expenditure (CapEx) of 14% of sales in 2025 and 2026, with a focus on network upgrades and efficiency [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Puerto Rico but expressed optimism about improving operational performance and EBITDA in the second half of 2025 [38][39] - The company has withdrawn its three-year guidance due to slower recovery in Puerto Rico but remains positive about growth in other segments [38] - Management emphasized the importance of cost management and operational efficiency to support future growth [39] Other Important Information - The company reported total debt of $8.2 billion with a net leverage of 4.6 times, and a weighted average borrowing cost of 6.5% [32] - The company has approximately $600 million in cash and $800 million available under its revolving credit line [33] - The stock buyback program has been inactive for the last three quarters, with $240 million available under authorization [36] Q&A Session Summary Question: Competitive environment in Puerto Rico - Management noted that T-Mobile is the most aggressive competitor in terms of handset subsidies, but overall competition remains rational [44][46] Question: CapEx guidance for Puerto Rico - Management confirmed that CapEx is expected to trend towards 14% of sales, with a focus on mobile network improvements [44][51] Question: Funding for Puerto Rico business - Management stated that Puerto Rico operates as a separate credit silo, and funding decisions will be based on capital allocation methodologies [60][61] Question: Macroeconomic outlook for Puerto Rico - Management expressed confidence in the competitive environment and the potential for growth, despite challenges faced in the past [66][70] Question: Service compensation and cash interest expenses - Management indicated that service compensation is expected to trend in line with Q1, and cash interest expenses are anticipated to be higher due to recent refinancing activities [84][88]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $1.1 billion, a 2% decrease on a rebased basis compared to the previous year [22] - Adjusted OIBDA increased by 8% year over year to $407 million, with a margin improvement of over 300 basis points [23] - Adjusted OIBDA less P and E additions rose to $286 million, representing 26% of revenue compared to 22% in the previous year [23][24] Business Line Data and Key Metrics Changes - C and W Caribbean reported $364 million in revenue with flat rebased growth, driven by a 5% increase in mobile revenue [25] - C and W Panama generated $177 million in revenue, reflecting a 5% rebased growth, with mobile revenue up 16% [26] - Liberty Networks achieved $110 million in revenue, with a 3% rebased growth, while adjusted OIBDA declined by 2% [27] Market Data and Key Metrics Changes - The company added 44,000 broadband and postpaid mobile subscribers in Q1 2025, with significant growth in Costa Rica and the Caribbean [6][7] - FMC penetration in successful markets exceeded 30%, contributing to lower churn rates and more predictable revenue [7] - In Puerto Rico, revenue declined by 11% year over year, primarily due to lower mobile and B2B revenues [29] Company Strategy and Development Direction - The company is focusing on fixed-mobile convergence (FMC) to drive subscriber growth and reduce churn [10][20] - A joint venture with TIGO in Costa Rica aims to consolidate the competitive fixed market [17] - Cost management initiatives are being implemented to improve margins and operational efficiency across all segments [7][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Puerto Rico but expressed optimism about future recovery and improvements in operational performance [36][92] - The company has withdrawn its three-year guidance due to the slower-than-expected recovery in Puerto Rico [36] - There is a strong focus on reducing costs and improving cash flow in the second half of 2025 [37] Other Important Information - The company has a total debt of $8.2 billion with a net leverage of 4.6 times, and a cash balance of approximately $600 million [31][32] - The refinancing activities have improved the maturity schedule, with about 50% of debt maturing in 2031 and beyond [32] Q&A Session Summary Question: Competitive environment in Puerto Rico - Management noted that T-Mobile is the most aggressive competitor in terms of handset subsidies, but overall competition remains rational [44][45] Question: CapEx guidance - The company confirmed that it expects to maintain a CapEx of 14% of sales in 2025 and 2026, distributed evenly across regions [42][43] Question: CapEx sustainability in Puerto Rico - Management indicated that CapEx in Puerto Rico is trending towards the mid to high 15% range, with ongoing investments in mobile network upgrades [50][51] Question: Funding for Puerto Rico business - The company treats each credit silo independently and will make funding decisions based on capital allocation methodologies [59] Question: Macroeconomic outlook in Puerto Rico - Management expressed confidence in the competitive environment and the potential for growth, emphasizing the need to resolve internal operational issues [66][70]

Financial Performance - Liberty Latin America Q1 2025 revenue was $407 million, with rebased growth of 2% [57] - Adjusted OIBDA for Q1 2025 was $17 million higher than Q1 2024, with rebased growth of 8% [57] - Adjusted OIBDA less P&E additions grew by 20% year-over-year [8] - Adjusted FCF improved by $46 million excluding distributions to partners [57] Segment Highlights - C&W Caribbean experienced over 35% fixed-mobile convergence (FMC) penetration [8] - C&W Panama achieved a record Q1 rebased revenue growth of 18% [20, 22] - Liberty Networks saw a 7% rebased revenue growth in wholesale (excluding IRUs) and 4% in enterprise [28] - Liberty Costa Rica's Q1 rebased revenue growth was 2% [38] - Liberty Puerto Rico's Q1 rebased revenue declined by 11% [49] Subscriber Growth - Liberty Latin America added 44,000 internet and postpaid subscribers [8] - C&W Panama experienced significant mobile postpaid additions due to a competitor's exit [21] Debt and Liquidity - Liberty Latin America has $8.2 billion in total debt [73] - Approximately 50% of the debt is due in 2031 or beyond [72, 73] - The company maintains a robust liquidity position with $0.6 billion in cash and $0.8 billion in RCF availability [73]

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section provides an overview of Liberty Latin America's Q1 2025 financial and operational performance, along with key management commentary and outlook [Q1 2025 Performance Highlights](index=1&type=section&id=Q1%202025%20Performance%20Highlights) Liberty Latin America achieved strong Q1 2025 operational momentum with over 40,000 organic broadband and postpaid mobile subscriber additions, alongside 38% operating income and 8% rebased Adjusted OIBDA growth, despite a 2% rebased revenue decline - Achieved over **40,000 organic net additions** for broadband and postpaid mobile subscribers in Q1[2](index=2&type=chunk) - Fixed-Mobile Convergence (FMC) penetration exceeded **30%** across key markets, a core strategic focus[2](index=2&type=chunk)[3](index=3&type=chunk) Financial Metric | Financial Metric | Q1 2025 | YoY Change (Reported) | YoY Change (Rebased) | | :--- | :--- | :--- | :--- | | Revenue | $1,084 M | -1% | -2% | | Operating Income | $128 M | +38% | N/A | | Adjusted OIBDA | $407 M | +9% | +8% | | Adjusted FCF | $(133) M | Improvement from $(150)M | N/A | [CEO Commentary and Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Outlook) The CEO noted strong performance in C&W Caribbean, C&W Panama, and Liberty Costa Rica, but slower mobile recovery in Puerto Rico led to the withdrawal of the mid-term outlook, though 2025 growth in Adjusted OIBDA and FCF is still expected - Strong performance in C&W Caribbean and C&W Panama drove an **8% rebased Adjusted OIBDA growth** YoY[3](index=3&type=chunk) - The recovery of the mobile business in Puerto Rico is progressing slower than anticipated, impacting overall performance[3](index=3&type=chunk) - Due to the uncertainty in Puerto Rico, the company is withdrawing its mid-term (2024-2026) financial outlook[3](index=3&type=chunk) - Despite challenges, the company still expects to achieve meaningful growth in Group Adjusted OIBDA and Adjusted FCF (before distributions) in 2025[3](index=3&type=chunk) [Financial Performance Analysis](index=3&type=section&id=Financial%20Performance%20Analysis) This section analyzes Liberty Latin America's Q1 2025 financial results, focusing on revenue trends, profitability metrics like operating income and Adjusted OIBDA, and the reported net loss [Revenue Analysis](index=3&type=section&id=Revenue%20Analysis) Total revenue for Q1 2025 was $1,083.5 million, a 1% reported and 2% rebased decrease YoY, primarily due to an 11% rebased drop in Liberty Puerto Rico, partially offset by growth in C&W Panama and Liberty Costa Rica Revenue by Segment | Segment | Q1 2025 Revenue ($M) | YoY Reported Change | YoY Rebased Change | | :--- | :--- | :--- | :--- | | C&W Caribbean | $363.9 | 0% | 0% | | C&W Panama | $177.0 | +5% | +5% | | Liberty Networks | $110.4 | +2% | +3% | | Liberty Puerto Rico | $298.4 | -9% | -11% | | Liberty Costa Rica | $158.2 | +4% | +2% | | **Total** | **$1,083.5** | **-1%** | **-2%** | - **C&W Panama:** Revenue grew **5%** (reported and rebased), driven by a **16% increase** in mobile residential revenue from postpaid subscriber growth and higher prepaid ARPU[17](index=17&type=chunk) - **Liberty Puerto Rico:** Revenue declined **11%** (rebased), largely due to a **16% rebased drop** in residential mobile revenue caused by postpaid subscriber and ARPU reduction following network migration disruption[17](index=17&type=chunk) - **C&W Caribbean:** Revenue was flat. Mobile residential revenue grew **5%** (rebased) from price increases and postpaid additions, but this was offset by a **3% decline** in B2B revenue[14](index=14&type=chunk)[15](index=15&type=chunk)[17](index=17&type=chunk) [Profitability Analysis (Operating Income & Adjusted OIBDA)](index=5&type=section&id=Profitability%20Analysis) Operating income surged 38% YoY to $128 million, while consolidated Adjusted OIBDA increased 9% reported and 8% rebased to $406.6 million, with margin improving to 37.5%, driven by strong cost management across segments Adjusted OIBDA by Segment | Segment | Q1 2025 Adj. OIBDA ($M) | YoY Reported Change | YoY Rebased Change | | :--- | :--- | :--- | :--- | | C&W Caribbean | $173.3 | +15% | +16% | | C&W Panama | $64.6 | +14% | +15% | | Liberty Networks | $57.9 | -2% | -2% | | Liberty Puerto Rico | $81.5 | +18% | +16% | | Liberty Costa Rica | $58.9 | +1% | -1% | | **Total** | **$406.6** | **+9%** | **+8%** | - Operating income increased to **$128 million** in Q1 2025 from **$93 million** in Q1 2024, primarily due to the increase in Adjusted OIBDA[21](index=21&type=chunk) - **C&W Caribbean:** Adjusted OIBDA margin improved by over **600 basis points to 48%**, driven by significant cost reductions in facilities, staffing, and network expenses[20](index=20&type=chunk) - **Liberty Puerto Rico:** Adjusted OIBDA grew **16%** (rebased) despite lower revenue, supported by the phasing out of integration costs, lower equipment and interconnect costs, and the termination of a TSA with AT&T[24](index=24&type=chunk) [Net Loss](index=6&type=section&id=Net%20Loss) The company reported a net loss attributable to shareholders of $136 million for Q1 2025, a significant increase from the $1 million net loss reported in Q1 2024 Net Loss Attributable to Shareholders | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss attributable to shareholders | $(136) M | $(1) M | [Operational Performance Analysis](index=3&type=section&id=Operational%20Performance%20Analysis) This section details Liberty Latin America's Q1 2025 operational performance, including subscriber and RGU metrics, and ARPU trends across its various segments [Subscriber and RGU Metrics](index=3&type=section&id=Subscriber%20and%20RGU%20Metrics) In Q1 2025, LLA achieved 2,000 organic customer additions and 20,300 fixed RGUs, while mobile saw a net organic loss of 16,800 subscribers, as postpaid gains were offset by prepaid losses, with significant non-organic adjustments also noted Organic Subscriber and RGU Changes | Metric (Organic Change) | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Customer Additions | 2,000 | (2,700) | | Fixed RGU Additions | 20,300 | 14,100 | | Internet Additions | 7,300 | 3,700 | | Mobile Additions | (16,800) | 67,200 | | Postpaid Additions | 36,400 | 24,400 | - C&W Caribbean added **14,600 postpaid subscribers** but lost **35,300 prepaid subscribers** organically[31](index=31&type=chunk) - Liberty Costa Rica showed strong mobile performance, with **30,300 organic postpaid additions**[31](index=31&type=chunk) - Significant non-organic adjustments were made, including the removal of **125,000 Corporate Responsible Users (CRUs)** in Puerto Rico and a **1.184 million prepaid subscriber adjustment** in Costa Rica to align with regulatory definitions[31](index=31&type=chunk)[32](index=32&type=chunk) [ARPU Trends](index=10&type=section&id=ARPU%20Trends) Sequentially, ARPU per customer relationship showed mixed results, with C&W Caribbean up 2% and Liberty Costa Rica down 2% (FX-Neutral), while mobile ARPU was largely stable or slightly down, except for Liberty Puerto Rico's 3% increase ARPU per Customer Relationship | ARPU per Customer Relationship | Q1 2025 | QoQ FX-Neutral Change | | :--- | :--- | :--- | | C&W Caribbean | $50.71 | +2% | | C&W Panama | $37.92 | -1% | | Liberty Puerto Rico | $72.85 | +1% | | Liberty Costa Rica | $40.96 | -2% | Mobile ARPU | Mobile ARPU | Q1 2025 | QoQ FX-Neutral Change | | :--- | :--- | :--- | | C&W Caribbean | $15.19 | 0% | | C&W Panama | $12.13 | -2% | | Liberty Puerto Rico | $36.22 | +3% | | Liberty Costa Rica | $11.39 | -2% | [Capital Structure and Investments](index=7&type=section&id=Capital%20Structure%20and%20Investments) This section examines Liberty Latin America's capital structure and investment activities in Q1 2025, including capital expenditures, debt levels, and liquidity position [Capital Expenditures (P&E Additions)](index=7&type=section&id=Capital%20Expenditures%20(P%26E%20Additions)) Property and equipment (P&E) additions totaled $120.3 million in Q1 2025, down 11% YoY and representing 11.1% of revenue, reflecting a focus on lowering capital intensity, with over 75,000 homes added or upgraded Property and Equipment Additions | P&E Additions | Q1 2025 ($M) | Q1 2024 ($M) | | :--- | :--- | :--- | | Total P&E Additions | $120.3 | $134.9 | | As % of Revenue | 11.1% | 12.3% | - P&E additions were highest in C&W Caribbean (**$37.5M**) and lowest in C&W Panama (**$14.7M**)[26](index=26&type=chunk) - The company passed/upgraded **75,300 homes** in Q1 2025, an increase from **72,600** in Q1 2024, with significant activity in Liberty Costa Rica (**30,000**) and C&W Panama (**22,300**)[26](index=26&type=chunk) [Debt and Liquidity](index=8&type=section&id=Debt%20and%20Liquidity) As of March 31, 2025, LLA had total debt and finance lease obligations of $8.25 billion, with a consolidated net leverage ratio of 4.6x, maintaining a weighted average debt tenor of 5.1 years and $768.2 million in unused borrowing capacity Debt and Liquidity Metrics | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Debt & Finance Lease Obligations | $8,249.5 M | $8,143.4 M | | Consolidated Net Leverage Ratio | 4.6x | 4.5x | | Weighted Average Debt Tenor | 5.1 years | 4.1 years | | Unused Borrowing Capacity | $768.2 M | $796.3 M | - The C&W borrowing group holds the largest portion of the debt at **$5.0 billion**[27](index=27&type=chunk)[28](index=28&type=chunk) [Borrowing Group Performance](index=13&type=section&id=Borrowing%20Group%20Performance) This section provides a detailed analysis of the Q1 2025 financial performance for Liberty Latin America's key borrowing groups: Cable & Wireless, Liberty Puerto Rico, and Liberty Costa Rica [Cable & Wireless (C&W) Borrowing Group](index=13&type=section&id=Cable%20%26%20Wireless%20(C%26W)%20Borrowing%20Group) The C&W Borrowing Group reported strong Q1 results with revenue growing 2% rebased to $628.8 million and Adjusted OIBDA surging 12% rebased to $295.9 million, achieving a 47.1% margin and a Covenant Proportionate Net Leverage Ratio of 3.8x C&W Borrowing Group Financials | C&W Borrowing Group | Q1 2025 ($M) | Rebased YoY Change | | :--- | :--- | :--- | | Revenue | $628.8 | +2% | | Operating Income | $123.5 | +54% (Reported) | | Adjusted OIBDA | $295.9 | +12% | - The group's Covenant Proportionate Net Leverage Ratio was **3.8x** as of March 31, 2025[42](index=42&type=chunk) [Liberty Puerto Rico (LPR) Borrowing Group](index=15&type=section&id=Liberty%20Puerto%20Rico%20(LPR)%20Borrowing%20Group) The LPR Borrowing Group faced an 11% rebased revenue decline to $298.4 million, but achieved a 16% rebased Adjusted OIBDA growth to $81.5 million due to cost management, resulting in a positive operating income and a high Covenant Consolidated Net Leverage Ratio of 8.0x LPR Borrowing Group Financials | LPR Borrowing Group | Q1 2025 ($M) | Rebased YoY Change | | :--- | :--- | :--- | | Revenue | $298.4 | -11% | | Operating Income (Loss) | $3.8 | N.M. | | Adjusted OIBDA | $81.5 | +16% | - The group's Covenant Consolidated Net Leverage Ratio was **8.0x** as of March 31, 2025[45](index=45&type=chunk) [Liberty Costa Rica Borrowing Group](index=17&type=section&id=Liberty%20Costa%20Rica%20Borrowing%20Group) The Liberty Costa Rica Borrowing Group reported a 2% increase in revenue to CRC 79.8 billion. However, operating income declined 10% and Adjusted OIBDA fell 1% to CRC 29.7 billion, while maintaining a low Covenant Consolidated Net Leverage Ratio of 1.9x LCR Borrowing Group Financials | LCR Borrowing Group (CRC Billions) | Q1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | 79.8 | +2% | | Operating Income | 15.7 | -10% | | Adjusted OIBDA | 29.7 | -1% | - The group's Covenant Consolidated Net Leverage Ratio was **1.9x** as of March 31, 2025[46](index=46&type=chunk) [Supplementary Information](index=11&type=section&id=Supplementary%20Information) This section provides additional data, including consolidated subscriber metrics and detailed reconciliations of non-GAAP financial measures to U.S. GAAP equivalents, along with definitions of key operational and financial terms [Consolidated Subscriber Data](index=18&type=section&id=Consolidated%20Subscriber%20Data) As of March 31, 2025, Liberty Latin America reported 1.94 million fixed-line customer relationships and 6.73 million mobile subscribers, with a network passing 4.77 million homes, highlighting the C&W segment as the largest contributor Consolidated Subscriber Metrics | Metric | Total as of March 31, 2025 | | :--- | :--- | | Homes Passed | 4,770,500 | | Fixed-line Customer Relationships | 1,938,500 | | Total RGUs | 4,007,900 | | Total Mobile Subscribers | 6,728,500 | | - Prepaid | 4,355,900 | | - Postpaid | 2,372,600 | [Non-GAAP Reconciliations and Definitions](index=19&type=section&id=Non-GAAP%20Reconciliations%20and%20Definitions) The report includes a detailed glossary defining key operational and financial terms such as RGU, ARPU, Adjusted OIBDA, and various leverage ratios, along with comprehensive reconciliations of non-GAAP measures to their nearest U.S. GAAP equivalents - Provides definitions for key metrics including Adjusted OIBDA, ARPU, Customer Relationships, RGU, and Leverage[48](index=48&type=chunk)[50](index=50&type=chunk)[53](index=53&type=chunk)[63](index=63&type=chunk) - Includes detailed reconciliation tables for operating income to Adjusted OIBDA, net cash from operating activities to Adjusted FCF, and reported figures to rebased figures for revenue and Adjusted OIBDA[72](index=72&type=chunk)[75](index=75&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - Presents reconciliations for consolidated leverage ratios and for the specific financial results of the C&W, Liberty Puerto Rico, and Liberty Costa Rica borrowing groups[89](index=89&type=chunk)[92](index=92&type=chunk)