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 September 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 ...

Revenue Performance - Q3 2025 revenue reached $1,113 million, a 2% increase year-over-year, while YTD revenue decreased by 1% to $3,283 million[8]. - Liberty Caribbean reported a 3% revenue growth in Q3 2025, driven by a 5% increase in fixed residential revenue[13]. - C&W Panama achieved a 6% revenue growth in Q3 2025, primarily due to a 14% increase in B2B revenue[13]. - Liberty Networks experienced a 6% revenue growth in Q3 2025, supported by growth in subsea capacity revenue[13]. - Liberty Puerto Rico's revenue declined by 3% year-over-year, attributed to a 7% decrease in residential mobile revenue[13]. - Liberty Costa Rica's revenue grew by 6% on a reported basis, driven by postpaid subscriber growth[14]. - For the three months ended September 30, 2025, total revenue was $661.8 million, representing a 4% increase compared to $636.5 million for the same period in 2024[39]. - Liberty Puerto Rico reported a revenue of $298.2 million for Q3 2025, down 3% from $308.2 million in Q3 2024[41]. - Liberty Costa Rica reported a revenue of CRC 78.0 billion for the three months ended September 30, 2025, reflecting a 3% increase from CRC 76.1 billion in the same period of 2024[45]. Adjusted OIBDA and Operating Income - Adjusted OIBDA for Q3 2025 was $433 million, reflecting an 8% increase year-over-year, with a margin of 39%[8]. - Adjusted OIBDA for Q3 2025 increased by 8% on a reported basis compared to Q3 2024, driven by growth across all operating segments[19]. - Liberty Caribbean's Adjusted OIBDA rose by 9% and 10% on a reported and rebased basis, respectively, supported by improved operating costs[17]. - C&W Panama's Adjusted OIBDA increased by 5% and 4% on a reported and rebased basis, driven by B2B project revenue and network efficiencies[22]. - Liberty Puerto Rico's Adjusted OIBDA increased by 8% and 7% on a reported and rebased basis, despite a rebased revenue decline[22]. - The company returned to positive operating income of $188 million in Q3 2025, compared to a loss of $380 million in Q3 2024[8]. - Operating income for the same period was $152.5 million, a significant increase of 62% from $94.4 million year-over-year[39]. - The operating income for Liberty Puerto Rico improved to $23.8 million, compared to a loss of $486.6 million in the prior year[41]. - Adjusted OIBDA for the three months ended September 30, 2025, was $433.4 million, compared to $403.1 million for the same period in 2024, reflecting a growth of 7.9%[75]. Debt and Financial Ratios - The company’s total third-party debt as of September 30, 2025, was $4.9 billion, with a net carrying amount of $4.5 billion after accounting for cash and cash equivalents[40]. - The Covenant Proportionate Net Leverage Ratio was reported at 3.7x, calculated based on the last two quarters of Covenant EBITDA[40]. - The average tenor of the company’s debt obligations was approximately 5.8 years, excluding vendor financing and debt related to Tower Transactions[40]. - The company reported total debt and finance lease obligations of $8,280.0 million as of September 30, 2025[94]. - The consolidated gross leverage ratio was 4.9x as of September 30, 2025, compared to 5.0x as of June 30, 2025[28]. - The consolidated leverage ratio as of September 30, 2025, was reported at 4.9x, while the net leverage ratio was 4.6x[94]. - The average tenor of Liberty Puerto Rico's debt was approximately 3.0 years as of September 30, 2025, with a fully-swapped borrowing cost of 6.9%[44]. Subscriber Metrics - Organic postpaid additions increased by 101,700 in Q3 2025, marking the strongest quarterly performance in three years[11]. - Total subscribers for Liberty Puerto Rico reached 1,874,100 as of September 30, 2025, with a total of 995,100 RGUs[47]. - Liberty Costa Rica's total subscribers amounted to 2,160,000 as of September 30, 2025, with significant growth in postpaid subscribers due to migration from prepaid plans[48]. - The number of Revenue Generating Units (RGUs) includes video, internet, and telephony services, with a unique premises basis for counting customers[64]. - The company’s mobile subscriber count represents active SIM cards in service, excluding those who do not pay a recurring monthly fee after periods of inactivity[60]. Capital Expenditures and Cash Flow - Capital expenditures for Q3 2025 were $122.2 million, slightly down from $126.5 million in Q3 2024[24]. - Property and equipment additions as a percentage of revenue were 13.4% for Q3 2025, down from 15.7% in Q3 2024[24]. - Net cash provided by operating activities for the three months ended September 30, 2025, was $178.2 million, compared to $177.5 million for the same period in 2024, reflecting a slight increase of 0.4%[78]. - Adjusted Free Cash Flow (FCF) for the three months ended September 30, 2025, was $16.4 million, down from $65.5 million in the prior year, indicating a decrease of 75%[78]. - Cash payments for direct acquisition and disposition costs for the three months ended September 30, 2025, were $4.8 million, compared to $1.7 million in the same period of 2024[78]. Future Outlook - The company anticipates adverse impacts from Hurricane Melissa on Q4 2025 financial results, but expects proceeds from its weather derivative to support recovery efforts[6].

Nov 5, 2025 4:51 PM Eastern Standard Time Liberty Latin America Reports Q3 2025 Results Share Commercial momentum supporting YoY revenue growth Strongest quarterly mobile postpaid additions in three years Return to positive Operating Income; 7% YoY rebased Adjusted OIBDA growth Strategic initiatives remain in focus "I also want to highlight the toll Hurricane Melissa has taken on our Caribbean communities, especially in Jamaica, where many of our employees, customers and partners live and work. We are repai ...

Core Points - Liberty Latin America, in partnership with the Liberty Caribbean Foundation, delivered essential humanitarian aid to Jamaica following Hurricane Melissa, including potable water, food, hygiene products, and network restoration equipment [1][2] - The company utilized a chartered aircraft to transport supplies to Kingston, where local teams began immediate distribution to affected communities [2] - Liberty Caribbean Foundation is calling for public and corporate donations to support ongoing relief efforts and long-term recovery programs [2] Company Overview - Liberty Latin America operates in over 20 countries in Latin America and the Caribbean, providing communications and entertainment services, including digital video, broadband internet, and mobile services [3] - The company also offers enterprise-grade connectivity and IT solutions to a diverse range of customers, including small businesses and government agencies [3][7] - Liberty Caribbean, part of Liberty Latin America, delivers broadband, mobile, video, and voice services across the Caribbean under the brands Flow and BTC [6][7] Emergency Response - Liberty Latin America is collaborating with Starlink Direct to Cell to provide emergency connectivity services in Jamaica post-Hurricane Melissa, enabling access to data and communication services [10][11] - The company is committed to supporting Jamaica's recovery efforts and has coordinated with local authorities to ensure effective service delivery [11]

Core Viewpoint - Liberty Latin America Ltd. is collaborating with Starlink Direct to Cell to enhance connectivity services in the aftermath of Hurricane Melissa, providing essential communication services to customers in Jamaica [1] Group 1: Company Initiatives - The partnership with Starlink Direct to Cell aims to deliver critical connectivity services following the impact of Hurricane Melissa [1] - Customers of FLOW Jamaica can now access essential services such as data, SMS, and text communications through Starlink's satellite network [1] Group 2: Leadership Statements - Aamir Hussain, Chief Executive Officer, is involved in the initiative, highlighting the company's commitment to restoring connectivity in affected areas [1]

Financial Performance - Revenue for the three months ended June 30, 2025, was $1,086.7 million, a decrease of $31.3 million or 2.8% compared to $1,118.0 million in 2024 [194]. - Operating income for the same period was a loss of $333.0 million, a decrease of $443.8 million compared to an income of $110.8 million in 2024 [194]. - Revenue for the six months ended June 30, 2025, was $2,170.2 million, a decrease of $47.2 million (1.4%) from $2,217.4 million in 2024 [196]. - Operating income for the six months ended June 30, 2025, was a loss of $204.9 million, compared to an income of $203.6 million in 2024, reflecting a decrease of $408.5 million [199]. - The company reported a net loss of $415.1 million compared to a net loss of $36.9 million for the same period in 2024 [274]. - The net loss for the six months ended June 30, 2025, was $541.8 million, compared to a net loss of $37.4 million for the same period in 2024 [274]. Subscriber Metrics - As of June 30, 2025, the company served 3,979,400 RGUs, including 1,807,300 broadband internet subscribers, 1,253,900 fixed-line telephony subscribers, and 918,200 video subscribers, along with 6,643,600 mobile subscribers [183]. - The company reported significant competition impacting RGUs, ARPU, and B2B revenue across all markets [204]. Costs and Expenses - Programming and other direct costs of services for Q2 2025 were $232.4 million, down from $245.3 million in 2024, reflecting a decrease of $12.9 million or 5.3% [194]. - Other operating costs and expenses decreased by $47.0 million to $452.6 million in Q2 2025 compared to $499.6 million in 2024 [194]. - The company incurred integration costs of $17 million during the six months ended June 30, 2024, within the Liberty Puerto Rico segment [202]. - Total other operating costs and expenses for the three months ended June 30, 2025, decreased by $15.8 million to $141.3 million compared to $157.1 million in 2024 [241]. - Personnel and contract labor costs for the six months ended June 30, 2025, decreased by $34.5 million to $284.3 million from $318.8 million in 2024 [241]. Adjusted OIBDA - Consolidated Adjusted OIBDA for the six months ended June 30, 2025, was $821.6 million, an increase of $58.3 million (7.6%) from $763.3 million in 2024 [199]. - The Adjusted OIBDA for the three months ended June 30, 2025, was $415.0 million, an increase of $25.9 million (6.6%) from $389.1 million in 2024 [199]. - Adjusted OIBDA margin for Liberty Caribbean increased to 47.5% in the six months ended June 30, 2025, compared to 42.0% in 2024 [201]. Debt and Financing - As of June 30, 2025, the total outstanding debt and finance lease obligations amounted to $8,233 million, with $557 million classified as current and $7,666 million not due until 2027 or thereafter [286]. - The weighted average interest rate for all borrowings was 7.4%, which decreased to 6.5% when including the effects of derivative instruments and other costs [287]. - The company anticipates seeking to refinance or extend debt maturities as they grow in later years, although future refinancing transactions are uncertain [288]. Foreign Currency and Tax - The impact of foreign currency exchange rates on operating results is significant, particularly for entities with functional currencies other than the U.S. dollar [191]. - Foreign currency transaction losses for the three months ended June 30, 2025, were $33.0 million, compared to $46.4 million in 2024 [265]. - The company recognized an income tax benefit of $156 million for the three months ended June 30, 2025, compared to $36 million for the same period in 2024 [268]. Acquisitions and Agreements - The company announced an agreement with Millicom to combine operations in Costa Rica, with an expected completion in Q1 2026, resulting in an approximate 86% interest for Liberty Latin America [185]. - The acquisition of EchoStar's prepaid business and spectrum assets in Puerto Rico and USVI was agreed upon for $256 million, with payments structured over four years [187]. - The company expects to acquire an additional 8.5% equity in Liberty Costa Rica for approximately $83 million, with payments due in installments [186].

Executive Summary & Company Overview [Overall Performance Summary (CEO Comments)](index=1&type=section&id=Overall%20Performance%20Summary%20%28CEO%20Comments%29) Liberty Latin America achieved sustained growth in fixed-line and postpaid mobile subscribers in Q2 and H1 2025, benefiting from cost-cutting measures and strong adjusted OIBDA growth. The company plans to spin off Liberty Puerto Rico to unlock shareholder value, anticipating continued growth and cash flow from remaining operations - Sustained growth in fixed-line and postpaid mobile subscribers in Q2 and H1 2025, with over **100,000 new subscribers** in H1[3](index=3&type=chunk) - LLA achieved **7% and 8% year-over-year rebased adjusted OIBDA growth** in Q2 and H1 respectively, primarily driven by cost reductions[3](index=3&type=chunk) - Liberty Puerto Rico's business began to stabilize, achieving **21% year-over-year rebased adjusted OIBDA growth**[3](index=3&type=chunk) - The company plans to spin off Liberty Puerto Rico to unlock shareholder value, potentially through a spin-off[3](index=3&type=chunk) [Company Profile](index=13&type=section&id=Company%20Profile) 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, alongside enterprise-grade connectivity, data center, and hosting solutions. The company also operates an extensive subsea and terrestrial fiber optic network connecting over 30 markets in the region - Liberty Latin America operates in **over 20 countries** across Latin America and the Caribbean, providing digital video, broadband internet, telephony, and mobile services[40](index=40&type=chunk) - The company serves residential and business customers, offering enterprise-grade connectivity, data center, hosting, and managed solutions[40](index=40&type=chunk) - Operates subsea and terrestrial fiber optic cable networks connecting **over 30 markets** in the region[40](index=40&type=chunk) Consolidated Financial & Operating Highlights [Key Financial Metrics](index=2&type=section&id=Key%20Financial%20Metrics) In Q2 and H1 2025, Liberty Latin America's revenue and operating income (loss) decreased year-over-year, but adjusted OIBDA saw significant growth, reflecting improved cost efficiency. Capital expenditures decreased, while adjusted free cash flow remained negative 2025 Q2 and H1 Key Financial Data (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change | YoY Rebased Change | H1 2025 (USD millions) | H1 2024 (USD millions) | YoY Change | YoY Rebased Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 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%) | | | Adjusted FCF | $(41) | $(18) | | | $(174) | $(168) | | | [Operating Income (Loss) & Adjusted OIBDA](index=6&type=section&id=Operating%20Income%20%28Loss%29%20%26%20Adjusted%20OIBDA) The company recorded operating losses in Q2 and H1 2025, primarily due to a **$494 million** impairment of Liberty Puerto Rico's spectrum license intangible assets. However, adjusted OIBDA grew by **7% and 8%** during the same periods, driven by growth in Liberty Caribbean, Liberty Puerto Rico, and C&W Panama, along with ongoing cost efficiencies - Operating losses in Q2 and H1 2025 were **$(333) million** and **$(205) million** respectively, primarily due to a **$494 million** impairment of Liberty Puerto Rico's spectrum license intangible assets[22](index=22&type=chunk) - Adjusted OIBDA grew by **7% and 8%** in Q2 and H1 2025 respectively, driven by growth in Liberty Caribbean, Liberty Puerto Rico, and C&W Panama, along with ongoing cost efficiencies[23](index=23&type=chunk) 2025 Q2 and H1 Adjusted OIBDA (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change | YoY Rebased Change | H1 2025 (USD millions) | H1 2024 (USD millions) | YoY Change | YoY 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** | **$763.3** | **8%** | **8%** | | Adjusted OIBDA Margin | 38.2% | 34.8% | | | 37.9% | 34.4% | | | [Net Loss Attributable to Shareholders](index=7&type=section&id=Net%20Loss%20Attributable%20to%20Shareholders) Net loss attributable to shareholders significantly increased in Q2 and H1 2025, reaching **$(423) million** and **$(560) million** respectively, compared to **$(43) million** in the same periods last year - Net loss attributable to shareholders in Q2 and H1 2025 was **$(423) million** and **$(560) million** respectively, compared to **$(43) million** in the corresponding periods of 2024[25](index=25&type=chunk) Segment-Specific Business Highlights [Liberty Caribbean](index=2&type=section&id=Liberty%20Caribbean) Liberty Caribbean achieved record quarterly adjusted OIBDA performance, strong postpaid mobile subscriber growth, and a **480 basis point** increase in adjusted OIBDA margin to **47%** through cost reductions - Liberty Caribbean achieved **record quarterly adjusted OIBDA performance**[9](index=9&type=chunk) - Strong postpaid mobile subscriber growth; selective price increases in fixed-line services[9](index=9&type=chunk) - Adjusted OIBDA margin increased by **480 basis points** year-over-year to **47%**, driven by strong cost reductions[9](index=9&type=chunk) [C&W Panama](index=2&type=section&id=C%26W%20Panama) C&W Panama demonstrated strong mobile business performance with continued growth in postpaid mobile and broadband subscribers. However, year-over-year growth was impacted by a high comparative base in B2B business from the prior year, with better B2B performance expected in the second half - C&W Panama's mobile business demonstrated **strong performance**[9](index=9&type=chunk) - Continued growth in postpaid mobile and broadband subscribers[9](index=9&type=chunk) - Year-over-year growth impacted by a high B2B business base, with better performance expected in the second half[9](index=9&type=chunk) [Liberty Networks](index=2&type=section&id=Liberty%20Networks) Liberty Networks' revenue and adjusted OIBDA grew sequentially but were negatively impacted year-over-year by accelerated non-cash IRU recognition. The company is investing in subsea cable systems to support future recurring revenue - Liberty Networks' revenue and adjusted OIBDA grew sequentially[9](index=9&type=chunk) - Year-over-year revenue and adjusted OIBDA were negatively impacted by accelerated non-cash IRU recognition[9](index=9&type=chunk) - Investing in subsea cable systems to support future recurring revenue[9](index=9&type=chunk) [Liberty Puerto Rico](index=2&type=section&id=Liberty%20Puerto%20Rico) Liberty Puerto Rico's mobile business stabilized, and fixed-line revenue remained flat sequentially. Postpaid mobile churn showed a positive trend, with CVP launch planned for July to support growth. The company is aggressively cutting operating costs and capital expenditures - Liberty Puerto Rico's mobile business stabilized, with fixed-line revenue flat sequentially[9](index=9&type=chunk) - Postpaid mobile churn showed a positive trend; CVP launch planned for July to support growth[9](index=9&type=chunk) - Aggressively cutting operating costs and capital expenditures[9](index=9&type=chunk) [Liberty Costa Rica](index=2&type=section&id=Liberty%20Costa%20Rica) Liberty Costa Rica's strong mobile business performance offset competitive challenges in its fixed-line segment. Mobile revenue growth was driven by the ongoing migration of prepaid to postpaid subscribers, while the fixed-line subscriber base remained stable - Liberty Costa Rica's mobile business was strong, offsetting competitive challenges in fixed-line services[9](index=9&type=chunk) - Mobile revenue growth driven by the ongoing migration of prepaid to postpaid subscribers[9](index=9&type=chunk) - Fixed-line subscriber base remained stable[9](index=9&type=chunk) Detailed Financial Performance [Revenue Performance](index=4&type=section&id=Revenue%20Performance) In Q2 and H1 2025, consolidated revenue decreased by **3% and 2%** year-over-year respectively, primarily due to reduced revenue across all segments except Liberty Costa Rica. Segment revenue performance varied, with C&W Panama and Liberty Puerto Rico experiencing significant B2B revenue declines due to high prior-year comparables and project delays 2025 Q2 and H1 Revenue by Segment (USD, millions) | Segment | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change (%) | YoY Rebased Change (%) | H1 2025 (USD millions) | H1 2024 (USD millions) | YoY Change (%) | YoY 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)** | - Liberty Caribbean mobile residential revenue grew by **5%** (**6% rebased**), driven by price increases in Jamaica and postpaid subscriber growth; fixed-line residential revenue decreased by **2%** (**1% rebased**), impacted by Hurricane Beryl[15](index=15&type=chunk)[17](index=17&type=chunk) - C&W Panama mobile residential revenue grew by **6%**, benefiting from postpaid subscriber growth and equipment sales; B2B revenue decreased by **30%** due to exceptionally strong project revenue in the prior year and project approval delays[17](index=17&type=chunk) - Liberty Puerto Rico residential fixed-line revenue decreased by **1%** as subscriber reductions offset price increases; residential mobile revenue decreased by **3% rebased**, impacted by fewer postpaid subscribers; B2B revenue decreased by **18%**[17](index=17&type=chunk) - Liberty Costa Rica revenue grew by **3%** (**1% rebased**), primarily driven by mobile revenue growth (postpaid subscribers and equipment sales) and increased fixed-line non-subscription revenue[18](index=18&type=chunk) [Adjusted OIBDA Performance by Segment](index=6&type=section&id=Adjusted%20OIBDA%20Performance%20by%20Segment) Adjusted OIBDA performance varied across segments, with Liberty Caribbean and Liberty Puerto Rico achieving significant growth, primarily due to improved cost efficiencies and reduced operating expenses. C&W Panama also grew, while growth in Liberty Networks and Liberty Costa Rica was offset by specific factors - Liberty Caribbean adjusted OIBDA grew by **11%** year-over-year and rebased, with margin improving by **480 basis points** to **47%**, primarily due to lower equipment costs, tax assessment impacts, and network and commercial expense efficiencies[21](index=21&type=chunk)[24](index=24&type=chunk) - C&W Panama adjusted OIBDA grew by **6%** year-over-year and rebased, with margin expanding by **580 basis points** to **39%**, mainly due to reduced low-margin project revenue and lower operating expenses[26](index=26&type=chunk) - Liberty Networks adjusted OIBDA decreased by **4%** year-over-year and **3% rebased**, primarily impacted by reduced non-cash IRU revenue[26](index=26&type=chunk) - Liberty Puerto Rico adjusted OIBDA grew by **22%** year-over-year and **21% rebased**, benefiting from lower bad debt expense, the phasing out of AT&T transition service agreement costs, and reduced employee and marketing costs[26](index=26&type=chunk) - Liberty Costa Rica adjusted OIBDA grew by **1%** year-over-year and was flat rebased, as revenue growth was offset by increased handset and bad debt expenses[26](index=26&type=chunk) [Capital Expenditures](index=8&type=section&id=Capital%20Expenditures) In Q2 and H1 2025, the company's property and equipment additions decreased by **16% and 14%** year-over-year respectively, with a corresponding decrease as a percentage of revenue. Investments across segments were adjusted in areas such as customer premises equipment, new build and upgrade, capacity, and baseline maintenance 2025 Q2 and H1 Property & Equipment Additions (USD, millions) | Category | Q2 2025 (USD millions) | Q2 2024 (USD millions) | H1 2025 (USD millions) | H1 2024 (USD millions) | | :--- | :--- | :--- | :--- | :--- | | 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 & Enablement | $8.6 | $11.7 | $13.9 | $19.9 | | **Total Property & Equipment Additions** | **$150.2** | **$179.6** | **$270.5** | **$314.5** | | As % of Revenue | 13.8% | 16.1% | 12.5% | 14.2% | - Property and equipment additions decreased by **16% and 14%** year-over-year in Q2 and H1 2025 respectively[5](index=5&type=chunk) - Homes built and upgraded decreased in both Q2 and H1, totaling **62,200** and **137,500** respectively[28](index=28&type=chunk) [Operating Performance Net of Capital Additions](index=9&type=section&id=Operating%20Performance%20Net%20of%20Capital%20Additions) In Q2 and H1 2025, operating income (loss) and adjusted OIBDA net of property and equipment additions both decreased, primarily due to the impairment of Liberty Puerto Rico's spectrum license intangible assets. However, adjusted OIBDA less property and equipment additions still grew by **26% and 23%** at the consolidated level - Operating income (loss) net of property and equipment additions in Q2 and H1 2025 was **$(483) million** and **$(475) million** respectively, primarily impacted by the impairment of Liberty Puerto Rico's spectrum license intangible assets[29](index=29&type=chunk) 2025 Q2 and H1 Adjusted OIBDA Less Property & Equipment Additions (USD, millions) | Segment | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change (%) | H1 2025 (USD millions) | H1 2024 (USD millions) | YoY 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** | **$264.8** | **$209.5** | **26** | **$551.1** | **$448.8** | **23** | [Average Revenue Per User (ARPU)](index=11&type=section&id=Average%20Revenue%20Per%20User%20%28ARPU%29) In Q2 2025, residential fixed-line ARPU and mobile ARPU both increased for Liberty Caribbean and Liberty Puerto Rico, while fixed-line ARPU decreased for C&W Panama and Liberty Costa Rica, and mobile ARPU remained stable or slightly increased 2025 Q2 Residential Fixed-Line ARPU (USD) | Segment | Q2 2025 (USD) | Q1 2025 (USD) | Sequential Change (%) | FX-Neutral Change (%) | | :--- | :--- | :--- | :--- | :--- | | Liberty Caribbean | $50.84 | $50.71 | — | 1 | | C&W Panama | $37.25 | $37.92 | (2) | (2) | | Liberty Puerto Rico | $78.63 | $77.02 | 2 | 2 | | Liberty Costa Rica | $39.07 | $40.96 | (5) | (4) | | Cable & Wireless Borrowing Group | $47.47 | $47.58 | — | — | 2025 Q2 Residential Mobile ARPU (USD) | Segment | Q2 2025 (USD) | Q1 2025 (USD) | Sequential Change (%) | FX-Neutral Change (%) | | :--- | :--- | :--- | :--- | :--- | | Liberty Caribbean | $15.62 | $15.19 | 3 | 3 | | C&W Panama | $12.15 | $12.13 | — | — | | Liberty Puerto Rico | $36.72 | $36.22 | 1 | 1 | | Liberty Costa Rica | $11.35 | $11.39 | — | — | | Cable & Wireless Borrowing Group | $13.87 | $13.66 | 2 | 2 | Debt, Leverage & Liquidity [Consolidated Debt & Cash Equivalents](index=10&type=section&id=Consolidated%20Debt%20%26%20Cash%20Equivalents) As of June 30, 2025, Liberty Latin America's total consolidated debt and finance lease obligations amounted to **$8,232.5 million**, with cash and cash equivalents totaling **$527.4 million** June 30, 2025 Consolidated Debt, Finance Lease Obligations & Cash (USD, millions) | Category | Debt (USD millions) | Finance Lease Obligations (USD millions) | Debt & Finance Lease Obligations (USD millions) | Cash, Cash Equivalents & Restricted Cash (USD millions) | | :--- | :--- | :--- | :--- | :--- | | Liberty Latin America | $2.0 | — | $2.0 | $50.5 | | C&W | $4,994.0 | — | $4,994.0 | $429.3 | | Liberty Puerto Rico | $2,747.4 | $4.1 | $2,751.5 | $35.1 | | Liberty Costa Rica | $485.0 | — | $485.0 | $12.5 | | **Total** | **$8,228.4** | **$4.1** | **$8,232.5** | **$527.4** | [Consolidated Leverage & Liquidity Ratios](index=10&type=section&id=Consolidated%20Leverage%20%26%20Liquidity%20Ratios) As of June 30, 2025, the company's consolidated gross leverage ratio was **5.0x**, and consolidated net leverage ratio was **4.7x**. The weighted average debt tenor was **4.9 years**, with a fully swapped borrowing cost of **6.5%**. The company had **$724.9 million** in undrawn borrowing capacity June 30, 2025 Consolidated Leverage & Liquidity Information | Metric | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Consolidated Debt & Finance Lease Obligations to Operating Income (Loss) Ratio | (20.1)x | 16.1x | | Consolidated Net Debt & 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 Cost | 6.5% | 6.5% | | Undrawn Borrowing Capacity (USD millions) | $724.9 | $768.2 | Subscriber Information [Operating Highlights (Overall)](index=4&type=section&id=Operating%20Highlights%20%28Overall%29) In Q2 2025, the company's total subscribers slightly decreased, but fixed-line RGU and postpaid mobile subscribers achieved organic growth, while organic internet subscriber growth slowed 2025 Q2 Operating Highlights | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Total Subscribers | 1,904,600 | 1,907,200 | | Organic Subscriber Additions (Losses) | (2,600) | 1,300 | | Fixed-Line 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 Subscriber Losses | (84,900) | (16,800) | | Organic Postpaid Additions | 25,600 | 36,400 | [Consolidated Operating Data (Detailed)](index=20&type=section&id=Consolidated%20Operating%20Data%20%28Detailed%29) As of June 30, 2025, the company reported **1,904,600** total subscribers, **3,979,400** total fixed-line RGUs, and **6,643,600** total mobile subscribers. Liberty Caribbean and C&W Panama were key contributors to mobile subscribers, while Liberty Costa Rica showed strong mobile subscriber performance June 30, 2025 Consolidated Operating Data | Segment | Homes Passed | Customer Relationships | Video RGUs | Internet RGUs | Telephony RGUs | Total RGUs | Prepaid Mobile Subscribers | Postpaid Mobile Subscribers | 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, the company experienced net losses in total customer relationships and total mobile subscribers, primarily due to historical database cleanup adjustments in Liberty Puerto Rico and prepaid mobile subscriber churn in Liberty Caribbean. However, fixed-line RGUs and postpaid mobile subscribers still achieved organic growth 2025 Q2 Subscriber Variance (vs Q1) | Segment | Homes Passed | Customer Relationships | Video RGUs | Internet RGUs | Telephony RGUs | Total RGUs | Prepaid Mobile Subscribers | Postpaid Mobile Subscribers | 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 Adjustment (Liberty Puerto Rico) | — | (31,300) | (7,100) | (29,900) | (9,000) | (46,000) | — | — | — | | **Net Additions (Losses)** | **25,400** | **(33,900)** | **(3,900)** | **(28,200)** | **3,600** | **(28,500)** | **(110,500)** | **25,600** | **(84,900)** | - Liberty Puerto Rico experienced a significant decrease in customer relationships and RGUs due to historical database cleanup adjustments[51](index=51&type=chunk) Borrowing Group Financials [Cable & Wireless Borrowing Group](index=14&type=section&id=Cable%20%26%20Wireless%20Borrowing%20Group) The C&W Borrowing Group saw a slight revenue decrease in Q2 and H1 2025, but operating profit and adjusted OIBDA both achieved significant growth, with improved margins. As of June 30, 2025, the group's total third-party debt was **$4.994 billion**, net debt was **$4.5 billion**, and it had **$584 million** in undrawn borrowing capacity 2025 Q2 and H1 C&W Borrowing Group Financial Data (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | Change (%) | Rebased Change (%) | H1 2025 (USD millions) | H1 2024 (USD millions) | Change (%) | Rebased Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $635.8 | $662.3 | (4) | (3) | $1,264.6 | $1,282.6 | (1) | (1) | | Operating Profit | $138.8 | $98.0 | 42 | | $262.3 | $178.4 | 47 | | | Adjusted OIBDA | $303.1 | $284.4 | 7 | 7 | $599.0 | $551.1 | 9 | 9 | | Adjusted OIBDA as % of Revenue | 47.7% | 42.9% | | | 47.4% | 43.0% | | | - As of June 30, 2025, the C&W Borrowing Group's total third-party debt was **$4.994 billion**, and net debt was **$4.5 billion**[44](index=44&type=chunk) - The C&W Borrowing Group's covenant proportionate net leverage ratio was **3.9x**, fully swapped borrowing cost was **6.3%**, and average debt tenor was approximately **6.0 years**[44](index=44&type=chunk) - As of June 30, 2025, the C&W Borrowing Group had **$584 million** in undrawn borrowing capacity[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 experienced a revenue decrease in Q2 and H1 2025, but adjusted OIBDA achieved significant growth with improved margins. However, operating loss substantially increased. As of June 30, 2025, the group's total debt and finance lease obligations were **$2.7515 billion**, net debt was **$2.7021 billion**, and it had **$116 million** in undrawn borrowing capacity 2025 Q2 and H1 Liberty Puerto Rico Borrowing Group Financial Data (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | Change (%) | Rebased Change (%) | H1 2025 (USD millions) | H1 2024 (USD millions) | 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 | | Adjusted OIBDA as % of Revenue | 28.9% | 23.0% | | | 28.1% | 22.1% | | | - As of June 30, 2025, the Liberty Puerto Rico Borrowing Group's total debt and finance lease obligations were **$2.7515 billion**, and net debt was **$2.7021 billion**[47](index=47&type=chunk) - LPR's covenant consolidated net leverage ratio was **7.9x**, fully swapped borrowing cost was **6.2%**, and average debt tenor was approximately **3.0 years**[47](index=47&type=chunk) - As of June 30, 2025, LPR had **$116 million** in undrawn borrowing capacity[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 achieved revenue growth in Q2 and H1 2025, but operating profit and adjusted OIBDA slightly decreased or remained flat. As of June 30, 2025, the group's total debt was CRC **24.52 billion** (approximately **$485 million**), net debt was CRC **23.32 billion** (approximately **$461 million**), and it had **$25 million** in undrawn borrowing capacity 2025 Q2 and H1 Liberty Costa Rica Borrowing Group Financial Data (CRC, billions) | Metric | Q2 2025 (CRC billions) | Q2 2024 (CRC billions) | Change (%) | H1 2025 (CRC billions) | H1 2024 (CRC billions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 76.7 | 75.6 | 1 | 156.5 | 153.9 | 2 | | Operating Profit | 12.9 | 14.2 | (9) | 28.6 | 31.6 | (9) | | Adjusted OIBDA | 27.4 | 27.4 | — | 57.1 | 57.4 | (1) | | Adjusted OIBDA as % of Revenue | 35.7% | 36.2% | | 36.5% | 37.3% | | - As of June 30, 2025, the Liberty Costa Rica Borrowing Group's total debt was CRC **24.52 billion** (approximately **$485 million**), and net debt was CRC **23.32 billion** (approximately **$461 million**)[49](index=49&type=chunk) - LCR's covenant consolidated net leverage ratio was **2.1x**, fully swapped borrowing cost was **10.7%**, and average debt tenor was approximately **5.1 years**[49](index=49&type=chunk) - As of June 30, 2025, LCR had **$25 million** in undrawn borrowing capacity[49](index=49&type=chunk) Legal & Non-GAAP Information [Forward-Looking Statements and Disclaimer](index=12&type=section&id=Forward-Looking%20Statements%20and%20Disclaimer) This press release contains forward-looking statements regarding the company's strategy, financial and operational performance, growth expectations, digital strategy, product innovation, subscriber growth, network recovery, Liberty Puerto Rico spin-off plans, balance sheet strength, and capital return policies. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including natural disasters, competition, regulatory changes, economic factors, and M&A integration risks - Forward-looking statements cover company strategy, financial and operational performance, growth expectations, digital strategy, product innovation, and business plans[39](index=39&type=chunk) - Risks and uncertainties include natural disasters, political or social events, pandemics, competition, regulatory changes, economic factors, and M&A integration capabilities[39](index=39&type=chunk) - The company explicitly disclaims any obligation to update or revise any forward-looking statements[39](index=39&type=chunk) [Glossary](index=22&type=section&id=Glossary) This section provides definitions for key financial and operational terms used in the report, including Adjusted OIBDA, ARPU, Customer Relationships, Fixed-Line RGUs, Mobile Subscribers, Leverage Ratios, and Property & Equipment Additions categories, ensuring consistent understanding of the report's content for investors - Defines key financial and operational terms such as Adjusted OIBDA, ARPU, Customer Relationships, Fixed-Line RGUs, Mobile Subscribers, and Leverage Ratios[53](index=53&type=chunk)[55](index=55&type=chunk)[58](index=58&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk)[63](index=63&type=chunk) - Explains the classification of property and equipment additions, including customer premises equipment, new build and upgrade, capacity, baseline, and product and enablement[69](index=69&type=chunk) - Provides additional general notes on SOHO customers, EBU calculations, and subscriber statistical methods[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [Non-GAAP Reconciliations](index=25&type=section&id=Non-GAAP%20Reconciliations) This section provides reconciliations of non-GAAP financial measures used by the company, such as Adjusted OIBDA, Adjusted Free Cash Flow, Rebased Growth Rates, and Consolidated Leverage Ratios, to their most directly comparable GAAP measures, explaining why management believes these metrics are useful to investors - Provides reconciliations for non-GAAP metrics such as Adjusted OIBDA, Adjusted Free Cash Flow, Rebased Revenue and Adjusted OIBDA Growth Rates, and Consolidated Leverage Ratios[76](index=76&type=chunk) - Management believes these non-GAAP metrics are useful for evaluating operating performance, comparing industry performance, and allocating resources[77](index=77&type=chunk) [Adjusted OIBDA Reconciliation](index=25&type=section&id=Adjusted%20OIBDA%20Reconciliation) Adjusted OIBDA is a primary metric used by company management to assess segment operating performance, derived by adjusting operating income (loss) for share-based compensation, depreciation and amortization, impairment, restructuring, and other operating items, aiming to provide a transparent view of operating performance unaffected by capital structure 2025 Q2 and H1 Operating Income (Loss) to Adjusted OIBDA Reconciliation (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | H1 2025 (USD millions) | H1 2024 (USD millions) | | :--- | :--- | :--- | :--- | :--- | | Operating Income (Loss) | $(333.0) | $110.8 | $(204.9) | $203.6 | | Share-Based Compensation & Other Employee Incentive Plan Related Expenses | $13.3 | $16.0 | $47.3 | $43.0 | | Depreciation & Amortization | $217.5 | $236.7 | $446.3 | $484.5 | | Impairment, Restructuring & Other Operating Items, Net | $517.2 | $25.6 | $532.9 | $32.2 | | **Adjusted OIBDA** | **$415.0** | **$389.1** | **$821.6** | **$763.3** | | Operating Income (Loss) Margin | (30.6)% | 9.9% | (9.4)% | 9.2% | | Adjusted OIBDA Margin | 38.2% | 34.8% | 37.9% | 34.4% | [Adjusted Free Cash Flow Reconciliation](index=27&type=section&id=Adjusted%20Free%20Cash%20Flow%20Reconciliation) Adjusted Free Cash Flow (Adjusted FCF) is a non-GAAP metric measuring the company's ability to repay debt and fund new investment opportunities, derived by adjusting cash flow from operating activities, deducting capital expenditures and finance lease principal payments, and including specific cash receipts and payments 2025 Q2 and H1 Net Cash Flow from Operating Activities to Adjusted FCF Reconciliation (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | H1 2025 (USD millions) | H1 2024 (USD millions) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | $141.2 | $156.9 | $165.8 | $180.2 | | Cash Payments for Direct Acquisition & Disposal Costs | $3.6 | $2.5 | $4.0 | $3.3 | | Intercompany Financing Fees | $46.2 | $48.6 | $80.8 | $80.8 | | Capital Expenditures, Net | $(139.3) | $(140.5) | $(236.0) | $(250.2) | | Principal Payments for Vendor & Intercompany Financing | $(86.5) | $(74.3) | $(145.8) | $(152.0) | | Principal Payments for Finance Leases | $(0.3) | $(0.3) | $(0.5) | $(0.5) | | Net Repayments of Handset Receivables Securitization | $(6.2) | — | $(13.0) | $(18.4) | | 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)** | [Rebase Information](index=31&type=section&id=Rebase%20Information) Rebased growth rates are non-GAAP metrics used to adjust historical revenue and adjusted OIBDA to reflect the impact of acquisitions, dispositions, or transferred businesses, and are adjusted at current year average foreign exchange rates to provide an assessment of growth on a comparable basis - Rebased growth rates adjust historical revenue and adjusted OIBDA to include or exclude the impact of acquisitions, dispositions, or transferred businesses, and are adjusted at current year average foreign exchange rates[83](index=83&type=chunk) - Key rebase adjustments include Liberty Puerto Rico's acquisition of EchoStar spectrum and prepaid subscribers, and the closure of C&W Panama's DTH business[86](index=86&type=chunk) 2024 Q2 and H1 Rebased Revenue Reconciliation (USD, millions) | Segment | Q2 2024 Reported Revenue (USD millions) | Q2 2024 Rebased Revenue (USD millions) | Q2 2025 Reported Change (%) | Q2 2025 Rebased Change (%) | H1 2024 Reported Revenue (USD millions) | H1 2024 Rebased Revenue (USD millions) | H1 2025 Reported Change (%) | H1 2025 Rebased Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liberty Caribbean | $368.3 | $366.5 | (1) | — | $732.5 | $729.3 | — | — | | C&W Panama | $197.2 | $196.2 | (10) | (10) | $366.4 | $364.3 | (3) | (3) | | Liberty Networks | $119.1 | $117.6 | (4) | (3) | $227.6 | $224.8 | (1) | — | | Liberty Puerto Rico | $308.6 | $318.0 | (2) | (5) | $635.8 | $654.7 | (6) | (8) | | Liberty Costa Rica | $147.2 | $149.3 | 3 | 1 | $299.5 | $304.3 | 3 | 2 | | Corporate | $5.9 | $5.9 | (36) | (36) | $11.0 | $11.0 | (30) | (30) | | Eliminations | $(28.3) | $(28.2) | N.M. | N.M. | $(55.4) | $(55.3) | N.M. | N.M. | | **Total** | **$1,118.0** | **$1,125.3** | **(3)** | **(3)** | **$2,217.4** | **$2,233.1** | **(2)** | **(3)** | 2024 Q2 and H1 Rebased Adjusted OIBDA Reconciliation (USD, millions) | Segment | Q2 2024 Reported OIBDA (USD millions) | Q2 2024 Rebased OIBDA (USD millions) | Q2 2025 Reported Change (%) | Q2 2025 Rebased Change (%) | H1 2024 Reported OIBDA (USD millions) | H1 2024 Rebased OIBDA (USD millions) | H1 2025 Reported Change (%) | H1 2025 Rebased Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liberty Caribbean | $157.0 | $156.0 | 11 | 11 | $307.6 | $306.0 | 13 | 13 | | C&W Panama | $64.8 | $64.6 | 6 | 6 | $121.6 | $120.7 | 10 | 10 | | Liberty Networks | $63.1 | $62.9 | (4) | (3) | $122.3 | $121.9 | (3) | (3) | | Liberty Puerto Rico | $71.1 | $72.2 | 22 | 21 | $140.2 | $142.4 | 20 | 18 | | Liberty Costa Rica | $53.4 | $54.1 | 1 | — | $111.7 | $113.5 | 1 | (1) | | Corporate | $(20.3) | $(20.3) | (44) | (44) | $(40.1) | $(40.1) | (47) | (47) | | **Total** | **$389.1** | **$389.5** | **7** | **7** | **$763.3** | **$764.4** | **8** | **8** | [Consolidated Leverage Ratios Reconciliation](index=33&type=section&id=Consolidated%20Leverage%20Ratios%20Reconciliation) Consolidated leverage and net leverage ratios are non-GAAP metrics used to measure the company's overall debt level, comparing total debt (less cash) to annualized adjusted OIBDA for the most recent two quarters, providing a leverage assessment consistent with debt covenant calculations - Consolidated leverage and net leverage ratios are defined as the ratio of total debt (less cash) to annualized adjusted OIBDA for the most recent two quarters[98](index=98&type=chunk) - These ratios help investors assess the company's overall leverage and remain consistent with debt covenant calculations[98](index=98&type=chunk) June 30, 2025 and March 31, 2025 Consolidated Leverage Ratios Reconciliation (USD, millions) | Metric | June 30, 2025 (USD millions) | March 31, 2025 (USD millions) | | :--- | :--- | :--- | | Total Debt & Finance Lease Obligations | $8,159.9 | $8,173.0 | | Adjusted Total Debt & Finance Lease Obligations | $8,232.5 | $8,249.5 | | Net Debt & Finance Lease Obligations | $7,705.1 | $7,661.0 | | Annualized Adjusted OIBDA for Most Recent Two Quarters | $1,643.2 | $1,667.8 | | Consolidated Debt & Finance Lease Obligations to Operating Income (Loss) Ratio | (20.1)x | 16.1x | | Consolidated Net Debt & Finance Lease Obligations to Operating Income (Loss) Ratio | (18.8)x | 15.0x | | Consolidated Leverage Ratio | 5.0x | 4.9x | | Consolidated Net Leverage Ratio | 4.7x | 4.6x | [Borrowing Group Reconciliations](index=34&type=section&id=Borrowing%20Group%20Reconciliations) This section provides reconciliations of non-GAAP financial measures, such as Adjusted OIBDA and Proportionate Adjusted OIBDA, for the C&W, Liberty Puerto Rico, and Liberty Costa Rica Borrowing Groups, to help investors better understand the independent financial performance of each group - Borrowing Group Adjusted OIBDA is defined as operating income (loss) adjusted for share-based compensation, depreciation and amortization, related party fees and distributions, impairment, restructuring, and other operating items[102](index=102&type=chunk) - Proportionate Adjusted OIBDA is Adjusted OIBDA less the noncontrolling interest share[102](index=102&type=chunk) 2025 Q2 and H1 C&W Borrowing Group Operating Profit to Adjusted OIBDA Reconciliation (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | H1 2025 (USD millions) | H1 2024 (USD millions) | | :--- | :--- | :--- | :--- | :--- | | Operating Profit | $138.8 | $98.0 | $262.3 | $178.4 | | Share-Based Compensation & Other Employee Incentive Plan Related Expenses | $4.4 | $6.5 | $12.6 | $14.4 | | Depreciation & Amortization | $119.0 | $143.0 | $252.1 | $296.5 | | Related Party Fees & Distributions | $29.1 | $26.8 | $53.9 | $48.0 | | Impairment, Restructuring & Other Operating Items, Net | $11.8 | $10.1 | $18.1 | $13.8 | | **Adjusted OIBDA** | **$303.1** | **$284.4** | **$599.0** | **$551.1** | | Less: Noncontrolling Interest Share of Adjusted OIBDA | $51.3 | $48.3 | $100.5 | $91.8 | | **Proportionate Adjusted OIBDA** | **$251.8** | **$236.1** | **$498.5** | **$459.3** | 2025 Q2 and H1 Liberty Puerto Rico Borrowing Group Operating Income (Loss) to Adjusted OIBDA Reconciliation (USD, millions) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | H1 2025 (USD millions) | H1 2024 (USD millions) | | :--- | :--- | :--- | :--- | :--- | | Operating Income (Loss) | $(474.8) | $(19.1) | $(471.0) | $(28.5) | | Share-Based Compensation & Other Employee Incentive Plan Related Expenses | $1.0 | $1.9 | $2.6 | $4.4 | | Depreciation & Amortization | $62.6 | $62.0 | $122.8 | $124.8 | | Related Party Fees & Distributions | $13.4 | $13.4 | $25.6 | $26.0 | | Impairment, Restructuring & Other Operating Items, Net | $484.8 | $12.9 | $488.5 | $13.5 | | **Adjusted OIBDA** | **$87.0** | **$71.1** | **$168.5** | **$140.2** | 2025 Q2 and H1 Liberty Costa Rica Borrowing Group Operating Profit to Adjusted OIBDA Reconciliation (CRC, billions) | Metric | Q2 2025 (CRC billions) | Q2 2024 (CRC billions) | H1 2025 (CRC billions) | H1 2024 (CRC billions) | | :--- | :--- | :--- | :--- | :--- | | Operating Profit | 12.9 | 14.2 | 28.6 | 31.6 | | Share-Based Compensation & Other Employee Incentive Plan Related Expenses | 0.4 | 0.4 | 0.6 | 0.4 | | Depreciation & Amortization | 13.6 | 12.3 | 26.9 | 24.5 | | Related Party Fees & Distributions | 0.6 | 0.4 | 0.9 | 0.7 | | Impairment, Restructuring & Other Operating Items, Net | (0.1) | 0.1 | 0.1 | 0.2 | | **Adjusted OIBDA** | **27.4** | **27.4** | **57.1** | **57.4** |

Revenue Performance - Liberty Latin America reported Q1 2025 revenue of $1,084 million, a 1% decrease from $1,099 million in Q1 2024[5] - Liberty Puerto Rico experienced a 9% decline in revenue year-over-year, attributed to challenges in mobile subscriber migration[14] - For the three months ended March 31, 2025, Liberty Latin America reported revenue of $628.8 million, a 1% increase from $620.3 million in the same period of 2024[41] - Liberty Puerto Rico's revenue decreased by 9% to $298.4 million from $327.2 million in Q1 2024, while adjusted OIBDA rose 18% to $81.5 million[43] - Total reported revenue for the C&W Caribbean segment was $364.2 million, with a 2% increase compared to the previous year[86] - The rebased revenue for the C&W Panama segment was $168.1 million, showing an 11% increase year-over-year[87] Operating Income and Adjusted OIBDA - Operating income increased by 38% year-over-year to $128 million, up from $93 million in the same period last year[5] - Adjusted OIBDA for Q1 2025 was $407 million, reflecting a 9% increase compared to $374 million in Q1 2024[5] - C&W Panama's Adjusted OIBDA increased by 14% year-over-year, driven by strong revenue growth and operational leverage[24] - Liberty Puerto Rico's Adjusted OIBDA rose by 18% on a reported basis, supported by lower integration costs and equipment expenses despite revenue decline[24] - Adjusted OIBDA for Q1 2025 was $406.6 million, up from $374.2 million in Q1 2024, representing a growth of 8.9%[72] - Adjusted OIBDA margin increased to 37.5% in Q1 2025 from 34.0% in Q1 2024[72] Subscriber Growth and Customer Metrics - The company added over 40,000 organic broadband and postpaid mobile subscribers in Q1 2025, with a total of 1,938,500 customers[10] - Total mobile subscribers reached 3,899,800, with 1,075,700 customer relationships in the consolidated operating data[47] - Liberty Puerto Rico experienced a net loss of 1,900 RGUs in Q1 2025, while Liberty Costa Rica gained 12,900 RGUs[31] - C&W Caribbean's ARPU per customer relationship increased by 2% to $50.71 compared to $49.74 in the previous quarter[34] - Mobile ARPU for Liberty Puerto Rico increased by 3% to $36.22, reflecting a positive trend in mobile services[35] Capital Expenditures and Cash Flow - Capital expenditures for the three months ended March 31, 2025, totaled $96.7 million, down from $109.7 million in the same period of 2024[26] - Adjusted Free Cash Flow (Adjusted FCF) before distributions improved to $(103) million, compared to $(150) million in Q1 2024[5] - Adjusted Free Cash Flow (Adjusted FCF) for Q1 2025 was $(132.5) million, an improvement from $(149.7) million in Q1 2024[75] Debt and Financial Ratios - Total debt and finance lease obligations amounted to $8,245.2 million as of March 31, 2025, with a consolidated leverage ratio of 16.1x[27] - The total carrying amount of Liberty Puerto Rico's debt was $2.744 billion as of March 31, 2025, with a net carrying amount of $2.707 billion after accounting for cash and equivalents[44] - Liberty Latin America's total third-party debt was $5.002 billion as of March 31, 2025, with a net carrying amount of $4.470 billion[42] - The Covenant Proportionate Net Leverage Ratio for C&W was 3.8x, calculated based on the last two quarters of Covenant EBITDA[42] - Liberty Puerto Rico's Covenant Consolidated Net Leverage Ratio was 8.0x, reflecting the company's financial leverage position[45] Operational Efficiency and Future Outlook - The company anticipates a decline in capital intensity while focusing on cost efficiencies to support Adjusted FCF growth[3] - Liberty Latin America withdrew its mid-term (2024-2026) outlook due to slower-than-expected recovery in Puerto Rico[3] - The company plans to continue expanding and improving its fixed network in Puerto Rico, supported by funding from the FCC[90] - The company is focused on improving the accuracy and consistency of subscriber and homes passed statistics through periodic reviews[70]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=8&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, including Balance Sheets, Statements of Operations, Comprehensive Earnings, Equity, and Cash Flows, with detailed notes Condensed Consolidated Balance Sheet (in millions) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $2,059.8 | $2,131.5 | | **Total assets** | **$12,597.5** | **$12,800.0** | | **Total current liabilities** | $1,913.3 | $2,043.9 | | **Total liabilities** | $11,071.8 | $11,174.0 | | **Total equity** | $1,525.7 | $1,626.0 | | **Total liabilities and equity** | **$12,597.5** | **$12,800.0** | Condensed Consolidated Statement of Operations (in millions, except per share) | | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Revenue** | $1,083.5 | $1,099.4 | | **Operating income** | $128.1 | $92.8 | | **Net loss** | $(126.7) | $(0.5) | | **Net loss attributable to Liberty Latin America shareholders** | $(136.4) | $(0.5) | | **Basic and diluted net loss per share** | $(0.69) | $— | Condensed Consolidated Statement of Cash Flows (in millions) | | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $24.6 | $23.3 | | **Net cash used by investing activities** | $(95.0) | $(116.9) | | **Net cash provided (used) by financing activities** | $3.4 | $(225.7) | | **Net decrease in cash, cash equivalents and restricted cash** | $(78.8) | $(320.1) | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed information supporting the financial statements, covering pending acquisitions, debt structure, derivative instruments, segment reporting, and share repurchase programs - Pending Transactions: The company has an agreement with Millicom to combine operations in Costa Rica, expected to close in H2 2025, with Liberty Latin America holding an approximate **86% interest**, and an additional agreement to acquire an **8.5% equity stake** for approximately **$84 million**[56](index=56&type=chunk)[57](index=57&type=chunk) - 2024 LPR Acquisition: The company acquired EchoStar's prepaid business and spectrum assets in Puerto Rico and USVI for an aggregate cash consideration of **$256 million**, paid in four annual installments starting September 3, 2024[58](index=58&type=chunk) Total Debt Principal by Borrowing Group (March 31, 2025, in millions) | Borrowing Group | Principal Amount | Unused Capacity | | :--- | :--- | :--- | | C&W Notes & Credit Facilities | $4,491.5 | $620.7 | | LPR Senior Secured Notes & Credit Facilities | $2,651.0 | $122.5 | | LCR Credit Facilities | $485.0 | $25.0 | | Vendor financing, Tower Transactions and other | $617.7 | $— | | **Total Debt** | **$8,245.2** | **$768.2** | - Share Repurchase Programs: As of March 31, 2025, **$242 million** remained authorized for share repurchases, with no repurchases made in the three months ended March 31, 2025, compared to **9 million shares** repurchased in the same period in 2024[103](index=103&type=chunk)[104](index=104&type=chunk) Segment Revenue and Adjusted OIBDA (Q1 2025, in millions) | Reportable Segment | Revenue | Adjusted OIBDA | | :--- | :--- | :--- | | C&W Caribbean | $363.9 | $173.3 | | C&W Panama | $177.0 | $64.6 | | Liberty Networks | $110.4 | $57.9 | | Liberty Puerto Rico | $298.4 | $81.5 | | Liberty Costa Rica | $158.2 | $58.9 | | **Total Reportable Segments** | **$1,107.9** | **$436.2** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the company's financial performance and condition, highlighting increased operating income and Adjusted OIBDA despite a revenue decline, alongside details on liquidity and cash flow activities [Overview](index=42&type=section&id=Overview) The company provides fixed, mobile, and subsea telecommunications services across Latin America and the Caribbean, serving millions of subscribers and pursuing strategic acquisitions and combinations - As of March 31, 2025, the company served **4,007,900 Revenue Generating Units (RGUs)** and **6,728,500 mobile subscribers**[155](index=155&type=chunk) - The company is proceeding with a transaction to combine its Costa Rica operations with Millicom, expected to close in H2 2025, and completed the acquisition of EchoStar's assets in Puerto Rico and USVI in September 2024[157](index=157&type=chunk)[159](index=159&type=chunk) [Material Changes in Results of Operations](index=42&type=section&id=Material%20Changes%20in%20Results%20of%20Operations) Operating income and Adjusted OIBDA increased in Q1 2025 due to reduced operating costs, despite a revenue decline, with derivative results and debt extinguishment losses impacting below-operating income Changes in Operating Income (Q1 2025 vs Q1 2024, in millions) | Component | 2025 | 2024 | Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,083.5 | $1,099.4 | $(15.9) | $(25.4) | | Operating Costs & Expenses | $955.4 | $1,006.6 | $(51.2) | $(60.2) | | **Operating Income** | **$128.1** | **$92.8** | **$35.3** | **$34.8** | Adjusted OIBDA Reconciliation and Change (Q1 2025 vs Q1 2024, in millions) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating income | $128.1 | $92.8 | | Share-based compensation | $34.0 | $27.0 | | Depreciation and amortization | $228.8 | $247.8 | | Impairment, restructuring, etc. | $15.7 | $6.6 | | **Consolidated Adjusted OIBDA** | **$406.6** | **$374.2** | - Depreciation and amortization expense decreased by **$19 million (8%)** in Q1 2025 compared to Q1 2024, mainly because customer relationship assets in C&W Panama became fully amortized[216](index=216&type=chunk) - The company recorded a net loss on derivative instruments of **$62.9 million** in Q1 2025, a significant reversal from a net gain of **$46.4 million** in Q1 2024, primarily due to changes in interest rates[221](index=221&type=chunk) [Material Changes in Financial Condition](index=60&type=section&id=Material%20Changes%20in%20Financial%20Condition) The company's financial condition as of March 31, 2025, shows **$575.5 million** in cash and **$8.25 billion** in total debt, with **95%** at fixed or capped interest rates, and compliance with all debt covenants Cash and Cash Equivalents by Holder (March 31, 2025, in millions) | Holder | Amount | | :--- | :--- | | Liberty Latin America (standalone) | $10.5 | | Unrestricted subsidiaries | $50.6 | | **Borrowing Groups:** | | | C&W | $482.6 | | Liberty Puerto Rico | $24.7 | | Liberty Costa Rica | $7.1 | | **Total** | **$575.5** | - Total outstanding principal debt was **$8.25 billion** at March 31, 2025, with **$539 million** classified as current, and the company was in compliance with all debt covenants[244](index=244&type=chunk)[243](index=243&type=chunk) Property & Equipment Additions vs. Cash Capex (in millions) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Property and equipment additions (accrual) | $120.3 | $134.9 | | Less: Vendor financing | $(37.6) | $(34.0) | | Changes in liabilities & other | $14.0 | $8.8 | | **Capital expenditures, net (cash)** | **$96.7** | **$109.7** | - Net cash from financing activities was a **$3.4 million inflow** in Q1 2025, compared to a **$225.7 million outflow** in Q1 2024, driven by net debt borrowings versus repayments and share repurchases[251](index=251&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages market risks from foreign currency and interest rates using derivatives, with **95%** of total debt at fixed or capped rates, and quantifies the impact of interest rate changes on derivative fair values - The company actively manages its exposure to interest rate risk on its variable-rate debt, with **95%** of total debt at a fixed or capped interest rate as of March 31, 2025, including derivative contracts[258](index=258&type=chunk) - A hypothetical **100 basis point (1.0%)** increase in base interest rates would increase the aggregate fair value of C&W's interest rate derivatives by approximately **$115 million** and Liberty Puerto Rico's by **$16 million**[260](index=260&type=chunk)[261](index=261&type=chunk) Projected Net Derivative Cash Payments (Receipts) (in millions) | Period | Interest-related | Other | Total | | :--- | :--- | :--- | :--- | | Remainder of 2025 | $(20.1) | $— | $(20.1) | | 2026 | $(30.9) | $11.6 | $(19.3) | | 2027 | $(65.8) | $1.1 | $(64.7) | | 2028 | $(44.0) | $— | $(44.0) | | Thereafter | $(5.6) | $— | $(5.6) | | **Total** | **$(166.4)** | **$12.7** | **$(153.7)** | [Item 4. Controls and Procedures](index=66&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2025, due to ongoing material weaknesses in internal control over financial reporting, with remediation efforts underway - Due to ongoing remediation of previously identified material weaknesses, management concluded that the company's disclosure controls and procedures were **ineffective** as of March 31, 2025[266](index=266&type=chunk) - Remediation actions during the quarter included implementing additional manual procedures and controls, rolling out a new payroll technology solution, hiring third-party experts, and conducting risk and control training workshops for employees[270](index=270&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=67&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is involved in various legal proceedings and contingent liabilities, including a new claim received in Q1 2025 for which a potential loss cannot be estimated - The company faces contingent liabilities from legal proceedings, tax issues, and disputes in the ordinary course of business, including a Q1 2025 claim from a third party for possible overpayments, for which a potential loss cannot currently be estimated[114](index=114&type=chunk)[272](index=272&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's share repurchase activities, noting no repurchases in Q1 2025 and **$242 million** remaining authorized under its programs - No repurchases of Class A or Class C common shares were made during the three months ended March 31, 2025[274](index=274&type=chunk) - As of March 31, 2025, the remaining amount authorized for repurchases under the Share Repurchase Programs was **$242 million**[274](index=274&type=chunk) [Item 5. Other Information](index=67&type=section&id=Item%205.%20OTHER%20INFORMATION) The company reports that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - During the three months ended March 31, 2025, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement[275](index=275&type=chunk) [Item 6. Exhibits](index=67&type=section&id=Item%206.%20EXHIBITS) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including officer certifications, Section 1350 certifications, and XBRL data files - The exhibits filed with this report include officer certifications, Section 1350 certifications, and XBRL Inline Taxonomy documents as required by the SEC[276](index=276&type=chunk)

Company Operations and Services - The company operates in Puerto Rico, Panama, Costa Rica, and the Caribbean, providing video, broadband internet, telephony, and mobile services[34] - The company has a diverse service offering, including mobile, broadband, video, and fixed-line telephony across multiple Caribbean and Latin American markets[63] - The company offers a comprehensive set of converged mobile, broadband, video, and fixed-line telephony services across multiple countries in the Caribbean and Latin America[63] - The service offerings include mobile, broadband internet, video, and fixed-line telephony in various regions, enhancing customer choice and retention[64] Customer Relationships and Market Penetration - As of December 31, 2024, the total customer relationships across all segments reached 1,936,500, with 3,987,600 RGUs[42] - The total number of mobile subscribers is 8,054,300, which includes 2,461,200 postpaid and prepaid subscribers[42] - The total number of homes passed is 4,735,700, with 1,936,500 customer relationships across various services[42] - In Jamaica, the company has 339,100 customer relationships, with 122,300 video RGUs and 327,200 internet RGUs[42] - The broadband internet penetration rate in Trinidad and Tobago is 36%, while in Barbados it is 57%[56] - The product penetration for double-play services is 37% in Trinidad and Tobago and 58% in The Bahamas[56] Network Infrastructure and Technology - The company operates an extensive subsea and terrestrial fiber optic cable network connecting over 30 markets, enhancing connectivity solutions[35] - Liberty Networks operates approximately 50,000 kilometers of fiber optic cable with an activated capacity of over 30 Tbps, enabling large volumes of data traffic[82] - Over 95% of Liberty Networks' infrastructure is capable of delivering speeds of 1 Gbps or above, following upgrades to DOCSIS 3.1 and FTTH networks[87] - The maximum download speed offered across various markets is 1,000 Mbps, supporting high-demand streaming services[61] - Liberty Networks provides 5G services in Puerto Rico, Panama, Costa Rica, and the Cayman Islands, with approximately 95% of the population in Puerto Rico and USVI served by its 5G capable network[91][92] - Liberty Networks has upgraded almost all of its HFC network to DOCSIS 3.1, enhancing network capacity and customer experience[87] - The company aims to increase the efficiency of its networks by moving head-end functions to cloud storage systems and optimizing bandwidth through various technological upgrades[90] Regulatory Environment and Compliance - The company is subject to various risks, including competitive pressures, regulatory changes, and economic conditions that could impact future performance[31] - Regulatory compliance is crucial for Liberty Networks, as it operates under government-issued licenses that may impose conditions affecting growth and service offerings[98][99] - C&W Caribbean is facing regulatory challenges that may require third-party access to its network infrastructure, potentially impacting revenue and cash flows[105] - The Telecommunications (Infrastructure Sharing) Rules 2022 in Jamaica mandate infrastructure sharing, but implementation is expected to take considerable time[106] - The Electronic Communications Bill adopted by ECTEL may adversely affect C&W Caribbean's operations, including net neutrality and subscription television rate regulations[107] Financial Performance and Growth Strategies - The anticipated benefits of the transaction with Millicom in Costa Rica are expected to impact future growth positively[33] - The company aims to maintain or increase the number of subscriptions and average revenue per household and mobile subscriber[32] - The B2B services represent a significant portion of revenue, particularly in C&W markets, indicating strong growth potential[77] - The company believes that bundling services improves customer retention, minimizes churn, and increases overall customer lifetime value[64] Employee Engagement and Corporate Responsibility - As of December 31, 2024, the company employed approximately 10,000 full-time employees, with a total employee attrition rate of approximately 16.3% in 2024[181] - The company’s employee engagement score (eNPS) was measured at +24 in 2024, reflecting a passionate and dedicated workforce[182] - The company’s corporate social responsibility initiatives included over 8,900 volunteer hours contributed by 850 employees across 22 countries in 2024[188] - The company’s talent strategy emphasizes learning and development, with a focus on performance management aligned with its culture[184] - The company is committed to maintaining high ethical standards and compliance, with a Code of Conduct guiding employee behavior[190] Challenges and Future Outlook - The company anticipates challenges related to competition, regulatory changes, and technological advancements impacting future performance[30] - The company is committed to expanding its fixed networks to increase internet service availability and speed for additional customers in the coming years[69] - Liberty Telecomunicaciones is focused on increasing its market share by leveraging its deep-fiber access and offering bundled services without relying on third-party providers[173] - C&W Panama competes with Tigo, investing in advanced mobile and fixed networks to enhance service offerings[179]