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 & 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** |

Exhibit 99.1 Liberty Latin America Reports Q1 2025 Results Over 40,000 organic broadband and postpaid mobile subscriber net adds in Q1 >30% Fixed-Mobile Convergence ("FMC") penetration across key markets 38% Operating Income growth YoY; 8% rebased Adjusted OIBDA growth YoY Strong focus on cost and lowering capital intensity Denver, Colorado - May 7, 2025: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating result ...

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)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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) Bermuda 98-1386359 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer I ...

Subscriber Growth - Liberty Latin America added approximately 100,000 organic fixed and mobile subscribers in 2024[1] - C&W Panama achieved over 100,000 mobile subscriber additions in 2024, with a double-digit Adjusted OIBDA growth of 18%[5] - Liberty Costa Rica saw over 110,000 postpaid additions in 2024, a 31% increase year-over-year, with double-digit revenue and Adjusted OIBDA growth[5] - Total mobile subscribers increased by 65,000 in Q4 2024, with net additions of 52,000 prepaid and 13,000 postpaid subscribers[22] - Total C&W Caribbean subscribers reached 1,695,100, with a total of 3,987,600 subscribers across all segments[43] - Liberty Puerto Rico segment reported 1,061,600 customer relationships, contributing to a total of 8,054,300 subscribers[43] Revenue Performance - Revenue for Q4 2024 was $1,150 million, a decrease of 1% year-over-year, while FY 2024 revenue was $4,457 million, also down 1%[4] - Liberty Puerto Rico's revenue for Q4 2024 was $316.5 million, a decrease of 10% compared to Q4 2023, with Adjusted OIBDA of $79.9 million, down 23%[37] - Liberty Costa Rica's revenue for Q4 2024 was CRC 85.8 billion, an increase of 9% year-over-year, with Adjusted OIBDA of CRC 34.2 billion, up 11%[40] - Total revenue for the year ended December 31, 2023, was reported at $4,511.1 million, with a reported percentage change of 2% compared to the previous year[77] Adjusted OIBDA - Adjusted OIBDA for Q4 2024 was $427 million, a decrease of 1% year-over-year, and FY 2024 Adjusted OIBDA was $1,594 million, down 6%[4] - Adjusted OIBDA for C&W Caribbean increased by 5% and 6% on a reported and rebased basis, respectively, with an Adjusted OIBDA margin improvement of over 150 basis points year-over-year to 45% in Q4 2024[12] - C&W Panama's Adjusted OIBDA rose by 19% on both a reported and rebased basis, driven by product mix and synergies from the Claro Panama acquisition[14] - Total reported Adjusted OIBDA decreased by 1% and 6% for Q4 and the full year 2024, respectively, as organic reductions in Liberty Puerto Rico were partly offset by growth in C&W Panama, C&W Caribbean, and Liberty Costa Rica[13] - Adjusted OIBDA for Q4 2024 was $307.8 million, up 7% from $288.2 million in Q4 2023[33] - Adjusted OIBDA for Liberty Costa Rica in Q4 2024 was 34.2 billion CRC, up from 30.8 billion CRC in Q4 2023, indicating an increase of 10.4%[89] Operating Income and Loss - The company reported an operating income of $128 million for Q4 2024, an increase from $113 million in Q4 2023[12] - Operating income for Q4 2024 reached $112.6 million, representing a 74% increase compared to $64.7 million in Q4 2023[33] - Liberty Puerto Rico reported an operating loss of $7.7 million in Q4 2024, compared to an operating income of $9.7 million in Q4 2023[89] Debt and Financial Obligations - The total debt and finance lease obligations amounted to $8,138.8 million as of December 31, 2024, with cash and cash equivalents of $667.3 million[18] - As of December 31, 2024, C&W's total third-party net debt was $4.4 billion, with a Fully-swapped Borrowing Cost of 5.7% and an average debt tenor of approximately 4.3 years[35] - Liberty Puerto Rico's total debt and finance lease obligations amounted to $2.775 billion as of December 31, 2024, with a net carrying amount of $2.722 billion[38] - The total debt and finance lease obligations as of December 31, 2024, amounted to $8,080.2 million[84] Capital Expenditures - Capital expenditures for the year ended December 31, 2024, totaled $540.4 million, slightly down from $585.0 million in 2023[16] - Property and equipment additions for the year ended December 31, 2024, totaled $381.0 million, a 5% decrease from $399.7 million in 2023[33] - Property and equipment additions as a percentage of revenue were 20.9% for Q4 2024, up from 17.8% in Q4 2023[16] Strategic Initiatives - The company anticipates continued demand for connectivity in the region and plans to focus on digital strategy and product innovation[28] - The company is undergoing adjustments related to the migration to a new prepaid billing system, impacting customer relationships and video subscribers[23] - The company is focused on expanding its network capacity to support growth and service expansions, which includes significant capital investments[59] - The company’s strategy includes exploring new product offerings and market expansions to enhance customer relationships and revenue streams[62] Cash Flow - Adjusted free cash flow (FCF) before distributions to noncontrolling interest owners was $196 million in Q4 2024, down from $218 million in Q4 2023[4] - Adjusted Free Cash Flow (FCF) for Q4 2024 was $163.2 million, down from $183.7 million in Q4 2023, indicating a decrease of 11.5%[69] - Net cash provided by operating activities increased to $398.6 million in Q4 2024 from $390.5 million in Q4 2023, showing a growth of 2.8%[69] Acquisition and Adjustments - The company completed the LPR Acquisition on September 3, 2024, which is expected to impact future revenue and Adjusted OIBDA growth rates[70] - Cash payments for direct acquisition and disposition costs were $2.9 million in Q4 2024, compared to $0.9 million in Q4 2023, indicating an increase of 222.2%[69] - Liberty's acquisition adjustments for the year included $1.4 million related to revenue[79]

Subscriber and Network Metrics - Total subscribers as of September 30, 2024: 7,989,300 mobile subscribers and 3,986,100 RGUs (1,824,500 broadband, 1,232,700 fixed-line telephony, 928,900 video)[178] - Fixed networks passed 4,713,000 homes as of September 30, 2024[178] Hurricane Beryl Impact - Hurricane Beryl negatively impacted Q3 2024 revenue by $5 million and Adjusted OIBDA by $8 million, with an estimated loss of 33,000 RGUs (16,000 broadband, 15,000 fixed-line telephony, 2,000 video)[179] - Expected Q4 2024 impact from Hurricane Beryl: revenue and Adjusted OIBDA to decline by $5 million to $10 million, with additional property and equipment additions of $10 million to $15 million[180] - Net proceeds of $44 million from Weather Derivatives claim triggered by Hurricane Beryl, recorded as a derivative gain in Q3 2024[181] Costa Rica Transaction - Costa Rica transaction with Millicom announced on August 1, 2024, with Liberty Latin America to hold ~86% interest and Millicom ~14% upon closing, expected in H2 2025[182] - Agreement to acquire 8.5% equity of Liberty Costa Rica for $82 million, with 62.5% due at closing and 37.5% due by January 29, 2027[183] Financial Performance Overview - Q3 2024 revenue decreased by $36.6 million YoY, with organic decline of $42.0 million partially offset by FX and acquisition impacts[188] - Operating loss for Q3 2024 was $379.6 million, compared to $542.3 million in Q3 2023, with organic decline of $543.1 million[189] - Revenue for the nine months ended September 30, 2024 decreased by $40.9 million (1.2%) compared to the same period in 2023, with organic revenue decline of $70.0 million[191] - Operating income for the nine months ended September 30, 2024 was a loss of $176.0 million, compared to a profit of $404.7 million in 2023, representing a $580.7 million decrease[191] - Consolidated Adjusted OIBDA for the nine months ended September 30, 2024 was $1,166.4 million, a decrease of $103.3 million (8.1%) compared to $1,269.7 million in 2023[193] - Adjusted OIBDA Margin for C&W Caribbean improved to 42.6% for the nine months ended September 30, 2024, up from 40.8% in 2023[198] - Liberty Networks' Adjusted OIBDA Margin declined to 53.8% for the nine months ended September 30, 2024, compared to 58.9% in 2023[198] Cost and Expense Analysis - Programming and other direct costs decreased by $29.8 million organically in Q3 2024[189] - Programming and other direct costs decreased by $22.8 million (3.1%) for the nine months ended September 30, 2024, with organic decrease of $30.5 million[191] - Other operating costs and expenses increased by $66.3 million (4.7%) for the nine months ended September 30, 2024, with organic increase of $53.4 million[191] - Depreciation and amortization increased by $24.3 million (3.4%) for the nine months ended September 30, 2024, with organic increase of $20.6 million[191] - Impairment, restructuring and other operating items increased significantly by $472.0 million for the nine months ended September 30, 2024 compared to 2023[191] - Integration costs for Liberty Puerto Rico segment were $17 million for the nine months ended September 30, 2024, compared to $13 million in 2023 across multiple segments[198] Segment Revenue Performance - Total revenue for the three months ended September 2024 decreased by $36.6 million to $1,089.2 million compared to $1,125.8 million in 2023, with an organic decrease of $42.0 million[204] - C&W Caribbean's revenue for the nine months ended September 2024 increased by $21.4 million to $1,092.0 million, driven by organic growth of $25.9 million[205] - Liberty Puerto Rico's revenue for the three months ended September 2024 decreased by $43.0 million to $308.2 million, with an organic decrease of $45.9 million[204] - Liberty Costa Rica's revenue for the three months ended September 2024 increased by $10.9 million to $145.5 million, with organic growth of $6.3 million[204] - Residential mobile service revenue for C&W Caribbean increased by $17.6 million to $262.9 million for the nine months ended September 2024, driven by higher postpaid mobile subscribers[208] - C&W Panama's total revenue for the three months ended September 2024 decreased by $2.4 million to $188.0 million, with a 13% decrease in B2B revenue[214] - Residential fixed subscription revenue for C&W Panama increased by $1.6 million to $31.2 million for the three months ended September 2024, a 5% increase[214] - Total residential revenue for C&W Panama increased by $8.3 million to $118.9 million for the three months ended September 2024, an 8% increase[214] - Residential mobile service revenue for C&W Panama increased by $4.5 million to $70.5 million for the three months ended September 2024, a 7% increase[214] - B2B revenue for C&W Panama decreased by $10.7 million to $69.1 million for the three months ended September 2024, a 13% decrease[214] - C&W Panama's residential fixed revenue increased by $1.4 million in the three-month comparison and $4 million in the nine-month comparison, driven by higher average broadband internet RGUs[217] - C&W Panama's residential mobile service revenue increased by $4.5 million in the three-month comparison and $3 million in the nine-month comparison, primarily due to higher ARPU from prepaid mobile services[219] - Liberty Networks' B2B revenue decreased by $2.6 million (2%) in the three-month comparison, with enterprise revenue increasing by $0.7 million (2%) and wholesale revenue decreasing by $3.3 million (4%)[222] - Liberty Networks' B2B revenue decreased by $2.3 million (1%) in the nine-month comparison, with enterprise revenue increasing by $10.4 million (12%) and wholesale revenue decreasing by $12.7 million (5%)[224] - Liberty Puerto Rico's total revenue decreased by $43 million (12%) in the three-month comparison, with residential revenue decreasing by $38.4 million (13%) and B2B revenue decreasing by $2.7 million (5%)[227] - Liberty Puerto Rico's total revenue decreased by $120.2 million (11%) in the nine-month comparison, with residential revenue decreasing by $104.4 million (12%) and B2B revenue decreasing by $6 million (4%)[229] - Liberty Puerto Rico's residential mobile service revenue decreased by $16.6 million (17%) in the three-month comparison and $47.3 million (16%) in the nine-month comparison, primarily due to declines in the average number of mobile subscribers[232] - Liberty Puerto Rico's residential fixed subscription revenue decreased by $3.5 million (3%) in the three-month comparison and $1.4 million (0%) in the nine-month comparison, primarily due to lower ARPU from broadband internet, video, and fixed-line telephony services[231] - Liberty Puerto Rico's residential mobile interconnect, inbound roaming, equipment sales, and other revenue decreased by $16.5 million (28%) in the three-month comparison and $53.2 million (29%) in the nine-month comparison, primarily driven by lower equipment sales and inbound roaming revenue[232] - Liberty Puerto Rico's other revenue decreased by $1.9 million (23%) in the three-month comparison and $9.8 million (31%) in the nine-month comparison, driven by declines in the rate of funding related to FCC funds[235] - Residential fixed subscription revenue decreased by $2.0 million (6%) in Q3 2024 compared to Q3 2023[236] - Residential fixed non-subscription revenue increased by $3.6 million (90%) in Q3 2024 compared to Q3 2023[236] - Residential mobile service revenue increased by $7.3 million (12%) in Q3 2024 compared to Q3 2023[236] - Total residential revenue increased by $9.4 million (8%) in Q3 2024 compared to Q3 2023[236] - B2B revenue increased by $1.5 million (10%) in Q3 2024 compared to Q3 2023[236] - Total revenue increased by $10.9 million (8%) in Q3 2024 compared to Q3 2023[236] - Residential fixed subscription revenue decreased by $5.4 million in the nine months ended September 2024 compared to the same period in 2023[237] - Residential fixed non-subscription revenue increased by $16.1 million (17%) in the nine months ended September 2024 compared to the same period in 2023[237] - Residential mobile service revenue increased by $25.5 million in the nine months ended September 2024 compared to the same period in 2023[237] - Total revenue increased by $46.0 million in the nine months ended September 2024 compared to the same period in 2023[237] Revenue and Cost Breakdown by Category - Programming and copyright revenue decreased by $0.4 million (6.9%) to $5.4 million in Q3 2024 compared to Q3 2023[252] - Interconnect revenue decreased by $2.1 million (11.3%) to $16.5 million in Q3 2024 due to lower traffic volumes[252] - Equipment revenue increased by $6.0 million (67.4%) to $14.9 million in Q3 2024, driven by higher handset sales to residential and B2B customers[252][254] - Project-related and other revenue decreased by $13.0 million (37.8%) to $21.4 million in Q3 2024 due to project phasing[252][255] - Total programming and other direct costs of services decreased by $9.5 million (14.0%) to $58.2 million in Q3 2024[252] - Liberty Networks segment saw a $2.2 million (12.6%) decrease in total programming and other direct costs of services to $15.2 million in Q3 2024[256] - Liberty Puerto Rico segment experienced a $17.3 million (17.7%) decrease in total programming and other direct costs of services to $80.3 million in Q3 2024[259] - Liberty Costa Rica segment reported a $3.6 million (12.7%) increase in total programming and other direct costs of services to $31.9 million in Q3 2024[265] - Equipment costs in Liberty Costa Rica increased by $3.3 million (27.7%) to $15.2 million in Q3 2024, driven by higher CPE and handset costs[265][268] - Interconnect costs in Liberty Costa Rica decreased by $1.5 million (18.5%) to $6.6 million in Q3 2024 due to lower rates and volumes[265][268] Operating Costs and Expenses - Personnel and contract labor costs increased by $10.7 million (8.2%) organically in 2024 compared to 2023, driven by higher salaries, capitalized labor, and bonus-related expenses[270][274] - Network-related costs decreased by $6.1 million (9.4%) organically in 2024, primarily due to lower power consumption and rates[270][275] - Service-related costs increased by $10.4 million (19.9%) organically in 2024, mainly due to higher professional services expenses[270][277] - Total other operating costs and expenses increased by $5.9 million (1.3%) organically in 2024, reaching $470.1 million[270] - C&W Caribbean segment saw a $5.6 million (3.6%) organic decrease in total operating costs, driven by lower network and service-related expenses[273][277] - C&W Panama segment reduced total operating costs by $12.8 million (6.2%) in 2024, with facility-related costs decreasing by $16.7 million (25.1%) due to synergies from the Claro Panama Acquisition[281][282] - Liberty Networks segment increased total operating costs by $4.5 million (14.3%) organically in 2024, primarily due to higher facility and network-related expenses[285] - Hurricane Beryl-related restoration costs impacted facility expenses in the C&W Caribbean segment, contributing to a $6.2 million increase in the nine-month comparison[278] - Marketing and commissions expenses in the C&W Panama segment increased by $2.8 million (13.5%) as the company targeted customers from a competitor exiting the market[282] - Share-based compensation and employee incentive plan-related expenses decreased by $8.2 million (34.0%) in 2024, reflecting lower headcount and restructuring efforts[270][281] - Personnel and contract labor increased by $14.6 million (12.9%) organically for the nine months ended September 30, 2024, primarily due to higher salaries, severance-related expenses, and lower bonus-related expenses[291] - Network-related costs decreased by $5.6 million (14.8%) organically for the nine months ended September 30, 2024, primarily due to the termination of a transition service agreement[292] - Service-related costs increased by $42.3 million (77.6%) organically for the nine months ended September 30, 2024, primarily due to higher integration costs and IT service expenses[292] - Commercial costs increased by $5.4 million (15.0%) organically for the nine months ended September 30, 2024, primarily due to higher call center costs[293] - Facility, provision, franchise, and other costs increased by $12.4 million (23.4%) organically for the nine months ended September 30, 2024, primarily due to higher bad debt expense and collection costs[294] - Total other operating costs and expenses increased by $68.4 million (17.1%) for the nine months ended September 30, 2024, with $67.8 million (16.9%) of the increase being organic[291] - Personnel and contract labor increased by $6.0 million (84.5%) for the three months ended September 30, 2024, primarily due to higher bonus-related expense and lower capitalized labor[305] - Share-based compensation and other Employee Incentive Plan-related expense decreased by $17.8 million (35.5%) for the nine months ended September 30, 2024[305] - Facility, provision, franchise, and other costs decreased by $5.1 million (19.5%) for the nine months ended September 30, 2024, primarily due to insurance costs recognized in 2023[307] - Total other operating costs and expenses decreased by $14.3 million (11.6%) for the nine months ended September 30, 2024[305] Depreciation, Amortization, and Impairment - Depreciation and amortization expense increased by $15 million (6%) for the three months and $24 million (3%) for the nine months ended September 30, 2024, compared to 2023, driven by property and equipment additions and network expansions[308] - Impairment charges for the three and nine months ended September 30, 2024, were $511.5 million and $520.0 million, respectively, primarily due to goodwill impairment at Liberty Puerto Rico[310] - Restructuring charges for the three and nine months ended September 30, 2024, were $12.2 million and $27.0 million, respectively, mainly due to employee severance costs in C&W Panama and Liberty Puerto Rico[311] Interest and Financial Expenses - Interest expense increased by $7 million for the three months and $23 million for the nine months ended September 30, 2024, driven by higher average outstanding debt balances and interest rates[312] - Realized and unrealized losses on derivative instruments for the three months ended September 30, 2024, were $31.3 million, primarily due to changes in interest rates and amendments to derivative contracts[317] - Foreign currency transaction losses for the three months ended September 30, 2024, were $7.6 million, mainly due to remeasurement of CRC-denominated assets and liabilities[321] Tax and Net Loss - Income tax benefit for the three and nine months ended September 30, 2024, was $146 million and $177 million, respectively, driven by international rate differences and valuation allowance decreases[326] - Net loss for the three and nine months ended September 30, 2024, was $429.1 million and $466.5 million, respectively, compared to net earnings of $47.9 million and a net loss of $4.1 million in 2023[330] Cash Flow and Liquidity - Total cash and cash equivalents as of September 30, 2024, were $588.6 million, with $514.4 million held by borrowing groups including C&W, Liberty Puerto Rico, and Liberty Costa Rica[334] - The aggregate value of share repurchases during the nine months ended September 30, 2024 was $83 million[339] - The outstanding principal amount of debt and finance lease obligations at September 30, 2024 was $8,212 million, with $550 million classified as current and $7,604 million due in 2027 or later[343] - The weighted average interest rate on all borrowings at September 30, 202

Revenue Performance - Reported revenue for Q3 2024 was $1.1 billion, a 3% decline year-over-year, primarily driven by a reduction in Liberty Puerto Rico's organic revenue[9][10] - Liberty Puerto Rico's revenue decreased by 12% year-over-year, with residential mobile revenue down 21% due to subscriber migration issues[15][17] - Liberty Costa Rica achieved an 8% revenue growth year-over-year, benefiting from a $5 million positive foreign exchange impact[19] - As of September 30, 2024, the total revenue was $636.5 million, a decrease of 1% compared to $640.9 million in the same period of 2023[51] - For the nine months ended September 30, 2024, revenue increased by 2% to $1.919.1 billion compared to $1.882.6 billion in the same period of 2023[52] - The company reported a rebased revenue of $3,374.8 million for the nine months ended September 30, 2024, reflecting a rebased percentage change of (2)% compared to the previous year[95] - Liberty Puerto Rico reported Q3 2024 revenue of $308.2 million, a decrease of 12% compared to Q3 2023[57] Adjusted OIBDA - Adjusted OIBDA for Q3 2024 was $403 million, down 6% from $428 million in Q3 2023[5][20] - Adjusted OIBDA for Q3 2024 decreased by 6% to $403.1 million compared to Q3 2023, and YTD decreased by 8% to $1,166.4 million[23] - C&W Caribbean reported a 5% increase in Adjusted OIBDA to $157.7 million, with an improved margin of 43.9%[24] - C&W Panama saw a 17% increase in Adjusted OIBDA to $68.7 million, attributed to lower project costs and synergies from the Claro Panama acquisition[24] - Liberty Puerto Rico experienced a 24% decline in Adjusted OIBDA to $88.2 million, primarily due to revenue decline and lower handset sales[26] - Adjusted OIBDA for the nine months ended September 30, 2024, was not explicitly stated but is included in the rebased growth calculations[89] - Adjusted OIBDA for the three months ended September 30, 2024, was $286.5 million, compared to $273.4 million for the same period in 2023, representing an increase of 4.8%[107] Operating Income - Operating income for Q3 2024 was a loss of $380 million, compared to a profit of $163 million in Q3 2023, primarily due to goodwill impairment[20][21] - Operating income as a percentage of revenue improved to 14.8% in Q3 2024, compared to 14.1% in Q3 2023[51] - The company experienced a 96% decrease in operating income for the three months ended September 30, 2024, compared to the previous quarter[101] - Operating income for the C&W borrowing group for the three months ended September 30, 2024, was $94.4 million, compared to $90.2 million in 2023, showing an increase of 2.4%[107] Capital Expenditures - Total capital expenditures for Q3 2024 were $126.5 million, down from $149.8 million in Q3 2023[29] - Property and equipment additions for Q3 2024 totaled $170.7 million, a decrease from $187.2 million in Q3 2023[29] - Property and equipment additions decreased by 17% to $87.9 million in Q3 2024 from $106.0 million in Q3 2023[51] - The company reported a capital expenditure of $(126.5) million for September 2024, down from $(149.8) million in September 2023[87] Debt and Financial Ratios - The company completed a $1 billion debt refinancing in the C&W credit silo, positioning for improved financial performance[2] - The company reported a total debt of $8,206.8 million as of September 30, 2024[33] - Consolidated gross leverage ratio as of September 30, 2024, was 5.2x, slightly down from 5.3x in June 2024[34] - As of September 30, 2024, the total third-party net debt was $4.5 billion, with a fully-swapped borrowing cost of 5.5% and an average tenor of approximately 3.3 years[53] - C&W's Covenant Proportionate Net Leverage Ratio was 4.0x, with maximum undrawn commitments of $534 million as of September 30, 2024[55] - The consolidated leverage ratio as of September 30, 2024, was 5.2x, while the net leverage ratio was 4.8x, indicating a slight improvement from the previous quarter[101] - Total debt and finance lease obligations as of September 30, 2024, amounted to $8,155.9 million, up from $8,080.7 million as of June 30, 2024[101] Subscriber Growth - The company added nearly 50,000 broadband and postpaid subscribers in Costa Rica and Panama, doubling the prior-year period[3] - The total number of mobile subscribers increased by 77,000, with a net addition of 81,000 subscribers in Liberty Puerto Rico due to the acquisition of spectrum and prepaid subscribers from EchoStar[38][41] - Total mobile subscribers increased to 7,989,300, including 2,448,200 postpaid subscribers[69] Customer Metrics - C&W Caribbean reported a decrease in ARPU per customer relationship to $48.06, down 3% from $49.38 in the previous quarter[39] - Mobile ARPU for C&W Caribbean increased to $15.62, a 6% increase from $14.78 in the previous quarter[40] - The net promoter score (NPS) is utilized to gauge customer satisfaction and loyalty[74] Operational Efficiency - Adjusted OIBDA is a key performance measure, reflecting the company's operational efficiency[84] - The company is focused on expanding its market presence through new product offerings and technology innovations[69] - The company anticipates benefits from its FTTH broadband investment in Peru and submarine expansion projects connecting Colombia, Panama, Mexico, and the USA[43]

Exhibit 99.1 Liberty Latin America Reports Q1 2024 Results 45,000 organic broadband and postpaid mobile subscriber net adds Strong Adjusted OIBDA growth across Panama, Costa Rica & Caribbean Puerto Rico migration completed; performance set to improve 5% of shares outstanding repurchased in Q1; increased buyback authorization Denver, Colorado - May 7, 2024: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating resul ...

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 Bermuda 98-1386359 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 2 Church Street, Hamilton HM 11 For the quarterly period ended March 31, 2024 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 ...