Core Insights - Liberty Latin America reported strong operational and profitability progress in 2025, with adjusted OIBDA reaching $1.7 billion, reflecting a 9% growth on a rebased basis, and over 225,000 mobile postpaid net additions [2][3][7] Financial Performance - Total revenue for 2025 was $4.4 billion, slightly down on a rebased basis, with Q4 revenue at $1.2 billion, showing a 1% year-over-year rebased growth [8][19] - Adjusted OIBDA for Q4 was $451 million, with a full-year adjusted OIBDA of $1.7 billion, marking an 8% growth in Q4 and 9% for the year on a rebased basis [9][19] - Adjusted free cash flow before partner distributions was $278 million in Q4 and $150 million for the full year, representing a 29% year-over-year increase [9] Capital Expenditure and Profitability - Capital spending discipline was emphasized, with property and equipment (P&E) additions at 14% of revenue in 2025, down 2 percentage points from the previous year, totaling $640 million compared to $725 million in 2024 [1][7] - Adjusted OIBDA less P&E additions increased by 27% to $1.1 billion, or 24% of revenue [1][7] Subscriber Growth and Market Dynamics - The company achieved over 225,000 mobile postpaid net additions, driven by growth in Costa Rica and fixed-mobile convergence efforts [3][4] - Puerto Rico showed signs of stabilization with its first quarter of positive postpaid mobile additions since migration, although full-year revenue declined by 6% [17][18] Impact of Hurricane Melissa - Hurricane Melissa significantly impacted Jamaica's fixed network, resulting in the removal of 133,000 home passes and a $27 million reduction in Q4 results [6][11] - The company plans to deploy $81 million from weather-derivative proceeds to support recovery efforts and aims to return to near pre-hurricane profitability by the end of 2026 [6][14][16] Capital Structure and Liquidity - Liberty Latin America ended 2025 with $8.4 billion in total debt and $800 million in cash, alongside $900 million available credit, with a consolidated net leverage of 4.3x [5][19] - Liberty Puerto Rico reported a borrowing group net leverage of nearly 8x and may require additional liquidity as management considers a potential separation [5][19] Future Outlook - Management outlined priorities for 2026, including continued investment in subsea and 5G infrastructure, fixed-mobile convergence initiatives, and maintaining cost discipline [4][20]