Liberty Latin America Reports Q3 2025 Results

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

DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months (“Q3”) and nine months ("YTD") ended September 30, 2025.

CEO Balan Nair commented, “Q3 saw strong commercial momentum leading to YoY rebased revenue growth at Liberty Latin America."

"We continue to see particular strength in our mobile business as we push FMC. Led by Costa Rica, postpaid additions in Q3 were the highest in three years. Revenue, as we highlighted at Q2 earnings, was also helped by better momentum in B2B."

“Solid execution on cost reduction and customer base management, meanwhile, has helped maintain rebased Adjusted OIBDA expansion, growing 7% YoY in both Q3 and YTD. On a sequential basis, all operating segments registered Adjusted OIBDA growth driving LLA's Adjusted OIBDA margin to 39% for the quarter. Across the group, we have a number of cost reduction programs in flight, which will carry on into 2026."

"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 repairing and rebuilding our critical communications infrastructure to help drive rapid economic recovery. We launched a collaboration with Starlink to deliver a direct-to-cell satellite service to further aid essential communications for our customers during this difficult period. Additionally, we expect to receive proceeds from our weather derivative in Q4, which will further support our recovery."

"On the back of the strong Q3 and YTD performance, and notwithstanding near-term storm recovery in the Caribbean, we continue to anticipate underlying seasonal strength in Adjusted FCF in the fourth quarter. Separately, we remain focused on unlocking the significant sum-of-the-parts discount embedded in the stock."

Business Highlights

• Liberty Caribbean: strong Q3 results; highlighting robust operating leverage
  • Continued FMC adoption; driving postpaid subscriber growth
  • Posted rebased Adjusted OIBDA growth of 10% YoY; margin up ~300 basis points
• C&W Panama: B2B drives Q3 top-line performance
  • Delivering rebased revenue growth of 6% YoY
  • Residential fixed and mobile subscriber growth setting stage for continued top line improvement
• Liberty Networks: best quarterly rebased revenue growth in two years
  • 6% YoY rebased revenue growth in Q3, driven by subsea capacity
  • 10% YoY rebased Adjusted OIBDA growth, attaining a 56% margin
• Liberty Puerto Rico: highest quarterly Adjusted OIBDA since Q4 2023
  • 7% YoY rebased Adjusted OIBDA growth supported by comprehensive cost reduction
  • Launched attractive postpaid CVP in Q3; leaning into FMC
• Liberty Costa Rica: mobile momentum fueling financial growth
  • Strong quarter of postpaid mobile subscriber additions
  • Adjusted OIBDA expanded 7% YoY on a rebased basis

Hurricane Melissa

In late October 2025, Hurricane Melissa, a Category 5 hurricane, primarily impacted our Jamaican operation. As a result of the storm, Jamaica experienced significant damage to homes, businesses and infrastructure, especially in the Western half of Jamaica, with the Eastern half including Kingston seeing less long-term damage.

We anticipate adverse impacts to our financial results in Q4 2025 and into 2026. Our assessment is in the early days and will be dependent upon a number of items, including the return of power across the island.

We have had independent confirmation that our parametric insurance program for storm protection has been triggered and, as of today, we expect to receive third-party proceeds during Q4 which will be used to rebuild impacted components of our network and mitigate loss of revenue.

Financial and Operating Highlights

Revenue Highlights

The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:

• Reported revenue for the three and nine months ended September 30, 2025 was 2% higher and 1% lower as compared to the corresponding prior-year periods, respectively.
  • Reported revenue in Q3 came from growth across all segments with the exception of Puerto Rico, which was also the principal driver of the negative YTD trends.

Q3 2025 Revenue Growth – Segment Highlights

(All growth rates are year-over-year unless otherwise specified)

• Liberty Caribbean: revenue grew 3% on both a reported and rebased basis. Fixed residential revenue increased by 5% while both residential mobile and B2B revenue increased by 2% on a rebased basis.
  • Our quarterly performance benefitted from our continued strategic focus on FMC initiatives, selected price increases over the last year, and a favorable comparison, as our business was adversely impacted by Hurricane Beryl in the prior year period.
• C&W Panama: revenue increased by 6% on a reported and rebased basis.
  • The principal driver of this performance was B2B, as we delivered 14% rebased growth, due largely to higher revenue from large enterprise and government projects. Additionally, compared to Q2 2025, B2B revenue increased by ~$20 million.
• Liberty Networks: revenue increased 6% on a reported and rebased basis driven by YoY expansion in both our wholesale and enterprise businesses, with growth in subsea capacity revenue fueling our performance.
• Liberty Puerto Rico: revenue was 3% and 5% lower on a reported and rebased basis, respectively. As seen in prior quarters, our rebased revenue decline was due principally to a 7% decrease in residential mobile and a 16% decline in B2B, resulting from the challenges with our mobile network migration which was completed last year.
  • Sequentially to Q2 2025, our revenue is 1% lower on a reported basis, or $3 million, reflecting the impact of a lower mobile and fixed customer base. However, recently introduced customer value propositions have shown traction within the market and we are focused on driving improved results during the key Q4 selling season.
• Liberty Costa Rica: revenue grew by 6% on a reported basis and 3% on a rebased basis. Rebased growth was driven by higher residential mobile revenue, primarily due to postpaid subscriber growth and higher mobile equipment sales.

 Operating Income (Loss)

• We reported operating income (loss) of $188 million and $(380) million for the three months ended September 30, 2025 and 2024, respectively, and $(17) million and $(176) million for the nine months ended September 30, 2025 and 2024, respectively.
  • The improvement for both comparative periods is primarily due to (i) for the three month comparison, lower impairment charges where we had a goodwill impairment recorded at Liberty Puerto Rico during the third quarter of 2024, (ii) increases in Adjusted OIBDA, and (iii) decreases in depreciation and amortization.

 Adjusted OIBDA Highlights

The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:

• Adjusted OIBDA for the three and nine months ended September 30, 2025 both increased by 8% on a reported basis as compared to the corresponding prior-year periods.
  • Adjusted OIBDA increased in Q3 driven by growth across all operating segments.
  • Across LLA, we have a number of cost reduction programs in flight, which are providing each of our operating segments and corporate, with enhanced operating leverage, as we streamline our operating structure and achieve cost efficiencies. These activities will carry over into 2026.

Q3 2025 Adjusted OIBDA Growth – Segment Highlights

(All growth rates are year-over-year unless otherwise specified)

• Liberty Caribbean: Adjusted OIBDA rose by 9% and 10% on a reported and rebased basis, respectively. The growth was supported in part by improved operating costs, reflecting the impact of a comprehensive efficiency and savings program over the last year. This has contributed to an Adjusted OIBDA margin of 47%, a nearly 300 basis point increase over Q3 2024.
• C&W Panama: Adjusted OIBDA increased by 5% and 4% on a reported and rebased basis, respectively, driven by B2B project revenue and network efficiencies.
• Liberty Networks: Adjusted OIBDA increased by 10% on both a reported and rebased basis, respectively, primarily due to higher revenue and lower bad debt expense, as compared to Q3 2024.
• Liberty Puerto Rico: Adjusted OIBDA increased by 8% and 7% on a reported and rebased basis, respectively, despite the aforementioned rebased revenue decline.
  • The business has been engaged in an aggressive cost-out program in 2025 and, as a result, has been able to further streamline and right size its operating structure and processes to complement its current customer base. This also supported trends sequentially with reported Adjusted OIBDA up 10% versus Q2 2025.
• Liberty Costa Rica: Adjusted OIBDA grew by 11% on a reported basis and 7% on a rebased basis. The strong rebased performance was driven by the revenue increase with costs, aside from those related to equipment sales, remaining relatively stable.

Net Income (Loss) Attributable to Shareholders

• Net income (loss) attributable to shareholders was $3 million and $(556) million for the three and nine months ended September 30, 2025, respectively, and $(436) million and $(479) million for each of the three and nine months ended September 30, 2024.

 Property & Equipment Additions and Capital Expenditures

The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net.

Operating Income (Loss) less Property and Equipment Additions

• Operating income (loss) less property and equipment additions was $38 million and $(550) million for the three months ended September 30, 2025 and 2024, respectively, and $(437) million and $(661) million for the nine months ended September 30, 2025 and 2024, respectively.

Adjusted OIBDA less Property & Equipment Additions

The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period.

Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents

The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at September 30, 2025:

Residential Fixed ARPU per Customer Relationship

The following table provides residential fixed ARPU per customer relationship for the indicated periods:

Residential Mobile ARPU

The following table provides residential ARPU per mobile subscriber for the indicated periods:

Forward-Looking Statements and Disclaimer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico operations; the impact of Hurricane Melissa on our business and operations; timing and use of proceeds from our weather derivative; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our capital return policy; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the ability to obtain regulatory approvals and satisfy the other conditions to closing with respect to the transaction with Millicom in Costa Rica; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q.

Investor Relations
Soomit Datta
ir@lla.com

Corporate Communications
Michael Coakley
llacommunications@lla.com