Liberty Latin America — Q3 2026 Earnings Summary

Financial Performance:

• Reported revenue for Q3 2026 was $1,117.4 million, flat year-over-year (YoY), while rebased revenue declined 2%.
• Year-to-date (YTD) revenue was $3,302.8 million, up 1% YoY, with rebased revenue down 1%.
• Adjusted OIBDA for Q3 2026 was $454.0 million, representing a 5% reported increase and 3% rebased increase YoY; YTD Adjusted OIBDA was $1,295.1 million, up 3% reported and 2% rebased YoY.
• Operating income for Q3 2026 was $181.1 million, a 3% decrease YoY; YTD operating income was $507.5 million, compared to a loss of $17.4 million in the prior year period.
• Adjusted OIBDA margin for Q3 2026 was 40.6%, an expansion of 160 basis points YoY.
• Adjusted Free Cash Flow (FCF) before distributions to noncontrolling interest owners for Q3 2026 was $(9.1) million, compared to $16.4 million in Q3 2025; YTD Adjusted FCF before distributions was $10.0 million, approximately $140 million ahead of the prior year period.
• Cash provided by operating activities for Q3 2026 was $185.0 million; YTD cash provided by operating activities was $444.0 million.
• Property and equipment (P&E) additions for Q3 2026 were $169.5 million (15% of revenue); YTD P&E additions were $458.7 million (14% of revenue).
• Consolidated debt and finance lease obligations totaled $8,514.3 million as of September 30, 2026, with cash, cash equivalents, and restricted cash of $579.1 million.
• Consolidated gross leverage ratio was 4.8x as of September 30, 2026, down from 5.1x at June 30, 2026.
• Consolidated net leverage ratio was 4.5x as of September 30, 2026, down from 4.6x at June 30, 2026.

Guidance and Future Outlook:

• Management anticipates improving momentum in both revenue and Adjusted OIBDA in Q4 2026, driven by the holiday selling season and the phasing of B2B revenue.
• The company expects the bulk of its cash flow to be realized in the fourth quarter.
• Capital allocation will remain disciplined and opportunistic regarding future share repurchases.

Business Segments and Product Lines:

• Liberty Caribbean: Revenue declined 1% YoY; Adjusted OIBDA was broadly flat. Postpaid and broadband net additions were driven by solid Fixed-Mobile Convergence (FMC) execution and a standout B2B contribution.
• C&W Panama: Revenue declined 5% YoY due to a 19% drop in B2B revenue from the phasing of government project revenue; however, total residential revenue grew 4%. Adjusted OIBDA grew 1% YoY.
• Liberty Networks: Revenue increased 5% reported (flat rebased); Adjusted OIBDA declined 15% reported (16% rebased) due to the El Salvador project incurring costs not matched by in-period revenue.
• Liberty Puerto Rico: Revenue declined 3% YoY; Adjusted OIBDA increased 8% YoY, supported by lower equipment and interconnect costs including the elimination of MVNO fees.
• Liberty Costa Rica: Revenue increased 12% reported (flat rebased); Adjusted OIBDA grew 21% reported (8% rebased) with margin expansion of approximately 300 basis points.
• Subscriber Growth: The company added 56,000 postpaid and broadband net subscribers in Q3 2026, a step-up from Q1 and Q2.
• Product Launches: Liberty-Starlink partnerships were rolled out during the quarter, launching direct-to-cell propositions in Panama and Costa Rica.
• Pricing: The company continued to target price increases commercially, notably in Panama through Q3 and more recently in Jamaica.

Market and Competitive Landscape:

• Liberty Costa Rica faces competitive ARPU pressure in the residential fixed market.
• Liberty Networks' wholesale business was impacted by lower IRU non-cash amortizations.
• The company operates in over 20 countries across Latin America and the Caribbean.

Risks and Challenges:

• Forward-looking statements note risks including natural disasters (hurricanes), political or social events, pandemics, and the ability to restore networks in impacted markets.
• Challenges include competition, rapid technological change, and the ability to maintain or increase rates to pass through increased costs.
• Liberty Networks faces cost timing mismatches related to the El Salvador build.
• Currency exchange fluctuations impact reported results.

Management Commentary and Tone:

• President and CEO Balan Nair described the Q3 performance as "strong," highlighting a clear step-up in subscriber additions compared to previous quarters.
• Management noted that C&W Panama led the group in net additions, while Liberty Costa Rica returned to a "healthier cadence."
• The tone regarding capital allocation is described as "disciplined and opportunistic."
• Management emphasized that Adjusted OIBDA momentum carried into the third quarter with margin expansion supported by cost base improvements.

Other Key Points:

• Share Repurchases: The company deployed over $150 million in common equity repurchases in 2026 to date, equivalent to nearly 10% of 2025 year-end common shares outstanding.
• Dividend Declaration: The Board declared a quarterly cash dividend of $0.5625 per share for the 9.0% Fixed Rate Cumulative Perpetual Redeemable Series A Preference Shares, payable December 15, 2026, to stockholders of record on November 30, 2026.
• Debt Tenor: The weighted average debt tenor was 3.7 years as of September 30, 2026.
• Borrowing Costs: Fully-swapped borrowing costs were 6.9% as of September 30, 2026.
• Unused Borrowing Capacity: The company had $860.0 million in unused borrowing capacity as of September 30, 2026.