Liberty Latin America — Q3 2026 Earnings Summary

Financial Performance

• Consolidated revenue was $1,117.4 million for Q3 2026, up 0% reported and down 2% rebased year-over-year; YTD revenue was $3,302.8 million, up 1% reported and down 1% rebased.
• Operating income was $181 million for Q3 2026 (down 3% YoY) and $508 million for YTD 2026 (vs. a loss of $17 million in YTD 2025).
• Adjusted OIBDA was $454 million for Q3 2026, up 5% reported and 3% rebased YoY; YTD Adjusted OIBDA was $1,295 million, up 3% reported and 2% rebased.
• Adjusted OIBDA margin was 40.6% in Q3 2026, an expansion of 160 basis points YoY.
• Adjusted FCF before distributions to noncontrolling interest owners was $(9) million for Q3 2026 (vs. $16 million in Q3 2025); YTD Adjusted FCF before distributions was $10 million (vs. $(128) million in YTD 2025).
• Cash provided by operating activities was $185 million in Q3 2026 (up from $178 million in Q3 2025) and $444 million YTD (up from $344 million).
• Property and equipment additions were $169.5 million in Q3 2026 (15% of revenue) and $458.7 million YTD (14% of revenue).
• Total debt and finance lease obligations were $8,514.3 million as of September 30, 2026; consolidated net leverage ratio was 4.5x.

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.
• Management expects the bulk of cash flow to land in the fourth quarter, consistent with historical patterns.
• The company intends to remain disciplined and opportunistic regarding future share repurchases.

Business Segments and Product Lines

• Liberty Caribbean: Adjusted OIBDA was broadly flat; B2B revenue increased 6% driven by project wins in the Bahamas and Curaçao, while residential fixed subscription revenue declined 9% rebased.
• C&W Panama: Revenue declined 5% due to a 19% drop in B2B revenue from government project phasing, offset by 4% growth in total residential revenue; Adjusted OIBDA grew 1%.
• Liberty Networks: Revenue increased 5% reported (flat rebased); Adjusted OIBDA declined 15% reported (16% rebased) due to costs from the El Salvador build not matched by in-period revenue.
• Liberty Puerto Rico: Revenue declined 3%; Adjusted OIBDA increased 8% on 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 adds in Q3 2026; Liberty Caribbean saw operational gains from FMC execution, while Liberty Costa Rica returned to a healthy cadence of postpaid additions.
• New Products: Liberty-Starlink partnerships were rolled out during the quarter, launching direct-to-cell propositions in Panama and Costa Rica.

Market and Competitive Landscape

• Liberty Puerto Rico faces competitive ARPU pressure in the fixed market, though residential revenue growth continues to be supported by price increases.
• Liberty Costa Rica operates in a competitive market with a stable broadband base.
• C&W Panama experienced headwinds from the phasing of B2B revenue, specifically government projects.

Risks and Challenges

• The El Salvador project at Liberty Networks resulted in significant costs not matched by in-period revenue recognition.
• C&W Panama faces a year-over-year headwind from the phasing of B2B revenue.
• Liberty Puerto Rico's residential fixed revenue declined 3% due to competitive pressures.
• Forward-looking statements note risks including natural disasters (hurricanes), political/social events, pandemics, regulatory changes, and currency fluctuations.

Management Commentary and Tone

• President and CEO Balan Nair described the Q3 performance as "strong," noting a clear step-up in subscriber additions compared to Q1 and Q2.
• Management highlighted "improving financial momentum" and "continued efforts to improve our cost base" as drivers for margin expansion.
• The tone regarding capital allocation was "disciplined and opportunistic," particularly concerning share repurchases.

Analyst Questions and Answers

• No specific analyst questions and answers are included in the provided press release text.

Other Key Points

• The Board declared a quarterly cash dividend of $0.5625 per share on 9.0% Fixed Rate Cumulative Perpetual Redeemable Series A Preference Shares, payable December 15, 2026.
• The company deployed over $150 million in share repurchases in 2026 to date, equivalent to nearly 10% of 2025 year-end common shares outstanding.
• YTD Adjusted FCF before distributions to partners was almost $140 million ahead of the same period in 2025.
• C&W Panama residential revenue growth accelerated to 4% YoY.
• Liberty Puerto Rico achieved steady Adjusted OIBDA margin improvement supported by a SIM-only product and further price increases on residential services.
• Liberty Costa Rica implemented a cost efficiencies program driving down operating expenses.