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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	March 31, 2026


☐			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
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

2 Church Street,
Hamilton						HM 11
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s telephone number, including area code: (441) 295-5950 or (303) 925-6000

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Class A Common Shares, par value $0.01 per share	LILA	The NASDAQ Stock Market LLC
Class C Common Shares, par value $0.01 per share	LILAK	The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☑

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

The number of outstanding common shares of Liberty Latin America Ltd. as of April 30, 2026 was: 37.8 million Class A; 2.5 million Class B; and 161.1 million Class C.

LIBERTY LATIN AMERICA LTD.

TABLE OF CONTENTS


		Page Number
	PART I - FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited)	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2026 and 2025 (unaudited)	4
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	54
Item 4.	CONTROLS AND PROCEDURES	56
	PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	57
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	58
Item 5.	OTHER INFORMATION	58
Item 6.	EXHIBITS	59

GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to Liberty Latin America, “we,” “our,” “our company” and “us” in this Quarterly Report on Form 10-Q (as defined below) may refer to Liberty Latin America Ltd. or collectively to Liberty Latin America Ltd. and its subsidiaries. We have used several other terms in this Quarterly Report on Form 10-Q, most of which are defined or explained below.


2025 Form 10-K			Annual Report on Form 10-K as filed with the SEC under the Exchange Act for the year ended December 31, 2025
2027 C&W RCF			$156 million Adjusted Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which expires on January 30, 2027
2027 C&W Senior Notes			$735 million aggregate principal amount 6.875% senior notes due September 15, 2027 issued by C&W Senior Finance (redeemed during 2025)
2027 LPR Senior Secured Notes			$1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, 2027 issued by LCPR Senior Secured Financing
2028 CWP Term Loan			$435 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 LPR Term Loan			$620 million principal amount Adjusted Term SOFR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2029 C&W RCF			$460 million Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which expires on April 15, 2029
2029 LPR Senior Secured Notes			$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
2030 LPR Credit Agreement			Credit agreement entered into by the LPR Unrestricted Subsidiary Borrowers that provides for the 2030 LPR Term Loan
2030 LPR Term Loan			$260 million principal amount 9.75% senior secured term loan due September 23, 2030 borrowed by the LPR Unrestricted Subsidiary Borrowers
2031 LCR Term Loan A			$45 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Telecomunicaciones; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
2031 LCR Term Loan B			$360 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Telecomunicaciones; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
2032 C&W Senior Secured Notes			$1.0 billion aggregate principal amount 7.125% senior secured notes due October 15, 2032 issued by Sable International Finance Limited
2033 C&W Senior Notes			$755 million principal amount 9.0% senior notes due January 15, 2033 issued by C&W Senior Finance
2033 LCR Term Loan A			$65 million principal amount Term SOFR + 3.50% term loan due August 14, 2033 borrowed by Liberty Telecomunicaciones
Adjusted OIBDA			Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted OIBDA Margin			Adjusted OIBDA divided by revenue
Adjusted Term SOFR			SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period
América Móvil			América Móvil S.A.B. de C.V.
ARPU			Average monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASU			Accounting Standards Update
AT&T			AT&T Inc.

GLOSSARY OF DEFINED TERMS – (Continued)


AT&T Acquired Entities			Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2B			Business-to-business
C&W			Cable & Wireless Communications Limited and its subsidiaries, which comprise the businesses within Liberty Caribbean, C&W Panama and Liberty Networks
C&W Bahamas			The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in The Bahamas
C&W Credit Facilities			Senior secured credit facilities of certain subsidiaries of C&W comprising the: (i) C&W Term Loan B-7 Facility; (ii) C&W Term Loan B-6 Facility; (iii) C&W Revolving Credit Facility; and (iv) C&W Regional Facilities
C&W Jamaica			Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W Notes			The senior and senior secured notes of C&W comprising the: (i) 2033 C&W Senior Notes and (ii) 2032 C&W Senior Secured Notes
C&W Panama			Reportable segment for our operations in Panama
C&W Regional Facilities			Primarily comprises credit facilities at CWP, Columbus Communications Trinidad Limited, Columbus Communications Jamaica Limited and Sable International Finance Limited
C&W Revolving Credit Facility			$616 million aggregate revolving credit facility of C&W that comprises two tranches: (i) 2027 C&W RCF; and (ii) 2029 C&W RCF
C&W Senior Finance			C&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility			$1.5 billion principal amount Adjusted Term SOFR + 2.25% term loan B-5 facility due January 31, 2028 of C&W (repaid during 2025)
C&W Term Loan B-6 Facility			$590 million principal amount Adjusted Term SOFR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
C&W Term Loan B-7 Facility			$1.5 billion principal amount Term SOFR + 3.25% term loan B-7 facility due January 31, 2032 of C&W
CIP			Construction-in-process
CODM			Chief operating decision maker
CPE			Customer premises equipment
CRC			Costa Rican colón
CWP			Cable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit Facilities			Credit facilities of CWP comprised of the: (i) 2028 CWP Term Loan and (ii) CWP Revolving Credit Facility
CWP Revolving Credit Facility			$20 million principal amount Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 of CWP
Directors			Members of Liberty Latin America’s board of directors
DTH			Direct-to-home
EchoStar			EchoStar Corporation (formerly DISH Network)
Employee Incentive Plan			Liberty Latin America Ltd. 2018 Incentive Plan
EPS			Earnings or loss per share
ESPP			Employee stock purchase plan
Exchange Act			Securities Exchange Act of 1934, as amended
Executives			Liberty Latin America’s Principal Executive Officer and Principal Financial Officer
FASB			Financial Accounting Standards Board
FCC			United States Federal Communications Commission
FCPA			United States Foreign Corrupt Practices Act of 1977, as amended
FX			Foreign currency translation effects
IT			Information technology
JMD			Jamaican Dollar
LCPR			Liberty Communications of Puerto Rico LLC

GLOSSARY OF DEFINED TERMS – (Continued)


LCPR Loan Financing			LCPR Loan Financing LLC, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain term loan debt. LCPR is required to consolidate LCPR Loan Financing as a result of certain variable interests in LCPR Loan Financing, for which LCPR is considered the primary beneficiary.
LCPR Senior Secured Financing			LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain debt offerings. Liberty Mobile is required to consolidate LCPR Senior Secured Financing as a result of certain variable interests in LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary beneficiary.
LCR Credit Facilities			Senior secured credit facilities of Liberty Telecomunicaciones comprised of the: (i) 2031 LCR Term Loan A; (ii) 2031 LCR Term Loan B; (iii) 2033 LCR Term Loan A; and (iv) LCR Revolving Credit Facility
LCR NCI Transaction			Agreement signed in August 2024 whereby we agreed to acquire an additional 8.5% of the remaining noncontrolling interest of Liberty Telecomunicaciones.
LCR Revolving Credit Facility			$60 million Term SOFR + 4.25% revolving credit facility due January 15, 2028 of Liberty Telecomunicaciones
Liberty Caribbean			Reportable segment that includes all subsidiaries of C&W, excluding those within our C&W Panama and Liberty Networks segments
Liberty Communications PR			Liberty Communications PR Holding LP and its subsidiaries, which include LCPR and Liberty Mobile and its subsidiaries (includes a 96%-owned entity in the USVI)
Liberty Costa Rica			Reportable segment comprising Liberty Telecomunicaciones and its subsidiaries
Liberty Latin America Shares			Collectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty Mobile			Liberty Mobile Inc. and it subsidiaries
Liberty Networks			Reportable segment comprising our managed services and wholesale business, which primarily operates through our subsea and terrestrial fiber optic cable networks; the segment comprises certain subsidiaries of C&W
Liberty Puerto Rico			Reportable segment comprising Liberty Communications PR, which has operations in Puerto Rico and USVI
Liberty Servicios			Liberty Servicios Fijos LY, S.A., previously a subsidiary of LBT CT Communications, S.A., was merged into Liberty Telecomunicaciones on April 1, 2025
Liberty Telecomunicaciones			Liberty Telecomunicaciones de Costa Rica LY, S.A., an indirectly 88.5%-owned subsidiary in Costa Rica, and its subsidiary
LPR Acquisition			September 3, 2024 acquisition of EchoStar's spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets
LPR Credit Facilities			Senior secured credit facilities of Liberty Puerto Rico comprising the: (i) 2028 LPR Term Loan and (ii) LPR Revolving Credit Facility
LPR Revolving Credit Facility			$173 million Adjusted Term SOFR + 3.5% revolving credit facility due March 15, 2027 of LPR
LPR Senior Secured Notes			Senior secured notes of Liberty Puerto Rico comprising the: (i) 2029 LPR Senior Secured Notes and (ii) 2027 LPR Senior Secured Notes
LPR Unrestricted Subsidiary Borrowers			Collectively, Emerald Wave 3 LLC, Emerald Mobile Network 2 LLC and Emerald Network 3 LLC, each an indirect wholly owned subsidiary of Liberty Communications PR
LPR Unrestricted Subsidiary Guarantors			Entities party to the 2030 LPR Unrestricted Subsidiary Credit Agreement as guarantors of the obligations of the LPR Unrestricted Subsidiary Borrowers thereunder, each of which guarantees, on a senior secured basis, the obligations under the 2030 LPR Unrestricted Subsidiary Credit Agreement and grants security interests in substantially all of its assets, including, among other things, fixed network assets and spectrum.
LTVP			Long-term Value Plan that represents a component of the Employee Incentive Plan whereby employees receive a fixed-value award that vests annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.
Millicom			Millicom International Cellular S.A.
NTIA			National Telecommunications and Information Administration

GLOSSARY OF DEFINED TERMS – (Continued)


OBBBA			The One Big Beautiful Bill Act
OFAC			Office of Foreign Assets Control
PSARs			Performance-based stock appreciation rights
PSUs			Performance-based restricted stock units
Quarterly Report on Form 10-Q			Quarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RCF			Revolving credit facility
RGU			Revenue generating unit
RSUs			Restricted stock units
SARs			Stock appreciation rights
SEC			U.S. Securities and Exchange Commission
Share Repurchase Program			Program approved by our Directors that authorizes us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates.
SOFR			Reference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
SUTEL			Costa Rican Telecommunications Superintendence
Term SOFR			Forward-looking term rate based on SOFR as published by CME Group Benchmark Administration Limited
Tower Transactions			Transactions associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years. The total weighted average imputed interest rate of the financial liabilities associated with these transactions is approximately 7%.
U.S.			United States
U.S. GAAP			Generally accepted accounting principles in the United States
USVI			The U.S. Virgin Islands
VAT			Value-added taxes
Weather Derivatives			Weather derivative contracts that provide coverage for certain weather-related events
XCD			Eastern Caribbean Dollar
WOW			WOW TEL Holding, S.A.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


	March 31, 2026		December 31, 2025

	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	681.4	$	783.9
Trade receivables, net	667.7		653.6
Prepaid expenses	91.3		79.8
Current notes receivable, net	143.2		133.0
Current contract assets	125.2		124.0
Other current assets, net	468.1		471.9
Total current assets	2,176.9		2,246.2

Goodwill	3,047.2		3,007.5
Property and equipment, net	3,793.0		3,847.8
Intangible assets not subject to amortization	1,319.3		1,319.3
Intangible assets subject to amortization, net	347.9		361.0
Other assets, net	1,479.2		1,444.1
Total assets	$	12,163.5	$	12,225.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)

(unaudited)


	March 31, 2026		December 31, 2025

	in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	316.8	$	384.6
Current portion of deferred revenue	126.5		127.4
Current portion of debt and finance lease obligations	483.4		408.8
Accrued interest	151.6		150.1
Accrued payroll and employee benefits	75.1		102.4
Current portion of operating lease liabilities	97.2		95.0
Other accrued and current liabilities	711.1		709.6
Total current liabilities	1,961.7		1,977.9

Long-term debt and finance lease obligations	7,878.7		7,870.4
Deferred tax liabilities	401.3		411.6
Deferred revenue	92.0		81.9
Other long-term liabilities	811.9		820.6
Total liabilities	11,145.6		11,162.4

Commitments and contingencies

Equity:
Liberty Latin America shareholders:
Class A, $0.01 par value; 500.0 million shares authorized; 55.8 million and 37.8 million shares issued and outstanding, respectively, at March 31, 2026; 54.7 million and 38.9 million shares issued and outstanding, respectively, at December 31, 2025	0.6		0.5
Class B, $0.01 par value; 50.0 million shares authorized; 2.5 million shares issued and outstanding at March 31, 2026; 2.4 million shares issued and outstanding at December 31, 2025	—		—
Class C, $0.01 par value; 500.0 million shares authorized; 198.6 million and 160.9 million shares issued and outstanding, respectively, at March 31, 2026; 195.2 million and 158.7 million shares issued and outstanding, respectively, at December 31, 2025	2.0		2.0
Undesignated preference shares, $0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period	—		—
Treasury shares, at cost; 55.7 million and 52.4 million shares, respectively	(465.3)		(448.9)
Additional paid-in capital	5,351.8		5,368.9
Accumulated deficit	(4,265.0)		(4,242.3)
Accumulated other comprehensive loss, net of taxes	(83.5)		(124.6)
Total Liberty Latin America shareholders	540.6		555.6
Noncontrolling interests	477.3		507.9
Total equity	1,017.9		1,063.5
Total liabilities and equity	$	12,163.5	$	12,225.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three months ended March 31,
		2026		2025
		in millions, except per share amounts
Revenue		$	1,082.8	$	1,083.5
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services		235.5		232.6
Other operating costs and expenses		473.8		478.3
Depreciation and amortization		217.1		228.8
Impairment, restructuring and other operating items, net		11.2		15.7
		937.6		955.4
Operating income		145.2		128.1
Non-operating expense:
Interest expense		(164.2)		(158.3)
Realized and unrealized losses on derivative instruments, net		(7.4)		(62.9)
Foreign currency transaction gains (losses), net		45.9		(4.2)
Losses on debt extinguishments, net		(2.3)		(14.4)
Other expense, net		(6.7)		(5.9)
		(134.7)		(245.7)
Earnings (loss) before income taxes		10.5		(117.6)
Income tax expense		(26.7)		(9.1)
Net loss		(16.2)		(126.7)
Net earnings attributable to noncontrolling interests		(6.5)		(9.7)
Net loss attributable to Liberty Latin America shareholders		$	(22.7)	$	(136.4)

Basic and diluted net loss per share attributable to Liberty Latin America shareholders		$	(0.11)	$	(0.69)

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNING (LOSS)

(unaudited)


	Three months ended March 31,
		2026		2025
		in millions
Net loss		$	(16.2)	$	(126.7)
Other comprehensive earnings, net of taxes:
Foreign currency translation adjustments		42.4		15.2
Reclassification adjustments included in net loss		0.5		0.4
Pension-related adjustments and other, net		(2.4)		(0.8)
Other comprehensive earnings		40.5		14.8
Comprehensive earnings (loss)		24.3		(111.9)
Comprehensive earnings attributable to noncontrolling interests		(5.9)		(10.2)
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders		$	18.4	$	(122.1)

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)


	Liberty Latin America shareholders																Non-controlling interests		Total equity
	Common shares						Treasury Stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss, net of taxes		Total Liberty Latin America shareholders
	Class A		Class B		Class C
	in millions










Balance at January 1, 2025	$	0.5	$	—	$	1.9	$	(444.1)	$	5,315.6	$	(3,631.1)	$	(154.2)	$	1,088.6	$	505.0	$	1,593.6
Net earnings (loss)	—		—		—		—		—		(136.4)		—		(136.4)		9.7		(126.7)
Other comprehensive earnings	—		—		—		—		—		—		14.3		14.3		0.5		14.8
Cash distributions to noncontrolling interest owners	—		—		—		—		—		—		—		—		(10.9)		(10.9)
Share-based compensation	—		—		—		—		22.9		—		—		22.9		—		22.9
Other	—		—		—		—		—		—		—		—		(0.4)		(0.4)
Balance at March 31, 2025	$	0.5	$	—	$	1.9	$	(444.1)	$	5,338.5	$	(3,767.5)	$	(139.9)	$	989.4	$	503.9	$	1,493.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)

(unaudited)


	Liberty Latin America shareholders																Non-controlling interests		Total equity
	Common shares						Treasury Stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss, net of taxes		Total Liberty Latin America shareholders
	Class A		Class B		Class C
	in millions









Balance at January 1, 2026	$	0.5	$	—	$	2.0	$	(448.9)	$	5,368.9	$	(4,242.3)	$	(124.6)	$	555.6	$	507.9	$	1,063.5
Net earnings (loss)	—		—		—		—		—		(22.7)		—		(22.7)		6.5		(16.2)
Other comprehensive earnings (loss)	—		—		—		—		—		—		41.1		41.1		(0.6)		40.5
Share-based compensation	0.1		—		—		—		30.7		—		—		30.8		—		30.8
Repurchase of Liberty Latin America common shares	—		—		—		(16.4)		—		—		—		(16.4)		—		(16.4)
Payment related to the LCR NCI Transaction	—		—		—		—		(47.8)		—		—		(47.8)		(36.5)		(84.3)
Balance at March 31, 2026	$	0.6	$	—	$	2.0	$	(465.3)	$	5,351.8	$	(4,265.0)	$	(83.5)	$	540.6	$	477.3	$	1,017.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three months ended March 31,
	2026		2025
	in millions
Cash flows from operating activities:
Net loss	$	(16.2)	$	(126.7)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense	24.8		28.3
Depreciation and amortization	217.1		228.8
Impairments and other non-cash activity, net	6.8		4.2
Amortization of debt financing costs, premiums and discounts, net	7.9		7.0
Realized and unrealized losses on derivative instruments, net	7.4		62.9
Foreign currency transaction losses (gains), net	(45.9)		4.2
Losses on debt modification and extinguishments, net	2.3		14.4
Deferred income tax benefit	(21.3)		(22.6)
Changes in operating assets and liabilities, net of the effect of acquisitions	(140.7)		(175.9)
Net cash provided by operating activities	42.2		24.6

Cash flows from investing activities:
Capital expenditures, net	(99.3)		(96.7)
Other investing activities, net	(9.0)		1.7
Net cash used by investing activities	$	(108.3)	$	(95.0)

The accompanying notes are an integral part of these condensed consolidated financial statements.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)

(unaudited)


	Three months ended March 31,
	2026		2025
	in millions
Cash flows from financing activities:
Borrowings of debt	$	158.1	$	941.5
Payments of principal amounts of debt and finance lease obligations	(122.9)		(879.7)
Repurchase of Liberty Latin America common shares	(14.3)		—
Distributions to noncontrolling interest owners	—		(29.1)
Payment related to the LCR NCI Transaction	(52.7)		—
Payment of financing costs and debt redemption premiums	(7.5)		(24.2)


Other financing activities, net	0.2		(5.1)
Net cash provided (used) by financing activities	(39.1)		3.4

Effect of exchange rate changes on cash, cash equivalents and restricted cash	1.8		(11.8)

Net decrease in cash, cash equivalents and restricted cash	(103.4)		(78.8)

Cash, cash equivalents and restricted cash:
Beginning of period	800.0		670.3
End of period	$	696.6	$	591.5

Cash paid for interest	$	151.3	$	151.5
Net cash paid for taxes	$	24.0	$	41.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements

March 31, 2026

(unaudited)

(1) Basis of Presentation

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements.

General

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes (i) C&W; (ii) Liberty Communications PR; and (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Telecomunicaciones. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

We are an international provider of fixed, mobile and subsea telecommunications services. We provide:

A.residential and B2B services in:

i.over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama;

ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and

iii.Costa Rica, through our reportable segment Liberty Costa Rica.

B.through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region.

Unless otherwise indicated, ownership percentages are calculated as of March 31, 2026.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or SEC rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2025 Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation.

(2) Accounting Changes and Recent Accounting Pronouncements

Recent Accounting Pronouncements

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires more detailed disclosure in the notes to the financial statements about the types of expenses in commonly presented expense captions. In each annual and interim reporting period, entities are required to (i) disclose the amounts of (a) purchases of

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each expense line item within continuing operations that is presented on the statement of operations, (ii) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in each expense line item within continuing operations that are not separately quantified and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Clarifying the Effective Date (ASU 2025-01). ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01. We are currently evaluating the impact this standard will have on our consolidated financial statements.

ASU 2025-05

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which introduces a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient to simplify the estimation of expected credit losses for current accounts receivable and current contract assets. Entities electing the practical expedient can assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Entities must disclose whether they have elected to use the practical expedient and, if so, whether they have also applied the accounting policy election. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. This standard did not have a material impact to our consolidated financial statements.

ASU 2025-06

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (ASU 2025-06), which provides accounting guidance to modernize the accounting for internal-use software costs. The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being i) management has authorized and committed to the funding for the software project and ii) it is probable a project will be completed and used as intended. Until both of these criteria are met, all software development costs should be expensed as incurred. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the amendments prospectively, retrospectively, or using a modified retrospective approach. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements.

(3) Fair Value Measurements

General

U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

Recurring Fair Value Measurements

Derivatives

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5. We use the fair value method to account for most of our derivative instruments. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate derivative contracts are further explained in note 5.

Non-recurring Fair Value Measurements

Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. During the three months ended March 31, 2026 and 2025, we did not perform any such non-recurring valuations.

(4) Current Expected Credit Losses

The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below:


	Three months ended March 31,
	2026		2025
	in millions
Balance at beginning of period	$	173.0	$	157.2
Provision for expected losses, net	21.6		22.7
Write-offs, net of recoveries	(68.9)		(20.1)
Foreign currency translation adjustments	1.8		0.7
Balance at end of period	$	127.5	$	160.5

(5) Derivative Instruments

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements. With the exception of certain foreign currency forward contracts, we use the fair value method to account for our derivative instruments and do not apply hedge accounting. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement. Changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations. For additional information regarding our fair value measurements, see note 3.

The following table provides details of the fair values of our derivative instrument assets and liabilities:


	March 31, 2026						December 31, 2025
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets – interest rate derivative contracts (b)	$	46.1	$	22.0	$	68.1	$	44.2	$	28.2	$	72.4


Liabilities (b):
Interest rate derivative contracts	$	6.8	$	44.3	$	51.1	$	7.2	$	46.8	$	54.0
Foreign currency forward contracts	13.5		2.9		16.4		5.1		—		5.1
Total	$	20.3	$	47.2	$	67.5	$	12.3	$	46.8	$	59.1

(a)Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our condensed consolidated balance sheets.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

(b)We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 9) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 3.

The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:


	Three months ended March 31,
		2026		2025
		in millions
Interest rate derivative contracts		$	11.3	$	(51.1)
Foreign currency forward contracts		(9.4)		(3.6)
Weather Derivatives		(9.3)		(8.2)
Total		$	(7.4)	$	(62.9)

The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments:


	Three months ended March 31,
	2026		2025
	in millions
Operating activities	$	2.1	$	13.8
Investing activities	(0.5)		(0.4)
Total	$	1.6	$	13.4

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At March 31, 2026, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $21 million.

Our C&W and Liberty Costa Rica borrowing groups have each entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

Details of our Derivative Instruments

Interest Rate Derivative Contracts

Interest Rate Swaps

We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. At March 31, 2026, our C&W borrowing group had an outstanding notional amount of $3,630 million due from our counterparties under interest rate swap contracts, which includes forward-starting derivative instruments, certain interest rate swap contracts with an embedded floor of 0%, and certain interest rate swap contracts where the counterparty has the right to cancel at a certain date in the future, and the related weighted average remaining contractual life was 4.8 years.

Basis Swaps

Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. At March 31, 2026, our C&W borrowing group had an outstanding notional amount of $1,180 million due from our counterparties under basis swap contracts, and the related weighted average remaining contractual life was 0.2 years.

Foreign Currency Forward Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. At March 31, 2026, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $211 million and CRC 108 billion, respectively, with a weighted average remaining contractual life of 0.7 years.

(6) Long-lived Assets

Goodwill

Changes in the carrying amount of our goodwill are set forth below:


	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Costa Rica		Total
	in millions
January 1, 2026	$	1,207.9	$	617.1	$	669.3	$	513.2	$	3,007.5


Foreign currency translation	2.9		—		1.0		35.8		39.7

March 31, 2026	$	1,210.8	$	617.1	$	670.3	$	549.0	$	3,047.2

Our accumulated goodwill impairments were $3,300 million at each of March 31, 2026 and December 31, 2025.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:


	March 31, 2026		December 31, 2025
	in millions
Distribution systems	$	5,312.8	$	5,280.3
Support equipment and buildings	1,401.1		1,403.2
CPE	970.8		965.4
	7,684.7		7,648.9
Accumulated depreciation	(4,163.4)		(4,105.2)
Total depreciable assets	3,521.3		3,543.7
CIP and land	271.7		304.1
Total property and equipment, net	$	3,793.0	$	3,847.8

During the three months ended March 31, 2026 and 2025, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating to $41 million and $38 million, respectively.

Intangible Assets Not Subject to Amortization

The details of our intangible assets not subject to amortization are set forth below:


	March 31, 2026		December 31, 2025
	in millions
Spectrum licenses	$	777.5	$	777.5
Cable television franchise rights and other	541.8		541.8
Total	$	1,319.3	$	1,319.3

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:


	March 31, 2026		December 31, 2025
	in millions
Customer relationships	$	627.2	$	616.4
Licenses and other	307.6		299.9
	934.8		916.3
Accumulated amortization	(586.9)		(555.3)
Total	$	347.9	$	361.0

(7) Investments

WOW

During February 2021, we acquired a minority interest in WOW, primarily a broadband internet service provider in Peru. We account for our investment in WOW as an equity method investment. As of March 31, 2026, our investment in WOW, including shares and certain loans, totaled $91 million, which represents an equity ownership percentage of just under 50%. Our share of WOW losses for the three months ended March 31, 2026 and 2025 were not material to the consolidated financial statements.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

(8) Operating Leases

The following table provides details of our operating lease expense:


	Three months ended March 31,
		2026		2025
		in millions
Operating lease expense:
Operating lease cost		$	35.6	$	32.5
Short-term lease cost		4.8		5.8
Total operating lease expense		$	40.4	$	38.3

Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our condensed consolidated statements of operations.

Certain other details of our operating leases are set forth in the tables below:


	March 31, 2026			December 31, 2025
	in millions
Operating lease right-of-use assets	$	477.0		$	470.4
Operating lease liabilities:
Current	$	97.2		$	95.0
Long-term	420.8			423.6
Total operating lease liabilities	$	518.0		$	518.6

Weighted-average remaining lease term	6.5 years			6.6 years

Weighted-average discount rate	8.6		%	8.6		%


	Three months ended March 31,
	2026		2025
	in millions
Operating cash outflows related to operating leases	$	38.1	$	35.6
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	14.7	$	8.0

(a)Represents non-cash transactions associated with operating leases entered into during the period.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

Maturities of Operating Leases

Maturities of our operating lease liabilities as of March 31, 2026 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on March 31, 2026 exchange rates.


Years ending December 31:
2026 (remainder of year)	$	103.5
2027	121.5
2028	109.8
2029	95.1
2030	76.6
Thereafter	186.2
Total operating lease liabilities on an undiscounted basis	692.7
Present value discount	(174.7)
Present value of operating lease liabilities	$	518.0

(9) Debt and Finance Lease Obligations

The U.S. dollar equivalents of the components of our debt are as follows:


	March 31, 2026					Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency	US $ equivalent		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025

			in millions
C&W Notes	7.93	%	—	$	—	$	1,750.4	$	1,793.8	$	1,755.0	$	1,755.0
C&W Credit Facilities (d)	6.47	%	(e)	654.3		2,608.9		2,603.7		2,646.3		2,646.2
LPR Senior Secured Notes	6.08	%	—	—		1,318.8		1,285.5		1,981.0		1,981.0
LPR Credit Facilities	7.63	%	116.0	116.0		444.9		431.8		676.5		676.5
2030 LPR Term Loan	9.75	%	—	—		250.0		200.0		260.0		208.0
LCR Credit Facilities	10.17	%	20.0	20.0		530.0		538.0		510.0		515.0
Vendor financing, Tower Transactions and other (f) (g)	7.88	%	—	—		602.5		568.1		602.5		568.1
Total debt before premiums, discounts and deferred financing costs	7.20	%		$	790.3	$	7,505.5	$	7,420.9	$	8,431.3	$	8,349.8

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:


	March 31, 2026		December 31, 2025
	in millions
Total debt before premiums, discounts and deferred financing costs	$	8,431.3	$	8,349.8
Premiums, discounts and deferred financing costs, net	(76.0)		(79.3)
Total carrying amount of debt	8,355.3		8,270.5
Finance lease obligations	6.8		8.7
Total debt and finance lease obligations	8,362.1		8,279.2
Less: Current maturities of debt and finance lease obligations	(483.4)		(408.8)
Long-term debt and finance lease obligations	$	7,878.7	$	7,870.4

(a)Represents the weighted average interest rate in effect at March 31, 2026 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2026 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2026, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the March 31, 2026 compliance reporting requirements. At March 31, 2026, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.

(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 3.

(d)Includes other facilities that are generally repaid in three annual installments.

(e)The C&W Credit Facilities’ unused borrowing capacity comprises certain U.S. dollar, Trinidad & Tobago dollar, and JMD revolving credit facilities.

(f)Includes Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets. During the three months ended March 31, 2026 and 2025, we received proceeds of $2 million and nil, respectively, related to the Tower Transactions, which are included in borrowings of debt in our condensed consolidated statements of cash flows.

(g)Includes $344 million and $306 million at March 31, 2026 and December 31, 2025, respectively, owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year, other than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that was paid on our behalf by the vendor. Our operating expenses were $66 million and $35 million for the three months ended March 31, 2026 and 2025, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.

Financing Activity

During the three months ended March 31, 2026 and 2025, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:


Period	Borrowing group/ Borrower	Instrument	Issued at	Maturity	Interest rate	Amount borrowed (a)		Non-cash component
						in millions
2026	Liberty Puerto Rico	2030 LPR Term Loan	96%	September 23, 2030	9.75%	$	50.0	$	—
2026	Liberty Costa Rica	LCR Revolving Credit Facility	N/A	January 15, 2028	Term SOFR + 4.25%	$	40.0	$	—
2025	C&W	2027 C&W RCF (b)	N/A	January 30, 2027	Adjusted Term SOFR + 3.25%	$	44.9	$	—
2025	C&W	2029 C&W RCF (b)	N/A	April 15, 2029	Term SOFR + 3.25%	$	29.1	$	—
2025	C&W	C&W Term Loan B-7 Facility	99.5%	January 31, 2032	Term SOFR + 3.25%	$	1,522.4	$	1,510.0
2025	C&W	2033 C&W Senior Notes	100%	January 15, 2033	9.00%	$	755.0	$	—
2025	Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	Adjusted Term SOFR + 3.50%	$	30.6	$	—
2025	Liberty Costa Rica	LCR Revolving Credit Facility	N/A	January 15, 2028	Term SOFR + 4.25%	$	35.0	$	—

N/A – Not applicable.

(a)Amounts borrowed are net of original issue discounts, as applicable.

(b)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, the C&W Revolving Credit Facility was amended. Under the terms of the amended agreement, $460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence, if any, of the refinancing of the C&W Term Loan B-6 Facility.

During the three months ended March 31, 2026 and 2025, we made certain repurchases or repayments on the following debt instruments:


Period	Borrowing group / Borrower	Instrument	Redemption price	Principal amount redeemed		Non-cash component
				in millions
2026	Liberty Costa Rica	2031 LCR Term Loan A	100%	$	5.0	$	—
2026	Liberty Costa Rica	2031 LCR Term Loan B	103%	$	40.0	$	—
2025	C&W	2027 C&W RCF (a)	100%	$	22.6	$	—
2025	C&W	2029 C&W RCF (a)	100%	$	22.4	$	—
2025	C&W	2027 C&W Senior Notes	100.859%	$	735.0	$	—
2025	C&W	C&W Term Loan B-5 Facility	100%	$	1,510.0	$	1,510.0
2025	Liberty Puerto Rico	LPR Revolving Credit Facility	100%	$	30.6	$	—

(a)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

Maturities of Debt

Maturities of our debt as of March 31, 2026 are presented below. Amounts presented below represent U.S. dollar equivalents based on March 31, 2026 exchange rates:


	C&W		Liberty Puerto Rico		Liberty Costa Rica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2026 (remainder of year)	$	281.0	$	64.9	$	40.0	$	1.0	$	386.9
2027	94.9		1,162.8		—		0.7		1,258.4
2028	491.3		620.5		—		—		1,111.8
2029	595.9		820.7		—		—		1,416.6
2030	10.6		260.8		—		—		271.4
Thereafter	3,478.1		38.1		470.0		—		3,986.2
Total debt maturities	4,951.8		2,967.8		510.0		1.7		8,431.3
Premiums, discounts and deferred financing costs, net	(41.4)		(23.9)		(10.7)		—		(76.0)
Total debt	$	4,910.4	$	2,943.9	$	499.3	$	1.7	$	8,355.3
Current portion	$	373.5	$	66.0	$	40.0	$	1.3	$	480.8
Long-term portion	$	4,536.9	$	2,877.9	$	459.3	$	0.4	$	7,874.5

(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.

(10) Unfulfilled Performance Obligations

We enter into certain long-term (i) capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time and (ii) contracts with customers related to the construction of subsea cable systems where we recognize revenue over time, generally using an output method. With respect to long-term prepaid contracts, we assess whether such contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of March 31, 2026, we have approximately $330 million of unfulfilled performance obligations relating to our long-term contracts that generally will be recognized as revenue over an average remaining life of four years.

(11) Equity

Share Repurchase Program

Effective May 7, 2024, our Directors approved a Share Repurchase Program, which, subject to certain limitations and conditions, authorize us to repurchase up to $200 million in aggregate dollar value of our Class A common shares and/or Class C common shares through December 2026.

The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

During the three months ended March 31, 2026, we repurchased 0.8 million and 1.2 million Class A and Class C common shares, respectively. At March 31, 2026, the remaining amount authorized for share repurchases under the Share Repurchase Program was $184 million.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

LCR NCI Transaction

During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire an additional 8.5% of the remaining noncontrolling interest on January 30, 2026 for an aggregate cash consideration of approximately $84 million, of which $53 million was paid during the first quarter of 2026. The remaining consideration that is comprised of CRC 8 billion ($18 million) and $15 million, and is due on January 29, 2027, is reflected within other accrued and current liabilities on the condensed consolidated balance sheet.

(12) Income Taxes

For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful.

Income tax expense was $27 million and $9 million during the three months ended March 31, 2026 and 2025, respectively. This represents an effective income tax rate of (254.3%) and 7.7% for the three months ended March 31, 2026 and 2025, respectively, including items treated discretely.

For the three months ended March 31, 2026, the income tax expense attributable to our income before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, net increases in valuation allowances, permanent differences such as non-deductible expenses, and our estimate of global minimum tax. These detrimental effects were partially offset by the beneficial effects of net changes in uncertain tax positions and permanent differences, such as non-taxable income.

For the three months ended March 31, 2025, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, permanent tax differences, such as non-deductible expenses, the inclusion of withholding taxes on cross-border payments, global minimum tax, and net return-to-provision adjustments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of net decreases in valuation allowances, permanent tax differences, such as non-taxable income, and changes to uncertain tax positions.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

(13) Earnings or Loss Per Share

Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented. Diluted EPS presents the dilutive effect, if any, on a per share basis of dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of the calculations of our basic and diluted EPS are set forth below:


	Three months ended March 31,
		2026		2025
		in millions, except per share amounts
Numerator:

Net loss attributable to Liberty Latin America shareholders – basic and diluted		$	(22.7)	$	(136.4)




Denominator:

Weighted average shares – basic and diluted (a)		200.3		197.5





Basic and diluted net loss per share attributable to Liberty Latin America shareholders		$	(0.11)	$	(0.69)

(a)During the three months ended March 31, 2026 and 2025, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effects at March 31, 2026 and 2025 of the following items were not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria:


	March 31,
	2026	2025
	in millions
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs	45.4	46.3
Outstanding PSUs and PSARs	8.1	8.6
LTVP and ESPP	3.0	8.1

(14) Commitments and Contingencies

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. For commitments associated with the LCR NCI Transaction, see note 11.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

Regulatory Issues. We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

During 2024, we received a claim from a third party with respect to possible overpayments made to us under a transitional services agreement. We are currently unable to estimate a possible loss or range of possible loss associated with this claim.

On March 19, 2026, entities affiliated with Arini Capital Management and GoldenTree Asset Management that are purported beneficial holders of the 2028 LPR Term Loan commenced a civil action in the Supreme Court of the State of New York, County of New York, Commercial Division, against Liberty Puerto Rico, Liberty Latin America, Leo Cable LLC, The Bank of Nova Scotia (as administrative and SPV security agent under the 2028 LPR Term Loan credit agreement), certain individuals affiliated with Liberty Puerto Rico and Liberty Latin America, and certain other entities, all with respect to Liberty Puerto Rico’s entry into the 2030 LPR Credit Agreement, the issuance of the 2030 LPR Term Loan, and related transactions (the “Unrestricted Subsidiary Financing”). The plaintiffs allege, among other things, that the Unrestricted Subsidiary Financing resulted in a breach of the 2028 LPR Term Loan credit agreement and related documents, as well as a breach of fiduciary duties by certain entities and individuals. The plaintiffs also assert claims of fraudulent transfer, tortious interference, aiding and abetting a purported breach of fiduciary duties, alter ego, and related claims. The plaintiffs request that the court declare an event of default under the 2028 LPR Term Loan credit agreement, avoid and unwind certain asset transfers made in connection with the Unrestricted Subsidiary Financing, and award compensatory damages, attorneys’ fees, costs, and disbursements. We dispute the claim, and we intend to vigorously defend the matter. We are unable to predict the likely duration of this civil action, nor are we able to estimate a liability or reasonable range of loss associated with it.

(15) Segment Reporting

Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As of March 31, 2026, our operating segments, which are also our reportable segments, are as follows:

•Liberty Caribbean;

•C&W Panama;

•Liberty Networks;

•Liberty Puerto Rico; and

•Liberty Costa Rica.

Performance Measures of our Reportable Segments

We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices.

Adjusted OIBDA is the primary measure used by our CODM, who is our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of Total reportable segment Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.


		Revenue
	Three months ended March 31,
		2026		2025
		in millions
Liberty Caribbean		$	354.5	$	363.9
C&W Panama		175.5		177.0
Liberty Networks		121.2		110.4
Liberty Puerto Rico		296.2		298.4
Liberty Costa Rica		158.1		158.2
Total reportable segment revenue		1,105.5		1,107.9
Corporate		3.5		3.9
Intersegment eliminations		(26.2)		(28.3)
Consolidated revenue		$	1,082.8	$	1,083.5


		Adjusted OIBDA
	Three months ended March 31,
		2026		2025
		in millions
Liberty Caribbean		$	163.4	$	173.3
C&W Panama		63.7		64.6
Liberty Networks		55.2		57.9
Liberty Puerto Rico		91.1		81.5
Liberty Costa Rica		56.5		58.9
Total reportable segment Adjusted OIBDA		$	429.9	$	436.2

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

The following table provides a reconciliation of total Adjusted OIBDA to operating income and to earnings (loss) before income taxes:


	Three months ended March 31,
		2026		2025
		in millions
Total reportable segment Adjusted OIBDA		$	429.9	$	436.2
Corporate (a)		(24.8)		(29.6)
Share-based compensation and other Employee Incentive Plan-related expense (b)		(31.6)		(34.0)
Depreciation and amortization		(217.1)		(228.8)
Impairment, restructuring and other operating items, net		(11.2)		(15.7)
Operating income		145.2		128.1
Interest expense		(164.2)		(158.3)
Realized and unrealized losses on derivative instruments, net		(7.4)		(62.9)
Foreign currency transaction gains (losses), net		45.9		(4.2)
Losses on debt extinguishments, net		(2.3)		(14.4)
Other expense, net		(6.7)		(5.9)
Earnings (loss) before income taxes		$	10.5	$	(117.6)

(a)Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, which is not considered an operating segment of Liberty Latin America.

(b)Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.

Our programming and other direct costs of services by major category, which are further discussed below, are as follows:


	Three months ended March 31,
		2026		2025
		in millions
Programming and copyright		$	51.3	$	57.6
Interconnect		63.7		66.7
Equipment		82.9		80.6
Project-related and other		37.6		27.7
Total programming and other direct costs of services		$	235.5	$	232.6

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

Our other operating costs and expenses by major category, which are further discussed below, are as follows:


	Three months ended March 31,
		2026		2025
		in millions
Personnel and contract labor-related		$	146.1	$	147.2
Network-related		55.9		54.3
Service-related		60.9		60.4
Commercial		43.2		45.6
Facility, provision, franchise and other		136.1		136.8
Share-based compensation and other Employee Incentive Plan-related expense		31.6		34.0
Total other operating costs and expenses (a)		$	473.8	$	478.3

(a)Amounts represent total other operating costs and expenses as set forth in our condensed consolidated statements of operations. These amounts differ from significant operating costs and expenses reviewed by our CODM, which represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.

Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 6.


	Three months ended March 31,
	2026		2025
	in millions
Liberty Caribbean	$	37.5	$	37.5
C&W Panama	15.4		14.7
Liberty Networks	15.2		18.4
Liberty Puerto Rico	19.4		28.6
Liberty Costa Rica	17.0		15.2
Corporate	6.2		5.9
Total property and equipment additions	110.7		120.3
Assets acquired under capital-related vendor financing arrangements	(41.3)		(37.6)
Changes in current liabilities related to capital expenditures and other	29.9		14.0
Total capital expenditures, net	$	99.3	$	96.7

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

Geographic Markets

The revenue from third-party customers for each of our geographic markets is set forth in the table below.


	Three months ended March 31,
		2026		2025
		in millions
Puerto Rico		$	279.2	$	283.5
Panama		175.3		176.2
Costa Rica		158.0		157.9
Jamaica		103.2		105.3
Networks & LatAm (a)		98.6		87.1
The Bahamas		39.7		48.6
Trinidad and Tobago		36.4		37.4
Barbados		42.2		40.9
Other (b)		150.2		146.6
Total		$	1,082.8	$	1,083.5

(a)The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks.

(b)The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

Revenue by Major Category

Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following:

•residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively;

•residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue; and

•B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators; and (ii) wholesale revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)


	Three months ended March 31, 2026
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	114.3	$	30.6	$	—	$	114.6	$	32.2	$	—	$	—	$	291.7
Non-subscription revenue	4.6		0.9		—		6.2		4.4		—		—		16.1
Total residential fixed revenue	118.9		31.5		—		120.8		36.6		—		—		307.8
Residential mobile revenue:
Service revenue	92.2		72.1		—		71.3		79.3		—		—		314.9
Interconnect, inbound roaming, equipment sales and other (b)	17.5		15.0		—		54.5		25.6		3.0		—		115.6
Total residential mobile revenue	109.7		87.1		—		125.8		104.9		3.0		—		430.5
Total residential revenue	228.6		118.6		—		246.6		141.5		3.0		—		738.3



B2B revenue (c)	125.9		56.9		121.2		43.9		16.6		0.5		(26.2)		338.8
Other revenue	—		—		—		5.7		—		—		—		5.7
Total	$	354.5	$	175.5	$	121.2	$	296.2	$	158.1	$	3.5	$	(26.2)	$	1,082.8

(a)Included in this amount is $23 million of revenue earned from sales to other segments of Liberty Latin America.

(b)The total amount includes $64 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $9 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)


	Three months ended March 31, 2025
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	123.5	$	29.9	$	—	$	118.0	$	33.3	$	—	$	—	$	304.7
Non-subscription revenue	5.4		1.3		—		5.8		9.3		—		—		21.8
Total residential fixed revenue	128.9		31.2		—		123.8		42.6		—		—		326.5
Residential mobile revenue:
Service revenue	89.0		71.2		—		79.0		71.7		—		—		310.9
Interconnect, inbound roaming, equipment sales and other (b)	21.3		15.2		—		45.3		26.1		3.5		—		111.4
Total residential mobile revenue	110.3		86.4		—		124.3		97.8		3.5		—		422.3
Total residential revenue	239.2		117.6		—		248.1		140.4		3.5		—		748.8



B2B revenue (c)	124.7		59.4		110.4		43.7		17.8		0.4		(28.3)		328.1
Other revenue	—		—		—		6.6		—		—		—		6.6
Total	$	363.9	$	177.0	$	110.4	$	298.4	$	158.2	$	3.9	$	(28.3)	$	1,083.5

(a)Included in this amount is $23 million of revenue earned from sales to other segments of Liberty Latin America.

(b)The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Significant Expenses

Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below. We consider these expenses significant because they are regularly provided to and reviewed by our CODM. Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments. Our significant expense categories include the following:

•Programming and other direct costs of services, which include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations;

•Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;

•Network-related expenses, which primarily include costs related to network access, system power, core network and CPE repair, maintenance and test costs;

•Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)

•Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; and

•Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs.


	Three months ended March 31, 2026
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Programming and copyright	$	11.8	$	5.3	$	—	$	24.4	$	9.8	$	—	$	—	$	51.3
Interconnect	14.7		15.4		12.9		18.0		6.0		—		(3.3)		63.7
Equipment	9.7		14.1		0.1		41.8		17.1		—		0.1		82.9
Project-related and other	12.3		13.6		13.5		0.8		—		—		(2.6)		37.6
Total programming and other direct costs of services	48.5		48.4		26.5		85.0		32.9		—		(5.8)		235.5
Personnel and contract labor-related	50.8		19.6		14.6		34.5		9.4		16.7		0.5		146.1
Network-related	32.5		12.4		11.7		8.0		11.0		—		(19.7)		55.9
Service-related	17.1		5.2		4.4		21.9		8.0		5.5		(1.2)		60.9
Commercial	6.5		9.2		0.4		11.4		15.7		—		—		43.2
Facility, provision, franchise and other	35.7		17.0		8.4		44.3		24.6		6.1		—		136.1
Total significant other operating costs and expenses	142.6		63.4		39.5		120.1		68.7		28.3		(20.4)		442.2
Total significant expenses	$	191.1	$	111.8	$	66.0	$	205.1	$	101.6	$	28.3	$	(26.2)	$	677.7

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2026

(unaudited)


	Three months ended March 31, 2025
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Programming and copyright	$	15.9	$	5.3	$	—	$	27.4	$	9.1	$	—	$	(0.1)	$	57.6
Interconnect	14.4		16.9		13.1		20.8		6.3		—		(4.8)		66.7
Equipment	10.3		14.1		0.1		36.9		19.2		—		—		80.6
Project-related and other	10.9		14.5		4.4		0.8		1.2		—		(4.1)		27.7
Total programming and other direct costs of services	51.5		50.8		17.6		85.9		35.8		—		(9.0)		232.6
Personnel and contract labor-related	48.4		18.4		12.5		39.4		8.4		20.1		—		147.2
Network-related	30.0		12.4		12.7		7.1		10.2		—		(18.1)		54.3
Service-related	17.7		4.6		2.7		23.1		6.1		7.3		(1.1)		60.4
Commercial	8.4		8.9		0.9		11.7		15.7		—		—		45.6
Facility, provision, franchise and other	34.6		17.3		6.1		49.7		23.1		6.1		(0.1)		136.8
Total significant other operating costs and expenses	139.1		61.6		34.9		131.0		63.5		33.5		(19.3)		444.3
Total significant expenses	$	190.6	$	112.4	$	52.5	$	216.9	$	99.3	$	33.5	$	(28.3)	$	676.9

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q.

The following discussion and analysis, which should be read in conjunction with our 2025 Form 10-K and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q, is intended to assist in providing an understanding of our financial condition, changes in financial condition and results of operations and is organized as follows:

•Forward-looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events.

•Overview. This section provides a general description of our business and recent significant events.

•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2026 and 2025.

•Material Changes in Financial Condition. This section provides an analysis of our liquidity, condensed consolidated statements of cash flows and contractual commitments.

Unless otherwise indicated, operational data (including subscriber statistics) is presented as of March 31, 2026.

Forward-looking Statements

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report on Form 10-Q are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 3. Quantitative and Qualitative Disclosures About Market Risk, Item 4. Controls and Procedures and Part II, Item 1. Legal Proceedings may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; our property and equipment additions; grants or renewals of licenses; subscriber growth and retention rates; the impact of Hurricane Melissa on our business; changes in competitive, regulatory and economic factors; the recovery by our Puerto Rico operations; changes in our revenue, costs, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; credit risks; interest rate risks; internal control over financial reporting and remediation of material weaknesses; foreign currency risks; compliance with debt, financial and other covenants; our future projected sources and uses of cash; the outcome of pending litigation; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described in Part I, Item 1A in our 2025 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:

•economic and business conditions and industry trends in the countries in which we operate;

•the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services;

•fluctuations in currency exchange rates, inflation rates and interest rates;

•our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms;

•our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services;

•instability in global financial markets, including sovereign debt issues and related fiscal reforms;

•our ability to obtain additional financing and generate sufficient cash to meet our debt obligations;

•the impact of restrictions contained in certain of our subsidiaries’ debt instruments;

•consumer disposable income and spending levels, including the availability and amount of individual consumer debt;

•changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes;

•customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;

•our ability to manage rapid technological changes;

•the impact of 5G and wireless technologies;

•our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber;

•our ability to provide satisfactory customer service, including support for new and evolving products and services;

•our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers;

•the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;

•changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings;

•government intervention that requires opening our broadband distribution networks to competitors;

•our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services;

•our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions;

•our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire;

•changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes;

•changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks;

•the ability of suppliers and vendors, including third-party channel providers and broadcasters, to timely deliver quality products, equipment, software, services and access;

•the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters;

•uncertainties inherent in the development and integration of new business lines and business strategies;

•our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs;

•the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions;

•problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities;

•our ability to profit from investments in joint ventures that we do not solely control;

•the effect of any of the identified material weaknesses in our internal control over financial reporting;

•piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation;

•the outcome of any pending or threatened litigation, such as the financing transaction litigation described in Part II, Item 1. Legal Proceedings;

•the loss of key employees and the availability of qualified personnel;

•the effect of any strikes, work stoppages or other industrial actions that could affect our operations;

•changes in the nature of key strategic relationships with partners and joint venturers;

•our equity capital structure;

•our ability to realize the full value of our intangible assets and the impact of any impairments;

•changes in and compliance with applicable data privacy laws, rules, and regulations;

•our ability to recoup insurance reimbursements and settlements from third-party providers;

•our ability to comply with anti-corruption laws and regulations, such as the FCPA;

•our ability to comply with economic and trade sanctions laws, such as the U.S. Treasury Department’s OFAC;

•the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena; and

•events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes and other natural disasters, pandemics like the COVID-19 pandemic, and other similar events.

The communications, entertainment and enterprise solutions sectors are characterized by rapid, constant evolution and, therefore, the forward-looking statements of expectations, plans and intent in this Quarterly Report on Form 10-Q are subject to a significant degree of risk. These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law. Readers are cautioned not to place undue reliance on any forward-looking statement.

Overview

General

We are an international provider of fixed, mobile and subsea telecommunications services. We provide,

A.residential and B2B services in:

i.over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama;

ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and

iii.Costa Rica, through our reportable segment Liberty Costa Rica.

At March 31, 2026, we (i) owned and operated fixed networks that passed 4,748,900 homes and served 3,848,500 RGUs, comprising 1,748,300 broadband internet subscribers, 1,197,100 fixed-line telephony subscribers and 903,100 video subscribers and (ii) served 6,809,100 mobile subscribers.

Hurricane Melissa

In late October 2025, the island of Jamaica was impacted by Hurricane Melissa with significant damage to homes, businesses and infrastructure, particularly in the southwest of the island, and moderate damage in the northwest. The capital city, Kingston, and other urban areas in the east were less impacted. As of March 31, 2026, we still have approximately 50,000 RGUs, which is comprised of 25,000 broadband internet, 19,000 fixed-line telephony, and 6,000 video subscribers, that continue to be offline and are expected to be back online in the near term. This is an improvement of approximately 36,000 RGUs as compared to the approximately 86,000 RGUs that were not receiving service as of December 31, 2025.

As a result of the impact of Hurricane Melissa, we incurred lower revenue during the first quarter of 2026 and expect to incur lower revenue during the remainder of 2026 relative to 2025 pre-hurricane period. This decrease is predominantly due to lower fixed connectivity that has been offline for a period of time together with the impact of subscriber losses. We continue to work hard to restore connectivity, but there can be no guarantee as to the cadence of future reconnections or the pace and magnitude of future revenue recovery. In addition, we expect to continue to incur additional property and equipment additions as we restore damaged networks.

For the first quarter of 2026, Hurricane Melissa had negative impacts to (i) revenue of approximately $12 million and (ii) Adjusted OIBDA of approximately $13 million. These totals exclude a benefit of approximately $6 million of revenue for services rendered to customers immediately following the hurricane that was believed to be uncertain of collection in 2025. Additionally, we incurred incremental property and equipment additions of approximately $12 million as a result of Hurricane Melissa.

Material Changes in Results of Operations

The comparability of our operating results during the three months ended March 31, 2026 and 2025 is affected by FX. As we use the term, “organic” changes exclude FX.

Changes in foreign currency exchange rates may have a significant impact on our operating results, as Liberty Costa Rica and certain entities within C&W have functional currencies other than the U.S. dollar. The impacts to the various components of our results of operations that are attributable to changes in FX are highlighted below. For information concerning our foreign currency risks and applicable foreign currency exchange rates, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Rates below.

The amounts presented and discussed below represent 100% of the revenue and expenses of each segment and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries

of C&W and Liberty Puerto Rico and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments. Any cost increases that we are not able to pass on to our subscribers would result in increased pressure on our operating margins.

Operating Income or Loss

The following table sets forth the organic and non-organic changes in the components of operating income or loss during the three months ended March 31, 2026, as compared to the corresponding period in 2025.



	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2026		2025				FX		Organic
	in millions
Revenue	$	1,082.8	$	1,083.5	$	(0.7)	$	10.2	$	(10.9)
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services	235.5		232.6		2.9		2.2		0.7
Other operating costs and expenses	473.8		478.3		(4.5)		5.0		(9.5)
Depreciation and amortization	217.1		228.8		(11.7)		1.5		(13.2)
Impairment, restructuring and other operating items, net	11.2		15.7		(4.5)		0.1		(4.6)
	937.6		955.4		(17.8)		8.8		(26.6)
Operating income	$	145.2	$	128.1	$	17.1	$	1.4	$	15.7

As reflected in the table above, there was an increase to our operating income for the three months ended March 31, 2026 as compared with the corresponding period in 2025. For further discussion and analysis of organic changes in revenue and operating costs and expenses, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below. For further discussion and analysis of changes in Depreciation and amortization, and Impairment, Restructuring and other operating items, net, see Results of Operations (below Adjusted OIBDA) sections below.

Consolidated Adjusted OIBDA

On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.

A reconciliation of total operating income, the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.


	Three months ended March 31,
		2026		2025
		in millions
Operating income		$	145.2	$	128.1
Share-based compensation and other Employee Incentive Plan-related expense		31.6		34.0
Depreciation and amortization		217.1		228.8
Impairment, restructuring and other operating items, net		11.2		15.7
Consolidated Adjusted OIBDA		$	405.1	$	406.6

The following table sets forth the organic and non-organic changes in Adjusted OIBDA during the three months ended March 31, 2026, as compared to the corresponding period in 2025:


	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment eliminations		Consolidated
	in millions
Adjusted OIBDA for the three months ending:
March 31, 2025	$	173.3	$	64.6	$	57.9	$	81.5	$	58.9	$	(29.6)	$	—	$	406.6
Organic changes related to:
Revenue	(9.7)		(1.5)		7.8		(2.2)		(7.0)		(0.4)		2.1		(10.9)
Programming and other direct costs	3.1		2.4		(8.3)		0.9		4.3		—		(3.1)		(0.7)
Other operating costs and expenses	(3.4)		(1.8)		(2.6)		10.9		(2.2)		5.2		1.0		7.1
Non-organic changes related to:
FX	0.1		—		0.4		—		2.5		—		—		3.0
March 31, 2026	$	163.4	$	63.7	$	55.2	$	91.1	$	56.5	$	(24.8)	$	—	$	405.1

Adjusted OIBDA Margin

The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments:


	Three months ended March 31,
	2026	2025
	%
Liberty Caribbean	46.1	47.6
C&W Panama	36.3	36.5
Liberty Networks	45.5	52.4
Liberty Puerto Rico	30.8	27.3
Liberty Costa Rica	35.7	37.2

Adjusted OIBDA Margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses.

Revenue

Most of our segments derive their revenue primarily from (i) residential fixed services, including video, broadband internet and fixed-line telephony, (ii) mobile services and (iii) B2B enterprise services. Liberty Networks also provides wholesale services over its subsea and terrestrial fiber optic cable networks.

While not specifically discussed in the below explanations of the changes in revenue, we experience significant competition in all of our markets. Competition has an adverse impact on our ability to increase or maintain our (i) RGUs, (ii) ARPU and/or (iii) B2B revenue.

Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU. Changes in ARPU can generally be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period. In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products.

The following table sets forth the organic and non-organic changes in revenue by reportable segment during the three months ended March 31, 2026, as compared to the corresponding period in 2025.


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2026		2025				FX		Organic
	in millions
Liberty Caribbean	$	354.5	$	363.9	$	(9.4)	$	0.3	$	(9.7)
C&W Panama	175.5		177.0		(1.5)		—		(1.5)
Liberty Networks	121.2		110.4		10.8		3.0		7.8
Liberty Puerto Rico	296.2		298.4		(2.2)		—		(2.2)
Liberty Costa Rica	158.1		158.2		(0.1)		6.9		(7.0)
Corporate	3.5		3.9		(0.4)		—		(0.4)
Intersegment eliminations	(26.2)		(28.3)		2.1		—		2.1
Total	$	1,082.8	$	1,083.5	$	(0.7)	$	10.2	$	(10.9)

Liberty Caribbean. Liberty Caribbean’s revenue by major category is set forth below:


	Three months ended March 31,				Increase (decrease)
	2026		2025		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	114.3	$	123.5	$	(9.2)	(7)
Non-subscription revenue	4.6		5.4		(0.8)		(15)
Total residential fixed revenue	118.9		128.9		(10.0)		(8)
Residential mobile revenue:
Service revenue	92.2		89.0		3.2		4
Interconnect, inbound roaming, equipment sales and other	17.5		21.3		(3.8)		(18)
Total residential mobile revenue	109.7		110.3		(0.6)		(1)
Total residential revenue	228.6		239.2		(10.6)		(4)


B2B revenue	125.9		124.7		1.2		1
Total	$	354.5	$	363.9	$	(9.4)	(3)

The details of the changes in Liberty Caribbean’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):


	Three-month comparison
Decrease in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	(8.7)
ARPU	(0.6)
Decrease in residential fixed non-subscription revenue	(0.8)
Total decrease in residential fixed revenue	(10.1)
Increase in residential mobile service revenue (b)	3.2
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (c)	(3.8)
Increase in B2B revenue (d)	1.0
Total organic decrease	(9.7)
Impact of FX	0.3
Total	$	(9.4)

(a)The decrease is attributable to lower average broadband internet, video and fixed-line telephony RGUs, primarily due to the impact of Hurricane Melissa.

(b)The increase is primarily attributable to the net effect of (i) higher prepaid mobile ARPU, mainly resulting from price increases in Jamaica during the third quarter of 2025 and the first quarter of 2026, (ii) higher average number of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower average number of prepaid mobile subscribers mainly driven by prepaid to postpaid migration and churn associated with price increases.

(c)The decrease is primarily due to (i) lower volumes and rates of inbound roaming, and (ii) lower handset sales in several of our markets.

(d)The increase is mainly due to the net effect of (i) a benefit of approximately $6 million of revenue recorded during the first quarter of 2026 for services rendered to customers immediately following Hurricane Melissa that was believed to be uncertain of collection in 2025, and (ii) lower fixed subscription revenue, also related to Hurricane Melissa.

C&W Panama. C&W Panama’s revenue by major category is set forth below:


	Three months ended March 31,				Increase (decrease)
	2026		2025		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	30.6	$	29.9	$	0.7	2
Non-subscription revenue	0.9		1.3		(0.4)		(31)
Total residential fixed revenue	31.5		31.2		0.3		1
Residential mobile revenue:
Service revenue	72.1		71.2		0.9		1
Interconnect, inbound roaming, equipment sales and other	15.0		15.2		(0.2)		(1)
Total residential mobile revenue	87.1		86.4		0.7		1
Total residential revenue	118.6		117.6		1.0		1



B2B revenue:	56.9		59.4		(2.5)		(4)
Total	$	175.5	$	177.0	$	(1.5)	(1)

The details of the changes in C&W Panama’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):


	Three-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	2.3
ARPU (b)	(1.6)
Decrease in residential fixed non-subscription revenue	(0.4)
Total increase in residential fixed revenue	0.3
Increase in residential mobile service revenue (c)	0.9
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue	(0.2)
Decrease in B2B revenue (d)	(2.5)
Total	$	(1.5)

(a)The increase is due to the effect of higher average broadband internet and video RGUs.

(b)The decrease is primarily due to lower ARPU from video and fixed-line telephony services.

(c)The increase is primarily attributable to the net effect of (i) higher average number of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (ii) a decrease in prepaid mobile ARPU mainly driven by the migration of higher-value customers to postpaid plans.

(d)The decrease is mainly due to a decline in rates during the first quarter of 2026 related to data services provided to government-related agencies.

Liberty Networks. Liberty Networks’ revenue by major category is set forth below:


	Three months ended March 31,				Increase
	2026		2025		$		%
	in millions, except percentages
B2B revenue:
Enterprise revenue	$	35.6	$	32.9	$	2.7	8
Wholesale revenue	85.6		77.5		8.1		10
Total	$	121.2	$	110.4	$	10.8	10

The details of the changes in Liberty Networks’ revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):


	Three-month comparison
Increase in enterprise revenue	$	0.8
Increase in wholesale revenue (a)	7.0
Total organic increase	7.8
Impact of FX	3.0
Total	$	10.8

(a)The increase is primarily due to the net effect of (i) higher subsea capacity revenue, (ii) an increase in equipment sales and (iii) lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in the prior periods.

Liberty Puerto Rico. Liberty Puerto Rico’s revenue by major category is set forth below:


	Three months ended March 31,				Increase (decrease)
	2026		2025		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	114.6	$	118.0	$	(3.4)	(3)
Non-subscription revenue	6.2		5.8		0.4		7
Total residential fixed revenue	120.8		123.8		(3.0)		(2)
Residential mobile revenue:
Service revenue	71.3		79.0		(7.7)		(10)
Interconnect, inbound roaming, equipment sales and other	54.5		45.3		9.2		20
Total residential mobile revenue	125.8		124.3		1.5		1
Total residential revenue	246.6		248.1		(1.5)		(1)
B2B revenue	43.9		43.7		0.2		—
Other revenue	5.7		6.6		(0.9)		(14)
Total	$	296.2	$	298.4	$	(2.2)	(1)

The details of the changes in Liberty Puerto Rico’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):


	Three-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	(4.6)
ARPU (b)	1.2
Increase in residential fixed non-subscription revenue	0.4
Total decrease in residential fixed revenue	(3.0)
Decrease in residential mobile service revenue (c)	(7.7)
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)	9.2
Increase in B2B revenue	0.2
Decrease in other revenue	(0.9)
Total	$	(2.2)

(a)The decrease is due to lower average broadband internet and video RGUs.

(b)The increase is primarily due to higher ARPU from broadband internet and video services, mainly due to price increases.

(c)The decrease is primarily due to (i) lower average number of prepaid mobile subscribers, (ii) lower prepaid mobile ARPU, and (iii) lower average number of postpaid mobile subscribers.

(d)The increase is primarily due to (i) higher inbound roaming revenue, mainly driven by higher volume, and (ii) higher handset sales, mainly driven by the fulfillment of 2025 orders during the first quarter of 2026.

Liberty Costa Rica. Liberty Costa Rica’s revenue by major category is set forth below:


	Three months ended March 31,				Increase (decrease)
	2026		2025		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	32.2	$	33.3	$	(1.1)	(3)
Non-subscription revenue	4.4		9.3		(4.9)		(53)
Total residential fixed revenue	36.6		42.6		(6.0)		(14)
Residential mobile revenue:
Service revenue	79.3		71.7		7.6		11
Interconnect, inbound roaming, equipment sales and other	25.6		26.1		(0.5)		(2)
Total residential mobile revenue	104.9		97.8		7.1		7
Total residential revenue	141.5		140.4		1.1		1
B2B revenue	16.6		17.8		(1.2)		(7)
Total	$	158.1	$	158.2	$	(0.1)	—

The details of the changes in Liberty Costa Rica’s revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):


	Three-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	1.5
ARPU (b)	(4.1)
Decrease in residential fixed non-subscription revenue (c)	(5.0)
Total decrease in residential fixed revenue	(7.6)
Increase in residential mobile service revenue (d)	4.1
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e)	(1.7)
Decrease in B2B revenue (f)	(1.8)
Total organic decrease	(7.0)
Impact of FX	6.9
Total	$	(0.1)

(a)The increase is primarily driven by higher average broadband internet and video RGUs.

(b)The decrease is primarily attributable to lower ARPU from video services.

(c)The decrease is primarily due to lower CPE sales from our "buy-to-own" sales model.

(d)The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers, (ii) lower average prepaid mobile subscribers and (iii) lower prepaid mobile ARPU.

(e)The decrease is primarily attributable to (i) lower equipment sales and (ii) a decline in interconnect revenue, driven by lower local traffic volume.

(f)The decrease is primarily attributable to (i) lower B2B service revenue, predominantly due to churn, and (ii) lower project-related revenue.

Programming and other direct costs of services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations.

Consolidated. The following table sets forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2026		2025				FX		Organic
	in millions
Programming and copyright	$	51.3	$	57.6	$	(6.3)	$	0.4	$	(6.7)
Interconnect	63.7		66.7		(3.0)		0.6		(3.6)
Equipment	82.9		80.6		2.3		0.8		1.5
Project-related and other	37.6		27.7		9.9		0.4		9.5
Total programming and other direct costs of services	$	235.5	$	232.6	$	2.9	$	2.2	$	0.7

Liberty Caribbean. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Caribbean segment.


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2026		2025				FX		Organic
	in millions
Programming and copyright	$	11.8	$	15.9	$	(4.1)	$	0.1	$	(4.2)
Interconnect	14.7		14.4		0.3		—		0.3
Equipment	9.7		10.3		(0.6)		—		(0.6)
Project-related and other	12.3		10.9		1.4		—		1.4
Total programming and other direct costs of services	$	48.5	$	51.5	$	(3.0)	$	0.1	$	(3.1)

•Programming and copyright: The organic decrease is mainly due to (i) lower video subscribers, including the impact of Hurricane Melissa, and (ii) lower rates resulting from the renegotiation of certain content agreements.

C&W Panama. The following table sets forth the changes in programming and other direct costs of services for our C&W Panama segment.


	Three months ended March 31,				Decrease
	2026		2025
	in millions
Programming and copyright	$	5.3	$	5.3	$	—
Interconnect	15.4

Liberty Latin America Ltd. 10-Q