Liberty Latin America Reports Q3 2026 Results

Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months (“Q3”) and nine months (“YTD”) ended September 30, 2026.

President and CEO Balan Nair commented, “In the third quarter, we delivered a strong operating performance, adding 56,000 postpaid mobile and broadband subscribers, representing a clear step-up from both Q1 and Q2. C&W Panama led the way with the largest contribution, while Liberty Costa Rica returned to a healthier cadence of postpaid additions.”

“Commercially, we continue to be opportunistic on targeting price increases across the group, notably in Panama through Q3 and, more recently, in Jamaica. We also rolled out Liberty-Starlink partnerships during the quarter, launching direct-to-cell propositions in Panama and Costa Rica.”

“Our Adjusted OIBDA momentum carried into the third quarter, with rebased growth of 3% and margin expansion of 160 basis points YoY supported by continued efforts to improve our cost base. We anticipate improving momentum in both revenue and Adjusted OIBDA in the fourth quarter as we move into the key holiday selling season and benefit from phasing of B2B.”

“YTD Adjusted FCF before distributions to partners came in almost $140 million ahead of the same period in 2025. As is typical for us, we expect the bulk of our cash flow to land in the fourth quarter.”

“Since the distribution of Preference shares in June, our capital allocation reflects a marked acceleration in repurchases of our common equity. Through 2026 to date, we have deployed over $150 million in repurchases, equivalent to nearly 10% of 2025 year-end common shares outstanding. We intend to stay disciplined and opportunistic as regards future share repurchases.”

Business Highlights

• Liberty Caribbean: Operational gains drive sequential Adjusted OIBDA improvement
  • Postpaid and broadband net adds, on the back of solid FMC execution

  • Standout B2B contribution, underpinned by major project wins

• C&W Panama: Largest contributor to group broadband and postpaid net additions
  • Residential revenue growth accelerates to 4% YoY

  • YoY headwind from phasing of B2B revenue

• Liberty Networks: Continued solid demand for capacity
  • Strong Enterprise performance in Colombia & Dominican Republic

  • El Salvador project resulting in significant costs not matched by in-period revenue

• Liberty Puerto Rico: Steady Adjusted OIBDA margin improvement
  • Continued postpaid additions from SIM-only product

  • Further price increases on residential to support revenue

• Liberty Costa Rica: Adjusted OIBDA rebased growth of 8% YoY
  • Return to healthy postpaid net adds; stable broadband base in competitive market

  • Cost efficiencies program driving down operating expenses

Preferred Dividend Update

Liberty Latin America also today announced that its Board of Directors declared the regular quarterly cash dividend payable to holders of its 9.0% Fixed Rate Cumulative Perpetual Redeemable

Series A Preference Shares. The per share amount of the quarterly cash dividend will be $0.5625, payable in cash on December 15, 2026 to stockholders of record of the preferred stock at the close of business on November 30, 2026.

Financial and Operating Highlights

1. See Glossary for the definition of RGUs and mobile subscribers. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted.

Revenue Highlights

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

N.M. – Not Meaningful.

• Reported revenue for the three and nine months ended September 30, 2026 was broadly flat and 1% higher, respectively, compared with the corresponding prior-year periods. Rebased revenue over the respective periods was 2% and 1% lower.
  • The flat year-over-year rebased revenue performance at Liberty Networks and Liberty Costa Rica was more than offset by declines at C&W Panama, Liberty Puerto Rico and, to a lesser extent, Liberty Caribbean.

Q3 2026 Revenue Growth – Segment Highlights

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

• Liberty Caribbean: revenue declined 1%, as growth in B2B and residential mobile was more than offset by lower residential fixed revenue.
  • B2B revenue increased 6%, driven by higher project revenue, including wins in the Bahamas and Curaçao as well as continued mobile growth across the region.

  • Residential mobile service revenue grew 6%, aided by postpaid additions from rising FMC penetration and supportive pricing.

  • Residential fixed subscription revenue declined 9% on a rebased basis, reflecting a lower subscriber base mainly in Jamaica.

• C&W Panama: revenue declined 5%. Total residential revenue grew 4%, with residential mobile service revenue up 6% on continued postpaid growth and residential fixed subscription revenue up 3%; this was more than offset by a 19% decline in B2B revenue on the phasing of government project revenue.

• Liberty Networks: revenue increased 5% on a reported basis and was broadly flat on a rebased basis. Enterprise growth, especially in Colombia and the Dominican Republic, was offset by lower Wholesale impacted by lower IRU non-cash amortizations.

• Liberty Puerto Rico: revenue was down 3%. B2B and residential fixed declined 5% and 3%, respectively, while mobile revenue saw postpaid growth more than offset by declines in prepaid.
  • Sequentially, trends continue to be robust, with a full year of consecutive quarterly postpaid net additions and continued momentum from the SIM-only offer supporting mobile revenue growth.

• Liberty Costa Rica: revenue increased 12% on a reported basis and was broadly flat on a rebased basis.
  • The rebased result is a combination of 4% residential mobile revenue growth on strong postpaid additions, offset by a 7% decline in residential fixed revenue due to competitive ARPU pressure and an 8% decline in B2B driven by lower project revenue.

Operating Income

• We reported operating income (loss) of $181 million and $188 million for the three months ended September 30, 2026 and 2025, respectively, and $508 million and ($17 million) for the nine months ended September 30, 2026 and 2025, respectively.
  • The decrease for the three-month comparison is primarily due to the net effect of (i) higher depreciation and (ii) an increase in Adjusted OIBDA. The improvement for the nine-month comparison is primarily due to (i) a decline in impairment, restructuring and other operating items, as we incurred impairment on spectrum assets during 2025 and (ii) increase in Adjusted OIBDA.

Adjusted OIBDA Highlights

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

• Adjusted OIBDA on a reported basis for the three and nine months ended September 30, 2026 was up 5% and 3%, respectively, over the prior-year periods. On a rebased basis, Adjusted OIBDA was up 3% and 2% over the corresponding periods.
  • Strong year-over-year rebased growth at Liberty Costa Rica and Liberty Puerto Rico, more than offset a decline at Liberty Networks.

Q3 2026 Adjusted OIBDA Growth – Segment Highlights

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

• Liberty Caribbean: Adjusted OIBDA was broadly flat, with lower bad debt offsetting softer revenue. Sequential Adjusted OIBDA once again stepped up this quarter.

• C&W Panama: Adjusted OIBDA grew 1%, reflecting lower direct costs.

• Liberty Networks: Adjusted OIBDA declined 15% on a reported and 16% on a rebased basis, reflecting the phasing of the El Salvador build, whereby direct costs were incurred but not matched by in-period revenue recognition.

• Liberty Puerto Rico: Adjusted OIBDA increased 8%, on lower equipment and interconnect costs, including the elimination of MVNO fees. Sequential Adjusted OIBDA also increased on lower costs in the quarter.

• Liberty Costa Rica: Adjusted OIBDA increased 21% on a reported basis and 8% on a rebased basis, with the margin expanding around 300 basis points to approximately 40%, reflecting the ongoing roll-out of cost-saving initiatives.

Property & Equipment Additions and Capital Expenditures

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

1. Table excludes Liberty Networks as that reportable segment only provides B2B-related services.

Operating Income (Loss) less Property & Equipment Additions

• Operating income (loss) less property and equipment additions was $12 million and $38 million for the three months ended September 30, 2026 and 2025, respectively, and $49 million and ($437 million) for the nine months ended September 30, 2026 and 2025, respectively.

Adjusted OIBDA less Property & Equipment Additions

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

1. Adjusted OIBDA less property and equipment additions for Liberty Latin America on a consolidated basis is a non-GAAP measure. Note that the sum of the reportable segments will not agree to the total for Liberty Latin America as we do not disclose amounts associated with our Corporate operations or intersegment eliminations. For the definition of Adjusted OIBDA less property and equipment additions and required reconciliations, see Non-GAAP Reconciliations section.

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

The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at September 30, 2026:

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

2. Represents the C&W borrowing group, including the Liberty Caribbean, Liberty Networks and C&W Panama reportable segments.

3. Cash amount includes restricted cash that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network.

4. Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Non-GAAP Reconciliations section.

5. For purposes of calculating our weighted average tenor, total debt excludes vendor financing, debt related to the Tower Transactions and other debt and finance lease obligations.

6. At September 30, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the September 30, 2026 compliance reporting requirements.

Residential Fixed ARPU per Customer Relationship

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

Note: rebased growth rates, consolidated Adjusted OIBDA and Adjusted FCF are non-GAAP measures. Rebased growth rates reflect the estimated impacts of FX. See Non-GAAP Reconciliations section.

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

1. The FX-Neutral change represents the percentage change adjusted for FX impacts and is calculated by adjusting the current-period figures to reflect translation at the foreign currency rates used to translate the prior-quarter amounts.

2. The ARPU per customer relationship amounts in Costa Rican colónes for the three months ended September 30, 2026 and 2025 were CRC 17,136 and CRC 18,516, respectively.

3. The mobile ARPU amounts in Costa Rican colónes for the three months ended September 30, 2026 and 2025 were CRC 5,850 and CRC 5,687, respectively.

Forward-Looking Statements and Disclaimer

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

About Liberty Latin America

Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region.

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). Liberty Latin America also has a class of preferred shares, which is traded on the NASDAQ Global Select market under the symbol “LILAP”.

For more information, please visit www.lla.com.

Additional Information | Cable & Wireless Borrowing Group

The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP:

1. Indicated growth rates are rebased for the estimated impacts of FX.

The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W’s third-party debt and cash and cash equivalents:

• At September 30, 2026, our total and proportionate net debt was $4.5 billion and $4.2 billion, respectively, our Fully-swapped Borrowing Cost was 6.4%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 4.9 years.

• C&W’s Covenant Proportionate Net Leverage Ratio was 3.8x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W’s Credit Agreement.

• At September 30, 2026, we had maximum undrawn commitments of $644 million, including $70 million under our regional facilities. At September 30, 2026, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the September 30, 2026 compliance reporting requirements.

Liberty Puerto Rico (LPR) Borrowing Group

The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP:

The following table details the nominal amount outstanding of Liberty Puerto Rico’s third-party debt, finance lease obligations and cash and cash equivalents:

1. The debt under each of the Term Loan Facilities due 2030 is incurred by entities within the Liberty Puerto Rico Borrowing Group that have been designated as “Unrestricted Subsidiaries” under, and in accordance with, terms governing the 6.75% Senior Secured Notes due 2027, the 5.125% Senior Secured Notes due 2029, and the Term Loan Facility due 2028. A more detailed presentation of this construct will be included in the reporting at the Liberty Puerto Rico Borrowing Group level.

2. Cash amounts include restricted cash that serves as collateral against certain letters of credit associated with funding received from the FCC to continue to expand and improve our fixed network.

• At September 30, 2026, our Fully-swapped Borrowing Cost was 7.3% and the average tenor of our debt (excluding debt related to the Tower Transactions and handset financing) was approximately 1.9 years.

• LPR’s Covenant Consolidated Net Leverage Ratio was 12.8x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s credit agreement governing the Term Loan Facility due 2028.

• At September 30, 2026, we had maximum undrawn commitments of $190 million. At September 30, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the September 30, 2026 compliance reporting requirements.

Liberty Costa Rica Borrowing Group

The following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP:

The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica’s third-party debt and cash and cash equivalents:

1. From July 15, 2028 and thereafter, the interest rate is subject to increase by 0.125% per annum for each of the two Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027.

• At September 30, 2026, our Fully-swapped Borrowing Cost was 10.3% and the average tenor of our debt was approximately 4.3 years.

• LCR’s Covenant Consolidated Net Leverage Ratio was 1.9x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR’s Credit Agreement.

• At September 30, 2026, we had maximum undrawn commitments of $26 million (CRC 11.8 billion). At September 30, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the September 30, 2026 compliance reporting requirements.

Subscriber Table

1. Our homes passed in Liberty Costa Rica include 54,000 homes on a third-party network that provides us long-term access.

Quarterly Subscriber Variance