Company Announcements

Continued expansion in broadband and postpaid mobile subscribers

H1 operating loss of $205m; H1 Adj. OIBDA of $822m, 8% YoY rebased growth

Cost efficiencies across LLA to support ongoing Adj. OIBDA momentum

Intention to drive shareholder value through separation of Liberty Puerto Rico

DENVER, Colorado--(BUSINESS WIRE)--Aug. 7, 2025-- 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 (“Q2”) and six months ("YTD" or "H1 2025") ended June 30, 2025.

CEO Balan Nair commented, “Our second quarter results built upon Q1 momentum, as we delivered continued growth in both fixed and postpaid mobile subscribers. We added approximately 45,000 net organic broadband and postpaid additions across Liberty Caribbean, C&W Panama and Liberty Costa Rica, taking H1 additions to just over 100,000 for these operating segments.”

“Our cost reduction activities across the Group have enabled us to benefit from considerable operating leverage. This is reflected in LLA reporting 7% and 8% YoY rebased Adjusted OIBDA growth in Q2 and H1, respectively. Of note in the quarter, Liberty Caribbean delivered 11% YoY rebased Adjusted OIBDA growth, on the back of efficiency initiatives. Additionally, as we have indicated in prior quarters, we have been hard at work in Liberty Puerto Rico, and the local team has begun to stabilize the business, driving 21% YoY rebased Adjusted OIBDA growth and sequential improvement from Q1. LLA's YoY rebased revenue growth was impacted by a challenging comparable measure due to higher project-related B2B revenue in the prior-year period. We expect B2B to be a catalyst for better momentum in H2.”

“Today, at LLA, we believe our share price is not reflective of our growth potential or the value of our underlying businesses. In order to unlock this value for our shareholders, we intend to separate Liberty Puerto Rico from LLA, which could take one of many forms, including a spin-off. It is critical that Liberty Puerto Rico has a strong and sustainable capital structure going forward and we are working hard to achieve that desired outcome. With respect to Liberty Puerto Rico’s liquidity, we expect that the business will utilize its own assets to raise any required incremental capital. We look forward to providing updates as we execute our plans.”

“Following separation, our two remaining credit silos at LLA, which consist of Cable & Wireless (Liberty Caribbean, Liberty Networks & C&W Panama) and Liberty Costa Rica, benefit from strong investments in fixed and mobile infrastructure. They have competitive positions in attractive markets and a unique subsea and terrestrial fiber network spanning the Caribbean and Central America. We believe this group of businesses will be positioned for continued Adjusted OIBDA growth and will generate substantial cash flow over time, on a much less levered balance sheet than LLA today. This should support an attractive capital return policy via recurring dividend and/or stock repurchases.”

Business Highlights

• Liberty Caribbean: another record Adjusted OIBDA quarter
  • Strong postpaid mobile adds; selective price increases in fixed
  • Adjusted OIBDA margin up 480 basis points YoY to 47% on strong cost reduction
• C&W Panama: strong performance in mobile
  • Continued momentum on postpaid mobile and broadband additions
  • YoY growth impacted by tough B2B comparison; phasing weighted towards H2
• Liberty Networks: sequential expansion in revenue and Adjusted OIBDA
  • YoY revenue and Adjusted OIBDA headwinds from non-cash IRU accelerations
  • Subsea cable system investments to support future recurring revenue
• Liberty Puerto Rico: mobile stabilizing, fixed revenue sequentially stable
  • Positive trend in postpaid mobile churn; CVP launch in July to support momentum
  • Strong focus on operating cost and capital spend reduction
• Liberty Costa Rica: strength in mobile offsetting competitive challenges in fixed
  • Mobile revenue growth supported by continued prepaid-to-postpaid migration
  • Stable fixed customer base despite competition

Financial and Operating Highlights

Amounts may not recalculate due to rounding.

1. Rebased growth rates are a non-GAAP measure. The indicated growth rates are rebased for the estimated impacts of FX, an acquisition and a disposal. See Non-GAAP Reconciliations section.
2. Consolidated Adjusted OIBDA is a non-GAAP measure. For the definition of Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations section.
3. Adjusted Free Cash Flow (“Adjusted FCF”) is a non-GAAP measure. For the definition of Adjusted FCF and required reconciliations, see Non-GAAP Reconciliations section.

1. See Glossary for the definition of RGUs and mobile subscribers. Organic figures exclude RGUs and mobile subscribers of acquired entities at the date of acquisition and other non-organic adjustments, but include the impact of changes in RGUs and mobile subscribers from the date of acquisition. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted.
2. Refer to the quarterly subscriber variance table for discussion about non-organic adjustments in Q2 2025 at Liberty Puerto Rico. The Q1 2025 fixed customers, RGUs balance and organic changes presented in this table have been adjusted for comparability purposes.

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 six months ended June 30, 2025 was 3% and 2% lower as compared to the corresponding prior-year periods, respectively.
  • Reported revenue in Q2 and H1 2025 was lower primarily driven by a reduction in all segments besides Liberty Costa Rica.

Q2 2025 Revenue Growth – Segment Highlights

• Liberty Caribbean: revenue declined 1% and was flat year-over-year on a reported and rebased basis, respectively.
  • Mobile residential revenue increased by 5% on a reported basis and 6% on a rebased basis, year-over-year. Performance was mainly driven by higher prepaid ARPU following price increases, primarily in Jamaica, and 41,000 net organic postpaid subscriber additions over the last twelve months.
  • Fixed residential revenue declined by 2% on a reported basis and 1% on a rebased basis, year-over-year, driven by lower volumes mainly due to the impact of Hurricane Beryl in Q3 2024 and a drop in non-subscription revenue, which more than offset the increase in ARPU.
  • B2B revenue was 3% lower on both a reported and rebased basis, year-over-year. The rebased decline was mainly driven by higher project revenue in the previous year’s period, which more than offset a strong performance in mobile services in a number of markets.
• C&W Panama: revenue declined by 10% on a reported and rebased basis, year-over-year.
  • Mobile residential revenue grew by 6% on both a reported and rebased basis, year-over-year, fueled by the net effect of (i) subscription revenue growth following the net organic addition of 26,000 postpaid subscribers over the last twelve months, (ii) higher equipment sales, driven by growth in both volume and unit pricing and (iii) the negative impact of nationwide protests principally impacting the prepaid business.
  • Fixed residential revenue was flat on a reported basis and up 2% on a rebased basis, year-over-year, driven by broadband RGU net organic additions supported by continuous commercial momentum and churn management initiatives.
  • B2B revenue fell by 30% on both a reported and rebased basis, year-over-year, primarily reflecting an exceptionally strong project revenue performance in the prior-year period, along with reduced contributions this year due to delays in project approvals.
• Liberty Networks: revenue declined by 4% and 3% year-over-year on a reported and rebased basis, respectively. The rebased decrease was mainly attributable to lower Wholesale revenue, reflecting a higher level of non-cash IRU revenue acceleration in the same quarter last year, partially offset by new lease capacity sales. In Enterprise, gains in IT-as-a-Service and connectivity revenue were more than offset by a reduction in project-related revenue.
• Liberty Puerto Rico: revenue was 2% and 5% lower on a reported and rebased basis, respectively, year-over-year. The rebased comparison includes the acquisition of EchoStar's Puerto Rico and USVI prepaid mobile customer base on September 3, 2024, which contributed approximately $9 million of revenue in each of the current and corresponding prior-year quarters.
  • Residential fixed revenue declined by 1% on both a reported and rebased basis, year-over-year, primarily due to higher ARPU from price increases implemented in February 2025 more than offset by a reduction in the subscriber base, including the impact related to the end of the ACP program.
  • Residential mobile revenue was 4% higher and 3% lower compared to the prior-year period on a reported and rebased basis, respectively. The rebased decline was largely driven by a reduction in postpaid mobile subscribers, year-over-year, impacted by disruption related to the migration of customers to our mobile network. Prepaid revenue remained stable over the period while non-subscription revenue saw an increase.
  • B2B revenue declined by 18% year-over-year on both a reported and rebased basis, reflecting (i) lower service revenue resulting from a smaller subscriber base impacted by migration challenges and (ii) reduced mobile ARPU.

Sequentially in Puerto Rico, revenue grew by 1% on a reported basis driven by residential revenue gains, including an increase in roaming, partly offset by lower FCC and B2B revenue. Postpaid churn continues to trend favorably while the introduction of our new postpaid customer value proposition, Liberty Mix, in July should help to support momentum in the second half of the year.

• Liberty Costa Rica: revenue grew by 3% on a reported basis and 1% on a rebased basis, year-over-year. Rebased growth was driven by higher mobile revenue, primarily due to postpaid subscriber growth and higher mobile equipment sales, as well as an increase in fixed non-subscription revenue, which more than offset continued ARPU headwinds on residential fixed subscription revenue.

Operating Income (Loss)

• We reported operating income (loss) of $(333) million and $111 million for the three months ended June 30, 2025 and 2024, respectively, and $(205) million and $204 million for the six months ended June 30, 2025 and 2024, respectively.
  • We experienced operating losses during the three and six months ended June 30, 2025, as compared with operating income for the corresponding periods in 2024, primarily due to a $494 million impairment associated with spectrum license intangible assets at Liberty Puerto Rico. The impacts of this impairment during the three and six months ended June 30, 2025 were partially offset by increases 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:

• Reported Adjusted OIBDA for the three and six months ended June 30, 2025 increased by 7% and 8%,respectively, as compared to the corresponding prior-year periods.
  • Reported Adjusted OIBDA increased in Q2 and H1 2025 driven by growth across Liberty Caribbean, Liberty Puerto Rico and C&W Panama.
  • Ongoing commitment to cost efficiency, notably in Liberty Caribbean.

Q2 2025 Adjusted OIBDA Growth – Segment Highlights

• Liberty Caribbean: Adjusted OIBDA rose by 11% on both a reported and rebased basis, year-over-year. Our Adjusted OIBDA margin improved by 480 basis points year-over-year to 47%, reflecting (i) lower equipment cost, (ii) a tax-related assessment in the prior-year period and (iii) continued progress on cost efficiencies, particularly in network and commercial expenses.
• C&W Panama: Adjusted OIBDA increased by 6% on both a reported and rebased basis, year-over-year, leading to a margin expansion of 580 basis points to 39%, mainly driven by less lower margin project revenue and lower operating expenses.
• Liberty Networks: Adjusted OIBDA decreased by 4% on a reported basis and 3% on a rebased basis, year-over-year, primarily due to lower revenue from non-cash IRUs, partially offset by reduced bad debt expense.
• Liberty Puerto Rico: Adjusted OIBDA increased by 22% and 21% on a reported and rebased basis, respectively, year-over-year, despite the aforementioned rebased revenue decline. The positive performance was supported by (i) lower bad debt expense (ii) the phasing out of prior-period costs related to the transition services agreement with AT&T following migration and the integration and (iii) reduced staff and marketing costs in the period. Sequentially, Adjusted OIBDA was up 7% on a reported basis driven by the previously mentioned revenue growth and lower FTEs following workforce reorganization, along with reduced professional services costs.
• Liberty Costa Rica: Adjusted OIBDA grew by 1% on a reported basis and was flat on a rebased basis, year-over-year. The flat rebased performance resulted from the revenue increase being offset by higher handset and bad debt expenses.

Net Loss Attributable to Shareholders

• Net loss attributable to shareholders was $(423) million and $(560) million for the three and six months ended June 30, 2025, respectively, and $(43) million for each of the three and six months ended June 30, 2024.

Property & Equipment Additions and Capital Expenditures

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

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

Operating Income (Loss) less Property and Equipment Additions

• Operating income (loss) less property and equipment additions was $(483) million and $(69) million for the three months ended June 30, 2025 and 2024, respectively, and $(475) million and $(111) million for the six months ended June 30, 2025 and 2024, respectively. The declines in the 2025 periods reflect the impairment during the second quarter of 2025 associated with spectrum license intangible assets at Liberty Puerto Rico.

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 June 30, 2025:

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 in Puerto Rico.
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, other debt and finance lease obligations.
6. At June 30, 2025, the full amount of unused borrowing capacity under our subsidiaries' revolving credit facilities was available to be borrowed, both before and after completion of the June 30, 2025 compliance reporting requirements. 

Residential Fixed ARPU per Customer Relationship

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

Residential Mobile ARPU

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

1. The FX-Neutral change represents the percentage change on a sequential basis 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 colones for the three months ended June 30, 2025 and March 31, 2025 were CRC 19,794 and CRC 20,684, respectively.
3. The mobile ARPU amounts in Costa Rican colones for the three months ended June 30, 2025 and March 31, 2025 were CRC 5,748 and CRC 5,750, 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, growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico operations; our plans with respect to the separation of Liberty Puerto Rico; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our capital return policy; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the ability to obtain regulatory approvals and satisfy the other conditions to closing with respect to the transaction with Millicom in Costa Rica; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. 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).

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 a disposal and 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 June 30, 2025, our third-party total and proportionate net debt was $4.5 billion and $4.2 billion, respectively, our Fully-swapped Borrowing Cost was 6.3%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 6.0 years.
• Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, (“Proportionate Adjusted OIBDA”) was $252 million for Q2 2025.
• C&W's Covenant Proportionate Net Leverage Ratio was 3.9x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W's Credit Agreement.
• At June 30, 2025, we had maximum undrawn commitments of $584 million, including $79 million under our regional facilities. At June 30, 2025, 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 June 30, 2025 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:

N.M. – Not Meaningful.

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

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. 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 in Puerto Rico.

• At June 30, 2025, our Fully-swapped Borrowing Cost was 6.2% and the average tenor of our debt (excluding vendor financing, debt related to the Tower Transactions and other debt) was approximately 3.0 years.

• LPR's Covenant Consolidated Net Leverage Ratio was7.9x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s Group Credit Agreement.

• At June 30, 2025, we had maximum undrawn commitments of $116 million.At June 30, 2025, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the June 30, 2025 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 June 30, 2025, our Fully-swapped Borrowing Cost was 10.7% and the average tenor of our debt was approximately 5.1 years.

• LCR's Covenant Consolidated Net Leverage Ratio was 2.1x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR’s Credit Agreement.

• At June 30, 2025, we had maximum undrawn commitments of $25 million (CRC 12.6 billion). At June 30, 2025,the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the June 30, 2025 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