Liberty Latin America Ltd. Q4 FY2025 earnings call

• Business performed well in 2025 with over 225,000 mobile postpaid subscribers added, 9% growth in adjusted OIBDA. • Liberty Caribbean impacted by Jamaica hurricane, but mobile postpaid additions strong. • Jamaica recovery efforts ongoing, mobile network recovered, fixed network rebuilding. • C&W Panama saw revenue growth, B2B improving. • Liberty Networks involved in El Salvador submarine cable project and MANTA project. • Liberty Costa Rica focused on prepaid to postpaid mobile strategy and cost reduction. • Liberty Puerto Rico focused on commercial proposition and stabilizing fixed business.

Liberty Caribbean: Mobile postpaid additions of 55,000 in 2025, fixed broadband base broadly steady with Q4 impact from Jamaica, segment revenue flat at $1.5 billion in full year 2025. C&W Panama: Delivered accelerating postpaid adds, fixed Internet subscriber adds, rebased revenue growth of 3% in full year 2025, B2B segment improving. Liberty Networks: Wholesale revenue grew 6% rebased in 2025, underlying wholesale revenue growth 12% excluding noncash IRUs, enterprise revenue showing momentum. Liberty Costa Rica: Postpaid business added over 160,000 subscribers in 2025, rebased revenue growth of 1% in 2025, residential mobile grew revenue 6% rebased. Liberty Puerto Rico: Q4 had first positive postpaid mobile adds since migration, full year revenue declined 6%, adjusted OIBDA showed double-digit rebased growth in Q4.

• Aim to be back close to pre-hurricane levels of profitability in Jamaica by end of 2026. • Continue to build on success in B2B and B2G in C&W Panama, drive postpaid momentum. • Remain focused on delivering growth in underlying subsea capacity and executing projects. • Expect financial performance to be weighted to second half of 2026. • Anticipate full recovery in 2027.

• Impact of Hurricane Melissa on Jamaica and other regions affecting financial results. • Competitive pressures in fixed and mobile markets. • Complexity of large projects like MANTA and El Salvador cable build. • Uncertainty in Jamaica recovery timeline affecting reported results.

Q: Wonder if AI will ever enable Q&A to not be electronic, and questions about private equity infrastructure investment, organic growth tailwinds, AI benefits, and partnerships with AWS and Google.

A: Balan Nair discussed MANTA and El Salvador projects, AI benefits in trials, and AWS partnership details.

Q: Curious about fixed to mobile convergence opportunity, current take rates, volume basis, and revenue growth range.

A: Balan Nair explained fixed mobile convergence benefits, opportunities in Puerto Rico, and discussed revenue growth expectations.

Q: Question on top line trajectory in Puerto Rico, FMC opportunities, and shareholder returns.

A: Balan Nair talked about improvements in Puerto Rico, progress in net adds, B2B turnaround, and shareholder return intentions