LILAK

Core business did well in Q3 with over 100,000 postpaid net adds, $1.1 billion revenue (return to year-over-year growth), adjusted OIBDA $433 million (7% rebased year-over-year growth). Recognized hardship from Hurricane Melissa in the Caribbean, committed to recovery. Liberty Caribbean's Cable & Wireless silo had a solid quarter, Liberty Caribbean had strong mobile key performance indicators, fixed key performance indicators had a flat broadband subscriber base; C&W Panama had postpaid net adds, B2B revenue expansion; Liberty Networks had strong wholesale and enterprise performance, launched MAYA-1.2. Liberty Costa Rica had postpaid mobile growth, launched a broadband offer, filed an appeal on the regulator's resolution. Liberty Puerto Rico had mobile performance stability, launched a new postpaid proposition, and had efforts on the fixed side

Anticipate robust free cash flow in Q4 despite the impact of Hurricane Melissa, mitigated by proceeds from the parametric insurance program. Commercial plans are robust on B2B and residential, focused on the holiday season. Cost reduction and efficiency programs continue to support adjusted OIBDA and cash flow into 2026. The capital allocation strategy will be determined, including stock buyback, debt paydown, and consideration of a dividend

Cable & Wireless credit silo: Liberty Caribbean had $369 million revenue with 3% rebased year-over-year growth, adjusted OIBDA $173 million (10% rebased year-over-year growth, margin 47%); C&W Panama had $199 million revenue and $72 million adjusted OIBDA, 6% and 4% rebased year-over-year growth respectively; Liberty Networks had $117 million revenue and $65 million adjusted OIBDA, 6% and 10% rebased year-over-year growth respectively. Liberty Puerto Rico had $298 million revenue, 5% rebased year-over-year decline; adjusted OIBDA $96 million, 7% rebased year-over-year growth. Liberty Costa Rica had $155 million revenue, 3% rebased year-over-year growth; adjusted OIBDA $56 million, 7% rebased year-over-year growth

Cash flow performance in Q3 was challenged by collections from government customers. The impact of Hurricane Melissa on operations, finances, and the economy, with dependencies such as power restoration. Uncertainty in the outcome and timing of Puerto Rico's liability management process

Q: On the timing and progress of cost-cutting initiatives, and margin drivers for Liberty Networks.

A: Cost cutting started 20 months ago and continues into 2026, focusing on cost of goods sold, operating expenses, and labor. Liberty Networks' margin expansion is from bad debt reduction, the end of IRU acceleration, growth in monthly recurring revenue, and expenditure on project Manta.

Q: On Puerto Rico margin expansion and cash uses.

A: Margin expansion in Puerto Rico is from cost-side efficiency, with revenue growth expected with the launch of FMC and digital sales. Cash uses will be determined through the capital allocation strategy.

Q: On Puerto Rico fixed business competition and Jamaica network rebuild.

A: Puerto Rico's fixed business competition is from traditional cable, with churn mostly to other fixed operators; Jamaica's network recovery is ongoing, with power restoration being key, and a partnership with Starlink for connectivity.

Q: On U.S. market factors and parametric insurance.

A: Postpaid growth is stable, with device innovation being a factor; parametric insurance is designed with concentric rings, has a quick payout, and the approach is evolving