What changed in this filing

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Item 1. Business

2025-02-19 compared with 2024-02-22 · 152 added, 182 removed, 787 unchanged (30% of the section changed)

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(iii) LBT CT Communications, S.A.

(a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and, as of August 9, 2021 and as further described in note 5 to our consolidated financial statements, Liberty Telecomunicaciones;

(a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and Liberty Telecomunicaciones;

and (iv) prior to the closing of the formation of the Chile JV in October 2022, VTR, as further described below.

C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas and CWP.

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

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Costa Rica, through our reportable segment Liberty Costa Rica.

through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean, and (ii) wholesale services over its subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.

Developments in the Business

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Within the last three years, we have completed the following transactions:

• during September 2024, we closed the LPR Acquisition and acquired EchoStar’s prepaid business and spectrum assets in Puerto Rico and USVI in exchange for cash and international roaming credits.

The aggregate cash consideration of $256 million will be paid in four annual installments, the first of which commenced on the closing date, September 3, 2024, and the remainder of which will be paid on the anniversary date of the closing date over the next three years.

On September 3, 2024, we paid the first installment of $95 million.

• on August 1, 2024, we announced that we entered into an agreement with Millicom to combine our respective operations in Costa Rica.

Under the terms of the all-stock agreement, we and our minority partner in Costa Rica will hold an approximate 86% interest and Millicom will hold an approximate 14% interest in the joint operations, with final ownership percentages to be confirmed at closing.

The consummation of the transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during the second half of 2025.

During August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5% of the equity of Liberty Costa Rica for approximately $83 million, comprising CRC 22 billion ($43 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.

• during November 2023, we entered into an agreement with Phoenix Tower International to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.

As of December 31, 2023, we completed these transactions across most markets.

The transaction provides arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and Phoenix Tower International over the next five years;

• during November 2023, we entered into an agreement and a license purchase agreement with Dish Network to acquire Dish Network spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets in exchange for cash and international roaming credits.

The aggregate purchase price of $256 million will be paid in four annual installments commencing on the closing date, subject to post-closing adjustments.

The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during 2024;

We completed these transactions across most markets during 2023.

The transaction provides arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and Phoenix Tower International over the next four years, or by 2027;

• on October 6, 2022, we completed the formation of the Chile JV pursuant to an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations.

The Chile JV is owned 50:50 by Liberty Latin America and América Móvil.

The Chile JV was initially owned 50:50 by

Liberty Latin America and América Móvil.

Beginning in October 2022, we began accounting for our 50% interest in the Chile JV as an equity method investment.

As such, our consolidated statements of operations and cash flows for 2022 and 2021 include VTR through the closing of the formation of the Chile JV.

As such, our consolidated statements of operations and cash flows for 2022 include VTR through the closing of the formation of the Chile JV.

During 2024, our interest in the Chile JV was reduced to less than 10% upon the conversion by América Móvil of its outstanding convertible notes.

For additional information, see note 6 to our consolidated financial statements;

• on July 1, 2022, we completed the acquisition of América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis.

• effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million.

Broadband VI, LLC provides fixed services to residential and business customers in USVI and is included in our Liberty Puerto Rico reportable segment;

• on August 9, 2021, we completed the acquisition of Telefónica’s operations in Costa Rica (the Liberty Telecomunicaciones Acquisition), in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis.

For information regarding our material financing transactions, see note 10 to our consolidated financial statements.

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Risk Factors , Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 7A.

Quantitative and Qualitative Disclosures About Market Risk may contain forward-looking statements, including statements regarding:

Management’s Discussion and Analysis of Financial Condition and Results of Operations , Item 7A.

Quantitative and Qualitative Disclosures About Market Risk and Item 9A.

Controls and Procedures may contain forward-looking statements, including statements regarding:

our business, product, foreign currency and finance strategies;

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changes in competitive, regulatory and economic factors;

the timing and impact of proposed transactions, including the Puerto Rico and USVI Spectrum Acquisition and the Tower Transactions;

our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition, in Costa Rica following the Liberty Telecomunicaciones Acquisition and in Panama following the Claro Panama Acquisition;

the recovery by our Puerto Rico operations;

the timing, benefits and expected impact of the transaction with Millicom in Costa Rica;

the anticipated benefits of the LPR Acquisition;

the UPR Fund;

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• 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, such as with respect to the Puerto Rico and USVI Spectrum Acquisition;

• 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, such as with respect to the AT&T Acquisition, the Liberty Telecomunicaciones Acquisition, and the Claro Panama Acquisition;

• changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S.

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• 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 Acquisition, the Liberty Telecomunicaciones Acquisition and the Claro Panama Acquisition;

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

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• our equity capital structure;

• our ability to realize the full value of our intangible assets;

• 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;

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Our business products and services also include enterprise-grade connectivity, data center, hosting and managed solutions, as well as IT solutions with customers ranging from small and medium enterprises to international companies and governmental agencies.

We also operate an extensive subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region, providing connectivity solutions both within and outside our operating footprint.

We also operate an extensive subsea and terrestrial fiber optic cable network that connect over 30 markets in the region, providing connectivity solutions both within and outside our operating footprint.

We are the largest fixed-line provider of high-speed broadband and video services, in terms of market share, across a number of our markets.

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Passed Fixed Line Customer

Relationships Total

RGUs Video RGUs Internet RGUs Telephony RGUs Total Mobile Subscribers Prepaid Postpaid

Relationships Video RGUs Internet RGUs Telephony RGUs Total

RGUs Prepaid Postpaid Total Mobile Subscribers

C&W Caribbean:

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Homes passed:

Cable 37 % 42 % — % 99 % — % 58 % 80 % 87 %

HFC 34 % 41 % — % 99 % — % 56 % 55 % 83 %

FTTH 64 % 57 % 89 % 1 % 100 % 43 % 45 % 17 %

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(1) Percentage of total homes passed that subscribe to television services.

(2) Percentage of two-way homes passed that subscribe to broadband internet or fixed-line telephony services, as applicable.

(2) Percentage of total homes passed that subscribe to broadband internet or fixed-line telephony services, as applicable.

(3) Percentage of total customers that subscribe to two services (double-play customers) or three services (triple-play customers) offered by our operations (video, broadband internet and fixed-line telephony), as applicable.

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Network Technology (3)

LTE LTE LTE — LTE LTE LTE 5G

LTE / 5G LTE LTE — LTE LTE / 5G LTE / 5G 5G

(1) These are the primary systems used for delivery of services in the countries indicated.

“ HFC ” refers to hybrid fiber coaxial cable networks.

(2) Represents an average as speeds vary by market.

(3) Fastest available technology.

“ LTE” refers to the Long Term Evolution Standard.

Products and Services

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As a mobile network provider, we are able to offer a full range of voice and data services, including value-added services.

available, we expect our mobile services will allow us to provide an extensive converged product offering with video, internet and fixed-line telephony, allowing our customers connectivity in and out-of-the-home.

Where available, we expect our mobile services will allow us to provide an extensive converged product offering with video, internet

and fixed-line telephony, allowing our customers connectivity in and out-of-the-home.

We hold spectrum licenses as a mobile network provider, with terms typically ranging from 10 to 15 years across our C&W markets.

In Puerto Rico and the USVI, spectrum licenses are typically held for perpetuity with the exception of CBRS spectrum which has a priority term of 10 years.

We also hold mobile spectrum licenses in Costa Rica with a 15-year term, several of these licences will expire in 2026, and these can be extended for an additional 10 year term.

We also hold mobile spectrum licenses in Costa Rica with a 15-year term, several of these licenses will expire in 2026, and these can be extended for an additional 10 year term.

Subscribers to our mobile services pay varying monthly fees depending on whether the mobile service is bundled with one of our other services or includes mobile data services over their phones, tablets or laptops.

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Customers selecting a prepaid plan or service pay in advance for a pre-determined amount of airtime and/or data and generally do not enter into a minimum contract term.

Customers subscribing to a postpaid plan generally enter into contracts ranging from 12 to 36 months.

Customers subscribing to a postpaid plan in Puerto Rico are offered installment agreements if they buy a new handset with acceleration provisions if they cancel the account without penalty.

Customers subscribing to a postpaid plan generally enter into contracts ranging from 12 to 36 months, except in Puerto Rico where the postpaid plans are on a month-to-month basis.

Customers subscribing to a postpaid plan in Puerto Rico are offered installment agreements if they buy a new handset that allow them to pay for the handset in installments over a 12 to 36 month period, but that accelerate the remaining handset installment payments if they cancel their postpaid plan account.

Long-term contracts are often taken with a subsidized mobile handset.

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Video Services .

We offer video services in Puerto Rico, Costa Rica, and in most of C&W’s residential markets.

We offer video services in Puerto Rico, Costa Rica, Panama and in nearly all of our C&W’s residential markets.

In most markets, we are enhancing our video offerings with next generation, market-leading digital television platforms that enable our customers to control when and where they watch their programming.

These advanced services are predominantly delivered over our FTTH and HFC networks and customers access a range of features that include a DVR, a VoD offering and an advanced user interface including an electronic programming guide, voice search and recommendation.

These video customers can pause their programming while a live broadcast is in progress, return to the start and find programs they may have missed.

They can also stream a selection of channels and non-linear content on their own devices through “TV Everywhere” mobile applications such as, “Flow Sports” in the Caribbean, “Liberty Go” in Puerto Rico, “+movil Total” in Panama and “Liberty Hogar” in Costa Rica.

These video customers can pause their live broadcast, restart from the beginning and find previously aired programs that they may have missed.

They can also stream a selection of channels and non-linear content on their own devices through “TV Everywhere” mobile applications such as, “Bluu” in the Caribbean, “Liberty Go” in Puerto Rico, “+movil Total” in Panama and “Liberty Hogar” in Costa Rica.

Our operations with video services typically offer multiple tiers of digital video programming starting with affordable entry or skinny and basic video service tiers.

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Our networks also allow us to provide services over dedicated access fiber lines and local and international private networks that are dedicated to our business customers.

Our business services fall into five broad categories:

Our business services fall into four broad categories:

• VoIP and circuit-switch telephony;

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For more information about our subsea network, see — Business Services above.

We continue to expand our wireless coverage and capacity across our markets.

We have built our region-wide 5G core and upgraded all of our Puerto Rico wireless network to 5G.

We continue to expand our wireless coverage and capacity across our markets and currently provide 5G services in Puerto Rico, Panama, Costa Rica and the Cayman Islands.

We operate mobile networks in all of our consumer markets except Trinidad & Tobago.

Our networks deliver high-speed services, with over 90% LTE population coverage .

Our wireless networks predominantly use LTE technologies, which we offer in most of the countries where we operate.

In Puerto Rico and USVI, we operate 5G networks and across other markets we aim to increase the speed of transmission of our data services and have been expanding our LTE coverage.

Our networks deliver high-speed Data, Voice and VAS (value-added service) services .

Our wireless networks predominantly use LTE technologies with over 90% LTE coverage , which we offer in most of the countries where we operate.

In Puerto Rico, USVI, the Cayman Islands, Panama and Costa Rica, we currently operate 5G networks.

In all markets, we aim to increase the speed of our data services and have been enhancing and expanding our LTE coverage.

We transmit wireless calls and data through radio frequencies that we use under spectrum licenses.

We have a diversified portfolio of frequencies which support LTE and 5G (Puerto Rico and USVI only) technologies.

We have a diversified portfolio of frequencies which support LTE and 5G technologies.

Spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network in certain countries.

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In 2022, AWS spectrum was allocated to our Panama operations, and we acquired additional spectrum in Barbados and Cayman.

In addition, in November 2023, we entered into an asset purchase agreement and a license purchase agreement with Dish Network to acquire Dish Network spectrum assets in Puerto Rico and USVI, which is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in 2024.

In addition, in November 2023, we entered into an asset purchase agreement and a license purchase agreement with DISH Network to acquire DISH Network spectrum assets in Puerto Rico and USVI, which closed on September 3, 2024.

We continue to invest significant capital in expanding our network capacity and reach and to address spectrum and capacity constraints on a market-by-market basis.

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through the convenience of our products, broadband and wireless connectivity services).

Except for Flow Sports and Flow 1 services, that we operate, in the Caribbean, and the RUSH sports channel operated by a consolidated joint venture with the Digicel Group, we license our programming and on-demand content through distribution agreements with third-party content providers, including broadcasters, leading cable networks and major Hollywood studios.

Except for Flow Sports and Flow 1 services, that we operate, in the Caribbean, and the Rush sports channel operated by a joint venture with the Digicel Group, we license our programming and on-demand content through distribution agreements with third-party content providers, including broadcasters, leading cable networks and major Hollywood studios.

For such licenses, we generally pay a variable monthly fee on a per subscriber basis, through multi-year programming licenses.

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With respect to rights for the sports and entertainment services we operate directly or in a joint-venture in the Caribbean, we seek to license locally relevant sports and general entertainment content.

Additionally, we produce original series and stories.

Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa

Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming services such as Netflix, Disney+, Max and Amazon Prime Video.

Additionally, we produce original series and

Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming services such as Netflix, Disney+, Max and Amazon Prime Video.

Mobile Handsets and Customer Premises Equipment

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Regulatory Matters

Video distribution, broadband internet, fixed-line telephony and mobile businesses are regulated in each of the markets in which we operate, and the scope of regulation varies from market to market.

Adverse regulatory developments could subject our businesses to a number of risks.

Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and type of services offered and could lead to increased operating costs and property and equipment additions.

In addition, regulation may restrict our operations and subject them to further competitive pressure, including pricing rules and restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties.

Failure to comply with current or future regulation could expose our businesses to various penalties.

Our regulated services are video distribution, broadband internet, fixed-line telephony and mobile services, the scope of which varies from market to market with the potential of risk caused by adverse regulatory developments.

Conditions imposed on us by competition and regulatory authorities as requirements to close acquisitions or dispositions could limit growth, revenue and the number and type of services offered, which could lead to increased operating costs and property and equipment additions.

In addition, regulation may restrict our operations and subject them to further competitive pressure, including pricing rules and restrictions, such as interconnect and other access obligations that restrict or control content, including content provided by third parties.

Failure to comply with current or future regulations could expose our businesses to various penalties.

C&W Caribbean

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Certain of these regulatory requirements are summarized below.

As the incumbent telecommunications provider in many of its jurisdictions, C&W Caribbean is subject to significant regulatory oversight with respect to the provision of fixed-line and mobile telephony services.

As the incumbent telecommunications provider in many of its jurisdictions, C&W Caribbean is subject to significant regulatory oversight with respect to the provision of fixed-line services.

Generally, in these markets, C&W Caribbean operates under a government issued license or concession that enables it to own and operate its telecommunication networks, including the establishment of wireless networks and the use of spectrum.

These licenses and concessions are typically non-exclusive and have renewable multi-year terms that include competitive, qualitative and rate regulation.

Licenses and concessions are in the process of being renewed in Jamaica, the Cayman Islands, The Bahamas, Antigua and the Turks and Caicos Islands.

These licenses and concessions are typically non-exclusive and have renewable multi-year terms that include competitive, qualitative and rate regulations.

Licenses and concessions are in the process of being renewed in The Bahamas and Antigua and Barbuda.

We believe we have complied with all local requirements to have existing licenses renewed and have provided all necessary information to enable local authorities to process applications for renewal in a timely manner.

In addition, in some of the ECTEL states we are operating under expired licenses and have applied for renewal of such licenses.

We expect that such licenses will be granted or renewed, as applicable, on the same or substantially similar terms and conditions in a timely manner.

We expect that such licenses will be granted or renewed, as applicable, on the same or substantially similar terms and conditions in a timely manner and, in Antigua and Barbuda, the outdated mobile license is due to be replaced with an updated mobile license.

Pending issuance of new or renewed licenses or concessions, we continue to operate on the same terms and conditions as prior to the licenses expiring.

With respect to licenses for mobile spectrum, the initial grant of the spectrum is sometimes subject to an auction process, but in a number of other cases, the license may be granted on the basis of an administrative process at a set level of fees for a fixed period of time, typically to coincide with carrier licenses, subject to the payment of annual fees and compliance with applicable license requirements.

In very rare cases, spectrum previously assigned to C&W Caribbean may be re-allocated by

regulatory authorities to other operators in the market.

Alternatively, spectrum sought by C&W Caribbean may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets particularly in the Caribbean.

With respect to licenses for new mobile spectrum, the initial grant of the spectrum is sometimes subject to an auction process, but spectrum in use since the initial grant of operating licenses are historically granted on the basis of an administrative process at a set level of fees for a fixed period of time, typically to coincide with carrier licenses, subject to the payment of annual fees and compliance with applicable license requirements.

In very rare cases, spectrum previously assigned to C&W

Caribbean may be re-allocated by regulatory authorities to other operators in the market.

Alternatively, spectrum sought by C&W Caribbean may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets.

By and large, spectrum assignments, once granted, remain unchanged for the duration of a license and beyond.

In the Dutch Caribbean the frequencies are allotted on a “first come, first serve” basis, and they operate in the same frequency band divisions as mainland Europe.

In the Dutch Caribbean, which are Overseas Territories of the Netherlands, the frequencies are allotted on a “first come, first serve” basis, and they operate in the same frequency band divisions as mainland Europe.

The regulator reserves the various spectrum evenly between the market players and grants these when needed.

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On the BES-islands, also known as the Caribbean Netherlands, data services are considered obligated services that are subject to price regulation requiring regulatory approval of any pricing changes, and Curacao is also considering whether to adjust its rules and regulations to make data services obligated services.

In recent years, a number of markets in which C&W Caribbean operate have demonstrated an increased interest in regulating various aspects of broadband internet services due to the increasing importance of high speed broadband.

National regulators have also demonstrated an increased focus on the issues of network resilience, broadband affordability and penetration, quality of services and consumer rights.

In recent years, due to the increasing importance of high speed broadband, national regulators have demonstrated an increased focus on the issues of network resilience, broadband affordability and penetration, quality of services and consumer rights.

Certain regulators are also seeking to mandate third-party access to C&W Caribbean’s network infrastructure, including dark fiber and landing stations, as well as to regulate wholesale services and prices.

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The process of such a challenge is likely to be long, and we cannot at this time determine the possibility of a successful outcome.

In addition, the ECTEL , the regulatory body for telecommunications in five Eastern Caribbean States (Commonwealth of Dominica, Grenada, St.

In addition, ECTEL , the regulatory body for telecommunications in five Eastern Caribbean States (Commonwealth of Dominica, Grenada, St.

Kitts & Nevis, St.

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Kitts and Nevis enacted the bill in 2021 and was later followed by St.

Vincent and the Grenadines in 2022, so that the bill is now currently in effect in those markets.

Vincent and the Grenadines in 2022.

Other ECTEL states will follow to enact the legislation in the next few years, although a specific timeline is unclear, as it is the purview of each legislature to determine the precise date on which the legislation will be introduced for deliberation.

The Electronic Communications Bill will not become effective until it has been adopted by all of the ECTEL states to ensure that the rules across these states are harmonized.

Although the legislation does contain provisions which potentially increase the level and variety of regulation to which C&W Caribbean’s operations in ECTEL states may be subject, implementation of such rules will be time consuming and complex.

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Barbados launched fixed LNP and mobile LNP in January 2023.

Other jurisdictions, including Antigua & Barbuda, Curacao and Turks and Caicos, have considered or begun to implement LNP .

Other jurisdictions, including Antigua and Barbuda, Curacao and Turks and Caicos Islands, have considered or begun to implement LNP .

Although fixed LNP and mobile LNP are already in place in Trinidad and Tobago, the regulator has yet to enforce it amongst the operators.

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Liberty Networks

With respect to Liberty Networks’ B2B and networks business in Latin America, we are subject to significantly less regulation in the markets in which we operate compared to our residential businesses described above.

We do have the licenses in Latin America and the U.S.

necessary to operate wholesale and enterprise services in all countries in which we operate.

Although the legal framework in Latin America changes from country to country, we do own international/local carrier and Internet or data services licenses in every jurisdiction in which we operate.

With respect to Liberty Networks’ B2B business in Latin America and wholesale business in Latin America and the Caribbean, we are subject to significantly less regulation in the markets in which we operate compared to our residential businesses described above.

We do have the licenses in Latin America, the U.S.

and the Caribbean countries necessary to operate wholesale and enterprise services in all countries in which we operate.

Although the legal framework in Latin America, the U.S.

and the Caribbean changes from country to country, we do own international/local carrier and Internet or data services licenses in every jurisdiction in which we operate.

Most licenses are granted for a 10 to 15 year term.

Some licenses and concessions are in the process of being renewed:

Panama (Carrier), and United States (Carrier).

Curacao (Carrier), Honduras (Carrier), Panama (Carrier), and Trinidad and Tobago (Carrier).

We believe we have complied with all local requirements to have existing licenses renewed.

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and its territories.

These facilities are regulated by the FCC , the Department of Homeland Security and other U.S.

governmental agencies that impose additional reporting and licensing obligations on Liberty Networks .

These facilities are regulated by the FCC , the Department of Homeland Security, the Department of Defense and other U.S.

governmental agencies that impose additional reporting and licensing obligations on the business.

Over the next 12 months, Liberty Networks intends to extend the consortium term for the MAYA-1 submarine cable system.

Additionally, Liberty

Networks will move forward with the license renewals for the ARCOS-1 and Antillas-1 submarine cable systems, as approved by the consortium members in 2017 and 2024, respectively .

Liberty Networks will apply for and expects to obtain the respective applicable approvals from the FCC and corresponding authorities within the respective jurisdictions.

Liberty Networks has partnered with Sparkle and Gold Data to build the new MANTA cable System, a 5,600 kilometer cable, which will be the first international submarine cable in the gulf of water immediately southeast of the U.S., connecting Mexico and the U.S.

with Central and Latin America.

MANTA is expected to be operational by 2027.

C&W Panama is subject to regulatory entities, principally ASEP.

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Currently, C&W Panama completed a mobile market consolidation process with Claro Panama, according to Law 36 of June 5, 2018 and subsequently, Digicel declared their intention to return their concession to the Panamanian government.

The law of market consolidation issued by the Panamanian government aims to maintain three mobile operators and therefore, the Panamanian state recently published the public bid for the acquisition of this concession and purchase of some assets of Digicel Panama, and it has authorized ASEP to negotiate with General International Telecom Panama for this purchase.

On June 19, 2024, the mobile concession contract between Panama and Digicel was terminated.

The law of market consolidation issued by the Panamanian Government aims to maintain three mobile operators and, therefore, the market structure in Panama is pending definition and subject to analysis, either through a new public bidding process or by creating the conditions for a mobile virtual network operator.

C&W Panama currently has a total of 125 MHz allocated (30 MHz in the 700 MHz band, 40 MHz in the 1900 MHz band, 30 MHz of AWS Band (1710-1780 MHz and 2110 and 2180) and 25 MHz in the 850 MHz band).

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As per a consolidation law, an acquiring operator could only have a maximum of 130MHz.

ASEP indicated during 2024 that the spectrum cap should be understood as dynamic depending on the amount of spectrum allocated for mobile services.

Currently such cap is 180 MHz per operator.

ASEP is in the process of modifying a resolution that will modify the National Frequency Allocation Plan by:

(i) allocating an additional 490 MHz for mobile services (300 MHz in the 3500 MHz Band and 190 MHz in the 2500 MHz Band);

(ii) allocating 100 MHz in the 2300 MHz Band for private networks;

(iii) allowing fixed wireless access with the mobile spectrum already allocated;

and (iv) defining the use of the 6 GHz Band initially as unlicensed free spectrum.

At the same time, telecommunications operators are requesting the definition of a lower price for radio spectrum in the medium bands, where ASEP has shown receptivity to formulate a proposal for analysis by the Ministry of Economy and Finance in order to encourage investment for the deployment of new technologies and strengthening of the current network.

Concessions .

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C&W Panama decided not to renew the concessions corresponding to discontinued or not provided services (facsimile retransmission service and conventional trunk systems service for public or private use), and the Concession #104 (Pay Phone Services), was renewed under special conditions imposed by the regulator.

As part of the consolidation process of the mobile market, the unification of C&W Panama and Claro Panama’s concession is part of the actions to be executed in 2025.

Public Telephone Service .

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Since 2021, efforts have been made with the regulatory authority to obtain authorization for disconnection and/or relocation of public phones, and in 2022, C&W Panama obtained approval to remove 4,005 out of 9,178 public phones.

A second request has been filed to disconnect 1,053 public phones, and C&W Panama is in the process of analyzing additional public phones to be included in a disconnection request.

A proposed 2025 disconnection schedule has been presented that includes a total of 3,187 telephones, which will gradually be submitted for ASEP approval to complete their disconnection.

Fixed Services (Fixed-Line Telephony, Public and Semipublic Telephone) .

C&W Panama has a license to provide Basic Local, National and International Telecommunications Services, as well as Public and Semipublic Terminals and Rental of Dedicated Voice Circuits, within the entire territory of Panama until the year 2037.

C&W Panama is a Type B concessionaire, with or without use of radio spectrum, subject to compliance with requirements regarding the fulfillment of quality goals for the provision of these services, such as the attention to recommendations issued by the International Telecommunications Union.

C&W Panama is a Type B concessionaire, with or without use of radio spectrum, subject to compliance with requirements regarding the fulfillment of quality goals for the

provision of these services, such as the attention to recommendations issued by the International Telecommunications Union.

During 2023, C&W Panama filed considerations to a public consultation, which proposes to eliminate National Long Distance.

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Initially, the concession for the provision of the pay television service was granted to the International Contact Center Company in 2008, and then the rights were transferred in favor of C&W Panama.

The license was

granted to retransmit audio and video signals through coaxial cable and fiber optics in the province of Panama, with a validity of 25 years, which was later extended to other provinces in the coverage area for the provision of paid TV service.

The license was granted to retransmit audio and video signals through coaxial cable and fiber optics in the province of Panama, with a validity of 25 years, which was later extended to other provinces in the coverage area for the provision of paid TV service.

As of January 16, 2025, the provision of satellite television service (DTH) will be suspended with the authorization of ASEP.

Liberty Puerto Rico

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federal level, including the FCC and the TB.

The TB has primary regulatory jurisdiction in Puerto Rico at the local level and is responsible for awarding franchises to cable operators for the provision of cable service in Puerto Rico and regulating cable television and telecommunications services.

The TB consolidated the majority of Liberty Puerto Rico’s cable franchises in December 2022.

The TB has primary regulatory jurisdiction at the local level and is responsible for awarding franchises to cable operators for the provision of cable service and regulating cable television and telecommunications services.

Our business in Puerto Rico is subject to comprehensive regulation under the Communications Act, which regulates communication, telecommunication and cable television services.

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The Communications Act specifies causes for the termination of licenses, including, for example, the failure to comply with license requirements and conditions or to pay fines or fees in a timely manner.

Such sanctions by the TB and/or FCC can be appealed to, and reviewed by, Puerto Rican courts and U.S.

Such sanctions by the TB and/or FCC can be appealed to, and reviewed by, Puerto Rican and U.S.

federal courts.

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Stage 2 of the UPR Fund made additional funding available to providers of services over fixed wireline networks through a competitive bidding process, and to mobile wireless providers subject to those providers meeting certain conditions.

To be eligible for Stage 2 UPR funding for fixed services, Liberty Puerto Rico requested that the TB designate it as an ETC, which the TB did in June 2018.

As part of its obligations as an ETC, Liberty Puerto Rico must offer services at a discounted rate to low income customers under the federal Lifeline Program and low-cost services to schools and libraries under the Schools and Libraries Program (E-Rate).

To be eligible for Stage 2 UPR funding for fixed services, Liberty Puerto Rico became an ETC and is obligated to offer services at a discounted rate to low income customers under the federal Lifeline Program and low-cost services to schools and libraries under the Schools and Libraries Program (E-Rate).

Both programs provide FCC subsidies to ensure access to telecommunications and broadband access services for specified classes of customers.

Liberty Puerto Rico began offering Lifeline services in April 2019.

On November 2, 2020, LCPR received preliminary approval from the FCC for an award of approximately $72 million through the UPR Fund.

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The revenue recognized from such project will be reflected as “other revenue” in our revenue by product disclosures in our financial statements.

Effective December 31, 2021, in connection with the BBVI Acquisition, Liberty Puerto Rico acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, subject to certain post-closing adjustments.

On June 8, 2021, the FCC’s Wireline Competition Bureau issued a public notice authorizing $85 million in Connect USVI funding for Broadband VI, LLC to deploy wireline networks and provide voice and broadband services to more than 46,000 locations in the U.S.

Effective December 31, 2021, Liberty Puerto Rico acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, subject to certain post-closing adjustments.

On June 8, 2021, the FCC’s Wireline Competition Bureau issued a public notice authorizing $85 million in Connect USVI funding for Broadband VI, LLC to deploy wireline networks and provide voice

and broadband services to more than 46,000 locations in the U.S.

Virgin Islands.

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In addition to expansions and upgrades, Broadband VI, LLC committed to a robust disaster preparation and response plan to harden its network and make it more resistant to storm damage.

Broadband VI, LLC is currently building out to comply with a 40% deployment milestone originally due on December 31, 2024 for which it obtained an FCC waiver until March 31, 2025.

With respect to Stage 2 UPR funding for mobile wireless providers, the FCC also established in September 2019 that mobile wireless providers providing service in Puerto Rico as of June 2017 were eligible to receive up to $254 million over three years based on their relative number of subscribers for such service as of June 2017.

In order to obtain such support, the mobile providers were required to confirm the number of mobile wireless subscribers they served as of June 2017, and obtain FCC approval of a plan that describes and commits to the methods and procedures that will be used to prepare for and respond to disasters in Puerto Rico.

Liberty Puerto Rico’s predecessor wireless provider in Puerto Rico (AT&T) submitted the required documentation and in June 2020, the FCC authorized that entity to receive approximately $34 million in annual funding over

three years or a total amount of $102 million in funding to expand, improve and harden the mobile networks in Puerto Rico and USVI.

Liberty Puerto Rico’s predecessor wireless provider in Puerto Rico (AT&T) was authorized by the FCC to receive approximately $34 million in annual funding over three years or a total amount of $102 million in funding to expand, improve and harden the mobile networks in Puerto Rico and USVI.

That entity had previously obtained the required ETC designation in Puerto Rico.

Having purchased this business in connection with the AT&T Acquisition, Liberty Puerto Rico is receiving these funds.

The funds are paid in equal installments of $3 million and since the date of the AT&T Acquisition, we have received approximately $98 million in funding, including approximately $94 million and $4 million received by our mobile operations in Puerto Rico and USVI, respectively.

Having purchased this business in connection with the AT&T Acquisition, Liberty Puerto Rico received these funds.

We have received approximately $98 million in funding, including approximately $94 million and $4 million received by our mobile operations in Puerto Rico and USVI, respectively.

On April 19, 2023, the FCC adopted a report and order that provides two additional years of transitional mobile support beginning in June 2023.

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Thus, Liberty Puerto Rico’s annual Stage 2 UPR mobile support was reduced from approximately $34 million to approximately $17 million in the first year of transitional support and to approximately $8.5 million in the second year.

The FCC has stated that it intends to develop a long-term funding mechanism to support network hardening in Puerto Rico but has not yet released a notice of proposed rulemaking regarding such long-term funding program.

On September 21, 2023 the FCC adopted a further notice of proposed rulemaking seeking comment on whether the FCC should support 5G development in Puerto Rico and USVI through the 5G Fund for Rural America.

Liberty Puerto Rico also is subject to certain regulatory requirements specific to it.

On August 29, 2024, the FCC adopted a Second Report and Order and Order on Reconsideration, which affirmatively included Puerto Rico and USVI as eligible for funding under the definition of the 5G Fund Phase I auction.

Liberty Puerto Rico is also subject to certain regulatory requirements specific to it.

Liberty Latin America entered into a Letter of Agreement on July 1, 2020 with the DOJ and the U.S.

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and (8) public, education and government entity access requirements.

Liberty Puerto Rico offers high-speed internet access throughout its entire footprint.

In March 2015, the FCC issued an order classifying mass-market broadband internet access service as a “telecommunications service,” changing its long-standing treatment of this offering as an “information service,” which the FCC traditionally has subjected to limited regulation.

The rules adopted by the FCC prohibited, among other things, broadband providers from:

(i) blocking access to lawful content, applications, services or non-harmful devices;

(ii) impairing or degrading lawful internet traffic on the basis of content, applications, services or non-harmful devices;

and (iii) favoring some lawful internet traffic over other lawful internet traffic in exchange for consideration (collectively, 2015 Restrictions ).

In addition, the FCC prohibited broadband providers from unreasonably interfering with users’ ability to access lawful content or use devices that do not harm the network, or with edge providers’ ability to disseminate their content, and imposed more detailed disclosure obligations on broadband providers than were previously in place.

On December 14, 2017, the FCC adopted a Declaratory Ruling, Report and Order (the 2017 Order ) that, in large part, reversed the regulations issued by the FCC in 2015.

The 2017 Order, among other things, restores the classifications of broadband internet access as an information service under Title I of the Communications Act , and mobile broadband internet access service as a private mobile service, and eliminates the 2015 Restrictions.

The 2017 Order does require ISPs to disclose information to consumers regarding practices such as throttling, paid prioritization and affiliated prioritization, and restores broadband consumer protection authority to the Federal Trade Commission.

In 2019, the United States Court of Appeals for the District of Columbia Circuit largely upheld the 2017 Order.

On October 19, 2023, the FCC adopted a notice of proposed rulemaking in which the FCC , among other things, again proposes to classify broadband internet access service as a telecommunications service subject to regulation under Title II of the Communications Act (the 2023 Notice ) and prohibit ISPs from blocking or throttling information transmitted over their networks or engaging in paid or affiliated prioritization agreements.

The FCC likely will adopt some form of the rules proposed in the 2023 Notice during 2024 following completion of the FCC ’s public comment period.

Any new rules may be challenged in U.S.

federal court.

On November 15, 2023, the FCC adopted a report and order and further notice of proposed rulemaking pursuant to the Infrastructure Act to broadly prohibit “digital discrimination of access” to broadband, defined as “policies or practices, not justified by genuine issues of technical or economic feasibility, that differentially impact consumers’ access to broadband internet access service based on their income level, race, ethnicity, color, religion or national origin, or are intended to have such differential impact.” Under the new rules, differentiation as to any available quality of service metric for broadband service may provide a basis for liability, absent sufficient justification.

The FCC will enforce the prohibition on digital discrimination of access through self-initiated FCC investigations and through informal complaints filed with the FCC , but will not initiate any enforcement investigation until at least six months after the effective date of the new rules.

The FCC also seeks comment on proposed rules requiring ISPs to submit annual reports to the FCC of substantial projects recently completed by providers and to establish internal compliance programs to evaluate the demographics of communities served by such projects and whether providers’ broadband-related policies might differentially affect access to broadband without adequate technical or economic justification.

Liberty Puerto Rico is a participating provider in the ACP, which was known as the Emergency Broadband Benefit Program until it was renamed by the Infrastructure Act enacted on November 15, 2021.

The ACP provides a long-term broadband affordability benefit program to low-income customers .

The Infrastructure Act , among other things, reduced the standard benefit discount from $50 per month to $30 per month and requires a broadband provider to allow enrolled households to apply the ACP benefit to any of the provider’s internet service offerings.

The ACP launched on December 31, 2021, and the FCC adopted final rules for the ACP on January 21, 2022.

Liberty Puerto Rico is subject to the proceedings and requirements regarding ACP administration and related subjects set forth in the Infrastructure Act and the FCC’s rules for ACP.

The funding for the ACP currently is expected to be exhausted in approximately April 2024.

On January 11, 2024, the FCC issued an order detailing wind-down procedures for the ACP, including a freeze on ACP enrollments effective on February 8, 2024.

Legislation to allocate additional funding for the FCC is pending in Congress.

Similarly, Liberty Puerto Rico is a participating provider in the ECF , a $7.17 billion FCC program that sought to help schools and libraries provide the tools and services they provided to their communities during the Covid-19 pandemic.

The ECF is set to sunset during the first half of 2024.

On January 2, 2025, the Sixth Circuit Court of Appeals struck down the FCC’s Open Internet Order, which had reinstated net neutrality rules by reclassifying broadband internet as a Title II Telecommunications Service under the Communications Act.

As of January 2025, there are no federal net neutrality rules in effect.

On November 15, 2023, the FCC adopted a report and order and further notice of proposed rulemaking pursuant to the Infrastructure Act to broadly prohibit “digital discrimination of access” to broadband, defined as “policies or practices, not justified by genuine issues of technical or economic feasibility, that differentially impact consumers’ access to broadband internet access service based on their income level, race, ethnicity, color, religion or national origin, or are intended to have such differential impact” (also known as the Digital Discrimination Rules).

As of their adoption on November 15, 2023, the Digital Discrimination Rules have been contested in court.

Judicial challenges have been consolidated and are currently under review by the Eighth Circuit Court of Appeals.

Liberty Puerto Rico participated in the ACP, which was known as the Emergency Broadband Benefit Program until it was renamed by the Infrastructure Act in 2021.

The ACP provided a long-term broadband affordability benefit program to low-income customers and concluded on June 1, 2024 .

Similarly, Liberty Puerto Rico was also a participating provider in the ECF , a $7.17 billion FCC program that sought to help schools and libraries provide the tools and services they provided to their communities during the Covid-19 pandemic.

The ECF concluded on June 30, 2024.

On November 17, 2022, the FCC issued a report and order and a further notice of proposed rulemaking adopting rules that require broadband providers to display, at the point of sale, labels that disclose certain information regarding broadband prices, introductory rates, data allowances and broadband speeds.

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The FCC also seeks comment regarding the adoption of additional disclosure requirements regarding price and performance information, among other matters.

The ACP concluded in 2024.

The Infrastructure Act also established the Middle Mile Broadband Infrastructure Grant Program (MMG).

The MMG Program is a competitive grant program that provides funding to telecommunications companies and other eligible entities for the construction, improvement or acquisition of middle mile infrastructure.

Middle mile generally means any broadband infrastructure that does not connect directly to an end-user and provides a backbone for local providers to build on existing infrastructure and extend connectivity services to individual customers.

Grants awarded under the MMG Program may not exceed 70% of the total project costs presented in each application.

If a proposal is awarded with a middle mile grant, the recipient of such funds will have five years to complete the middle mile project presented under the winning proposal.

In addition, the winner may be subject to certain NTIA rules regarding the MMG Program and other applicable regulatory requirements and proceedings.

In 2022, LCPR submitted four middle mile grant proposals and Broadband VI, LLC submitted one proposal.

On June 15, 2023, the NTIA awarded LCPR a grant of approximately $9.3 million to fund new middle mile infrastructure in areas where LCPR has been awarded UPR Funds for last-mile services.

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The new rule requires a five-pronged approach to enhance coordination during an emergency, typically resulting from a national disaster such as a hurricane.

Failure to comply with applicable regulations could subject us to fines, forfeitures, and other penalties (including, in extreme cases, revocation of our spectrum licenses), even if any non-compliance was unintentional.

On January 25, 2024, the FCC adopted a second report and order regarding its disaster reporting rules that requires wireless providers to report their infrastructure status information in the FCC’s DIRS daily when the FCC activates DIRS in a wireless provider’s service area.

On September 15, 2023, the FCC adopted mandatory actions to improve the reliability and resiliency of wireless networks during emergencies.

Specifically, it adopted a Mandatory Disaster Response Initiative that requires wireless providers to:

(1) provide roaming to one another when a network is down, where technically feasible;

(2) establish mutual aid agreements to share physical assets and to consult with one another before and during emergencies;

(3) enhance municipal preparedness;

(4) increase consumer readiness;

and (5) improve public awareness and stakeholder communications regarding restoration times.

Providers will have to be ready to comply with said mandatory actions by, at least, May 1, 2024.

On November 15, 2023, the FCC adopted a report and order revising the customer proprietary network information and local number portability regulations to reduce the incidence of SIM swapping (fraudulent transfer of a wireless customer’s service to another device) and port-out fraud (fraudulent transfer of a wireless customer’s account to another carrier).

The new rules require wireless providers to, among other things:

(1) adopt secure methods of authenticating a customer before redirecting a customer’s phone number to a new device or provider;

(2) adopt processes for responding to failed authentication attempts;

(3) institute employee training regarding SIM swap and port-out fraud;

(4) notify customers regarding SIM change and port-out requests;

and (5) offer customers the option to lock their accounts to block processing of SIM changes and number ports.

Wireless providers must comply with most of the new regulations by July 8, 2024, but rules requiring customer notifications, customer account locks and SIM change requests and authentication recordkeeping will become effective at a later date following review by the Office of Management and Budget.

Liberty Costa Rica

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For the first, granted i n 2011, MICITT awarded Telefonica 10 MHz in the 850 MHz band, 30 MHz in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.

This concession has a 15-year renewable term, expiring on May 12, 2026, that may be extended for an additional 10 year term.

This concession has a 15-year renewable term, expiring on May 12, 2026, that may be extended for an additional 10 year term, and we have begun the process to renew this concession.

The second one, granted in 2018, MICITT awarded Liberty Telecomunicaciones 20 MHz in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.

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Cable television service providers in Costa Rica are free to define the channels and content included in their services and are not required to carry any specific programming, except as described below, provided that both the regulator and end users will be notified through regulated communication.

However, the Commission of Control and Qualification of Public

Spectacles of the Ministry of Justice and Peace may impose sanctions on providers that have run programming containing excessive violence, adult content, or other objectionable content.

However, the Commission of Control and Qualification of Public Spectacles of the Ministry of Justice and Peace may impose sanctions on providers that have run programming containing excessive violence, adult content, or other objectionable content.

Pay television operators are directly responsible for violating such prohibitions.

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Through concessions contracts N° C-001-2011-MINAET and -002-2017-MICITT DAF-034-2013, Liberty Telecomunicaciones is authorized to install, maintain, manage, operate and commercially exploit the mobile telephone service, in the assigned radio spectrum segments, for its prepaid and post-paid mobile customers.

On June 28, 2024, Liberty Telecomunicaciones successfully launched 5G services by leveraging Dynamic Spectrum Sharing technology, utilizing its existing spectrum originally used for 4G.

Liberty Telecomunicaciones participated in the 5G radio spectrum auction held on January 23, 2025, securing one block in the 700 MHz band, one in the 2,300 MHz band, four in the 3,500 MHz band and one in the 26/28GHz band.

The company acquired the spectrum rights for approximately $16.3 million and committed to deploying over 1,552 base stations to enhance coverage and service quality in underserved areas.

The auction’s base price was set at 10% of the spectrum’s estimated value, with the remaining 90% designated for infrastructure development.

On August 31, 2023, the Costa Rican government issued a decree aimed at regulating 5G deployment with a strong emphasis on cybersecurity.

The decree mandates compliance with international standards, restricts participation from companies based in countries that have not signed the Budapest Convention on Cybercrime, and establishes oversight mechanisms.

However, this decree has been legally challenged in Costa Rican courts, leading to its current suspension.

This development could significantly influence the selection of manufacturers for the rollout of mobile networks, including both 5G and other mobile generations.

We operate in an emerging region of the world, where market penetration of telecommunication services such as broadband and mobile data is lower than in more developed markets.

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We also offer various calling plans, such as unlimited network, national or international calling, unlimited off-peak calling and minute packages, including calls to fixed and mobile phones.

In addition, we use our bundled offers with our video and high-speed internet services to gain mobile subscribers where possible.

Our ability to offer fixed-mobile convergence services is expected to be a key driver.

In several of our markets, we expect to increase focus on converged services, including mobile, fixed-line, broadband and video.

In addition, we use our bundled offers with our high-speed internet services to gain mobile subscribers where possible.

Our ability to offer fixed-mobile convergence services is expected to be a key driver of growth.

• C&W Caribbean .

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From time to time, new entrants come into the markets.

For example, Rock Mobile announced its intent to launch a business, and has received spectrum to do so, in Jamaica.

• C&W Panama .

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In these markets and our other Latin American markets, our key competition for internet services is from cable and IPTV operators and mobile data service providers.

To compete effectively, we are expanding our LTE service areas and increasing our download speeds.

To compete effectively, we are expanding our LTE service areas, introducing 5G, and increasing our download speeds.

In most of our markets, we offer our internet service through bundled offerings that include video and fixed-line telephony.

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Where C&W Caribbean is the incumbent telecommunications provider, it competes with cable operators, the largest of which are Cable Bahamas Limited in The Bahamas and Digicel in certain of C&W Caribbean markets.

To distinguish itself from these competitors, C&W Caribbean is investing in footprint expansion and upgrades and uses its bundled offers with video and telephony to promote its broadband internet services.

To distinguish itself from these competitors, C&W Caribbean is investing in footprint expansion and upgrades and we are focused in our fixed-mobile convergence strategy with mobile and broadband internet services offers.

• C&W Panama .

The largest competitor in Panama is Millicom (through the Cable Onda brand).

The largest competitor in Panama is Millicom (through the Tigo brand).

• Liberty Puerto Rico .

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Video Distribution

Our video services compete primarily with traditional FTA broadcast television services, DTH satellite service providers and other fixed-line telecommunications carriers and broadband providers, including operations offering (i) services over HFC cable networks, (ii) DTH satellite services, (iii) internet protocol television ( IPTV ) over broadband internet connections using asymmetric DSL or VDSL or an enhancement to VDSL called “vectoring,” (iv) IPTV over FTTH networks, or (v) LTE services.

Our video services compete primarily with traditional FTA broadcast television services, DTH satellite service providers and other fixed-line telecommunications carriers and broadband providers, including operations offering (i) services over HFC cable networks, (ii) DTH satellite services, (iii) IPTV over broadband internet connections using asymmetric DSL or VDSL or an enhancement to VDSL called “vectoring,” (iv) IPTV over FTTH networks, or (v) LTE services.

Many of these competitors have a national footprint and offer features, pricing and video services individually and in bundles comparable to what we offer.

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OTT aggregators and SVoD services util izing our or our competitors’ high-speed broadband connections are also a significant competitive factor as are other video service providers that overlap our service areas.

OTT video providers (such as Max, Amazon Prime Video, Disney+, Paramount+ and Netflix in most of our markets, and Hulu, DirecTV Now, Sling, and Sportsmax in selected markets) offer rich VoD catalogues and/or linear channels .

In some cases, these AVoD services are

provided free-of-charge (such as YouTube and Pluto TV).

In some cases, these AVoD services are provided free-of-charge (such as YouTube and Pluto TV).

Typically, these services are available on multiple devices in and out of the home.

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In serving the business market, many aspects of the network can be leveraged at very low incremental costs given that business demand peaks at a time when consumer demand is low, and peaks at lower levels than consumer demand.

In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Flow Sports in C&W Caribbean’s markets, +TV Total in C&W Panama, and Liberty Go in Puerto Rico and Liberty Hogar in Costa Rica.

In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Bluu in C&W Caribbean’s markets, +TV Total in C&W Panama, and Liberty Go in Puerto Rico and Liberty Go in Costa Rica.

Our ability to attract and retain customers depends on our continued ability to acquire appealing content and services on competitive terms and to make such content available on multiple devices and outside the home.

Some competitors have obtained long-term exclusive contracts for certain sports programs, which limits the opportunities for other providers to offer such programs.

Some competitors have

obtained long-term exclusive contracts for certain sports programs, which limits the opportunities for other providers to offer such programs.

Other competitors also have obtained long-term exclusive contracts for programs, but our operations have limited access to certain of such programming through select contracts with those companies.

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• C&W Panama .

C&W Panama competes primarily with Cable Onda which is owned by Millicom and which offers video, internet and fixed-line telephony over its cable network.

C&W Panama competes primarily with Tigo, which is owned by Millicom, and which offers video, internet and fixed-line telephony over its cable network.

To compete effectively, C&W Panama invests in leading mobile and fixed networks and content.

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• Liberty Costa Rica .

We compete primarily with Millicom (Tigo) and Telecable over their cable network, and with the DTH services of Claro.

We compete with Millicom (Tigo), Telecable and ICE (through the Kolbi brand) over their fixed networks, and with the DTH services of Claro.

Fixed-Line Telephony

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In these markets, the incumbent operators have substantially more experience in providing fixed-line telephony, greater resources to devote to the provision of such services and long-standing customer relationships.

In all of our markets, we also compete with VoIP operators offering services across broadband lines and over-the-top ( OTT ) telephony providers, such as WhatsApp.

In all of our markets, we also compete with VoIP operators offering services across broadband lines and OTT telephony providers, such as WhatsApp.

In many countries, our businesses also face competition from other cable telephony providers, FTTH -based providers or other indirect access providers.

Competition exists in both the residential and business fixed-line telephony products due to market trends, the offering of carrier pre-select services, number portability, the replacement of fixed-line with mobile telephony and the growth of VoIP services, as well as continued deregulation of telephony markets and other regulatory action, such as general price competition.

Carrier pre-select allows the end user to choose the voice services of operators other than the incumbent while using the incumbent’s network.

Our fixed-line telephony strategy is focused around value leadership, and we position our services as “anytime” or “any destination.” Our portfolio of calling plans includes a variety of innovative calling options designed to meet the needs of our subscribers.

In many of our markets, we provide product innovation, such as telephone applications that allow customers to make and receive calls from their fixed-line call packages on smart phones.

Our fixed-line telephony strategy is focused around value leadership, and we position our services as “anytime” or “any destination”.

In addition, we offer varying plans to meet customer needs and, similar to our mobile services, we use our telephony bundle options with our digital video and internet services to help promote our telephony services and flat rate offers are standard.

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During 2024, our total employee attrition rate, both voluntary and involuntary, was approximately 16.3%.

In 2023, we measured our eNPS at +20 as part of our annual employee survey, which we believe is an indicator that we have a passionate, engaged, and dedicated workforce.

We operate based on a set of strong principles including respect.

We are committed to an inclusive culture where all employees can grow, thrive and perform at their best.

In 2024, we measured our eNPS at +24 as part of our annual employee survey, which we believe is an indicator that we have a passionate, engaged, and dedicated workforce that is committed to supporting our customers and making a difference in the communities we operate in.

Our Chief People Officer, who reports to the CEO and is part of the Executive Team, leads our People and Culture initiatives.

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As our employees grow and develop, so will our company.

Equality, Diversity & Inclusion.

Our employees comprise many races, ethnicities, beliefs, and cultures, and we operate based on a set of strong principles including respect.

In 2023, we continued our efforts to foster a more diverse and inclusive workplace as part of our EDI strategy.

Our focus remains on the pillars of gender equity, LGBTQIA+ inclusion, and issues of Race & Ethnicity.

This year, we focused on gathering feedback from our people through an in-person and virtual Listening Tour, which helped inform areas that are working well and what might need attention through our EDI agenda.

We are committed to ensuring everyone feels heard, supported and represented.

Since 2019, we have annually celebrated International Women’s Day and Pride Month, implemented a company-wide Gender-based Violence Policy, launched two employee resource groups (Pride and ELLAS) and continue to incorporate inclusive practices.

In 2023, we maintained our commitment to the CEO Action for Diversity & Inclusion pledge focused on:

creating an environment for open dialogue, sharing best practices and lessons learned, and developing dedicated Diversity & Inclusion plans in consultation with our Board of Directors.

We know that our success depends on our people.

Having a diverse and inclusive workforce will help us become more innovative, more reflective of our customer base, and more creative when it comes to engaging with our customers and our communities.

Corporate Social Responsibility .

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It’s where we live, where our families grow, where we celebrate and connect.

We believe we have a responsibility to enable progress and build more resilient communities.

We believe we have a responsibility to enable progress and build more

resilient communities.

We bring this to life through a shared approach across our markets with a focus on four critical areas:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business