What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-18 compared with 2025-02-19 · 221 added, 229 removed, 710 unchanged (39% of the section changed)

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(ii) Liberty Communications PR;

(iii) LBT CT Communications, S.A.

(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 and CWP.

and (iii) LBT CT Communications, S.A.

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

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

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

residential and B2B services in:

over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama;

over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama;

Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico;

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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.

• On November 6, 2023, we entered into an agreement with EchoStar to acquire 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 is due in four annual installments.

We paid $95 million on the closing date, September 3, 2024, $72 million became due on September 3, 2025, and $45 million and $40 million will become due September 3, 2026 and 2027, respectively.

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

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 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 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.

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

The transaction provides arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and Phoenix Tower International by 2029.

• During August 2024, we 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 equity of Liberty Costa Rica for aggregate cash consideration of approximately $84 million, comprising CRC 22 billion ($44 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.

Subsequent to December 31, 2025, we paid the first installment payment of $53 million.

Forward-looking Statements

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

our business, product, foreign currency and finance strategies;

our business, products, foreign currency and finance strategies;

our property and equipment additions;

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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;

changes in our revenue, costs or growth rates;

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our future projected sources and uses of cash;

the impact of Hurricane Melissa on our business and operations;

and other information and statements that are not historical fact.

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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 transaction with Millicom in Costa Rica;

• 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 transaction with Millicom in Costa Rica;

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

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• events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes and other natural disasters, pandemics like the COVID-19 pandemic, and other similar events.

The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intent in this Annual Report on Form 10-K are subject to a significant degree of risk.

These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Annual Report on Form 10-K, and 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 other change in events, conditions or circumstances on which any such statement is based.

The communications, entertainment, and enterprise solutions sectors are characterized by rapid, constant evolution and, therefore, the forward-looking statements of expectations, plans and intent in this Annual Report on Form 10-K are subject to a significant degree of risk.

Readers are cautioned not to place undue reliance on any forward-looking statement.

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We are a leading communications company with operations in Puerto Rico, Panama, Costa Rica, the Caribbean, including Jamaica, and other parts of Latin America .

The communications and entertainment services that we deliver to our residential and business customers include video, broadband internet, telephony and mobile services.

The communications and entertainment services that we deliver to our residential and business customers include broadband connectivity, video, telephony and mobile services.

In most of our operating footprint, we offer bundles of services, including video, broadband internet and telephony products in one subscription.

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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.

In addition, we offer mobile services across our operating footprint.

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

As a network operator across most of our markets, we are able to offer a full range of voice and data services, including value-added, data-based and fixed-mobile converged services.

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RGUs Prepaid Postpaid Total Mobile Subscribers

C&W Caribbean:

Jamaica 761,500 339,100 122,300 327,200 322,900 772,400 1,090,000 127,400 1,217,400

Liberty Caribbean:

Jamaica (a) 635,500 284,000 100,600 274,200 261,400 636,200 1,017,500 161,100 1,178,600

The Bahamas 125,700 28,300 6,900 23,900 27,300 58,100 129,200 23,400 152,600

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Other 393,300 212,100 65,900 195,400 99,800 361,100 303,600 160,100 463,700

Total C&W Caribbean

Total Liberty Caribbean

1,637,200 741,900 298,700 691,700 539,600 1,530,000 1,524,400 404,900 1,929,300

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Total C&W 2,632,300 1,022,900 477,100 966,600 793,700 2,237,400 3,058,000 862,400 3,920,400

Liberty Puerto Rico (a)

Liberty Puerto Rico

1,200,100 515,500 212,500 492,200 283,100 987,800 159,500 519,800 679,300

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Total 4,692,600 1,834,900 901,000 1,746,500 1,189,100 3,836,600 4,231,700 2,562,300 6,794,000

(a) Postpaid mobile subscribers include 125,000 CRUs.

A CRU represents an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU’s mobile services.

(a) In late October 2025, Hurricane Melissa impacted portions of Jamaica, causing significant damage to homes and network infrastructure.

As a result, we have reduced our RGUs by approximately 136,000, comprised of 65,000 fixed-line telephony, 57,000 broadband internet and 14,000 video subscribers, and have reduced our homes passed and customer relationships by 133,000 and 57,000, respectively.

These adjustments relate to RGUs where we currently do not expect to restore fixed services in the near term.

However, our final assessment may change based upon the ultimate completion of our restoration and reconnection efforts in the impacted areas of the island.

Our December 31, 2025 RGU count includes approximately 86,000 RGU’s that were not receiving service as of the end of the year, but are expected to be restored in the near term, and for which we did not recognize any revenue following Hurricane Melissa.

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

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Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe.

To the extent that RGU counts include EBU adjustments, we reflect corresponding adjustments to our customer relationship counts.

To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts.

For further information regarding our EBU calculation, see Additional General Notes below.

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Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network.

Mobile Subscribers – Our mobile subscriber count represents the number of active SIM cards in service rather than services provided.

Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided.

For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber.

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In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.

RGU – RGU is separately a video RGU, internet RGU or telephony RGU.

Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU.

A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs.

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In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.

SOHO - Small office/ home office customers.

Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network.

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Network System (1)

VDSL/HFC/FTTH VDSL/HFC/FTTH VDSL/FTTH HFC / FTTH FTTH VDSL/HFC/FTTH HFC/FTTH HFC / FTTH

HFC/FTTH HFC/FTTH FTTH HFC / FTTH FTTH VDSL/HFC/FTTH HFC/FTTH HFC / FTTH

Broadband internet service:

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Network Technology (3)

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

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

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

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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 licenses will expire in 2026, and these can be extended for an additional 10 year term.

We also hold three mobile spectrum concessions in Costa Rica, each originally granted for a 15-year term and eligible for a one-time extension of an additional 10 years, subject to compliance with applicable regulatory requirements.

These concessions are scheduled to expire in 2026, 2031, and 2041, respectively.

We have already requested the extension of the concession expiring in 2026 and obtained a positive recommendation from the Regulator to extend it.

We expect to seek extensions of the other licenses in accordance with the regulatory framework in effect at the time of renewal.

In addition, in Panama we have spectrum licenses with a 20-year term that will expire in 2037;

however, due to a transaction with Claro, some of these licenses will expire in 2028, and will require renewal until 2037 to be aligned with the rest of C&W Panama’s licenses.

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, 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.

Customers subscribing to a postpaid plan typically enter into monthly contracts.

Additionally, in most of our markets and, subject to a credit check, customers subscribing to a postpaid plan can take an installment plan in order to purchase a handset.

This can be repaid over a 12 to 36 month period.

Broadband Internet Services .

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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 Go Hogar” in Costa Rica, while increasingly benefiting from OTT bundling technology that enables seamless access to leading third-party streaming applications as part of an integrated video experience, combining linear television and app-based content within a single proposition.

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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Subscribers to our digital video services pay a fixed monthly fee and, in most of our markets, all tiers include a number of HD channels as well as access to enhanced features.

In addition, through our latest generation of video CPE, subscribers can access most leading internet streaming services.

More recently, this model has

continued to evolve, from a purely linear offering to a more integrated experience, by incorporating select third-party OTT applications within certain bundles, allowing customers to access both traditional channels and app-based content through a single proposition.

In addition, through our latest generation of video CPE, and in some markets, via CPE-less, app-only experience, subscribers can access most leading internet streaming services.

Discounts to our monthly service fees are generally available to a subscriber who selects a bundled service of at least two of the following services:

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We manage multiple channels in the Caribbean Region, notably the prominent Caribbean sports network, Flow Sports.

Additionally, we oversee a joint venture encompassing Rush Sports, Rush Sports 2 and Rush Prime.

Additionally, we oversee a joint venture encompassing Rush Sports, Rush Sports 2, Rush Sports 3 and Rush Prime.

These comprise two sports channels and one general entertainment channel, collectively accessible throughout the Caribbean, with the exception of Puerto Rico and the US Virgin Islands.

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In Puerto Rico and Costa Rica we also offer telephony services over our respective networks.

We offer multi-feature telephony service over our various fixed networks, including HFC, FTTH and copper networks.

We offer multi-feature telephony service predominantly over HFC and FTTH infrastructure.

Depending on location, these services are provided via either circuit-switched telephony or VoIP technology.

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We offer B2B services across our operations, leveraging our high-speed and extensive fixed and mobile infrastructure.

In C&W, we have our most developed B2B business and are the largest provider of services in many of our markets, representing a significant portion of C&W’s revenue.

In C&W, we have our most developed B2B business and are a leading provider of services in many of our markets, representing a significant portion of C&W’s revenue.

Our B2B offerings by Liberty Puerto Rico and Liberty Costa Rica are less developed and provide an opportunity for future growth.

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Our networks deliver critical infrastructure for the transport of growing traffic from businesses, governments and other telecommunications operators across the region, particularly to high-traffic destinations in the United States and Latin America.

Below is a map of our subsea and terrestrial fiber networks within Liberty Networks.

With approximately 50,000 kilometers of fiber optic cable, and an activated capacity of over 30 Tbps, Liberty Networks can carry large volumes of data traffic.

Below is a map of Liberty Networks subsea and terrestrial fiber network.

With close to 35,000 kilometers of submarine fiber optic cable, and an activated capacity over 50 Tbps, Liberty Networks can carry large volumes of data traffic.

Our networks also allow us to provide point-to-point, clear channel wholesale broadband capacity services, IP transit cloud-based services and local network services to telecommunications carriers, ISPs and large corporations.

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Our business services fall into four broad categories:

• VoIP and circuit-switch telephony;

• Data services for internet access, virtual private networks, high capacity point-to-point, point-to-multi-point and multi-point-to-multi-point services, managed networking services including MPLS , SDWAN and IP transit;

• VoIP and circuit-switch telephony;

• Wireless services for mobile voice and data;

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The extensive reach of our network and assets, as well as our comprehensive set of capabilities positions us to meet the needs of carriers, businesses and government customers that are searching for a capable, progressive provider to manage their ever more complex communications, connectivity and information technology needs .

In many of our markets, we transmit our broadband internet, video and fixed-line telephony services over an HFC cable network, and increasingly through FTTH networks.

In many of our markets, we transmit our broadband internet, video and fixed-line telephony services over an HFC cable network, and through FTTH networks.

An HFC network consists primarily of fiber networks that we connect to the home over the last few hundred meters by coaxial cable and an FTTH network uses fiber-to-the-home/-cabinet/-building/-node.

In a minority of cases, we transmit our services over a fixed network consisting of VDSL or DSL copper lines.

In a minority of cases, we transmit our services over a fixed network consisting of VDSL or residual DSL copper lines.

We closely monitor our network capacity and customer usage.

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◦ converting analog channels to digital;

◦ bonding additional DOCSIS 3.0 channels and adding DOCSIS 3.1 channels;

◦ adding DOCSIS 3.1 channels;

◦ replacing copper lines with modern fiber optic lines;

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• increasing the efficiency of our networks by moving head-end functions (encoding, transcoding and multiplexing) to cloud storage systems;

• enhancing our network to accommodate further business services;

• enhancing our network to accommodate further business services, such as higher speed;

• using our wireless technologies to extend services outside of the home;

• offering remote access to our video services through laptops, smart phones and tablets;

• offering remote access to our video services through laptops, smart phones, tablets and thru SmartTV platforms;

• expanding the availability of next generation decoder and set-top boxes and related products, as well as developing and introducing online media sharing and streaming or cloud-based video;

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These networks are further connected via our subsea and terrestrial fiber optic cable networks that provide connectivity within and outside the region.

Our subsea network cables terminating in the United States carry over 35 Tbps , which represent approximately 25% of their potential capacity based on current deployed technology, presenting us with significant growth opportunities.

Our subsea network cables carry over 50 Tbps , which represent approximately 25% of their potential capacity based on current deployed technology, presenting us with significant growth opportunities.

In Puerto Rico, our network includes a fiber ring around the island that provides enhanced interconnectivity points to the island’s other local and international telecommunications companies.

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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 and currently provide 5G services in Puerto Rico, Panama, Costa Rica and the Cayman Islands.

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

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

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.

Our wireless networks predominantly use LTE technologies with close to 100% LTE coverage .

In Puerto Rico, USVI, the Cayman Islands, Panama, Costa Rica and Barbados, 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.

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

We believe our current spectrum portfolio will allow us to meet subscribers’ needs in the coming years and minimal further investment, although we will continue to evaluate our need to acquire additional frequencies to supplement our existing spectrum portfolio.

We believe our current spectrum portfolio will allow us to meet subscribers’ needs in the coming years with minimal further investment, although we will continue to evaluate our need to acquire additional frequencies to supplement our existing spectrum portfolio.

In Puerto Rico and USVI, the 700 MHz FirstNet (Band 14) is usable by us (when not occupied by first responders’ traffic) but owned by AT&T and the First Responders Public Private Partnership.

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 closed on September 3, 2024.

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

During 2025, Barbados acquired an additional 65 MHz to facilitate the launch of 5G, and Jamaica was assigned 40 MHz in the 600 MHz band to improve mobile services.

On January 2025, Liberty Costa Rica participated in the 5G radio spectrum auction 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.

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.

Our prime 5G deployed market is Puerto Rico and USVI where approximately 95% of the population is served by our 5G capable network.

We continually look for opportunities to expand our 5G footprint to other countries where a positive business case exists.

Similarly, we are investing to build a new mobile core in Puerto Rico, which when built, will be virtualized, and redundant.

These redundant network elements will be connected by our owned and operated diverse submarine cable routes with automatic alternate routing.

Our prime 5G deployed market is Puerto Rico and USVI where over 95% of the population is served by our 5G capable network.

We continually look for opportunities to expand our 5G footprint to other countries.

Similarly, we have invested to build a new virtualized and redundant mobile core in Puerto Rico.

These redundant network elements are connected by our owned and operated diverse submarine cable routes with automatic alternate routing.

Across all our mobile operations we continually strive to improve our network performance by commissioning annual competitive performance benchmarking studies and undertaking customer experience improvement programs.

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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 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 Digicel, 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

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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Customer premises equipment includes set-top boxes, modems, WiFi routers, extenders and similar devices.

For each type of equipment, we retain specialists to provide customer support.

For our broadband services, we use a variety of suppliers for our network equipment and the various services we offer.

Software Licenses

We license software products, including email and security software as well as content, such as news feeds, from several suppliers for our internet services and internal IT platforms.

We license software products, including email and security software as well as content, from several suppliers for our internet services and internal IT platforms.

The agreements for these products require us to pay a per subscriber fee or a one-off software license fee and a share of advertising revenue for content licenses.

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

C&W Caribbean

The video, broadband, telephony and mobile services provided by C&W Caribbean are subject to regulation and enforcement by various governmental and regulatory entities in each of the jurisdictions where such services are provided.

Liberty Caribbean

The video, broadband, telephony and mobile services provided by Liberty Caribbean are subject to regulation and enforcement by various governmental and regulatory entities in each of the jurisdictions where such services are provided.

The scope and reach of these regulations are distinct in each market, with some markets such as the Dutch Caribbean being more heavily regulated than others.

Generally, C&W Caribbean provides services in accordance with licenses and concessions granted by national authorities pursuant to national telecommunication legislation and associated regulations.

Generally, Liberty Caribbean provides services in accordance with licenses and concessions granted by national authorities pursuant to national telecommunication legislation and associated regulations.

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 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 regulations.

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

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

Generally, in these markets, Liberty 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 regulations, in some instances.

Licenses and concessions are in the process of being renewed in Anguilla, Antigua and Barbuda and Trinidad and Tobago.

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 and, in Antigua and Barbuda, the outdated mobile license is due to be replaced with an updated mobile license.

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

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 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.

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 operating licenses, subject to the payment of annual fees and compliance with applicable license requirements.

In very rare cases, spectrum previously assigned to Liberty Caribbean may be re-allocated by regulatory authorities to other operators in the market.

Alternatively, spectrum sought by Liberty 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.

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Once granted, the operator must start paying for the allocated spectrum.

Rate regulation of C&W Caribbean’s telephony services typically includes price caps that set the maximum rates it may charge to customers, or legislation that requires consent from a regulator prior to any price or non-price changes.

In addition, all regulators determine and set the rates that may be charged by all telephony operators, including C&W Caribbean, for interconnect charges, access charges between operators for calls originating on one network that are completed through connections with one or more networks of other providers, and charges for network unbundling services.

In terms of spectrum acquired in 2025, the Barbados business acquired an additional 65MHz to facilitate the launch of 5G and Jamaica was assigned 40MHz in the 600 MHz band to improve mobile services.

In the ECTEL states, r ate regulation of Liberty Caribbean ’s telephony services typically includes price caps (for fixed services) that set the maximum rates it may charge to customers, and legislation that requires consent from a regulator prior to any price or terms and conditions of service changes.

In addition, all regulators determine and set the rates that may be charged by all telephony operators, including Liberty Caribbean , for interconnect charges, which are access charges between operators for calls originating on one network that are completed through connections with one or more networks of other providers, and charges for network unbundling services.

In addition, in certain markets, regulators set, or are seeking to set, mobile roaming rates and wholesale dedicated internet access.

Interconnection rates (and primarily mobile termination and roaming rates) in the telecommunications industry worldwide are decreasing, and we are experiencing this trend towards lower interconnection rates in our markets.

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.

On the BES-islands , also known as the Caribbean Netherlands, data services are considered assigned/obligated services that are subject to price regulation requiring regulatory approval of any pricing changes, and Curacao has recently followed this pattern of making data services assigned/obligated services.

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.

One example of efforts to improve broadband affordability can be seen in The Bahamas, where price cap regulation for entry-level broadband services was introduced in 2024.

Prior to this change, broadband services were not regulated.

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

In the Dutch Caribbean and French territories, there are rules and regulations requiring such third party access to network infrastructure.

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In addition, any resale access granted to competitors on favorable economic terms that are not set by the free market could adversely impact our ability to maintain or increase our revenue and cash flows.

The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to our network, the pricing mandated by regulatory authorities and other competitive factors or market developments.

The extent of any such adverse

impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to our network, the pricing mandated by regulatory authorities and other competitive factors or market developments.

As an example, in Jamaica, under The Telecommunications (Infrastructure Sharing) Rules 2022, dominant licensees are required to share infrastructure (including dark fiber, ducts, subsea cable landing stations and mobile network towers) with third parties, including competitors.

However, it is anticipated that these rules will not become operational for some time as there are specific actions (including a prescribed costing methodology) that will take considerable time to complete.

Our operations in Jamaica have already submitted their objections to the OUR on the premise that due process was not followed leading up to the promulgation of these new infrastructure sharing rules.

Our operations in Jamaica are resolved to challenge the process ultimately to the courts for changes to be made to any adverse provisions of the new rules or to revoke them entirely.

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

Due to a failure of the OUR to establish 1) that there is a market for infrastructure sharing and 2) that Cable and Wireless Jamaica and/or Columbus Communications Jamaica Ltd are dominant licensees in said market, the OUR has conceded that these rules do not impose any mandatory obligations on the company.

This eliminates the obligation to provide a “reference access offer” and any associated regulatory cost model to determine the applicable rates for sharing elements of network infrastructure by the company.

As such, any request for sharing infrastructure under these rules will be considered on a case by case basis and mutually agreed commercial arrangements.

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

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Lucia and St.

Vincent and the Grenadines), has adopted an Electronic Communications Bill that may have a material adverse impact on C&W Caribbean’s operations in the ECTEL member states.

Vincent and the Grenadines), is in the process of adopting an Electronic Communications Bill that may have a material adverse impact on Liberty Caribbean’s operations in the ECTEL member states.

The proposed Electronic Communications Bill includes provisions relating to:

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We currently cannot determine the impact these provisions will have on our operations because national regulators are required to conduct extensive market reviews before adopting specific measures and these measures might be reconsidered in accordance with the market reviews.

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

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

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.

In addition to rate regulation, several markets in which C&W Caribbean operates have imposed, or are considering imposing, regulations designed to further encourage competition, including introducing requirements related to unbundling, network access to third parties, and LNP for fixed and mobile services.

Jurisdictions such as The Bahamas, the Cayman Islands and Jamaica have implemented fixed and mobile LNP and ECTEL has implemented mobile LNP .

Barbados launched fixed LNP and mobile LNP in January 2023.

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.

Other ECTEL states will follow to pass 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 four out of the five 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 Liberty Caribbean’s operations in ECTEL states may be subject, implementation of such rules will be time consuming and complex.

In addition to rate regulation, several markets in which Liberty Caribbean operates have imposed, or are considering imposing, regulations designed to further encourage competition, including introducing requirements related to unbundling, network access to third parties, and LNP for fixed and mobile services.

Jurisdictions such as The Bahamas, the Cayman Islands, Barbados and Jamaica have implemented fixed and mobile LNP and ECTEL has implemented mobile LNP .

Other jurisdictions, including Antigua and Barbuda, Curacao and Turks and Caicos Islands, are seeking to implement fixed and mobile LNP in 2026 .

With fixed LNP already in place in Trinidad and Tobago, the regulator has begun enforcing it amongst the operators.

Additionally, regulators in The Bahamas have eased restrictions on the mobile market.

The pay television service provided in certain C&W Caribbean markets is subject to, among other things, subscriber privacy regulations, data protection laws and regulations, and the must-carry rule (as defined below) and retransmission consent rights of broadcast stations.

Pay television service in certain C&W Caribbean markets is also under heavy pressure from illegal IP-setup boxes that are swamping the markets.

The pay television service provided in certain Liberty Caribbean markets is subject to, among other things, subscriber privacy regulations, data protection laws and regulations, and the must-carry rule (as defined below) and retransmission consent rights of broadcast stations.

Pay television service in certain Liberty Caribbean markets is also under heavy pressure from illegal IP-setup boxes that are swamping the markets.

The price point that these pirates offer are difficult to compete against, and regulators are having a difficult time acting against these pirates or, in some cases, are unwilling to act against them.

C&W Caribbean is also subject to universal service obligations in a number of markets.

These obligations vary in specificity and extent, but they are generally related to ensuring widespread geographic coverage of networks and that the populations of C&W Caribbean ’s individual markets have access to basic telecommunication services at minimum quality standards.

In a number of cases, C&W Caribbean is required to support universal access/service goals through contributions to universal service funds or participate in universal service-related projects.

In addition to the industry-specific regimes discussed above, C&W Caribbean ’s operating companies must comply with both specific and general legislation concerning, among other matters, data retention, consumer protection and electronic commerce.

Liberty Caribbean is also subject to universal service obligations in a number of markets.

These obligations vary in specificity and extent, but they are generally related to ensuring widespread geographic coverage of networks and that the populations of Liberty Caribbean ’s individual markets have access to basic telecommunication services at minimum quality standards.

In a number of cases, Liberty Caribbean is required to support universal access/service goals through contributions to universal service funds or participate in universal service-related projects.

In addition to the industry-specific regimes discussed above, Liberty Caribbean ’s operating companies must comply with both specific and general legislation concerning, among other matters, data retention, consumer protection and electronic commerce.

These operating companies are also subject to national level regulations on competition and on consumer protection.

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

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

Bahamas (Carrier), Belize (Carrier), Curacao (Carrier), Honduras (Data Transmission and Fixed Telephony), Guatemala (Carrier), Jamaica (Carrier), Panama (Carrier, Data Transmission, Internet), Trinidad and Tobago (Carrier), US (ARCOS-1 Submarine Cable License) and Venezuela (Carrier).

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

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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.

The networks business operates approximately 50,000 kilometers of submarine fiber optic cable systems in the U.S., the Caribbean and Latin America.

These sub-systems have cable landing stations and facilities in the U.S.

In the U.S., the FCC recently issued and approved changes to the rules for submarine cable landing licenses as well as a further notice of proposed rulemaking.

Liberty Networks will continue monitoring any further regulatory changes and implement any required measures for continued compliance with the applicable rules to our submarine cable licenses.

In Mexico, the Congress approved a major reform to the structure of the telecommunication sector including the creation of a new regulatory agency (Telecommunications Regulatory Commission - CRT).

Liberty Networks does not expect any adverse effect on its operation resulting from these changes.

Liberty Networks operates close to 60,000 kilometers of submarine and terrestrial fiber optic cable systems in the U.S., the Caribbean and Latin America.

Some of these sub-systems have cable landing stations and facilities in the U.S.

and its territories.

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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.

Liberty Networks entered into a new consortium agreement with UFINET and Hondutel to reconfigure and operate certain legacy segments of MAYA-1 and renamed such reconfigured system MAYA 1.2, which connects the U.S., Cayman Islands and Honduras.

Liberty Networks has submitted the application for renewal and reconfiguration of MAYA 1.2.

submarine cable landing license before the FCC .

Similarly, Liberty Networks entered into a new consortium agreement with AT&T and Sparkle to operate a legacy segment of Americas-II connecting the U.S.

Virgin Islands and Puerto Rico.

This cable system will be known as Americas-II West.

The consortium members of Americas-II West are currently operating the cable system with a special temporary authority and will timely submit the corresponding license renewal application before the FCC .

Additionally, Liberty Networks will move forward with the license renewal for ARCOS-1 submarine cable system, as approved by the consortium members in 2017 .

Liberty Networks has partnered and entered into a joint build agreement with Sparkle and Gold Data to build the new MANTA Cable System, a 5,600 kilometer cable connecting the U.S.

with Mexico, Panama and Colombia.

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

MANTA is expected to be operational by late 2027 or early 2028.

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

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Also, C&W Panama is subject to the ACODECO, guarantor of consumer protection and antitrust, which operates under the direction of the Ministry of Commerce and Industries.

Public services in Panama are classified as “Type A services” and “Type B services,” with Mobile Telephony and Personal Communication (PCS) services being classified as Type A services.

Public services in Panama are classified as “Type A services” and “Type B services,” with Mobile Telephony and Personal Communication services being classified as Type A services.

In 1997, a concession was awarded to BSC (now Grupo Milicom) and C&W Panama.

On January 2, 2003, the Local, National and International Basic Services were opened to competition by virtue of the termination of the temporary exclusivity granted to C&W Panama for the privatization of the public operator, INTEL.

On January 2, 2003, the Local, National and International Basic Services were opened to competition by virtue of the termination of the temporary exclusivity granted to Millicom and C&W Panama, the latter being the result of the privatization of the state-owned telecommunications company, INTEL.

With the opening of the market, in 2008, concession contracts for the PCS Service were granted to Digicel (Panamá), S.A.

and Claro Panama.

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.

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.

Currently, C&W Panama completed a mobile market consolidation process with Claro Panama once the transaction was formalized in 2022, according to Law 36 of June 5, 2018 and subsequently, Digicel declared their intention to return their concession to the Panamanian government.

On June 19, 2024, the mobile concession contract between the Panamanian Government 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, which is expected to occur during 2026, or by creating the conditions for a mobile virtual network operator, which according to the current administration has little chance of success.

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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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.

ASEP completed the Public Consultation through which it modified 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, 60MHz per operator);

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

(iii) allowing fixed wireless access with the mobile spectrum already allocated for voice and data services;

and (iv) postponed the definition of 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.

ASEP made an initial proposal;

however, an additional reduction and the option to pay in installments have been requested.

Updates are expected during the first quarter of 2026.

Concessions .

C&W Panama holds thirteen concessions renewed for the following twenty years, available until the year 2037, except a pay TV license that was renewed in 2008 for 25 years.

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.

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, requiring that any modification to the installed base of telephone booths must have prior authorization from the regulatory authority.

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 2026, which will involve drafting an addendum to the concession agreement, obtaining authorization from the Panamanian cabinet, and finally, receiving approval from the Comptroller General of the Republic.

Public Telephone Service .

C&W Panama is the only operator that provides Public Telephone Service in Panama.

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 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.

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

During 2025, additional authorization was obtained to disconnect 3,187, which has already been completed, leaving a remaining 1,986 public telephones, for which a disconnection request is scheduled to be submitted during the first quarter of 2026.

The disconnection of public telephones responds to the technical evolution of the sector, sustained changes in user consumption patterns, and the obsolescence of the infrastructure, including the limited availability of spare parts required for their support and maintenance.

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.

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

C&W Panama favors the proposal, subject to its compliance with a proposed staggered process.

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 2025, C&W Panama formed an internal working group to manage national long-distance charges to establish a flat rate.

Likewise, ASEP issued a resolution establishing guidelines for mobile-to-mobile interconnection charges (reducing charges by approximately 60%), and a proposal for fixed-to-fixed-to-mobile interconnection charges is expected in 2026.

Mobile Services .

The provision of mobile services is subject to regulatory obligations related to quality of service, service continuity and availability, and ongoing supervision by ASEP.

C&W Panama is authorized to install, maintain, manage, operate and commercially exploit the mobile telephone service, in the assigned radio spectrum segments, which currently C&W Panama has 125 MHz, for its prepaid and post-paid mobile customers, including supplementary services and other Mobile Telephony services, throughout Panama, which is valid until 2037.

Internet Service:

The provision of internet services is subject to compliance with regulatory quality indicators, which are measured through monitoring and measurement systems overseen by ASEP, in accordance with applicable regulatory

There are conditions and quality parameters for providing internet service to the public that became effective in 2018, setting new regulatory conditions and supervision of the service providers starting in 2019.

During May 2019, ASEP conducted an inspection intended to validate that these requirements were duly configured in the system.

Similarly, during 2024, an inspection was conducted, generating observations on the handling of automatic accreditations due to service interruptions, which have been adjusted during 2025.

C&W Panama has complied with the regulatory requirements.

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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.

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

The actions of Copyright Collective Societies continue to be monitored, and during 2026, contracts with free-to-air television signal providers in Panama (MEDCOM and TVN) are due for renewal.

Liberty Puerto Rico

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The Communications Act also provides the general legal framework for, among other things, the provision of telephone services, services related to interconnection between telephone carriers, and television, radio, cable television and direct broadcast satellite services.

The FCC and/or the TB have the authority to impose sanctions, including warnings, fines, license revocations and, in certain specific cases, termination of the franchise, although license revocation and franchise termination are rare.

The FCC and/or the TB have the authority to impose sanctions, including warnings, fines, reductions or revocation of government funding, license revocations and, in certain specific cases, termination of the franchise, although license revocation and franchise termination are rare.

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.

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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.

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.

Given its acquisition of Broadband VI, LLC, Liberty Puerto Rico will now be the recipient of these funds, as well as responsible for the network expansions and upgrades committed to in the bid.

Liberty Puerto Rico will have six years to complete the network expansions and upgrades committed to in the bid, and will receive FCC funding support over the course of ten years.

Given its acquisition of Broadband VI, LLC, Liberty Puerto Rico is now the recipient of these funds and is responsible for the network expansions and upgrades committed to in the bid.

Liberty Puerto Rico has six years to complete the network expansions and upgrades committed to in the bid, and will receive FCC funding support over the course of ten years.

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.

Broadband VI, LLC is currently building out to comply with a 60% deployment milestone by December 31, 2026.

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.

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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.

The current level of transitional mobile support is expected to remain in place until the FCC implements the potential 5G fund.

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

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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 ACP concluded in 2024.

On November 3, 2025, the FCC requested further comments to streamline and simplify the broadband labels including removal of ACP information, broadband speeds, documentation retention requirements and other modifications.

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

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All local telecommunications providers, including Liberty Puerto Rico , are obligated to provide telephony service to all customers within the service area, subject to certain exceptions under FCC regulations, and must give long distance telephony service providers equal access to their network.

Under the Communications Act , CLEC s, like us, may require interconnection with the ILEC , and the ILEC must negotiate a reasonable and nondiscriminatory interconnection agreement with the CLEC .

Such arrangement requires the ILEC to interconnect with the CLEC at any technically feasible point within the ILEC ’s network, provide access to certain unbundled network elements of the ILEC ’s network, and allow physical collocation of the CLEC ’s equipment in the ILEC ’s facilities to permit interconnection or access to unbundled network element services.

Therefore, we have the right to interconnect with the ILEC, PRTC .

Under the Communications Act , CLEC s, like us, may require interconnection with the ILEC , and the ILEC must negotiate a reasonable and nondiscriminatory interconnection agreement with the CLEC to provide any technically feasible point within the ILEC ’s network, access to certain unbundled network elements and physical collocation.

We have negotiated an interconnection agreement with PRTC , allowing for the physical interconnection between both companies.

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and (7) robocall mitigation.

LCPR, Liberty Mobile Puerto Rico and Liberty Mobile U.S.

Virgin Islands hold international section 214 authorizations granted by the FCC to offer international services originating or terminating in the U.S.

The FCC adopted an order and notice of proposed rulemaking on April 20, 2023, that would, among other things, require:

(1) renewal of all international section 214 authorizations every 10 years;

(2) coordination with Executive Branch agencies for the assessment of national security, law enforcement, foreign policy or trade policy concerns;

(3) information regarding applicants’ current and expected future services and geographic markets;

(4) information regarding applicants’ use of critical infrastructure to provide service crossing the U.S.- Mexico and U.S.-Canada borders and the use of foreign-owned managed network service providers;

and (5) applicants’ certifications regarding the implementation of baseline cybersecurity standards and use of equipment or services identified on the FCC’s “covered list” of equipment and services deemed to pose an unacceptable risk to U.S.

national security or the security and safety of U.S.

As an alternative to a renewal requirement, the FCC sought comment on a periodic review process in which an international section 214 authorization holders would periodically submit information demonstrating that its authorization continues to serve the public interest.

Mobile Services .

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Liberty Costa Rica

Liberty Servicios, Liberty Telecomunicaciones and Columbus Networks, as telecommunications operators and providers, are subject to regulation and enforcement under Article 121, paragraph 14, of Costa Rica’s Constitution, which enumerates a list of assets that cannot permanently leave the state’s domain, which includes the radio spectrum and the possible methods of its exploitation, the Law No.

Liberty Telecomunicaciones, as a telecommunications operator and provider, is subject to regulation and enforcement under Article 121, paragraph 14, of Costa Rica’s Constitution, which enumerates a list of assets that cannot permanently leave the state’s domain, which includes the radio spectrum and the possible methods of its exploitation, the Law No.

8642, General Telecommunications Law (LGT), and Law No.

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The main governmental entities involved in this industry are the MICITT, which leads policy development and implementation, SUTEL, as regulator of the telecommunication operators and providers and competition agency exclusively for the telecommunications sector, and the Consumer Protection Agency of the Ministry of Economy, Industry and Commerce.

In its activities, each of Liberty Servicios and Columbus Networks holds a telecommunications services license, both of which expire in 2028, issued by Sutel that authorizes the deployment and operation of its wireline HFC network throughout the country.

These licenses authorize the following services:

In its activities, Liberty Telecomunicaciones holds a telecommunications services license, which expires in 2028, issued by SUTEL that authorizes the deployment and operation of its wireline HFC network throughout the country.

This license authorizes the following services:

(i) paid television;

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and (iv) data links.

Liberty Telecomunicaciones has a total of 100 MHz allocated in two concessions.

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.

Liberty Telecomunicaciones has a total of 670 MHz allocated in three concessions.

For the first, granted in 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, 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.

For 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.

This concession has a 15-year renewable term, expiring on April 23, 2033, that may be extended for an additional 10 year term.

For the third concession, granted in 2025, MICITT awarded 20 MHz in the 700 MHz band, 50 MHz in the 2,300 MHz band, 100 MHz in the 3,500 MHz band and 400 MHz in the 26/28GHz band, with a commitment to deploying over 1,552 base stations to enhance coverage and service quality in underserved areas.

This concession has a 15-year renewable term, expiring on August 21, 2040, that may be extended for an additional 10 year term.

Liberty Telecomunicaciones also holds three mobile spectrum concessions in Costa Rica, each originally granted for a 15-year term and eligible for a one-time extension of an additional 10 years, subject to compliance with applicable regulatory requirements.

These concessions are scheduled to expire in 2026, 2031, and 2041, respectively.

Liberty Telecomunicaciones has already requested the extension of the concession expiring in 2026 and obtained a positive recommendation from the regulator to extend it.

Liberty Telecomunicaciones expects to seek extensions of the other licenses in accordance with the regulatory framework in effect at the time of renewal.

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.

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The Costa Rican General Telecommunications Law (art.138) establishes a retransmission consent regime between broadcast television concessionaires and pay television operators.

This regime provides that (i) the concessionaires must include within their programming the Costa Rican television channels that have coverage in at least 60% of the national territory, excluding Isla del Coco, which complies with at least fourteen minimum hours of daily transmission, and (ii) the reception of the signal complies with the minimum signal requirements established in this regulation, which have acceptable ratings and have the corresponding transmission rights.

the signal complies with the minimum signal requirements established in this regulation, which have acceptable ratings and have the corresponding transmission rights.

The Regulation of Provision and Quality of Services of SUTEL establishes minimum quality thresholds, such as minimum speeds, oversubscription, delay, and installation, reconnection and repair of breakdowns deadlines.

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Mobile Services .

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.

Through concessions contracts N° C-001-2011-MINAET, -002-2017-MICITT DAF-034-2013 and N° C-002-2025-MICITT, 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, including 5G radio spectrum.

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.

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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.

Generally, our markets are at a relatively nascent stage of the global shift to a “data-centric” world.

Although there has been strong growth in data consumption in our key markets, data consumption in our operating regions still lags significantly when compared to international benchmarks.

We believe that we have the opportunity to capitalize upon this underlying growth trend in the majority of our markets, and benefit from increasing penetration of our data services as well as economic growth, in all of our markets, over time.

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 a number of more developed markets.

We believe that we have the opportunity to capitalize upon this underlying growth across our markets and benefit from increasing penetration of our data services as well as economic growth over time.

However, technological advances and product innovations have increased and are likely to continue to increase giving customers several options for the provision of their communications services.

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

• C&W Caribbean .

We typically operate in duopoly mobile market structures and face competition mainly from Digicel in most of our C&W Caribbean residential markets, and ALIV in The Bahamas.

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

• Liberty Caribbean .

We typically operate in supportive mobile market structures and face competition mainly from Digicel in most of our Liberty Caribbean markets, and ALIV in The Bahamas.

• C&W Panama .

In Panama, we primarily compete with Millicom (through the Tigo brand).

In Panama, we primarily compete with Millicom (Tigo).

• Liberty Puerto Rico .

Liberty Puerto Rico competes with T-Mobile US and América Móvil , S.A.B.

(Claro) for the provision of mobile services .

Liberty Puerto Rico primarily competes with T-Mobile US and América Móvil , S.A.B.

(Claro) for the provision of mobile services in Puerto Rico .

• Liberty Costa Rica.

In Costa Rica, we compete with Claro and ICE (through the Kolbi brand) for the provision of mobile services.

In Costa Rica, we compete with Claro and ICE (Kolbi) for the provision of mobile services.

Broadband Internet

With respect to broadband internet services and online content, our businesses face competition in a rapidly evolving marketplace from incumbent and non-incumbent telecommunications companies, mobile operators and cable-based ISPs , many of which have substantial resources.

The internet services offered by these competitors include both fixed-line broadband internet services using cable, DSL or FTTH networks and wireless broadband internet services.

With respect to broadband internet services and online content, our businesses face competition in a rapidly evolving marketplace from incumbent and non-incumbent telecommunications companies, mobile operators, cable-based ISPs and satellite service providers, many of which have substantial resources.

The internet services offered by these competitors include both fixed-line broadband internet services using cable, DSL or FTTH networks, wireless broadband internet services and satellite-based services.

These competitors have a range of product offerings with varying speeds and pricing, as well as interactive services, data and other non-video services offered to homes and businesses.

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By fully utilizing the technical capabilities of DOCSIS 3.0 and DOCSIS 3.1 technologies on our cable systems, we can compete with local FTTH initiatives and create a competitive advantage compared to DSL infrastructures and LTE initiatives on a national level.

In several of our C&W Caribbean markets, we are the incumbent phone company offering broadband internet products through a variety of technologies, predominantly HFC cable and FTTH.

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, introducing 5G, and increasing our download speeds.

In several of our Liberty Caribbean markets, we are the incumbent phone company offering broadband internet products, predominantly through HFC cable and FTTH.

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

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

We also offer a wide range of mobile products either on a prepaid or postpaid basis.

• C&W Caribbean.

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 we are focused in our fixed-mobile convergence strategy with mobile and broadband internet services offers.

• Liberty Caribbean.

Where Liberty Caribbean is the incumbent telecommunications provider, it competes with FTTH providers, of which Digicel is the largest operating in all of our larger Caribbean markets, as well as HFC providers, the largest of which is Cable Bahamas Limited in The Bahamas.

• C&W Panama .

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

The largest competitor in Panama is Millicom (Tigo).

• Liberty Puerto Rico .

Liberty Puerto Rico competes primarily with Claro and other operators using fiber networks or fixed wireless access technologies.

To compete with these providers, Liberty Puerto Rico offers its high-speed internet with download speeds of up to 1,000 Mbps.

Liberty Puerto Rico primarily competes with Claro and other operators using fiber networks or fixed wireless access technologies in Puerto Rico.

• Liberty Costa Rica.

In Costa Rica, we face competition primarily from ICE (Kolbi), Telecable and Millicom (Tigo).

In Costa Rica, we face competition primarily from ICE (Kolbi), Telecable, Millicom (Tigo) and Claro.

Video Distribution

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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 catalogs and/or linear channels .

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

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

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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 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.

In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Bluu in Liberty Caribbean’s markets, +TV Total in C&W Panama, Liberty Go in Puerto Rico and Liberty Go Hogar 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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We use these services, as well as bundles of our fixed-line services, as a means of driving video and other products where we can leverage convenience and price across our portfolio of available services.

• C&W Caribbean .

C&W Caribbean competes with a variety of pay TV service providers, with several of these competitors offering double-play and triple-play packages.

In several of its other markets, including Jamaica, Trinidad and Tobago and Barbados, C&W Caribbean is the largest or one of the largest video service providers.

• Liberty Caribbean .

Liberty Caribbean competes with a variety of pay TV service providers, with several of these competitors offering double-play and triple-play packages.

In several of its other markets, including Jamaica, Trinidad and Tobago and Barbados, Liberty Caribbean is the largest or one of the largest video service providers.

In these markets, its primary competition is from operators of IPTV services over VDSL and FTTH, such as Digicel and any DTH competitor locally.

• C&W Panama .

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.

C&W Panama competes primarily with Millicom (Tigo).

• Liberty Puerto Rico .

Liberty Puerto Rico is the largest provider of fixed-line video services in Puerto Rico.

Liberty Puerto Rico ’s primary competition for video customers is from DTH satellite providers DirecTV and DISH Network .

Liberty Puerto Rico ’s primary competition for video customers is from DTH satellite providers DirecTV and DISH Network in Puerto Rico .

Claro also provides video services in the market.

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• Liberty Costa Rica .

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

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

Fixed-Line Telephony

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Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings.

In most of our C&W Caribbean markets, we are the incumbent telecommunications provider with long established customer relationships.

In most of our Liberty Caribbean markets, we are the incumbent telecommunications provider with long established customer relationships.

In our other markets, our fixed-line telephony services compete against the incumbent telecommunications operator in the applicable market.

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 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 OTT telephony providers, such as WhatsApp.

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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.

• C&W Caribbean .

• Liberty Caribbean .

We face competition in the provision of fixed-telephony services mainly from Digicel in our Caribbean markets and Cable Bahamas Limited in The Bahamas.

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• C&W Panama .

We face competition from Millicom (through the Tigo brand) in Panama.

We face competition from Millicom (Tigo) in Panama.

• Liberty Puerto Rico .

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• Liberty Costa Rica.

In Costa Rica, we compete with ICE (through the Kolbi brand), who is the incumbent fixed telephony operator in Costa Rica, as well as Millicom (through the Tigo brand) and Telecable.

In Costa Rica, we compete with ICE (Kolbi), who is the incumbent fixed telephony operator in Costa Rica, as well as Millicom (Tigo), Telecable and Claro.

Business and Wholesale Services

Through C&W , we provide a variety of advanced, point-to-point, clear channel broadband capacity, IP, Multiprotocol Label Switching, Ethernet and managed services over our owned and operated, technologically advanced, subsea fiber optic cable network.

Our subsea and terrestrial fiber routes combine to form a series of fully integrated networks that typically provide complete operational redundancy, stability and reliability, allowing us in most cases to provide our clients with superior service and minimal network downtime.

Given the advanced technical state of the network combined with the challenges in securing the necessary governmental and environmental licenses in all of our operating markets, we believe the network is unlikely to be replicated in the region.

Through Liberty Networks , we provide a variety of advanced, point-to-point, clear channel broadband capacity, IP, Multiprotocol Label Switching, Ethernet and managed services over our owned and operated, technologically advanced, subsea fiber optic cable network.

Our subsea and terrestrial fiber routes combine to form a series of fully integrated, mesh networks that provide complete operational redundancy, stability and reliability, making the overall architecture extremely difficult and costly to replicate.

Given the advanced technical state of this integrated network, combined with the challenges in securing the necessary governmental and environmental licenses in all of our operating markets, we believe the network is unlikely to be replicated in the region.

Competing networks in the region connect fewer countries than we do and are either linear in design, or if ringed, have high-latency protection routes.

In addition, our network as of December 31, 2022, utilized approximately 20% of its potential design capacity, and we believe that our ability to take advantage of this large unused carrying capacity, as well as the financial and time investment required to build a similar network, and the potential delays associated with acquiring governmental permissions, makes it unlikely that our network will be replicated in the near term.

Moreover, these cable systems are generally not part of a broader ecosystem like ours, limiting their ability to offer comparable resilience, scale or service diversity.

In addition, our network as of December 31, 2025, utilized approximately 25% of its potential design capacity, and we believe that our ability to take advantage of this large unused carrying capacity, coupled with the significant financial, technical and regulatory hurdles required to build a similar integrated system, makes replication in the near-term unlikely and reduces competitive risk.

We compete in the provision of B2B services with residential telecommunications operators, as noted above.

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As of December 31, 2025, we employed approximately 9,000 full-time employees across our five reportable segments.

C&W Caribbean approximately 3,700 full-time employees, C&W Panama approximately 1,900 full-time employees, Liberty Networks approximately 1,100 full-time employees, Liberty Puerto Rico approximately 2,000 employees, and Liberty Costa Rica approximately 600 employees.

Liberty Caribbean approximately 3,500 full-time employees, C&W Panama approximately 1,500 full-time employees, Liberty Networks approximately 1,100 full-time employees, Liberty Puerto Rico approximately 1,600 employees, and Liberty Costa Rica approximately 600 employees.

The remaining employees are employed by our corporate entities.

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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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We proudly support and give back to our communities.

In 2024, through our company-wide initiative, Mission Week , over 850 employees across 22 countries came together to contribute more than 8,900 volunteer hours in support of communities across Latin America and the Caribbean through a wide range of volunteer activities.

In 2025, through our company-wide initiative, Mission Week , over 930 employees across several countries came together to contribute nearly 7,500 volunteer hours in support of communities across Latin America and the Caribbean through a wide range of volunteer activities.

Compensation, Benefits and Well-being.

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Our website address is www.lla.com .

Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors relations section of our website.

We may use these channels to distribute material information about our company;

therefore, we encourage investors, the media, business partners and others interested in our company to review the information we post on our website.

The information on our website is not part of this Annual Report on Form 10-K and is not incorporated by reference herein.

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