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Item 7. Management’s Discussion and Analysis

2026-02-18 compared with 2025-02-19 · 197 added, 216 removed, 534 unchanged (44% of the section changed)

10 unchanged sentences

Unless otherwise indicated, operational data (including subscriber statistics) is presented as of December 31, 2025.

A discussion regarding our financial condition and results of operations for the year ended December 31, 2023 compared with the year ended December 31, 2022 can be found under captions entitled “ Results of Operations ” and “ Liquidity and Capital Resources ” in the section entitled “ Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations ” of our annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024, which is available free of charge through the SEC’s website at www.sec.gov or the Company’s website, https://investors.lla.com/financials/sec-filings.

The Company’s website and the information contained therein, or incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-K.

A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 can be found under captions entitled “ Results of Operations ” and “ Liquidity and Capital Resources ” in the section entitled “ Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations ” of our annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 19, 2025, which is available free of charge through the SEC’s website at www.sec.gov or our company’s website, https://investors.lla.com/financials/sec-filings.

Our company’s website and the information contained therein, or incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-K.

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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At December 31, 2025, we (i) owned and operated fixed networks that passed 4,692,600 homes and served 3,836,600 RGUs comprising 1,746,500 broadband internet subscribers, 901,000 video subscribers and 1,189,100 fixed-line telephony subscribers, and (ii) served 6,794,000 mobile subscribers.

Transactions and Events

Hurricane Beryl

In July 2024, Hurricane Beryl impacted our Jamaica operations and certain smaller operations within C&W Caribbean, resulting in varying degrees of damage to homes, businesses, and infrastructures in these markets.

In connection with Hurricane Beryl, during 2024, we experienced adverse impacts to revenue and RGUs, Adjusted OIBDA, and property and equipment additions.

Specifically, during 2024, Hurricane Beryl had a negative impact on revenue and Adjusted OIBDA of approximately $11 million and $14 million, respectively, which includes the positive impact from the hurricane on prepaid revenue.

In addition, we incurred property and equipment additions of approximately $16 million to replace infrastructure and equipment

that has been damaged beyond repair or to enhance network resiliency.

We did not recognize any material impairments in connection with Hurricane Beryl.

As a result of the hurricane, during 2024, we estimate that we lost approximately 33,000 RGUs, comprising 16,000 broadband internet subscribers, 15,000 fixed-line telephony subscribers, and 2,000 video subscribers.

We also saw a positive impact from the hurricane to our prepaid mobile subscribers.

Hurricane Beryl triggered a payment pursuant to coverage under our Weather Derivatives, which resulted in net proceeds of $44 million during 2024.

The payment is reflected as a derivative gain in our consolidated statement of operations and as a cash inflow related to operating activities in our consolidated statement of cash flows.

Costa Rica Transactions

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, Liberty Latin America 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 transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed 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 equity of Liberty Costa Rica for aggregate cash consideration of 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.

LPR Acquisition

During November 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 will be paid in 4 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 of the closing date over the next three years.

On September 3, 2024, we paid the first installment of $95 million, which is reflected as cash paid for an acquisition in our consolidated statement of cash flows.

Tower Transactions

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.

We completed these transactions across most markets during 2023.

During 2024 and 2023, we received proceeds of $9 million and $244 million, respectively , related to the Tower Transactions, which is recorded as debt in 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 over the next four years.

Hurricane Melissa

In late October 2025, the island of Jamaica was impacted by Hurricane Melissa with significant damage to homes, businesses and infrastructure, particularly in the southwest of the island and moderate damage in the northwest.

The capital city, Kingston, and other urban areas in the east were less impacted.

The mobile network has proved resilient and traffic levels were quick to recover, now running back to pre-hurricane levels across the vast majority of the island.

The fixed infrastructure impact was more localized:

over 75% of residential customers are on-line, with the metro areas much closer to full recovery.

Following our internal network review, we have removed a total of 133,000 homes in the southwest and northwest part of the island from our total homes passed.

Additionally, 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.

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.

As a result of the impact of Hurricane Melissa, we incurred lower revenue during the fourth quarter of 2025 and expect to incur lower revenue during 2026.

The decrease in the fourth quarter of 2025 is predominantly due to lower fixed connectivity and reflects the provision of rebates for homes and businesses, which are offline for a period of time.

We are working hard to restore connectivity, but there can be no guarantee as to the cadence of future reconnections or the pace of future revenue recovery.

In addition, during 2026, we expect to incur additional property and equipment additions as we restore damaged networks.

For the fourth quarter of 2025, the negative impact to revenue and Adjusted OIBDA was approximately $20 million and $27 million, respectively, and we incurred incremental property and equipment additions of approximately $17 million as a result of Hurricane Melissa.

Additionally, Hurricane Melissa triggered a payment pursuant to coverage under our Weather Derivatives that resulted in net proceeds after our deductible of $81 million during the year.

The payment was reflected as a derivative gain in our consolidated statement of operations and a cash inflow related to operating activities in our consolidated statement of cash flows.

Strategy and Management Focus

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Operating Income or Loss

The following table sets forth the organic and non-organic changes in the components of operating income or loss during 2024, as compared to 2023.

Year ended December 31, Increase (decrease) from:

Increase (decrease) An acquisition

2024 2023 FX Organic

The following table sets forth the organic and non-organic changes in the components of operating income (loss) during 2025, as compared to 2024.

Year ended December 31, Increase (decrease) Increase (decrease) from:

2025 2024 FX An acquisition Organic

Revenue $ 4,442.2 $ 4,446.8 $ (4.6) $ 7.9 $ 25.2 $ (37.7)

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Operating income (loss) $ 108.2 $ (76.8) $ 185.0 $ 1.3 $ 1.9 $ 181.8

As reflected in the table above, we reported an operating loss during 2024, as compared to operating income during 2023.

For further discussion and analysis of organic changes in revenue and costs, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below.

As reflected in the table above, we reported an operating income during 2025, as compared to operating loss during 2024.

For further discussion and analysis of organic changes in revenue and costs, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs and Expenses sections below.

For further discussion and analysis of changes in Depreciation and amortization , and Impairment, Restructuring and other operating items, net , see Results of Operations (below Adjusted OIBDA) sections below.

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The following table sets forth organic and non-organic changes in Adjusted OIBDA for the period indicated:

C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment eliminations Consolidated

Adjusted OIBDA for the year ending:

Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment eliminations Consolidated

Adjusted OIBDA for the year ended:

December 31, 2024 $ 633.3 $ 269.7 $ 242.7 $ 279.8 $ 229.5 $ (89.8) $ — $ 1,565.2

10 unchanged sentences

Year ended December 31,

C&W Caribbean 43.3 41.5

Liberty Caribbean 46.2 43.3

C&W Panama 38.1 35.3

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Adjusted OIBDA margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses.

We incurred aggregate integration costs (i) during 2024 of $17 million within our Liberty Puerto Rico segment, and (ii) during 2023, of $26 million within our Liberty Puerto Rico, Liberty Costa Rica and C&W Panama segments.

At our Liberty Puerto Rico segment, we incurred aggregate integration costs of $17 million during 2024, and amounts incurred during 2025 were immaterial.

Most of our segments derive their revenue primarily from (i) residential fixed services, including video, broadband internet and fixed-line telephony, (ii) mobile services and (iii) B2B enterprise services.

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Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU.

Changes in ARPU can be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period.

Changes in ARPU can generally be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period.

In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products.

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2025 2024 FX An acquisition Organic

C&W Caribbean $ 1,462.8 $ 1,437.0 $ 25.8 $ (6.5) $ — $ 32.3

Liberty Caribbean $ 1,455.0 $ 1,462.8 $ (7.8) $ (6.9) $ — $ (0.9)

C&W Panama 783.5 763.2 20.3 — — 20.3

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Total $ 4,442.2 $ 4,446.8 $ (4.6) $ 7.9 $ 25.2 $ (37.7)

C&W Caribbean .

C&W Caribbean’s revenue by major category is set forth below:

Liberty Caribbean .

Liberty Caribbean’s revenue by major category is set forth below:

Year ended December 31, Increase (decrease)

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Total residential revenue 952.5 946.0 6.5 0.7

B2B revenue 516.8 511.4 5.4 1.1

502.5 516.8 (14.3) (2.8)

Total $ 1,455.0 $ 1,462.8 $ (7.8) (0.5)

The details of the changes in C&W Caribbean’s revenue during 2024, as compared to 2023, are set forth below (in millions):

The details of the changes in Liberty Caribbean’s revenue during 2025, as compared to 2024, are set forth below (in millions):

Increase (decrease) in residential fixed subscription revenue due to change in:

Average number of RGUs (a) $ (14.2)

Decrease in residential fixed non-subscription revenue (0.8)

Total change in residential fixed revenue —

Increase in residential mobile service revenue (c) 24.0

Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue 1.0

Increase in B2B revenue (d) 7.3

Total organic increase 32.3

ARPU (b) 14.6

Decrease in residential fixed non-subscription revenue (c) (7.7)

Total decrease in residential fixed revenue (7.3)

Increase in residential mobile service revenue (d) 14.3

Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e) 4.3

Decrease in B2B revenue (f)

Total organic decrease (0.9)

Impact of FX (6.9)

(a) The decrease is primarily due to the net effect of (i) lower average video and fixed-line telephony RGUs and (ii) higher average broadband internet RGUs.

(b) The increase is primarily due to the net impact of (i) higher ARPU from broadband internet services, mainly due to price increases, (ii) lower ARPU from fixed-line telephony services, mostly due to fixed-mobile convergence efforts, and (iii) lower ARPU from video services.

(c) The increase is primarily attributable to the net impact of (i) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, (ii) an increase in prepaid ARPU resulting from price increases implemented during the third quarter of 2023 and the first quarter of 2024, and (iii) lower average numbers of prepaid mobile subscribers.

(d) The increase is mainly attributable to the net effect of (i) higher project-related revenue across various markets and (ii) an increase in fixed and managed services, despite negative impacts related to Hurricane Beryl.

Total $ (7.8)

(a) The decrease is primarily due to lower average video, broadband internet and fixed-line telephony RGUs, mainly driven by the impact of Hurricane Melissa.

(b) The increase is primarily due to higher ARPU on broadband internet services due to price increases in certain markets.

The impact of Hurricane Melissa-related credits in the current year were largely offset by the impact of Hurricane Beryl-related credits in the prior year.

(c) The decrease is due in part to (i) lower interconnect revenue attributable to lower traffic on our networks and (ii) other immaterial declines.

(d) The increase is primarily attributable to the net effect of (i) an increase in prepaid mobile ARPU mainly resulting from price increases in Jamaica during the first quarter of 2024 and during 2025 as well as increased demand following Hurricane Melissa, (ii) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower average number of prepaid mobile subscribers, due in part to fixed-mobile convergence efforts and churn associated with price increases.

(e) The increase is primarily due to higher volumes of handset sales and inbound roaming.

(f) The decrease is mainly attributable to the net impact of (i) a decline in revenue from managed services, mostly related to the negative impact from Hurricane Melissa and a decrease in fixed-line telephony, which was partially offset by growth in broadband internet, and (ii) lower project-related revenue as a decline in our Bahamas market more than offset an increase in our Barbados market.

C&W Panama’s revenue by major category is set forth below:

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Residential revenue:

Residential fixed revenue:

Subscription revenue $ 117.3 $ 122.3 $ (5.0) (4.1)

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Total residential revenue 478.6 460.5 18.1 3.9

B2B revenue 302.7 308.0 (5.3) (1.7)

304.9 302.7 2.2 0.7

Total $ 783.5 $ 763.2 $ 20.3 2.7

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ARPU (b) (11.6)

Decrease in residential fixed non-subscription revenue (0.5)

Total increase in residential fixed revenue 5.3

Increase in residential fixed non-subscription revenue 0.1

Total decrease in residential fixed revenue (4.9)

Increase in residential mobile service revenue (c) 18.5

Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) 4.5

Decrease in B2B revenue (e) (5.3)

Increase in B2B revenue (e)

(a) The increase is primarily due to higher average broadband internet RGUs.

(b) The decrease is primarily due to lower ARPU from fixed-line telephony and video services, mainly driven by higher discounts and other customer retention efforts, and the migration of customers to lower ARPU plans.

(c) The increase is primarily due to the net effect of (i) higher ARPU from prepaid mobile services, (ii) lower average numbers of prepaid mobile subscribers, and (iii) higher average numbers of postpaid mobile subscribers.

The decrease in prepaid mobile subscribers is mainly driven by the impact of churn related to the migration of customers to our network following the Claro Panama Acquisition.

This decrease was partially offset by the addition of customers to our base following the exit of a competitor from our market, which positively impacted both our prepaid and postpaid base.

The increase in prepaid mobile ARPU is primarily due to higher ARPU packages offered to customers.

(d) The increase is primarily due to higher volumes of handset sales.

(e) The decrease is primarily due to the net effect of (i) lower revenue from government-related projects and (ii) higher revenue from fixed and managed services, primarily broadband internet services.

(b) The decrease is primarily due to lower ARPU from video services and fixed-line telephony, mainly due to (i) higher discounts driven by competitive market conditions and (ii) the migration of customers to lower ARPU plans.

(c) The increase is primarily due to higher average postpaid and prepaid mobile subscribers, driven in part by the addition of customers to our base following the exit of a competitor from our market during the first quarter of 2024.

(d) The increase is primarily due to higher volumes of handset sales at higher unit prices.

(e) The increase is primarily attributable to (i) higher project-related revenue, with the majority stemming from government projects, and (ii) lower revenue from fixed and managed services, primarily related to lower out-of-plan usage and disconnects on fixed B2B voice customers.

Liberty Networks .

Liberty Networks’ revenue by major category is set forth below:

Year ended December 31, Increase (decrease)

Year ended December 31, Increase

2025 2024 $ %

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Increase in enterprise revenue (a) $ 3.8

Decrease in wholesale revenue (b) (20.0)

Total organic decrease (10.1)

Increase in wholesale revenue (b) 19.0

Total organic increase 22.8

Impact of FX 0.7

Total $ (5.8)

(a) The increase is primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue, and (iii) a decrease associated with sales-type leases on CPE installed on long-term customer solutions, due mostly to a higher mix of contracts recognized on a net basis.

(b) The decrease is primarily due to (i) lower amortized prepaid capacity and operating and maintenance revenue driven by the cancellation of prepaid capacity contracts in prior periods, (ii) a decrease in non-recurring revenue related to a sales-type lease recognized during 2023 and (iii) a net decrease in revenue associated with the recognition of deferred revenue and penalties upon the termination or modification of prepaid capacity contracts during 2023 and 2024.

(a) The increase is primarily attributable to the net effect of (i) growth in managed services, (ii) lower revenue associated with sales-type leases on CPE and (iii) higher B2B connectivity revenue.

(b) The increase is primarily due to the net effect of (i) higher project-related revenue, primarily associated with a contract to construct and deploy a subsea cable system, (ii) higher subsea capacity revenue, (iii) lower revenue associated with the recognition of deferred revenue and penalties upon the termination of a prepaid capacity contract during the second quarter of 2024, and (iv) lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in the prior period.

Liberty Puerto Rico.

Liberty Puerto Rico’s revenue by major category is set forth below:

Year ended December 31, Decrease

Year ended December 31, Increase (decrease)

2025 2024 $ %

10 unchanged sentences

Total residential revenue 997.9 1,010.1 (12.2) (1.2)

B2B revenue 206.7 224.3 (17.6) (7.8)

174.4 206.7 (32.3) (15.6)

Other revenue 26.9 33.6 (6.7) (19.9)

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Average number of RGUs (a) $ (13.2)

ARPU (b) (7.3)

Decrease in residential fixed non-subscription revenue (2.2)

Increase in residential fixed non-subscription revenue 0.7

Total decrease in residential fixed revenue (4.1)

Decrease in residential mobile service revenue (c) (40.8)

Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) (61.5)

Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) 7.5

Decrease in B2B revenue (e)

3 unchanged sentences

Total $ (51.2)

(a) The increase is primarily attributable to the net effect of (i) higher average broadband internet and fixed-line telephony RGUs and (ii) lower average video RGUs.

(b) The decrease is primarily due to lower ARPU from broadband internet, fixed-line telephony and video services, mainly caused by the net effect of retention-related discounts that more than offset price increases during the third quarter of 2024.

(c) The decrease is primarily due to a decline in the average number of mobile subscribers impacted by the migration of customers to our mobile network and network challenges in 2024 and lower postpaid mobile ARPU.

(d) The decrease is primarily driven by lower equipment sales, including the impact of the migration of customers to our mobile network during the first half of 2024.

(e) The decrease is primarily attributable to lower revenue from mobile services, mainly driven by lower average customers due to (i) the termination of a government-sponsored program during the second quarter of 2024 and (ii) the migration of customers to our mobile network, including credits issued for billing adjustments.

(f) The decrease is primarily driven by the net impact of (i) declines in the rate of funding beginning in each of June 2023 and 2024 related to funds from the FCC that we use to expand and improve our fixed and mobile networks, and (ii) a grant from the NTIA to fund network infrastructure to remote and underserved communities.

(a) The decrease is primarily attributable to (i) lower average broadband internet and video RGUs and (ii) a negative impact from the termination of a government-sponsored program during the second quarter of 2024.

(b) The increase is primarily due to higher ARPU from broadband internet and video services, mainly due to price increases.

The increase also includes the impact of credits issued to customers during the prior year following Hurricane Ernesto, which impacted Puerto Rico in August 2024.

(c) The decrease is primarily due to the negative impacts from the migration of customers to our mobile network and network challenges in 2024, which caused a decline in the average number of postpaid mobile subscribers and lower postpaid mobile ARPU.

(d) The increase is primarily driven by higher equipment sales and inbound roaming revenue.

(e) The decrease is primarily attributable to lower revenue from mobile services due mostly to the negative impacts from the migration of customers to our mobile network in 2024, which caused declines in the average number of mobile subscribers and lower mobile ARPU.

(f) The decrease is primarily attributable to (i) a decline in the rate of funding in June 2024 related to funds from the FCC that we use to expand and improve our fixed and mobile networks, and (ii) a decrease in funding related to a grant from the NTIA to fund network infrastructure to remote and underserved communities.

Liberty Costa Rica .

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Total residential revenue 563.3 537.2 26.1 4.9

B2B revenue 75.9 67.0 8.9 13.3

68.9 75.9 (7.0) (9.2)

Total $ 632.2 $ 613.1 $ 19.1 3.1

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Increase in residential fixed non-subscription revenue (c) 4.1

Total increase in residential fixed revenue 4.7

Total decrease in residential fixed revenue (7.5)

Increase in residential mobile service revenue (d) 12.4

Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e) 8.6

Increase in B2B revenue (f) 5.4

Decrease in B2B revenue (f)

Total organic increase 5.0

Impact of FX 14.1

(a) The increase is primarily due to the net effect of (i) increases in the average number of broadband internet and fixed-line telephony RGUs and (ii) a decrease in the average number of video RGUs.

(b) The decrease is due to lower ARPU across all fixed products, the largest of which is from video services.

The decrease is mainly due to market competition leading to customer retention efforts and higher financed equipment sales.

(a) The increase is primarily driven by higher average broadband internet and video RGUs.

(b) The decrease is primarily attributable to lower ARPU from video services and, to a lesser extent, from broadband internet and fixed-line telephony services.

(d) The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid mobile ARPU.

(e) The increase is primarily attributable to the net effect of (i) higher volumes of equipment sales at higher unit prices, and (ii) lower interconnect revenue driven by a reduction in rates and lower volumes of traffic.

(f) The increase is primarily due to higher project-related revenue and growth in managed services.

(d) The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers, (ii) lower prepaid ARPU and, to a lesser extent, lower postpaid mobile ARPU and (iii) lower average prepaid mobile subscribers.

(e) The increase is primarily attributable to the net effect of (i) higher equipment sales , mainly driven by higher volumes, and (ii) a decrease in interconnect revenue, driven by lower local traffic volume.

(f) The decrease is primarily attributable to a decline in project-related revenue.

Programming and other direct costs of services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, B2B project-related costs and other direct costs related to our operations.

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations.

Consolidated.

The following table sets forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.

Year ended December 31, Increase (decrease) from:

Increase (decrease) FX An acquisition Organic

Year ended December 31, Increase (decrease) Increase (decrease) from:

2025 2024 FX An acquisition Organic

Programming and copyright $ 224.6 $ 233.6 $ (9.0) $ 0.6 $ — $ (9.6)

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Total programming and other direct costs of services $ 975.9 $ 989.4 $ (13.5) $ 2.1 $ 17.8 $ (33.4)

C&W Caribbean .

The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our C&W Caribbean segment.

Liberty Caribbean .

The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Caribbean segment.

Year ended December 31, Increase (decrease) Increase (decrease) from:

6 unchanged sentences

• Programming and copyright:

The organic decrease is mainly due to (i) the impact of the renegotiation of certain content agreements, and (ii) lower video RGUs.

The organic increase is mainly due to an increase associated with a copyright claim that was largely offset by lower rates resulting from the renegotiation of certain content agreements and lower video subscribers.

• Interconnect:

The organic decrease is primarily due to lower rates resulting from the renegotiation of a contract.

The organic increase is primarily due to the net effect of (i) higher B2B project-related equipment costs and (ii) lower handset costs.

The organic decrease is primarily due to (i) lower rates, including the renegotiation of a contract, and (ii) lower overall volumes of traffic.

The organic decrease is mainly due to (i) lower handset costs and (ii) lower B2B equipment costs.

• Project-related and other:

The organic increase is primarily due to higher B2B project costs, primarily in the Bahamas.

The organic increase is primarily due to higher costs associated with incentives to customers in an effort to drive fixed-mobile convergence.

The following table sets forth the changes in programming and other direct costs of services for our C&W Panama segment.

7 unchanged sentences

The decrease is primarily due to lower volumes of traffic.

The increase is primarily attributable to (i) higher volumes of handset sales, mostly to B2B customers, and (ii) higher unit costs associated with handset sales to residential customers.

The increase is primarily attributable to higher volumes of handset sales to residential and B2B customers.

• Project-related and other:

The decrease is primarily due to lower costs associated with certain government-related projects.

The decrease is primarily due to (i) lower government-related project costs, driven by improved margins in 2025, and (ii) a decline resulting from the renegotiation of rates on certain B2B projects.

Liberty Networks .

The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.

Year ended December 31, Decrease Increase (decrease) from:

Year ended December 31, Increase Increase from:

2025 2024 FX Organic

4 unchanged sentences

• Interconnect:

The organic decrease is primarily due to (i) lower backhaul expenses and (ii) lower inter-segment costs.

• Project-related and other:

The organic decrease is primarily due to a higher mix of contracts recognized on a net basis.

The organic increase is primarily due to (i) higher backhaul expenses, and (ii) higher license cost.

Liberty Puerto Rico .

1 unchanged sentence

Year ended December 31, Increase (decrease) Increase (decrease) from:

An Acquisition

2024 2023 Organic

2025 2024 An Acquisition Organic

Programming and copyright $ 101.8 $ 109.8 $ (8.0) $ — $ (8.0)

4 unchanged sentences

• Programming and copyright:

The organic decrease is primarily due to the net effect of (i) lower average number of subscribers and (ii) rate increases.

The organic decrease primarily relates to the net effect of (i) lower subscriber counts and customers moving to lower cost product offerings, (ii) lower programmer fees resulting from contract renegotiations and (iii) higher costs associated with rate increases.

• Interconnect:

The organic decrease is mostly due to lower interconnect costs associated with a transition service agreement that expired during 2024.

The organic decrease is primarily due to the net effect of (i) lower handset sales, which includes the impact of the migration of customers to our mobile network during the first half of 2024, (ii) equipment credits for handset purchases recognized during the first half of 2023 associated with handsets purchased prior to 2023 and (iii) increases resulting from inventory adjustments during 2024 related to the migration of mobile customers to our network.

• Project-related and other:

The organic increase is primarily due to higher costs associated with portability and identity protection services.

The organic decrease is primarily due to (i) lower mobile network costs generally associated with the expiration of a transition service agreement during 2024, and (ii) lower roaming costs associated with a decline in traffic.

Liberty Costa Rica .

The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Costa Rica segment.

Year ended December 31, Increase (decrease) from:

Increase (decrease) FX Organic

Year ended December 31, Increase (decrease) Increase (decrease) from:

2025 2024 FX Organic

Programming and copyright $ 37.8 $ 37.6 $ 0.2 $ 0.9 $ (0.7)

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Total programming and other direct costs of services $ 136.7 $ 136.8 $ (0.1) $ 3.1 $ (3.2)

• Programming and copyright:

The organic increase is due to the net effect of (i) higher programming costs associated with an increase in video RGUs, and (ii) higher content costs driven by pricing.

• Interconnect:

The organic decrease is primarily due to lower (i) rates, (ii) volumes of long-distance and international traffic, and (iii) commission costs associated with prepaid mobile distributors.

The organic increase is primarily due to the net effect of (i) higher CPE costs associated with sales growth, and (ii) higher handset costs associated with increased unit costs.

The organic decrease is primarily driven by (i) lower volumes of traffic and (ii) a decrease in roaming.

The organic increase is primarily attributable to higher handset unit costs.

• Project related and other:

The organic increase is primarily due to higher project-related costs.

The organic decrease is due to lower costs associated with B2B projects.

Other operating costs and expenses

Other operating costs and expenses set forth in the table below comprise the following cost categories:

Other operating costs and expenses comprise the following cost categories:

• Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;

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• Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers;

• Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs;

• Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonus-related expenses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.

• Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related costs, travel and entertainment and other operating-related costs;

• Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonuses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.

Consolidated .

The following table sets forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis.

Year ended December 31, Increase (decrease) from:

Increase (decrease) An acquisition Organic

Year ended December 31, Decrease Increase (decrease) from:

2025 2024 FX An acquisition Organic

Personnel and contract labor $ 558.6 $ 579.2 $ (20.6) $ 0.3 $ — $ (20.9)

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For additional information regarding our share-based compensation and other Employee Incentive Plan-related expense, see Results of Operations (below Adjusted OIBDA) discussion and analysis below.

C&W Caribbean .

The following table sets forth the organic and non-organic changes in other operating costs and expenses for our C&W Caribbean segment.

Year ended December 31, Increase (decrease) Increase (decrease) from:

Liberty Caribbean .

The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Liberty Caribbean segment.

Year ended December 31, Decrease Decrease from:

2025 2024 FX Organic

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Total other operating costs and expenses $ 574.9 $ 625.9 $ (51.0) $ (2.3) $ (48.7)

• Personnel and contract labor:

The organic decrease is primarily due to lower headcount.

• Network-related:

The organic decrease is primarily due the net effect of (i) lower power costs driven by a decrease in consumption and rates, (ii) lower costs driven by a reduction in outsourced contracts, and (iii) higher maintenance costs.

In addition, this decrease was offset by the negative impact of an accrual release during 2023 related to leased line costs that resulted from the renegotiation of pole rental contracts.

• Service-related:

The organic decrease is primarily due to declines in professional services associated with the renegotiation or termination of certain vendor contracts.

The organic decrease is primarily due to the net effect of (i) cost savings initiatives, including the renegotiation of certain contract terms, (ii) an increase in various costs in Jamaica as a result of Hurricane Melissa, (iii) lower power costs primarily driven by a decrease in consumption and rates, and (iv) a decrease in asset retirement obligations.

• Commercial:

The organic decrease is primarily due to lower (i) call center costs, and (ii) marketing expenses.

The organic decrease is primarily driven by (i) cost saving initiatives, including system improvements and the renegotiation of certain contracts, and (ii) lower marketing costs.

• Facility, provision, franchise and other:

The organic increase is primarily due to the net effect of (i) higher bad debt expense across various markets that was partially offset by the recovery of amounts from a large customer, (ii) lower facilities costs associated with the Tower Transactions, (iii) higher costs associated with Hurricane Beryl-related

restoration efforts, and (iv) higher franchise fees.

In addition, the organic increase includes the negative impact associated with a tax-related assessment received in one of our markets during 2024.

The organic decrease is primarily due to the net effect of (i) the positive impact to the comparisons associated with an unfavorable adjustment on a tax-related assessment at one of our markets during the second quarter of 2024, (ii) an increase of bad debt expense, and (iii) lower facility-related costs driven by cost savings initiatives.

The following table sets forth the changes in other operating costs and expenses for our C&W Panama segment.

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• Personnel and contract labor:

The decrease is primarily due to lower headcount levels following the execution of certain restructuring plans.

The decrease is primarily due to (i) lower headcount levels following the execution of certain restructuring plans and (ii) lower commissions.

• Network-related:

The decrease is primarily due to lower (i) power-related utility costs and (ii) lease costs.

• Commercial:

The increase is primarily due to higher marketing and commissions expense associated with efforts to obtain customers from a competitor following their exit from the market.

The increase is primarily due to higher commissions expense, in large part due to a shift from internal to external resources.

• Facility, provision, franchise and other:

The decrease is primarily due to (i) lower facilities costs, mainly from synergies attained following the Claro Panama Acquisition and (ii) lower bad debt expense.

The increase is primarily due to (i) higher bad debt expense and (ii) other immaterial increases across various categories.

Liberty Networks.

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Total other operating costs and expenses $ 142.8 $ 143.4 $ (0.6) $ 0.4 $ (1.0)

• Network-related:

The organic increase is primarily related to higher maintenance costs.

• Personnel and contract labor:

The organic increase is primarily related to higher salary and bonus-related expenses.

• Service-related:

The organic increase is primarily due to higher outsourcing and software upgrade expenses.

The organic increase is primarily due to software migration expenses, higher outsourcing and professional services.

• Facility, provision, franchise and other:

The organic increase is primarily due to higher bad debt expense, mostly driven by adjustments for two large customers during 2024.

The organic decrease is primarily due to lower bad debt expense, mostly associated with the negative impact of adjustments made for two large customers during 2024.

Liberty Puerto Rico .

The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Liberty Puerto Rico segment.

Year ended December 31, Increase (decrease) from:

Increase (decrease) An acquisition

2024 2023 Organic

Year ended December 31, Decrease Increase (decrease) from:

2025 2024 An acquisition Organic

Personnel and contract labor $ 145.4 $ 164.1 $ (18.7) $ — $ (18.7)

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• Personnel and contract labor:

The organic increase is primarily driven by the net effect of (i) an increase resulting from the receipt of payroll tax credits during 2023 that were not received during 2024, and which tax credits were awarded to businesses that continued to pay employees or that experienced significant declines in gross receipts during the COVID-19 pandemic, and (ii) lower salaries and related personnel costs, driven by a reduction in headcount associated with restructuring plans.

The organic decrease is primarily due to (i) lower salaries and related personnel costs, driven by reductions in headcount associated with restructuring plans, (ii) an increase to capitalized labor cost, and (iii) the impact associated with the sale of research and development tax credits generated on personnel costs at Liberty Puerto Rico.

• Network-related:

The organic decrease is primarily due to the net effect of (i) the termination of a transition service agreement during the first half of 2024, (ii) lower network maintenance expenses, (iii) higher vendor credits and related incentives and (iv) higher pole rental costs.

The organic decrease is primarily due to the termination of a transition service agreement during the first half of 2024 offset by higher network repair and other costs during 2025.

• Service-related:

The organic increase is primarily due to the net impact of (i) an increase in information technology service and license expenses, as we have transitioned mobile customers acquired from AT&T to our internal systems, and (ii) lower service-related integration costs associated with the migration of customers to our mobile network following the AT&T Acquisition.

The organic decrease is primarily due to (i) costs incurred during 2024 associated with (a) a transition service agreement that was terminated during 2024 and (b) service-related integration costs related to the migration of customers to our mobile network following the AT&T Acquisition, and (ii) a decrease associated with lower information technology software costs.

• Commercial:

The organic increase is primarily driven by higher call center costs that were only partially offset by lower marketing expenses.

The organic decrease is primarily driven by lower marketing and call center costs.

• Facility, provision, franchise and other:

The organic increase is primarily due to the net effect of (i) higher bad debt expense impacted by billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems, and higher expected credit losses on amounts due under EIPs for customers that have churned, (ii) increased collection costs, (iii) a decrease due to the substantial termination of a transition services agreement during the first half of 2024, (iv) lower facility costs, including utilities, (v) lower company vehicle expenses and (vi) a decrease in bank and franchise fees.

The organic decrease is primarily due to lower bad debt expense as we incurred significant charges during 2024 due to the impact of billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems.

Liberty Costa Rica .

The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Liberty Costa Rica segment.

Year ended December 31, Increase (decrease) Increase (decrease) from:

Year ended December 31, Increase Increase (decrease) from:

2025 2024 FX Organic

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Total other operating costs and expenses $ 262.1 $ 248.2 $ 13.9 $ 5.8 $ 8.1

• Personnel and contract labor:

The organic decrease is primarily due to (i) lower salaries and related personnel costs driven by a reduction in headcount associated with restructuring plans, and (ii) an increase in capitalized labor.

• Commercial:

The organic increase is primarily due to the net effect of (i) higher sales commissions resulting from an increase in sales volume, (ii) lower marketing expenses, and (iii) higher call center and customer care-related costs.

• Facility, provision, franchise and other:

The organic increase is primarily due to (i) increases in bad debt expense, mainly associated with installment receivables on equipment sales, and (ii) higher operating lease expense associated with an increase in tower leases.

The organic increase is primarily due to higher bad debt expense.

The following table sets forth the changes in other operating costs and expenses for our corporate operations.

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• Personnel and contract labor:

The increase is primarily due to (i) higher bonus-related expense and (ii) lower capitalized labor.

The increase is primarily due to (i) higher bonus-related expense, (ii) higher headcount and (iii) lower capitalized labor.

• Service-related:

The increase is primarily due to the net effect of higher professional services costs and other insignificant changes across other service-related cost categories.

• Facility, provision, franchise and other:

The decrease is primarily due to insurance costs recognized during 2023 associated with (i) cable breaks that occurred during the first quarter of 2023 and (ii) business interruption claims submitted by our Liberty Puerto Rico business during the second quarter of 2023.

The increase is primarily due to higher professional services costs.

Results of operations (below Adjusted OIBDA)

Share-based compensation and other Employee Incentive Plan-related expense (included in other operating costs and expenses)

Share-based compensation and other Employee Incentive Plan-related expense remained relatively flat during 2024, as compared to 2023.

Share-based compensation and other Employee Incentive Plan-related expense decreased by $9 million or 11% during 2025, as compared to 2024.

The decrease is primarily driven by a 2024 modification of the legal life of outstanding SARs resulting in incremental share-based compensation expense recorded during 2024.

For further discussion of this modification, see note 12 to our consolidated financial statements.

The decrease is also impacted by lower grants and higher cancellations experienced, partially offset by an increase in expense associated with our LTVP.

For additional information regarding our share-based compensation and other Employee Incentive Plan-related expense, see note 12 to our consolidated financial statements.

Depreciation and amortization

Our depreciation and amortization expense decreased $40 million or 4% during 2024, as compared to 2023, primarily due to the net effect of (i) a decrease associated with customer relationship assets becoming fully amortized in C&W Panama, (ii) a decrease associated with certain assets becoming fully depreciated and (iii) an increase from property and equipment additions, primarily associated with baseline-related additions, the expansion and upgrade of our networks and other capital initiatives and the installation of CPE.

Our depreciation and amortization expense decreased $63 million or 7% during 2025, as compared to 2024, primarily due to (i) certain assets becoming fully depreciated across markets at Liberty Caribbean, (ii) lower depreciation expense at Liberty Puerto Rico associated with the sale of research and development tax credits generated on depreciated assets and (iii) customer relationship assets becoming fully amortized in Liberty Caribbean and C&W Panama.

Impairment, restructuring and other operating items, net

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Total $ 618.2 $ 589.7

(a) The 2024 amount primarily relates to an impairment of goodwill recorded at Liberty Puerto Rico, as further described in note 8 to our consolidated financial statements.

The 2023 amount primarily relates to the impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama.

(b) The amounts include employee severance and termination costs related to reorganization activities at (i) C&W Panama and Liberty Puerto Rico for 2024, and (ii) C&W Caribbean and C&W Panama for 2023.

(a) The 2025 amount includes an impairment of $494 million on spectrum license intangible assets recorded at Liberty Puerto Rico.

Additionally, during October 2025, our operations in Jamaica were significantly impacted by Hurricane Melissa resulting in extensive damage to homes, businesses and infrastructure.

Based on estimates of the impacts on our operations, we recorded impairment changes of $56 million to reduce the carrying values of our property and equipment.

The 2024 amount primarily relates to an impairment of goodwill recorded at Liberty Puerto Rico.

For additional information associated with these impairment charges, see note 7 to our consolidated financial statements.

(b) The amounts include employee severance and termination costs related to reorganization activities mainly at (i) C&W Panama, Liberty Puerto Rico and Corporate Operations for 2025, and (ii) C&W Panama for 2024.

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Our interest expense increased $29 million during 2025, as compared to 2024.

The increase is primarily attributable to (i) an increase in our average outstanding debt balances, mainly driven by debt associated with the Tower Transactions and the activity during 2024 on our revolving credit facilities, and (ii) higher weighted-average interest rates.

The increase is primarily attributable to an increase in our average debt balances and weighted-average interest rates.

For additional information regarding our outstanding indebtedness, see note 9 to our consolidated financial statements.

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Total $ (20.0) $ 82.1

(a) The gains during 2024 and 2023 are primarily attributable to (i) higher interest rates and (ii) for the 2024 period, the impact of amendments to certain interest rate derivative contracts within our C&W and Liberty Puerto Rico borrowing groups.

(b) The losses during 2024 and 2023 are primarily attributable to changes in FX rates due to the value of the CRC relative to the U.S.

(c) Amounts represent the amortization of premiums associated with our Weather Derivatives, and for 2024, a net gain of $44 million associated with a payment pursuant to coverage under our Weather Derivatives that was triggered by Hurricane Beryl.

(a) The gains (losses) during 2025 and 2024 are primarily attributable to changes in interest rates.

(b) The losses during 2025 and 2024 are primarily attributable to changes in the value of the CRC relative to the U.S.

(c) Amounts represent the net effect of (i) gains of $81 million and $44 million during 2025 and 2024 associated with payments pursuant to coverage under our Weather Derivatives that was triggered by Hurricanes Melissa and Beryl, respectively, and (ii) amortization of premiums associated with our Weather Derivatives.

For additional information concerning our derivative instruments, see notes 4 and 6 to our consolidated financial statements and Item 7A.

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Unrealized foreign currency transaction gains or losses are computed based on period-end exchange rates and are non-cash in nature until such time as the amounts are settled.

The details of our foreign currency transaction gains (losses), net, are as follows:

The details of our foreign currency transaction losses, net, are as follows:

Year ended December 31,

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Intercompany payables and receivables denominated in a currency other than the entity’s functional currency

(10.7) (14.9)

Other (b) (42.5) (13.6)

Total $ (42.7) $ (18.3)

(a) The net gains are primarily due to a CRC functional currency entity.

(b) Primarily includes (i) third-party receivables and payables denominated in a currency other than an entity’s functional currency and (ii) cash denominated in a currency other than an entity’s functional currency.

Gains or losses on debt extinguishments, net

Our gains or losses on debt extinguishments generally include (i) premiums or discounts associated with redemptions and/or repurchases of debt, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts and/or (iii) breakage fees.

(a) The net gains are primarily due to a CRC and JMD functional currency entity.

(b) Primarily includes (i) losses upon conversion of foreign currency assets and (ii) third-party receivables and payables denominated in a currency other than an entity’s functional currency.

Losses on debt extinguishments, net

Our gains or losses on debt extinguishment generally include (i) premiums or discounts associated with redemptions and/or repurchases of debt, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts and/or (iii) breakage fees.

We recognized losses on debt extinguishment, net, of $14 million and $6 million during 2025 and 2024, respectively.

The net loss during the 2024 period is primarily due to (i) refinancing activity at C&W during October 2024 and (ii) the repurchase and cancellation of the Convertible Notes.

The net loss during the 2023 period is primarily due to the net effect of (i) losses associated with refinancing activity at Liberty Costa Rica during January 2023 and (ii) net gains associated with the partial repurchases of the Convertible Notes.

The net loss during 2025 is associated with the refinancing activity at C&W.

The net loss during 2024 is primarily due to (i) refinancing activity at C&W during October 2024 and (ii) the repurchase and cancellation of the Convertible Notes.

For additional information concerning our losses on debt modification and extinguishment, see note 9 to our consolidated financial statements.

Income tax benefit or expense

Liberty Latin America was formed as a corporation in Bermuda where the Company has a “statutory” or “expected” tax rate of 0% for the 2024 and 2023 tax years.

However, a majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable statutory rates.

Liberty Latin America was formed as a corporation in Bermuda where the company has a “statutory” or “expected” tax rate of 15%, effective as of January 1, 2025.

For the year ended December 31, 2024, the Bermuda statutory tax rate was 0%.

The majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable statutory rates.

For additional information, see note 13 to our consolidated financial statements.

We recognized income tax benefit (expense) of $4 million and ($24 million) during 2024 and 2023, respectively.

We recognized income tax benefit of $99 million and nil during 2025 and 2024, respectively.

The income tax benefit attributable to our loss before income taxes during 2025 differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of (i) jurisdictional statutory income tax rate differential, (ii) permanent tax differences, such as non-taxable income, and (iii) changes in uncertain tax positions.

These beneficial effects on our effective tax rate were partially offset by the detrimental effects of (i) cross-border tax laws and payments, (ii) changes in tax laws or rates, (iii) net decrease of tax credits, (iv) net increases in valuation allowances, (v) permanent tax differences, such as non-deductible expenses, and (vi) global minimum tax.

The income tax benefit attributable to our loss before income taxes during 2024 differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of (i) jurisdictional rate differences, (ii) permanent tax differences such as non-taxable income, (iii) rate changes, (iv) tax credits, and (v) changes in uncertain tax positions.

These beneficial effects on our effective tax rate were partially offset by the detrimental effects of (i) net increases in valuation allowances, (ii) permanent tax differences, such as non-deductible goodwill impairments and non-deductible expenses, (iii) the inclusion of withholding taxes on cross-border payments, and (iv) the expiration of deferred tax assets, which are entirely offset by valuation allowance.

The income tax expense attributable to our loss before income taxes during 2023 differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of (i) net increases in valuation allowances, (ii) permanent tax differences, such as non-deductible expenses, (iii) the expiration of deferred tax assets, which are entirely offset by valuation allowance, and (iv) the inclusion of withholding taxes on cross-border payments and capital gains tax.

These negative impacts to our effective tax rate were partially offset by the beneficial effects of (i) permanent tax differences, such as non-taxable income, (ii) rate changes, which are nearly entirely offset by valuation allowance, (iii) jurisdictional rate differences, (iv) tax credits and (v) changes in uncertain tax positions.

Net earnings or loss

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Net non-operating expenses $ (761.0) $ (583.1)

Income tax benefit (expense) $ 4.1 $ (24.4)

Income tax benefit $ 98.5 $ 0.2

Net loss $ (554.3) $ (659.7)

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Cash and cash equivalents held by:

Liberty Latin America and unrestricted subsidiaries:

Liberty Latin America (a) $ 10.4

Unrestricted subsidiaries (b) 80.2

Total Liberty Latin America and unrestricted subsidiaries 90.6

Borrowing groups (c):

C&W (d) 523.0

Liberty Latin America and corporate subsidiaries (a) $ 127.1

Borrowing groups (b):

C&W (c) 507.5

Liberty Puerto Rico 85.5

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Total cash and cash equivalents

(a) Represents the amount held by Liberty Latin America on a standalone basis.

(b) Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside of our borrowing groups.

(a) Represents amounts held by Liberty Latin America on a standalone basis, and its corporate subsidiaries that are outside of our borrowing groups.

All of these companies rely on funds provided by our borrowing groups to satisfy their liquidity needs.

(c) Represents the aggregate amounts held by the parent entity of the applicable borrowing group and their restricted subsidiaries.

(d) Includes $71 million and $52 million of cash held by operations in C&W Panama and C&W Bahamas, respectively.

Liquidity and capital resources of Liberty Latin America and its unrestricted subsidiaries

Our current sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Latin America and, subject to certain tax and legal considerations, Liberty Latin America’s unrestricted subsidiaries, and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments.

From time to time, Liberty Latin America and its unrestricted subsidiaries may also receive (i) proceeds in the form of distributions or loan repayments from Liberty Latin America’s borrowing groups upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Latin America and its unrestricted subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its unrestricted subsidiaries or the issuance of equity securities by Liberty Latin America.

No assurance can be given that any external funding would be available to Liberty Latin America or its unrestricted subsidiaries on favorable terms, or at all.

(b) Represents the aggregate amounts held by the applicable borrowing group.

Liquidity and capital resources of Liberty Latin America and its corporate subsidiaries

Our current sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Latin America and, subject to certain tax and legal considerations, Liberty Latin America’s corporate subsidiaries, and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our corporate subsidiaries’ cash and cash equivalents and investments.

From time to time, Liberty Latin America and its corporate subsidiaries may also receive (i) proceeds in the form of distributions or loan repayments from Liberty Latin America’s borrowing groups upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Latin America and its corporate subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its corporate subsidiaries or the issuance of equity securities by Liberty Latin America.

No assurance can be given that any external funding would be available to Liberty Latin America or its corporate subsidiaries on favorable terms, or at all.

As noted above, various factors may limit our ability to access the cash of our borrowing groups.

Our corporate liquidity requirements include (i) corporate general and administrative expenses and (ii) other liquidity needs that may arise from time to time.

In addition, Liberty Latin America and its unrestricted subsidiaries may require cash in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii)

acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries.

During 2024, the aggregate value of our share repurchases was $83 million.

In addition, Liberty Latin America and its corporate subsidiaries may require cash in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries.

During 2025, we exercised some of our rights pursuant to the capped call option contracts, which resulted in 0.6 million shares being effectively repurchased and reflected in treasury stock at December 31, 2025.

For additional information regarding our Share Repurchase Programs, see note 11 to our consolidated financial statements and above Part II—Item 5.

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For the details of the borrowing availability of our borrowing groups at December 31, 2025, see note 9 to our consolidated financial statements.

The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Latin America and its unrestricted subsidiaries.

The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Latin America and its corporate subsidiaries.

The liquidity of our borrowing groups generally is used to fund capital expenditures, debt service requirements and income tax payments.

From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, such as the LPR Acquisition, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities.

From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities or any other liquidity needs within our borrowing groups.

No assurance can be given that any external funding would be available to our borrowing groups on favorable terms, or at all.

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Borrowing group Decrease to borrowing costs

Liberty Puerto Rico (0.5) %

Liberty Costa Rica — %

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Operating Activities.

The decrease in cash provided by operating activities is primarily due to the net effect of (i) declines associated with lower Adjusted OIBDA, and higher payments for interest and taxes, (ii) an increase resulting from higher net receipts associated with derivative instruments, and (iii) a net increase from other working capital-related items.

Additionally, our cash provided by operating activities was positively impacted by the receipt of $44 million pursuant to coverage under our Weather Derivatives in connection with Hurricane Beryl.

The increase in cash provided by operating activities is primarily due to the net effect (i) an increase in Adjusted OIBDA, (ii) an increase associated with lower interest payments, (iii) a decrease resulting from higher tax payments, and (iv) a net increase of $13 million associated with derivatives, which includes the impact of proceeds related to our Weather Derivatives of $81 million in connection with Hurricane Melissa in 2025 and $44 million in connection with Hurricane Beryl in 2024.

Investing Activities.

The cash used by investing activities during the years ended December 31, 2024 and 2023 primarily relates to (i) capital expenditures, as further discussed below, and (ii) the purchase of additional investments.

Cash used during 2024 also includes the first installment payment for the LPR Acquisition, as further described in note 5 to our consolidated financial statements.

The cash used by investing activities during the year ended December 31, 2025 primarily relates to (i) $500 million used for the purchase of capital expenditure, as further discussed below, and (ii) $80 million associated with the purchase of investment, primarily related to our investment in WOW and certain additional investments in our Liberty Caribbean segment.

Cash used by investing activities during the year ended December 31, 2024 primarily relates to (i) $540 million used for the purchase of capital expenditure, as further discussed below, (ii) $95 million used for the LPR Acquisition, and (iii) $47 million associated with the purchase of investment, primarily related to our investment in WOW.

The capital expenditures, net, that we report in our consolidated statements of cash flows, which relates to cash paid for property and equipment, does not include amounts that are financed under capital-related vendor financing or finance lease arrangements.

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Assets acquired under capital-related vendor financing arrangements (123.9) (154.9)

Assets acquired under finance leases (4.9) —

Changes in current liabilities related to capital expenditures and other (11.3) (30.0)

Capital expenditures, net $ 500.0 $ 540.4

The decrease in our property and equipment additions during the year ended December 31, 2024, as compared to 2023, is primarily due to the net effect of (i) decreases related to CPE and product and enablers additions, and (ii) increases associated with baseline and capacity-related additions.

The decrease in our property and equipment additions during the year ended December 31, 2025, as compared to 2024, is primarily due to the net effect of (i) decreases in new build and upgrade and in products and enablers.

During the years ended December 31, 2025 and 2024, our property and equipment additions represented 14.4% and 16.3% of revenue, respectively.

Financing Activities.

During the year ended December 31, 2024, we used $386 million of cash for financing activities, primarily due to the net impact of (i) $257 million in net debt repayments, (ii) $83 million of cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) $55 million in payments related to distributions to noncontrolling interest owners in C&W Panama, C&W Bahamas and Liberty Costa Rica, (iv) $43 million of net cash inflows related to derivative instruments, primarily related to the amendment of certain interest rate derivative contracts at C&W Caribbean and Liberty Puerto Rico, and (v) $18 million of payments for financing costs and debt premiums.

During 2023, we used $62 million of cash for financing activities, primarily due to the net impact of (i) $137 million of net borrowings of debt, including $244 million of proceeds from the Tower Transactions, as further described in note 10 to our consolidated financial statements, (ii) $118 million of cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) $75 million in payments related to distributions to noncontrolling interest owners in C&W Panama, C&W Bahamas and Liberty Costa Rica, and (iv) $18 million of payments for financing costs and debt premiums, primarily associated with refinancing activity at Liberty Costa Rica.

During the year ended December 31, 2025, we generated $44 million in cash from financing activities, primarily due to (i) $71 million in net debt borrowings, (ii) $73 million in distributions to noncontrolling interest owners, primarily related to C&W Panama and C&W Bahamas, (iii) $56 million in payments for financing costs and debt redemption premiums and (iv) $19 million in net cash received related to derivative instruments.

During 2024, we used $386 million of cash for financing activities, primarily due to the net impact of (i) $257 million in net debt repayment, (ii) $83 million of cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) $55 million in payments related to distributions to noncontrolling interest owners in C&W Panama, C&W Bahamas and Liberty Costa Rica, (iv) $43 million of net cash inflows related to derivative instruments, primarily related to the amendment of certain interest rate derivative contracts at Liberty Caribbean and Liberty Puerto Rico, and (v) $18 million of payments for financing costs and debt premiums.

Off Balance Sheet Arrangements

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Projected cash interest payments on debt and finance lease obligations (c) $ 3,057.4 $ 604.3 $ 1,062.4 $ 758.9 $ 631.8

(a) Amounts primarily represent (i) obligations due related to the LPR Acquisition and the Costa Rica Transactions, as described in note 5 to our consolidated financial statements, (ii) guaranteed minimum commitments associated with (a) programming fees under multi-year contracts typically based on a rate per customer or stated annual fee and (b) our CPE and mobile handset device contractual obligations, and (iii) finance leases, excluding interest.

(a) Amounts primarily represent (i) obligations due related to the LPR Acquisition, as described in note 5 to our consolidated financial statements, (ii) obligations due related to the LCR NCI Transaction, (iii) guaranteed minimum commitments associated with (a) our CPE and mobile handset device contractual obligations and (b) programming fees under multi-year contracts typically based on a rate per customer or stated annual fee, and (iv) finance leases, excluding interest.

(b) The commitments included in this table do not reflect any liabilities that are included in our December 31, 2025 consolidated balance sheet other than debt, finance lease obligations and operating lease obligations.

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Considerable management judgment is used to estimate the fair value of reporting units and underlying long-lived and indefinite-lived assets.

We typically determine fair value using a discounted cash flow analysis under the income approach to valuation.

Our discounted cash flow analysis used is based on assumptions in our long-range business plans, and the timing and amount of future cash flows under these business plans require estimates of, among other items, subscriber growth and retention rates, rates charged per product, expected gross margins and Adjusted OIBDA margins and expected property and equipment additions.

We typically determine fair value of a reporting unit or of a long-lived asset or asset group using a discounted cash flow analysis under the income approach to valuation.

Our discounted cash flow analysis is based on assumptions in our long-range business plans, and the timing and amount of future cash flows under these business plans require estimates of, among other items, subscriber growth and retention rates, rates charged per product, expected gross margins and Adjusted OIBDA margins and expected property and equipment additions.

Our determination of the discount rate is based on a weighted average cost of capital approach, which uses a market participant’s cost of equity and after-tax cost of debt and reflects certain risks inherent in the future cash flows.

The development of these cash flows and the discount rate applied to the cash flows are subject to inherent uncertainties, and actual results could vary significantly from such estimates.

We recorded goodwill impairments of (i) $516 million related to Liberty Puerto Rico during 2024, (ii) nil during 2023, and (iii) $555 million related to C&W Caribbean during 2022.

To determine the fair value of indefinite-lived spectrum licenses, we typically apply the market approach.

Under the market approach, we maximize the use of observable inputs by leveraging data obtained from spectrum auctions and secondary market transactions involving comparable spectrum licenses to derive indications of fair value.

We may further discount indicated

values to account for the relative utility of the specific frequencies we own.

The selection of comparable transactions and the application of discounts to the indicated value of a particular frequency involves judgment.

We recorded (i) impairments of $494 million of indefinite-lived spectrum licenses related to Liberty Puerto Rico during 2025 and (ii) goodwill impairments of $516 million related to Liberty Puerto Rico during 2024.

For additional information regarding certain impairments recorded during 2025, 2024 and 2023, see notes 4 and 7 to our consolidated financial statements.

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

What changed 10-K

Item 7. Management’s Discussion and Analysis