Liberty Latin America Ltd. 10-K

Item 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Principle Executive Officer and our Principal Financial Officer (the Executives), as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Executives recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply judgment in evaluating the cost-benefit relationship of possible controls and objectives. Our management, with the participation of the Executives, evaluated the design and effectiveness of our disclosure controls and procedures as of December 31, 2025. Based on that evaluation, the Executives concluded that our disclosure controls and procedures are not effective as of December 31, 2025 due to material weaknesses in internal control over financial reporting, as described below. Notwithstanding such material weaknesses in internal control over financial reporting, our management concluded that our consolidated financial statements in this Annual Report on Form 10-K present fairly, in all material respects, II-31 the company’s financial position, results of operations and cash flows as of the dates, and for the periods presented, in conformity with U.S. GAAP. Management’s Annual Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, (iii) provide reasonable assurance that receipts and expenditures are being made only in accordance with authorizations of management and directors, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Our management, with the participation of the Executives and Board of Directors, assessed the effectiveness of the company's internal control over financial reporting as of December 31, 2025, using the criteria in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management identified the following material weaknesses in internal control over financial reporting, which exist as of December 31, 2025: • Due to an insufficient allocation of knowledgeable resources, the company did not effectively deploy control activities necessary to ensure the completeness and reliability of information used in certain manual and automated controls. • As a consequence, process-level controls were determined to be ineffective throughout the order-to-cash (including revenue, trade receivables, and deferred revenue), long-lived assets, and other financial reporting processes. These control deficiencies resulted in immaterial misstatements, some of which were corrected, in our consolidated financial statements as of and for the year ended December 31, 2025. These control deficiencies create a reasonable possibility that a material misstatement to the consolidated financial statements will not be prevented or detected on a timely basis, and therefore we conclude that the deficiencies represent material weaknesses in internal control over financial reporting, and our internal control over financial reporting is not effective as of December 31, 2025. Our independent registered public accounting firm, KPMG, LLP, who audited the consolidated financial statements included in this Annual Report on Form 10-K, has expressed an adverse report on the operating effectiveness of the company's internal control over financial reporting. KPMG LLP's report is included herein on page II-3 5 . Ongoing Remediation Efforts As previously disclosed in Part II, Item 9A. “Controls and Procedures” of our Annual Report on Form 10-K for the fiscal years ended December 31, 2024 and 2023 and in this Annual Report on Form 10-K, we continue to implement remediation plans for the aforementioned material weaknesses in internal control over financial reporting. We have devoted and intend to continue to devote significant time and resources to enhance the design and implementation of our existing controls and procedures and to create new complementary and compensating controls as needed. With respect to the remaining material weaknesses in internal control disclosed above, we are further enhancing remediation plans as follows: • Assessing the specific training needs for newly hired and existing personnel and developing and delivering training programs designed to uphold our internal control standards. II-32 • Enhancing our information and communication processes, including through information technology solutions, to ensure that information needed for financial reporting is accurate, complete, relevant, reliable, and communicated in a timely manner. We believe these measures will remediate the control deficiencies and strengthen our internal control over financial reporting. We will test the operating effectiveness of the revised and new controls subsequent to full implementation, and will consider the material weakness remediated after the applicable controls have operated effectively for a sufficient period of time. The actions we are taking are subject to continued senior management review as well as audit committee oversight. We are committed to continuing to improve our internal control processes, and, as we continue to evaluate and work to improve our internal control over financial reporting, we may take additional measures to address control deficiencies, or we may modify certain remediation measures described above. Changes in Internal Control over Financial Reporting The following remediation activities, amongst others, have taken place as of December 31, 2025: • Hired additional individuals with appropriate skills and experience and ensured responsibilities are appropriately assigned and the individuals are held accountable. • Engaged third-party experts to assist in training and coaching existing personnel regarding control design and execution, enhancing the design of the risk assessment process and ensuring that internal controls over financial reporting are or will be implemented to mitigate those risks, and monitoring the execution of internal controls over financial reporting. • Designed and implemented a comprehensive and continuous risk assessment process to identify and assess risks of material misstatement and ensure that the impacted financial reporting processes and related internal controls are properly designed and in place to respond to those risks in our financial reporting. • Completed our IT risk assessment process and design and implement GITCs, including program change controls and access controls, that support the consistent operation of the company’s IT operating systems, databases and IT applications, and end user computing over financial reporting, and ensure they are operating effectively to support process-level automated and manual control activities that are dependent upon information derived from IT systems. • Enhanced the design of existing control activities and implemented additional process-level control activities (including controls over the order-to-cash, procure-to-pay, hire-to-pay, long-lived assets, inventory, and other financial reporting processes) and ensured they are properly evidenced and operating effectively. • Provided training for control owners covering control requirements and performance, and control owner’s responsibilities. • Implemented changes to our bonus program to incorporate control implementation and performance objectives specific to each in-scope operation. These actions, amongst others, resulted in complete remediation of the material weaknesses in internal control over financial reporting related to our risk assessment processes and GITCs as disclosed in our Annual Report on Form 10-K for the fiscal years ended December 31, 2024 and 2023. Except as described above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during our fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Item 9B. OTHER INFORMATION (b) Insider Trading Arrangements and Policies During the three months ended December 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “ Rule 10b5-1 trading arrangement ” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. II-33 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. II-34 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Liberty Latin America Ltd.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Liberty Latin America Ltd. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 18, 2026 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates. Evaluation of the sufficiency of audit evidence over residential and B2B revenue As discussed in Note 17 to the consolidated financial statements, the Company had $4.4 billion in residential and B2B revenues for the year ended December 31, 2025. The processing and recording of revenue are reliant upon multiple information technology (IT) systems. We identified the evaluation of the sufficiency of audit evidence over residential and B2B revenue as a critical audit matter. Subjective auditor judgment, and specialized skills and knowledge, were required to determine the nature and extent of procedures to be performed over the related IT systems, applications, configurations and interfaces. The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extent of procedures to be performed over the IT systems, applications, configurations and interfaces. We involved IT professionals with specialized skills and knowledge, who assisted in testing certain IT systems, applications, configurations and interfaces that are used by the Company in its recognition of residential and B2B revenues. We vouched II-35 certain revenue transactions to underlying documentation throughout the year and performed analytical procedures over the completeness and accuracy of revenue recognized by the Company. We evaluated the sufficiency of audit evidence obtained by assessing the results of procedures performed, including the appropriateness of the nature and extent of such evidence. /s/ KPMG LLP We have served as the Company’s auditor since 2016. Denver, Colorado February 18, 2026 II-36 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Liberty Latin America Ltd.: Opinion on Internal Control Over Financial Reporting We have audited Liberty Latin America Ltd. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material weaknesses, described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the years in the three-year period ended, and the related notes (collectively, the consolidated financial statements), and our report dated February 18, 2026 expressed an unqualified opinion on those consolidated financial statements. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses described below have been identified and included in management’s assessment. • Due to an insufficient allocation of knowledgeable resources, the Company did not effectively deploy control activities necessary to ensure the completeness and reliability of information used in certain manual and automated controls. • As a consequence, process-level controls were determined to be ineffective throughout the order-to-cash (including revenue, trade receivables, and deferred revenue), long-lived assets, and other financial reporting processes. The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report on those consolidated financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the II-37 company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Denver, Colorado February 18, 2026 II-38 LIBERTY LATIN AMERICA LTD. CONSOLIDATED BALANCE SHEETS December 31, 2025 2024 in millions ASSETS Current assets: Cash and cash equivalents $ 783.9 $ 654.3 Trade receivables, net 653.6 685.9 Prepaid expenses 79.8 79.8 Current notes receivable, net 133.0 109.6 Current contract assets 124.0 105.8 Other current assets, net 471.9 479.8 Total current assets 2,246.2 2,115.2 Goodwill 3,007.5 2,981.0 Property and equipment, net 3,847.8 4,062.4 Intangible assets not subject to amortization 1,319.3 1,813.3 Intangible assets subject to amortization, net 361.0 414.3 Other assets, net 1,444.1 1,397.5 Total assets $ 12,225.9 $ 12,783.7 The accompanying notes are an integral part of these consolidated financial statements. II-39 LIBERTY LATIN AMERICA LTD. CONSOLIDATED BALANCE SHEETS – (Continued) December 31, 2025 2024 in millions LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 384.6 $ 441.9 Current portion of deferred revenue 127.4 126.4 Current portion of debt and finance lease obligations 408.8 465.7 Accrued interest 150.1 134.7 Accrued payroll and employee benefits 102.4 95.8 Current portion of operating lease liabilities 95.0 87.5 Other accrued and current liabilities 709.6 708.0 Total current liabilities 1,977.9 2,060.0 Long-term debt and finance lease obligations 7,870.4 7,614.5 Deferred tax liabilities 411.6 580.3 Deferred revenue 81.9 88.0 Other long-term liabilities 820.6 847.3 Total liabilities 11,162.4 11,190.1 Commitments and contingencies Equity: Liberty Latin America shareholders: Class A, $ 0.01 par value; 500.0 million shares authorized; 54.7 million and 38.9 million shares issued and outstanding, respectively, at December 31, 2025; 53.7 million and 38.0 million shares issued and outstanding, respectively, at December 31, 2024 0.5 0.5 Class B, $ 0.01 par value; 50.0 million shares authorized; 2.4 million shares issued and outstanding at December 31, 2025 and 2.4 million shares issued and outstanding at December 31, 2024 — — Class C, $ 0.01 par value; 500.0 million shares authorized; 195.2 million and 158.7 million shares issued and outstanding, respectively, at December 31, 2025; 192.4 million and 156.3 million shares issued and outstanding, respectively, at December 31, 2024 2.0 1.9 Undesignated preference shares, $ 0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period — — Treasury shares, at cost; 52.4 million and 51.8 million shares, respectively ( 448.9 ) ( 444.1 ) Additional paid-in capital 5,368.9 5,315.6 Accumulated deficit ( 4,242.3 ) ( 3,631.1 ) Accumulated other comprehensive loss, net of taxes ( 124.6 ) ( 154.2 ) Total Liberty Latin America shareholders 555.6 1,088.6 Noncontrolling interests 507.9 505.0 Total equity 1,063.5 1,593.6 Total liabilities and equity $ 12,225.9 $ 12,783.7 The accompanying notes are an integral part of these consolidated financial statements. II-40 LIBERTY LATIN AMERICA LTD. CONSOLIDATED STATEMENTS OF OPERATIONS Year ended December 31, 2025 2024 2023 in millions, except per share amounts Revenue $ 4,442.2 $ 4,446.8 $ 4,511.1 Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): Programming and other direct costs of services 975.9 989.4 1,020.4 Other operating costs and expenses 1,835.0 1,976.2 1,877.8 Depreciation and amortization 904.9 968.3 1,008.3 Impairment, restructuring and other operating items, net 618.2 589.7 86.9 4,334.0 4,523.6 3,993.4 Operating income (loss) 108.2 ( 76.8 ) 517.7 Non-operating expense: Interest expense ( 656.4 ) ( 627.7 ) ( 601.7 ) Realized and unrealized gains (losses) on derivative instruments, net ( 20.0 ) 82.1 ( 34.2 ) Foreign currency transaction gains (losses), net ( 42.7 ) ( 18.3 ) 70.3 Losses on debt extinguishments, net ( 14.4 ) ( 5.5 ) ( 3.9 ) Other expense, net ( 27.5 ) ( 13.7 ) ( 10.6 ) ( 761.0 ) ( 583.1 ) ( 580.1 ) Loss before income taxes ( 652.8 ) ( 659.9 ) ( 62.4 ) Income tax benefit (expense) 98.5 0.2 ( 24.4 ) Net loss ( 554.3 ) ( 659.7 ) ( 86.8 ) Net loss (earnings) attributable to noncontrolling interests ( 56.9 ) ( 29.7 ) 13.2 Net loss attributable to Liberty Latin America shareholders $ ( 611.2 ) $ ( 689.4 ) $ ( 73.6 ) Basic and dilutive net loss per share attributable to Liberty Latin America shareholders $ ( 3.06 ) $ ( 3.47 ) $ ( 0.35 ) The accompanying notes are an integral part of these consolidated financial statements. II-41 LIBERTY LATIN AMERICA LTD. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Year ended December 31, 2025 2024 2023 in millions Net loss $ ( 554.3 ) $ ( 659.7 ) $ ( 86.8 ) Other comprehensive earnings (loss), net of taxes: Foreign currency translation adjustments 34.7 25.9 25.9 Reclassification adjustments included in net loss 2.4 ( 2.6 ) 11.4 Pension-related adjustments and other, net ( 5.9 ) 20.8 ( 85.0 ) Other comprehensive earnings (loss) 31.2 44.1 ( 47.7 ) Comprehensive loss ( 523.1 ) ( 615.6 ) ( 134.5 ) Comprehensive loss (earnings) attributable to noncontrolling interests ( 58.5 ) ( 30.0 ) 12.1 Comprehensive loss attributable to Liberty Latin America shareholders $ ( 581.6 ) $ ( 645.6 ) $ ( 122.4 ) The accompanying notes are an integral part of these consolidated financial statements. II-42 LIBERTY LATIN AMERICA LTD. CONSOLIDATED STATEMENTS OF EQUITY Liberty Latin America shareholders Non- controlling interests Total equity Common shares Treasury Stock Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss, net of taxes Total Liberty Latin America shareholders Class A Class B Class C in millions Balance at January 1, 2023 $ 0.5 $ — $ 1.9 $ ( 243.4 ) $ 5,177.1 $ ( 2,868.1 ) $ ( 149.2 ) $ 1,918.8 $ 637.9 $ 2,556.7 Net loss — — — — — ( 73.6 ) — ( 73.6 ) ( 13.2 ) ( 86.8 ) Other comprehensive earnings (loss) — — — — — — ( 48.8 ) ( 48.8 ) 1.1 ( 47.7 ) Repurchase of Liberty Latin America common shares — — — ( 117.8 ) — — — ( 117.8 ) — ( 117.8 ) Cash and non-cash distributions to noncontrolling interest owners — — — — — — — — ( 84.1 ) ( 84.1 ) Shared-based compensation — — — — 84.9 — — 84.9 — 84.9 Other — — — — — — — — 4.5 4.5 Balance at December 31, 2023 $ 0.5 $ — $ 1.9 $ ( 361.2 ) $ 5,262.0 $ ( 2,941.7 ) $ ( 198.0 ) $ 1,763.5 $ 546.2 $ 2,309.7 The accompanying notes are an integral part of these consolidated financial statements. II-43 LIBERTY LATIN AMERICA LTD. CONSOLIDATED STATEMENTS OF EQUITY – (Continued) Liberty Latin America shareholders Non-controlling interests Total equity Common shares Treasury Stock Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss, net of taxes Total Liberty Latin America shareholders Class A Class B Class C in millions Balance at January 1, 2024 $ 0.5 $ — $ 1.9 $ ( 361.2 ) $ 5,262.0 $ ( 2,941.7 ) $ ( 198.0 ) $ 1,763.5 $ 546.2 $ 2,309.7 Net earnings (loss) — — — — — ( 689.4 ) — ( 689.4 ) 29.7 ( 659.7 ) Other comprehensive earnings — — — — — — 43.8 43.8 0.3 44.1 Repurchase of Liberty Latin America common shares — — — ( 82.9 ) — — — ( 82.9 ) — ( 82.9 ) Distributions to noncontrolling interest owners — — — — — — — — ( 73.2 ) ( 73.2 ) Contribution from noncontrolling interest owners — — — — — — — — 2.0 2.0 Share-based compensation — — — — 68.2 — — 68.2 — 68.2 Capped call option contracts — — — — ( 14.6 ) — — ( 14.6 ) — ( 14.6 ) Balance at December 31, 2024 $ 0.5 $ — $ 1.9 $ ( 444.1 ) $ 5,315.6 $ ( 3,631.1 ) $ ( 154.2 ) $ 1,088.6 $ 505.0 $ 1,593.6 The accompanying notes are an integral part of these consolidated financial statements. II-44 LIBERTY LATIN AMERICA LTD. CONSOLIDATED STATEMENTS OF EQUITY – (Continued) Liberty Latin America shareholders Non-controlling interests Total equity Common shares Treasury Stock Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss, net of taxes Total Liberty Latin America shareholders Class A Class B Class C in millions Balance at January 1, 2025 $ 0.5 $ — $ 1.9 $ ( 444.1 ) $ 5,315.6 $ ( 3,631.1 ) $ ( 154.2 ) $ 1,088.6 $ 505.0 $ 1,593.6 Net earnings (loss) — — — — — ( 611.2 ) — ( 611.2 ) 56.9 ( 554.3 ) Other comprehensive earnings — — — — — — 29.6 29.6 1.6 31.2 Distributions to noncontrolling interest owners — — — — — — — — ( 55.2 ) ( 55.2 ) Share-based compensation — — 0.1 — 48.6 — — 48.7 — 48.7 Exercise of capped call option contracts and other — — — ( 4.8 ) 4.7 — — ( 0.1 ) ( 0.4 ) ( 0.5 ) Balance at December 31, 2025 $ 0.5 $ — $ 2.0 $ ( 448.9 ) $ 5,368.9 $ ( 4,242.3 ) $ ( 124.6 ) $ 555.6 $ 507.9 $ 1,063.5 The accompanying notes are an integral part of these consolidated financial statements. II-45 LIBERTY LATIN AMERICA LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended December 31, 2025 2024 2023 in millions Cash flows from operating activities: Net loss $ ( 554.3 ) $ ( 659.7 ) $ ( 86.8 ) Adjustments to reconcile net loss to net cash provided by operating activities: Share-based compensation expense 54.4 73.0 88.7 Depreciation and amortization 904.9 968.3 1,008.3 Impairments and other non-cash activity, net 569.7 546.1 54.3 Amortization of debt financing costs, premiums and discounts, net 30.0 23.2 30.2 Realized and unrealized losses (gains) on derivative instruments, net 20.0 ( 82.1 ) 34.2 Foreign currency transaction losses (gains), net 42.7 18.3 ( 70.3 ) Losses on debt modification and extinguishment, net 14.4 5.5 3.9 Deferred income tax benefit ( 238.8 ) ( 129.3 ) ( 87.4 ) Changes in operating assets and liabilities, net of the effect of acquisitions: Receivables and other operating assets 134.4 311.7 51.9 Payables and accruals ( 171.5 ) ( 318.7 ) ( 130.0 ) Net cash provided by operating activities 805.9 756.3 897.0 Cash flows from investing activities: Capital expenditures, net ( 500.0 ) ( 540.4 ) ( 585.0 ) Cash paid in connection with acquisitions, net of cash acquired — ( 95.4 ) — Purchases of investments ( 80.0 ) ( 47.3 ) ( 24.9 ) Other investing activities, net ( 12.3 ) ( 5.4 ) ( 5.9 ) Net cash used by investing activities $ ( 592.3 ) $ ( 688.5 ) $ ( 615.8 ) The accompanying notes are an integral part of these consolidated financial statements. II-46 LIBERTY LATIN AMERICA LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued) Year ended December 31, 2025 2024 2023 in millions Cash flows from financing activities: Borrowings of debt $ 1,890.7 $ 1,706.0 $ 1,092.8 Payments of principal amounts of debt and finance lease obligations ( 1,820.0 ) ( 1,963.4 ) ( 955.9 ) Repurchase of Liberty Latin America common shares — ( 82.9 ) ( 118.3 ) Net cash received related to derivative instruments 18.8 43.2 9.8 Distributions to noncontrolling interest owners ( 73.3 ) ( 55.1 ) ( 75.4 ) Payment of financing costs and debt redemption premiums ( 55.8 ) ( 18.0 ) ( 18.2 ) Capital contribution from noncontrolling interest owner — 2.0 5.1 Capped call premium payment — ( 14.6 ) — Other financing activities, net ( 4.0 ) ( 3.6 ) ( 2.3 ) Net cash used by financing activities ( 43.6 ) ( 386.4 ) ( 62.4 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 40.3 ) ( 10.9 ) ( 7.9 ) Net increase (decrease) in cash, cash equivalents and restricted cash 129.7 ( 329.5 ) 210.9 Cash, cash equivalents and restricted cash: Beginning of year 670.3 999.8 788.9 End of year $ 800.0 $ 670.3 $ 999.8 Cash paid for interest $ 599.9 $ 618.9 $ 521.4 Net cash paid for taxes $ 159.4 $ 144.9 $ 79.8 The accompanying notes are an integral part of these consolidated financial statements. II-47 Liberty Latin America Ltd. Notes to Consolidated Financial Statements December 31, 2025, 2024 and 2023 (1) Basis of Presentation See the Glossary of defined terms at the beginning of this Annual Report on Form 10-K for terms used throughout the consolidated financial statements. General Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: (i) C&W; (ii) Liberty Communications PR; 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. We provide: A. residential and B2B services in: i. over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama; ii. Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and iii. Costa Rica, through our reportable segment Liberty Costa Rica. B. through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region. Unless otherwise indicated, ownership percentages are calculated as of December 31, 2025. The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. II-48 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Correction of Immaterial Errors During the fourth quarter of 2025, we identified certain errors in our previously reported 2024 consolidated financial statements, primarily related to bad debt expense and revenue. We have completed a quantitative and qualitative evaluation of the errors and concluded that they are immaterial to the previously issued consolidated financial statements. Notwithstanding this evaluation, we have revised (i) our December 31, 2024 consolidated balance sheet, and (ii) our consolidated statement of operations, comprehensive earnings (loss), equity and cash flows for the year ended December 31, 2024 for these errors. Year ended December 31, 2024 As previously reported Adjustments As adjusted in millions Revenue $ 4,456.9 ( 10.1 ) $ 4,446.8 Operating loss $ ( 48.3 ) ( 28.5 ) $ ( 76.8 ) Loss before income taxes $ ( 631.4 ) ( 28.5 ) $ ( 659.9 ) Net loss attributable to Liberty Latin America $ ( 657.0 ) ( 32.4 ) $ ( 689.4 ) December 31, 2024 As previously reported Adjustments As adjusted in millions Total current assets $ 2,131.5 ( 16.3 ) $ 2,115.2 Total current liabilities $ 2,043.9 16.1 $ 2,060.0 Total equity $ 1,626.0 ( 32.4 ) $ 1,593.6 (2) Accounting Changes and Recent Accounting Pronouncements Accounting Changes ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which was issued to enhance transparency of income tax disclosures, primarily by requiring consistent categories and disaggregated information about an entity’s effective tax rate reconciliation and disaggregated jurisdictional information on income taxes paid. The standard also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. We have implemented the reporting standards set forth in ASU 2023-09 on a prospective basis as of December 31, 2025. Recent Accounting Pronouncements ASU 2024-03 In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Disaggregation of Income Statement Expenses ( ASU 2024-03 ), which requires more detailed disclosure in the notes to the financial statements about the types of expenses in commonly presented expense captions. In each annual and interim reporting period, entities are required to (i) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each expense line item within continuing operations that is presented on the statement of operations, (ii) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in each expense line item within continuing operations that are not separately quantified and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Clarifying the Effective Date ( ASU 2025-01 ). ASU 2024-03 is II-49 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01. We are currently evaluating the impact this standard will have on our consolidated financial statements. ASU 2025-05 In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ( ASU 2025-05 ), which introduces a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient to simplify the estimation of expected credit losses for current accounts receivable and current contract assets. Entities electing the practical expedient can assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Entities must disclose whether they have elected to use the practical expedient and, if so, whether they have also applied the accounting policy election. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements. ASU 2025-06 In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) ( ASU 2025-06 ), which provides accounting guidance to modernize the accounting for internal-use software costs. The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being (i) management has authorized and committed to the funding for the software project and (ii) it is probable a project will be completed and used as intended. Until both of these criteria are met, all software development costs should be expensed as incurred. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the amendments prospectively, retrospectively, or using a modified retrospective approach. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements. (3) Summary of Significant Accounting Policies Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. Intercompany accounts have been eliminated in consolidation. Cash and Cash Equivalents Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments. II-50 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Receivables We have trade and notes receivables that are each reported net of an allowance for expected credit losses. Our notes receivable consist of EIP receivables due from customers under contracts that range between a period of 12 to 36 months, depending on the market. The long-term portions of our notes receivable, net of allowances for expected credit losses, are $ 75 million and $ 80 million at December 31, 2025 and 2024, respectively, and are included in other assets, net, in our consolidated balance sheets. From time to time, we may sell our trade or notes receivables to third parties. We recognize the sale of these receivables to the extent that transfer represents either (i) an entire financial asset, or (ii) a ratable participating interest, which remains constant throughout the life of the loan, with neither party senior to the other. We then evaluate whether control over the asset has been surrendered based on certain criteria, including legal isolation, actual control and effective control. To the extent the receivable does not meet the requirements of a sale, we continue to recognize the receivable and record any cash received as a debt on our consolidated balance sheet and as a financing inflow in our consolidated statement of cash flows. During 2025, 2024 and 2023, we generated approximately $ 48 million , $ 50 million, and $ 32 million, respectively, from the sale of receivables to third parties that is reflected in cash provided by operating activities in our consolidated statements of cash flows. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and their dispersion across many different countries, with the exception of $ 78 million and $ 118 million for December 31, 2025 and 2024, respectively, due from a single government. The allowances on each of our trade and notes receivables are established using our best estimates of current expected credit losses based upon, among other things, actual credit loss experience over the prior 12-month period, recent collection trends, prevailing and anticipated economic conditions and specific customer credit risk. Receivables outstanding greater than 30 days are considered past due and we generally write-off receivables after they become past due for 365 days, with the exception of amounts due from certain governments. The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below: Year ended December 31, 2025 2024 2023 in millions Beginning balance $ 157.2 $ 91.6 $ 101.1 Provision for expected losses, net 104.4 141.7 71.5 Write-offs, net of recoveries ( 90.3 ) ( 75.8 ) ( 84.0 ) Foreign currency translation adjustments and other 1.7 ( 0.3 ) 3.0 Ending balance $ 173.0 $ 157.2 $ 91.6 Investments From time to time, we may hold investments in (i) equity method investments; (ii) cost method investments, and (iii) available-for-sale method investments. We apply the equity method to investments when we have the ability to exercise significant influence over the operating and financial policies of the investee. Under the equity method, investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. Our share of the investee’s net earnings or losses is included in other income or expense, net, in our consolidated statements of operations. We continually review our equity method investments, available-for-sale debt securities and cost-basis investments to determine whether a decline in fair value below the cost basis is other-than-temporary. If it has been determined that an investment has sustained an other-than-temporary decline in value, we estimate the fair value and record an impairment charge if the carrying value of the investment exceeds its estimated fair value. Any impairment charges are recorded in other income or II-51 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 expense, net, in our consolidated statements of operations. For additional information regarding our fair value measurements, see note 4. WOW During February 2021, we acquired a minority interest in WOW, primarily a broadband internet service provider in Peru, in which we have continued to make investments through December 31, 2025. We account for our investment in WOW as an equity method investment. As of December 31, 2025 and 2024, our investment in WOW, including shares and certain loans, totaled $ 88 million and $ 87 million, respectively, which represents equity ownership percentages of just under 50 % at each date. Our share of WOW losses for the years ended December 31, 2025, 2024 and 2023 were not material to the consolidated financial statements. Financial Instruments Due to the short maturities of cash and cash equivalents, trade and other receivables, notes receivable, other current assets, accounts payable, accrued liabilities and other accrued and current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of our derivative and debt instruments, see notes 6 and 9, respectively. For information regarding how we arrive at certain of our fair value measurements, see note 4. Derivative Instruments Our derivative instruments, excluding our Weather Derivatives, are recorded in our consolidated balance sheets at fair value, whether designated as a hedge or not. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in realized and unrealized gains or losses on derivative instruments in our consolidated statements of operations. With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows, as follows: • cross-currency and interest rate derivative contracts: the net cash paid or received related to principal and current interest is classified as a financing or operating activity, respectively; • foreign currency forward contracts that are used to hedge operating expenditures: the net cash paid or received is classified as an operating activity; • foreign currency forward contracts that are used to hedge capital expenditures: the net cash paid or received is reflected in capital expenditures, net, which are classified as an investing activity; • foreign currency forward contracts that are used to hedge principal exposure on foreign currencies: the net cash paid or received is classified as a financing activity; and • derivative contracts that are terminated prior to maturity: the cash paid or received upon termination that relates to future periods is classified as a financing activity. For additional information regarding our derivative instruments, see note 6. II-52 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Inventories Inventories consist primarily of mobile handset devices and accessories and are valued at the lower of cost or net realizable value. We maintain inventory valuation reserves for obsolete and slow-moving inventory based on analysis of recent historical sales activity and current retail, stand-alone selling prices. We record sales of inventories under the average cost method. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable and mobile transmission and distribution facilities and the installation of new cable services. The nature and amount of labor and other costs to be capitalized with respect to construction and installation activities involves judgment. In addition to direct external and internal labor and materials, we also capitalize other costs directly attributable to our construction and installation activities, including dispatch costs, quality-control costs, vehicle-related costs and certain warehouse-related costs. The capitalization of these costs is based on time sheets, time studies, standard costs, call tracking systems and other verifiable means that directly link the costs incurred with the applicable capitalizable activity. We continuously monitor the appropriateness of our capitalization policies and update the policies when necessary to respond to changes in facts and circumstances, such as the development of new products and services and changes in the manner that installations or construction activities are performed. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. We capitalize internal and external costs directly associated with the development of internal-use software. Capitalized internal-use software is included as a component of property and equipment. We also capitalize costs associated with the purchase of software licenses. Costs associated with software obtained in a hosting arrangement are expensed over the life of the service contract, unless we have the right to take possession of the software at any time without significant penalty and it is feasible to run the software on our own hardware or contract with another party unrelated to the vendor to host the software. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset and is included in depreciation and amortization in our consolidated statements of operations. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 7. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are expensed as incurred. Intangible Assets Our primary intangible assets relate to goodwill, customer relationships, spectrum licenses and cable television franchise rights. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships, spectrum licenses and cable television franchise rights that are acquired in connection with a business combination are initially recorded at their fair values. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values and reviewed for impairment. Spectrum licenses provide us with the exclusive right to utilize a certain radio frequency spectrum to provide wireless communications services. In most of our markets, spectrum licenses are time-limited and renewals generally must be purchased at rates established by local authorities. Spectrum licenses in these markets are therefore amortized over a finite period. 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. Moreover, we do not believe there are significant legal, regulatory, contractual, competitive, II-53 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 economic or other factors that would impact the useful lives of these licenses. As such, we treat spectrum licenses in Puerto Rico as indefinite-lived intangible assets. We believe we will be able to meet all requirements necessary to secure renewal of our spectrum licenses. For additional information regarding the useful lives of our intangible assets, see note 7. Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) the impact of natural disasters, such as hurricanes, (ii) an expectation of a sale or disposal of a long-lived asset or asset group, (iii) adverse changes in market or competitive conditions, (iv) an adverse change in legal factors or business climate in the markets in which we operate and (v) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (i) sale prices for similar assets, (ii) discounted estimated future cash flows using an appropriate discount rate and/or (iii) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on July 1 and whenever facts and circumstances indicate that the fair value of a reporting unit or an indefinite-lived intangible asset may be less than its carrying value. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more likely than not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. A reporting unit is an operating segment or one level below an operating segment. Goodwill impairment is recorded as the excess of a reporting unit’s carrying value over its fair value and is charged to operations as an impairment loss. With respect to other indefinite-lived intangible assets, if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss. For additional information regarding the fair value measurements of our property and equipment and intangible assets, see note 4. For additional information regarding impairments, see note 7. Contract Assets When we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets are reclassified to trade receivables, net, in our consolidated balance sheet at the point in time we have the unconditional right to payment. The long-term portions of contract assets are $ 185 million and $ 149 million as of December 31, 2025 and 2024, respectively, and are included in other assets, net, in our consolidated balance sheets. Deferred Revenue We record deferred revenue when we have received payment prior to transferring goods or services to a customer. Deferred revenue primarily relates to (i) advanced payments on fixed subscription services, mobile airtime services and long-term capacity contracts and (ii) deferred installation and other upfront fees. Our aggregate current and long-term deferred revenue as of December 31, 2025 and 2024 was $ 209 million and $ 214 million, respectively. Operating Leases Our operating leases primarily consist of (i) property leases for mobile tower locations that generally have initial terms of five to ten years with one or more renewal options, and (ii) lease commitments for (a) retail stores, offices and facilities, (b) other network assets and (c) other equipment. It is expected that in the normal course of business, operating leases that expire generally will be renewed or replaced by similar leases. For additional information regarding our leases, see note 8. We classify leases with a term of greater than 12 months where substantially all risks and rewards incidental to ownership are retained by the third-party lessors as operating leases. We record a right-of-use asset and an operating lease liability at inception of the lease at the present value of the lease payments plus certain other payments, including variable lease payments and amounts probable of being owed by us under residual value guarantees. Payments made under operating leases, net of any II-54 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 incentives received from the lessors, are recognized to expense on a straight-line basis over the term of the lease. Initial direct costs incurred in negotiating and arranging operating leases are recognized to expense when incurred. Contingent rental payments are recognized to expense when incurred. Our operating lease expense is included in facility, provision, franchise and other expense, which is included in other operating costs and expenses in our consolidated statements of operations. Our right-of-use assets and non-current operating lease liabilities are included in other assets, net , and other long-term liabilities , respectively, in our consolidated balance sheets. We use a credit-adjusted discount rate to measure our operating lease liabilities. We derive the discount rates associated with each of our borrowing groups by firstly constructing a credit curve which is based on the implied credit spread between the risk free rate (generally U.S. dollar denominated U.S. Treasuries) and a credit curve constructed using an index of observable U.S. dollar denominated fixed rate corporate bonds issued by U.S. telecommunications companies with the same rating as the respective borrowing group. Next, we apply a linear fixed spread to this credit curve reflecting the difference between the observable price on the longest tradable debt instrument in each borrowing group and the credit curve at the maturity date of the observed debt instrument. Lastly, we make adjustments for all tenors to correct for the collateralized interest rate spread by comparing unsecured debt to asset-backed securities (secured debt) trades; this adjustment is based on the difference between the index of observable U.S. dollar denominated fixed rate corporate bonds issued by U.S. telecommunications companies with the same rating as the borrowing group and a similar index for companies rated one-class higher on the rating-code scale. Income Taxes The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis. Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not that such net deferred tax assets will not be realized. Certain of our valuation allowances are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign entities and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. To be considered essentially permanent in duration, sufficient evidence must indicate that the foreign entity has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free liquidation. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations. For additional information regarding our income taxes, see note 13. Foreign Currency Translation and Transactions The reporting currency of Liberty Latin America is the U.S. dollar. The functional currency of our foreign operations is the applicable local currency for each foreign entity. Assets and liabilities of our foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to monetary assets and liabilities II-55 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 denominated in a non-functional currency result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. Revenue Recognition We categorize revenue into two major categories: (i) residential revenue, which includes revenue from fixed and mobile services provided to residential customers, and (ii) B2B revenue, which includes enterprise revenue and wholesale revenue. For additional information regarding our revenue by major category, see note 17. Our revenue recognition policies are as follows: General . Most of our fixed and mobile residential contracts are not enforceable or do not contain substantive early termination penalties. Accordingly, revenue relating to these customers is recognized on a basis consistent with customers that are not subject to contracts. We account for customer service revenue contracts that include both non-lease and lease components as a single component in all instances where the non-lease component is the predominant component of the arrangement and the other applicable criteria are met. Residential Fixed and B2B Service Revenue – Fixed Networks . We recognize revenue from video, broadband internet and fixed-line telephony services over our fixed networks to customers in the period the related residential fixed or B2B services are provided. Installation or other upfront fees related to services provided over our fixed networks are generally deferred and recognized as subscription revenue over the contractual period, or longer if the upfront fee results in a material renewal right. We defer upfront installation and certain non-recurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis over the term of the arrangement or the expected period of performance. We may also sell video, broadband internet and fixed-line telephony services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Arrangement consideration from bundled packages generally is allocated proportionally to the individual service based on the relative standalone price for each respective product or service. Mobile Revenue – General. Consideration from mobile contracts is allocated to airtime services and handset sales based on the relative standalone prices of each performance obligation. Mobile Revenue – Airtime Services. We recognize revenue from mobile services in the period the related services are provided. Payments received from prepaid customers are recorded as deferred revenue prior to the commencement of services and are recognized as revenue as the services are rendered or usage rights expire. Mobile Revenue – Handset Revenue. Arrangement consideration allocated to handsets is recognized as revenue when the goods have been transferred to the customer. Wholesale Revenue – Long-term Contracts. We enter into certain long-term (i) capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time and (ii) contracts with customers related to the construction of subsea cable systems where we recognize revenue over time, generally using an output method. With respect to long-term prepaid contracts, we assess whether such contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of December 31, 2025, we have approximately $ 370 million of unfulfilled performance obligations relating to our long-term contracts that generally will be recognized as revenue over an average remaining life of four years . Government Funding Revenue. From time to time, we receive funds from the FCC, primarily in Puerto Rico, where funds were established in an effort to restore, expand and upgrade fixed and mobile networks in Puerto Rico and USVI. We recognize funds granted from the FCC as other revenue in the period in which we are entitled to receive the funds, as the FCC does not meet the definition of a “customer.” Sales, Use and Other VAT . Revenue is recorded net of applicable sales, use and other value-added taxes. II-56 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Share-based Compensation We recognize compensation expense associated with share-based incentive awards based on their grant-date fair values. The grant-date fair values for SARs and PSARs are estimated using the Black-Scholes-Merton valuation model, and the grant-date fair values for RSUs and PSUs are based upon the closing market price of our shares on the date of grant. The grant-date fair values of LTVP awards are determined as a percentage of annual employee base compensation. We may also settle annual bonus-related obligations in the form of equity. We use the liability-based method of accounting in such situations, as the equity to be issued is variable. We use the legal life of the award for the expected life of SARs granted to executives. For SARs granted to non-executives, the expected life is calculated using the “simplified method” as we do not have sufficient historical exercise data. The expected volatility of SARs is based on a weighted average calculation that may include (i) data from a comparable group of peer companies, and/or (ii) Liberty Latin America’s share trading history. We recognize the grant-date fair value of outstanding awards as a charge to operations over the requisite service period, which is generally the vesting period, and account for forfeitures as they occur. We use the straight-line method to recognize share-based compensation expense for share-based incentive awards that do not contain a performance condition and the accelerated expense attribution method for our share-based incentive awards that contain a performance condition and vest on a graded basis. For additional information regarding our share-based compensation, see note 12. Restructuring Charges We recognize restructuring charges primarily related to employee severance as part of reorganization activities that may happen from time to time. Restructuring charges are included in impairments, restructuring and other operating items, net, in the consolidated statement of operations. We incurred restructuring charges of $ 52 million, $ 39 million and $ 34 million, and made cash payments of $ 52 million, $ 29 million, and $ 27 million during the years ended December 31, 2025, 2024 and 2023, respectively. Litigation Costs Legal fees and related litigation costs are expensed as incurred. (4) Fair Value Measurements General U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (non-interest rate curves and credit spreads) are obtained from pricing services. These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates. In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts. Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments. The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations. Recurring Fair Value Measurements Derivatives In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 6. We use the fair value method to account for most of our derivative instruments. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full II-57 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate derivative contracts are further explained in note 6. Non-recurring Fair Value Measurements Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. 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 effects of the hurricane were deemed to constitute triggering events with respect to the need to assess certain assets for impairment. The impairment recorded reflects our assessment of property and equipment that were damaged and destroyed and are no longer in use. For additional information regarding the impairment charge related to Hurricane Melissa, see note 7. Acquisition Accounting During 2024, we performed certain non-recurring valuations related to the acquisition accounting for the LPR Acquisition. For information related to the final opening balance sheet associated with the LPR Acquisition, see note 5. Non-recurring valuations associated with acquisition accounting use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. The non-recurring valuations associated with the LPR Acquisition primarily include the valuation of customer relationships and spectrum intangible assets. These valuations are further described below: • Customer relationships. The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology for customer relationship intangible assets requires us to estimate the specific cash flows expected from the acquired customer relationships, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationships, contributory asset charges and other factors. • Spectrum intangible assets. The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with other methods, such as an income-based approach, which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base. • Property and equipment . The valuation of property and equipment may use either an indirect cost approach, which utilizes trends based on historical cost information, or a combination of indirect cost approach, market approach and direct replacement cost method, which considers factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. Impairment Assessment We performed non-recurring valuations associated with impairments of our spectrum license intangible assets and goodwill. As further discussed below, these assessments use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. For purposes of the goodwill impairment assessment, unless a reporting unit has a readily determinable fair value, we estimate the fair value of the reporting unit using either a market-based or income-based approach. II-58 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Spectrum License Intangible Assets During 2025, and in response to the cumulative impact of challenges stemming from the migration of customers acquired from AT&T to Liberty Puerto Rico’s mobile network and other various network challenges that impacted these mobile customers, including a slower than expected recovery, we concluded that a triggering event occurred requiring an assessment of the fair value of our spectrum license intangible asset at Liberty Puerto Rico. We used a market approach for purposes of the quantitative impairment assessment to value our owned spectrum license intangible assets at Liberty Puerto Rico using a range of values established largely through industry benchmarks, FCC auction data, and precedent transactions, which falls under Level 3 of the fair value hierarchy. Based on this valuation, the fair value of the owned spectrum assets at Liberty Puerto Rico were less than the respective carrying value, and as a result, we recorded an impairment loss of $ 494 million during the year ended December 31, 2025. The impairment is reflected in impairment, restructuring and other operating items, net, in the consolidated statements of operations, the carrying value of which was $ 777 million after the impairment loss. The impairment loss was driven by the lower fair value, primarily attributed to a result of challenges related to the operationalization of this spectrum. Goodwill For purposes of our annual goodwill impairment assessments, we used an income approach to determine the estimated fair values of our reporting units. Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective. This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and appropriate discount rates. Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach. We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit. The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services. Based upon the results of the aforementioned analyses, we (i) recognized a goodwill impairment charge associated with our Liberty Puerto Rico reporting unit during 2024, as further described in note 7, and (ii) did not recognize any goodwill impairment charges during 2025. For additional information regarding goodwill impairment charges, see note 7. (5) Acquisition LPR Acquisition. 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. Our deferred payment obligation is recorded at its net present value, of which the current portion is included in other accrued and current liabilities in our consolidated balance sheets and the long-term portion is included in other long-term liabilities in our consolidated balance sheets. The following table sets forth a reconciliation of the stated purchase price to the net cash paid (in millions): Stated purchase price $ 255.8 International roaming credits, net present value adjustment and net working capital adjustments, net (a) ( 20.2 ) Total consideration 235.6 Consideration outstanding (b) 140.2 Total cash paid for acquisition $ 95.4 II-59 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 (a) Represents the (i) fair value of approximately $ 7 million assigned to international roaming credits to be provided to EchoStar in addition to the stated purchase price, (ii) the difference between the stated purchase price and the net present value of the deferred payment obligation for the LPR Acquisition, which will be amortized to interest expense over the remaining payment term of the cash installments, and (iii) net working capital adjustments that were not cash settled as of December 31, 2024. (b) Represents the (i) net present value of our deferred payment obligation, as further described above, (ii) the fair value of international roaming credits and (iii) certain working capital adjustments that have not yet been cash settled. The current portion of our deferred payment obligation is recorded to other accrued and current liabilities in our consolidated balance sheet and the long-term portion is recorded to other long-term liabilities in our consolidated balance sheets. We have accounted for the LPR Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. A summary of the purchase price and the opening balance sheet associated with the LPR Acquisition at the September 3, 2024 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): Goodwill (a) $ 14.6 Intangible assets not subject to amortization (b) 215.4 Intangible assets subject to amortization (c) 7.2 Other accrued and current liabilities ( 1.6 ) Total purchase price $ 235.6 (a) The goodwill recognized in connection with the LPR Acquisition is primarily attributable to (i) competitive advantages resulting from the acquisition of spectrum in the region and (ii) synergies that are expected to be achieved through the integration of the acquired prepaid mobile business with Liberty Latin America’s existing business in Puerto Rico and USVI. We expect that all of the goodwill resulting from the LPR Acquisition will be deductible for tax purposes. (b) Represents the then estimated fair value of spectrum licenses. (c) Represents the estimated fair value of the acquired customer relationship intangible asset, which has a weighted average useful life of 4 years at September 3, 2024. Our consolidated statement of operations for the year ended December 31, 2024 includes revenue and net earnings of $ 12 million and $ 1 million, respectively, attributable to the LPR Acquisition. II-60 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Supplemental Pro Forma Information The pro forma financial information set forth in the tables below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the LPR Acquisition occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to: i. the impact of estimated costs associated with the transition services agreement entered into in connection with the LPR Acquisition; ii. the alignment of accounting policies; iii. interest expense related to additional borrowings in conjunction with the LPR Acquisition; iv. interest expense related to the amortization of the discounts recognized in connection with recording our deferred payment obligation and international roaming credits associated with the LPR Acquisition at their net present values; v. amortization expense related to acquired intangible assets; and vi. the elimination of direct acquisition costs. The following unaudited pro forma consolidated operating results give effect to the LPR Acquisition as if it had closed January 1, 2023. Year ended December 31, 2024 2023 in millions Revenue $ 4,473.3 $ 4,555.1 Net loss attributable to Liberty Latin America shareholders $ ( 684.4 ) $ ( 86.7 ) (6) Derivative Instruments The following table provides details of the fair values of our derivative instrument assets and liabilities: December 31, 2025 December 31, 2024 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets — interest rate derivative contracts (b) $ 44.2 $ 28.2 $ 72.4 $ 81.3 $ 109.2 $ 190.5 Liabilities (b): Interest rate derivative contracts $ 7.2 $ 46.8 $ 54.0 $ 38.0 $ 8.5 $ 46.5 Foreign currency forward contracts 5.1 — 5.1 10.6 — 10.6 Total $ 12.3 $ 46.8 $ 59.1 $ 48.6 $ 8.5 $ 57.1 (a) Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our consolidated balance sheets. (b) We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 9) and are recorded in realized and unrealized gains or II-61 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 losses on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 4. The derivative assets set forth in the table above exclude our Weather Derivatives, as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our consolidated balance sheets. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Year ended December 31, 2025 2024 2023 in millions Interest rate and cross-currency derivative contracts $ ( 63.4 ) $ 76.7 $ 27.3 Foreign currency forward contracts and other ( 7.1 ) ( 7.6 ) ( 30.6 ) Weather Derivatives 50.5 13.0 ( 30.9 ) Total $ ( 20.0 ) $ 82.1 $ ( 34.2 ) The following table sets forth the classification of the net cash inflows of our derivative instruments: Year ended December 31, 2025 2024 2023 in millions Operating activities (a) $ 81.7 $ 94.2 $ 35.6 Investing activities ( 1.9 ) ( 1.3 ) — Financing activities 18.8 43.2 9.8 Total $ 98.6 $ 136.1 $ 45.4 (a) The 2025 amount primarily relates to (i) $ 81 million in net proceeds in connection with the settlement of certain Hurricane Melissa claims under our Weather Derivatives and (ii) cash outflow of $ 6 million related to the Liberty Puerto Rico cash-settlement of all outstanding interest rate derivative instruments. The 2024 amount primarily includes $ 44 million of net proceeds in connection with the settlement of certain Hurricane Beryl claims under our Weather Derivatives. Counterparty Credit Risk We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At December 31, 2025, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $ 21 million. Our C&W and Liberty Costa Rica borrowing groups have each entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. II-62 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Details of our Derivative Instruments Interest Rate Derivative Contracts Interest Rate Swaps We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. At December 31, 2025, our C&W borrowing group had an outstanding notional amount of $ 3,630 million due from our counterparties under interest rate swap contracts, which includes forward-starting derivative instruments, certain interest rate swap contracts with an embedded floor of 0 %, and certain interest rate swap contracts where the counterparty has the right to cancel at a certain date in the future, and the related weighted average remaining contractual life was 4.6 years. Basis Swaps Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. At December 31, 2025, our C&W borrowing group had an outstanding notional amount of $ 1,180 million due from our counterparties under basis swap contracts, and the related weighted average remaining contractual life was 0.2 years. Foreign Currency Forwards Contracts We enter into foreign currency forward contracts with respect to non-functional currency exposure. At December 31, 2025, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $ 191 million and CRC 100 billion, respectively, with a weighted average remaining contractual life of 0.5 years. (7) Long-lived Assets Impairment Charges The following table sets forth the details of our impairment charges: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total in millions Year ended December 31, 2025: Spectrum (a) $ — $ — $ — $ 494.0 $ — $ 494.0 Property and equipment and other (b) 56.8 6.0 0.1 1.7 0.3 64.9 Total impairment charges $ 56.8 $ 6.0 $ 0.1 $ 495.7 $ 0.3 $ 558.9 Year ended December 31, 2024: Goodwill (c) $ — $ — $ — $ 515.7 $ — $ 515.7 Property and equipment and other 8.1 7.8 4.5 2.0 0.3 22.7 Total impairment charges $ 8.1 $ 7.8 $ 4.5 $ 517.7 $ 0.3 $ 538.4 Year ended December 31, 2023: Total impairment charges - property and equipment and other (d) $ 4.1 $ 51.9 $ 0.8 $ 9.4 $ 0.8 $ 67.0 (a) During 2025, we recorded an impairment of $ 494 million on spectrum license intangible assets recorded at Liberty Puerto Rico. See further details of our intangible assets not subject to amortization below. II-63 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 (b) 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 Jamaica operations, we recorded impairment charges of $ 56 million to reduce the carrying values of our property and equipment. This impairment charge is based on our assessment of currently available information and, accordingly, it is possible that further impairment charges could be required if the adverse impacts of the hurricane or estimated costs of recovery are greater than expected. For additional information regarding the impacts of Hurricane Melissa and the fair value method and related assumptions used in our impairment assessments, see note 4. (c) During 2024, we recorded a $ 516 million impairment of goodwill at our Liberty Puerto Rico reporting unit. This impairment was mainly driven by declines in revenue, primarily from mobile subscriber losses, increased bad debt and other adverse impacts largely associated with (i) the migration of customers acquired from AT&T to our mobile network and (ii) various network challenges that have impacted these mobile customers. (d) During 2023, C&W Panama recognized impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases. As of December 31, 2023, these operating lease right-of-use assets were fully amortized. Based on the results of our impairment test over intangible assets not subject to amortization and impairment test over goodwill, if, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill and intangible assets not subject to amortization. Any such impairment charges could be significant. For additional information regarding the fair value methods and related assumptions used in our impairment assessments, see note 4. Goodwill Changes in the carrying amount of our goodwill during 2025 are set forth below: Liberty Caribbean C&W Panama Liberty Networks Liberty Costa Rica Total in millions January 1, 2025 $ 1,211.6 $ 617.1 $ 652.2 $ 500.1 $ 2,981.0 Foreign currency translation adjustments and other ( 3.7 ) — 17.1 13.1 26.5 December 31, 2025 $ 1,207.9 $ 617.1 $ 669.3 $ 513.2 $ 3,007.5 Changes in the carrying amount of our goodwill during 2024 are set forth below: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total in millions January 1, 2024 $ 1,218.1 $ 617.1 $ 655.9 $ 501.1 $ 491.2 $ 3,483.4 Acquisition — — — 14.6 — 14.6 Foreign currency translation adjustments and other ( 6.5 ) — ( 3.7 ) — 8.9 ( 1.3 ) Impairment — — — ( 515.7 ) — ( 515.7 ) December 31, 2024 $ 1,211.6 $ 617.1 $ 652.2 $ — $ 500.1 $ 2,981.0 Our accumulated goodwill impairments were $ 3,300 million at both December 31, 2025 and 2024. II-64 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: Estimated useful life at December 31, 2025 December 31, 2025 2024 in millions Distribution systems 3 to 25 years $ 5,280.3 $ 5,181.1 Support equipment and buildings 3 to 40 years 1,403.2 1,292.6 CPE 3 to 5 years 965.4 948.6 7,648.9 7,422.3 Accumulated depreciation ( 4,105.2 ) ( 3,767.4 ) Total depreciable assets 3,543.7 3,654.9 CIP and land 304.1 407.5 Total property and equipment, net $ 3,847.8 $ 4,062.4 Depreciation expense related to our property and equipment was $ 809 million, $ 833 million and $ 840 million during 2025, 2024 and 2023, respectively. We recorded non-cash increases to our property and equipment related to vendor financing arrangements of $ 124 million $ 155 million and $ 144 million during 2025, 2024 and 2023, respectively. Intangible Assets Not Subject to Amortization The details of our intangible assets not subject to amortization are set forth below: December 31, 2025 2024 in millions Spectrum licenses (a) $ 777.5 $ 1,271.5 Cable television franchise rights and other 541.8 541.8 Total intangible assets not subject to amortization $ 1,319.3 $ 1,813.3 (a) The 2024 amount includes $ 215 million of spectrum licenses attributable to the LPR Acquisition. For additional information regarding the assets acquired as part of the LPR Acquisition, see note 5. Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization, which had estimated useful lives ranging from 4 to 25 years at December 31, 2025, are set forth below: December 31, 2025 2024 in millions Customer relationships $ 616.4 $ 898.9 Licenses and other 299.9 259.3 916.3 1,158.2 Accumulated amortization ( 555.3 ) ( 743.9 ) Total intangible assets subject to amortization, net $ 361.0 $ 414.3 II-65 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Amortization expense related to intangible assets with finite useful lives was $ 96 million, $ 136 million and $ 168 million during 2025, 2024 and 2023, respectively. Based on our amortizable intangible assets balance at December 31, 2025, we expect that amortization expense will be as follows for the next five years and thereafter (in millions): 2026 $ 71.8 2027 62.4 2028 57.0 2029 52.1 2030 34.8 Thereafter 82.9 Total $ 361.0 (8) Operating Leases The following table provides details of our operating lease expense: Year ended December 31, 2025 2024 2023 in millions Operating lease expense: Operating lease cost $ 135.1 $ 122.8 $ 128.0 Short-term lease cost 24.1 27.5 29.0 Total operating lease expense $ 159.2 $ 150.3 $ 157.0 Certain other details of our operating leases are set forth in the tables below. December 31, 2025 2024 in millions Operating lease right-of-use assets (a) $ 470.4 $ 481.2 Operating lease liabilities: Current $ 95.0 $ 87.5 Long-term 423.6 450.2 Total operating lease liabilities $ 518.6 $ 537.7 Weighted-average remaining lease term 6.6 years 7.3 years Weighted-average discount rate 8.6 % 8.1 % Year ended December 31, 2025 2024 2023 in millions Operating cash outflows from operating leases $ 146.9 $ 131.4 $ 131.9 Right-of-use assets obtained in exchange for new operating lease liabilities (a) $ 75.0 $ 95.6 $ 53.8 (a) Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 5. II-66 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Maturities of Operating Leases Maturities of our operating lease liabilities as of December 31, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on December 31, 2025 exchange rates. Years ending December 31: 2026 $ 132.0 2027 115.6 2028 105.7 2029 91.2 2030 73.0 Thereafter 178.5 Total operating lease liabilities on an undiscounted basis 696.0 Present value discount ( 177.4 ) Present value of operating lease liabilities $ 518.6 (9) Debt and Finance Lease Obligations The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2025 Estimated fair value (c) Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency US $ equivalent December 31, December 31, 2025 2024 2025 2024 in millions C&W Notes 7.93 % — $ — $ 1,793.8 $ 1,707.2 $ 1,755.0 $ 1,735.0 C&W Credit Facilities (d) 6.62 % (e) 687.5 2,603.7 2,671.0 2,646.2 2,690.2 LPR Senior Secured Notes 6.08 % — — 1,285.5 1,709.1 1,981.0 1,981.0 LPR Credit Facilities 8.15 % $ 116.0 116.0 431.8 598.9 676.5 670.0 2030 LPR Term Loan 9.75 % $ 50.0 50.0 200.0 — 208.0 — LCR Credit Facilities 10.43 % $ 60.0 60.0 538.0 481.7 515.0 450.0 Vendor financing, Tower Transactions and other (f) (g) 7.90 % — — 568.1 612.6 568.1 612.6 Total debt before premiums, discounts and deferred financing costs 7.29 % $ 913.5 $ 7,420.9 $ 7,780.5 $ 8,349.8 $ 8,138.8 II-67 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: December 31, 2025 2024 in millions Total debt before premiums, discounts and deferred financing costs $ 8,349.8 $ 8,138.8 Premiums, discounts and deferred financing costs, net ( 79.3 ) ( 63.2 ) Total carrying amount of debt 8,270.5 8,075.6 Finance lease obligations 8.7 4.6 Total debt and finance lease obligations 8,279.2 8,080.2 Less: Current maturities of debt and finance lease obligations ( 408.8 ) ( 465.7 ) Long-term debt and finance lease obligations $ 7,870.4 $ 7,614.5 (a) Represents the weighted average interest rate in effect at December 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2025, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the December 31, 2025 compliance reporting requirements. At December 31, 2025, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders. (c) The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 4. (d) Includes other facilities that are generally repaid in three annual installments. (e) The C&W Credit Facilities unused borrowing capacity comprises certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities. (f) Includes Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our consolidated balance sheets. During 2025 and 2024, we received proceeds of $ 3 million and $ 9 million, respectively, related to the Tower Transactions, which are included in borrowings of debt in our consolidated statements of cash flows. (g) Includes amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year , other II-68 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that was paid on our behalf by the vendor. Changes in our vendor financing obligations are set forth below: Year ended December 31, 2025 2024 in millions Balance at beginning of period $ 327.7 $ 299.1 Operating expenses financed by an intermediary (i) 201.1 198.8 Assets acquired under capital-related vendor financing arrangements (ii) 123.9 154.9 Principal payments on vendor financing obligations (iii) ( 346.0 ) ( 324.5 ) Foreign currency translation adjustments and other ( 1.2 ) ( 0.6 ) Balance at end of period $ 305.5 $ 327.7 Current portion $ 302.1 $ 324.7 Long-term portion $ 3.4 $ 3.0 (i) Our operating expenses include $ 201 million, $ 199 million and $ 177 million for 2025, 2024 and 2023, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our consolidated statements of cash flows. (ii) Amounts are reflected on the borrowing date as a non-cash increase to property and equipment additions. For additional information, see notes 7 and 17. (iii) Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our consolidated statements of cash flows. General Information At December 31, 2025, all of our outstanding debt had been incurred by one of our three primary “borrowing groups”: C&W, Liberty Puerto Rico and Liberty Costa Rica. Unless stated otherwise, all of our borrowings are denominated in U.S. dollars. Credit Facilities. Each of our borrowing groups and unrestricted subsidiaries have entered into one or more credit facility agreements with certain financial institutions. Each of these credit facilities contain certain covenants, the more notable of which are as follows: • Our credit facilities (with the exception of Liberty Puerto Rico unrestricted subsidiaries’ 2030 LPR Term Loan) contain certain net leverage ratios, as specified in the relevant credit facility, which are required to be complied with on an incurrence and/or maintenance basis; • Our credit facilities contain certain restrictions which, among other things, restrict the ability of the entities of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets, in each case, subject to certain customary and agreed exceptions, and (iv) make certain restricted payments to their direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants; • Our credit facilities require that certain entities of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such entities are required to have first-ranking security granted over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder; • In addition to certain mandatory prepayment events, the instructing group of lenders under the relevant credit facility may cancel the commitments thereunder and declare the loans thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility); II-69 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 • Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions and materiality qualifications, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand; • Our credit facilities require entities of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and • In addition to customary default provisions, our credit facilities generally include certain cross-default and cross-acceleration provisions with respect to other indebtedness of entities of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions. Senior and Senior Secured Notes. Our C&W and Liberty Puerto Rico borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future debt of such issuer and, in the case of our senior secured notes, are senior to all existing and future subordinated debt of each respective issuer within the relevant borrowing group, (ii) contain, in most instances, guarantees from other entities of the relevant borrowing group (as specified in the applicable indenture) and (iii) are secured by pledges over the shares of certain entities of the relevant borrowing group and, in certain instances, over substantially all of the assets of those entities. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows: • Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other indebtedness of the issuer or certain other members of the relevant borrowing group, over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes; • Our notes contain certain restrictions that, among other things, restrict the ability of the entities of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets, in each case, subject to certain customary and agreed exceptions and (iv) make certain restricted payments to its direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants; and • If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101 %. Borrowing Groups – Outstanding Debt Instruments C&W Notes The details of the outstanding C&W Notes as of December 31, 2025 are summarized in the following table: C&W Notes Maturity Interest rate Outstanding principal amount Carrying value (a) in millions 2032 C&W Senior Secured Notes October 15, 2032 7.125 % $ 1,000.0 $ 990.4 2033 C&W Senior Notes January 15, 2033 9.000 % 755.0 746.6 Total $ 1,755.0 $ 1,737.0 (a) Amounts are net of deferred financing costs. II-70 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Redemption Rights. The C&W Notes are subject to certain redemption rights (as specified in the applicable indenture). Some or all of the 2032 C&W Senior Secured Notes and 2033 C&W Senior Notes may be redeemed at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption Price 2032 C&W Senior Secured Notes 2033 C&W Senior Notes 12-month period commencing: October 15 January 15 2025 (a) (b) 2026 (a) (b) 2027 103.563 % (b) 2028 101.781 % 104.500 % 2029 100.000 % 102.025 % 2030 and thereafter 100.000 % 100.000 % N/A – Not applicable. (a) At any time prior to October 15, 2027, (i) we may redeem in whole or in part the 2032 C&W Senior Secured Notes by paying a price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on October 15, 2027 plus the present value of all remaining scheduled interest payments through October 15, 2027 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, (ii) we may redeem during each 12-month period commencing on the issue date up to 10 % of the original aggregate principal amount of the notes at a redemption price equal to 103 % of the principal amount of the notes redeemed plus accrued and unpaid interest as of the redemption date and (iii) we may redeem up to 40 % of the aggregate principal amount of the 2032 C&W Senior Secured Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 107.125 % of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date. (b) At any time prior to January 15, 2028, (i) we may redeem in whole or in part the 2033 C&W Senior Notes by paying a price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on January 15, 2028 plus the present value of all remaining scheduled interest payments through January 15, 2028 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, and (ii) we may redeem up to 40 % of the aggregate principal amount of the 2033 C&W Senior Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 109 % of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date. II-71 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 C&W Credit Facilities The details of our borrowings under the C&W Credit Facilities as of December 31, 2025 are summarized in the following table: C&W Credit Facilities Maturity Interest rate Unused borrowing capacity Outstanding principal amount Carrying value (a) in millions 2027 C&W RCF January 30, 2027 Adjusted Term SOFR + 3.25 % (b) $ 152.0 $ — $ — 2029 C&W RCF (c) April 15, 2029 Term SOFR + 3.25 % (b) 456.0 — — C&W Term Loan B-6 Facility October 15, 2029 Adjusted Term SOFR + 3.0 % (b) — 590.0 585.0 C&W Term Loan B-7 Facility January 31, 2032 Term SOFR + 3.25 % (b) — 1,530.0 1,514.9 2028 CWP Term Loan January 18, 2028 4.25 % — 435.0 432.9 C&W Regional Facilities (d) (e) various dates ranging from 2026 to 2038 7.35 % (f) 79.5 91.2 91.1 Total $ 687.5 $ 2,646.2 $ 2,623.9 (a) Amounts are net of discounts and deferred financing costs, as applicable. (b) Subject to a SOFR floor of 0 basis points. (c) Has a fee on unused commitments of 0.5 % per year. (d) The unused borrowing capacity on the C&W Regional Facilities comprises certain U.S. dollar, Trinidad & Tobago dollar and JMD denominated revolving credit facilities. (e) The outstanding principal amount on the C&W Regional Facilities comprises certain JMD, U.S. dollar and East Caribbean dollar denominated credit facilities. (f) Represents a weighted average rate. LPR Senior Secured Notes The details of the outstanding LPR Senior Secured Notes as of December 31, 2025 are summarized in the following table: LPR Senior Secured Notes Maturity Interest rate Outstanding principal amount Carrying value (a) in millions 2027 LPR Senior Secured Notes October 15, 2027 6.750 % $ 1,161.0 $ 1,155.9 2029 LPR Senior Secured Notes July 15, 2029 5.125 % 820.0 816.2 Total $ 1,981.0 $ 1,972.1 (a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable. II-72 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Redemption Rights. The LPR Senior Secured Notes are subject to certain redemption rights (as specified in the applicable indenture). LCPR Senior Secured Financing may redeem some or all of the 2027 LPR Senior Secured Notes and 2029 LPR Senior Secured Notes at the following redemption prices (expressed as a percentage of principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date: Redemption Price 2027 LPR Senior Secured Notes 2029 LPR Senior Secured Notes 12-month period commencing: October 15 July 15 2025 100.000 % 101.281 % 2026 and thereafter 100.000 % 100.000 % LPR Credit Facilities 2030 LPR Credit Agreement On September 23, 2025, through the Unrestricted Subsidiaries, we entered into the 2030 LPR Credit Agreement that provides for, among other things, (i) the 2030 LPR Term Loan, which we borrowed during the third quarter of 2025, (ii) delayed draw term loan commitments in an aggregate principal amount of $ 50 million and (iii) uncommitted pari passu incremental term loans of up to $ 350 million aggregate principal amount. The obligations under the 2030 LPR Credit Agreement are secured by substantially all of the assets of the Unrestricted Subsidiaries, consisting of, among other things, spectrum and fixed network assets. 2030 LPR Term Loan The 2030 LPR Term Loan may be repaid at the option of the LPR Unrestricted Subsidiary Borrowers at any time in whole or in part, subject to payment of the following prepayment fees: (i) on or prior to the six month anniversary of the closing date (i.e., March 23, 2026), 0 %; (ii) after the six month anniversary of the closing date and on or prior to the first anniversary of the closing date, 3 %; (iii) after the first anniversary of the closing date and on or prior to the second anniversary of the closing date, 1.00 %; and (iv) thereafter, 0 %. Subsequent to December 31, 2025, we borrowed the remaining $ 50 million of unused borrowing capacity under the 2030 LPR Credit Agreement. Interest on the 2030 LPR Term Loan is payable quarterly, commencing on December 31, 2025, and at maturity. The details of our borrowings under the LPR Credit Facilities as of December 31, 2025 are summarized in the following table: LPR Credit Facilities Maturity Interest rate Unused borrowing capacity Outstanding principal amount Carrying value (a) in millions LPR Revolving Credit Facility (b) March 15, 2027 Adjusted Term SOFR + 3.50 % $ 116.0 $ 56.5 $ 56.5 2028 LPR Term Loan October 15, 2028 Adjusted Term SOFR + 3.75 % (c) — 620.0 617.9 2030 LPR Credit Agreement (d) September 23, 2030 9.75 % 50.0 208.0 195.8 Total $ 166.0 $ 884.5 $ 870.2 (a) Amounts are net of discounts and deferred financing costs, as applicable. (b) Has a fee on unused commitments of 0.5 % per year. (c) Subject to a SOFR floor of 0 basis points. II-73 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 (d) Has a fee on unused commitments of 1.0 % per year. LCR Credit Facilities The details of the LCR Credit Facilities as of December 31, 2025 are summarized in the following table: LCR Credit Facilities Maturity Interest rate Unused borrowing capacity Outstanding principal amount Carrying value (a) in millions LCR Revolving Credit Facility (b) January 15, 2028 Adjusted Term SOFR + 4.25 % $ 60.0 $ — $ — 2031 LCR Term Loan A (c) January 15, 2031 10.875 % — 50.0 49.2 2031 LCR Term Loan B (c) January 15, 2031 10.875 % — 400.0 390.4 2033 LCR Term Loan A August 14, 2033 Term SOFR + 3.50 % — 65.0 63.1 Total $ 60.0 $ 515.0 $ 502.7 (a) Amounts are net of deferred financing costs. (b) Has a fee on unused commitments of 0.5 % per year. (c) Subsequent to December 31, 2025, $ 40 million of the 2031 LCR Term Loan B outstanding principal amount was repaid at a price of 103 % and $ 5 million of 2031 LCR Term Loan A outstanding principal amount was repaid at par. Financing and Refinancing Activity During May 2023, the terms of the agreements underlying the C&W Credit Facilities and the LPR Credit Facilities were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for the C&W Term Loan B-5 Facility, the C&W Term Loan B-6 Facility, the 2029 C&W RCF, the 2028 LPR Term Loan and the LPR Revolving Credit Facility for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes. The credit adjustment spreads applicable to the aforementioned debt instruments are 0.11448 %, 0.26161 % and 0.42826 % for interest periods of one, three and six months, respectively. II-74 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 In the tables below, non-cash activity relates to borrowings that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of the outstanding debt instruments within the same borrowing group. During 2025, borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended, are as follows: Borrowing group/Borrower Instrument Issued at Amount borrowed (a) Non–cash component in millions C&W 2027 C&W RCF (b) N/A $ 117.1 $ — C&W 2029 C&W RCF (b) N/A $ 241.9 $ — C&W 2033 C&W Senior Notes 100 % $ 755.0 $ — C&W C&W Term Loan B-7 Facility 99.5 % $ 1,522.4 $ 1,510.0 Liberty Puerto Rico 2030 LPR Term Loan 96 % $ 200.0 $ — Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 226.1 $ — Liberty Costa Rica 2033 LCR Term Loan A 100 % $ 65.0 $ — Liberty Costa Rica LCR Revolving Credit Facility N/A $ 61.3 $ — N/A – Not applicable. (a) Amounts borrowed are net of original issue discounts, as applicable. (b) The 2027 C&W RCF and 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, the C&W Revolving Credit Facility was amended. Under the terms of the amended agreement, $ 460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence, if any, of the refinancing of the C&W Term Loan B-6 Facility. During 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows: Borrowing group/Borrower Instrument Issued at Amount borrowed in millions C&W C&W Other Facilities (a) 100 % $ 22.5 C&W C&W Revolving Credit Facility (b) N/A $ 275.0 C&W 2032 C&W Senior Secured Notes 100 % $ 1,000.0 Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 120.0 Liberty Costa Rica LCR Revolving Credit Facility N/A $ 31.0 N/A – Not applicable. (a) This borrowing is due in three annual installments beginning in May 2025. (b) In September 2024, an extension agreement was executed on the 2029 C&W RCF, which extended the maturity date of a portion of the 2029 C&W RCF to: (i) July 31, 2027, upon the refinancing of the 2027 C&W Senior Secured Notes and 2027 C&W Senior Notes in full, (ii) then April 15, 2029, upon the refinancing of the C&W Term Loan B-5 Facility, and (iii) then September 24, 2029, upon the refinancing of the C&W Term Loan B-6 Facility. II-75 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 During 2023, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows: Borrowing group/Borrower Instrument Issued at Amount borrowed in millions C&W C&W Other Facilities 100 % $ 69.0 C&W C&W Revolving Credit Facility N/A $ 40.0 C&W C&W Regional Facilities N/A $ 20.0 C&W CWP Credit Facilities N/A $ 10.0 Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 65.0 Liberty Costa Rica 2031 LCR Term Loan A 100 % $ 50.0 Liberty Costa Rica 2031 LCR Term Loan B 100 % $ 400.0 Liberty Costa Rica LCR Revolving Credit Facility (a) N/A $ — (a) For details on the LCR Revolving Credit Facility, see LCR Credit Facilities above. During 2025, we made certain repurchases or repayments on the following debt instruments: Borrowing group/Borrower Instrument Redemption Price Amount paid Non-cash component in millions C&W 2027 C&W RCF 100 % $ 109.7 $ — C&W 2029 C&W RCF 100 % $ 279.3 $ — C&W 2027 C&W Senior Notes 100.859 % $ 735.0 $ — C&W C&W Term Loan B-5 Facility 100 % $ 1,510.0 $ 1,510.0 C&W C&W Regional Facilities 100 % $ 30.5 $ — Liberty Puerto Rico LPR Revolving Credit Facility 100 % $ 219.6 $ — Liberty Costa Rica LCR Revolving Credit Facility 100 % $ 61.3 $ — During 2024, we made certain repurchases or repayments on the following debt instruments: Borrowing group/Borrower Instrument Redemption price Amount paid in millions C&W 2027 C&W Senior Secured Notes 100 % $ 495.0 C&W 2027 C&W Senior Notes 100.859 % $ 485.0 C&W C&W Revolving Credit Facility 100 % $ 245.0 C&W C&W Other Facilities 100 % $ 23.0 C&W C&W Regional Facilities 100 % $ 20.0 C&W CWP Revolving Credit Facility 100 % $ 10.0 Liberty Puerto Rico LPR Revolving Credit Facility 100 % $ 70.0 Liberty Costa Rica LCR Revolving Credit Facility 100 % $ 31.0 Liberty Latin America Convertible Notes a (a) $ 219.2 (a) During 2024, we repurchased and cancelled $ 220 million original principal amount of the Convertible Notes at a weighted average redemption price of 99.5 %. In addition, we unwound $ 102 million of the Convertible Notes Capped Calls for immaterial value on settlement during the first quarter of 2024 and the remaining amount expired with no value on the July 15, 2024 maturity date of the Convertible Notes. II-76 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 During 2023, we made certain repurchases or repayments on the following debt instruments: Borrowing group/Borrower Amount paid Instrument Redemption price Borrowing currency USD equivalent (a) USD in millions, CRC in billions C&W C&W Revolving Credit Facility 100 % $ 40.0 $ 40.0 Liberty Puerto Rico LPR Revolving Credit Facility 100 % $ 65.0 $ 65.0 Liberty Costa Rica LCR Term Loan B-1 Facility 100 % $ 276.7 $ 276.7 Liberty Costa Rica LCR Term Loan B-2 Facility 100 % CRC 79.6 $ 138.6 Liberty Latin America Convertible Notes (b) $ 173.0 $ 173.0 (a) Translated at the transaction date, as applicable. (b) During 2023, we repurchased and cancelled $ 182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9 %. In connection with these repurchases, we unwound $ 182 million of the related Convertible Notes Capped Calls. Maturities of Debt Maturities of our debt as of December 31, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on December 31, 2025 exchange rates. C&W Liberty Puerto Rico Liberty Costa Rica Liberty Latin America (a) Consolidated in millions Years ending December 31: 2026 $ 328.0 $ 77.0 $ — $ 1.3 $ 406.3 2027 12.1 1,162.8 — 0.7 1,175.6 2028 490.7 620.6 — — 1,111.3 2029 595.8 820.7 — — 1,416.5 2030 13.5 213.5 — — 227.0 Thereafter 3,465.6 32.5 515.0 — 4,013.1 Total debt maturities 4,905.7 2,927.1 515.0 2.0 8,349.8 Premiums, discounts and deferred financing costs, net ( 43.2 ) ( 23.8 ) ( 12.3 ) — ( 79.3 ) Total debt $ 4,862.5 $ 2,903.3 $ 502.7 $ 2.0 $ 8,270.5 Current portion $ 328.0 $ 77.0 $ — $ 1.3 $ 406.3 Long-term portion $ 4,534.5 $ 2,826.3 $ 502.7 $ 0.7 $ 7,864.2 (a) Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. II-77 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 (10) Defined Benefit Plans We maintain various funded defined benefit plans for certain current and past employees, including (i) the CWSF, which is C&W’s largest defined benefit plan, (ii) plans in The Bahamas, Jamaica, Barbados, Curacao and Puerto Rico and (iii) certain other defined benefit arrangements in the U.K., which are governed by individual trust deeds. These defined benefit plans are closed to new entrants, and existing participants do not accrue any additional benefits. Defined benefit plan amounts included in our consolidated balance sheets are as follows: December 31, 2025 2024 in millions Other assets, net $ 27.5 $ 33.6 Other long-term liabilities, net (a) ( 4.8 ) ( 5.6 ) Net pension asset $ 22.7 $ 28.0 (a) Amounts include an indemnification asset from The Bahamas government of $ 113 million and $ 115 million, respectively, and investments in U.K. Gilts of $ 24 million and $ 23 million, respectively. The table below provides summary information for our defined benefit plans: December 31, 2025 2024 in millions Projected benefit obligations (a) (b) $ ( 1,407.8 ) $ ( 1,361.4 ) Fair value of plan assets (c) 1,430.5 1,389.4 Net pension asset $ 22.7 $ 28.0 (a) Amounts include an indemnification asset from The Bahamas government of $ 113 million and $ 115 million, respectively, and investments in U.K. Gilts of $ 24 million and $ 23 million, respectively. (b) The weighted average discount rate used in determining our benefit obligations was 6.1 % for each of the years ended December 31, 2025 and 2024. A 1.0 % increase or decrease in the weighted average discount rate would have a ($ 34 million ) or $ 40 million impact, respectively, on the projected benefit obligations, net of the annuity insurance policies (as described further below). (c) Our plan assets primarily comprise investments in insurance contracts, debt securities and equity securities. The fair value of plan assets at December 31, 2025 includes $ 239 million, $ 132 million and $ 1,060 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 4). The fair value of plan assets at December 31, 2024 includes $ 233 million, $ 135 million and $ 1,021 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively. In May 2023, the CWSF completed an additional buy-in bulk annuity, resulting in 100 % of the plan’s liabilities being covered by insurance annuity policies, the payments from which match the corresponding obligations to employees. In addition, at December 31, 2025, 100 % of the Jamaican and UTS defined benefit obligations are covered through the purchase of insurance annuity policies. The remaining investment risks in the plans have also been mitigated to a reasonable extent by a combination of matching assets and diversification of the return-seeking assets. The CWSF buy-in resulted in the remeasurement of $ 75 million from net pension assets to accumulated other comprehensive income during 2023, which represents the loss associated with the difference between the projected benefit obligations and the cost of the bulk annuity policy. II-78 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 (11) Equity Share Capital A summary of the changes in our share capital during 2025, 2024 and 2023 is set forth in the table below: Class A Class B Class C in millions Balance at January 1, 2023 42.7 2.1 171.3 Repurchase of Liberty Latin America common shares ( 2.6 ) — ( 11.7 ) Issued in connection with share-based compensation plans and other 0.7 0.1 2.1 Balance at December 31, 2023 40.8 2.2 161.7 Balance at January 1, 2024 40.8 2.2 161.7 Repurchase of Liberty Latin America common shares ( 4.0 ) — ( 8.2 ) Issued in connection with share-based compensation plans and other 1.2 0.2 2.8 Balance at December 31, 2024 38.0 2.4 156.3 Balance at January 1, 2025 38.0 2.4 156.3 Repurchase of Liberty Latin America common shares ( 0.2 ) — ( 0.4 ) Issued in connection with share-based compensation plans and other 1.1 — 2.8 Balance at December 31, 2025 38.9 2.4 158.7 Voting rights. Holders of Class A common shares and Class B common shares vote together as a single class on all matters submitted to a vote of Liberty Latin America’s shareholders. The holders of Class A common shares have one vote per share; the holders of Class B common shares have 10 votes per share; and the holders of Class C common shares generally have no votes per share. In the event a right to vote is required under applicable law, holders of Class C common shares will vote as a single class with the holders of Class A common shares and Class B common shares and will be entitled to 1/100 of a vote on such matter for each Class C common share. Each Class B common share is convertible at the option of the holder for one Class A common share. Share Repurchase Programs From time to time, and subject to certain limitations and conditions, our Directors approve Share Repurchase Programs, which authorize us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates, as detailed below: Authorization Date Authorized Repurchase Amount Expiration Date in millions February 22, 2022 $ 200.0 December 2024 May 8, 2023 $ 200.0 December 2025 May 7, 2024 $ 200.0 December 2026 The Share Repurchase Programs do not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Programs, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. At December 31, 2025, the remaining amount authorized for share repurchases under the Share Repurchase Programs was $ 200 million. II-79 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Convertible Notes Capped Calls In connection with the issuance of our Convertible Notes, we entered into the Convertible Notes Capped Calls, which expired on July 15, 2024. The Convertible Notes Capped Calls were used as an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we could have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. The Convertible Notes Capped Calls were not considered a derivative instrument under ASC 815, Derivatives and Hedging , as the contracts were indexed to our Class C common shares and therefore were classified within shareholders’ equity. Capped Call Option Contracts During 2024, we entered into capped call option contracts, pursuant to which we have purchased capped call options on 1.7 million and 4.3 million Liberty Latin America Class A and Class C common shares, respectively, with a low exercise price and a capped payout. Shares acquired through the exercise of the call options are included in our share repurchases. The capped call option contracts are not considered derivative instruments as the contracts are indexed to our Class A and Class C common shares and are therefore classified within shareholders’ equity. At December 31, 2024, the aggregate premium associated with these capped call option contracts of $ 15 million is included as a reduction of additional paid-in capital in our consolidated statement of equity and as a financing cash outflow in our consolidated statement of cash flows. 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. LCR NCI Transaction During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire an additional 8.5 % of the remaining noncontrolling interest on January 30, 2026 for an aggregate cash consideration of approximately $ 84 million. The consideration comprises 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. (12) Share-based Compensation and Other Employee Incentive Plan-related Expense Equity Incentive Plans Employee Incentive Plan and Nonemployee Director Incentive Plan In 2017, we adopted the Employee Incentive Plan and the Nonemployee Director Incentive Plan, under which options, SARs, RSUs, cash awards, performance awards or any combination of the foregoing may be granted. The maximum number of Liberty Latin America common shares that may be issued under the Employee Incentive Plan and the Nonemployee Director Incentive Plan is 75 million (of which no more than 10 million shares may consist of Class B shares) and 5 million, respectively, in each case subject to anti-dilution and other adjustment provisions in the respective plans. Liberty Latin America common shares issuable pursuant to awards will be made available from either authorized but unissued shares, or shares that have been issued but reacquired by Liberty Latin America. Awards Non-performance Awards. The following is a summary of the material terms and conditions with respect to our non-performance-based awards: • SARs . SARs generally vest 33.3 % on the anniversary of the grant date over a vesting term of three years and expire ten years after the grant date. SARs may be granted with an exercise price at or above the fair market value of the shares on the date of grant in any class of common shares. • RSUs . RSUs generally vest 33.3 % on the anniversary of the grant date over a vesting term of three years . RSUs issued under the Nonemployee Director Incentive Plan vest on the first anniversary of the grant date. • LTVP . During 2023, we implemented the Long-term Value Plan component of the Employee Incentive Plan, whereby employees receive a fixed-value award based upon a percentage of annual employee base compensation that vests II-80 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee. During 2025, 2024, and 2023, we recognized $ 21 million, $ 14 million, and $ 6 million, respectively, of expense associated with the LTVP, which is recorded in other operating costs and expenses in our consolidated statements of operations. Each vesting tranche of the LTVP is accrued over the vesting period to our consolidated balance sheet in accrued payroll and employee benefits until settlement on the vesting date, which is generally in March of each year. Details on how these awards were settled can be found in the table below. Performance Awards . The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees: • PSUs . During 2022, our Chief Executive Officer was awarded a total of 0.6 million Class B PSUs, of which the first two tranches were earned and vested in each of March 2023 and March 2024, respectively. The remaining 0.2 million will vest in March 2026 based upon the achievement of certain individual qualitative objectives. At both December 31, 2025 and 2024, we had 0.2 million Class B PSUs outstanding. • PSARs. During 2021 and 2022, certain key employees received the 2021 PSARs. Each award represented the right to receive a payment in shares or, if the compensation committee so determined, cash or a combination of cash and shares, equal to the excess of the fair market value of the common shares on the day of exercise over the exercise price, subject to performance and vesting. The 2021 PSARs have a term of ten years and included performance conditions based on the achievement of individual qualitative objectives during the performance period from January 1, 2021 through December 31, 2023. The earned 2021 PSARs vested on March 16, 2024. At both December 31, 2025 and 2024, we had 3 million Class A PSARs and 6 million Class C PSARs outstanding. Share-based Compensation Other Employee Incentive Plan-related Expense Our share-based compensation expense includes amounts related to share-based incentive awards held by our employees and employees of our subsidiaries. The following table summarizes certain information related to share-based incentive awards granted during the periods presented: Year ended December 31, 2025 2024 2023 Assumptions used to estimate fair value of SARs and PSARs: Risk-free interest rate 4.1 - 4.3 % 4.2 - 4.3 % 3.5 - 4.2 % Expected life 6.0 - 10.0 years 6.0 - 10.0 years 6.0 - 10.0 years Expected volatility 45.0 - 50.5 % 43.8 - 48.3 % 42.1 - 46.7 % Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: SARs $ 3.92 $ 3.60 $ 4.31 RSUs $ 6.53 $ 6.98 $ 7.96 PSUs $ — $ 5.90 $ 8.00 Cash used to settle equity awards (in millions) LTVP $ 13 $ 8 $ 6 As of December 31, 2025, we have $ 77 million of total unrecognized compensation expense related to awards held by our employees that is expected to be recognized as a future expense over a weighted-average period of approximately 1.6 years. For the amount of share-based compensation and other Employee Incentive Plan-related expense recognized during each period presented, see note 17. II-81 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 2024 Modification In October 2024, the compensation committee of our board of directors approved an extension of the legal life of outstanding SARs from a seven-year term to a ten-year term for SARs granted during 2018, 2019 and 2020. Prior to 2021, awards granted under the Employee Incentive Plan expired seven years after the grant date. This modification resulted in the recognition of aggregate incremental share-based compensation expense during 2024 totaling $ 14 million and impacted over 200 grantees. Share-based Incentive Award Activity The following tables summarize share-based incentive award activity during 2025 with respect to Liberty Latin America awards held by our employees and our Directors. Number of shares Weighted average base price Weighted average remaining contractual term Aggregate intrinsic value SARs – Class A shares in millions in years in millions Outstanding at January 1, 2025 11.4 $ 10.97 Granted 2.0 $ 6.68 Forfeited ( 0.9 ) $ 11.24 Exercised — $ 6.88 Outstanding at December 31, 2025 12.5 $ 10.27 5.9 $ 3.9 Exercisable at December 31, 2025 8.9 $ 11.75 4.8 $ 1.0 Number of shares Weighted average base price Weighted average remaining contractual term Aggregate intrinsic value SARs – Class C shares in millions in years in millions Outstanding at January 1, 2025 22.9 $ 10.97 Granted 4.1 $ 6.65 Forfeited ( 1.7 ) $ 11.22 Exercised ( 0.3 ) $ 6.42 Outstanding at December 31, 2025 25.0 $ 10.29 5.9 $ 8.0 Exercisable at December 31, 2025 17.7 $ 11.80 4.8 $ 1.8 Number of shares Weighted average grant-date fair value per share Weighted average remaining contractual term RSUs – Class A shares in millions in years Outstanding at January 1, 2025 2.2 $ 7.64 Granted 1.3 $ 6.54 Forfeited ( 0.2 ) $ 7.04 Released from restrictions ( 1.3 ) $ 7.76 Outstanding at December 31, 2025 2.0 $ 6.92 2.2 II-82 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Number of shares Weighted average grant-date fair value per share Weighted average remaining contractual term RSUs – Class C shares in millions in years Outstanding at January 1, 2025 4.5 $ 7.65 Granted 2.8 $ 6.53 Forfeited ( 0.3 ) $ 7.04 Released from restrictions ( 2.9 ) $ 7.65 Outstanding at December 31, 2025 4.1 $ 6.93 2.2 (13) Income Taxes On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda. Effective as of January 1, 2025, Bermuda enacted the Corporate Income Tax Act 2023, which assesses taxes on income at a 15% statutory rate. For all years prior to this, Bermuda did not assess taxes on income. The majority of subsidiaries in other jurisdictions are taxable operations and file income tax returns in their respective jurisdictions. The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis, unless a combined or consolidated tax return regime is permitted. The components of our loss before income taxes are as follows: Year ended December 31, 2025 2024 2023 in millions Domestic (a) $ ( 105.7 ) $ ( 68.7 ) $ ( 90.9 ) Foreign (b) (c) ( 547.1 ) ( 591.2 ) 28.5 Total $ ( 652.8 ) $ ( 659.9 ) $ ( 62.4 ) (a) Liberty Latin America is considered a stand-alone Bermuda entity. (b) Amounts for the year ended December 31, 2025 include a spectrum impairment charge of $ 494 million and for the year ended December 31, 2024 include a goodwill impairment charge of $ 516 million, both of which occurred at our Liberty Puerto Rico reporting unit. (c) For the year ended December 31, 2025, significant jurisdictions that comprise the “foreign” component of our loss before income taxes are detailed in the effective rate reconciliation section below. For the year ended December 31, 2024, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include The Bahamas, Barbados, Costa Rica, Jamaica, Panama, Puerto Rico, Spain, the U.K., the United States, and USVI. For the year ended December 31, 2023, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include The Bahamas, Barbados, the British Virgin Islands, Colombia, Costa Rica, Jamaica, Panama, Puerto Rico, Spain, St. Kitts, St. Lucia, Trinidad and Tobago, the U.K., the United States and USVI. II-83 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Income tax benefit (expense) consists of: Current Deferred Total in millions Year ended December 31, 2025: Domestic $ — $ — $ — Foreign ( 140.3 ) 238.8 98.5 Total $ ( 140.3 ) $ 238.8 $ 98.5 Year ended December 31, 2024: Domestic $ — $ — $ — Foreign ( 129.1 ) 129.3 0.2 Total $ ( 129.1 ) $ 129.3 $ 0.2 Year ended December 31, 2023: Domestic $ — $ — $ — Foreign ( 111.8 ) 87.4 ( 24.4 ) Total $ ( 111.8 ) $ 87.4 $ ( 24.4 ) Income tax benefit (expense) attributable to our loss before income taxes for the year ended December 31, 2025 differs from the amounts computed by using the applicable tax rate as a result of the following (in millions, except percentages): Amount Percent Bermuda federal statutory income tax rate (a) $ 97.9 ( 15.0 ) % Domestic federal Changes in valuation allowances ( 15.9 ) 2.4 % Foreign tax effects Barbados Statutory income tax rate differential 8.2 ( 1.3 ) % Other 0.4 ( 0.1 ) % Colombia Other ( 6.2 ) 0.9 % Costa Rica Net nondeductible acquisition debt interest and FX ( 8.5 ) 1.3 % Statutory income tax rate differential ( 10.8 ) 1.7 % Other ( 1.3 ) 0.2 % Curacao Changes in valuation allowances 26.8 ( 4.1 ) % Other ( 3.3 ) 0.5 % Jamaica Nontaxable capital gains 11.0 ( 1.7 ) % Cross-border tax laws ( 8.8 ) 1.3 % Changes in valuation allowances 4.9 ( 0.8 ) % Statutory income tax rate differential ( 9.8 ) 1.5 % Other ( 2.7 ) 0.4 % Panama Changes in valuation allowances 12.0 ( 1.8 ) % II-84 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Amount Percent Statutory income tax rate differential ( 6.2 ) 0.9 % Other ( 4.6 ) 0.7 % Puerto Rico Tax credits ( 19.7 ) 3.0 % Nontaxable interest income 6.8 ( 1.0 ) % Cross-border tax laws ( 10.0 ) 1.5 % Changes in valuation allowances 49.9 ( 7.6 ) % Statutory income tax rate differential 143.0 ( 21.9 ) % Other – Change in deferred rate already enacted ( 50.4 ) 7.7 % Other ( 21.4 ) 3.3 % Spain Nondeductible investment losses ( 8.5 ) 1.3 % Statutory income tax rate differential 5.1 ( 0.8 ) % Other ( 4.3 ) 0.7 % United Kingdom Changes in valuation allowances ( 67.9 ) 10.4 % Statutory income tax rate differential 25.0 ( 3.8 ) % Other 15.0 ( 2.3 ) % United States Tax credits 8.9 ( 1.4 ) % Nondeductible compensation expenses ( 5.0 ) 0.8 % Cross-border tax laws ( 36.5 ) 5.6 % Changes in valuation allowances ( 9.8 ) 1.5 % Other 4.1 ( 0.6 ) % Venezuela Changes in valuation allowances ( 7.6 ) 1.2 % Other 5.3 ( 0.8 ) % Other foreign jurisdictions ( 13.6 ) 2.1 % Worldwide changes in unrecognized tax benefits 7.0 ( 1.1 ) % Effective income tax rate $ 98.5 ( 15.1 ) % II-85 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Income tax benefit (expense) attributable to our loss before income taxes for the years ended December 31, 2024 and 2023, differs from the amounts computed by using the applicable tax rate, as a result of the following: Year ended December 31, 2024 2023 in millions Computed expected tax benefit (a) $ — $ — Permanent differences (b) ( 18.4 ) ( 49.3 ) Basis and other differences in the treatment of items associated with investments in Liberty Latin America entities 0.6 1.5 Increases in valuation allowances ( 171.8 ) ( 161.5 ) Expiration of deferred tax assets with full valuation allowance ( 14.7 ) ( 12.3 ) International rate differences (a) (c) 232.8 88.2 Changes in uncertain tax positions 3.7 ( 0.4 ) Enacted tax law and rate changes (d) (e) (f) 27.9 128.4 Effect of non-deductible goodwill impairments ( 47.9 ) — Effect of tax credits 14.6 18.3 Withholding and capital gains taxes ( 25.2 ) ( 40.0 ) Other, net ( 1.4 ) 2.7 Total income tax benefit (expense) $ 0.2 $ ( 24.4 ) (a) 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 years ended December 31, 2023 and 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, resulting in “international rate differences,” as shown in the table above. These line items reflect the computed tax benefit (expense) of pre-tax book earnings (loss) in the respective taxable jurisdiction. (b) Permanent differences primarily relate to various non-taxable income or non-deductible expenses, such as CARICOM treaty income, limitations on deductible management fees, or executive compensation, among others. (c) The corporate tax rates applicable to our primary material jurisdictions are as follows: The Bahamas, 0%; Barbados, 9%; Costa Rica, 30%; Jamaica, 33.33%; Panama, 25%; Puerto Rico, 37.5%; Spain, 25%; the U.K., 25%; the United States, 21%; and USVI, 23.1%. (d) On July 13, 2023, St. Vincent and the Grenadines Inland Revenue Department enacted a decrease in the corporate income tax from 30% to 28% with effect from January 1, 2023. (e) On December 22, 2023, the Bermuda Parliament enacted legislation to establish a 15% corporate income tax regime that will become effective for tax years beginning on or after January 1, 2025. While deferred tax assets associated with opening tax losses carryforward for periods beginning January 1, 2020 were established as of enactment, there is a net nil tax impact of this on the total tax result due to a full valuation allowance in Bermuda. (f) On May 24, 2024, the Barbados Parliament enacted legislation to increase the corporate income tax rate to 9% with effect from January 1, 2024. II-86 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. The components of our net deferred tax liability are as follows: December 31, 2025 2024 in millions Deferred tax assets $ 204.0 $ 133.0 Deferred tax liabilities ( 411.6 ) ( 580.3 ) Net deferred tax liability $ ( 207.6 ) $ ( 447.3 ) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2025 2024 in millions Deferred tax assets: Net operating losses, tax credits and other carryforwards $ 2,571.1 $ 2,516.0 Deferred revenue 4.6 9.4 Unrealized gains and losses 2.9 16.0 Accrued expenses 79.0 88.0 Other future deductible amounts — 0.1 Deferred tax assets 2,657.6 2,629.5 Valuation allowance ( 2,204.8 ) ( 2,115.8 ) Deferred tax assets, net of valuation allowance 452.8 513.7 Deferred tax liabilities: Investments ( 158.6 ) ( 122.6 ) Intangible assets, net ( 339.7 ) ( 630.3 ) Property and equipment, net ( 161.0 ) ( 208.1 ) Un-remitted foreign earnings ( 0.6 ) — Other future taxable amounts ( 0.5 ) — Deferred tax liabilities ( 660.4 ) ( 961.0 ) Net deferred tax liability $ ( 207.6 ) $ ( 447.3 ) The changes in our valuation allowances are summarized below: Year ended December 31, 2025 2024 2023 in millions Balance at January 1 $ 2,115.8 $ 1,942.5 $ 1,780.4 Net tax expense related to operations 88.0 171.8 161.5 Translation adjustments 0.2 ( 0.6 ) ( 1.1 ) Business acquisitions and other 0.8 2.1 1.7 Balance at December 31 $ 2,204.8 $ 2,115.8 $ 1,942.5 II-87 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Deferred tax assets related to net operating losses may be used to offset future taxable income. The significant components of our tax loss carryforwards at December 31, 2025 are as follows: Country Tax loss carryforward Related tax asset Expiration date in millions U.K.: Amount attributable to capital losses $ 4,958.1 $ 1,239.5 Indefinite Amount attributable to net operating losses 1,335.5 333.9 Indefinite Puerto Rico 700.8 154.7 2026 - Indefinite Bermuda 516.1 77.4 Indefinite Barbados 501.4 45.1 2026 - 2031 Jamaica 352.2 117.3 Indefinite Curacao 110.0 24.2 2026 - 2035 U.S. 53.7 12.5 2035 - Indefinite U.S. Virgin Islands 43.5 10.0 Indefinite Saint Martin 23.2 4.6 Indefinite Venezuela 22.4 7.6 2026-2028 Panama 8.8 2.2 2026 - 2028 Other 26.2 8.2 Various Total $ 8,651.9 $ 2,037.2 As of December 31, 2025, a valuation allowance of $ 1,895 million has been recorded against the net operating loss carryforwards where we do not expect to realize a future benefit, or where certain losses may be limited in use due to change in control or same-business tests. Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction; however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group. Further, tax jurisdictions restrict the type of taxable income that the above losses are able to offset. In 2025 and 2024, we have foreign tax credit carryforwards of $ 21 million and $ 10 million, respectively, which are available in the U.S. Substantially all credits not utilized will expire at the end of 2035. A valuation allowance of $ 13 million has been recorded against the foreign tax credit carryforwards where we do not expect to realize a future benefit. In 2025 and 2024, we have alternative minimum tax credit carryforwards in the amounts of $ 49 million and $ 50 million, respectively, attributable to our operations in Puerto Rico for which the current tax law provides no period of expiration. A valuation allowance of $ 13 million has been recorded against the alternative minimum tax credit carryforwards where we do not expect to realize a future benefit. Through our consolidated subsidiaries, we maintain a presence in many countries. Many of these countries maintain highly complex tax regimes. We have accounted for the effect of these taxes based on what we believe is reasonably expected to apply to us and our consolidated subsidiaries based on tax laws currently in effect and reasonable interpretations of these laws. Because some jurisdictions do not have systems of taxation that are as well established as the system of income taxation used in other major industrialized countries, it may be difficult to anticipate how other jurisdictions will tax our and our consolidated subsidiaries’ current and future operations. Although we intend to take reasonable tax planning measures to limit our tax exposures, no assurance can be given that we will be able to do so. We file income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the II-88 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations. In general, tax returns filed by, or that include, entities comprising Liberty Latin America for years prior to 2009 are no longer subject to examination by tax authorities. We are currently undergoing income tax audits in Colombia, Trinidad and Tobago, Venezuela and certain other jurisdictions within the Caribbean and Latin America. Except as noted below, any adjustments that might arise from the foregoing examinations are not expected to have a material impact on our consolidated financial position or results of operations. The changes in our unrecognized tax benefits are summarized below: Year ended December 31, 2025 2024 2023 in millions Balance at January 1 $ 18.3 $ 25.5 $ 37.6 Additions for tax positions of prior years 7.4 2.5 0.7 Additions based on tax positions related to the current year — — 6.0 Lapse of statute of limitations ( 1.5 ) ( 2.7 ) ( 1.4 ) Decrease for settlement with tax authorities — ( 2.9 ) — Reductions for tax positions of prior years ( 7.2 ) ( 4.1 ) ( 17.4 ) Balance at December 31 $ 17.0 $ 18.3 $ 25.5 No assurance can be given that any of these unrecognized tax benefits will be recognized or realized. As of December 31, 2025, all of our unrecognized tax benefits would have a favorable impact on our effective income tax rate if ultimately recognized. During 2026, it is reasonably possible that the resolution of ongoing examinations by tax authorities as well as expiration of statutes of limitation could result in reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2025. Other than the potential impacts of ongoing examinations and the expected expiration of certain statutes of limitation, we do not expect any material changes to our unrecognized tax benefits during 2026. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2026. During 2025, 2024 and 2023, our income tax benefit (expense) includes interest expense (income) of $ 4 million, ($ 3 million) and $ 12 million, respectively, representing the net accrual of interest and penalties incurred during the respective period. Our other long-term liabilities include accrued interest and penalties of $ 26 million and $ 22 million at December 31, 2025 and 2024, respectively. II-89 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Cash taxes paid (refunded) for the year ended December 31, 2025 are as set forth below (in millions): Bermuda federal * Bermuda state and local * Foreign: Costa Rica $ 43.6 Jamaica 12.9 Panama 14.3 United Kingdom ( 9.8 ) United States 46.9 Other 51.5 Total $ 159.4 * The amount of income taxes paid during the year does not meet the 5% disaggregation threshold. (14) Earnings or Loss per Share Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented. Diluted EPS presents the dilutive effect, if any, on a per share basis of dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented. The details of the calculations of our basic and diluted EPS are set forth below: Year ended December 31, 2025 2024 2023 in millions, except per share amounts Numerator: Net loss attributable to Liberty Latin America shareholders - basic and diluted $ ( 611.2 ) $ ( 689.4 ) $ ( 73.6 ) Denominator: Weighted average shares - basic and diluted (a) 199.5 198.4 210.0 Basic and diluted net loss per share attributable to Liberty Latin America shareholders $ ( 3.06 ) $ ( 3.47 ) $ ( 0.35 ) (a) During 2025, 2024 and 2023, we reported losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at each period of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, and for 2023 PSARs, because such awards had not yet met the applicable performance criteria: II-90 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 December 31, 2025 2024 2023 in millions Aggregate number of shares issuable pursuant to: Outstanding options, SARs and RSUs 44.5 41.9 37.7 Outstanding PSUs and PSARs 8.6 8.6 8.7 LTVP and ESPP 6.5 6.4 3.6 Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) (i) — — 10.7 (i) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during 2023, the Convertible Notes Capped Calls provided an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. During 2024, the Convertible Notes Capped Calls expired at maturity or were unwound in connection with redemption activity on the Convertible Notes, as further described in note 9. (15) Accumulated Other Comprehensive Earnings or Loss Accumulated other comprehensive earnings (loss) included in our consolidated balance sheets and statements of equity reflects the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other various adjustments. The changes in the components of accumulated other comprehensive earnings (loss), net of taxes, are summarized as follows: Liberty Latin America shareholders Foreign currency translation adjustments Pension- related adjustments and other Accumulated other comprehensive loss Non-controlling interests Total accumulated other comprehensive loss in millions Balance at January 1, 2023 $ ( 83.7 ) $ ( 65.5 ) $ ( 149.2 ) $ ( 11.0 ) $ ( 160.2 ) Other comprehensive earnings (loss) 24.9 ( 73.7 ) ( 48.8 ) 1.1 ( 47.7 ) Balance at December 31, 2023 ( 58.8 ) ( 139.2 ) ( 198.0 ) ( 9.9 ) ( 207.9 ) Other comprehensive earnings 25.6 18.2 43.8 0.3 44.1 Balance at December 31, 2024 ( 33.2 ) ( 121.0 ) ( 154.2 ) ( 9.6 ) ( 163.8 ) Other comprehensive earnings (loss) 33.2 ( 3.6 ) 29.6 1.6 31.2 Balance at December 31, 2025 $ — $ ( 124.6 ) $ ( 124.6 ) $ ( 8.0 ) $ ( 132.6 ) II-91 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive earnings (loss). The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net, of amounts reclassified to our consolidated statements of operations: Pre-tax amount Tax benefit Net-of-tax amount in millions Year ended December 31, 2025: Foreign currency translation adjustments $ 34.7 $ — $ 34.7 Pension-related adjustments and other ( 3.8 ) 0.3 ( 3.5 ) Other comprehensive earnings 30.9 0.3 31.2 Other comprehensive earnings attributable to noncontrolling interests (a) ( 1.6 ) — ( 1.6 ) Other comprehensive earnings attributable to Liberty Latin America shareholders $ 29.3 $ 0.3 $ 29.6 Year ended December 31, 2024: Foreign currency translation adjustments $ 25.9 $ — $ 25.9 Pension-related adjustments and other 18.2 — 18.2 Other comprehensive earnings 44.1 — 44.1 Other comprehensive earnings attributable to noncontrolling interests (a) ( 0.3 ) — ( 0.3 ) Other comprehensive earnings attributable to Liberty Latin America shareholders $ 43.8 $ — $ 43.8 Year ended December 31, 2023: Foreign currency translation adjustments $ 25.9 $ — $ 25.9 Pension-related adjustments and other ( 73.6 ) — ( 73.6 ) Other comprehensive loss ( 47.7 ) — ( 47.7 ) Other comprehensive earnings attributable to noncontrolling interests (a) ( 1.1 ) — ( 1.1 ) Other comprehensive loss attributable to Liberty Latin America shareholders $ ( 48.8 ) $ — $ ( 48.8 ) (a) Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments, pension-related adjustments, and other adjustments. II-92 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 (16) Commitments and Contingencies Guarantees and Other Credit Enhancements In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. For commitments associated with the LPR Acquisition and the LCR NCI Transaction, see note 5 and 11, respectively. Regulatory Issues. We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes. During 2024, we received a claim from a third party with respect to possible overpayments made to us under a transitional services agreement. We are currently unable to estimate a possible loss or range of possible loss associated with this claim. (17) Segment Reporting Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets. As of December 31, 2025 , unless otherwise specified below, our operating segments, which are also our reportable segments, are as follows: • Liberty Caribbean; • C&W Panama; • Liberty Networks; • Liberty Puerto Rico; and • Liberty Costa Rica. Performance Measures of our Reportable Segments We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices. Adjusted OIBDA is the primary measure used by our CODM, or Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below. II-93 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 The amounts presented below represent 100 % of the revenue and Adjusted OIBDA of each of our reportable segments. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100 % of the revenue and expenses of these entities in our consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. Revenue Year ended December 31, 2025 2024 2023 in millions Liberty Caribbean $ 1,455.0 $ 1,462.8 $ 1,437.0 C&W Panama 783.5 763.2 742.6 Liberty Networks 471.0 447.5 453.3 Liberty Puerto Rico 1,199.2 1,250.4 1,417.7 Liberty Costa Rica 632.2 613.1 547.9 Total operating segment revenue 4,540.9 4,537.0 4,598.5 Corporate 14.9 19.6 23.5 Intersegment eliminations ( 113.6 ) ( 109.8 ) ( 110.9 ) Consolidated revenue $ 4,442.2 $ 4,446.8 $ 4,511.1 Adjusted OIBDA Year ended December 31, 2025 2024 2023 in millions Liberty Caribbean $ 672.9 $ 633.3 $ 596.9 C&W Panama 298.9 269.7 227.7 Liberty Networks 258.4 242.7 261.5 Liberty Puerto Rico 353.4 279.8 485.5 Liberty Costa Rica 235.5 229.5 203.1 Total operating segment Adjusted OIBDA $ 1,819.1 $ 1,655.0 $ 1,774.7 II-94 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes: Year ended December 31, 2025 2024 2023 in millions Total reportable segment Adjusted OIBDA $ 1,819.1 $ 1,655.0 $ 1,774.7 Corporate (a) ( 112.8 ) ( 89.8 ) ( 73.1 ) Share-based compensation and other Employee Incentive Plan-related expense (b) ( 75.0 ) ( 84.0 ) ( 88.7 ) Depreciation and amortization ( 904.9 ) ( 968.3 ) ( 1,008.3 ) Impairment, restructuring and other operating items, net ( 618.2 ) ( 589.7 ) ( 86.9 ) Operating income (loss) 108.2 ( 76.8 ) 517.7 Interest expense ( 656.4 ) ( 627.7 ) ( 601.7 ) Realized and unrealized gains (losses) on derivative instruments, net ( 20.0 ) 82.1 ( 34.2 ) Foreign currency transaction gains (losses), net ( 42.7 ) ( 18.3 ) 70.3 Losses on debt extinguishments, net ( 14.4 ) ( 5.5 ) ( 3.9 ) Other expense, net ( 27.5 ) ( 13.7 ) ( 10.6 ) Loss before income taxes $ ( 652.8 ) $ ( 659.9 ) $ ( 62.4 ) (a) Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, which is not considered an operating segment of Liberty Latin America. (b) Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee. Our programming and other direct costs of services by major category, which are further discussed below, are as follows: Year ended December 31, 2025 2024 2023 in millions Programming and copyright $ 224.6 $ 233.6 $ 237.2 Interconnect 262.6 278.3 302.5 Equipment 330.3 315.9 320.6 Project-related and other 158.4 161.6 160.1 Total programming and other direct costs of services $ 975.9 $ 989.4 $ 1,020.4 II-95 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Our other operating costs and expenses by major category, which are further discussed below, are as follows: Year ended December 31, 2025 2024 2023 in millions Personnel and contract labor $ 558.6 $ 579.2 $ 557.6 Network-related 215.9 237.2 259.0 Service-related 252.7 267.2 227.6 Commercial 179.6 189.6 181.1 Facility, provision, franchise and other 553.2 619.0 563.8 Share-based compensation and other Employee Incentive Plan-related expense 75.0 84.0 88.7 Total other operating costs and expenses (a) $ 1,835.0 $ 1,976.2 $ 1,877.8 (a) Amounts represent total other operating costs and expenses as set forth in our consolidated statements of operations. These amounts differ from significant operating costs and expenses reviewed by our CODM, which represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense. Property and Equipment Additions of our Reportable Segments The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7. Year ended December 31, 2025 2024 2023 in millions Liberty Caribbean $ 207.5 $ 226.9 $ 235.1 C&W Panama 104.1 104.8 117.0 Liberty Networks 75.5 49.3 47.6 Liberty Puerto Rico 143.3 220.9 219.0 Liberty Costa Rica 86.1 81.4 75.3 Corporate 23.6 42.0 36.9 Total property and equipment additions 640.1 725.3 730.9 Assets acquired under capital-related vendor financing arrangements ( 123.9 ) ( 154.9 ) ( 143.8 ) Assets acquired under capital leases ( 4.9 ) — — Changes in current liabilities related to capital expenditures and other ( 11.3 ) ( 30.0 ) ( 2.1 ) Total capital expenditures, net $ 500.0 $ 540.4 $ 585.0 II-96 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Balance Sheet Data of our Reportable Segments We do not present the balance sheet data of our reportable segments, as this information is not a primary measure used by our CODM to evaluate segment operating performance, determine the allocation of resources to segments, or assess the effectiveness of our management for purposes of annual or other incentive compensation plans. Geographic Markets The revenue from third-party customers for each of our geographic markets is set forth in the table below. Year ended December 31, 2025 2024 2023 in millions Puerto Rico $ 1,129.2 $ 1,187.8 $ 1,354.5 Panama 780.6 760.1 739.7 Costa Rica 631.2 612.2 547.1 Jamaica 409.0 415.2 405.7 Networks & LatAm (a) 377.6 357.0 364.6 The Bahamas 190.8 205.3 193.4 Trinidad and Tobago 149.3 154.9 156.5 Barbados 171.4 163.8 157.6 Other (b) 603.1 590.5 592.0 Total $ 4,442.2 $ 4,446.8 $ 4,511.1 (a) The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks. (b) The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America. The long-lived assets of our geographic markets are set forth below: December 31, 2025 2024 in millions Puerto Rico $ 992.7 $ 1,078.1 Networks & LatAm 594.8 586.3 Panama 420.6 427.7 Jamaica 313.7 373.8 The Bahamas 238.2 270.8 Costa Rica 309.6 301.7 Trinidad and Tobago 175.4 196.7 Barbados 134.9 138.6 Other (a) 667.9 688.7 Total $ 3,847.8 $ 4,062.4 (a) The amounts primarily include long-lived assets in a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America. II-97 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Revenue by Major Category Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following: • residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively; • residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue; • B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators; and (ii) wholesale revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. Year ended December 31, 2025 Reportable Segments Liberty Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 484.4 $ 117.3 $ — $ 469.7 $ 128.3 $ — $ — $ 1,199.7 Non-subscription revenue 20.2 5.1 — 24.0 40.2 — — 89.5 Total residential fixed revenue 504.6 122.4 — 493.7 168.5 — — 1,289.2 Residential mobile revenue: Service revenue 364.3 290.7 — 306.4 295.0 — — 1,256.4 Interconnect, inbound roaming, equipment sales and other (b) 83.6 65.5 — 197.8 99.8 12.8 — 459.5 Total residential mobile revenue 447.9 356.2 — 504.2 394.8 12.8 — 1,715.9 Total residential revenue 952.5 478.6 — 997.9 563.3 12.8 — 3,005.1 B2B revenue (c) 502.5 304.9 471.0 174.4 68.9 2.1 ( 113.6 ) 1,410.2 Other revenue — — — 26.9 — — — 26.9 Total $ 1,455.0 $ 783.5 $ 471.0 $ 1,199.2 $ 632.2 $ 14.9 $ ( 113.6 ) $ 4,442.2 (a) Included in this amount is $ 94 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $ 248 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $ 26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. II-98 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Year ended December 31, 2024 Reportable Segments Liberty Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 486.2 $ 122.3 $ — $ 474.5 $ 137.1 $ — $ — $ 1,220.1 Non-subscription revenue 28.0 5.0 — 23.3 35.2 — — 91.5 Total residential fixed revenue 514.2 127.3 — 497.8 172.3 — — 1,311.6 Residential mobile revenue: Service revenue 352.3 272.2 — 323.3 276.0 — — 1,223.8 Interconnect, inbound roaming, equipment sales and other (b) 79.5 61.0 — 189.0 88.9 18.6 — 437.0 Total residential mobile revenue 431.8 333.2 — 512.3 364.9 18.6 — 1,660.8 Total residential revenue 946.0 460.5 — 1,010.1 537.2 18.6 — 2,972.4 B2B revenue (c) 516.8 302.7 447.5 206.7 75.9 1.0 ( 109.8 ) 1,440.8 Other revenue — — — 33.6 — — — 33.6 Total $ 1,462.8 $ 763.2 $ 447.5 $ 1,250.4 $ 613.1 $ 19.6 $ ( 109.8 ) $ 4,446.8 (a) Included in this amount is $ 91 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $ 216 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $ 24 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. II-99 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Year ended December 31, 2023 Reportable Segments Liberty Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 487.5 $ 116.5 $ — $ 478.7 $ 144.3 $ — $ — $ 1,227.0 Non-subscription revenue 29.0 5.5 — 25.5 14.3 — ( 2.1 ) 72.2 Total residential fixed revenue 516.5 122.0 — 504.2 158.6 — ( 2.1 ) 1,299.2 Residential mobile revenue: Service revenue 330.3 260.6 — 398.7 242.1 — — 1,231.7 Interconnect, inbound roaming, equipment sales and other (b) 78.8 52.0 — 250.0 80.2 22.3 — 483.3 Total residential mobile revenue 409.1 312.6 — 648.7 322.3 22.3 — 1,715.0 Total residential revenue 925.6 434.6 — 1,152.9 480.9 22.3 ( 2.1 ) 3,014.2 B2B revenue (c) 511.4 308.0 453.3 224.3 67.0 1.2 ( 108.8 ) 1,456.4 Other revenue — — — 40.5 — — — 40.5 Total $ 1,437.0 $ 742.6 $ 453.3 $ 1,417.7 $ 547.9 $ 23.5 $ ( 110.9 ) $ 4,511.1 (a) Included in this amount is $ 89 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $ 259 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $ 26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Significant Expenses Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below. We consider these expenses significant because they are regularly provided to and reviewed by our CODM. Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments. Our significant expense categories include the following: • Programming and other direct costs of services , which 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; • 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; • Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs; II-100 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 • Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services; • 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; and • 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. Year ended December 31, 2025 Reportable Segments Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Programming and copyright $ 64.5 $ 20.5 $ — $ 101.8 $ 37.8 $ — $ — $ 224.6 Interconnect 61.4 63.5 54.6 78.9 23.0 — ( 18.8 ) 262.6 Equipment 38.2 59.5 0.6 157.3 74.7 — — 330.3 Other direct costs 55.5 98.2 17.4 2.3 1.2 — ( 16.2 ) 158.4 Total significant programming and other direct costs of services 219.6 241.7 72.6 340.3 136.7 — ( 35.0 ) 975.9 Personnel and contract labor 191.6 71.8 51.1 145.4 33.5 63.4 1.8 558.6 Network-related 123.1 47.8 46.2 33.8 40.6 — ( 75.6 ) 215.9 Service-related 69.7 21.1 13.3 87.5 25.5 39.9 ( 4.3 ) 252.7 Commercial 32.7 34.3 2.2 48.1 62.3 — — 179.6 Facility, provision, franchise and other 145.4 67.9 27.2 190.7 98.1 24.4 ( 0.5 ) 553.2 Total significant other operating costs and expenses 562.5 242.9 140.0 505.5 260.0 127.7 ( 78.6 ) 1,760.0 Total significant expenses $ 782.1 $ 484.6 $ 212.6 $ 845.8 $ 396.7 $ 127.7 $ ( 113.6 ) $ 2,735.9 II-101 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Year ended December 31, 2024 Reportable Segments Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Programming and copyright $ 64.2 $ 22.0 $ — $ 109.8 $ 37.6 $ — $ — $ 233.6 Interconnect 65.4 69.4 49.0 83.7 28.4 — ( 17.6 ) 278.3 Equipment 50.0 50.3 0.3 151.4 63.9 — — 315.9 Other direct costs 42.9 107.5 15.7 4.7 6.9 — ( 16.1 ) 161.6 Total significant programming and other direct costs of services 222.5 249.2 65.0 349.6 136.8 — ( 33.7 ) 989.4 Personnel and contract labor 201.3 78.8 46.4 164.1 32.0 56.6 — 579.2 Network-related 133.4 52.1 47.9 36.3 39.9 — ( 72.4 ) 237.2 Service-related 70.6 19.3 9.8 119.7 25.3 25.0 ( 2.5 ) 267.2 Commercial 42.1 30.1 1.4 54.6 61.4 — — 189.6 Facility, provision, franchise and other 159.6 64.0 34.3 246.3 88.2 27.8 ( 1.2 ) 619.0 Total significant other operating costs and expenses 607.0 244.3 139.8 621.0 246.8 109.4 ( 76.1 ) 1,892.2 Total significant expenses $ 829.5 $ 493.5 $ 204.8 $ 970.6 $ 383.6 $ 109.4 $ ( 109.8 ) $ 2,881.6 II-102 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Year ended December 31, 2023 Reportable Segments Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Programming and copyright $ 71.5 $ 21.4 $ — $ 112.4 $ 33.1 $ — $ ( 1.2 ) $ 237.2 Interconnect 75.2 72.2 49.3 93.3 33.1 — ( 20.6 ) 302.5 Equipment 49.0 41.6 0.6 179.6 49.8 — — 320.6 Other direct costs 34.0 117.8 18.8 2.1 4.2 — ( 16.8 ) 160.1 Total significant programming and other direct costs of services 229.7 253.0 68.7 387.4 120.2 — ( 38.6 ) 1,020.4 Personnel and contract labor 202.5 81.7 45.0 154.9 32.2 41.4 ( 0.1 ) 557.6 Network-related 135.9 53.9 45.7 52.5 39.1 — ( 68.1 ) 259.0 Service-related 76.5 17.2 6.1 79.5 25.1 23.2 — 227.6 Commercial 46.1 25.5 1.7 51.2 56.5 — 0.1 181.1 Facility, provision, franchise and other 149.4 83.6 24.6 206.7 71.7 32.4 ( 4.6 ) 563.8 Total significant other operating costs and expenses 610.4 261.9 123.1 544.8 224.6 97.0 ( 72.7 ) 1,789.1 Total significant expenses $ 840.1 $ 514.9 $ 191.8 $ 932.2 $ 344.8 $ 97.0 $ ( 111.3 ) $ 2,809.5 II-103 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 (18) Parent Company Financial Information December 31, 2025 2024 in millions ASSETS Current assets: Cash and cash equivalents $ 13.7 $ 10.4 Other receivables – related-party 155.1 255.4 Prepaid expenses 1.0 1.0 Other current assets — 0.2 Total current assets 169.8 267.0 Investments in consolidated subsidiaries 425.7 917.4 Total assets $ 595.5 $ 1,184.4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Related-party liabilities $ 32.7 $ 92.7 Other accrued and current liabilities 5.8 3.1 Total current liabilities 38.5 95.8 Other long-term liabilities 1.4 — Total liabilities 39.9 95.8 Shareholders’ equity: Class A, $ 0.01 par value; 500.0 million shares authorized; 54.7 million and 38.9 million shares issued and outstanding, respectively, at December 31, 2025; 53.7 million and 38.0 million shares issued and outstanding, respectively, at December 31, 2024 0.5 0.5 Class B, $ 0.01 par value; 50.0 million shares authorized; 2.4 million shares issued and outstanding at December 31, 2025 and 2.4 million shares issued and outstanding at December 31, 2024 — — Class C, $ 0.01 par value; 500.0 million shares authorized; 195.2 million and 158.7 million shares issued and outstanding, respectively, at December 31, 2025; 192.4 million and 156.3 million shares issued and outstanding, respectively, at December 31, 2024 2.0 1.9 Undesignated preference shares, $ 0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period — — Treasury shares, at cost; 52.4 million and 51.8 million shares, respectively ( 448.9 ) ( 444.1 ) Additional paid-in capital 5,368.9 5,315.6 Accumulated deficit ( 4,242.3 ) ( 3,631.1 ) Accumulated other comprehensive loss, net of taxes ( 124.6 ) ( 154.2 ) Total shareholders’ equity 555.6 1,088.6 Total liabilities and shareholders’ equity $ 595.5 $ 1,184.4 II-104 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Year ended December 31, 2025 2024 2023 in millions Operating costs and expenses: Other operating costs and expenses $ 25.8 $ 5.6 $ 19.0 Related-party charges and other operating items, net 33.9 24.0 19.4 Operating loss ( 59.7 ) ( 29.6 ) ( 38.4 ) Non-operating expense: Interest expense — ( 6.0 ) ( 20.2 ) Realized and unrealized losses on derivatives instruments, net — ( 1.4 ) — Gains (losses) on debt extinguishments, net . — ( 0.3 ) 0.9 Other income (expense), net ( 1.3 ) 1.3 0.6 ( 1.3 ) ( 6.4 ) ( 18.7 ) Loss before equity in losses of consolidated subsidiaries ( 61.0 ) ( 36.0 ) ( 57.1 ) Equity in losses of consolidated subsidiaries, net ( 550.2 ) ( 653.4 ) ( 16.5 ) Net loss $ ( 611.2 ) $ ( 689.4 ) $ ( 73.6 ) II-105 Liberty Latin America Ltd. Notes to Consolidated Financial Statements – (Continued) December 31, 2025, 2024 and 2023 Year ended December 31, 2025 2024 2023 in millions Cash flows from operating activities: Net loss $ ( 611.2 ) $ ( 689.4 ) $ ( 73.6 ) Adjustments to reconcile net loss to net cash provided (used) by operating activities: Equity in loss of consolidated subsidiaries, net 550.2 653.4 16.5 Share-based compensation and other Employee Incentive Plan-related expense 1.9 ( 1.7 ) 10.7 Loss (gain) on debt extinguishments, net — 0.3 ( 0.9 ) Amortization of debt financing costs — 4.2 13.9 Realized and unrealized losses on derivative instruments, net — 1.4 — Changes in operating assets and liabilities 52.3 7.0 53.1 Net cash provided (used) by operating activities ( 6.8 ) ( 24.8 ) 19.7 Cash flows from investing activities: Distribution and repayments from consolidated subsidiaries, net 7.2 323.7 277.3 Net cash provided by investing activities 7.2 323.7 277.3 Cash flows from financing activities: Payments of principal amounts of debt and finance lease obligations — ( 219.2 ) ( 173.0 ) Repurchase of Liberty Latin America common shares — ( 82.9 ) ( 118.3 ) Capped call premium payment — ( 14.6 ) — Other financing activities, net 2.9 0.3 ( 1.3 ) Net cash provided (used) by financing activities 2.9 ( 316.4 ) ( 292.6 ) Net increase (decrease) in cash, cash equivalents and restricted cash 3.3 ( 17.5 ) 4.4 Cash, cash equivalents and restricted cash: Beginning of year 10.4 27.9 23.5 End of year $ 13.7 $ 10.4 $ 27.9 II-106 PART III The following required information is incorporated by reference to our definitive proxy statement for our 2026 Annual General Meeting of Shareholders, which we intend to hold during the second quarter of 2026. Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Item 11. EXECUTIVE COMPENSATION Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES Our independent registered public accounting firm is KPMG LLP, Denver CO Auditor Firm ID: 185 We intend to file our definitive proxy statement for our 2026 Annual General Meeting of Shareholders with the Securities and Exchange Commission on or before April 30, 2026. III-1 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a) (1) FINANCIAL STATEMENTS The financial statements required under this Item begin on page II- 3 5 of this Annual Report on Form 10-K. (a) (2) FINANCIAL STATEMENT SCHEDULES All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K. (a) (3) EXHIBITS Listed below are the exhibits filed as part of this Annual Report on Form 10-K (according to the number assigned to them in Item 601 of Regulation S-K): 3.1 Memorandum of Association of Liberty Latin America (incorporated by reference to Exhibit 3.1 to Liberty Latin America’s Registration Statement on Form S-1 filed on November 16, 2017 (File No. 333-221608) (the S-1 Registration Statement )). 3.2 Memorandum of Increase of Share Capital of Liberty Latin America (incorporated by reference to Exhibit 3.1 to Liberty Latin America’s Current Report on Form 8-K filed on January 5, 2018 (File No. 001-38335) (the January 2018 8-K)). 3.3 Bye-laws of Liberty Latin America (incorporated by reference to Exhibit 3.2 to the January 2018 8-K). 4.1 Specimen Certificate for shares of Class A common shares, par value $.01 per share, of Liberty Latin America (incorporated by reference to Exhibit 4.1 to the S-1 Registration Statement). 4.2 Specimen Certificate for shares of Class B common shares, par value $.01 per share, of Liberty Latin America (incorporated by reference to Exhibit 4.2 to the S-1 Registration Statement). 4.3 Specimen Certificate for shares of Class C common shares, par value $.01 per share, of Liberty Latin America (incorporated by reference to Exhibit 4.3 to the S-1 Registration Statement). 4.4 Indenture, dated October 3, 2024, between Sable International Finance Limited, C&W Senior Secured Parent Limited and U.S. Bank Trust Company, National Association relating to Sable International Finance Limited’s 7.125% Senior Secured Notes due 2032 (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed on November 6, 2024 (File No. 001-38335) (the November 2024 10-Q )).# 4.5 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.8 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 19, 2020 (File No. 001-38335)). 4.6 Indenture dated March 30, 2021, between LCPR Senior Secured Financing Designated Activity Company, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch as Paying Agent, The Bank of New York Mellon, London Branch as Registrar and Transfer Agent, and The Bank of Nova Scotia as Security Trustee relating to LCPR’s 5.125% senior secured notes due 2029 (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 5, 2021 (File No. 001-38335) (the May 2021 10-Q )). 4.7 Indenture dated February 11, 2025 and entered into between, among others, C&W Senior Finance Limited and The Bank of New York Mellon, London Branch (incorporated by reference to Exhibit 4.7 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 19, 2025 (File No. 001-38335) (the FY 2024 10-K ) ) .# 4.8 Indenture dated as of October 25, 2019 and entered into between, LCPR Senior Secured Financing Designated Activity Company, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch as Principal Paying Agent, the Bank of New York Mellon as Transfer Agent and Registrar and the Bank of Nova Scotia as Security Trustee relating to LCPR’s 6.75% Senior Secured Notes due 2027.* IV-1 The Registrant undertakes to furnish to the Securities and Exchange Commission, upon request, a copy of all instruments with respect to long-term debt not filed herewith. 10.1 Form of Amended and Restated Credit Agreement, dated as of January 24, 2020 (as amended by the 2021 Extension Amendment dated as of September 23, 2021, the Term B-6 Joinder dated as of September 23, 2021, the 2023 Amendment dated as of May 22, 2023, the 2024 Extension Amendment dated as of September 28, 2024, the Term B-7 Joinder dated as of January 29, 2025 and the Amendment Agreement dated as of January 29, 2025) and entered into between, among others, C&W Senior Secured Parent Limited, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia.*# 10.2 Form of Amended and Restated Credit Agreement, dated as of March 22, 2021 (as amended by the 2023 Amendment dated as of May 22, 2023) and entered into between, among others, Liberty Communications of Puerto Rico LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023 (File No. 001-38335)).# 10.3 Form of Amended and Restated Credit Agreement, dated as of March 25, 2021 (as amended by the 2023 Amendment dated as of May 22, 2023) and entered into between, among others, LCPR Loan Financing LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.3 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023 (File No. 001-38335)).# 10.4 Tax Sharing Agreement, dated as of December 29, 2017, between Liberty Global and Liberty Latin America (incorporated by reference to Exhibit 10.1 to the January 2018 8-K). 10.5 Sublease Agreement, dated as of December 29, 2017, between Liberty Global, Inc. and LiLAC Communications Inc. (incorporated by reference to Exhibit 10.3 to the January 2018 8-K). 10.6 Facilities Sharing Agreement, dated as of December 29, 2017, between Liberty Global, Inc. and LiLAC Communications Inc. (incorporated by reference to Exhibit 10.4 to the January 2018 8-K). 10.7 Form of Indemnification Agreement by and between Liberty Latin America and its executive officers/directors (incorporated by reference to Exhibit 10.9 to Amendment No. 1 to Liberty Latin America’s Registration Statement on Form S-1 filed on December 8, 2017 (File No. 333-221608)). 10.8 Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Appendix A to Liberty Latin America’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2021 (File No. 001-38335)).+ 10.9 Liberty Latin America 2018 Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 99.2 to the S-8 Registration Statement).+ 10.10 Form of Liberty Latin America Ltd. Retention Bonus Agreement, dated August 8, 2025 (with Chief Financial Officer and Chief Legal Officer) (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed on November 5, 2025 (File No. 001-38335).+ 10.11 Form of Share Appreciation Rights Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.3 to the May 2018 10-Q).+ 10.12 Form of Share Appreciation Rights Agreement between Liberty Latin America and its Chief Executive Officer under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.5 to the May 2018 10-Q).+ 10.13 Personal Usage of Aircraft Policy, adopted April 1, 2018 (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 filed on August 8, 2018 (File No. 001-38335) (the August 2018 10-Q)).+ 10.14 Form of Aircraft Time Sharing Agreement (incorporated by reference to Exhibit 10.2 to the August 2018 10-Q ).+ 10.15 Form of Restricted Share Units Agreement under the Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 10.3 to the August 2018 10-Q).+ 10.16 Form of Restricted Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed on August 3, 2022 (File No. 001-38335) (the August 2022 10-Q)).+ 10.17 Form of Share Appreciation Rights Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.1 to the August 2022 10-Q).+ 10.18 Form of Employment Agreement, approved as of July 17, 2019, by and among Liberty Latin America, LiLAC Communications Inc. and certain executive officers (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed on November 5, 2019 (File No. 001-38335)).+ IV-2 10.19 Employment Agreement, effective as of April 18, 2022, between Liberty Latin America Ltd. and Aamir Hussain (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 8, 2023 (File No. 001-38335)).+ 10.20 Form of Share Appreciation Rights Agreement with CEO under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 8, 2023 (File No. 001-38335)).+ 10.21 Form of Restricted Share Units Agreement with CEO under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.3 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 8, 2023 (File No. 001-38335)).+ 10.22 LiLAC Communications 2, Inc. Deferred Compensation Plan (Effective May 1, 2018; Restated Effective as of January 1, 2026).*+ 10.23 Liberty Latin America Ltd. Nonemployee Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.3 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed on May 5, 2020 (File No. 001-38335)).+ 10.24 Additional Facility Joinder Agreement dated March 25, 2021 and entered into between, among others, LCPR Loan Financing LLC, LCPR Senior Secured Financing Designated Activity Company, and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.2 to the May 2021 10-Q) . 10.25 Form of Letter Amendment to 2022 Unrestricted Share Award and Performance Share Unit Award Agreement, dated October 10, 2025, by and between Liberty Latin America Ltd. and Balan Nair.*+ 10.26 Form of Performance Share Appreciation Rights Agreement (Phoenix) under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.3 to the August 2021 10-Q).+ 10.27 Additional Facility Joinder Agreement, dated as of September 23, 2021, and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.30 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 23, 2022 (File No. 001-38335) (the 2021 10-K )). 10.28 Employment Agreement, effective as of July 16, 2021, between Liberty Latin America Ltd. and Rocio Lorenzo (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 4, 2022 (File No. 001-38335)).+ 10.29 Amended and Restated Employment Agreement, made and effective as of July 28, 2022, by and among Liberty Latin America Ltd., LiLAC Communications Inc. and Balan Nair (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed on November 8, 2022 (File No. 001-38335) (the November 2022 10-Q)).+# 10.30 2022 Unrestricted Share Award and Performance Share Unit Agreement, made as of July 28, 2022, by and between Liberty Latin America Ltd. and Balan Nair under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.2 to the November 2022 10-Q).+ 10.31 First Amendment to The Liberty Latin America Ltd. Director Deferred Compensation Plan. (incorporated by reference to Exhibit 10.35 to Liberty Latin America Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2022 filed on February 22, 2023 (File No. 001-38335)).+ 10.32 Amendment to Liberty Latin America 2018 Incentive Plan and Liberty Latin America 2018 Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 10.1 to Liberty Latin America Ltd.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed on August 6, 2024 (File No. 001-38335)).+ 10.33 Form of Letter Amendment to 2022 Unrestricted Share Award and Performance Share Unit Award Agreement, dated March 12, 2024, by and between Liberty Latin America Ltd. and Balan Nair (incorporated by reference to Exhibit 10.1 to Liberty Latin America Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed on May 7, 2024 (File No. 001-383335) (the May 2024 10-Q )).+ 10.34 Summary of Compensation Terms for Senior Vice President, General Manager of Cable & Wireless Panama, effective January 22, 2024 (incorporated by reference to Exhibit 10.2 to Liberty Latin America Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed on May 7, 2024 (File No. 001-383335) (the May 2024 10-Q )).+ 10.36 Form of Restricted Share Units Agreement with CEO under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.3 to the May 2024 10-Q).+ IV-3 10.37 Form of Restricted Share Units Agreement with executive officers (other than CEO) under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.4 to the May 2024 10-Q).+ 10.38 Additional Facility Joinder Agreement dated January 29, 2025 and entered into between, among others, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.41 to the FY 2024 10-K).# 10.39 Amendment Agreement dated January 29, 2025 and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.42 to the FY 2024 10-K).# 19 Liberty Latin America Ltd. Insider Trading Policy (incorporated by reference to Exhibit 19 to the FY 2024 10-K ) . 21 List of Subsidiaries.* 23.1 Consent of KPMG LLP (U.S.).* 31.1 Certification of President and Chief Executive Officer.* 31.2 Certification of Senior Vice President and Chief Financial Officer (Principal Financial Officer).* 32 Section 1350 Certifications.** 97 Liberty Latin America Policy for the Recovery of Erroneously Awarded Compensation (As Amended and Restated on March 12, 2024) (incorporated by reference to Exhibit 97 to the FY 2024 10-K).+ 101.SCH XBRL Inline Taxonomy Extension Schema Document.* 101.CAL XBRL Inline Taxonomy Extension Calculation Linkbase Document.* 101.DEF XBRL Inline Taxonomy Extension Definition Linkbase.* 101.LAB XBRL Inline Taxonomy Extension Label Linkbase Document.* 101.PRE XBRL Inline Taxonomy Extension Presentation Linkbase Document.* 104 Cover Page Interactive Data File.* (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith ** Furnished herewith # Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Liberty Latin America hereby undertakes to furnish supplemental copies of any of the omitted schedules and exhibits upon request by the SEC; provided, however, that the company may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedule or exhibit so furnished. + This document has been identified as a management contract or compensatory plan or arrangement. Item 16. FORM 10-K SUMMARY None. IV-4 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LIBERTY LATIN AMERICA LTD. Dated: February 18, 2026 /s/ JOHN M. WINTER John M. Winter Senior Vice President, Chief Legal Officer and Secretary Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. Signature Title Date /s/ MICHAEL T. FRIES Executive Chairman of the Board February 18, 2026 Michael T. Fries /s/ BALAN NAIR President, Chief Executive Officer and Director February 18, 2026 Balan Nair (Principal Executive Officer) /s/ ALFONSO DE ANGOITIA NORIEGA Director February 18, 2026 Alfonso de Angoitia Noriega /s/ CHARLES H.R. BRACKEN Director February 18, 2026 Charles H.R. Bracken /s/ MIRANDA CURTIS Director February 18, 2026 Miranda Curtis /s/ PAUL A. GOULD Director February 18, 2026 Paul A. Gould /s/ ROBERTA S. JACOBSON Director February 18, 2026 Roberta S. Jacobson /s/ BRENDAN PADDICK Director February 18, 2026 Brendan Paddick /s/ DANIEL SANCHEZ Director February 18, 2026 Daniel Sanchez /s/ CHRISTOPHER NOYES Senior Vice President and Chief Financial Officer February 18, 2026 Christopher Noyes (Principal Financial Officer) /s/ BRIAN ZOOK Chief Accounting Officer February 18, 2026 Brian Zook (Principal Accounting Officer) IV-5