Liberty Latin America Ltd. (LILAK)

CIK: 0001712184. SIC: 4841 Cable & Other Pay Television Services. Latest 10-K as of: 2026-02-18.

SIC breadcrumb: Transportation, Communications, Electric, Gas, And Sanitary Services > Communications > SIC 4841 Cable & Other Pay Television Services

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1712184. Latest filing source: 0001712184-26-000023.

Selected Fundamentals

Metric	Value	Unit	FY	Filed
Revenue	4,442,200,000	USD	2025	2026-02-18
Net income	-611,200,000	USD	2025	2026-02-18
Assets	12,225,900,000	USD	2025	2026-02-18

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001712184.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	2,723,800,000	3,590,000,000	3,705,700,000	3,867,000,000	3,782,400,000	4,811,300,000	4,808,600,000	4,511,100,000	4,446,800,000	4,442,200,000
Net income	-432,300,000	-778,100,000	-345,200,000	-106,100,000	-687,300,000	-440,600,000	-170,700,000	-73,600,000	-689,400,000	-611,200,000
Operating income	315,300,000	-162,900,000	-23,600,000	325,800,000	86,700,000	63,800,000	86,500,000	517,700,000	-76,800,000	108,200,000
Diluted EPS				-0.58	-3.51	-1.89	-0.77	-0.35	-3.47	-3.06
Operating cash flow	468,200,000	573,200,000	816,800,000	918,200,000	640,100,000	1,016,200,000	868,800,000	897,000,000	756,300,000	805,900,000
Capital expenditures	490,400,000	639,300,000	776,400,000	589,100,000	565,800,000	736,300,000	660,100,000	585,000,000	540,400,000	500,000,000
Share buybacks			0.00	0.00	9,500,000	63,000,000	170,400,000	118,300,000	82,900,000	0.00
Assets	14,143,900,000	13,616,900,000	13,446,600,000	14,937,500,000	15,076,300,000	15,365,700,000	13,575,200,000	13,594,600,000	12,783,700,000	12,225,900,000
Liabilities	8,483,500,000	8,926,300,000	9,323,200,000	10,957,600,000	11,735,900,000	12,468,300,000	11,018,500,000	11,284,900,000	11,190,100,000	11,162,400,000
Stockholders' equity	4,179,600,000	3,329,600,000	3,112,600,000	3,109,800,000	2,611,400,000	2,220,000,000	1,918,800,000	1,763,500,000	1,088,600,000	555,600,000
Cash and cash equivalents	552,600,000	529,900,000	631,000,000	1,183,800,000	894,200,000	956,700,000	781,000,000	988,600,000	654,300,000	783,900,000
Free cash flow	-22,200,000	-66,100,000	40,400,000	329,100,000	74,300,000	279,900,000	208,700,000	312,000,000	215,900,000	305,900,000

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net margin	-15.87%	-21.67%	-9.32%	-2.74%	-18.17%	-9.16%	-3.55%	-1.63%	-15.50%	-13.76%
Operating margin	11.58%	-4.54%	-0.64%	8.43%	2.29%	1.33%	1.80%	11.48%	-1.73%	2.44%
Return on equity	-10.34%	-23.37%	-11.09%	-3.41%	-26.32%	-19.85%	-8.90%	-4.17%	-63.33%	-110.01%
Return on assets	-3.06%	-5.71%	-2.57%	-0.71%	-4.56%	-2.87%	-1.26%	-0.54%	-5.39%	-5.00%
Liabilities / equity	2.03	2.68	3.00	3.52	4.49	5.62	5.74	6.40	10.28	20.09
Current ratio	1.12	0.87	1.02	1.30	1.15	1.35	1.17	1.13	1.03	1.14

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001712184.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarter	End Date	Revenue	Net Income	Diluted EPS	Method
2022-Q2	2022-06-30			-2.10	reported discrete quarter
2022-Q3	2022-09-30			0.38	reported discrete quarter
2023-Q1	2023-03-31			-0.23	reported discrete quarter
2023-Q2	2023-06-30	1,122,700,000	38,200,000	0.17	reported discrete quarter
2023-Q3	2023-09-30	1,125,800,000	59,700,000	0.29	reported discrete quarter
2023-Q4	2023-12-31	1,163,600,000	-102,800,000		derived Q4 = FY annual - nine-month YTD
2024-Q1	2024-03-31	1,099,400,000	-500,000	0.00	reported discrete quarter
2024-Q2	2024-06-30	1,118,000,000	-42,700,000	-0.22	reported discrete quarter
2024-Q3	2024-09-30	1,089,200,000	-435,800,000	-2.22	reported discrete quarter
2024-Q4	2024-12-31	1,150,300,000	-178,000,000		derived Q4 = FY annual - nine-month YTD
2025-Q1	2025-03-31	1,083,500,000	-136,400,000	-0.69	reported discrete quarter
2025-Q2	2025-06-30	1,086,700,000	-423,300,000	-2.12	reported discrete quarter
2025-Q3	2025-09-30	1,112,500,000	3,300,000	0.02	reported discrete quarter
2025-Q4	2025-12-31	1,159,500,000	-54,800,000		derived Q4 = FY annual - nine-month YTD
2026-Q1	2026-03-31	1,082,800,000	-22,700,000	-0.11	reported discrete quarter

Quarterly Charts

Macro Cross-References

CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
UNRATE - Unemployment Rate
FEDFUNDS - Federal Funds Effective Rate
CES0500000003 - Average Hourly Earnings of All Employees, Total Private
DFEDTARU - Federal Funds Target Range - Upper Limit
DFEDTARL - Federal Funds Target Range - Lower Limit
DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
PCEPI - Personal Consumption Expenditures: Chain-type Price Index
PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
PPIACO - Producer Price Index by Commodity: All Commodities
T10YIE - 10-Year Breakeven Inflation Rate
U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
PAYEMS - All Employees, Total Nonfarm
CIVPART - Labor Force Participation Rate
EMRATIO - Employment-Population Ratio
UNEMPLOY - Unemployed
CE16OV - Employment Level
ICSA - Initial Claims
JTSJOL - Job Openings: Total Nonfarm
JTSQUR - Quits: Total Nonfarm
GDPC1 - Real Gross Domestic Product
A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
INDPRO - Industrial Production: Total Index
TCU - Capacity Utilization: Total Index
HOUST - New Privately-Owned Housing Units Started: Total Units
PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
RSAFS - Advance Retail Sales: Retail Trade
PCE - Personal Consumption Expenditures
DSPIC96 - Real Disposable Personal Income
PSAVERT - Personal Saving Rate
M2SL - M2
BOPGSTB - U.S. International Trade in Goods and Services: Balance
MSPUS - Median Sales Price of Houses Sold for the United States
HSN1F - New One Family Houses Sold: United States
RHORUSQ156N - Homeownership Rate in the United States
TTLCONS - Total Construction Spending: Total Construction in the United States
RRVRUSQ156N - Rental Vacancy Rate in the United States
TOTALSL - Total Consumer Credit Owned and Securitized
REVOLSL - Revolving Consumer Credit Owned and Securitized
DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
GDP - Gross Domestic Product
GPDI - Gross Private Domestic Investment
GCE - Government Consumption Expenditures and Gross Investment
PCEC - Personal Consumption Expenditures
NETEXP - Net Exports of Goods and Services
GFDEBTN - Federal Debt: Total Public Debt
GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
FYFSD - Federal Surplus or Deficit
FGRECPT - Federal Government Current Receipts
FGEXPND - Federal Government: Current Expenditures
MANEMP - All Employees, Manufacturing
USCONS - All Employees, Construction
USTRADE - All Employees, Retail Trade
USFIRE - All Employees, Financial Activities
USGOVT - All Employees, Government
AWHAETP - Average Weekly Hours of All Employees, Total Private
DGORDER - Manufacturers' New Orders: Durable Goods
NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
BUSINV - Total Business Inventories
EXPGS - Exports of Goods and Services
IMPGS - Imports of Goods and Services
IR - Import Price Index (End Use): All Commodities
PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001712184-26-000079.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-07. Report date: 2026-03-31.

Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q.

The following discussion and analysis, which should be read in conjunction with our 2025 Form 10-K and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q, is intended to assist in providing an understanding of our financial condition, changes in financial condition and results of operations and is organized as follows:

•Forward-looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events.

•Overview. This section provides a general description of our business and recent significant events.

•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2026 and 2025.

•Material Changes in Financial Condition. This section provides an analysis of our liquidity, condensed consolidated statements of cash flows and contractual commitments.

Unless otherwise indicated, operational data (including subscriber statistics) is presented as of March 31, 2026.

Forward-looking Statements

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report on Form 10-Q are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 3. Quantitative and Qualitative Disclosures About Market Risk, Item 4. Controls and Procedures and Part II, Item 1. Legal Proceedings may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; our property and equipment additions; grants or renewals of licenses; subscriber growth and retention rates; the impact of Hurricane Melissa on our business; changes in competitive, regulatory and economic factors; the recovery by our Puerto Rico operations; changes in our revenue, costs, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; credit risks; interest rate risks; internal control over financial reporting and remediation of material weaknesses; foreign currency risks; compliance with debt, financial and other covenants; our future projected sources and uses of cash; the outcome of pending litigation; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described in Part I, Item 1A in our 2025 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:

•economic and business conditions and industry trends in the countries in which we operate;

•the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services;

•fluctuations in currency exchange rates, inflation rates and interest rates;

•our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms;

•our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services;

•instability in global financial markets, including sovereign debt issues and related fiscal reforms;

•our ability to obtain additional financing and generate sufficient cash to meet our debt obligations;

•the impact of restrictions contained in certain of our subsidiaries’ debt instruments;

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•consumer disposable income and spending levels, including the availability and amount of individual consumer debt;

•changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes;

•customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;

•our ability to manage rapid technological changes;

•the impact of 5G and wireless technologies;

•our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber;

•our ability to provide satisfactory customer service, including support for new and evolving products and services;

•our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers;

•the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;

•changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings;

•government intervention that requires opening our broadband distribution networks to competitors;

•our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services;

•our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions;

•our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire;

•changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes;

•changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks;

•the ability of suppliers and vendors, including third-party channel providers and broadcasters, to timely deliver quality products, equipment, software, services and access;

•the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters;

•uncertainties inherent in the development and integration of new business lines and business strategies;

•our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs;

•the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions;

•problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities;

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

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•the effect of any of the identified material weaknesses in our internal control over financial reporting;

•piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation;

•the outcome of any pending or threatened litigation, such as the financing transaction litigation described in Part II, Item 1. Legal Proceedings;

•the loss of key employees and the availability of qualified personnel;

•the effect of any strikes, work stoppages or other industrial actions that could affect our operations;

•changes in the nature of key strategic relationships with partners and joint venturers;

•our equity capital structure;

•our ability to realize the full value of our intangible assets and the impact of any impairments;

•changes in and compliance with applicable data privacy laws, rules, and regulations;

•our ability to recoup insurance reimbursements and settlements from third-party providers;

•our ability to comply with anti-corruption laws and regulations, such as the FCPA;

•our ability to comply with economic and trade sanctions laws, such as the U.S. Treasury Department’s OFAC;

•the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena; and

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

The communications, entertainment and enterprise solutions sectors are characterized by rapid, constant evolution and, therefore, the forward-looking statements of expectations, plans and intent in this Quarterly Report on Form 10-Q are subject to a significant degree of risk. These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law. Readers are cautioned not to place undue reliance on any forward-looking statement.

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Overview

General

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.

At March 31, 2026, we (i) owned and operated fixed networks that passed 4,748,900 homes and served 3,848,500 RGUs, comprising 1,748,300 broadband internet subscribers, 1,197,100 fixed-line telephony subscribers and 903,100 video subscribers and (ii) served 6,809,100 mobile subscribers.

Hurricane Melissa

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

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high. Filing date: 2026-02-18. Report date: 2025-12-31.

Item 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

See the Glossary of defined terms at the beginning of this Annual Report on Form 10-K.

The following discussion and analysis, which should be read in conjunction with our consolidated financial statements, is intended to assist in providing an understanding of our results of operations and financial condition and is organized as follows:

•Overview. This section provides a general description of our business and recent events.

•Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024.

•Liquidity and Capital Resources. This section provides an analysis of our liquidity, consolidated statements of cash flows and contractual commitments.

•Critical Accounting Policies, Judgments and Estimates. This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application.

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

A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 can be found under captions entitled “Results of Operations” and “Liquidity and Capital Resources” in the section entitled “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 19, 2025, which is available free of charge through the SEC’s website at www.sec.gov or our company’s website, https://investors.lla.com/financials/sec-filings. Our company’s website and the information contained therein, or incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-K.

Overview

General

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.

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

Hurricane Melissa

In late October 2025, the island of Jamaica was impacted by Hurricane Melissa with significant damage to homes, businesses and infrastructure, particularly in the southwest of the island and moderate damage in the northwest. The capital city, Kingston, and other urban areas in the east were less impacted.

The mobile network has proved resilient and traffic levels were quick to recover, now running back to pre-hurricane levels across the vast majority of the island. The fixed infrastructure impact was more localized: over 75% of residential customers are on-line, with the metro areas much closer to full recovery. Following our internal network review, we have removed a total of 133,000 homes in the southwest and northwest part of the island from our total homes passed. Additionally, we have reduced

II-4

our RGUs by approximately 136,000, comprised of 65,000 fixed-line telephony, 57,000 broadband internet and 14,000 video subscribers. These adjustments relate to RGUs where we currently do not expect to restore fixed services in the near term. However, our final assessment may change based upon the ultimate completion of our restoration and reconnection efforts in the impacted areas of the island.

As a result of the impact of Hurricane Melissa, we incurred lower revenue during the fourth quarter of 2025 and expect to incur lower revenue during 2026. The decrease in the fourth quarter of 2025 is predominantly due to lower fixed connectivity and reflects the provision of rebates for homes and businesses, which are offline for a period of time. We are working hard to restore connectivity, but there can be no guarantee as to the cadence of future reconnections or the pace of future revenue recovery. In addition, during 2026, we expect to incur additional property and equipment additions as we restore damaged networks.

For the fourth quarter of 2025, the negative impact to revenue and Adjusted OIBDA was approximately $20 million and $27 million, respectively, and we incurred incremental property and equipment additions of approximately $17 million as a result of Hurricane Melissa. Additionally, Hurricane Melissa triggered a payment pursuant to coverage under our Weather Derivatives that resulted in net proceeds after our deductible of $81 million during the year. The payment was reflected as a derivative gain in our consolidated statement of operations and a cash inflow related to operating activities in our consolidated statement of cash flows.

Strategy and Management Focus

From a strategic perspective, we are seeking to build or acquire broadband communications and mobile businesses that have strong prospects for future growth. As discussed further under Liquidity and Capital Resources—Capitalization below, we also seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk.

We strive to achieve “organic” revenue and customer growth in our operations by developing and marketing bundled entertainment, information and communications services, and extending and upgrading the quality of our networks where appropriate. As we use the term, organic growth excludes FX and the estimated impact of acquisitions and disposals. While we seek to increase our customer base, we also seek to maximize the average revenue we receive from each household or business by increasing the penetration of our video, broadband internet, fixed-line telephony and mobile services with existing customers through product bundling and up-selling.

Results of Operations

The comparability of our operating results during 2025 and 2024 is affected by an acquisition and FX. As we use the term, “organic” changes exclude FX and the impact of an acquisition.

In the following discussion, we quantify the estimated impacts on the operating results of the periods under comparison that are attributable to the LPR Acquisition, which closed on September 3, 2024. With respect to acquisitions, organic changes exclude the operating results of an acquired entity during the first 12 months following the date of acquisition.

Changes in foreign currency exchange rates may have a significant impact on our operating results, as Liberty Costa Rica and certain entities within C&W have functional currencies other than the U.S. dollar. The impacts to the various components of our results of operations that are attributable to changes in FX are highlighted below. For information concerning our foreign currency risks and applicable foreign currency exchange rates, see Item 7A. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Risk below. For information regarding foreign currency risk, see Item 1A. Risk Factors above.

The amounts presented and discussed below represent 100% of the revenue and expenses of each segment and our corporate operations. 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 C&W and 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.

We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments. Any cost increases that we are not able to pass on to our subscribers would result in increased pressure on our operating margins.

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Year Ended December 31, 2025 as Compared with Year Ended December 31, 2024

Operating Income or Loss

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

Year ended December 31,

Increase (decrease)

Increase (decrease) from:

2025

2024

FX

An acquisition

Organic

in millions

Revenue

$

4,442.2 

$

4,446.8 

$

(4.6)

$

7.9 

$

25.2 

$

(37.7)

Operating costs and expenses:

Programming and other direct costs of services

975.9 

989.4 

(13.5)

2.1 

17.8 

(33.4)

Other operating costs and expenses

1,835.0 

1,976.2 

(141.2)

3.9 

5.5 

(150.6)

Depreciation and amortization

904.9 

968.3 

(63.4)

0.6 

— 

(64.0)

Impairment, restructuring and other operating items, net

618.2 

589.7 

28.5 

— 

— 

28.5 

4,334.0 

4,523.6 

(189.6)

6.6 

23.3 

(219.5)

Operating income (loss)

$

108.2 

$

(76.8)

$

185.0 

$

1.3 

$

1.9 

$

181.8 

As reflected in the table above, we reported an operating income during 2025, as compared to operating loss during 2024. For further discussion and analysis of organic changes in revenue and costs, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs and Expenses sections below. For further discussion and analysis of changes in Depreciation and amortization, and Impairment, Restructuring and other operating items, net, see Results of Operations (below Adjusted OIBDA) sections below.

Consolidated Adjusted OIBDA

On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. 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. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.

A reconciliation of total operating income (loss), the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below for the periods indicated.

Year ended December 31,

2025

2024

in millions

Operating income (loss)

$

108.2 

$

(76.8)

Share-based compensation and other Employee Incentive Plan-related expense

75.0 

84.0 

Depreciation and amortization

904.9 

968.3 

Impairment, restructuring and other operating items, net

618.2 

589.7 

Consolidated Adjusted OIBDA

$

1,706.3 

$

1,565.2 

II-6

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

Liberty Caribbean

C&W Panama

Liberty Networks

Liberty Puerto Rico

Liberty Costa Rica

Corporate

Intersegment eliminations

Consolidated

in millions

Adjusted OIBDA for the year ended:

December 31, 2024

$

633.3 

$

269.7 

$

242.7 

$

279.8 

$

229.5 

$

(89.8)

$

— 

$

1,565.2 

Organic changes related to:

Revenue

(0.9)

20.3 

22.8 

(76.4)

5.0 

(4.7)

(3.8)

(37.7)

Programming and other direct costs of services

1.8 

7.5 

(7.5)

27.1 

3.2 

— 

1.3 

33.4 

Other operating costs and expenses

42.2 

1.4 

0.2 

121.0 

(7.4)

(18.3)

2.5 

141.6 

Non-organic increases (decreases):

FX

(3.5)

— 

0.2 

— 

5.2 

— 

— 

1.9 

An acquisition

— 

— 

— 

1.9 

— 

— 

— 

1.9 

December 31, 2025

$

672.9 

$

298.9 

$

258.4 

$

353.4 

$

235.5 

$

(112.8)

$

— 

$

1,706.3 

Adjusted OIBDA Margin

The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments:

Year ended December 31,

2025

2024

%

Liberty Caribbean

46.2 

43.3 

C&W Panama

38.1 

35.3 

Liberty Networks

54.9 

54.2 

Liberty Puerto Rico

29.5 

22.4 

Liberty Costa Rica

37.3 

37.4 

Adjusted OIBDA margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses. At our Liberty Puerto Rico segment, we incurred aggregate integration costs of $17 million during 2024, and amounts incurred during 2025 were immaterial.

Revenue

Most of our segments derive their revenue primarily from (i) residential fixed services, including video, broadband internet and fixed-line telephony, (ii) mobile services and (iii) B2B enterprise services. Liberty Networks also provides wholesale services over its subsea and terrestrial fiber optic cable networks.

While not specifically discussed in the below explanations of the changes in revenue, we experience significant competition in all of our markets. Competition has an adverse impact on our ability to increase or maintain our (i) RGUs, (ii) ARPU and/or (iii) B2B revenue.

Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU. Changes in ARPU can generally be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period. In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products.

II-7

The following table sets forth the organic and non-organic changes in revenue by reportable segment.    

Year ended December 31,

Increase (decrease)

Increase (decrease) from:

2025

2024

FX

An acquisition

Organic

in millions

Liberty Caribbean

$

1,455.0 

$

1,462.8 

$

(7.8)

$

(6.9)

$

— 

$

(0.9)

C&W Panama

783.5 

763.2 

20.3 

— 

— 

20.3 

Liberty Networks

471.0 

447.5 

23.5 

0.7 

— 

22.8 

Liberty Puerto Rico

1,199.2 

1,250.4 

(51.2)

— 

25.2 

(76.4)

Liberty Costa Rica

632.2 

613.1 

19.1 

14.1 

— 

5.0 

Corporate

14.9 

19.6 

(4.7)

— 

— 

(4.7)

Intersegment eliminations

(113.6)

(109.8)

(3.8)

— 

— 

(3.8)

Total

$

4,442.2 

$

4,446.8 

$

(4.6)

$

7.9 

$

25.2 

$

(37.7)

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

Year ended December 31,

Increase (decrease)

2025

2024

$

%

in millions, except percentages

Residential revenue:

Residential fixed revenue:

Subscription revenue

$

484.4 

$

486.2 

$

(1.8)

(0.4)

Non-subscription revenue

20.2 

28.0 

(7.8)

(27.9)

Total residential fixed revenue

504.6 

514.2 

(9.6)

(1.9)

Residential mobile revenue:

Service revenue

364.3 

352.3 

12.0 

3.4 

Interconnect, inbound roaming, equipment sales and other

83.6 

79.5 

4.1 

5.2 

Total residential mobile revenue

447.9 

431.8 

16.1 

3.7 

Total residential revenue

952.5 

946.0 

6.5 

0.7 

B2B revenue

502.5 

516.8 

(14.3)

(2.8)

Total

$

1,455.0 

$

1,462.8 

$

(7.8)

(0.5)

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

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

Average number of RGUs (a)

$

(14.2)

ARPU (b)

14.6 

Decrease in residential fixed non-subscription revenue (c)

(7.7)

Total decrease in residential fixed revenue

(7.3)

Increase in residential mobile service revenue (d)

14.3 

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

4.3 

Decrease in B2B revenue (f)

(12.2)

Total organic decrease

(0.9)

Impact of FX

(6.9)

Total

$

(7.8)

II-8

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

(b)The increase is primarily due to higher ARPU on broadband internet services due to price increases in certain markets. The impact of Hurricane Melissa-related credits in the current year were largely offset by the impact of Hurricane Beryl-related credits in the prior year.

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

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

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

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

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

Year ended December 31,

Increase (decrease)

2025

2024

$

%

in millions, except percentages

Residential revenue:

Subscription revenue

$

117.3 

$

122.3 

$

(5.0)

(4.1)

Non-subscription revenue

5.1 

5.0 

0.1 

2.0 

Total residential fixed revenue

122.4 

127.3 

(4.9)

(3.8)

Residential mobile revenue:

Service revenue

290.7 

272.2 

18.5 

6.8 

Interconnect, inbound roaming, equipment sales and other

65.5 

61.0 

4.5 

7.4 

Total residential mobile revenue

356.2 

333.2 

23.0 

6.9 

Total residential revenue

478.6 

460.5 

18.1 

3.9 

B2B revenue

304.9 

302.7 

2.2 

0.7 

Total

$

783.5 

$

763.2 

$

20.3 

2.7 

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

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

Average number of RGUs (a)

$

6.6 

ARPU (b)

(11.6)

Increase in residential fixed non-subscription revenue

0.1 

Total decrease in residential fixed revenue

(4.9)

Increase in residential mobile service revenue (c)

18.5 

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

4.5 

Increase in B2B revenue (e)

2.2 

Total

$

20.3 

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

II-9

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

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

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

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

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

Year ended December 31,

Increase

2025

2024

$

%

in millions, except percentages

B2B revenue:

Enterprise revenue

$

135.3 

$

131.1 

$

4.2 

3.2 

Wholesale revenue

335.7 

316.4 

19.3 

6.1 

Total

$

471.0 

$

447.5 

$

23.5 

5.3 

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

Increase in enterprise revenue (a)

$

3.8 

Increase in wholesale revenue (b)

19.0 

Total organic increase

22.8 

Impact of FX

0.7 

Total

$

23.5 

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

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

II-10

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

Year ended December 31,

Increase (decrease)

2025

2024

$

%

in millions, except percentages

Residential fixed revenue:

Subscription revenue

$

469.7 

$

474.5 

$

(4.8)

(1.0)

Non-subscription revenue

24.0 

23.3 

0.7 

3.0 

Total residential fixed revenue

493.7 

497.8 

(4.1)

(0.8)

Residential mobile revenue:

Service revenue

306.4 

323.3 

(16.9)

(5.2)

Interconnect, inbound roaming, equipment sales and other

197.8 

189.0 

8.8 

4.7 

Total residential mobile revenue

504.2 

512.3 

(8.1)

(1.6)

Total residential revenue

997.9 

1,010.1 

(12.2)

(1.2)

B2B revenue

174.4 

206.7 

(32.3)

(15.6)

Other revenue

26.9 

33.6 

(6.7)

(19.9)

Total

$

1,199.2 

$

1,250.4 

$

(51.2)

(4.1)

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

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

Average number of RGUs (a)

$

(13.2)

ARPU (b)

8.4 

Increase in residential fixed non-subscription revenue

0.7 

Total decrease in residential fixed revenue

(4.1)

Decrease in residential mobile service revenue (c)

(40.8)

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

7.5 

Decrease in B2B revenue (e)

(32.3)

Decrease in other revenue (f)

(6.7)

Total organic decrease

(76.4)

Impact of an acquisition

25.2 

Total

$

(51.2)

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

(b)The increase is primarily due to higher ARPU from broadband internet and video services, mainly due to price increases. The increase also includes the impact of credits issued to customers during the prior year following Hurricane Ernesto, which impacted Puerto Rico in August 2024.

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

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

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

II-11

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

Liberty Costa Rica. Liberty Costa Rica’s revenue by major category is set forth below:

Year ended December 31,

Increase (decrease)

2025

2024

$

%

in millions, except percentages

Residential revenue:

Residential fixed revenue:

Subscription revenue

$

128.3 

$

137.1 

$

(8.8)

(6.4)

Non-subscription revenue

40.2 

35.2 

5.0 

14.2 

Total residential fixed revenue

168.5 

172.3 

(3.8)

(2.2)

Residential mobile revenue:

Service revenue

295.0 

276.0 

19.0 

6.9 

Interconnect, inbound roaming, equipment sales and other

99.8 

88.9 

10.9 

12.3 

Total residential mobile revenue

394.8 

364.9 

29.9 

8.2 

Total residential revenue

563.3 

537.2 

26.1 

4.9 

B2B revenue

68.9 

75.9 

(7.0)

(9.2)

Total

$

632.2 

$

613.1 

$

19.1 

3.1 

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

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

Average number of RGUs (a)

$

6.9 

ARPU (b)

(18.5)

Increase in residential fixed non-subscription revenue (c)

4.1 

Total decrease in residential fixed revenue

(7.5)

Increase in residential mobile service revenue (d)

12.4 

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

8.6 

Decrease in B2B revenue (f)

(8.5)

Total organic increase

5.0 

Impact of FX

14.1 

Total

$

19.1 

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

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

(c)The increase is primarily attributable to higher volumes of CPE sales.

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

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

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

II-12

Programming and other direct costs of services

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

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

Year ended December 31,

Increase (decrease)

Increase (decrease) from:

2025

2024

FX

An acquisition

Organic

in millions

Programming and copyright

$

224.6 

$

233.6 

$

(9.0)

$

0.6 

$

— 

$

(9.6)

Interconnect

262.6 

278.3 

(15.7)

0.2 

12.2 

(28.1)

Equipment

330.3 

315.9 

14.4 

1.6 

5.6 

7.2 

Project-related and other

158.4 

161.6 

(3.2)

(0.3)

— 

(2.9)

Total programming and other direct costs of services

$

975.9 

$

989.4 

$

(13.5)

$

2.1 

$

17.8 

$

(33.4)

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

Year ended December 31,

Increase (decrease)

Increase (decrease) from:

2025

2024

FX

Organic

in millions

Programming and copyright

$

64.5 

$

64.2 

$

0.3 

$

(0.3)

$

0.6 

Interconnect

61.4 

65.4 

(4.0)

(0.4)

(3.6)

Equipment

38.2 

50.0 

(11.8)

(0.1)

(11.7)

Project-related and other

55.5 

42.9 

12.6 

(0.3)

12.9 

Total programming and other direct costs of services

$

219.6 

$

222.5 

$

(2.9)

$

(1.1)

$

(1.8)

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

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

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

•Project-related and other: The organic increase is primarily due to higher costs associated with incentives to customers in an effort to drive fixed-mobile convergence.

II-13

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

Year ended December 31,

Increase (decrease)

2025

2024

in millions

Programming and copyright

$

20.5 

$

22.0 

$

(1.5)

Interconnect

63.5 

69.4 

(5.9)

Equipment

59.5 

50.3 

9.2 

Project-related and other

98.2 

107.5 

(9.3)

Total programming and other direct costs of services

$

241.7 

$

249.2 

$

(7.5)

•Interconnect: The decrease is primarily due to lower volumes of traffic.

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

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

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

Year ended December 31,

Increase

Increase from:

2025

2024

FX

Organic

in millions

Interconnect

$

54.6 

$

49.0 

$

5.6 

$

0.1 

$

5.5 

Equipment

0.6 

0.3 

0.3 

— 

0.3 

Project-related and other

17.4 

15.7 

1.7 

— 

1.7 

Total programming and other direct costs of services

$

72.6 

$

65.0 

$

7.6 

$

0.1 

$

7.5 

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

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

Year ended December 31,

Increase (decrease)

Increase (decrease) from:

2025

2024

An Acquisition

Organic

in millions

Programming and copyright

$

101.8 

$

109.8 

$

(8.0)

$

— 

$

(8.0)

Interconnect

78.9 

83.7 

(4.8)

12.2 

(17.0)

Equipment

157.3 

151.4 

5.9 

5.6 

0.3 

Project-related and other

2.3 

4.7 

(2.4)

— 

(2.4)

Total programming and other direct costs of services

$

340.3 

$

349.6 

$

(9.3)

$

17.8 

$

(27.1)

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

II-14

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

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

Year ended December 31,

Increase (decrease)

Increase (decrease) from:

2025

2024

FX

Organic

in millions

Programming and copyright

$

37.8 

$

37.6 

$

0.2 

$

0.9 

$

(0.7)

Interconnect

23.0 

28.4 

(5.4)

0.5 

(5.9)

Equipment

74.7 

63.9 

10.8 

1.7 

9.1 

Project-related and other

1.2 

6.9 

(5.7)

— 

(5.7)

Total programming and other direct costs of services

$

136.7 

$

136.8 

$

(0.1)

$

3.1 

$

(3.2)

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

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

•Project related and other: The organic decrease is due to lower costs associated with B2B projects.

Other operating costs and expenses

Other operating costs and expenses comprise the following cost categories:

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

•Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs;

•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;

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

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

II-15

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

Year ended December 31,

Decrease

Increase (decrease) from:

2025

2024

FX

An acquisition

Organic

in millions

Personnel and contract labor

$

558.6 

$

579.2 

$

(20.6)

$

0.3 

$

— 

$

(20.9)

Network-related

215.9 

237.2 

(21.3)

0.2 

— 

(21.5)

Service-related

252.7 

267.2 

(14.5)

0.4 

3.5 

(18.4)

Commercial

179.6 

189.6 

(10.0)

1.3 

2.0 

(13.3)

Facility, provision, franchise and other

553.2 

619.0 

(65.8)

1.7 

— 

(67.5)

Share-based compensation and other Employee Incentive Plan-related expense

75.0 

84.0 

(9.0)

— 

— 

(9.0)

Total other operating costs and expenses

$

1,835.0 

$

1,976.2 

$

(141.2)

$

3.9 

$

5.5 

$

(150.6)

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

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

Year ended December 31,

Decrease

Decrease from:

2025

2024

FX

Organic

in millions

Personnel and contract labor

$

191.6 

$

201.3 

$

(9.7)

$

(0.7)

$

(9.0)

Network-related

123.1 

133.4 

(10.3)

(0.7)

(9.6)

Service-related

69.7 

70.6 

(0.9)

(0.1)

(0.8)

Commercial

32.7 

42.1 

(9.4)

(0.1)

(9.3)

Facility, provision, franchise and other

145.4 

159.6 

(14.2)

(0.7)

(13.5)

Share-based compensation and other Employee Incentive Plan-related expense

12.4 

18.9 

(6.5)

— 

(6.5)

Total other operating costs and expenses

$

574.9 

$

625.9 

$

(51.0)

$

(2.3)

$

(48.7)

•Personnel and contract labor: The organic decrease is primarily due to lower headcount.

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

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

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

II-16

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

Year ended December 31,

Increase (decrease)

2025

2024

in millions

Personnel and contract labor

$

71.8 

$

78.8 

$

(7.0)

Network-related

47.8 

52.1 

(4.3)

Service-related

21.1 

19.3 

1.8 

Commercial

34.3 

30.1 

4.2 

Facility, provision, franchise and other

67.9 

64.0 

3.9 

Share-based compensation and other Employee Incentive Plan-related expense

6.5 

7.3 

(0.8)

Total other operating costs and expenses

$

249.4 

$

251.6 

$

(2.2)

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

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

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

•Facility, provision, franchise and other: The increase is primarily due to (i) higher bad debt expense and (ii) other immaterial increases across various categories.

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

Year ended December 31,

Increase (decrease)

Increase (decrease) from:

2025

2024

FX

Organic

in millions

Personnel and contract labor

$

51.1 

$

46.4 

$

4.7 

$

0.2 

$

4.5 

Network-related

46.2 

47.9 

(1.7)

— 

(1.7)

Service-related

13.3 

9.8 

3.5 

— 

3.5 

Commercial

2.2 

1.4 

0.8 

— 

0.8 

Facility, provision, franchise and other

27.2 

34.3 

(7.1)

0.2 

(7.3)

Share-based compensation and other Employee Incentive Plan-related expense

2.8 

3.6 

(0.8)

— 

(0.8)

Total other operating costs and expenses

$

142.8 

$

143.4 

$

(0.6)

$

0.4 

$

(1.0)

•Personnel and contract labor: The organic increase is primarily related to higher salary and bonus-related expenses.

•Service-related: The organic increase is primarily due to software migration expenses, higher outsourcing and professional services.

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

II-17

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

Year ended December 31,

Decrease

Increase (decrease) from:

2025

2024

An acquisition

Organic

in millions

Personnel and contract labor

$

145.4 

$

164.1 

$

(18.7)

$

— 

$

(18.7)

Network-related

33.8 

36.3 

(2.5)

— 

(2.5)

Service-related

87.5 

119.7 

(32.2)

3.5 

(35.7)

Commercial

48.1 

54.6 

(6.5)

2.0 

(8.5)

Facility, provision, franchise and other

190.7 

246.3 

(55.6)

— 

(55.6)

Share-based compensation and other Employee Incentive Plan-related expense

5.6 

6.8 

(1.2)

— 

(1.2)

Total other operating costs and expenses

$

511.1 

$

627.8 

$

(116.7)

$

5.5 

$

(122.2)

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

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

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

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

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

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

Year ended December 31,

Increase

Increase (decrease) from:

2025

2024

FX

Organic

in millions

Personnel and contract labor

$

33.5 

$

32.0 

$

1.5 

$

0.8 

$

0.7 

Network-related

40.6 

39.9 

0.7 

0.9 

(0.2)

Service-related

25.5 

25.3 

0.2 

0.5 

(0.3)

Commercial

62.3 

61.4 

0.9 

1.4 

(0.5)

Facility, provision, franchise and other

98.1 

88.2 

9.9 

2.2 

7.7 

Share-based compensation and other Employee Incentive Plan-related expense

2.1 

1.4 

0.7 

— 

0.7 

Total other operating costs and expenses

$

262.1 

$

248.2 

$

13.9 

$

5.8 

$

8.1 

•Facility, provision, franchise and other: The organic increase is primarily due to higher bad debt expense.

II-18

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

Year ended December 31,

Increase (decrease)

2025

2024

in millions

Personnel and contract labor

$

63.4 

$

56.6 

$

6.8 

Service-related

39.9 

25.0 

14.9 

Facility, provision, franchise and other

24.4 

27.8 

(3.4)

Share-based compensation and other Employee Incentive Plan-related expense

45.7 

46.0 

(0.3)

Total other operating costs and expenses

$

173.4 

$

155.4 

$

18.0 

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

•Service-related: The increase is primarily due to higher professional services costs.

Results of operations (below Adjusted OIBDA)

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

Share-based compensation and other Employee Incentive Plan-related expense decreased by $9 million or 11% during 2025, as compared to 2024. The decrease is primarily driven by a 2024 modification of the legal life of outstanding SARs resulting in incremental share-based compensation expense recorded during 2024. For further discussion of this modification, see note 12 to our consolidated financial statements. The decrease is also impacted by lower grants and higher cancellations experienced, partially offset by an increase in expense associated with our LTVP.

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

Depreciation and amortization

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

Impairment, restructuring and other operating items, net

Year ended December 31,

2025

2024

in millions

Impairment charges (a)

$

558.9 

$

538.4 

Restructuring charges (b)

52.4 

38.5 

Other operating items, net (c)

6.9 

12.8 

Total

$

618.2 

$

589.7 

(a)The 2025 amount includes an impairment of $494 million on spectrum license intangible assets recorded at Liberty Puerto Rico. Additionally, during October 2025, our operations in Jamaica were significantly impacted by Hurricane Melissa resulting in extensive damage to homes, businesses and infrastructure. Based on estimates of the impacts on our operations, we recorded impairment changes of $56 million to reduce the carrying values of our property and equipment. The 2024 amount primarily relates to an impairment of goodwill recorded at Liberty Puerto Rico. For additional information associated with these impairment charges, see note 7 to our consolidated financial statements.

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

II-19

(c)The amounts primarily include the net effect of direct acquisition costs and gains on asset dispositions.

Interest expense

Our interest expense increased $29 million during 2025, as compared to 2024. The increase is primarily attributable to an increase in our average debt balances and weighted-average interest rates.

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

It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 6 to our consolidated financial statements and under Item 7A. Qualitative and Quantitative Disclosures about Market Risk below, we use derivative instruments to manage our interest rate risks.

Realized and unrealized gains or losses on derivative instruments, net

Our realized and unrealized gains or losses on derivative instruments primarily include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

Year ended December 31,

2025

2024

in millions

Interest rate derivative contracts (a)

$

(63.4)

$

76.7 

Foreign currency forward contracts and other (b)

(7.1)

(7.6)

Weather Derivatives (c)

50.5 

13.0 

Total

$

(20.0)

$

82.1 

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

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

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

For additional information concerning our derivative instruments, see notes 4 and 6 to our consolidated financial statements and Item 7A. Qualitative and Quantitative Disclosures about Market Risk below.

Foreign currency transaction gains or losses, net

Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable entity. Unrealized foreign currency transaction gains or losses are computed based on period-end exchange rates and are non-cash in nature until such time as the amounts are settled. The details of our foreign currency transaction losses, net, are as follows:

Year ended December 31,

2025

2024

in millions

U.S. dollar-denominated debt issued by non-U.S.dollar functional currency entities (a)

$

10.5 

$

10.2 

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

(10.7)

(14.9)

Other (b)

(42.5)

(13.6)

Total

$

(42.7)

$

(18.3)

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

II-20

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

Losses on debt extinguishments, net

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

We recognized losses on debt extinguishment, net, of $14 million and $6 million during 2025 and 2024, respectively. The net loss during 2025 is associated with the refinancing activity at C&W. The net loss during 2024 is primarily due to (i) refinancing activity at C&W during October 2024 and (ii) the repurchase and cancellation of the Convertible Notes.

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

Income tax benefit or expense

Liberty Latin America was formed as a corporation in Bermuda where the company has a “statutory” or “expected” tax rate of 15%, effective as of January 1, 2025. For the year ended December 31, 2024, the Bermuda statutory tax rate was 0%. The majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable statutory rates. For additional information, see note 13 to our consolidated financial statements.

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

The income tax benefit attributable to our loss before income taxes during 2025 differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of (i) jurisdictional statutory income tax rate differential, (ii) permanent tax differences, such as non-taxable income, and (iii) changes in uncertain tax positions. These beneficial effects on our effective tax rate were partially offset by the detrimental effects of (i) cross-border tax laws and payments, (ii) changes in tax laws or rates, (iii) net decrease of tax credits, (iv) net increases in valuation allowances, (v) permanent tax differences, such as non-deductible expenses, and (vi) global minimum tax.

The income tax benefit attributable to our loss before income taxes during 2024 differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of (i) jurisdictional rate differences, (ii) permanent tax differences such as non-taxable income, (iii) rate changes, (iv) tax credits, and (v) changes in uncertain tax positions. These beneficial effects on our effective tax rate were partially offset by the detrimental effects of (i) net increases in valuation allowances, (ii) permanent tax differences, such as non-deductible goodwill impairments and non-deductible expenses, (iii) the inclusion of withholding taxes on cross-border payments, and (iv) the expiration of deferred tax assets, which are entirely offset by valuation allowance.

Net earnings or loss

The following table sets forth selected summary financial information of our net loss:

Year ended December 31,

2025

2024

in millions

Operating income (loss)

$

108.2 

$

(76.8)

Net non-operating expenses

$

(761.0)

$

(583.1)

Income tax benefit

$

98.5 

$

0.2 

Net loss

$

(554.3)

$

(659.7)

Gains or losses associated with (i) changes in the fair values of derivative instruments and (ii) movements in foreign currency exchange rates are subject to a high degree of volatility and, as such, any gains from these sources do not represent a reliable source of income. In the absence of significant gains in the future from these sources or from other non-operating items, our ability to achieve earnings is largely dependent on our ability to increase our aggregate Adjusted OIBDA to a level that more than offsets the aggregate amount of our (i) share-based compensation and other Employee Incentive Plan-related expense, (ii) depreciation and amortization, (iii) impairment, restructuring and other operating items, (iv) interest expense, (v) other non-operating expenses and (vi) income tax expense.

II-21

Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Liquidity and Capital Resources—Capitalization below, we expect that we will continue to report significant levels of interest expense for the foreseeable future.

Liquidity and Capital Resources

Sources and Uses of Cash

As of December 31, 2025, we have three primary “borrowing groups,” which include the respective restricted parent and subsidiary entities of C&W, Liberty Puerto Rico and Liberty Costa Rica. Our borrowing groups, which typically generate cash from operating activities, held a significant portion of our consolidated cash and cash equivalents at December 31, 2025. Our ability to access the liquidity of these and other subsidiaries 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. For details of the restrictions on our subsidiaries to make payments to us through dividends, loans or other distributions see note 9 to our consolidated financial statements.

Cash and cash equivalents

The details of the U.S. dollar equivalent balances of our cash and cash equivalents at December 31, 2025 are set forth in the following table (in millions):

Cash and cash equivalents held by:

Liberty Latin America and corporate subsidiaries (a)

$

127.1 

Borrowing groups (b):

C&W (c)

507.5 

Liberty Puerto Rico

85.5 

Liberty Costa Rica

63.8 

Total borrowing groups

656.8 

Total cash and cash equivalents

$

783.9 

(a)Represents amounts held by Liberty Latin America on a standalone basis, and its corporate subsidiaries that are outside of our borrowing groups. All of these companies rely on funds provided by our borrowing groups to satisfy their liquidity needs.

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

(c)Includes $70 million and $30 million of cash held by operations in C&W Panama and C&W Bahamas, respectively.

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

Our current sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Latin America and, subject to certain tax and legal considerations, Liberty Latin America’s corporate subsidiaries, and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our corporate subsidiaries’ cash and cash equivalents and investments. From time to time, Liberty Latin America and its corporate subsidiaries may also receive (i) proceeds in the form of distributions or loan repayments from Liberty Latin America’s borrowing groups upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Latin America and its corporate subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its corporate subsidiaries or the issuance of equity securities by Liberty Latin America. No assurance can be given that any external funding would be available to Liberty Latin America or its corporate subsidiaries on favorable terms, or at all. As noted above, various factors may limit our ability to access the cash of our borrowing groups.

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

II-22

During 2025, we exercised some of our rights pursuant to the capped call option contracts, which resulted in 0.6 million shares being effectively repurchased and reflected in treasury stock at December 31, 2025. For additional information regarding our Share Repurchase Programs, see note 11 to our consolidated financial statements and above Part II—Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Liquidity and capital resources of borrowing groups

The cash and cash equivalents of our borrowing groups are detailed in the table above. In addition to cash and cash equivalents, the primary sources of liquidity of our borrowing groups are cash provided by operations and borrowing availability under their respective debt instruments. For the details of the borrowing availability of our borrowing groups at December 31, 2025, see note 9 to our consolidated financial statements. The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Latin America and its corporate subsidiaries. The liquidity of our borrowing groups generally is used to fund capital expenditures, debt service requirements and income tax payments. From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities or any other liquidity needs within our borrowing groups. No assurance can be given that any external funding would be available to our borrowing groups on favorable terms, or at all.

For additional information regarding our cash flows, see the discussion under Liquidity and Capital Resources—Consolidated Statements of Cash Flows below.

Capitalization

We seek to maintain our debt at levels that are expected to provide for attractive equity returns without assuming undue risk. When it is cost effective, we generally seek to match the denomination of the borrowings of our subsidiaries with the functional currency of the operations that support the respective borrowings. As further discussed under Item 7A. Quantitative and Qualitative Disclosures about Market Risk and in note 6 to our consolidated financial statements, we also use derivative instruments to mitigate foreign currency and interest rate risks associated with our debt instruments.

Our ability to service or refinance our debt and, where applicable, to maintain compliance with the leverage covenants in the credit agreements of our borrowing groups is dependent primarily on our ability to maintain covenant EBITDA of our operating subsidiaries, as specified by our subsidiaries’ debt agreements (Covenant EBITDA), and to achieve adequate returns on our property and equipment additions and acquisitions. In addition, our ability to obtain additional debt financing is limited by incurrence-based and/or maintenance-based leverage covenants contained in the various debt instruments of our borrowing groups. For example, if the Covenant EBITDA of one of our borrowing groups were to decline, our ability to support or obtain additional debt in that borrowing group could be limited. No assurance can be given that we would have sufficient sources of liquidity, or that any external funding would be available on favorable terms, or at all, to fund any such required repayment. At December 31, 2025, each of our borrowing groups was in compliance with its debt covenants. We do not anticipate any instances of non-compliance with respect to the debt covenants of our borrowing groups that would have a material adverse impact on our liquidity during the next 12 months.

At December 31, 2025, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,359 million, including $409 million that is classified as current in our consolidated balance sheet and $7,950 million that is not due until 2027 or thereafter. All of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries at December 31, 2025. Included in the outstanding principal amount of our debt at December 31, 2025 is (i) $306 million of vendor financing obligations, which we use to finance certain of our operating expenses and property and equipment additions and are generally due within one year, other than for certain licensing arrangements that generally are due over the term of the related license, and (ii) $249 million of finance obligations related to the Tower Transactions. For additional information concerning our debt, including our debt maturities, see note 9 to our consolidated financial statements.

II-23

The weighted average interest rate in effect at December 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 7.3%. The interest rate is generally based on stated rates and does 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. The weighted average impact of the derivative instruments on our borrowing costs at December 31, 2025 was as follows:

Borrowing group

Decrease to borrowing costs

C&W

(1.2)

%

Liberty Costa Rica

— 

%

Liberty Latin America borrowing groups

(0.6)

%

Including the effects of derivative instruments, original issue premiums or discounts, and commitment fees, but excluding the impact of financing costs, the weighted average interest rate on our indebtedness was 6.8% at December 31, 2025.

We believe that we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements during the next 12 months. However, as our debt maturities grow in later years, we anticipate that we will seek to refinance or otherwise extend our debt maturities. No assurance can be given that we will be able to complete refinancing transactions or otherwise extend our debt maturities. In this regard, it is difficult to predict how political, economic and social conditions, sovereign debt concerns or any adverse regulatory developments will impact the credit and equity markets we access and our future financial position. Our ability to access debt financing on favorable terms, or at all, could be adversely impacted by (i) the financial failure of any of our counterparties, which could (a) reduce amounts available under committed credit facilities and (b) adversely impact our ability to access cash deposited with any failed financial institution, and (ii) tightening of the credit markets. In addition, any weakness in the equity markets could make it less attractive to use our shares to satisfy contingent or other obligations, and sustained or increased competition, particularly in combination with adverse economic or regulatory developments, could have an unfavorable impact on our cash flows and liquidity.

Consolidated Statements of Cash Flows

General. Our cash flows are subject to variations due to FX. For further information, see related discussion under Item 7A. Quantitative and Qualitative Disclosures about Market Risk—Foreign Currency Risk below.

Summary. Our 2025 and 2024 consolidated statements of cash flows are summarized as follows:

Year ended December 31,

2025

2024

Change

in millions

Net cash provided by operating activities

$

805.9 

$

756.3 

$

49.6 

Net cash used by investing activities

(592.3)

(688.5)

96.2 

Net cash used by financing activities

(43.6)

(386.4)

342.8 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(40.3)

(10.9)

(29.4)

Net increase (decrease) in cash, cash equivalents and restricted cash

$

129.7 

$

(329.5)

$

459.2 

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

Investing Activities. The cash used by investing activities during the year ended December 31, 2025 primarily relates to (i) $500 million used for the purchase of capital expenditure, as further discussed below, and (ii) $80 million associated with the purchase of investment, primarily related to our investment in WOW and certain additional investments in our Liberty Caribbean segment. Cash used by investing activities during the year ended December 31, 2024 primarily relates to (i) $540 million used for the purchase of capital expenditure, as further discussed below, (ii) $95 million used for the LPR Acquisition, and (iii) $47 million associated with the purchase of investment, primarily related to our investment in WOW.

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The capital expenditures, net, that we report in our consolidated statements of cash flows, which relates to cash paid for property and equipment, does not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. In this discussion, we refer to (i) our capital expenditures, net, as reported in our consolidated statements of cash flows, and (ii) our total property and equipment additions, which include our capital expenditures, net, on an accrual basis and amounts financed under capital-related vendor financing or finance lease arrangements.

A reconciliation of our property and equipment additions to our capital expenditures, net, as reported in our consolidated statements of cash flows, is set forth below:

Year ended December 31,

2025

2024

in millions

Property and equipment additions

$

640.1 

$

725.3 

Assets acquired under capital-related vendor financing arrangements

(123.9)

(154.9)

Assets acquired under finance leases

(4.9)

— 

Changes in current liabilities related to capital expenditures and other

(11.3)

(30.0)

Capital expenditures, net

$

500.0 

$

540.4 

The decrease in our property and equipment additions during the year ended December 31, 2025, as compared to 2024, is primarily due to the net effect of (i) decreases in new build and upgrade and in products and enablers. During the years ended December 31, 2025 and 2024, our property and equipment additions represented 14.4% and 16.3% of revenue, respectively.

Financing Activities. During the year ended December 31, 2025, we generated $44 million in cash from financing activities, primarily due to (i) $71 million in net debt borrowings, (ii) $73 million in distributions to noncontrolling interest owners, primarily related to C&W Panama and C&W Bahamas, (iii) $56 million in payments for financing costs and debt redemption premiums and (iv) $19 million in net cash received related to derivative instruments. During 2024, we used $386 million of cash for financing activities, primarily due to the net impact of (i) $257 million in net debt repayment, (ii) $83 million of cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) $55 million in payments related to distributions to noncontrolling interest owners in C&W Panama, C&W Bahamas and Liberty Costa Rica, (iv) $43 million of net cash inflows related to derivative instruments, primarily related to the amendment of certain interest rate derivative contracts at Liberty Caribbean and Liberty Puerto Rico, and (v) $18 million of payments for financing costs and debt premiums.

Off Balance Sheet Arrangements

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.

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Contractual Commitments

The following table sets forth the U.S. dollar equivalents of our debt and certain other contractual obligations and commitments as of December 31, 2025.

Payments due by period

Total

Less than

1 year

1-3 years

3-5 years

More than

5 years

in millions

Debt (excluding interest)

$

8,349.8 

$

406.3 

$

2,286.9 

$

1,643.5 

$

4,013.1 

Operating leases

696.0 

132.0 

221.3 

164.2 

178.5 

Other (a)

294.9 

179.6 

92.0 

21.5 

1.8 

Total (b)

$

9,340.7 

$

717.9 

$

2,600.2 

$

1,829.2 

$

4,193.4 

Projected cash interest payments on debt and finance lease obligations (c)

$

3,057.4 

$

604.3 

$

1,062.4 

$

758.9 

$

631.8 

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

(b)The commitments included in this table do not reflect any liabilities that are included in our December 31, 2025 consolidated balance sheet other than debt, finance lease obligations and operating lease obligations. Our liability for uncertain tax positions, including accrued interest, in the various jurisdictions in which we operate ($43 million at December 31, 2025) has been excluded from the table as the amount and timing of any related payments are not subject to reasonable estimation. For additional information regarding our liability for uncertain tax positions, see note 13 to our consolidated financial statements.

(c)Amounts are based on interest rates, interest payment dates, commitment fees and contractual maturities in effect as of December 31, 2025. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments required in future periods. In addition, the amounts presented do not include the impact of our derivative contracts.

For information concerning our operating leases, debt and finance lease obligations and commitments, see notes 8, 9 and 16, respectively, to our consolidated financial statements.

In addition to the commitments set forth in the table above, we have commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding projected cash flows associated with our derivative instruments, see Item 7A. Quantitative and Qualitative Disclosures About Market Risk—Projected Cash Flows Associated with Derivative Instruments below. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during 2025, 2024 and 2023, see note 6 to our consolidated financial statements. For information regarding our defined benefit plans, see note 10 to our consolidated financial statements.

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Critical Accounting Policies, Judgments and Estimates

In connection with the preparation of our consolidated financial statements, we make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Critical accounting policies are defined as those policies that are reflective of significant judgments, estimates and uncertainties, which could potentially result in materially different results under different assumptions and conditions. We believe the following accounting policies are critical in the preparation of our consolidated financial statements because of the judgment necessary to account for these matters and the significant estimates involved, which are susceptible to change:

•Impairment of property and equipment and intangible assets (including goodwill); and

•Fair value measurements in acquisition accounting.

For additional information concerning our significant accounting policies, see note 3 to our consolidated financial statements.

Impairment of Property and Equipment and Intangible Assets

The aggregate carrying value of our property and equipment and intangible assets (including goodwill) that was held for use comprised 70% of our total assets at December 31, 2025.

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 are recoverable. Circumstances that could indicate the carrying amounts of long-lived assets may not be recoverable 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. A reporting unit is an operating segment or one level below an operating segment. 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 by sale 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 (primarily spectrum licenses and cable television franchise rights) 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. When evaluating goodwill and other indefinite-lived intangible assets for impairment, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible asset 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. Goodwill impairment is measured as the excess of a reporting unit’s carrying value over its fair value and is recognized as an impairment in our consolidated statement of operations. 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 recognized as an impairment in our consolidated statement of operations.

Considerable management judgment is used to estimate the fair value of reporting units and underlying long-lived and indefinite-lived assets. We typically determine fair value of a reporting unit or of a long-lived asset or asset group using a discounted cash flow analysis under the income approach to valuation. Our discounted cash flow analysis is based on assumptions in our long-range business plans, and the timing and amount of future cash flows under these business plans require estimates of, among other items, subscriber growth and retention rates, rates charged per product, expected gross margins and Adjusted OIBDA margins and expected property and equipment additions. Our determination of the discount rate is based on a weighted average cost of capital approach, which uses a market participant’s cost of equity and after-tax cost of debt and reflects certain risks inherent in the future cash flows. The development of these cash flows and the discount rate applied to the cash flows are subject to inherent uncertainties, and actual results could vary significantly from such estimates.

To determine the fair value of indefinite-lived spectrum licenses, we typically apply the market approach. Under the market approach, we maximize the use of observable inputs by leveraging data obtained from spectrum auctions and secondary market transactions involving comparable spectrum licenses to derive indications of fair value. We may further discount indicated

II-27

values to account for the relative utility of the specific frequencies we own. The selection of comparable transactions and the application of discounts to the indicated value of a particular frequency involves judgment.

We recorded (i) impairments of $494 million of indefinite-lived spectrum licenses related to Liberty Puerto Rico during 2025 and (ii) goodwill impairments of $516 million related to Liberty Puerto Rico during 2024. For additional information regarding certain impairments recorded during 2025, 2024 and 2023, see notes 4 and 7 to our consolidated financial statements.

Fair Value Measurements in Acquisition Accounting

The application of acquisition accounting requires that we make fair value determinations as of the applicable valuation date. In making these determinations, we are required to make estimates and assumptions that affect the recorded amounts, including, but not limited to, expected future cash flows, market comparables and discount rates, remaining useful lives of long-lived assets, replacement or reproduction costs of property and equipment and the amounts to be recovered in future periods from acquired net operating losses and other deferred tax assets. To assist us in making these fair value determinations, we may engage third-party valuation specialists. Our estimates in this area impact, among other items, the measurement of goodwill as well as future amounts of depreciation and amortization and income tax expense or benefit that we report. Our estimates of fair value are based upon assumptions we believe to be reasonable, but which are inherently uncertain. A significant portion of our long-lived assets were initially recorded through the application of acquisition accounting.

For additional information, including the specific weighted average discount rates we used to complete certain non-recurring valuations, see note 4 to our consolidated financial statements. For information regarding our acquisitions and long-lived assets, see notes 5 and 7, respectively, to our consolidated financial statements.