Liberty Latin America Ltd 10-Q for FY2026 Q1

Liberty Latin America Ltd. (LILA)

10-Q 2026-05-07 For: 2026-03-31

Added on May 07, 2026

About this 10-Q

Liberty Latin America Ltd filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.08B; down 0.1% from $1.08B a year earlier
Net loss: $22.7M; compared with a net loss of $136.4M a year earlier
Diluted EPS: -$0.11; compared with -$0.69 a year earlier

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☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	March 31, 2026


Bermuda						98-1386359
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

2 Church Street,
Hamilton						HM 11
(Address of Principal Executive Offices)						(Zip Code)


Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Class A Common Shares, par value $0.01 per share	LILA	The NASDAQ Stock Market LLC
Class C Common Shares, par value $0.01 per share	LILAK	The NASDAQ Stock Market LLC


		Page Number
	PART I - FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited)	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2026 and 2025 (unaudited)	4
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	54
Item 4.	CONTROLS AND PROCEDURES	56
	PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	57
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	58
Item 5.	OTHER INFORMATION	58
Item 6.	EXHIBITS	59


2025 Form 10-K			Annual Report on Form 10-K as filed with the SEC under the Exchange Act for the year ended December 31, 2025
2027 C&W RCF			$156 million Adjusted Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which expires on January 30, 2027
2027 C&W Senior Notes			$735 million aggregate principal amount 6.875% senior notes due September 15, 2027 issued by C&W Senior Finance (redeemed during 2025)
2027 LPR Senior Secured Notes			$1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, 2027 issued by LCPR Senior Secured Financing
2028 CWP Term Loan			$435 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 LPR Term Loan			$620 million principal amount Adjusted Term SOFR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2029 C&W RCF			$460 million Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which expires on April 15, 2029
2029 LPR Senior Secured Notes			$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
2030 LPR Credit Agreement			Credit agreement entered into by the LPR Unrestricted Subsidiary Borrowers that provides for the 2030 LPR Term Loan
2030 LPR Term Loan			$260 million principal amount 9.75% senior secured term loan due September 23, 2030 borrowed by the LPR Unrestricted Subsidiary Borrowers
2031 LCR Term Loan A			$45 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Telecomunicaciones; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
2031 LCR Term Loan B			$360 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Telecomunicaciones; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
2032 C&W Senior Secured Notes			$1.0 billion aggregate principal amount 7.125% senior secured notes due October 15, 2032 issued by Sable International Finance Limited
2033 C&W Senior Notes			$755 million principal amount 9.0% senior notes due January 15, 2033 issued by C&W Senior Finance
2033 LCR Term Loan A			$65 million principal amount Term SOFR + 3.50% term loan due August 14, 2033 borrowed by Liberty Telecomunicaciones
Adjusted OIBDA			Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted OIBDA Margin			Adjusted OIBDA divided by revenue
Adjusted Term SOFR			SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period
América Móvil			América Móvil S.A.B. de C.V.
ARPU			Average monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASU			Accounting Standards Update
AT&T			AT&T Inc.


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to


AT&T Acquired Entities			Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2B			Business-to-business
C&W			Cable & Wireless Communications Limited and its subsidiaries, which comprise the businesses within Liberty Caribbean, C&W Panama and Liberty Networks
C&W Bahamas			The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in The Bahamas
C&W Credit Facilities			Senior secured credit facilities of certain subsidiaries of C&W comprising the: (i) C&W Term Loan B-7 Facility; (ii) C&W Term Loan B-6 Facility; (iii) C&W Revolving Credit Facility; and (iv) C&W Regional Facilities
C&W Jamaica			Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W Notes			The senior and senior secured notes of C&W comprising the: (i) 2033 C&W Senior Notes and (ii) 2032 C&W Senior Secured Notes
C&W Panama			Reportable segment for our operations in Panama
C&W Regional Facilities			Primarily comprises credit facilities at CWP, Columbus Communications Trinidad Limited, Columbus Communications Jamaica Limited and Sable International Finance Limited
C&W Revolving Credit Facility			$616 million aggregate revolving credit facility of C&W that comprises two tranches: (i) 2027 C&W RCF; and (ii) 2029 C&W RCF
C&W Senior Finance			C&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility			$1.5 billion principal amount Adjusted Term SOFR + 2.25% term loan B-5 facility due January 31, 2028 of C&W (repaid during 2025)
C&W Term Loan B-6 Facility			$590 million principal amount Adjusted Term SOFR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
C&W Term Loan B-7 Facility			$1.5 billion principal amount Term SOFR + 3.25% term loan B-7 facility due January 31, 2032 of C&W
CIP			Construction-in-process
CODM			Chief operating decision maker
CPE			Customer premises equipment
CRC			Costa Rican colón
CWP			Cable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit Facilities			Credit facilities of CWP comprised of the: (i) 2028 CWP Term Loan and (ii) CWP Revolving Credit Facility
CWP Revolving Credit Facility			$20 million principal amount Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 of CWP
Directors			Members of Liberty Latin America’s board of directors
DTH			Direct-to-home
EchoStar			EchoStar Corporation (formerly DISH Network)
Employee Incentive Plan			Liberty Latin America Ltd. 2018 Incentive Plan
EPS			Earnings or loss per share
ESPP			Employee stock purchase plan
Exchange Act			Securities Exchange Act of 1934, as amended
Executives			Liberty Latin America’s Principal Executive Officer and Principal Financial Officer
FASB			Financial Accounting Standards Board
FCC			United States Federal Communications Commission
FCPA			United States Foreign Corrupt Practices Act of 1977, as amended
FX			Foreign currency translation effects
IT			Information technology
JMD			Jamaican Dollar
LCPR			Liberty Communications of Puerto Rico LLC


LCPR Loan Financing			LCPR Loan Financing LLC, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain term loan debt. LCPR is required to consolidate LCPR Loan Financing as a result of certain variable interests in LCPR Loan Financing, for which LCPR is considered the primary beneficiary.
LCPR Senior Secured Financing			LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain debt offerings. Liberty Mobile is required to consolidate LCPR Senior Secured Financing as a result of certain variable interests in LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary beneficiary.
LCR Credit Facilities			Senior secured credit facilities of Liberty Telecomunicaciones comprised of the: (i) 2031 LCR Term Loan A; (ii) 2031 LCR Term Loan B; (iii) 2033 LCR Term Loan A; and (iv) LCR Revolving Credit Facility
LCR NCI Transaction			Agreement signed in August 2024 whereby we agreed to acquire an additional 8.5% of the remaining noncontrolling interest of Liberty Telecomunicaciones.
LCR Revolving Credit Facility			$60 million Term SOFR + 4.25% revolving credit facility due January 15, 2028 of Liberty Telecomunicaciones
Liberty Caribbean			Reportable segment that includes all subsidiaries of C&W, excluding those within our C&W Panama and Liberty Networks segments
Liberty Communications PR			Liberty Communications PR Holding LP and its subsidiaries, which include LCPR and Liberty Mobile and its subsidiaries (includes a 96%-owned entity in the USVI)
Liberty Costa Rica			Reportable segment comprising Liberty Telecomunicaciones and its subsidiaries
Liberty Latin America Shares			Collectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty Mobile			Liberty Mobile Inc. and it subsidiaries
Liberty Networks			Reportable segment comprising our managed services and wholesale business, which primarily operates through our subsea and terrestrial fiber optic cable networks; the segment comprises certain subsidiaries of C&W
Liberty Puerto Rico			Reportable segment comprising Liberty Communications PR, which has operations in Puerto Rico and USVI
Liberty Servicios			Liberty Servicios Fijos LY, S.A., previously a subsidiary of LBT CT Communications, S.A., was merged into Liberty Telecomunicaciones on April 1, 2025
Liberty Telecomunicaciones			Liberty Telecomunicaciones de Costa Rica LY, S.A., an indirectly 88.5%-owned subsidiary in Costa Rica, and its subsidiary
LPR Acquisition			September 3, 2024 acquisition of EchoStar's spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets
LPR Credit Facilities			Senior secured credit facilities of Liberty Puerto Rico comprising the: (i) 2028 LPR Term Loan and (ii) LPR Revolving Credit Facility
LPR Revolving Credit Facility			$173 million Adjusted Term SOFR + 3.5% revolving credit facility due March 15, 2027 of LPR
LPR Senior Secured Notes			Senior secured notes of Liberty Puerto Rico comprising the: (i) 2029 LPR Senior Secured Notes and (ii) 2027 LPR Senior Secured Notes
LPR Unrestricted Subsidiary Borrowers			Collectively, Emerald Wave 3 LLC, Emerald Mobile Network 2 LLC and Emerald Network 3 LLC, each an indirect wholly owned subsidiary of Liberty Communications PR
LPR Unrestricted Subsidiary Guarantors			Entities party to the 2030 LPR Unrestricted Subsidiary Credit Agreement as guarantors of the obligations of the LPR Unrestricted Subsidiary Borrowers thereunder, each of which guarantees, on a senior secured basis, the obligations under the 2030 LPR Unrestricted Subsidiary Credit Agreement and grants security interests in substantially all of its assets, including, among other things, fixed network assets and spectrum.
LTVP			Long-term Value Plan that represents a component of the Employee Incentive Plan whereby employees receive a fixed-value award that vests annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.
Millicom			Millicom International Cellular S.A.
NTIA			National Telecommunications and Information Administration


OBBBA			The One Big Beautiful Bill Act
OFAC			Office of Foreign Assets Control
PSARs			Performance-based stock appreciation rights
PSUs			Performance-based restricted stock units
Quarterly Report on Form 10-Q			Quarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RCF			Revolving credit facility
RGU			Revenue generating unit
RSUs			Restricted stock units
SARs			Stock appreciation rights
SEC			U.S. Securities and Exchange Commission
Share Repurchase Program			Program approved by our Directors that authorizes us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates.
SOFR			Reference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
SUTEL			Costa Rican Telecommunications Superintendence
Term SOFR			Forward-looking term rate based on SOFR as published by CME Group Benchmark Administration Limited
Tower Transactions			Transactions associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years. The total weighted average imputed interest rate of the financial liabilities associated with these transactions is approximately 7%.
U.S.			United States
U.S. GAAP			Generally accepted accounting principles in the United States
USVI			The U.S. Virgin Islands
VAT			Value-added taxes
Weather Derivatives			Weather derivative contracts that provide coverage for certain weather-related events
XCD			Eastern Caribbean Dollar
WOW			WOW TEL Holding, S.A.


	March 31, 2026		December 31, 2025

	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	681.4	$	783.9
Trade receivables, net	667.7		653.6
Prepaid expenses	91.3		79.8
Current notes receivable, net	143.2		133.0
Current contract assets	125.2		124.0
Other current assets, net	468.1		471.9
Total current assets	2,176.9		2,246.2

Goodwill	3,047.2		3,007.5
Property and equipment, net	3,793.0		3,847.8
Intangible assets not subject to amortization	1,319.3		1,319.3
Intangible assets subject to amortization, net	347.9		361.0
Other assets, net	1,479.2		1,444.1
Total assets	$	12,163.5	$	12,225.9


	Three months ended March 31,
		2026		2025
		in millions, except per share amounts
Revenue		$	1,082.8	$	1,083.5
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services		235.5		232.6
Other operating costs and expenses		473.8		478.3
Depreciation and amortization		217.1		228.8
Impairment, restructuring and other operating items, net		11.2		15.7
		937.6		955.4
Operating income		145.2		128.1
Non-operating expense:
Interest expense		(164.2)		(158.3)
Realized and unrealized losses on derivative instruments, net		(7.4)		(62.9)
Foreign currency transaction gains (losses), net		45.9		(4.2)
Losses on debt extinguishments, net		(2.3)		(14.4)
Other expense, net		(6.7)		(5.9)
		(134.7)		(245.7)
Earnings (loss) before income taxes		10.5		(117.6)
Income tax expense		(26.7)		(9.1)
Net loss		(16.2)		(126.7)
Net earnings attributable to noncontrolling interests		(6.5)		(9.7)
Net loss attributable to Liberty Latin America shareholders		$	(22.7)	$	(136.4)

Basic and diluted net loss per share attributable to Liberty Latin America shareholders		$	(0.11)	$	(0.69)


	Liberty Latin America shareholders																Non-controlling interests		Total equity
	Common shares						Treasury Stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss, net of taxes		Total Liberty Latin America shareholders
	Class A		Class B		Class C
	in millions










Balance at January 1, 2025	$	0.5	$	—	$	1.9	$	(444.1)	$	5,315.6	$	(3,631.1)	$	(154.2)	$	1,088.6	$	505.0	$	1,593.6
Net earnings (loss)	—		—		—		—		—		(136.4)		—		(136.4)		9.7		(126.7)
Other comprehensive earnings	—		—		—		—		—		—		14.3		14.3		0.5		14.8
Cash distributions to noncontrolling interest owners	—		—		—		—		—		—		—		—		(10.9)		(10.9)
Share-based compensation	—		—		—		—		22.9		—		—		22.9		—		22.9
Other	—		—		—		—		—		—		—		—		(0.4)		(0.4)
Balance at March 31, 2025	$	0.5	$	—	$	1.9	$	(444.1)	$	5,338.5	$	(3,767.5)	$	(139.9)	$	989.4	$	503.9	$	1,493.3


	March 31, 2026						December 31, 2025
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets – interest rate derivative contracts (b)	$	46.1	$	22.0	$	68.1	$	44.2	$	28.2	$	72.4


Liabilities (b):
Interest rate derivative contracts	$	6.8	$	44.3	$	51.1	$	7.2	$	46.8	$	54.0
Foreign currency forward contracts	13.5		2.9		16.4		5.1		—		5.1
Total	$	20.3	$	47.2	$	67.5	$	12.3	$	46.8	$	59.1


Years ending December 31:
2026 (remainder of year)	$	103.5
2027	121.5
2028	109.8
2029	95.1
2030	76.6
Thereafter	186.2
Total operating lease liabilities on an undiscounted basis	692.7
Present value discount	(174.7)
Present value of operating lease liabilities	$	518.0


	March 31, 2026					Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency	US $ equivalent		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025

			in millions
C&W Notes	7.93	%	—	$	—	$	1,750.4	$	1,793.8	$	1,755.0	$	1,755.0
C&W Credit Facilities (d)	6.47	%	(e)	654.3		2,608.9		2,603.7		2,646.3		2,646.2
LPR Senior Secured Notes	6.08	%	—	—		1,318.8		1,285.5		1,981.0		1,981.0
LPR Credit Facilities	7.63	%	116.0	116.0		444.9		431.8		676.5		676.5
2030 LPR Term Loan	9.75	%	—	—		250.0		200.0		260.0		208.0
LCR Credit Facilities	10.17	%	20.0	20.0		530.0		538.0		510.0		515.0
Vendor financing, Tower Transactions and other (f) (g)	7.88	%	—	—		602.5		568.1		602.5		568.1
Total debt before premiums, discounts and deferred financing costs	7.20	%		$	790.3	$	7,505.5	$	7,420.9	$	8,431.3	$	8,349.8


	Three months ended March 31,
	2026		2025
	in millions
Balance at beginning of period	$	173.0	$	157.2
Provision for expected losses, net	21.6		22.7
Write-offs, net of recoveries	(68.9)		(20.1)
Foreign currency translation adjustments	1.8		0.7
Balance at end of period	$	127.5	$	160.5


	C&W		Liberty Puerto Rico		Liberty Costa Rica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2026 (remainder of year)	$	281.0	$	64.9	$	40.0	$	1.0	$	386.9
2027	94.9		1,162.8		—		0.7		1,258.4
2028	491.3		620.5		—		—		1,111.8
2029	595.9		820.7		—		—		1,416.6
2030	10.6		260.8		—		—		271.4
Thereafter	3,478.1		38.1		470.0		—		3,986.2
Total debt maturities	4,951.8		2,967.8		510.0		1.7		8,431.3
Premiums, discounts and deferred financing costs, net	(41.4)		(23.9)		(10.7)		—		(76.0)
Total debt	$	4,910.4	$	2,943.9	$	499.3	$	1.7	$	8,355.3
Current portion	$	373.5	$	66.0	$	40.0	$	1.3	$	480.8
Long-term portion	$	4,536.9	$	2,877.9	$	459.3	$	0.4	$	7,874.5


Period	Borrowing group/ Borrower	Instrument	Issued at	Maturity	Interest rate	Amount borrowed (a)		Non-cash component
						in millions
2026	Liberty Puerto Rico	2030 LPR Term Loan	96%	September 23, 2030	9.75%	$	50.0	$	—
2026	Liberty Costa Rica	LCR Revolving Credit Facility	N/A	January 15, 2028	Term SOFR + 4.25%	$	40.0	$	—
2025	C&W	2027 C&W RCF (b)	N/A	January 30, 2027	Adjusted Term SOFR + 3.25%	$	44.9	$	—
2025	C&W	2029 C&W RCF (b)	N/A	April 15, 2029	Term SOFR + 3.25%	$	29.1	$	—
2025	C&W	C&W Term Loan B-7 Facility	99.5%	January 31, 2032	Term SOFR + 3.25%	$	1,522.4	$	1,510.0
2025	C&W	2033 C&W Senior Notes	100%	January 15, 2033	9.00%	$	755.0	$	—
2025	Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	Adjusted Term SOFR + 3.50%	$	30.6	$	—
2025	Liberty Costa Rica	LCR Revolving Credit Facility	N/A	January 15, 2028	Term SOFR + 4.25%	$	35.0	$	—


Period	Borrowing group / Borrower	Instrument	Redemption price	Principal amount redeemed		Non-cash component
				in millions
2026	Liberty Costa Rica	2031 LCR Term Loan A	100%	$	5.0	$	—
2026	Liberty Costa Rica	2031 LCR Term Loan B	103%	$	40.0	$	—
2025	C&W	2027 C&W RCF (a)	100%	$	22.6	$	—
2025	C&W	2029 C&W RCF (a)	100%	$	22.4	$	—
2025	C&W	2027 C&W Senior Notes	100.859%	$	735.0	$	—
2025	C&W	C&W Term Loan B-5 Facility	100%	$	1,510.0	$	1,510.0
2025	Liberty Puerto Rico	LPR Revolving Credit Facility	100%	$	30.6	$	—


	March 31,
	2026	2025
	in millions
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs	45.4	46.3
Outstanding PSUs and PSARs	8.1	8.6
LTVP and ESPP	3.0	8.1


	Three months ended March 31, 2026
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	114.3	$	30.6	$	—	$	114.6	$	32.2	$	—	$	—	$	291.7
Non-subscription revenue	4.6		0.9		—		6.2		4.4		—		—		16.1
Total residential fixed revenue	118.9		31.5		—		120.8		36.6		—		—		307.8
Residential mobile revenue:
Service revenue	92.2		72.1		—		71.3		79.3		—		—		314.9
Interconnect, inbound roaming, equipment sales and other (b)	17.5		15.0		—		54.5		25.6		3.0		—		115.6
Total residential mobile revenue	109.7		87.1		—		125.8		104.9		3.0		—		430.5
Total residential revenue	228.6		118.6		—		246.6		141.5		3.0		—		738.3



B2B revenue (c)	125.9		56.9		121.2		43.9		16.6		0.5		(26.2)		338.8
Other revenue	—		—		—		5.7		—		—		—		5.7
Total	$	354.5	$	175.5	$	121.2	$	296.2	$	158.1	$	3.5	$	(26.2)	$	1,082.8


	Three months ended March 31, 2025
	Reportable Segments
	Liberty Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	123.5	$	29.9	$	—	$	118.0	$	33.3	$	—	$	—	$	304.7
Non-subscription revenue	5.4		1.3		—		5.8		9.3		—		—		21.8
Total residential fixed revenue	128.9		31.2		—		123.8		42.6		—		—		326.5
Residential mobile revenue:
Service revenue	89.0		71.2		—		79.0		71.7		—		—		310.9
Interconnect, inbound roaming, equipment sales and other (b)	21.3		15.2		—		45.3		26.1		3.5		—		111.4
Total residential mobile revenue	110.3		86.4		—		124.3		97.8		3.5		—		422.3
Total residential revenue	239.2		117.6		—		248.1		140.4		3.5		—		748.8



B2B revenue (c)	124.7		59.4		110.4		43.7		17.8		0.4		(28.3)		328.1
Other revenue	—		—		—		6.6		—		—		—		6.6
Total	$	363.9	$	177.0	$	110.4	$	298.4	$	158.2	$	3.9	$	(28.3)	$	1,083.5



	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2026		2025				FX		Organic
	in millions
Revenue	$	1,082.8	$	1,083.5	$	(0.7)	$	10.2	$	(10.9)
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services	235.5		232.6		2.9		2.2		0.7
Other operating costs and expenses	473.8		478.3		(4.5)		5.0		(9.5)
Depreciation and amortization	217.1		228.8		(11.7)		1.5		(13.2)
Impairment, restructuring and other operating items, net	11.2		15.7		(4.5)		0.1		(4.6)
	937.6		955.4		(17.8)		8.8		(26.6)
Operating income	$	145.2	$	128.1	$	17.1	$	1.4	$	15.7


	Three-month comparison
Decrease in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	(8.7)
ARPU	(0.6)
Decrease in residential fixed non-subscription revenue	(0.8)
Total decrease in residential fixed revenue	(10.1)
Increase in residential mobile service revenue (b)	3.2
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (c)	(3.8)
Increase in B2B revenue (d)	1.0
Total organic decrease	(9.7)
Impact of FX	0.3
Total	$	(9.4)


	Three-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	2.3
ARPU (b)	(1.6)
Decrease in residential fixed non-subscription revenue	(0.4)
Total increase in residential fixed revenue	0.3
Increase in residential mobile service revenue (c)	0.9
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue	(0.2)
Decrease in B2B revenue (d)	(2.5)
Total	$	(1.5)


	Three months ended March 31,				Increase
	2026		2025		$		%
	in millions, except percentages
B2B revenue:
Enterprise revenue	$	35.6	$	32.9	$	2.7	8
Wholesale revenue	85.6		77.5		8.1		10
Total	$	121.2	$	110.4	$	10.8	10


	Three-month comparison
Increase in enterprise revenue	$	0.8
Increase in wholesale revenue (a)	7.0
Total organic increase	7.8
Impact of FX	3.0
Total	$	10.8


	Three months ended March 31,				Decrease
	2026		2025
	in millions
Programming and copyright	$	5.3	$	5.3	$	—
Interconnect	15.4		16.9		(1.5)
Equipment	14.1		14.1		—
Project-related and other	13.6		14.5		(0.9)
Total programming and other direct costs of services	$	48.4	$	50.8	$	(2.4)


Cash and cash equivalents held by:
Liberty Latin America and corporate subsidiaries (a)	$	117.1
Borrowing groups (b):
C&W (c)	457.7
Liberty Puerto Rico	86.7
Liberty Costa Rica	19.9
Total borrowing groups	564.3
Total cash and cash equivalents	$	681.4


Borrowing group	Decrease to borrowing costs

C&W	(0.9)	%
Liberty Costa Rica	—	%
Liberty Latin America borrowing groups	(0.5)	%


	March 31, 2026	December 31, 2025
Spot rates:
CRC	465.12	497.47
JMD	157.45	159.08


	Payments (receipts) due during:												Total
	Remainder of 2026		2027		2028		2029		2030		Thereafter
	in millions
Projected derivative cash payments (receipts), net:
Interest-related (a)	$	(28.0)	$	(19.1)	$	(9.7)	$	4.9	$	4.9	$	6.3	$	(40.7)
Other (b)	15.0		4.4		—		—		—		—		19.4
Total	$	(13.0)	$	(14.7)	$	(9.7)	$	4.9	$	4.9	$	6.3	$	(21.3)


Period	Total number of shares purchased	Average price paid per share (a)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs

January 1, 2026 through January 31, 2026:
Class A	—	$	—	—	(b)
Class C	—	$	—	—
February 1, 2026 through February 28, 2026:
Class A	—	$	—	—	(b)
Class C	—	$	—	—
March 1, 2026 through March 31, 2026:
Class A	0.78	$	8.22	0.78	(b)
Class C	1.18	$	8.35	1.18
Total - January 1, 2026 through March 31, 2026:
Class A	0.78	$	8.22	0.78	(b)
Class C	1.18	$	8.35	1.18


10.1			Exchange Agreement between the Registrant and Balan Nair, dated March 27, 2026.*
10.2			LiLAC Communications 2, Inc. Deferred Compensation Plan (Effective May 1, 2018; Restated Effective as of January 1, 2026) (incorporated by reference to Exhibit 10.22 to Liberty Latin America's Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 18, 2026 (File No. 001-38335)).+
31.1			Certification of President and Chief Executive Officer.*
31.2			Certification of Senior Vice President and Chief Financial Officer (Principal Financial Officer).*
32			Section 1350 Certifications.**
101.SCH			XBRL Inline Taxonomy Extension Schema Document.*
101.CAL			XBRL Inline Taxonomy Extension Calculation Linkbase Document.*
101.DEF			XBRL Inline Taxonomy Extension Definition Linkbase.*
101.LAB			XBRL Inline Taxonomy Extension Label Linkbase Document.*
101.PRE			XBRL Inline Taxonomy Extension Presentation Linkbase Document.*
104			Cover Page Interactive Data File.* (formatted as Inline XBRL and contained in Exhibit 101).


		LIBERTY LATIN AMERICA LTD.

Dated:	May 7, 2026	/s/ BALAN NAIR
		Balan Nair President and Chief Executive Officer

Dated:	May 7, 2026	/s/ CHRISTOPHER NOYES
		Christopher Noyes Senior Vice President and Chief Financial Officer


Exchanged Shares (whole numbers only, no fractional or decimal amounts)			Transaction Shares (whole numbers only, no fractional or decimal amounts)
Number of shares held through broker: 1,363,080 DTC Participant name: [Separately Provided] DTC Participant account number: [Separately Provided] Broker contact email and phone #: [Separately Provided] Account # at bank/broker: [Separately Provided]			1,300,2431


/s/ Balan Nair
Balan Nair
President and Chief Executive Officer