# EDGAR Filing Document

**Accession Number:** 0001712184
**File Stem:** 0001712184-26-000079
**Filing Date:** 2026-5
**Character Count:** 230620
**Document Hash:** 137ba5a6952b6fdc1838931568b98961
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001712184-26-000079.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001712184-26-000079

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Liberty Latin America Ltd.
- **CENTRAL INDEX KEY:** 0001712184
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38335
- **FILM NUMBER:** 26950819

**BUSINESS ADDRESS:**
- **STREET 1:** 1550 WEWATTA STREET
- **STREET 2:** SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 303-220-6600

**MAIL ADDRESS:**
- **STREET 1:** 1550 WEWATTA STREET
- **STREET 2:** SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LatAm Splitco Ltd.
- **DATE OF NAME CHANGE:** 20170718

?xml version='1.0' encoding='ASCII'? lila-20260331

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**Form 10-Q** 

---

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

---

**OR**

---

| | |
|:---|:---|
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| | **For the transition period from to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

**Commission file number: 001-38335**![colorlogoa21.jpg](lila-20260331_g1.jpg)

**Liberty Latin America Ltd.** 

*(Exact name of Registrant as specified in its charter)*

---

| | |
|:---|:---|
| **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)* |

---

Registrant's telephone number, including area code: **(441) 295-5950 or (303) 925-6000**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **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 |

---

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗹&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗹&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☑ Accelerated Filer ☐ Non-Accelerated Filer ☐ <br> Smaller Reporting Company ☐ Emerging Growth Company ☐

------

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ◻

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No 🗹

The number of outstanding common shares of Liberty Latin America Ltd. as of April 30, 2026 was: 37.8 million Class A; 2.5 million Class B; and 161.1 million Class C.

------

**LIBERTY LATIN AMERICA LTD.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page<br>Number** |
| | **PART I - FINANCIAL INFORMATION** | |
| Item 1. | FINANCIAL STATEMENTS |  |
|  | Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited) | <u>[1](#i469d98264be24f5ba4360045e7e51ebc_16)</u> |
|  | Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited) | <u>[3](#i469d98264be24f5ba4360045e7e51ebc_19)</u> |
|  | Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2026 and 2025 (unaudited) | <u>[4](#i469d98264be24f5ba4360045e7e51ebc_22)</u> |
|  | Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited) | <u>[5](#i469d98264be24f5ba4360045e7e51ebc_25)</u> |
|  | Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited) | <u>[7](#i469d98264be24f5ba4360045e7e51ebc_28)</u> |
|  | Notes to Condensed Consolidated Financial Statements (unaudited) | <u>[9](#i469d98264be24f5ba4360045e7e51ebc_31)</u> |
| Item 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | <u>[31](#i469d98264be24f5ba4360045e7e51ebc_112)</u> |
| Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | <u>[54](#i469d98264be24f5ba4360045e7e51ebc_445)</u> |
| Item 4. | CONTROLS AND PROCEDURES | <u>[56](#i469d98264be24f5ba4360045e7e51ebc_448)</u> |
|  | **PART II - OTHER INFORMATION** |  |
| Item 1. | LEGAL PROCEEDINGS | <u>[57](#i469d98264be24f5ba4360045e7e51ebc_454)</u> |
| Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | <u>[58](#i469d98264be24f5ba4360045e7e51ebc_457)</u> |
| Item 5. | OTHER INFORMATION | <u>[58](#i469d98264be24f5ba4360045e7e51ebc_463)</u> |
| Item 6. | EXHIBITS | <u>[59](#i469d98264be24f5ba4360045e7e51ebc_466)</u> |

---

------

**GLOSSARY OF DEFINED TERMS**

Unless the context requires otherwise, references to **Liberty Latin America**, "**we**," "**our**," "**our company**" and "**us**" in this Quarterly Report on Form 10-Q (as defined below) may refer to Liberty Latin America Ltd. or collectively to Liberty Latin America Ltd. and its subsidiaries. We have used several other terms in this Quarterly Report on Form 10-Q, most of which are defined or explained below.

---

| | |
|:---|:---|
| **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. |

---

------

**GLOSSARY OF DEFINED TERMS – (Continued)**

---

| | |
|:---|:---|
| **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 |

---

------

**GLOSSARY OF DEFINED TERMS – (Continued)**

---

| | |
|:---|:---|
| **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 |

---

------

**GLOSSARY OF DEFINED TERMS – (Continued)**

---

| | |
|:---|:---|
| **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. |

---

------

 **LIBERTY LATIN AMERICA LTD.** 

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |  |
| | **March 31,<br>2026** | **December 31,<br>2025** | **in millions** |
| **ASSETS** | | |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $681.4 | $783.9 |  |
| &nbsp;&nbsp;&nbsp;Trade receivables, net | 667.7 | 653.6 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 91.3 | 79.8 |  |
| &nbsp;&nbsp;&nbsp;Current notes receivable, net | 143.2 | 133.0 |  |
| &nbsp;&nbsp;&nbsp;Current contract assets | 125.2 | 124.0 |  |
| &nbsp;&nbsp;&nbsp;Other current assets, net | 468.1 | 471.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2176.9 | 2246.2 |  |
| Goodwill | 3047.2 | 3007.5 |  |
| Property and equipment, net | 3793.0 | 3847.8 |  |
| Intangible assets not subject to amortization  | 1319.3 | 1319.3 |  |
| Intangible assets subject to amortization, net  | 347.9 | 361.0 |  |
| Other assets, net | 1479.2 | 1444.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12163.5 | $12225.9 |  |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**LIBERTY LATIN AMERICA LTD.**

**CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)**

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |  |
| | **March 31,<br>2026** | **December 31,<br>2025** | **in millions** |
| **LIABILITIES AND EQUITY** | | |  |
| Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $316.8 | $384.6 |  |
| &nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 126.5 | 127.4 |  |
| &nbsp;&nbsp;&nbsp;Current portion of debt and finance lease obligations | 483.4 | 408.8 |  |
| &nbsp;&nbsp;&nbsp;Accrued interest | 151.6 | 150.1 |  |
| &nbsp;&nbsp;&nbsp;Accrued payroll and employee benefits | 75.1 | 102.4 |  |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 97.2 | 95.0 |  |
| &nbsp;&nbsp;&nbsp;Other accrued and current liabilities | 711.1 | 709.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1961.7 | 1977.9 |  |
| Long-term debt and finance lease obligations | 7878.7 | 7870.4 |  |
| Deferred tax liabilities | 401.3 | 411.6 |  |
| Deferred revenue | 92.0 | 81.9 |  |
| Other long-term liabilities | 811.9 | 820.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11145.6 | 11162.4 |  |
| Commitments and contingencies |  |  |  |
| Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Latin America shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A, $0.01 par value; 500.0 million shares authorized; 55.8 million and 37.8 million shares issued and outstanding, respectively, at March 31, 2026; 54.7 million and 38.9 million shares issued and outstanding, respectively, at December 31, 2025 | 0.6 | 0.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B, $0.01 par value; 50.0 million shares authorized; 2.5 million shares issued and outstanding at March 31, 2026; 2.4 million shares issued and outstanding at December 31, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C, $0.01 par value; 500.0 million shares authorized; 198.6 million and 160.9 million shares issued and outstanding, respectively, at March 31, 2026; 195.2 million and 158.7 million shares issued and outstanding, respectively, at December 31, 2025 | 2.0 | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Undesignated preference shares, $0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, at cost; 55.7 million and 52.4 million shares, respectively | (465.3) | (448.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital  | 5351.8 | 5368.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (4265.0) | (4242.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of taxes | (83.5) | (124.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liberty Latin America shareholders | 540.6 | 555.6 |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 477.3 | 507.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1017.9 | 1063.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $12163.5 | $12225.9 |  |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**LIBERTY LATIN AMERICA LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions, except per share amounts** | **in millions, except per share amounts** |
| Revenue | $1082.8 | $1083.5 |
| Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): |  |  |
| &nbsp;&nbsp;&nbsp;Programming and other direct costs of services | 235.5 | 232.6 |
| &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 145.2 | 128.1 |
| Non-operating expense: |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (164.2) | (158.3) |
| &nbsp;&nbsp;&nbsp;Realized and unrealized losses on derivative instruments, net | (7.4) | (62.9) |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction gains (losses), net | 45.9 | (4.2) |
| &nbsp;&nbsp;&nbsp;Losses on debt extinguishments, net | (2.3) | (14.4) |
| &nbsp;&nbsp;&nbsp;Other expense, net | (6.7) | (5.9) |
|  | (134.7) | (245.7) |
| &nbsp;&nbsp;Earnings (loss) before income taxes | 10.5 | (117.6) |
| Income tax expense | (26.7) | (9.1) |
| &nbsp;&nbsp;&nbsp;Net loss | (16.2) | (126.7) |
| Net earnings attributable to noncontrolling interests | (6.5) | (9.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;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) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**LIBERTY LATIN AMERICA LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNING (LOSS)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Net loss | $(16.2) | $(126.7) |
| Other comprehensive earnings, net of taxes: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 42.4 | 15.2 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustments included in net loss | 0.5 | 0.4 |
| &nbsp;&nbsp;&nbsp;Pension-related adjustments and other, net | (2.4) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive earnings | 40.5 | 14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive earnings (loss) | 24.3 | (111.9) |
| Comprehensive earnings attributable to noncontrolling interests | (5.9) | (10.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive earnings (loss) attributable to Liberty Latin America shareholders | $18.4 | $(122.1) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**LIBERTY LATIN AMERICA LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF EQUITY**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Non-controlling<br>interests** | **Total equity** |
| | **Common shares** | **Common shares** | **Common shares** | **Treasury Stock** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated<br>other<br>comprehensive loss, net of taxes** | **Total Liberty Latin America shareholders** | **Non-controlling<br>interests** | **Total equity** |
| | **Class A** | **Class B** | **Class C** | **Treasury Stock** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated<br>other<br>comprehensive loss, net of taxes** | **Total Liberty Latin America shareholders** | **Non-controlling<br>interests** | **Total equity** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Balance at January 1, 2025 | $0.5 | $— | $1.9 | $(444.1) | $5315.6 | $(3631.1) | $(154.2) | $1088.6 | $505.0 | $1593.6 |
| &nbsp;&nbsp;&nbsp;Net earnings (loss) |  |  |  |  |  | (136.4) |  | (136.4) | 9.7 | (126.7) |
| &nbsp;&nbsp;&nbsp;Other comprehensive earnings |  |  |  |  |  |  | 14.3 | 14.3 | 0.5 | 14.8 |
| &nbsp;&nbsp;&nbsp;Cash distributions to noncontrolling interest owners |  |  |  |  |  |  |  |  | (10.9) | (10.9) |
| &nbsp;&nbsp;&nbsp;Share-based compensation |  |  |  |  | 22.9 |  |  | 22.9 |  | 22.9 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  |  |  | (0.4) | (0.4) |
| Balance at March 31, 2025 | $0.5 | $— | $1.9 | $(444.1) | $5338.5 | $(3767.5) | $(139.9) | $989.4 | $503.9 | $1493.3 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**LIBERTY LATIN AMERICA LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Liberty Latin America shareholders** | **Non-controlling<br>interests** | **Total equity** |
| | **Common shares** | **Common shares** | **Common shares** | **Treasury Stock** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated<br>other<br>comprehensive loss, net of taxes** | **Total Liberty Latin America shareholders** | **Non-controlling<br>interests** | **Total equity** |
| | **Class A** | **Class B** | **Class C** | **Treasury Stock** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated<br>other<br>comprehensive loss, net of taxes** | **Total Liberty Latin America shareholders** | **Non-controlling<br>interests** | **Total equity** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Balance at January 1, 2026 | $0.5 | $— | $2.0 | $(448.9) | $5368.9 | $(4242.3) | $(124.6) | $555.6 | $507.9 | $1063.5 |
| &nbsp;&nbsp;&nbsp;Net earnings (loss) |  |  |  |  |  | (22.7) |  | (22.7) | 6.5 | (16.2) |
| &nbsp;&nbsp;&nbsp;Other comprehensive earnings (loss) |  |  |  |  |  |  | 41.1 | 41.1 | (0.6) | 40.5 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 0.1 |  |  |  | 30.7 |  |  | 30.8 |  | 30.8 |
| &nbsp;&nbsp;&nbsp;Repurchase of Liberty Latin America common shares |  |  |  | (16.4) |  |  |  | (16.4) |  | (16.4) |
| &nbsp;&nbsp;&nbsp;Payment related to the LCR NCI Transaction |  |  |  |  | (47.8) |  |  | (47.8) | (36.5) | (84.3) |
| Balance at March 31, 2026 | $0.6 | $— | $2.0 | $(465.3) | $5351.8 | $(4265.0) | $(83.5) | $540.6 | $477.3 | $1017.9 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**LIBERTY LATIN AMERICA LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net loss | $(16.2) | $(126.7) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 24.8 | 28.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 217.1 | 228.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and other non-cash activity, net | 6.8 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt financing costs, premiums and discounts, net | 7.9 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized losses on derivative instruments, net | 7.4 | 62.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction losses (gains), net | (45.9) | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on debt modification and extinguishments, net | 2.3 | 14.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (21.3) | (22.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of the effect of acquisitions | (140.7) | (175.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 42.2 | 24.6 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;Capital expenditures, net | (99.3) | (96.7) |
| &nbsp;&nbsp;Other investing activities, net | (9.0) | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | $(108.3) | $(95.0) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**LIBERTY LATIN AMERICA LTD.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Borrowings of debt | $158.1 | $941.5 |
| &nbsp;&nbsp;Payments of principal amounts of debt and finance lease obligations | (122.9) | (879.7) |
| &nbsp;&nbsp;Repurchase of Liberty Latin America common shares | (14.3) | **—** |
| &nbsp;&nbsp;Distributions to noncontrolling interest owners |  | (29.1) |
| &nbsp;&nbsp;Payment related to the LCR NCI Transaction | (52.7) |  |
| &nbsp;&nbsp;Payment of financing costs and debt redemption premiums | (7.5) | (24.2) |
| &nbsp;&nbsp;Other financing activities, net | 0.2 | (5.1) |
| &nbsp;&nbsp;Net cash provided (used) by financing activities | (39.1) | 3.4 |
| &nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1.8 | (11.8) |
| &nbsp;&nbsp;Net decrease in cash, cash equivalents and restricted cash | (103.4) | (78.8) |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 800.0 | 670.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $696.6 | $591.5 |
| Cash paid for interest | $151.3 | $151.5 |
| Net cash paid for taxes | $24.0 | $41.2 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements**

**March 31, 2026**

**(unaudited)**

**(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>Basis of Presentation</u>**

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements.

***General***

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes (i) C&W; (ii) Liberty Communications PR; and (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Telecomunicaciones. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.residential and B2B services in:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Costa Rica, through our reportable segment Liberty Costa Rica.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region.

Unless otherwise indicated, ownership percentages are calculated as of March 31, 2026.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or SEC rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2025 Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation.

**(2)&nbsp;&nbsp;&nbsp;&nbsp;<u>Accounting Changes and Recent Accounting Pronouncements</u>**

***Recent Accounting Pronouncements***

*ASU 2024-03*

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Disaggregation of Income Statement Expenses* (**ASU 2024-03**), which requires more detailed disclosure in the notes to the financial statements about the types of expenses in commonly presented expense captions. In each annual and interim reporting period, entities are required to (i) disclose the amounts of (a) purchases of

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each expense line item within continuing operations that is presented on the statement of operations, (ii) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in each expense line item within continuing operations that are not separately quantified and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Clarifying the Effective Date* (**ASU 2025-01**). ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01. We are currently evaluating the impact this standard will have on our consolidated financial statements.

*ASU 2025-05*

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets* (**ASU 2025-05***)*, which introduces a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient to simplify the estimation of expected credit losses for current accounts receivable and current contract assets. Entities electing the practical expedient can assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Entities must disclose whether they have elected to use the practical expedient and, if so, whether they have also applied the accounting policy election. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. This standard did not have a material impact to our consolidated financial statements.

*ASU 2025-06*

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)* (**ASU 2025-06**), which provides accounting guidance to modernize the accounting for internal-use software costs. The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being i) management has authorized and committed to the funding for the software project and ii) it is probable a project will be completed and used as intended. Until both of these criteria are met, all software development costs should be expensed as incurred. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the amendments prospectively, retrospectively, or using a modified retrospective approach. We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements.

**(3)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fair Value Measurements</u>**

***General***

U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

***Recurring Fair Value Measurements***

*Derivatives*

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5. We use the fair value method to account for most of our derivative instruments. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

counterparties' credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties' credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate derivative contracts are further explained in note 5.

***Non-recurring Fair Value Measurements***

Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. During the three months ended March 31, 2026 and 2025, we did not perform any such non-recurring valuations.

**(4)&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Expected Credit Losses</u>**

The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below:

---

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

---

**(5)&nbsp;&nbsp;&nbsp;&nbsp;<u>Derivative Instruments</u>**

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements. With the exception of certain foreign currency forward contracts, we use the fair value method to account for our derivative instruments and do not apply hedge accounting. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement. Changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations. For additional information regarding our fair value measurements, see note 3**.**

The following table provides details of the fair values of our derivative instrument assets and liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Current (a)** | **Long-term (a)** | **Total** | **Current (a)** | **Long-term (a)** | **Total** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Assets – interest rate derivative contracts (b) | $46.1 | $22.0 | $68.1 | $44.2 | $28.2 | $72.4 |
| Liabilities (b): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate derivative contracts | $6.8 | $44.3 | $51.1 | $7.2 | $46.8 | $54.0 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 13.5 | 2.9 | 16.4 | 5.1 |  | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $20.3 | $47.2 | $67.5 | $12.3 | $46.8 | $59.1 |

---

(a)Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our condensed consolidated balance sheets.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

(b)We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 9) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 3.

The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Interest rate derivative contracts | $11.3 | $(51.1) |
| Foreign currency forward contracts | (9.4) | (3.6) |
| Weather Derivatives | (9.3) | (8.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(7.4) | $(62.9) |

---

The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Operating activities | $2.1 | $13.8 |
| Investing activities | (0.5) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1.6 | $13.4 |

---

**Counterparty Credit Risk**

We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At March 31, 2026, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $21 million.

Our C&W and Liberty Costa Rica borrowing groups have each entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

**Details of our Derivative Instruments**

***Interest Rate Derivative Contracts***

*Interest Rate Swaps*

We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. At March 31, 2026, our C&W borrowing group had an outstanding notional amount of $3,630 million due from our counterparties under interest rate swap contracts, which includes forward-starting derivative instruments, certain interest rate swap contracts with an embedded floor of 0%, and certain interest rate swap contracts where the counterparty has the right to cancel at a certain date in the future, and the related weighted average remaining contractual life was 4.8 years.

*Basis Swaps*

Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. At March 31, 2026, our C&W borrowing group had an outstanding notional amount of $1,180 million due from our counterparties under basis swap contracts, and the related weighted average remaining contractual life was 0.2 years.

***Foreign Currency Forward Contracts***

We enter into foreign currency forward contracts with respect to non-functional currency exposure. At March 31, 2026, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $211 million and CRC 108 billion, respectively, with a weighted average remaining contractual life of 0.7 years.

**(6)&nbsp;&nbsp;&nbsp;&nbsp;<u>Long-lived Assets</u>** 

***Goodwill***

Changes in the carrying amount of our goodwill are set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Liberty Caribbean** | **C&W Panama** | **Liberty Networks** | **Liberty Costa Rica** | **Total** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| January 1, 2026 | $1207.9 | $617.1 | $669.3 | $513.2 | $3007.5 |
| &nbsp;&nbsp;Foreign currency translation | 2.9 |  | 1.0 | 35.8 | 39.7 |
| March 31, 2026 | $1210.8 | $617.1 | $670.3 | $549.0 | $3047.2 |

---

Our accumulated goodwill impairments were $3,300 million at each of March 31, 2026 and December 31, 2025.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

***Property and Equipment, Net***

The details of our property and equipment and the related accumulated depreciation are set forth below:

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **in millions** | **in millions** |
| Distribution systems | $5312.8 | $5280.3 |
| Support equipment and buildings | 1401.1 | 1403.2 |
| CPE | 970.8 | 965.4 |
|  | 7684.7 | 7648.9 |
| Accumulated depreciation | (4163.4) | (4105.2) |
| &nbsp;&nbsp;Total depreciable assets | 3521.3 | 3543.7 |
| &nbsp;&nbsp;CIP and land | 271.7 | 304.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment, net | $3793.0 | $3847.8 |

---

During the three months ended March 31, 2026 and 2025, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating to $41 million and $38 million, respectively.

***Intangible Assets Not Subject to Amortization***

The details of our intangible assets not subject to amortization are set forth below:

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **in millions** | **in millions** |
| Spectrum licenses | $777.5 | $777.5 |
| Cable television franchise rights and other | 541.8 | 541.8 |
| &nbsp;&nbsp;&nbsp;Total | $1319.3 | $1319.3 |

---

***Intangible Assets Subject to Amortization, Net***

The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **in millions** | **in millions** |
| Customer relationships | $627.2 | $616.4 |
| Licenses and other | 307.6 | 299.9 |
|  | 934.8 | 916.3 |
| Accumulated amortization | (586.9) | (555.3) |
| &nbsp;&nbsp;&nbsp;Total | $347.9 | $361.0 |

---

**(7)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investments</u>**

*WOW*

During February 2021, we acquired a minority interest in WOW, primarily a broadband internet service provider in Peru. We account for our investment in WOW as an equity method investment. As of March 31, 2026, our investment in WOW, including shares and certain loans, totaled $91 million, which represents an equity ownership percentage of just under 50%. Our share of WOW losses for the three months ended March 31, 2026 and 2025 were not material to the consolidated financial statements.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

**(8)&nbsp;&nbsp;&nbsp;&nbsp;<u>Operating Leases</u>**

The following table provides details of our operating lease expense:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Operating lease expense: |  |  |
| &nbsp;&nbsp;Operating lease cost | $35.6 | $32.5 |
| &nbsp;&nbsp;Short-term lease cost | 4.8 | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease expense | $40.4 | $38.3 |

---

Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our condensed consolidated statements of operations.

Certain other details of our operating leases are set forth in the tables below:

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| | **in millions** | **in millions** |
| Operating lease right-of-use assets | $477.0 | $470.4 |
| Operating lease liabilities: |  |  |
| &nbsp;&nbsp;Current | $97.2 | $95.0 |
| &nbsp;&nbsp;Long-term | 420.8 | 423.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $518.0 | $518.6 |
| Weighted-average remaining lease term | 6.5 years | 6.6 years |
| Weighted-average discount rate | 8.6% | 8.6% |

---

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Operating cash outflows related to operating leases | $38.1 | $35.6 |
| Right-of-use assets obtained in exchange for new operating lease liabilities (a) | $14.7 | $8.0 |

---

(a)Represents non-cash transactions associated with operating leases entered into during the period.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

***Maturities of Operating Leases***

Maturities of our operating lease liabilities as of March 31, 2026 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on March 31, 2026 exchange rates.

---

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

---

**(9)&nbsp;&nbsp;&nbsp;&nbsp;<u>Debt and Finance Lease Obligations</u>**

The U.S. dollar equivalents of the components of our debt are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **Estimated fair value (c)** | **Estimated fair value (c)** | **Principal amount** | **Principal amount** |
| | **Weighted<br>average<br>interest<br>rate (a)** | **Unused borrowing capacity (b)** | **Unused borrowing capacity (b)** | **Estimated fair value (c)** | **Estimated fair value (c)** | **Principal amount** | **Principal amount** |
| | **Weighted<br>average<br>interest<br>rate (a)** | **Borrowing currency** | **US $ equivalent** | **March 31,<br>2026** | **December 31, 2025** | **March 31,<br>2026** | **December 31, 2025** |
| | **Weighted<br>average<br>interest<br>rate (a)** | **Borrowing currency** | **US $ equivalent** | **March 31,<br>2026** | **December 31, 2025** | **March 31,<br>2026** | **December 31, 2025** |
| | | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| C&W Notes | 7.93% |  | $— | $1750.4 | $1793.8 | $1755.0 | $1755.0 |
| C&W Credit Facilities (d) | 6.47% | (e) | 654.3 | 2608.9 | 2603.7 | 2646.3 | 2646.2 |
| LPR Senior Secured Notes | 6.08% |  |  | 1318.8 | 1285.5 | 1981.0 | 1981.0 |
| 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 |
| &nbsp;&nbsp;&nbsp;Total debt before premiums, discounts and deferred financing costs | 7.20% |  | $790.3 | $7505.5 | $7420.9 | $8431.3 | $8349.8 |

---

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31, 2025** |
| | **in millions** | **in millions** |
| Total debt before premiums, discounts and deferred financing costs | $8431.3 | $8349.8 |
| Premiums, discounts and deferred financing costs, net | (76.0) | (79.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total carrying amount of debt | 8355.3 | 8270.5 |
| Finance lease obligations | 6.8 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt and finance lease obligations | 8362.1 | 8279.2 |
| Less: Current maturities of debt and finance lease obligations | (483.4) | (408.8) |
| Long-term debt and finance lease obligations | $7878.7 | $7870.4 |

---

(a)Represents the weighted average interest rate in effect at March 31, 2026 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2026 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2026, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the March 31, 2026 compliance reporting requirements. At March 31, 2026, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary's ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.

(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 3.

(d)Includes other facilities that are generally repaid in three annual installments.

(e)The C&W Credit Facilities' unused borrowing capacity comprises certain U.S. dollar, Trinidad & Tobago dollar, and JMD revolving credit facilities.

(f)Includes Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets. During the three months ended March 31, 2026 and 2025, we received proceeds of $2 million and nil, respectively, related to the Tower Transactions, which are included in borrowings of debt in our condensed consolidated statements of cash flows.

(g)Includes $344 million and $306 million at March 31, 2026 and December 31, 2025, respectively, owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year, other than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that was paid on our behalf by the vendor. Our operating expenses were $66 million and $35 million for the three months ended March 31, 2026 and 2025, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.

***Financing Activity***

During the three months ended March 31, 2026 and 2025, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Borrowing group/ Borrower** | **Instrument** | **Issued at** | **Maturity** | **Interest rate** | **Amount borrowed (a)** | **Non-cash component** |
| | | | | | | **in millions** | **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% | $1522.4 | $1510.0 |
| 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 | $— |

---

N/A – Not applicable.

(a)Amounts borrowed are net of original issue discounts, as applicable.

(b)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, the C&W Revolving Credit Facility was amended. Under the terms of the amended agreement, $460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence, if any, of the refinancing of the C&W Term Loan B-6 Facility.

During the three months ended March 31, 2026 and 2025, we made certain repurchases or repayments on the following debt instruments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **Borrowing group / Borrower** | **Instrument** | **Redemption price** | **Principal amount redeemed** | **Non-cash component** |
| | | | | **in millions** | **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% | $1510.0 | $1510.0 |
| 2025 | Liberty Puerto Rico | LPR Revolving Credit Facility | 100% | $30.6 | $— |

---

(a)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

***Maturities of Debt***

Maturities of our debt as of March 31, 2026 are presented below. Amounts presented below represent U.S. dollar equivalents based on March 31, 2026 exchange rates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **C&W** | **Liberty Puerto Rico** | **Liberty Costa Rica** | **Liberty Latin America (a)** | **Consolidated** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Years ending December 31: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026 (remainder of year) | $281.0 | $64.9 | $40.0 | $1.0 | $386.9 |
| &nbsp;&nbsp;2027 | 94.9 | 1162.8 |  | 0.7 | 1258.4 |
| &nbsp;&nbsp;2028 | 491.3 | 620.5 |  |  | 1111.8 |
| &nbsp;&nbsp;2029 | 595.9 | 820.7 |  |  | 1416.6 |
| &nbsp;&nbsp;2030 | 10.6 | 260.8 |  |  | 271.4 |
| &nbsp;&nbsp;Thereafter | 3478.1 | 38.1 | 470.0 |  | 3986.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt maturities | 4951.8 | 2967.8 | 510.0 | 1.7 | 8431.3 |
| Premiums, discounts and deferred financing costs, net | (41.4) | (23.9) | (10.7) |  | (76.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | $4910.4 | $2943.9 | $499.3 | $1.7 | $8355.3 |
| Current portion | $373.5 | $66.0 | $40.0 | $1.3 | $480.8 |
| Long-term portion | $4536.9 | $2877.9 | $459.3 | $0.4 | $7874.5 |

---

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

**(10)&nbsp;&nbsp;&nbsp;&nbsp;<u>Unfulfilled Performance Obligations</u>**

We enter into certain long-term (i) capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time and (ii) contracts with customers related to the construction of subsea cable systems where we recognize revenue over time, generally using an output method. With respect to long-term prepaid contracts, we assess whether such contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of March 31, 2026, we have approximately $330 million of unfulfilled performance obligations relating to our long-term contracts that generally will be recognized as revenue over an average remaining life of four years.

**(11)&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity</u>**

***Share Repurchase Program***

Effective May 7, 2024, our Directors approved a Share Repurchase Program, which, subject to certain limitations and conditions, authorize us to repurchase up to $200 million in aggregate dollar value of our Class A common shares and/or Class C common shares through December 2026.

The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

During the three months ended March 31, 2026, we repurchased 0.8 million and 1.2 million Class A and Class C common shares, respectively. At March 31, 2026, the remaining amount authorized for share repurchases under the Share Repurchase Program was $184 million.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

***LCR NCI Transaction***

During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire an additional 8.5% of the remaining noncontrolling interest on January 30, 2026 for an aggregate cash consideration of approximately $84 million, of which $53 million was paid during the first quarter of 2026. The remaining consideration that is comprised of CRC 8 billion ($18 million) and $15 million, and is due on January 29, 2027, is reflected within other accrued and current liabilities on the condensed consolidated balance sheet.

**(12)&nbsp;&nbsp;&nbsp;&nbsp;<u>Income Taxes</u>**

For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful.

Income tax expense was $27 million and $9 million during the three months ended March 31, 2026 and 2025, respectively. This represents an effective income tax rate of (254.3%) and 7.7% for the three months ended March 31, 2026 and 2025, respectively, including items treated discretely.

For the three months ended March 31, 2026, the income tax expense attributable to our income before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, net increases in valuation allowances, permanent differences such as non-deductible expenses, and our estimate of global minimum tax. These detrimental effects were partially offset by the beneficial effects of net changes in uncertain tax positions and permanent differences, such as non-taxable income.

For the three months ended March 31, 2025, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, permanent tax differences, such as non-deductible expenses, the inclusion of withholding taxes on cross-border payments, global minimum tax, and net return-to-provision adjustments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of net decreases in valuation allowances, permanent tax differences, such as non-taxable income, and changes to uncertain tax positions.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

**(13*) &nbsp;&nbsp;&nbsp;&nbsp;*<u>Earnings or Loss Per Share</u>**

Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented. Diluted EPS presents the dilutive effect, if any, on a per share basis of dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of the calculations of our basic and diluted EPS are set forth below:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions, except per share amounts** | **in millions, except per share amounts** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to Liberty Latin America shareholders – basic and diluted | $(22.7) | $(136.4) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares – basic and diluted (a) | 200.3 | 197.5 |
| Basic and diluted net loss per share attributable to Liberty Latin America shareholders | $(0.11) | $(0.69) |

---

(a)During the three months ended March 31, 2026 and 2025, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effects at March 31, 2026 and 2025 of the following items were not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria:

---

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

---

**(14)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitments and Contingencies</u>**

***Guarantees and Other Credit Enhancements***

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. For commitments associated with the LCR NCI Transaction, see note 11.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

*Regulatory Issues.* We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

During 2024, we received a claim from a third party with respect to possible overpayments made to us under a transitional services agreement. We are currently unable to estimate a possible loss or range of possible loss associated with this claim.

On March 19, 2026, entities affiliated with Arini Capital Management and GoldenTree Asset Management that are purported beneficial holders of the 2028 LPR Term Loan commenced a civil action in the Supreme Court of the State of New York, County of New York, Commercial Division, against Liberty Puerto Rico, Liberty Latin America, Leo Cable LLC, The Bank of Nova Scotia (as administrative and SPV security agent under the 2028 LPR Term Loan credit agreement), certain individuals affiliated with Liberty Puerto Rico and Liberty Latin America, and certain other entities, all with respect to Liberty Puerto Rico's entry into the 2030 LPR Credit Agreement, the issuance of the 2030 LPR Term Loan, and related transactions (the "Unrestricted Subsidiary Financing"). The plaintiffs allege, among other things, that the Unrestricted Subsidiary Financing resulted in a breach of the 2028 LPR Term Loan credit agreement and related documents, as well as a breach of fiduciary duties by certain entities and individuals. The plaintiffs also assert claims of fraudulent transfer, tortious interference, aiding and abetting a purported breach of fiduciary duties, alter ego, and related claims. The plaintiffs request that the court declare an event of default under the 2028 LPR Term Loan credit agreement, avoid and unwind certain asset transfers made in connection with the Unrestricted Subsidiary Financing, and award compensatory damages, attorneys' fees, costs, and disbursements. We dispute the claim, and we intend to vigorously defend the matter. We are unable to predict the likely duration of this civil action, nor are we able to estimate a liability or reasonable range of loss associated with it.

**(15)&nbsp;&nbsp;&nbsp;&nbsp;<u>Segment Reporting</u>**

Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As of March 31, 2026, our operating segments, which are also our reportable segments, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liberty Caribbean;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• C&W Panama;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liberty Networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liberty Puerto Rico; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liberty Costa Rica.

***Performance Measures of our Reportable Segments***

We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices.

Adjusted OIBDA is the primary measure used by our CODM, who is 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 determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of Total reportable segment Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners' interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

---

| | | |
|:---|:---|:---|
| | **Revenue** | **Revenue** |
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Liberty Caribbean | $354.5 | $363.9 |
| C&W Panama | 175.5 | 177.0 |
| Liberty Networks | 121.2 | 110.4 |
| Liberty Puerto Rico | 296.2 | 298.4 |
| Liberty Costa Rica | 158.1 | 158.2 |
| &nbsp;&nbsp;Total reportable segment revenue | 1105.5 | 1107.9 |
| Corporate | 3.5 | 3.9 |
| Intersegment eliminations | (26.2) | (28.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated revenue | $1082.8 | $1083.5 |

---

---

| | | |
|:---|:---|:---|
| | **Adjusted OIBDA** | **Adjusted OIBDA** |
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Liberty Caribbean | $163.4 | $173.3 |
| C&W Panama | 63.7 | 64.6 |
| Liberty Networks | 55.2 | 57.9 |
| Liberty Puerto Rico | 91.1 | 81.5 |
| Liberty Costa Rica | 56.5 | 58.9 |
| &nbsp;&nbsp;Total reportable segment Adjusted OIBDA | $429.9 | $436.2 |

---

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

The following table provides a reconciliation of total Adjusted OIBDA to operating income and to earnings (loss) before income taxes:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Total reportable segment Adjusted OIBDA | $429.9 | $436.2 |
| Corporate (a) | (24.8) | (29.6) |
| Share-based compensation and other Employee Incentive Plan-related expense (b) | (31.6) | (34.0) |
| Depreciation and amortization | (217.1) | (228.8) |
| Impairment, restructuring and other operating items, net | (11.2) | (15.7) |
| &nbsp;&nbsp;&nbsp;Operating income | 145.2 | 128.1 |
| 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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings (loss) before income taxes | $10.5 | $(117.6) |

---

(a)Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, which is not considered an operating segment of Liberty Latin America.

(b)Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.

Our programming and other direct costs of services by major category, which are further discussed below, are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Programming and copyright | $51.3 | $57.6 |
| Interconnect | 63.7 | 66.7 |
| Equipment | 82.9 | 80.6 |
| Project-related and other | 37.6 | 27.7 |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | $235.5 | $232.6 |

---

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

Our other operating costs and expenses by major category, which are further discussed below, are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Personnel and contract labor-related | $146.1 | $147.2 |
| Network-related | 55.9 | 54.3 |
| Service-related | 60.9 | 60.4 |
| Commercial | 43.2 | 45.6 |
| Facility, provision, franchise and other | 136.1 | 136.8 |
| Share-based compensation and other Employee Incentive Plan-related expense | 31.6 | 34.0 |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses (a) | $473.8 | $478.3 |

---

(a)Amounts represent total other operating costs and expenses as set forth in our condensed consolidated statements of operations. These amounts differ from significant operating costs and expenses reviewed by our CODM, which represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.

 ***Property and Equipment Additions of our Reportable Segments***

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 6.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Liberty Caribbean | $37.5 | $37.5 |
| C&W Panama | 15.4 | 14.7 |
| Liberty Networks | 15.2 | 18.4 |
| Liberty Puerto Rico | 19.4 | 28.6 |
| Liberty Costa Rica | 17.0 | 15.2 |
| Corporate | 6.2 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment additions | 110.7 | 120.3 |
| Assets acquired under capital-related vendor financing arrangements | (41.3) | (37.6) |
| Changes in current liabilities related to capital expenditures and other | 29.9 | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditures, net | $99.3 | $96.7 |

---

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

***Geographic Markets***

The revenue from third-party customers for each of our geographic markets is set forth in the table below.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Puerto Rico | $279.2 | $283.5 |
| Panama | 175.3 | 176.2 |
| Costa Rica | 158.0 | 157.9 |
| Jamaica | 103.2 | 105.3 |
| Networks & LatAm (a) | 98.6 | 87.1 |
| The Bahamas | 39.7 | 48.6 |
| Trinidad and Tobago | 36.4 | 37.4 |
| Barbados | 42.2 | 40.9 |
| Other (b) | 150.2 | 146.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1082.8 | $1083.5 |

---

(a)The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks' subsea and terrestrial fiber optic cable networks.

(b)The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

***Revenue by Major Category***

Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators; and (ii) wholesale revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | | | |
| | **Liberty Caribbean** | **C&W Panama** | **Liberty Networks (a)** | **Liberty Puerto Rico** | **Liberty Costa Rica** |<br>**Corporate** |<br>**Intersegment Eliminations** |<br>**Total** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Residential revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential fixed revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscription revenue | $114.3 | $30.6 | $— | $114.6 | $32.2 | $— | $— | $291.7 |
| &nbsp;&nbsp;&nbsp;Non-subscription revenue | 4.6 | 0.9 |  | 6.2 | 4.4 |  |  | 16.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential fixed revenue | 118.9 | 31.5 |  | 120.8 | 36.6 |  |  | 307.8 |
| &nbsp;&nbsp;&nbsp;Residential mobile revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | 92.2 | 72.1 |  | 71.3 | 79.3 |  |  | 314.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interconnect, inbound roaming, equipment sales and other (b) | 17.5 | 15.0 |  | 54.5 | 25.6 | 3.0 |  | 115.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mobile revenue | 109.7 | 87.1 |  | 125.8 | 104.9 | 3.0 |  | 430.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $354.5 | $175.5 | $121.2 | $296.2 | $158.1 | $3.5 | $(26.2) | $1082.8 |

---

(a)Included in this amount is $23 million of revenue earned from sales to other segments of Liberty Latin America.

(b)The total amount includes $64 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $9 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
| | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | | | |
| | **Liberty Caribbean** | **C&W Panama** | **Liberty Networks (a)** | **Liberty Puerto Rico** | **Liberty Costa Rica** |<br>**Corporate** |<br>**Intersegment Eliminations** |<br>**Total** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Residential revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential fixed revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscription revenue | $123.5 | $29.9 | $— | $118.0 | $33.3 | $— | $— | $304.7 |
| &nbsp;&nbsp;&nbsp;Non-subscription revenue | 5.4 | 1.3 |  | 5.8 | 9.3 |  |  | 21.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential fixed revenue | 128.9 | 31.2 |  | 123.8 | 42.6 |  |  | 326.5 |
| &nbsp;&nbsp;&nbsp;Residential mobile revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | 89.0 | 71.2 |  | 79.0 | 71.7 |  |  | 310.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interconnect, inbound roaming, equipment sales and other (b) | 21.3 | 15.2 |  | 45.3 | 26.1 | 3.5 |  | 111.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mobile revenue | 110.3 | 86.4 |  | 124.3 | 97.8 | 3.5 |  | 422.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $363.9 | $177.0 | $110.4 | $298.4 | $158.2 | $3.9 | $(28.3) | $1083.5 |

---

(a)Included in this amount is $23 million of revenue earned from sales to other segments of Liberty Latin America.

(b)The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

***Significant Expenses***

Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below. We consider these expenses significant because they are regularly provided to and reviewed by our CODM. Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments. Our significant expense categories include the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Service-related** costs, which primarily include professional services, information technology-related services, audit, legal and other services;

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
| | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | | | |
| | **Liberty Caribbean** | **C&W Panama** | **Liberty Networks** | **Liberty Puerto Rico** | **Liberty Costa Rica** |<br>**Corporate** |<br>**Intersegment Eliminations** |<br>**Total** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Programming and copyright | $11.8 | $5.3 | $— | $24.4 | $9.8 | $— | $— | $51.3 |
| Interconnect | 14.7 | 15.4 | 12.9 | 18.0 | 6.0 |  | (3.3) | 63.7 |
| Equipment | 9.7 | 14.1 | 0.1 | 41.8 | 17.1 |  | 0.1 | 82.9 |
| Project-related and other | 12.3 | 13.6 | 13.5 | 0.8 |  |  | (2.6) | 37.6 |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | 48.5 | 48.4 | 26.5 | 85.0 | 32.9 |  | (5.8) | 235.5 |
| Personnel and contract labor-related | 50.8 | 19.6 | 14.6 | 34.5 | 9.4 | 16.7 | 0.5 | 146.1 |
| Network-related | 32.5 | 12.4 | 11.7 | 8.0 | 11.0 |  | (19.7) | 55.9 |
| Service-related | 17.1 | 5.2 | 4.4 | 21.9 | 8.0 | 5.5 | (1.2) | 60.9 |
| Commercial | 6.5 | 9.2 | 0.4 | 11.4 | 15.7 |  |  | 43.2 |
| Facility, provision, franchise and other | 35.7 | 17.0 | 8.4 | 44.3 | 24.6 | 6.1 |  | 136.1 |
| &nbsp;&nbsp;&nbsp;Total significant other operating costs and expenses | 142.6 | 63.4 | 39.5 | 120.1 | 68.7 | 28.3 | (20.4) | 442.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total significant expenses | $191.1 | $111.8 | $66.0 | $205.1 | $101.6 | $28.3 | $(26.2) | $677.7 |

---

------

**Liberty Latin America Ltd.**

**Notes to Condensed Consolidated Financial Statements – (Continued)**

**March 31, 2026**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
| | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | **Reportable Segments** | | | |
| | **Liberty Caribbean** | **C&W Panama** | **Liberty Networks** | **Liberty Puerto Rico** | **Liberty Costa Rica** |<br>**Corporate** |<br>**Intersegment Eliminations** |<br>**Total** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Programming and copyright | $15.9 | $5.3 | $— | $27.4 | $9.1 | $— | $(0.1) | $57.6 |
| Interconnect | 14.4 | 16.9 | 13.1 | 20.8 | 6.3 |  | (4.8) | 66.7 |
| Equipment | 10.3 | 14.1 | 0.1 | 36.9 | 19.2 |  |  | 80.6 |
| Project-related and other | 10.9 | 14.5 | 4.4 | 0.8 | 1.2 |  | (4.1) | 27.7 |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | 51.5 | 50.8 | 17.6 | 85.9 | 35.8 |  | (9.0) | 232.6 |
| Personnel and contract labor-related | 48.4 | 18.4 | 12.5 | 39.4 | 8.4 | 20.1 |  | 147.2 |
| Network-related | 30.0 | 12.4 | 12.7 | 7.1 | 10.2 |  | (18.1) | 54.3 |
| Service-related | 17.7 | 4.6 | 2.7 | 23.1 | 6.1 | 7.3 | (1.1) | 60.4 |
| Commercial | 8.4 | 8.9 | 0.9 | 11.7 | 15.7 |  |  | 45.6 |
| Facility, provision, franchise and other | 34.6 | 17.3 | 6.1 | 49.7 | 23.1 | 6.1 | (0.1) | 136.8 |
| &nbsp;&nbsp;&nbsp;Total significant other operating costs and expenses | 139.1 | 61.6 | 34.9 | 131.0 | 63.5 | 33.5 | (19.3) | 444.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total significant expenses | $190.6 | $112.4 | $52.5 | $216.9 | $99.3 | $33.5 | $(28.3) | $676.9 |

---

------

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of restrictions contained in certain of our subsidiaries' debt instruments;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage rapid technological changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of 5G and wireless technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our equity capital structure;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

**Overview**

***General***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.residential and B2B services in:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Costa Rica, through our reportable segment Liberty Costa Rica.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 areas in the east were less impacted. As of March 31, 2026, we still have approximately 50,000 RGUs, which is comprised of 25,000 broadband internet, 19,000 fixed-line telephony, and 6,000 video subscribers, that continue to be offline and are expected to be back online in the near term. This is an improvement of approximately 36,000 RGUs as compared to the approximately 86,000 RGUs that were not receiving service as of December 31, 2025.

As a result of the impact of Hurricane Melissa, we incurred lower revenue during the first quarter of 2026 and expect to incur lower revenue during the remainder of 2026 relative to 2025 pre-hurricane period. This decrease is predominantly due to lower fixed connectivity that has been offline for a period of time together with the impact of subscriber losses. We continue to work hard to restore connectivity, but there can be no guarantee as to the cadence of future reconnections or the pace and magnitude of future revenue recovery. In addition, we expect to continue to incur additional property and equipment additions as we restore damaged networks.

For the first quarter of 2026, Hurricane Melissa had negative impacts to (i) revenue of approximately $12 million and (ii) Adjusted OIBDA of approximately $13 million. These totals exclude a benefit of approximately $6 million of revenue for services rendered to customers immediately following the hurricane that was believed to be uncertain of collection in 2025. Additionally, we incurred incremental property and equipment additions of approximately $12 million as a result of Hurricane Melissa.

**Material Changes in Results of Operations**

The comparability of our operating results during the three months ended March 31, 2026 and 2025 is affected by FX. As we use the term, "organic" changes exclude FX.

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 3*. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Rates* below.

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 condensed 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 condensed 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.

***Operating Income or Loss***

The following table sets forth the organic and non-organic changes in the components of operating income or loss during the three months ended March 31, 2026, as compared to the corresponding period in 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Revenue | $1082.8 | $1083.5 | $(0.7) | $10.2 | $(10.9) |
| Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Programming and other direct costs of services | 235.5 | 232.6 | 2.9 | 2.2 | 0.7 |
| &nbsp;&nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | $145.2 | $128.1 | $17.1 | $1.4 | $15.7 |

---

As reflected in the table above, there was an increase to our operating income for the three months ended March 31, 2026 as compared with the corresponding period in 2025. For further discussion and analysis of organic changes in revenue and operating costs and expenses, see *Revenue, Programming and Other Direct Costs of Services,* and *Other Operating Costs* 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, the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Operating income | $145.2 | $128.1 |
| Share-based compensation and other Employee Incentive Plan-related expense | 31.6 | 34.0 |
| Depreciation and amortization | 217.1 | 228.8 |
| Impairment, restructuring and other operating items, net | 11.2 | 15.7 |
| &nbsp;&nbsp;Consolidated Adjusted OIBDA | $405.1 | $406.6 |

---

The following table sets forth the organic and non-organic changes in Adjusted OIBDA during the three months ended March 31, 2026, as compared to the corresponding period in 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Liberty Caribbean** | **C&W Panama** | **Liberty Networks** | **Liberty Puerto Rico** | **Liberty Costa Rica** | **Corporate** | **Intersegment eliminations** | **Consolidated** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Adjusted OIBDA for the three months ending: |  |  |  |  |  |  |  |  |
| **March 31, 2025** | $173.3 | $64.6 | $57.9 | $81.5 | $58.9 | $(29.6) | $— | $406.6 |
| Organic changes related to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | (9.7) | (1.5) | 7.8 | (2.2) | (7.0) | (0.4) | 2.1 | (10.9) |
| &nbsp;&nbsp;&nbsp;Programming and other direct costs | 3.1 | 2.4 | (8.3) | 0.9 | 4.3 |  | (3.1) | (0.7) |
| &nbsp;&nbsp;&nbsp;Other operating costs and expenses | (3.4) | (1.8) | (2.6) | 10.9 | (2.2) | 5.2 | 1.0 | 7.1 |
| Non-organic changes related to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FX | 0.1 |  | 0.4 |  | 2.5 |  |  | 3.0 |
| **March 31, 2026** | $163.4 | $63.7 | $55.2 | $91.1 | $56.5 | $(24.8) | $— | $405.1 |

---

***Adjusted OIBDA Margin***

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

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **%** | **%** |
| Liberty Caribbean | 46.1 | 47.6 |
| C&W Panama | 36.3 | 36.5 |
| Liberty Networks | 45.5 | 52.4 |
| Liberty Puerto Rico | 30.8 | 27.3 |
| Liberty Costa Rica | 35.7 | 37.2 |

---

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

------

***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.

The following table sets forth the organic and non-organic changes in revenue by reportable segment during the three months ended March 31, 2026, as compared to the corresponding period in 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Liberty Caribbean | $354.5 | $363.9 | $(9.4) | $0.3 | $(9.7) |
| C&W Panama | 175.5 | 177.0 | (1.5) |  | (1.5) |
| Liberty Networks | 121.2 | 110.4 | 10.8 | 3.0 | 7.8 |
| Liberty Puerto Rico | 296.2 | 298.4 | (2.2) |  | (2.2) |
| Liberty Costa Rica | 158.1 | 158.2 | (0.1) | 6.9 | (7.0) |
| Corporate | 3.5 | 3.9 | (0.4) |  | (0.4) |
| Intersegment eliminations | (26.2) | (28.3) | 2.1 |  | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1082.8 | $1083.5 | $(0.7) | $10.2 | $(10.9) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** |
| | **2026** | **2025** | $**%** |
| | **in millions, except percentages** | **in millions, except percentages** | **in millions, except percentages** |
| Residential revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential fixed revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription revenue | $114.3 | $123.5 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-subscription revenue | 4.6 | 5.4 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential fixed revenue | 118.9 | 128.9 | (8) |
| &nbsp;&nbsp;&nbsp;Residential mobile revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | 92.2 | 89.0 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interconnect, inbound roaming, equipment sales and other | 17.5 | 21.3 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mobile revenue | 109.7 | 110.3 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential revenue | 228.6 | 239.2 | (4) |
| B2B revenue | 125.9 | 124.7 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $354.5 | $363.9 | (3) |

---

------

The details of the changes in Liberty Caribbean's revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):

---

| | |
|:---|:---|
| | **Three-month comparison** |
| Decrease in residential fixed subscription revenue due to change in: |  |
| &nbsp;&nbsp;Average number of RGUs (a) | $(8.7) |
| &nbsp;&nbsp;ARPU | (0.6) |
| Decrease in residential fixed non-subscription revenue | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total organic decrease | (9.7) |
| Impact of FX | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(9.4) |

---

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

(b)The increase is primarily attributable to the net effect of (i) higher prepaid mobile ARPU, mainly resulting from price increases in Jamaica during the third quarter of 2025 and the first quarter of 2026, (ii) higher average number of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower average number of prepaid mobile subscribers mainly driven by prepaid to postpaid migration and churn associated with price increases.

(c)The decrease is primarily due to (i) lower volumes and rates of inbound roaming, and (ii) lower handset sales in several of our markets.

(d)The increase is mainly due to the net effect of (i) a benefit of approximately $6 million of revenue recorded during the first quarter of 2026 for services rendered to customers immediately following Hurricane Melissa that was believed to be uncertain of collection in 2025, and (ii) lower fixed subscription revenue, also related to Hurricane Melissa.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** |
| | **2026** | **2025** | $**%** |
| | **in millions, except percentages** | **in millions, except percentages** | **in millions, except percentages** |
| Residential revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential fixed revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription revenue | $30.6 | $29.9 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-subscription revenue | 0.9 | 1.3 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential fixed revenue | 31.5 | 31.2 | 1 |
| &nbsp;&nbsp;&nbsp;Residential mobile revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | 72.1 | 71.2 | 1 |
| &nbsp;&nbsp;&nbsp;Interconnect, inbound roaming, equipment sales and other | 15.0 | 15.2 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mobile revenue | 87.1 | 86.4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential revenue | 118.6 | 117.6 | 1 |
| B2B revenue: | 56.9 | 59.4 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $175.5 | $177.0 | (1) |

---

------

The details of the changes in C&W Panama's revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):

---

| | |
|:---|:---|
| | **Three-month comparison** |
| Increase (decrease) in residential fixed subscription revenue due to change in: |  |
| &nbsp;&nbsp;Average number of RGUs (a) | $2.3 |
| &nbsp;&nbsp;ARPU (b) | (1.6) |
| Decrease in residential fixed non-subscription revenue | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(1.5) |

---

(a)The increase is due to the effect of higher average broadband internet and video RGUs.

(b)The decrease is primarily due to lower ARPU from video and fixed-line telephony services.

(c)The increase is primarily attributable to the net effect of (i) higher average number of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts**,** and (ii) a decrease in prepaid mobile ARPU mainly driven by the migration of higher-value customers to postpaid plans.

(d)The decrease is mainly due to a decline in rates during the first quarter of 2026 related to data services provided to government-related agencies.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase** |
| | **2026** | **2025** | $**%** |
| | **in millions, except percentages** | **in millions, except percentages** | **in millions, except percentages** |
| B2B revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise revenue | $35.6 | $32.9 | 8 |
| &nbsp;&nbsp;&nbsp;Wholesale revenue | 85.6 | 77.5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $121.2 | $110.4 | 10 |

---

The details of the changes in Liberty Networks' revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):

---

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

---

(a)The increase is primarily due to the net effect of (i) higher subsea capacity revenue, (ii) an increase in equipment sales and (iii) lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in the prior periods.

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** |
| | **2026** | **2025** | $**%** |
| | **in millions, except percentages** | **in millions, except percentages** | **in millions, except percentages** |
| Residential revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential fixed revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription revenue | $114.6 | $118.0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-subscription revenue | 6.2 | 5.8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential fixed revenue | 120.8 | 123.8 | (2) |
| &nbsp;&nbsp;&nbsp;Residential mobile revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | 71.3 | 79.0 | (10) |
| &nbsp;&nbsp;&nbsp;Interconnect, inbound roaming, equipment sales and other | 54.5 | 45.3 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mobile revenue | 125.8 | 124.3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential revenue | 246.6 | 248.1 | (1) |
| B2B revenue | 43.9 | 43.7 |  |
| Other revenue | 5.7 | 6.6 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $296.2 | $298.4 | (1) |

---

The details of the changes in Liberty Puerto Rico's revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):

---

| | |
|:---|:---|
|  | **Three-month comparison** |
| Increase (decrease) in residential fixed subscription revenue due to change in: |  |
| &nbsp;&nbsp;Average number of RGUs (a) | $(4.6) |
| &nbsp;&nbsp;ARPU (b) | 1.2 |
| Increase in residential fixed non-subscription revenue | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total decrease in residential fixed revenue | (3.0) |
| Decrease in residential mobile service revenue (c) | (7.7) |
| Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) | 9.2 |
| Increase in B2B revenue | 0.2 |
| Decrease in other revenue | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(2.2) |

---

(a)The decrease is due to lower average broadband internet and video RGUs.

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

(c)The decrease is primarily due to (i) lower average number of prepaid mobile subscribers, (ii) lower prepaid mobile ARPU, and (iii) lower average number of postpaid mobile subscribers.

(d)The increase is primarily due to (i) higher inbound roaming revenue, mainly driven by higher volume, and (ii) higher handset sales, mainly driven by the fulfillment of 2025 orders during the first quarter of 2026.

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** |
| | **2026** | **2025** | $**%** |
| | **in millions, except percentages** | **in millions, except percentages** | **in millions, except percentages** |
| Residential revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential fixed revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription revenue | $32.2 | $33.3 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-subscription revenue | 4.4 | 9.3 | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential fixed revenue | 36.6 | 42.6 | (14) |
| &nbsp;&nbsp;&nbsp;Residential mobile revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | 79.3 | 71.7 | 11 |
| &nbsp;&nbsp;&nbsp;Interconnect, inbound roaming, equipment sales and other | 25.6 | 26.1 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mobile revenue | 104.9 | 97.8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential revenue | 141.5 | 140.4 | 1 |
| B2B revenue | 16.6 | 17.8 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $158.1 | $158.2 |  |

---

The details of the changes in Liberty Costa Rica's revenue during the three months ended March 31, 2026, as compared to the corresponding period in 2025, are set forth below (in millions):

---

| | |
|:---|:---|
| | **Three-month comparison** |
| Increase (decrease) in residential fixed subscription revenue due to change in: |  |
| &nbsp;&nbsp;Average number of RGUs (a) | $1.5 |
| &nbsp;&nbsp;ARPU (b) | (4.1) |
| Decrease in residential fixed non-subscription revenue (c) | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total decrease in residential fixed revenue | (7.6) |
| Increase in residential mobile service revenue (d) | 4.1 |
| Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e) | (1.7) |
| Decrease in B2B revenue (f) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total organic decrease | (7.0) |
| Impact of FX | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(0.1) |

---

(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.

(c)The decrease is primarily due to lower CPE sales from our "buy-to-own" sales model.&nbsp;&nbsp;&nbsp;&nbsp;

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

(e)The decrease is primarily attributable to (i) lower equipment sales and (ii) a decline in interconnect revenue, driven by lower local traffic volume.

(f)The decrease is primarily attributable to (i) lower B2B service revenue, predominantly due to churn, and (ii) lower project-related revenue.

------

***Programming and other direct costs of services***

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Programming and copyright | $51.3 | $57.6 | $(6.3) | $0.4 | $(6.7) |
| Interconnect | 63.7 | 66.7 | (3.0) | 0.6 | (3.6) |
| Equipment | 82.9 | 80.6 | 2.3 | 0.8 | 1.5 |
| Project-related and other | 37.6 | 27.7 | 9.9 | 0.4 | 9.5 |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | $235.5 | $232.6 | $2.9 | $2.2 | $0.7 |

---

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Programming and copyright | $11.8 | $15.9 | $(4.1) | $0.1 | $(4.2) |
| Interconnect | 14.7 | 14.4 | 0.3 |  | 0.3 |
| Equipment | 9.7 | 10.3 | (0.6) |  | (0.6) |
| Project-related and other | 12.3 | 10.9 | 1.4 |  | 1.4 |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | $48.5 | $51.5 | $(3.0) | $0.1 | $(3.1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Programming and copyright:** The organic decrease is mainly due to (i) lower video subscribers, including the impact of Hurricane Melissa, and (ii) lower rates resulting from the renegotiation of certain content agreements.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Decrease** |
| | **2026** | **2025** | **Decrease** |
| | **in millions** | **in millions** | **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) |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | $48.4 | $50.8 | $(2.4) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Interconnect:** The decrease is primarily due to lower volumes of traffic.

------

***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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Interconnect | $12.9 | $13.1 | $(0.2) | $0.3 | $(0.5) |
| Equipment | 0.1 | 0.1 |  |  |  |
| Project-related and other | 13.5 | 4.4 | 9.1 | 0.3 | 8.8 |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | $26.5 | $17.6 | $8.9 | $0.6 | $8.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Project-related and other:** The organic increase is mainly due to (i) incremental costs associated with achieving certain milestones related to a subsea cable project and (ii) higher equipment sales.

***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.

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** |
| | **2026** | **2025** | **Increase (decrease)** |
| | **in millions** | **in millions** | **in millions** |
| Programming and copyright | $24.4 | $27.4 | $(3.0) |
| Interconnect | 18.0 | 20.8 | (2.8) |
| Equipment | 41.8 | 36.9 | 4.9 |
| Project-related and other | 0.8 | 0.8 |  |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | $85.0 | $85.9 | $(0.9) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Programming and copyright:** The decrease is primarily due to the net effect of (i) lower subscriber counts and customers moving to lower cost product offerings, and (ii) rate increases during the first quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Interconnect:** The decrease is primarily due to the net impact of (i) a decline in mobile network costs resulting from the expiration of a contract, and (ii) an increase in roaming costs, driven by higher volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **Equipment:** The increase is primarily due to the net effect of an increase in both handset sales and equipment credits for handset purchases.

***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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Programming and copyright | $9.8 | $9.1 | $0.7 | $0.4 | $0.3 |
| Interconnect | 6.0 | 6.3 | (0.3) | 0.2 | (0.5) |
| Equipment | 17.1 | 19.2 | (2.1) | 0.8 | (2.9) |
| Project-related and other |  | 1.2 | (1.2) |  | (1.2) |
| &nbsp;&nbsp;&nbsp;Total programming and other direct costs of services | $32.9 | $35.8 | $(2.9) | $1.4 | $(4.3) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Equipment:** The organic decrease is primarily attributable to lower equipment sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Project-related and other:** The organic decrease is due to lower costs associated with non-recurring B2B projects.

------

***Other operating costs and expenses***

Other operating costs and expenses comprise the following cost categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Service-related** costs, which primarily include professional services, information technology-related services, audit, legal and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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;

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Personnel and contract labor-related | $146.1 | $147.2 | $(1.1) | $1.4 | $(2.5) |
| Network-related | 55.9 | 54.3 | 1.6 | 0.8 | 0.8 |
| Service-related | 60.9 | 60.4 | 0.5 | 0.5 |  |
| Commercial | 43.2 | 45.6 | (2.4) | 0.7 | (3.1) |
| Facility, provision, franchise and other | 136.1 | 136.8 | (0.7) | 1.6 | (2.3) |
| Share-based compensation and other Employee Incentive Plan-related expense | 31.6 | 34.0 | (2.4) |  | (2.4) |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses | $473.8 | $478.3 | $(4.5) | $5.0 | $(9.5) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Personnel and contract labor-related | $50.8 | $48.4 | $2.4 | $0.1 | $2.3 |
| Network-related | 32.5 | 30.0 | 2.5 |  | 2.5 |
| Service-related | 17.1 | 17.7 | (0.6) |  | (0.6) |
| Commercial | 6.5 | 8.4 | (1.9) |  | (1.9) |
| Facility, provision, franchise and other | 35.7 | 34.6 | 1.1 |  | 1.1 |
| Share-based compensation and other Employee Incentive Plan-related expense | 5.2 | 3.9 | 1.3 |  | 1.3 |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses | $147.8 | $143.0 | $4.8 | $0.1 | $4.7 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Personnel and contract labor-related:** The organic increase is primarily due to an increase in salary-related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Network-related:** The organic increase is primarily due to an increase in various costs in Jamaica as a result of on-going recovery efforts related to Hurricane Melissa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Commercial:** The organic decrease is primarily driven by lower marketing costs.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** |
| | **2026** | **2025** | **Increase (decrease)** |
| | **in millions** | **in millions** | **in millions** |
| Personnel and contract labor-related | $19.6 | $18.4 | $1.2 |
| Network-related | 12.4 | 12.4 |  |
| Service-related | 5.2 | 4.6 | 0.6 |
| Commercial | 9.2 | 8.9 | 0.3 |
| Facility, provision, franchise and other | 17.0 | 17.3 | (0.3) |
| Share-based compensation and other Employee Incentive Plan-related expense | 1.5 | 2.9 | (1.4) |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses | $64.9 | $64.5 | $0.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Personnel and contract labor-related:** The organic increase is primarily due to higher performance bonuses.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Personnel and contract labor-related | $14.6 | $12.5 | $2.1 | $1.0 | $1.1 |
| Network-related | 11.7 | 12.7 | (1.0) | 0.4 | (1.4) |
| Service-related | 4.4 | 2.7 | 1.7 | 0.1 | 1.6 |
| Commercial | 0.4 | 0.9 | (0.5) |  | (0.5) |
| Facility, provision, franchise and other | 8.4 | 6.1 | 2.3 | 0.5 | 1.8 |
| Share-based compensation and other Employee Incentive Plan-related expense | 1.4 | 1.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses | $40.9 | $36.3 | $4.6 | $2.0 | $2.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Personnel and contract labor-related:** The organic increase is primarily related to (i) higher headcount and (ii) increases in salaries and bonus-related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Network-related:** The organic decrease is primarily due to lower repairs and maintenance related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Service-related:** The organic increase is primarily due to higher professional services costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Facility, provision, franchise and other:** The organic increase is driven by the aggregation of several immaterial amounts.

------

***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.

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** |
| | **2026** | **2025** | **Increase (decrease)** |
| | **in millions** | **in millions** | **in millions** |
| Personnel and contract labor-related | $34.5 | $39.4 | $(4.9) |
| Network-related | 8.0 | 7.1 | 0.9 |
| Service-related | 21.9 | 23.1 | (1.2) |
| Commercial | 11.4 | 11.7 | (0.3) |
| Facility, provision, franchise and other | 44.3 | 49.7 | (5.4) |
| Share-based compensation and other Employee Incentive Plan-related expense | 1.8 | 1.6 | 0.2 |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses | $121.9 | $132.6 | $(10.7) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Personnel and contract labor-related:** The decrease is primarily due to (i) lower salaries, driven by a decrease in headcount resulting from restructuring plans during 2025, and (ii) lower insurance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Service-related:** The decrease is primarily due to the net effect of (i) lower professional services costs due to a transition service agreement that was terminated during the first quarter of 2026, and (ii) higher IT software and hardware costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **Facility, provision, franchise and other:** The decrease is primarily due to (i) lower bad debt expense, and (ii) lower electricity costs, mainly driven by facility closures.

***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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Increase (decrease)** | **Increase (decrease) from:** | **Increase (decrease) from:** |
| | **2026** | **2025** | **Increase (decrease)** | **FX** | **Organic** |
| | **in millions** | **in millions** | **in millions** | **in millions** | **in millions** |
| Personnel and contract labor-related | $9.4 | $8.4 | $1.0 | $0.4 | $0.6 |
| Network-related | 11.0 | 10.2 | 0.8 | 0.5 | 0.3 |
| Service-related | 8.0 | 6.1 | 1.9 | 0.4 | 1.5 |
| Commercial | 15.7 | 15.7 |  | 0.6 | (0.6) |
| Facility, provision, franchise and other | 24.6 | 23.1 | 1.5 | 1.1 | 0.4 |
| Share-based compensation and other Employee Incentive Plan-related expense | 0.4 | 0.5 | (0.1) |  | (0.1) |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses | $69.1 | $64.0 | $5.1 | $3.0 | $2.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Service-related:** The organic increase is primarily attributable to (i) higher professional service costs and (ii) higher technology-related expenses, predominantly related to software licenses.

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Decrease** |
| | **2026** | **2025** | **Decrease** |
| | **in millions** | **in millions** | **in millions** |
| Personnel and contract labor-related | $16.7 | $20.1 | $(3.4) |
| Service-related | 5.5 | 7.3 | (1.8) |
| Facility, provision, franchise and other | 6.1 | 6.1 |  |
| Share-based compensation and other Employee Incentive Plan-related expense | 21.3 | 23.7 | (2.4) |
| &nbsp;&nbsp;&nbsp;Total other operating costs and expenses | $49.6 | $57.2 | $(7.6) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Personnel and contract labor-related:** The decrease is primarily due to the net effect of (i) lower headcount and (ii) higher bonus-related expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Service-related:** The decrease is primarily due to lower professional services costs.

***Results of Operations (below Adjusted OIBDA)***

***Depreciation and amortization***

Our depreciation and amortization expense decreased $12 million or 5% during the three months ended March 31, 2026, as compared to the corresponding period in 2025. The decrease is primarily due to certain assets becoming fully depreciated, mainly in Liberty Caribbean.

***Impairment, restructuring and other operating items, net***

The details of our impairment, restructuring and other operating items, net, are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Impairment charges | $1.8 | $1.5 |
| Restructuring charges (a) | 5.6 | 9.2 |
| Other operating items, net | 3.8 | 5.0 |
| &nbsp;&nbsp;&nbsp;Total | $11.2 | $15.7 |

---

(a)The amounts primarily include employee severance and termination costs related to reorganization activities at C&W Panama and Liberty Puerto Rico.

***Interest expense***

Our interest expense increased $6 million during the three months ended March 31, 2026, as compared to the corresponding period in 2025. The increases are primarily attributable to (i) increases in our average debt balances and weighted-average interest rates and (ii) the accretion of the net present value discount associated with our deferred payment obligation for the LPR Acquisition.

For additional information regarding our outstanding indebtedness, see note 9 to our condensed 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 5 to our condensed consolidated financial statements, 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 losses on derivative instruments, net, are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Interest rate derivative contracts (a) | $11.3 | $(51.1) |
| Foreign currency forward contracts (b) | (9.4) | (3.6) |
| Weather Derivatives (c) | (9.3) | (8.2) |
| &nbsp;&nbsp;&nbsp;Total | $(7.4) | $(62.9) |

---

(a)The gains (losses) during the three months ended March 31, 2026 and 2025 are primarily attributable to changes in interest rates.

(b)The losses during the three months ended March 31, 2026 and 2025 are primarily attributable to changes in the value of the CRC relative to the U.S. dollar.

(c)Amounts represent the amortization of premiums associated with our Weather Derivatives.

For additional information concerning our derivative instruments, see notes 3 and 5 to our condensed consolidated financial statements and Item 3. *Quantitative and Qualitative 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 gains (losses), net, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
|  | **in millions** | **in millions** |
| U.S. dollar-denominated debt issued by non-U.S. dollar functional currency entities (a) | $35.1 | $8.2 |
| Intercompany payables and receivables denominated in a currency other than the entity's functional currency | 8.0 | (2.8) |
| Other (b) | 2.8 | (9.6) |
| &nbsp;&nbsp;&nbsp;Total | $45.9 | $(4.2) |

---

(a)The changes are primarily related to a CRC functional currency entity.

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

***Gains or losses on debt extinguishment, 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 $2 million and $14 million during the three months ended March 31, 2026 and 2025, respectively. The net loss during the three months ended March 31, 2026 is associated with the partial repayments of the 2031 LCR Term Loan A and the 2031 LCR Term Loan B. The net loss during the three months ended March 31, 2025 is associated with refinancing activity at C&W.

------

For additional information concerning our debt repurchases and repayments, see note 9 to our condensed consolidated financial statements.

***Income tax benefit or expense***

We recognized income tax expense of $27 million and $9 million during the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026, the income tax expense attributable to our income before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, net increases in valuation allowances, permanent differences such as non-deductible expenses, and our estimate of global minimum tax. These detrimental effects were partially offset by the beneficial effects of net changes in uncertain tax positions and permanent differences, such as non-taxable income.

For the three months ended March 31, 2025, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, permanent tax differences, such as non-deductible expenses, the inclusion of withholding taxes on cross-border payments, global minimum tax, and net return-to-provision adjustments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of net decreases in valuation allowances, permanent tax differences, such as non-taxable income, and changes to uncertain tax positions.

On July 4, 2025, the OBBBA was enacted. The OBBBA restores, or makes permanent, certain expiring business tax provisions from the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, IRC Section 174 expensing for U.S.-based research, and the EBITDA-based business interest expense limitation under IRC Section 163(j). The effects of the OBBBA have been integrated into our estimated tax calculations with no material impact on total income tax benefit or expense.

For additional information regarding our income taxes, see note 12 to our condensed consolidated financial statements.

***Net earnings or loss***

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
|  | **in millions** | **in millions** |
| Operating income | $145.2 | $128.1 |
| Net non-operating expenses | $(134.7) | $(245.7) |
| Income tax expense | $(26.7) | $(9.1) |
| Net loss | $(16.2) | $(126.7) |

---

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 expenses.

**Material Changes in Financial Condition**

***Sources and Uses of Cash***

As of March 31, 2026, 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 March 31, 2026. 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 included in our 2025 Form 10-K.

*Cash and cash equivalents*

The details of the U.S. dollar equivalent balances of our cash and cash equivalents at March 31, 2026 are set forth in the following table (in millions):

---

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

---

(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) &nbsp;&nbsp;&nbsp;&nbsp;Represents the aggregate amounts held by the applicable borrowing group.

(c) &nbsp;&nbsp;&nbsp;&nbsp;Includes $78 million and $42 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.

During the three months ended March 31, 2026, the aggregate value of our share repurchases was $16 million. For additional information regarding our Share Repurchase Program, see note 11 to our condensed consolidated financial statements and *Part II—Item 2 Unregistered Sales of Equity Securities and Use of Proceeds* below.

*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 March 31, 2026, see note 9 to our condensed 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 *Condensed 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 3. *Quantitative and Qualitative Disclosures about Market Risk* and in note 5 to our condensed 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 March 31, 2026, 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 March 31, 2026, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,438 million, including (i) $483 million that is classified as current in our condensed consolidated balance sheet and (ii) $8,052 million maturing beyond the next 12 months. All of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries at March 31, 2026. Included in the outstanding principal amount of our debt at March 31, 2026 is (i) $344 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 condensed consolidated financial statements.

The weighted average interest rate in effect at March 31, 2026 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 7.2%. The interest rate is 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 March 31, 2026 was as follows:

---

| | |
|:---|:---|
| **Borrowing group** | **Decrease to borrowing costs** |
| C&W | (0.9)% |
| Liberty Costa Rica | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Latin America borrowing groups | (0.5)% |

---

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 6.7% at March 31, 2026.

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.

***Condensed Consolidated Statements of Cash Flows***

*General.* Our cash flows are subject to variations due to FX.

*Summary.* Our condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | |
| | **2026** | **2025** |<br>**Change** |
| | **in millions** | **in millions** | **in millions** |
| Net cash provided by operating activities | $42.2 | $24.6 | $17.6 |
| Net cash used by investing activities | (108.3) | (95.0) | (13.3) |
| Net cash provided (used) by financing activities | (39.1) | 3.4 | (42.5) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1.8 | (11.8) | 13.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash, cash equivalents and restricted cash | $(103.4) | $(78.8) | $(24.6) |

---

*Operating Activities.* The increase in cash provided by operating activities is primarily due to the net effect of (i) an increase resulting from lower working capital-related payments, including lower payments for taxes, and (ii) a decrease due to a decline in cash inflows from derivatives.

*Investing Activities.* The cash used by investing activities during the three months ended March 31, 2026 and 2025 primarily relates to capital expenditures, net, as further discussed below.

The capital expenditures, net, that we report in our condensed consolidated statements of cash flows, which relates to cash paid for property and equipment, do 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 condensed 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 condensed consolidated statements of cash flows, is set forth below:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **in millions** | **in millions** |
| Property and equipment additions | $110.7 | $120.3 |
| Assets acquired under capital-related vendor financing arrangements | (41.3) | (37.6) |
| Changes in current liabilities related to capital expenditures and other | 29.9 | 14.0 |
| &nbsp;&nbsp;&nbsp;Capital expenditures, net | $99.3 | $96.7 |

---

The decrease in our property and equipment additions during the three months ended March 31, 2026, as compared to the corresponding period in 2025, is primarily due to a decrease in capacity-related additions. During the three months ended March 31, 2026 and 2025, our property and equipment additions represented 10.2% and 11.1% of revenue, respectively.

*Financing Activities.* During the three months ended March 31, 2026, we generated $39 million in cash from financing activities, primarily due to (i) $53 million in payments related to the LCR NCI Transaction, (ii) $35 million in net debt

------

borrowings, (iii) $14 million in repurchases of Liberty Latin America Shares, and (iv) $8 million in payments for financing costs and debt redemption premiums. During the three months ended March 31, 2025, we received $3 million in cash for financing activities, primarily due to (i) $62 million in net debt borrowings, (ii) $24 million in payments for financing costs and debt redemption premiums and (iii) $29 million in distributions to a noncontrolling interest owner in C&W Bahamas.

***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.

***Contractual Commitments***

For information concerning our operating lease obligations and debt, see notes 8 and 9, respectively, to our condensed consolidated financial statements. In addition, 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 3. *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 the three months ended March 31, 2026 and 2025, see note 5 to our condensed consolidated financial statements. For additional information concerning our other contractual commitments, see note 11 to our condensed consolidated financial statements.

------

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The information in this section should be read in conjunction with the more complete discussion that appears under *Quantitative and Qualitative Disclosures About Market Risk* in our 2025 Form 10-K.

We are exposed to market risk in the normal course of our business operations due to our investments in various countries and ongoing investing and financing activities. Market risk refers to the risk of loss arising from adverse changes in foreign currency exchange rates, interest rates and stock prices. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. As further described below, we have established policies, procedures and processes governing our management of market risks and the use of derivative instruments to manage our exposure to such risks.

***Cash and Investments***

We invest our cash in highly liquid instruments that meet high credit quality standards. We are exposed to exchange rate risk to the extent that the denominations of our cash and cash equivalent balances, revolving lines of credit and other short-term sources of liquidity do not correspond to the denominations of Liberty Latin America's short-term liquidity requirements. In order to mitigate this risk, we actively manage the denominations of our cash balances in consideration of Liberty Latin America's forecasted liquidity requirements.

***Foreign Currency Rates***

The relationships between the (i) CRC and JMD and (ii) the U.S. dollar, which is our reporting currency, are shown below, per one U.S. dollar:

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31, 2025** |
| **Spot rates:** | | |
| &nbsp;&nbsp;&nbsp;CRC | 465.12 | 497.47 |
| &nbsp;&nbsp;&nbsp;JMD | 157.45 | 159.08 |

---

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| **Average rates:** | | |
| &nbsp;&nbsp;&nbsp;CRC | 483.00 | 504.92 |
| &nbsp;&nbsp;&nbsp;JMD | 156.38 | 156.51 |

---

***Interest Rate Risks***

In general, we seek to enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt. Accordingly, we have entered into various derivative transactions to reduce exposure to increases in interest rates. We use interest rate derivative contracts to exchange, at specified intervals, the difference between fixed and variable interest rates calculated by reference to an agreed-upon notional principal amount. At March 31, 2026, we paid a fixed or capped rate of interest on 87% of our total debt, which includes the impact of our interest rate derivative contracts. We generally seek to align the final maturity dates of our various portfolios of interest rate derivative instruments with the respective maturities of the underlying variable-rate debt. In this regard, we use judgment to determine the appropriate maturity dates of our portfolios of interest rate derivative instruments, taking into account the relative costs and benefits of different maturity profiles in light of current and expected future market conditions, liquidity issues and other factors. For additional information concerning the impacts of these interest rate derivative instruments, see note 5 to our condensed consolidated financial statements.

***Sensitivity Information***

Information concerning the sensitivity of the fair value of certain of our more significant derivative instruments to changes in market conditions is set forth below. The potential changes in fair value set forth below do not include any amounts associated with the remeasurement of the derivative asset or liability into the applicable functional currency. For additional information, see notes 3 and 5 to our condensed consolidated financial statements.

------

*C&W Interest Rate Derivative Contracts*

Holding all other factors constant, at March 31, 2026, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the C&W interest rate derivative contracts by approximately $111 million ($119 million).

 *Liberty Costa Rica Foreign Currency Forward Contracts*

Holding all other factors constant, at March 31, 2026, an instantaneous increase (decrease) of 10% in the value of the Costa Rica Colon relative to U.S. dollar would have increased (decreased) the aggregate fair value of the Liberty Costa Rica forward derivative contracts by approximately $19 million ($19 million).

***Projected Cash Flows Associated with Derivative Instruments***

The following table provides information regarding the projected cash flows associated with our derivative instruments. The U.S. dollar equivalents presented below are based on interest rates and exchange rates that were in effect as of March 31, 2026. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts required in future periods. For additional information regarding our derivative instruments, including our counterparty credit risk, see note 5 to our condensed consolidated financial statements.

---

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

---

(a)Includes the interest-related cash flows of our interest rate derivative contracts.

(b)Includes amounts related to our foreign currency forward contracts.

------

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES**

***Evaluation of disclosure controls and procedures***

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Executives, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Executives recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply judgment in evaluating the cost-benefit relationship of possible controls and objectives.

As disclosed in our 2025 Form 10-K, we identified material weaknesses in our internal control over financial reporting. The material weaknesses will not be considered remediated until the applicable new or enhanced controls operate for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively. Our management, with the participation of the Executives, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of March 31, 2026.

***Management's Remediation Plans***

Management, with oversight from the Audit Committee of the Board of Directors, is continuing to implement the remediation plans as disclosed in our 2025 Form 10-K. We believe that these actions and the improvements we expect to achieve, when fully implemented, will strengthen our internal control over financial reporting and remediate the material weaknesses identified.

***Changes in Internal Control over Financial Reporting***

Except as listed below, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter, we made the following changes in our internal control over financial reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completed the implementation of an audit, risk, and compliance reporting platform. This platform will be used as a centralized repository to support the tracking and reporting of our progress on control design, testing and deficiency remediation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reorganized our internal controls and internal audit functions to create synergies over the risk assessment, control design support and control testing within the company.

------

**PART II - OTHER INFORMATION**

**Item 1. &nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS**

*Financing Transaction Litigation.* On March 19, 2026, entities affiliated with Arini Capital Management and GoldenTree Asset Management that are purported beneficial holders of the 2028 LPR Term Loan commenced a civil action in the Supreme Court of the State of New York, County of New York, Commercial Division, against Liberty Puerto Rico, Liberty Latin America, Leo Cable LLC, The Bank of Nova Scotia (as administrative and SPV security agent under the 2028 LPR Term Loan credit agreement), certain individuals affiliated with Liberty Puerto Rico and Liberty Latin America, and certain other entities, all with respect to Liberty Puerto Rico's entry into the 2030 LPR Credit Agreement, the issuance of the 2030 LPR Term Loan, and related transactions (the "Unrestricted Subsidiary Financing"). The plaintiffs allege, among other things, that the Unrestricted Subsidiary Financing resulted in a breach of the 2028 LPR Term Loan credit agreement and related documents, as well as a breach of fiduciary duties by certain entities and individuals. The plaintiffs also assert claims of fraudulent transfer, tortious interference, aiding and abetting a purported breach of fiduciary duties, alter ego, and related claims. The plaintiffs request that the court declare an event of default under the 2028 LPR Term Loan credit agreement, avoid and unwind certain asset transfers made in connection with the Unrestricted Subsidiary Financing, and award compensatory damages, attorneys' fees, costs, and disbursements. We dispute the claim, and we intend to vigorously defend the matter. We are unable to predict the likely duration of this civil action, nor are we able to estimate a liability or reasonable range of loss associated with it.

*Other Litigation*. From time to time, our subsidiaries and affiliates have become involved in litigation relating to claims arising out of their operations in the normal course of business. For additional information, see note 14 to our condensed consolidated financial statements in Part I of this Quarterly Report on Form 10-Q.

------

**Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;***Issuer Purchases of Equity Securities***

Our Directors have approved the Share Repurchase Program, which authorize us to repurchase up to a specified dollar value of our Class A common shares and/or Class C common shares through specified dates via open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares.

The following table sets forth information concerning our company's purchase of its own equity securities during the three months ended March 31, 2026 (in millions, except per share amounts). Due to rounding, the total number of shares purchased during the quarter may not recalculate.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total number of shares purchased** | **Average price<br>paid per share (a)** | **Total number of<br>shares purchased as part of publicly<br>announced plans<br>or programs** | **Approximate<br>dollar value of<br>shares that may<br>yet be purchased<br>under the plans or programs** |
| January 1, 2026 through January 31, 2026: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | $— |  | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  | $— |  |  |
| February 1, 2026 through February 28, 2026: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | $— |  | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  | $— |  |  |
| March 1, 2026 through March 31, 2026: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 0.78 | $8.22 | 0.78 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 1.18 | $8.35 | 1.18 |  |
| Total - January 1, 2026 through March 31, 2026: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 0.78 | $8.22 | 0.78 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 1.18 | $8.35 | 1.18 |  |

---

(a)Average price paid per share includes direct acquisition costs.

(b)At March 31, 2026, the remaining amount authorized for repurchases under the Share Repurchase Program was $184 million.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

**(c)&nbsp;&nbsp;&nbsp;&nbsp;*Insider Trading Arrangements and Policies***

During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

------

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

Listed below are the exhibits filed as part of this Quarterly Report on Form 10-Q (according to the number assigned to them in Item 601 of Regulation S-K):

---

| | |
|:---|:---|
| 10.1 | <u>[Exchange Agreement between the Registrant and Balan Nair, dated March 27, 2026.](aex101xllaxceoexchangeagre.htm)[\*](aex101xllaxceoexchangeagre.htm)</u> |
| 10.2 | <u>[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)).+](https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lla10-kexhibit1022dcpplan.htm)</u> |
| 31.1 | <u>[Certification of President and Chief Executive Officer.\*](exhibit311ceocertification.htm)</u> |
| 31.2 | <u>[Certification of Senior Vice President and Chief Financial Officer (Principal Financial Officer).\*](exhibit312cfocertification.htm)</u> |
| 32 | <u>[Section 1350 Certifications.\*\*](exhibit32_ceoandcfosection.htm)</u> |
| 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). |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith

+&nbsp;&nbsp;&nbsp;&nbsp;This document has been identified as a management contract or compensatory plan or arrangement.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | LIBERTY LATIN AMERICA LTD. |
| Dated: | May 7, 2026 | /s/ BALAN NAIR |
| | | Balan Nair<br>*President and Chief Executive Officer* |
| Dated: | May 7, 2026 | /s/ CHRISTOPHER NOYES |
| | | Christopher Noyes<br>*Senior Vice President and Chief Financial Officer* |

---

## Exhibit 10.1

**Exhibit 10.1**

LIBERTY LATIN AMERICA LTD.

EXCHANGE AGREEMENT

March 27, 2026

Mr. Balan Nair, the President and Chief Executive Officer and a director (the "<u>Undersigned</u>") of Liberty Latin America Ltd., a Bermuda exempted company ("<u>LLA</u>"), enters into this Exchange Agreement (this "<u>Agreement</u>") with LLA as of the date first written above.

On and subject to the terms hereof, the parties hereto agree as follows:

ARTICLE I<br>DEFINITIONS

Section 1.1<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Agreement</u>" has the meaning set forth in the preamble hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Closing</u>" has the meaning set forth in <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Closing Date</u>" has the meaning set forth in <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Exchange</u>" has the meaning set forth in <u>Section 2.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Exchanged Shares</u>" means the number of Class A Common Shares, par value $0.01 per share, of LLA specified on <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>LLA</u>" has the meaning set forth in the preamble hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Person</u>" means an individual, a corporation, a limited liability company, a joint venture, a partnership, an incorporated or unincorporated association, a joint stock company, a trust, an unincorporated organization or a government or an agency or apolitical subdivision thereof or other entity of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Transaction Shares</u>" means the number of Class C Common Shares, par value $0.01 per share, of LLA specified on <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Transactions</u>" has the meaning set forth in <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"<u>Transfer Agent</u>" has the meaning set forth in <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"<u>Undersigned</u>" has the meaning set forth in the preamble hereto.

ARTICLE II<br>EXCHANGE OF SHARES

Section 2.1<u>Exchange</u>. Upon and subject to the terms set forth in this Agreement, on or prior to March 27, 2026, the Undersigned hereby agrees to (a) deliver and surrender the Exchanged Shares for exchange (the "<u>Exchange</u>") and (b) provide evidence of such delivery and surrender to LLA.

------

Section 2.2<u>Transaction Shares Consideration</u>. For and in consideration of the Undersigned complying with <u>Section 2.1</u> of this Agreement, LLA agrees to deliver or cause to be delivered the Transaction Shares to the Undersigned on the Closing Date. The transactions contemplated by this Agreement, including the issuance, delivery and acceptance of the Transaction Shares and the Exchange, are collectively referred to herein as the "<u>Transactions</u>" and are being effected pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended.

Section 2.3<u>Closing</u>. The closing of the Transactions (the "<u>Closing</u>") shall occur on or before March 30, 2026 or such other date as may be mutually and expressly agreed upon by the parties in writing (the "<u>Closing Date</u>"). On or prior to the Closing Date, LLA shall deliver, or cause to be delivered, to the Undersigned the Transaction Shares, to be effected in book-entry form by Computershare Trust Company, N.A., as transfer agent (in such capacity, the "<u>Transfer Agent</u>"); *provided, however*, that the parties acknowledge that the delivery of the Transaction Shares to the Undersigned be delayed due to procedures or required actions of the Depositary Trust Company or the Transfer Agent, and that any such delays will not constitute a default under this Agreement so long as LLA is using its reasonable best efforts to effect the delivery of the Transaction Shares as promptly as practicable. The Transactions shall be initiated via a Deposit/Withdrawal At Custodian withdrawal pursuant to instructions provided by the Undersigned, which the Undersigned agrees to use its reasonable best efforts to cause the appropriate DTC Participant to provide no later than 9:00 a.m. New York City time on the Closing Date, and the issuance, delivery and acceptance of the Transaction Shares shall be reflected on the books and records of LLA pursuant to the instructions provided by LLA to its Transfer Agent.

Section 2.4<u>Termination</u>. At any time prior to the Closing, this Agreement may be terminated and the Transactions hereby abandoned by the mutual written consent of LLA and the Undersigned.

ARTICLE III<br>COVENANTS, REPRESENTATIONS AND WARRANTIES OF THE UNDERSIGNED

The Undersigned hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to LLA, and all such covenants, representations and warranties shall survive the Closing.

Section 3.1<u>Power and Authorization</u>. The Undersigned has the power, authority and capacity to perform his obligations hereunder and to consummate the Transactions.

Section 3.2<u>Valid and Enforceable Agreement; No Violations</u>. This Agreement has been duly executed and delivered by the Undersigned and constitutes a legal, valid and binding obligation of the Undersigned, enforceable against the Undersigned in accordance with its terms. The execution, delivery and performance of this Agreement and the consummation of the

------

Transactions will not violate, conflict with or result in a breach of or default under any agreement or instrument to which the Undersigned is a party.

Section 3.3<u>Title to the Exchanged Shares</u>. The Undersigned is the sole legal and beneficial owner of the Exchanged Shares set forth opposite his name on <u>Exhibit A</u> hereto and has not, in whole or in part, assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of his Exchanged Shares or given any Person any transfer order, power of attorney or other authority of any nature whatsoever with respect to his Exchanged Shares.

Section 3.4<u>No Brokers</u>. No commission or other remuneration has been paid or given directly or indirectly to, by or on behalf of the Undersigned in connection with, or in order to solicit or facilitate, the Transactions, and there is no liability or obligation to pay any such commission or remuneration with respect to the Transactions.

ARTICLE IV<br>COVENANTS, REPRESENTATIONS AND WARRANTIES OF LLA

LLA hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the Undersigned, and all such covenants, representations and warranties shall survive the Closing.

Section 4.1<u>Power and Authorization</u>. LLA is a validly existing exempted company and in good standing under the laws of Bermuda, and has the corporate power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the Transactions.

Section 4.2<u>Authorization of the Shares</u>. The Transaction Shares, when issued and delivered in accordance with the terms of this Agreement, will have been duly and validly authorized and issued, fully paid and non-assessable.

Section 4.3<u>Valid and Enforceable Agreement; No Violations</u>. This Agreement has been duly executed and delivered by LLA and constitutes a legal, valid and binding obligation of LLA, enforceable against LLA in accordance with its terms. The execution, delivery and performance of this Agreement and the consummation of the Transactions will not result in any violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over LLA.

Section 4.4<u>No Brokers</u>. No commission or other remuneration has been paid or given directly or indirectly to, by or on behalf of LLA in connection with, or in order to solicit or facilitate, the Transactions, and there is no liability or obligation to pay any such commission or remuneration with respect to the Transactions.

ARTICLE V<br>MISCELLANEOUS

------

Section 5.1<u>Construction</u>. References in the singular shall include the plural, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement and all language in all parts of this Agreement shall be construed in accordance with its fair meaning and not strictly for or against either party. The words "include," "includes," "including" and words of similar import when used in this Agreement will be deemed to be followed by the words "without limitation," unless otherwise specified.

Section 5.2<u>Governing Law</u>. This Agreement shall in all respects be construed in accordance with and governed by the laws of the state of Colorado, without reference to its choice of law rules that would require the application of the laws of another jurisdiction.

Section 5.3<u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereon delivered electronically (including by e-mail) shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.

[Signature Page Follows]

------

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written.

LIBERTY LATIN AMERICA LTD.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ John Winter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name: John Winter &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President, Chief Legal

Officer and Secretary

UNDERSIGNED:

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Balan Nair&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name: Balan Nair

&nbsp;&nbsp;&nbsp;&nbsp;Title: President and Chief Executive Officer

Signature Page to Exchange Agreement

------

**<u>EXHIBIT A</u>**

---

| | |
|:---|:---|
| **Exchanged Shares**<br>*(whole numbers only, no fractional or decimal amounts)* | **Transaction Shares**<br>*(whole numbers only, no fractional or decimal amounts)* |
| Number of shares held through broker: 1,363,080<br>**DTC Participant name:** *[Separately Provided]* <br>**DTC Participant account number:** *[Separately Provided]*<br>**Broker contact email and phone #:** *[Separately Provided]* <br>**Account # at bank/broker:** *[Separately Provided]* | 1300243<sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> NTD: Amount to be computed by (i) (A) multiplying Exchanged Shares number by LILA closing price on March 20 and (B) dividing the result by the LILAK closing price on March 20, and then (ii) netting out of the resulting number in (i) the amount necessary to cover the withholding on the LILAB shares.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Balan Nair, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Liberty Latin America Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| /s/ Balan Nair |
| Balan Nair |
| President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Christopher Noyes, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Liberty Latin America Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2026

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Christopher Noyes |
| Christopher Noyes |
| Senior Vice President and Chief Financial Officer |

---

## Ex-32

**Exhibit 32**

**Certification**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)**

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Liberty Latin America Ltd. (the "Company"), does hereby certify, to such officer's knowledge, that:

The Quarterly Report on Form 10-Q for the period ended March 31, 2026 (the "Form 10-Q") of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| 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 |
| | | (Principal Financial Officer) |

---

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

<br>