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What changed in Liberty Latin America Ltd.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Liberty Latin America Ltd.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+468 added−466 removedSource: 10-K (2026-02-18) vs 10-K (2025-02-19)

Top changes in Liberty Latin America Ltd.'s 2025 10-K

468 paragraphs added · 466 removed · 402 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

176 edited+37 added−35 removed155 unchanged
Biggest changeDuring August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5% of the equity of Liberty Costa Rica for approximately $83 million, comprising CRC 22 billion ($43 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027. • during November 2023, we entered into an agreement with Phoenix Tower International to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.
Biggest changeThe transaction provides arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and Phoenix Tower International by 2029. • During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5% of equity of Liberty Costa Rica for aggregate cash consideration of approximately $84 million, comprising CRC 22 billion ($44 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.
Pay Television Service . Initially, the concession for the provision of the pay television service was granted to the International Contact Center Company in 2008, and then the rights were transferred in favor of C&W Panama.
Initially, the concession for the provision of the pay television service was granted to the International Contact Center Company in 2008, and then the rights were transferred in favor of C&W Panama.
This concession has a 15-year renewable term, expiring on May 12, 2026, that may be extended for an additional 10 year term, and we have begun the process to renew this concession. The second one, granted in 2018, MICITT awarded Liberty Telecomunicaciones 20 MHz in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.
This concession has a 15-year renewable term, expiring on May 12, 2026, that may be extended for an additional 10 year term, and we have begun the process to renew this concession. For the second one, granted in 2018, MICITT awarded Liberty Telecomunicaciones 20 MHz in the 1800 MHz band and 20 MHz in the 1900/2100 MHz band.
Quantitative and Qualitative Disclosures About Market Risk , as well as the following list of some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events: • economic and business conditions and industry trends in the countries in which we operate; • the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services; • fluctuations in currency exchange rates, inflation rates and interest rates; • our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms; • our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services; • instability in global financial markets, including sovereign debt issues and related fiscal reforms; • our ability to obtain additional financing and generate sufficient cash to meet our debt obligations; • the impact of restrictions contained in certain of our subsidiaries’ debt instruments; • consumer disposable income and spending levels, including the availability and amount of individual consumer debt; • changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes; • customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future; • our ability to manage rapid technological changes; I-2 • the impact of 5G and wireless technologies; • our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber; • our ability to provide satisfactory customer service, including support for new and evolving products and services; • our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; • the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital; • changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings; • government intervention that requires opening our broadband distribution networks to competitors; • our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services; • our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, such as with respect to the transaction with Millicom in Costa Rica; • 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, such as with respect to the transaction with Millicom in Costa Rica; • changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes; • changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks; • the ability of suppliers and vendors, including third-party channel providers and broadcasters to timely deliver quality products, equipment, software, services and access; • the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters; • uncertainties inherent in the development and integration of new business lines and business strategies; • our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs; • the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions; • problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities; • our ability to profit from investments in joint ventures that we do not solely control; • the effect of any of the identified material weaknesses in our internal control over financial reporting; • piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation; • the outcome of any pending or threatened litigation; • the loss of key employees and the availability of qualified personnel; I-3 • the effect of any strikes, work stoppages or other industrial actions that could affect our operations; • changes in the nature of key strategic relationships with partners and joint venturers; • our equity capital structure; • our ability to realize the full value of our intangible assets and the impact of any impairments; • changes in and compliance with applicable data privacy laws, rules, and regulations; • our ability to recoup insurance reimbursements and settlements from third-party providers; • our ability to comply with anti-corruption laws and regulations, such as the FCPA; • our ability to comply with economic and trade sanctions laws, such as the U.S.
Quantitative and Qualitative Disclosures About Market Risk , as well as the following list of some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events: • economic and business conditions and industry trends in the countries in which we operate; • the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services; • fluctuations in currency exchange rates, inflation rates and interest rates; • our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms; • our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services; • instability in global financial markets, including sovereign debt issues and related fiscal reforms; • our ability to obtain additional financing and generate sufficient cash to meet our debt obligations; • the impact of restrictions contained in certain of our subsidiaries’ debt instruments; • consumer disposable income and spending levels, including the availability and amount of individual consumer debt; • changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes; • customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future; • our ability to manage rapid technological changes; • the impact of 5G and wireless technologies; • our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber; • our ability to provide satisfactory customer service, including support for new and evolving products and services; • our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; I-2 • the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital; • changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings; • government intervention that requires opening our broadband distribution networks to competitors; • our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services; • our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions; • our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire; • changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes; • changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks; • the ability of suppliers and vendors, including third-party channel providers and broadcasters, to timely deliver quality products, equipment, software, services and access; • the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters; • uncertainties inherent in the development and integration of new business lines and business strategies; • our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs; • the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions; • problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities; • our ability to profit from investments in joint ventures that we do not solely control; • the effect of any of the identified material weaknesses in our internal control over financial reporting; • piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation; • the outcome of any pending or threatened litigation; • the loss of key employees and the availability of qualified personnel; • the effect of any strikes, work stoppages or other industrial actions that could affect our operations; • changes in the nature of key strategic relationships with partners and joint venturers; • our equity capital structure; • our ability to realize the full value of our intangible assets and the impact of any impairments; • changes in and compliance with applicable data privacy laws, rules, and regulations; • our ability to recoup insurance reimbursements and settlements from third-party providers; I-3 • our ability to comply with anti-corruption laws and regulations, such as the FCPA; • our ability to comply with economic and trade sanctions laws, such as the U.S.
This regime provides that (i) the concessionaires must include within their programming the Costa Rican television channels that have coverage in at least 60% of the national territory, excluding Isla del Coco, which complies with at least fourteen minimum hours of daily transmission, and (ii) the reception of the signal complies with the minimum signal requirements established in this regulation, which have acceptable ratings and have the corresponding transmission rights.
This regime provides that (i) the concessionaires must include within their programming the Costa Rican television channels that have coverage in at least 60% of the national territory, excluding Isla del Coco, which complies with at least fourteen minimum hours of daily transmission, and (ii) the reception of I-23 the signal complies with the minimum signal requirements established in this regulation, which have acceptable ratings and have the corresponding transmission rights.
We also operate an extensive subsea and terrestrial fiber optic cable network that connect over 30 markets in the region, providing connectivity solutions both within and outside our operating footprint. We are the largest fixed-line provider of high-speed broadband and video services, in terms of market share, across a number of our markets.
We also operate an extensive subsea and terrestrial fiber optic cable network that connect over 30 markets in the region, providing connectivity solutions both within and outside our operating footprint. We are the largest provider of mobile and fixed-line high-speed broadband and video services, in terms of market share, across a number of our markets.
With respect to licenses for new mobile spectrum, the initial grant of the spectrum is sometimes subject to an auction process, but spectrum in use since the initial grant of operating licenses are historically granted on the basis of an administrative process at a set level of fees for a fixed period of time, typically to coincide with carrier licenses, subject to the payment of annual fees and compliance with applicable license requirements.
With respect to licenses for new mobile spectrum, the initial grant of the spectrum is sometimes subject to an auction process, but spectrum in use since the initial grant of operating licenses are historically granted on the basis of an administrative process at a set level of fees for a fixed period of time, typically to coincide with operating licenses, subject to the payment of annual fees and compliance with applicable license requirements.
The communications and entertainment services that we deliver to our residential and business customers include video, broadband internet, telephony and mobile services. In most of our operating footprint, we offer bundles of services, including video, broadband internet and telephony products in one subscription. We are also focused on leveraging our full-service product suite to deliver fixed-mobile convergence offerings.
The communications and entertainment services that we deliver to our residential and business customers include broadband connectivity, video, telephony and mobile services. In most of our operating footprint, we offer bundles of services, including video, broadband internet and telephony products in one subscription. We are also focused on leveraging our full-service product suite to deliver fixed-mobile convergence offerings.
Technology In many of our markets, we transmit our broadband internet, video and fixed-line telephony services over an HFC cable network, and increasingly through FTTH networks. An HFC network consists primarily of fiber networks that we connect to the home over the last few hundred meters by coaxial cable and an FTTH network uses fiber-to-the-home/-cabinet/-building/-node.
Technology In many of our markets, we transmit our broadband internet, video and fixed-line telephony services over an HFC cable network, and through FTTH networks. An HFC network consists primarily of fiber networks that we connect to the home over the last few hundred meters by coaxial cable and an FTTH network uses fiber-to-the-home/-cabinet/-building/-node.
Except for Flow Sports and Flow 1 services, that we operate, in the Caribbean, and the Rush sports channel operated by a joint venture with the Digicel Group, we license our programming and on-demand content through distribution agreements with third-party content providers, including broadcasters, leading cable networks and major Hollywood studios.
Except for Flow Sports and Flow 1 services, that we operate, in the Caribbean, and the Rush sports channel operated by a joint venture with Digicel, we license our programming and on-demand content through distribution agreements with third-party content providers, including broadcasters, leading cable networks and major Hollywood studios.
At the same time, telecommunications operators are requesting the definition of a lower price for radio spectrum in the medium bands, where ASEP has shown receptivity to formulate a proposal for analysis by the Ministry of Economy and Finance in order to encourage investment for the deployment of new technologies and strengthening of the current network. Concessions .
At the same time, telecommunications operators are requesting the definition of a lower price for radio spectrum in the medium bands, where ASEP has shown receptivity to formulate a proposal for analysis by the Ministry of Economy and Finance in order to encourage investment for the deployment of new technologies and strengthening of the current network.
In several of its other markets, including Jamaica, Trinidad and Tobago and Barbados, C&W Caribbean is the largest or one of the largest video service providers. In these markets, its primary competition is from operators of IPTV services over VDSL and FTTH, such as Digicel and any DTH competitor locally. • C&W Panama .
In several of its other markets, including Jamaica, Trinidad and Tobago and Barbados, Liberty Caribbean is the largest or one of the largest video service providers. In these markets, its primary competition is from operators of IPTV services over VDSL and FTTH, such as Digicel and any DTH competitor locally. • C&W Panama .
Our business services fall into four broad categories: • VoIP and circuit-switch telephony; • Data services for internet access, virtual private networks, high capacity point-to-point, point-to-multi-point and multi-point-to-multi-point services, managed networking services including MPLS , SDWAN and IP transit; • Wireless services for mobile voice and data; and • Value added Managed Services, including: ◦ Private and Public Cloud Infrastructure Services and integration, including Disaster Recovery Backup Services; ◦ Cloud and premise based Private Branch exchange solutions, conferencing options and Hosted Contact Center solutions; ◦ Cyber Security Services, including structured solutions, rapid response, and other professional services; ◦ Managed WiFi; ◦ Software Defined Networking, Internet of Things, Digitalization and Digital Currencies; and ◦ Specialized services such as Telehealth, Digital Signage, and Retail Analytics.
Our business services fall into four broad categories: • Data services for internet access, virtual private networks, high capacity point-to-point, point-to-multi-point and multi-point-to-multi-point services, managed networking services including MPLS , SDWAN and IP transit; • VoIP and circuit-switch telephony; • Wireless services for mobile voice and data; and I-12 • Value-added Managed Services, including: ◦ Private and Public Cloud Infrastructure Services and integration, including Disaster Recovery Backup Services; ◦ Cloud and premise based Private Branch exchange solutions, conferencing options and Hosted Contact Center solutions; ◦ Cyber Security Services, including structured solutions, rapid response, and other professional services; ◦ Managed WiFi; ◦ Software Defined Networking, Internet of Things, Digitalization and Digital Currencies; and ◦ Specialized services such as Telehealth, Digital Signage, and Retail Analytics.
In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Bluu in C&W Caribbean’s markets, +TV Total in C&W Panama, and Liberty Go in Puerto Rico and Liberty Go in Costa Rica.
In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Bluu in Liberty Caribbean’s markets, +TV Total in C&W Panama, Liberty Go in Puerto Rico and Liberty Go Hogar in Costa Rica.
Communications Act requirements and FCC regulations applicable to the video services provided by Liberty Puerto Rico include, among other things: (1) licensing of communications systems and facilities, such as various spectrum licenses; (2) customer and technical service standards; (3) ownership restrictions; (4) emergency alert systems; (5) disability access, including video description and closed captioning; (6) competitive availability of cable equipment; (7) equal employment obligations; and (8) public, education and government entity access requirements.
I-21 Communications Act requirements and FCC regulations applicable to the video services provided by Liberty Puerto Rico include, among other things: (1) licensing of communications systems and facilities, such as various spectrum licenses; (2) customer and technical service standards; (3) ownership restrictions; (4) emergency alert systems; (5) disability access, including video description and closed captioning; (6) competitive availability of cable equipment; (7) equal employment obligations; and (8) public, education and government entity access requirements.
Video, Broadband Internet & Fixed-Line Telephony and Mobile Services Panama Jamaica The Bahamas Trinidad and Tobago Barbados Other C&W Costa Rica Puerto Rico Video services: Network System (1) VDSL/HFC/FTTH VDSL/HFC/FTTH VDSL/FTTH HFC / FTTH FTTH VDSL/HFC/FTTH HFC/FTTH HFC / FTTH Broadband internet service: Maximum download speed offered ( Mbps ) 1,000 1,000 1,000 1,000 1,000 > 750 (2) 1,000 1,000 Mobile services: Network Technology (3) LTE / 5G LTE LTE — LTE LTE / 5G LTE / 5G 5G I-8 (1) These are the primary systems used for delivery of services in the countries indicated.
Video, Broadband Internet & Fixed-Line Telephony and Mobile Services Panama Jamaica The Bahamas Trinidad and Tobago Barbados Other C&W Costa Rica Puerto Rico Video services: Network System (1) HFC/FTTH HFC/FTTH FTTH HFC / FTTH FTTH VDSL/HFC/FTTH HFC/FTTH HFC / FTTH Broadband internet service: Maximum download speed offered ( Mbps ) 1,000 1,000 1,000 1,000 1,000 >800 (2) 1,000 1,000 Mobile services: Network Technology (3) LTE / 5G LTE LTE — LTE / 5G LTE / 5G LTE / 5G LTE / 5G I-8 (1) These are the primary systems used for delivery of services in the countries indicated.
C&W Panama currently has a total of 125 MHz allocated (30 MHz in the 700 MHz band, 40 MHz in the 1900 MHz band, 30 MHz of AWS Band (1710-1780 MHz and 2110 and 2180) and 25 MHz in the 850 MHz band).
Spectrum. C&W Panama currently has a total of 125 MHz allocated (30 MHz in the 700 MHz band, 40 MHz in the 1900 MHz band, 30 MHz of AWS Band (1710-1780 MHz and 2110 and 2180) and 25 MHz in the 850 MHz band).
We believe we have a responsibility to enable progress and build more I-28 resilient communities. We bring this to life through a shared approach across our markets with a focus on four critical areas: Learning; Environment; Access; and Disaster Relief. Our employees lead many of our outreach programs, working alongside our local and regional charitable foundations.
We believe we have a responsibility to enable progress and build more resilient communities. We bring this to life through a shared approach across our markets with a focus on four critical areas: Learning; Environment; Access; and Disaster Relief. Our employees lead many of our outreach programs, working alongside our local and regional charitable foundations.
With respect to Stage 2 UPR funding for mobile wireless providers, the FCC also established in September 2019 that mobile wireless providers providing service in Puerto Rico as of June 2017 were eligible to receive up to $254 million over three years based on their relative number of subscribers for such service as of June 2017.
I-20 With respect to Stage 2 UPR funding for mobile wireless providers, the FCC also established in September 2019 that mobile wireless providers providing service in Puerto Rico as of June 2017 were eligible to receive up to $254 million over three years based on their relative number of subscribers for such service as of June 2017.
This concession has a 15-year renewable term, expiring on April 23, 2033, that may be extended for an additional 10 year term. Video.
This concession has a 15-year renewable term, expiring on April 23, 2033, that may be extended for an additional 10 year term.
Our ability to attract and retain customers depends on our continued ability to acquire appealing content and services on competitive terms and to make such content available on multiple devices and outside the home. Some competitors have I-26 obtained long-term exclusive contracts for certain sports programs, which limits the opportunities for other providers to offer such programs.
Our ability to attract and retain customers depends on our continued ability to acquire appealing content and services on competitive terms and to make such content available on multiple devices and outside the home. Some competitors have obtained long-term exclusive contracts for certain sports programs, which limits the opportunities for other providers to offer such programs.
OTT video providers (such as Max, Amazon Prime Video, Disney+, Paramount+ and Netflix in most of our markets, and Hulu, DirecTV Now, Sling, and Sportsmax in selected markets) offer rich VoD catalogs and/or linear channels . In some cases, these AVoD services are provided free-of-charge (such as YouTube and Pluto TV).
OTT video providers (such as HBO Max, Amazon Prime Video, Disney+, Paramount+ and Netflix in most of our markets, and Hulu, DirecTV Now and Sling in selected markets) offer rich VoD catalogs and/or linear channels . In some cases, these AVoD services are provided free-of-charge (such as YouTube and Pluto TV).
On June 8, 2021, the FCC’s Wireline Competition Bureau issued a public notice authorizing $85 million in Connect USVI funding for Broadband VI, LLC to deploy wireline networks and provide voice I-20 and broadband services to more than 46,000 locations in the U.S. Virgin Islands.
On June 8, 2021, the FCC’s Wireline Competition Bureau issued a public notice authorizing $85 million in Connect USVI funding for Broadband VI, LLC to deploy wireline networks and provide voice and broadband services to more than 46,000 locations in the U.S. Virgin Islands.
The internet services offered by these competitors include both fixed-line broadband internet services using cable, DSL or FTTH networks and wireless broadband internet services. These competitors have a range of product offerings with varying speeds and pricing, as well as interactive services, data and other non-video services offered to homes and businesses.
The internet services offered by these competitors include both fixed-line broadband internet services using cable, DSL or FTTH networks, wireless broadband internet services and satellite-based services. These competitors have a range of product offerings with varying speeds and pricing, as well as interactive services, data and other non-video services offered to homes and businesses.
Our networks deliver critical infrastructure for the transport of growing traffic from businesses, governments and other telecommunications operators across the region, particularly to high-traffic destinations in the United States and Latin America. I-11 Below is a map of our subsea and terrestrial fiber networks within Liberty Networks.
Our networks deliver critical infrastructure for the transport of growing traffic from businesses, governments and other telecommunications operators across the region, particularly to high-traffic destinations in the United States and Latin America. I-11 Below is a map of Liberty Networks subsea and terrestrial fiber network.
Piracy and other unauthorized uses and distribution of content, including through web-based applications, devices and online platforms, also present challenges for our video business. These platforms illegally stream copyrighted content, for example, Premier League games that can be viewed with an internet connection.
I-25 Piracy and other unauthorized uses and distribution of content, including through web-based applications, devices and online platforms, also present challenges for our video business. These platforms illegally stream copyrighted content, for example, Premier League games that can be viewed with an internet connection.
Supply Sources Content Content is one of the key drivers for customers in selecting a provider of video, broadband and/or wireless services. Therefore, we aim to provide products that allow our customers to consume content whenever and wherever they want and feature content that matters the most to our customers.
I-14 Supply Sources Content Content is one of the key drivers for customers in selecting a provider of video, broadband and/or wireless services. Therefore, we aim to provide products that allow our customers to consume content whenever and wherever they want and feature content that matters the most to our customers.
Franchises are generally granted for fixed terms of up to ten years and must be periodically renewed. I-21 Our pay television service in Puerto Rico is subject to, among other things, subscriber privacy regulations and must-carry and retransmission consent rights of broadcast television stations.
Franchises are generally granted for fixed terms of up to ten years and must be periodically renewed. Our pay television service in Puerto Rico is subject to, among other things, subscriber privacy regulations and must-carry and retransmission consent rights of broadcast television stations.
C&W Panama is a Type B concessionaire, with or without use of radio spectrum, subject to compliance with requirements regarding the fulfillment of quality goals for the I-19 provision of these services, such as the attention to recommendations issued by the International Telecommunications Union.
C&W Panama is a Type B concessionaire, with or without use of radio spectrum, subject to compliance with requirements regarding the fulfillment of quality goals for the provision of these services, such as the attention to recommendations issued by the International Telecommunications Union.
We update our bundles and packages on an ongoing basis to meet the needs of our customers. Our top download speeds generally range from 100 Mbps to speeds of up to 1 Gbps. In many of our markets, we offer the highest download speeds available via our HFC cable and FTTH networks.
We update our bundles and packages on an ongoing basis to meet the needs of our customers. Our top download speeds generally range from 300 Mbps to speeds of up to 1 Gbps. In many of our markets, we offer the highest download speeds available via our HFC cable and FTTH networks.
We are engaged in network extension and upgrade programs across Liberty Latin America. We collectively refer to these network extension and upgrade programs as the “ Network Extensions .” Through the Network Extensions , we continue to expand our fixed networks pursuant to which we pass or upgrade homes and businesses with our broadband communications network.
I-13 We are engaged in network extension and upgrade programs across Liberty Latin America. We collectively refer to these network extension and upgrade programs as the “ Network Extensions .” Through the Network Extensions , we continue to expand our fixed networks pursuant to which we pass or upgrade homes and businesses with our broadband communications network.
RGU – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs.
Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs.
In our other markets, our fixed-line telephony services compete against the incumbent telecommunications operator in the applicable market. In these markets, the incumbent operators have substantially more experience in providing fixed-line telephony, greater resources to devote to the provision of such services and long-standing customer relationships.
In our other markets, our fixed-line telephony services compete against the incumbent telecommunications operator in the applicable market. In these markets, the incumbent operators have substantially more experience in providing I-26 fixed-line telephony, greater resources to devote to the provision of such services and long-standing customer relationships.
The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to our network, the pricing mandated by regulatory authorities and other competitive factors or market developments.
The extent of any such adverse I-16 impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to our network, the pricing mandated by regulatory authorities and other competitive factors or market developments.
Costa Rica, through our reportable segment Liberty Costa Rica. B. through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean, and (ii) wholesale services over its subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region.
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 its subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region.
Our Chief People Officer, who reports to the CEO and is part of the Executive Team, leads our People and Culture initiatives. All leaders incorporate these initiatives as part of the operating strategy, and our Chief People Officer regularly reports progress on these initiatives to our Board of Directors. Talent Strategy.
I-27 Our Chief People Officer, who reports to the CEO and is part of the Executive Team, leads our People and Culture initiatives. All leaders incorporate these initiatives as part of the operating strategy, and our Chief People Officer regularly reports progress on these initiatives to our Board of Directors. Talent Strategy.
The pay television service provided in certain C&W Caribbean markets is subject to, among other things, subscriber privacy regulations, data protection laws and regulations, and the must-carry rule (as defined below) and retransmission consent rights of broadcast stations. Pay television service in certain C&W Caribbean markets is also under heavy pressure from illegal IP-setup boxes that are swamping the markets.
The pay television service provided in certain Liberty Caribbean markets is subject to, among other things, subscriber privacy regulations, data protection laws and regulations, and the must-carry rule (as defined below) and retransmission consent rights of broadcast stations. Pay television service in certain Liberty Caribbean markets is also under heavy pressure from illegal IP-setup boxes that are swamping the markets.
The scope and reach of these regulations are distinct in each market, with some markets such as the Dutch Caribbean being more heavily regulated than others. Generally, C&W Caribbean provides services in accordance with licenses and concessions granted by national authorities pursuant to national telecommunication legislation and associated regulations. Certain of these regulatory requirements are summarized below.
The scope and reach of these regulations are distinct in each market, with some markets such as the Dutch Caribbean being more heavily regulated than others. Generally, Liberty Caribbean provides services in accordance with licenses and concessions granted by national authorities pursuant to national telecommunication legislation and associated regulations. Certain of these regulatory requirements are summarized below.
For example, we have upgraded almost all of our HFC network to DOCSIS 3.1, and with a combination of FTTH and DOCSIS 3.1, over 95% of our network is currently capable of delivering speeds of 1 Gbps or above.
For example, we have upgraded almost all of our HFC network to DOCSIS 3.1, and with a combination of FTTH and DOCSIS 3.1, over 97% of our network is currently capable of delivering speeds of 1 Gbps or above.
We believe our current spectrum portfolio will allow us to meet subscribers’ needs in the coming years and minimal further investment, although we will continue to evaluate our need to acquire additional frequencies to supplement our existing spectrum portfolio.
We believe our current spectrum portfolio will allow us to meet subscribers’ needs in the coming years with minimal further investment, although we will continue to evaluate our need to acquire additional frequencies to supplement our existing spectrum portfolio.
Given the advanced technical state of the network combined with the challenges in securing the necessary governmental and environmental licenses in all of our operating markets, we believe the network is unlikely to be replicated in the region.
Given the advanced technical state of this integrated network, combined with the challenges in securing the necessary governmental and environmental licenses in all of our operating markets, we believe the network is unlikely to be replicated in the region.
We continue to expand our wireless coverage and capacity across our markets and currently provide 5G services in Puerto Rico, Panama, Costa Rica and the Cayman Islands. I-14 Mobile We operate mobile networks in all of our consumer markets except Trinidad & Tobago. Our networks deliver high-speed Data, Voice and VAS (value-added service) services .
We continue to expand our wireless coverage and capacity across our markets and currently provide 5G services in Puerto Rico, Panama, Costa Rica, the Cayman Islands and Barbados. Mobile We operate mobile networks in all of our consumer markets except Trinidad & Tobago. Our networks deliver high-speed Data, Voice and VAS (value-added service) services .
We use these services, as well as bundles of our fixed-line services, as a means of driving video and other products where we can leverage convenience and price across our portfolio of available services. • C&W Caribbean . C&W Caribbean competes with a variety of pay TV service providers, with several of these competitors offering double-play and triple-play packages.
We use these services, as well as bundles of our fixed-line services, as a means of driving video and other products where we can leverage convenience and price across our portfolio of available services. • Liberty Caribbean . Liberty Caribbean competes with a variety of pay TV service providers, with several of these competitors offering double-play and triple-play packages.
These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Annual Report on Form 10-K, 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.
These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Annual Report on Form 10-K, 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.
In a minority of cases, we transmit our services over a fixed network consisting of VDSL or DSL copper lines. I-13 We closely monitor our network capacity and customer usage. We continue to take actions and explore improvements to our technologies that will increase our capacity and enhance our customers’ connected entertainment experience.
In a minority of cases, we transmit our services over a fixed network consisting of VDSL or residual DSL copper lines. We closely monitor our network capacity and customer usage. We continue to take actions and explore improvements to our technologies that will increase our capacity and enhance our customers’ connected entertainment experience.
Fixed-Line Telephony The market for fixed-line telephony services is mature across our footprint. Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings. In most of our C&W Caribbean markets, we are the incumbent telecommunications provider with long established customer relationships.
Fixed-Line Telephony The market for fixed-line telephony services is mature across our footprint. Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings. In most of our Liberty Caribbean markets, we are the incumbent telecommunications provider with long established customer relationships.
These actions include: • recapturing bandwidth and optimizing our networks by: ◦ increasing the number of nodes in our markets; ◦ increasing the bandwidth of our hybrid fiber coaxial cable networks; ◦ converting analog channels to digital; ◦ bonding additional DOCSIS 3.0 channels and adding DOCSIS 3.1 channels; ◦ replacing copper lines with modern fiber optic lines; and ◦ using digital compression technologies. • freeing spectrum for high-speed internet, VoD and other services by encouraging customers to move from analog to digital services; • increasing the efficiency of our networks by moving head-end functions (encoding, transcoding and multiplexing) to cloud storage systems; • enhancing our network to accommodate further business services; • using our wireless technologies to extend services outside of the home; • offering remote access to our video services through laptops, smart phones and tablets; • expanding the availability of next generation decoder and set-top boxes and related products, as well as developing and introducing online media sharing and streaming or cloud-based video; and • testing new technologies.
These actions include: • recapturing bandwidth and optimizing our networks by: ◦ increasing the number of nodes in our markets; ◦ increasing the bandwidth of our hybrid fiber coaxial cable networks; ◦ converting analog channels to digital; ◦ adding DOCSIS 3.1 channels; ◦ replacing copper lines with modern fiber optic lines; and ◦ using digital compression technologies. • freeing spectrum for high-speed internet, VoD and other services by encouraging customers to move from analog to digital services; • increasing the efficiency of our networks by moving head-end functions (encoding, transcoding and multiplexing) to cloud storage systems; • enhancing our network to accommodate further business services, such as higher speed; • using our wireless technologies to extend services outside of the home; • offering remote access to our video services through laptops, smart phones, tablets and thru SmartTV platforms; • expanding the availability of next generation decoder and set-top boxes and related products, as well as developing and introducing online media sharing and streaming or cloud-based video; and • testing new technologies.
We face competition in the provision of fixed-telephony services mainly from Digicel in our Caribbean markets and Cable Bahamas Limited in The Bahamas. These companies all have competitive pricing on similar services, and the intensified level of competition we are experiencing in several of our markets has added increased pressure on the pricing of our services.
We face competition in the provision of fixed-telephony services mainly from Digicel in our Caribbean markets and Cable Bahamas Limited in The Bahamas. These companies all have competitive pricing on similar services, and the intensified level of competition we are experiencing in several of our markets has added increased pressure on the pricing of our services. • C&W Panama .
VoIP providers are also subject to federal rules regarding, among other things: (1) customer proprietary network information and c ustomer privacy protections; (2) number portability; (3) network outage reporting; (4) rural call completion; (5) disability access; (6) back-up power obligations; and (7) robocall mitigation. LCPR, Liberty Mobile Puerto Rico and Liberty Mobile U.S.
VoIP providers are also subject to federal rules regarding, among other things: (1) customer proprietary network information and c ustomer privacy protections; (2) number portability; (3) network outage reporting; (4) rural call completion; (5) disability access; (6) back-up power obligations; and (7) robocall mitigation. I-22 Mobile Services . Liberty Mobile Puerto Rico and Liberty Mobile U.S.
In addition to rate regulation, several markets in which C&W Caribbean operates have imposed, or are considering imposing, regulations designed to further encourage competition, including introducing requirements related to unbundling, network access to third parties, and LNP for fixed and mobile services.
In addition to rate regulation, several markets in which Liberty Caribbean operates have imposed, or are considering imposing, regulations designed to further encourage competition, including introducing requirements related to unbundling, network access to third parties, and LNP for fixed and mobile services.
The price point that these pirates offer are difficult to compete against, and regulators are having a difficult time acting against these pirates or, in some cases, are unwilling to act against them. C&W Caribbean is also subject to universal service obligations in a number of markets.
The price point that these pirates offer are difficult to compete against, and regulators are having a difficult time acting against these pirates or, in some cases, are unwilling to act against them. Liberty Caribbean is also subject to universal service obligations in a number of markets.
These obligations vary in specificity and extent, but they are generally related to ensuring widespread geographic coverage of networks and that the populations of C&W Caribbean ’s individual markets have access to basic telecommunication services at minimum quality standards.
These obligations vary in specificity and extent, but they are generally related to ensuring widespread geographic coverage of networks and that the populations of Liberty Caribbean ’s individual markets have access to basic telecommunication services at minimum quality standards.
We offer B2B services across our operations, leveraging our high-speed and extensive fixed and mobile infrastructure. In C&W, we have our most developed B2B business and are the largest provider of services in many of our markets, representing a significant portion of C&W’s revenue.
We offer B2B services across our operations, leveraging our high-speed and extensive fixed and mobile infrastructure. In C&W, we have our most developed B2B business and are a leading provider of services in many of our markets, representing a significant portion of C&W’s revenue.
We compete in the provision of B2B services with residential telecommunications operators as noted above. We also compete with regional and international service providers, particularly when addressing larger customers. Human Capital Resources Our Team . As of December 31, 2024, we employed approximately 10,000 full-time employees across our five reportable segments.
We compete in the provision of B2B services with residential telecommunications operators, as noted above. We also compete with regional and international service providers, particularly when addressing larger customers. Human Capital Resources Our Team . As of December 31, 2025, we employed approximately 9,000 full-time employees across our five reportable segments.
In addition, we offer varying plans to meet customer needs and, similar to our mobile services, we use our telephony bundle options with our digital video and internet services to help promote our telephony services and flat rate offers are standard. • C&W Caribbean .
In addition, we offer varying plans to meet customer needs and, similar to our mobile services, we use our telephony bundle options with our digital video and internet services to help promote our telephony services and flat rate offers are standard. • Liberty Caribbean .
In addition, all regulators determine and set the rates that may be charged by all telephony operators, including C&W Caribbean, for interconnect charges, access charges between operators for calls originating on one network that are completed through connections with one or more networks of other providers, and charges for network unbundling services.
In addition, all regulators determine and set the rates that may be charged by all telephony operators, including Liberty Caribbean , for interconnect charges, which are access charges between operators for calls originating on one network that are completed through connections with one or more networks of other providers, and charges for network unbundling services.
These gateway products can be self-installed and have an automatic WiFi optimization function, which selects the best possible wireless frequency. During 2024, our Network Extension programs (as defined and described below) upgraded or passed approximately 800,000 homes across Liberty Latin America.
These gateway products can be self-installed and have an automatic WiFi optimization function, which selects the best possible wireless frequency. During 2025, our Network Extension programs (as defined and described below) upgraded or passed approximately 170,000 homes across Liberty Latin America.
Although the legislation does contain provisions which potentially increase the level and variety of regulation to which C&W Caribbean’s operations in ECTEL states may be subject, implementation of such rules will be time consuming and complex.
Although the legislation does contain provisions which potentially increase the level and variety of regulation to which Liberty Caribbean’s operations in ECTEL states may be subject, implementation of such rules will be time consuming and complex.
In a number of cases, C&W Caribbean is required to support universal access/service goals through contributions to universal service funds or participate in universal service-related projects. In addition to the industry-specific regimes discussed above, C&W Caribbean ’s operating companies must comply with both specific and general legislation concerning, among other matters, data retention, consumer protection and electronic commerce.
In a number of cases, Liberty Caribbean is required to support universal access/service goals through contributions to universal service funds or participate in universal service-related projects. I-17 In addition to the industry-specific regimes discussed above, Liberty Caribbean ’s operating companies must comply with both specific and general legislation concerning, among other matters, data retention, consumer protection and electronic commerce.
In addition, in November 2023, we entered into an asset purchase agreement and a license purchase agreement with DISH Network to acquire DISH Network spectrum assets in Puerto Rico and USVI, which closed on September 3, 2024.
In addition, in November 2023, we entered into an asset purchase agreement and a license purchase agreement with EchoStar to acquire EchoStar spectrum assets in Puerto Rico and USVI, which closed on September 3, 2024.
Generally, in these markets, C&W Caribbean operates under a government issued license or concession that enables it to own and operate its telecommunication networks, including the establishment of wireless networks and the use of spectrum. These licenses and concessions are typically non-exclusive and have renewable multi-year terms that include competitive, qualitative and rate regulations.
Generally, in these markets, Liberty Caribbean operates under a government issued license or concession that enables it to own and operate its telecommunication networks, including the establishment of wireless networks and the use of spectrum. These licenses and concessions are typically non-exclusive and have renewable multi-year terms that include competitive, qualitative and rate regulations, in some instances.
The FCC and/or the TB have the authority to impose sanctions, including warnings, fines, license revocations and, in certain specific cases, termination of the franchise, although license revocation and franchise termination are rare.
The FCC and/or the TB have the authority to impose sanctions, including warnings, fines, reductions or revocation of government funding, license revocations and, in certain specific cases, termination of the franchise, although license revocation and franchise termination are rare.
Thus, Liberty Puerto Rico’s annual Stage 2 UPR mobile support was reduced from approximately $34 million to approximately $17 million in the first year of transitional support and to approximately $8.5 million in the second year.
Thus, Liberty Puerto Rico’s annual Stage 2 UPR mobile support was reduced from approximately $34 million to approximately $17 million in the first year of transitional support and to approximately $9 million in the second year.
In 2024, we measured our eNPS at +24 as part of our annual employee survey, which we believe is an indicator that we have a passionate, engaged, and dedicated workforce that is committed to supporting our customers and making a difference in the communities we operate in.
In 2025, we measured our eNPS at +19 as part of our annual employee survey, which we believe is an indicator that we have a passionate, engaged, and dedicated workforce that is committed to supporting our customers and making a difference in the communities we operate in.
Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SOHO - Small office/ home office customers.
Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
Licenses and concessions are in the process of being renewed in The Bahamas and Antigua and Barbuda. We believe we have complied with all local requirements to have existing licenses renewed and have provided all necessary information to enable local authorities to process applications for renewal in a timely manner.
Licenses and concessions are in the process of being renewed in Anguilla, Antigua and Barbuda and Trinidad and Tobago. We believe we have complied with all local requirements to have existing licenses renewed and have provided all necessary information to enable local authorities to process applications for renewal in a timely manner.
Business and Wholesale Services Through C&W , we provide a variety of advanced, point-to-point, clear channel broadband capacity, IP, Multiprotocol Label Switching, Ethernet and managed services over our owned and operated, technologically advanced, subsea fiber optic cable network.
Business and Wholesale Services Through Liberty Networks , we provide a variety of advanced, point-to-point, clear channel broadband capacity, IP, Multiprotocol Label Switching, Ethernet and managed services over our owned and operated, technologically advanced, subsea fiber optic cable network.
In addition, Liberty Puerto Rico uses its bundled offers that include high-speed fixed and mobile internet connectivity solutions to drive its video services. • Liberty Costa Rica . We compete with Millicom (Tigo), Telecable and ICE (through the Kolbi brand) over their fixed networks, and with the DTH services of Claro.
In addition, Liberty Puerto Rico uses its bundled offers that include high-speed fixed and mobile internet connectivity solutions to drive its video services. • Liberty Costa Rica . We compete with Millicom (Tigo), Telecable and ICE (Kolbi) over their fixed networks, and with Claro through both their fixed network and their DTH services.
As the incumbent telecommunications provider in many of its jurisdictions, C&W Caribbean is subject to significant regulatory oversight with respect to the provision of fixed-line services.
As the incumbent telecommunications provider in many of its jurisdictions, Liberty Caribbean is subject to significant regulatory oversight with respect to the provision of fixed-line services.
Currently, C&W Panama completed a mobile market consolidation process with Claro Panama, according to Law 36 of June 5, 2018 and subsequently, Digicel declared their intention to return their concession to the Panamanian government. On June 19, 2024, the mobile concession contract between Panama and Digicel was terminated.
Currently, C&W Panama completed a mobile market consolidation process with Claro Panama once the transaction was formalized in 2022, according to Law 36 of June 5, 2018 and subsequently, Digicel declared their intention to return their concession to the Panamanian government. On June 19, 2024, the mobile concession contract between the Panamanian Government and Digicel was terminated.
The ECF concluded on June 30, 2024. On November 17, 2022, the FCC issued a report and order and a further notice of proposed rulemaking adopting rules that require broadband providers to display, at the point of sale, labels that disclose certain information regarding broadband prices, introductory rates, data allowances and broadband speeds.
On November 17, 2022, the FCC issued a report and order and a further notice of proposed rulemaking adopting rules that require broadband providers to display, at the point of sale, labels that disclose certain information regarding broadband prices, introductory rates, data allowances and broadband speeds.
We are also upgrading networks to increase broadband speeds and the services we can deliver for our customers. During the past three years, we passed or upgraded approximately 1.2 million additional homes and commercial premises.
We are also upgrading networks to increase broadband speeds and the services we can deliver for our customers. During the past three years, we passed or upgraded approximately 0.8 million additional homes and commercial premises.
In very rare cases, spectrum previously assigned to C&W I-16 Caribbean may be re-allocated by regulatory authorities to other operators in the market. Alternatively, spectrum sought by C&W Caribbean may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets.
In very rare cases, spectrum previously assigned to Liberty Caribbean may be re-allocated by regulatory authorities to other operators in the market. Alternatively, spectrum sought by Liberty Caribbean may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets.
These networks are further connected via our subsea and terrestrial fiber optic cable networks that provide connectivity within and outside the region. Our subsea network cables terminating in the United States carry over 35 Tbps , which represent approximately 25% of their potential capacity based on current deployed technology, presenting us with significant growth opportunities.
These networks are further connected via our subsea and terrestrial fiber optic cable networks that provide connectivity within and outside the region. Our subsea network cables carry over 50 Tbps , which represent approximately 25% of their potential capacity based on current deployed technology, presenting us with significant growth opportunities.
Our ability to offer fixed-mobile convergence services is expected to be a key driver of growth. • C&W Caribbean . We typically operate in duopoly mobile market structures and face competition mainly from Digicel in most of our C&W Caribbean residential markets, and ALIV in The Bahamas.
Our ability to offer fixed-mobile convergence services is expected to be a key driver of growth. • Liberty Caribbean . We typically operate in supportive mobile market structures and face competition mainly from Digicel in most of our Liberty Caribbean markets, and ALIV in The Bahamas. • C&W Panama .
In Costa Rica, we compete with ICE (through the Kolbi brand), who is the incumbent fixed telephony operator in Costa Rica, as well as Millicom (through the Tigo brand) and Telecable.
In Costa Rica, we compete with ICE (Kolbi), who is the incumbent fixed telephony operator in Costa Rica, as well as Millicom (Tigo), Telecable and Claro.
Internet Service: There are conditions and quality parameters for providing internet service to the public that became effective in 2018, setting new regulatory conditions and supervision of the service providers starting in 2019. During May 2019, ASEP conducted an inspection intended to validate that these requirements were duly configured in the system. C&W Panama has complied with the regulatory requirements.
There are conditions and quality parameters for providing internet service to the public that became effective in 2018, setting new regulatory conditions and supervision of the service providers starting in 2019. During May 2019, ASEP conducted an inspection intended to validate that these requirements were duly configured in the system.
I-12 With approximately 50,000 kilometers of fiber optic cable, and an activated capacity of over 30 Tbps, Liberty Networks can carry large volumes of data traffic. Our networks also allow us to provide point-to-point, clear channel wholesale broadband capacity services, IP transit cloud-based services and local network services to telecommunications carriers, ISPs and large corporations.
With close to 35,000 kilometers of submarine fiber optic cable, and an activated capacity over 50 Tbps, Liberty Networks can carry large volumes of data traffic. Our networks also allow us to provide point-to-point, clear channel wholesale broadband capacity services, IP transit cloud-based services and local network services to telecommunications carriers, ISPs and large corporations.
The Electronic Communications Bill will not become effective until it has been adopted by all of the ECTEL states to ensure that the rules across these states are harmonized.
The Electronic Communications Bill will not become effective until it has been adopted by four out of the five ECTEL states to ensure that the rules across these states are harmonized.
I-17 We currently cannot determine the impact these provisions will have on our operations because national regulators are required to conduct extensive market reviews before adopting specific measures and these measures might be reconsidered in accordance with the market reviews. St. Kitts and Nevis enacted the bill in 2021 and was later followed by St.
We currently cannot determine the impact these provisions will have on our operations because national regulators are required to conduct extensive market reviews before adopting specific measures and these measures might be reconsidered in accordance with the market reviews. St. Kitts and Nevis passed the bill in 2021 and was later followed by St. Vincent and the Grenadines in 2022.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeLikewise, any such persons who serve in similar capacities at Liberty Global or any other public corporation have fiduciary duties to that corporation or to that corporation’s shareholders. For example, there may be the potential for a conflict of interest when the company or Liberty Global pursues acquisitions and other corporate opportunities that may be suitable for each of them.
Biggest changeOur directors (including the executive chairman) have fiduciary duties to our company. Likewise, any such persons who serve in similar capacities at Liberty Global or any other public corporation have fiduciary duties to that corporation or to that corporation’s shareholders.
As a result of restrictions contained in these debt instruments, the companies party thereto, and their subsidiaries, could be unable to obtain additional capital in the future to: • fund property and equipment additions or acquisitions that could improve our value; I-41 • meet their loan and capital commitments to their business affiliates; • invest in companies in which they would otherwise invest; • fund any operating losses or future development of their business affiliates; • obtain lower borrowing costs that are available from secured lenders or engage in advantageous transactions that monetize their assets; or • conduct other necessary or prudent corporate activities.
As a result of restrictions contained in these debt instruments, the companies party thereto, and their subsidiaries, could be unable to obtain additional capital in the future to: • fund property and equipment additions or acquisitions that could improve our value; • meet their loan and capital commitments to their business affiliates; • invest in companies in which they would otherwise invest; • fund any operating losses or future development of their business affiliates; • obtain lower borrowing costs that are available from secured lenders or engage in advantageous transactions that monetize their assets; or • conduct other necessary or prudent corporate activities.
The risk factors described in this section have been separated into seven groups: • risks that relate to the competition we face and the technology used in our businesses; • risks that relate to our operating in overseas markets and being subject to foreign and domestic regulation; • risks that relate to certain financial matters; • risks related to cybersecurity; • risks related to climate change; I-29 • risks relating to our corporate history and structure; and • risks relating to our common shares and the securities market.
The risk factors described in this section have been separated into seven groups: • risks that relate to the competition we face and the technology used in our businesses; • risks that relate to our operating in overseas markets and being subject to foreign and domestic regulation; • risks that relate to certain financial matters; • risks related to cybersecurity; • risks related to climate change; • risks relating to our corporate history and structure; and • risks relating to our common shares and the securities market.
I-35 Any violations of applicable economic and trade sanctions could limit certain of our business activities until they are satisfactorily remediated and could result in civil and criminal penalties, including fines, that could damage our reputation and have a materially adverse effect on our results of operation or financial condition. Our businesses are subject to risks of adverse regulation.
Any violations of applicable economic and trade sanctions could limit certain of our business activities until they are satisfactorily remediated and could result in civil and criminal penalties, including fines, that could damage our reputation and have a materially adverse effect on our results of operation or financial condition. Our businesses are subject to risks of adverse regulation.
While we continue to invest in measures to manage unauthorized access to our networks, any such unauthorized access to our cable television service could result in a loss of revenue, and any failure to respond to security breaches could raise concerns under our agreements with content providers, all of which could have a material adverse effect on our business and results of operations.
While we continue to invest in measures to manage unauthorized access to our networks, any such unauthorized access to our cable television service could result in a loss of revenue, and any failure to I-45 respond to security breaches could raise concerns under our agreements with content providers, all of which could have a material adverse effect on our business and results of operations.
We depend almost exclusively on our relationships with third-party programming providers, broadcasters and rights owners for programming content, and a failure to acquire desirable programming on acceptable terms could adversely affect subscriptions of our video services. The success of our video subscription offerings depends, in large part, on our ability to offer a selection of popular and desirable programming.
I-30 We depend almost exclusively on our relationships with third-party programming providers, broadcasters and rights owners for programming content, and a failure to acquire desirable programming on acceptable terms could adversely affect subscriptions of our video services. The success of our video subscription offerings depends, in large part, on our ability to offer a selection of popular and desirable programming.
Consequently, our businesses must adapt their ownership and organizational structure as well as their pricing and service offerings to satisfy the rules and regulations to which they are subject. A failure to comply with applicable rules and regulations could result in penalties, restrictions on our business or loss of required licenses or other adverse conditions.
Consequently, our businesses must adapt their I-35 ownership and organizational structure as well as their pricing and service offerings to satisfy the rules and regulations to which they are subject. A failure to comply with applicable rules and regulations could result in penalties, restrictions on our business or loss of required licenses or other adverse conditions.
I-38 We may not be successful in renewing the necessary regulatory or spectrum licenses, concessions or other operating agreements needed to operate our businesses upon expiration, and such licenses may be subject to termination, revocation or material alteration in the event of a breach or to promote the public interest or as a result of triggering a change of control clause.
We may not be successful in renewing the necessary regulatory or spectrum licenses, concessions or other operating agreements needed to operate our businesses upon expiration, and such licenses may be subject to termination, revocation or material alteration in the event of a breach or to promote the public interest or as a result of triggering a change of control clause.
Accordingly, we may experience a negative impact on our comprehensive earnings or loss and equity with respect to our holdings solely as a result of FX. In addition, our reported operating results are impacted by changes in the exchange rates for other local currencies in Latin America and the Caribbean.
Accordingly, we may experience a negative impact on our comprehensive earnings or loss and equity with respect to our holdings solely as a result of FX. In addition, our reported operating results are impacted by changes in the exchange rates for I-34 other local currencies in Latin America and the Caribbean.
Accordingly, our I-42 results of operations and cash flows may be adversely affected if the macroeconomic environment becomes uncertain or declines or governments increase taxes or levies as a result of fiscal deficits or natural disasters. We are currently unable to predict the extent of any of these potential adverse effects.
Accordingly, our results of operations and cash flows may be adversely affected if the macroeconomic environment becomes uncertain or declines or governments increase taxes or levies as a result of fiscal deficits or natural disasters. We are currently unable to predict the extent of any of these potential adverse effects.
Although our Class B common shares are eligible to trade on the OTC Markets, there is no meaningful trading market for these shares and the market price of these shares is subject to volatility. Our Class B common shares are not widely held, with approximately 64% of such outstanding shares as of December 31, 2024 beneficially owned by John C.
Although our Class B common shares are eligible to trade on the OTC Markets, there is no meaningful trading market for these shares and the market price of these shares is subject to volatility. Our Class B common shares are not widely held, with approximately 64% of such outstanding shares as of December 31, 2025 beneficially owned by John C.
Our effective income tax rate can vary significantly between periods due to a number of complex factors including, but not limited to, our possible expansion to other jurisdictions, projected levels of taxable income in each jurisdiction, tax audits conducted and settled by various tax authorities, and adjustments to income taxes upon finalization of income tax returns.
Our effective income tax rate can vary significantly between periods due to a number of complex factors including, but not limited to, our possible I-49 expansion to other jurisdictions, projected levels of taxable income in each jurisdiction, tax audits conducted and settled by various tax authorities, and adjustments to income taxes upon finalization of income tax returns.
We cannot assure you that any of these subsidiaries will have sufficient assets to pay indebtedness outstanding under their credit agreements and indentures. Any refinancing of this indebtedness is likely to contain similar restrictive covenants. We are exposed to interest rate risks and other adverse changes in the credit market.
We cannot assure you that any of these subsidiaries will have sufficient assets to pay I-41 indebtedness outstanding under their credit agreements and indentures. Any refinancing of this indebtedness is likely to contain similar restrictive covenants. We are exposed to interest rate risks and other adverse changes in the credit market.
Failure to hold or to continue to hold or obtain the necessary licenses, concessions and other operating agreements required to operate our businesses could have a material adverse effect on our business, financial condition, results of operations and prospects. We do not have complete control over the prices that we charge.
Failure to hold or to continue to hold or obtain the necessary licenses, concessions and other operating agreements required to I-38 operate our businesses could have a material adverse effect on our business, financial condition, results of operations and prospects. We do not have complete control over the prices that we charge.
In certain cases, a change in control of the subsidiary holding the equity interest will give rise to rights or remedies exercisable by other shareholders or partners. All of these provisions will restrict the ability to sell those equity interests and may adversely affect the prices at which those interests may be sold.
In certain cases, a change in control of the subsidiary holding the equity interest will give rise to rights or remedies exercisable by other shareholders or partners. All of these I-43 provisions will restrict the ability to sell those equity interests and may adversely affect the prices at which those interests may be sold.
See “Cyberattacks or other network disruptions could have an adverse effect on our business.” Our disaster recovery, security and service continuity protection measures include back-up power systems, resilient ring network systems, procuring capacity in competing networks to further strengthen our reliability profile and network I-44 monitoring.
See “Cyberattacks or other network disruptions could have an adverse effect on our business.” Our disaster recovery, security and service continuity protection measures include back-up power systems, resilient ring network systems, procuring capacity in competing networks to further strengthen our reliability profile and network monitoring.
Each Class B common share is convertible, at any time at the option of the holder, into one Class A common share. We may be significantly influenced by one principal shareholder, and he may sell his shares, which may cause the price of our common shares to decrease. As of December 31, 2024, John C.
Each Class B common share is convertible, at any time at the option of the holder, into one Class A common share. We may be significantly influenced by one principal shareholder, and he may sell his shares, which may cause the price of our common shares to decrease. As of December 31, 2025, John C.
Changes to existing legislation and new legislation may significantly alter the regulatory regime applicable to us, which could adversely affect our competitive position and profitability, and we may become subject to more extensive regulation if we are deemed to possess significant market power in any of the markets in which we operate.
I-36 Changes to existing legislation and new legislation may significantly alter the regulatory regime applicable to us, which could adversely affect our competitive position and profitability, and we may become subject to more extensive regulation if we are deemed to possess significant market power in any of the markets in which we operate.
Further, sustained or repeated system failures that interrupt our ability to provide service to our customers or otherwise meet our business obligations in a timely manner could adversely affect our reputation and result in a loss of customers and revenue. Cyberattacks or other network disruptions could have an adverse effect on our business.
Further, sustained or repeated system failures that interrupt our ability to provide service to our customers or otherwise meet our business obligations in a timely manner could adversely affect our reputation and result in a loss of customers and revenue. I-44 Cyberattacks or other network disruptions could have an adverse effect on our business.
Holders of our Class A common shares are entitled to one vote per share; holders of our Class B common shares are entitled to 10 votes per share; and holders of our Class C common shares are not entitled to any votes in respect of their common shares, unless such common shares are required to carry the right to vote under applicable law, in which case holders I-47 of our Class C common shares will be entitled to 1/100 of a vote per share.
Holders of our Class A common shares are entitled to one vote per share; holders of our Class B common shares are entitled to 10 votes per share; and holders of our Class C common shares are not entitled to any votes in respect of their common shares, unless such common shares are required to carry the right to vote under applicable law, in which case holders of our Class C common shares will be entitled to 1/100 of a vote per share.
It may be difficult for a third-party to acquire us, even if doing so may be beneficial to our shareholders. Certain provisions of our bye-laws and Bermuda law may discourage, delay or prevent a change in control of the company that a shareholder may consider favorable.
I-47 It may be difficult for a third-party to acquire us, even if doing so may be beneficial to our shareholders. Certain provisions of our bye-laws and Bermuda law may discourage, delay or prevent a change in control of the company that a shareholder may consider favorable.
In this regard, we have entered into foreign currency forward contracts to hedge certain of these risks. Certain non-functional currency risks related to our programming and other direct costs of services, other operating costs and expenses and property and equipment additions were not hedged as of December 31, 2024.
In this regard, we have entered into foreign currency forward contracts to hedge certain of these risks. Certain non-functional currency risks related to our programming and other direct costs of services, other operating costs and expenses and property and equipment additions were not hedged as of December 31, 2025.
I-37 Failure to comply with the FCC ’s requirements for the UPR Fund or other funding programs in which Liberty Puerto Rico may participate may have an adverse impact on Liberty Puerto Rico ’s business and our financial position, and payments by such programs are decreasing and uncertain.
Failure to comply with the FCC ’s requirements for the UPR Fund or other funding programs in which Liberty Puerto Rico may participate may have an adverse impact on Liberty Puerto Rico ’s business and our financial position, and payments by such programs are decreasing and uncertain.
I-46 Certain of the company’s directors and an executive officer overlap with Liberty Global , and certain directors and officers have financial interests in Liberty Global , which may lead to conflicting interests. We were a subsidiary of Liberty Global prior to our split-off in December 2017. Following our split-off, Miranda Curtis, Paul A.
Certain of the company’s directors and an executive officer overlap with Liberty Global , and certain directors and officers have financial interests in Liberty Global , which may lead to conflicting interests. We were a subsidiary of Liberty Global prior to our split-off in December 2017. Following our split-off, Miranda Curtis, Paul A.
Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever I-34 possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency.
Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency.
As this framework is subject to further negotiation and implementation by each member country, the timing and ultimate impact of any such changes on our tax obligations are uncertain. Failure to comply with anti-corruption laws and regulations, such as the FCPA.
As this framework is subject to further negotiation and implementation by each member country, the timing and ultimate impact of any such changes on our tax obligations are uncertain. I-39 Failure to comply with anti-corruption laws and regulations, such as the FCPA.
We are subject to changing tax laws, treaties and regulations in and between countries in which we operate or otherwise have a presence. Also, various income tax proposals in the jurisdictions in which we operate could result in changes to the I-39 existing laws on which our deferred taxes are calculated.
We are subject to changing tax laws, treaties and regulations in and between countries in which we operate or otherwise have a presence. Also, various income tax proposals in the jurisdictions in which we operate could result in changes to the existing laws on which our deferred taxes are calculated.
As of December 31, 2024, we did not maintain effective internal control over financial reporting attributable to certain identified material weaknesses. We describe these material weaknesses in Item 9A. Controls and Procedures in this Annual Report on Form 10-K.
As of December 31, 2025, we did not maintain effective internal control over financial reporting attributable to certain identified material weaknesses. We describe these material weaknesses in Item 9A. Controls and Procedures in this Annual Report on Form 10-K.
Therefore, we are subject to the following inherent risks: • fluctuations in foreign currency exchange rates; • difficulties in staffing and managing operations consistently through our several operating areas; • export and import restrictions, custom duties, tariffs and other trade barriers; I-33 • burdensome tax, customs, duties or regulatory assessments based on new or differing interpretations of law or regulations, including increases in taxes and governmental fees; • economic and political instability, social unrest, and public health crises, such as the occurrence of a contagious disease like the novel coronavirus; • changes in foreign and domestic laws and policies that govern operations of foreign-based companies; • interruptions to essential energy inputs; • direct and indirect price controls; • cancellation of contract rights and licenses; • delays or denial of governmental approvals; • a lack of reliable security technologies; • privacy concerns; and • uncertainty regarding intellectual property rights and other legal issues.
Therefore, we are subject to the following inherent risks: • fluctuations in foreign currency exchange rates; • difficulties in staffing and managing operations consistently through our several operating areas; • export and import restrictions, custom duties, tariffs and other trade barriers; • burdensome tax, customs, duties or regulatory assessments based on new or differing interpretations of law or regulations, including increases in taxes and governmental fees; • economic and political instability, social unrest, and public health crises, such as the occurrence of a contagious disease like COVID-19; • changes in foreign and domestic laws and policies that govern operations of foreign-based companies; • interruptions to essential energy inputs; • direct and indirect price controls; • cancellation of contract rights and licenses; • delays or denial of governmental approvals; • a lack of reliable security technologies; • privacy concerns; and • uncertainty regarding intellectual property rights and other legal issues.
In addition to having a direct impact on our revenue, due, for example, to reduction of roaming charges incurred by tourists, these factors will in turn drive disposable income, with the corresponding impact on use of our products and services.
In addition to having a direct impact on our revenue, due, for example, to I-42 reduction of roaming charges incurred by tourists, these factors will in turn drive disposable income, with the corresponding impact on use of our products and services.
I-48 Bermuda law may, in certain circumstances, afford less protection to our shareholders than the laws in effect in other jurisdictions. We are incorporated and organized under the laws of Bermuda. As a result, our corporate affairs are governed by the Bermuda Companies Act.
Bermuda law may, in certain circumstances, afford less protection to our shareholders than the laws in effect in other jurisdictions. We are incorporated and organized under the laws of Bermuda. As a result, our corporate affairs are governed by the Bermuda Companies Act.
In this regard, it is difficult to predict how political and economic I-40 conditions, sovereign debt concerns or any adverse regulatory developments will impact the credit and equity markets we access and our future financial position.
In this regard, it is difficult to predict how political and economic conditions, sovereign debt concerns or any adverse regulatory developments will impact the credit and equity markets we access and our future financial position.
If such a disruption were to extend over a prolonged period, it could have an impact on the continuity of our supply chain and our ability to build or upgrade our networks and customer premises equipment generally.
If such a disruption were to extend over a prolonged period, it could have an impact on the continuity of our supply chain and our ability to build or upgrade our networks and customer premises I-31 equipment generally.
I-32 Our future success also depends on our ability to adapt our services and infrastructure to meet rapidly evolving consumer trends and demands while continuing to improve the performance, features and reliability of our services in response to competitive service and product offerings.
Our future success also depends on our ability to adapt our services and infrastructure to meet rapidly evolving consumer trends and demands while continuing to improve the performance, features and reliability of our services in response to competitive service and product offerings.
In certain countries and territories in which we operate, political, security and economic changes may result in political and regulatory uncertainty and civil unrest. Governments may expropriate or nationalize assets or increase their participation in the economy generally and in telecommunications operations in particular.
I-33 In certain countries and territories in which we operate, political, security and economic changes may result in political and regulatory uncertainty and civil unrest. Governments may expropriate or nationalize assets or increase their participation in the economy generally and in telecommunications operations in particular.
I-36 When we acquire additional communications companies, these acquisitions may require the approval of governmental authorities, which can block, impose conditions on, or delay an acquisition, thus hampering our opportunities for growth.
When we acquire additional communications companies, these acquisitions may require the approval of governmental authorities, which can block, impose conditions on, or delay an acquisition, thus hampering our opportunities for growth.
In addition, we are dependent on customers, and, in particular local, municipal and national governments and agencies, to pay us for the services we provide in order for us to generate cash to meet our debt service obligations and to maintain our business.
In addition, we are dependent on customers, and, in particular local, municipal and national governments and agencies, to pay us for the services we provide in I-40 order for us to generate cash to meet our debt service obligations and to maintain our business.
In addition, the rights of our shareholders and the fiduciary responsibilities of our directors under Bermuda law are not as clearly established as under statutes or judicial precedent in other jurisdictions, where directors’ duties are sometimes codified under applicable law.
In I-48 addition, the rights of our shareholders and the fiduciary responsibilities of our directors under Bermuda law are not as clearly established as under statutes or judicial precedent in other jurisdictions, where directors’ duties are sometimes codified under applicable law.
However, if we sustain certain damage from wind-related events that does not trigger coverage under our Weather Derivatives , we may receive no proceeds or proceeds that do not fully cover such damage.
However, if we sustain certain damage from wind- I-32 related events that does not trigger coverage under our Weather Derivatives , we may receive no proceeds or proceeds that do not fully cover such damage.
I-49 The taxation of our business is subject to the enactment of, or changes in, tax laws, regulations and treaties, or the interpretation thereof, tax policy initiatives and reforms under consideration and the practices of tax authorities in various jurisdictions.
The taxation of our business is subject to the enactment of, or changes in, tax laws, regulations and treaties, or the interpretation thereof, tax policy initiatives and reforms under consideration and the practices of tax authorities in various jurisdictions.
In the specific case of the UPR Fund and the Connect USVI funding for fixed providers, such as LCPR and Broadband VI, LLC, failure to comply with program buildout milestones can result in the FCC clawing back allocated funds and/or imposing fines for non-compliance.
In the specific case of the UPR Fund and the Connect USVI funding for fixed providers, such as LCPR and Broadband VI, LLC, failure to comply with program buildout milestones can result in the FCC reducing or delaying funding, clawing back allocated funds and/or imposing fines and penalties for non-compliance.
We may not be successful in acquiring future spectrum or other licenses that we need to offer new mobile data or other services. We offer mobile data services through licensed spectrum in a number of markets.
I-37 We may not be successful in acquiring future spectrum or other licenses that we need to offer new mobile data or other services. We offer mobile data services through licensed spectrum in a number of markets.
Malone beneficially owned a number of our common shares representing approximately 28% of the aggregate voting power of our outstanding common shares. As a result, Mr. Malone has significant influence over Liberty Latin America. Mr.
Malone beneficially owned a number of our common shares representing approximately 27% of the aggregate voting power of our outstanding common shares. As a result, Mr. Malone has significant influence over Liberty Latin America. Mr.
New products and services, once marketed, may not meet consumer expectations or demand, can be subject to delays in development I-30 and may fail to operate as intended.
New products and services, once marketed, may not meet consumer expectations or demand, can be subject to delays in development and may fail to operate as intended.
Our suppliers often conduct business worldwide and their ability to meet our needs is subject to various risks, including political and economic instability, international regulations or sanctions, natural calamities, interruptions in transportation systems, power supplies, terrorism and labor issues.
Our suppliers often conduct business worldwide and their ability to meet our needs is subject to various risks, including political and economic instability, international regulations or sanctions, supply chain delays or instability, natural calamities, interruptions in transportation systems, power supplies, terrorism and labor issues.
As a result, our competitors have similar licenses and have and may continue to build systems and provide services in areas in which we hold licenses.
As a result, many of our competitors have similar licenses and have and may continue to build systems and provide services in areas in which we hold licenses.
Any such instance could have an adverse effect on our cash flows, results of operations, financial I-43 condition and/or liquidity.
Any such instance could have an adverse effect on our cash flows, results of operations, financial condition and/or liquidity.
The material weaknesses will not be considered remediated until the applicable new or enhanced controls operate for a sufficient period and management has concluded, through testing, that these controls are operating effectively. As remediation has not yet been completed, these material weaknesses continued to I-50 exist with respect to our internal control over financial reporting as of December 31, 2024.
The material weaknesses will not be considered remediated until the applicable new or enhanced controls operate for a sufficient period and management has concluded, through testing, that these controls are operating effectively. As full remediation has not yet been completed, these material weaknesses continued to exist with respect to our internal control over financial reporting as of December 31, 2025.
Adverse changes in rules and regulations could: • impair our ability to use our bandwidth in ways that would generate maximum revenue and cash flow; • create a shortage of capacity on our networks, which could limit the types and variety of services we seek to provide our customers; • impact our ability to access spectrum for our mobile services; • impact the amount of government funding under certain support programs, such as the FCC ’s UPR Fund and th e NTIA ’s MMG Program ; • strengthen our competitors by granting them access and lowering their costs to enter into our markets; and • otherwise have a significant adverse impact on our results of operations.
Adverse changes in rules and regulations could: • impair our ability to use our bandwidth in ways that would generate maximum revenue and cash flow; • create a shortage of capacity on our networks, which could limit the types and variety of services we seek to provide our customers; • impact our ability to access spectrum for our mobile services; • obtain access to rights of way, pole attachments and conduits; • impact the amount of government funding under certain support programs, such as the FCC ’s UPR Fund, Connect USVI Fund and th e NTIA ’s MMG Program ; • strengthen our competitors by granting them access and lowering their costs to enter into our markets; and • otherwise have a significant adverse impact on our results of operations.
We also face similar risks associated with security breaches affecting third parties with which we are I-45 affiliated or otherwise conduct business.
We also face similar risks associated with security breaches affecting third parties with which we are affiliated or otherwise conduct business.
In addition, we rely on third parties (in particular, local municipalities, power companies and other telecommunications companies) for access to poles to attach our network equipment, and their ability to provide such access is subject to similar risks.
In addition, we rely on third parties (in particular, local municipalities, power companies and other telecommunications companies) for access to rights of way, poles and conduits to attach our network equipment, and their ability to provide such access is subject to similar risks.
Also, even though we regularly review our credit exposures, defaults may arise from events or circumstances that are difficult to detect or foresee. At December 31, 2024, our exposure to counterparty credit risk included (i) cash and cash equivalents and restricted cash balances of $667 million and (ii) aggregate undrawn debt facilities of $796 million.
Also, even though we regularly review our credit exposures, defaults may arise from events or circumstances that are difficult to detect or foresee. At December 31, 2025, our exposure to counterparty credit risk included (i) cash and cash equivalents and restricted cash balances of $784 million and (ii) aggregate undrawn debt facilities of $914 million.
If, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill.
Based on the results of our impairment test over intangible assets not subject to amortization and impairment test over goodwill, if, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill and intangible assets not subject to amortization.
As of December 31, 2024, we had goodwill of $2,981 million, which represented approximately 23% of our total assets. We evaluate goodwill and other indefinite-lived intangible assets (primarily spectrum licenses and cable television franchise rights) for impairment at least annually on July 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable.
As of December 31, 2025, we had goodwill of $3,008 million, which represented approximately 25% of our total assets. We evaluate goodwill and other indefinite-lived intangible assets (primarily spectrum licenses and cable television franchise rights) for impairment at least annually on July 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable.
As a result, we may not be able to obtain the equipment, software, access and services required for our businesses on a timely basis or on satisfactory terms, and this may lead us to issue credit to customers which could adversely impact our revenue and cash flows.
As a result, we may not be able to obtain the equipment, software, access and services required for our businesses on a timely basis or on satisfactory terms, and this may lead us to issue credit to customers or impair our ability to deploy network infrastructure, which could adversely impact our revenue, cash flows and government funding.
Our businesses are highly leveraged. At December 31, 2024, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,143 million, including $466 million that is classified as current in our consolidated balance sheet and $7,627 million that is not due until 2027 or thereafter.
Our businesses are highly leveraged. At December 31, 2025, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,359 million, including $409 million that is classified as current in our consolidated balance sheet and $7,950 million that is not due until 2027 or thereafter.
Gould and Daniel Sanchez, who serve as directors of Liberty Global , and Liberty Global ’s chief financial officer, Charles H.R. Bracken, also serve as directors of Liberty Latin America . Additionally, the chief executive officer of Liberty Global , Michael Fries, also serves as our executive chairman. Our directors (including the executive chairman) have fiduciary duties to our company.
Gould and Daniel Sanchez, who serve as directors of Liberty Global , and Liberty Global ’s chief financial officer, Charles H.R. Bracken, also serve as directors of Liberty Latin America . Additionally, the chief executive officer and chairman of Liberty Global , Michael Fries, also serves as our executive chairman.
The techniques used to gain such access to our or our vendors’ technology systems, data or customer information, disable or degrade service, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized until launched against a target.
The techniques used to gain such access to our or our vendors’ technology systems, data or customer information, disable or degrade service, or sabotage systems are constantly evolving (including with the advancement of technologies like artifical intelligence), may be difficult to detect quickly, and often are not recognized until launched against a target.
Any shortfall in our equipment could lead to delays in completing extensions to our networks and in connecting customers to our services and, accordingly, could adversely impact our ability to maintain or I-31 increase our RGU s, revenue and cash flows.
Any shortfall in our equipment or rights of way to deploy it could lead to delays in completing extensions to our networks and in connecting customers to our services and, accordingly, could adversely impact our ability to maintain or increase our RGU s, revenue and cash flows.
Part of our business strategy is to grow and expand our businesses, in part, through selective acquisitions, such as the transaction with Millicom in Costa Rica, that enable us to take advantage of existing networks, local service offerings and region-specific management expertise.
Part of our business strategy is to grow and expand our businesses, which may, in part, be through selective acquisitions that enable us to take advantage of existing networks, local service offerings and region-specific management expertise.
In certain jurisdictions where spectrum licenses must be renewed, there is no guarantee that we will be able to renew those licenses on similar or commercially viable terms, or at all.
We have also begun the process to renew the mobile spectrum concession in Costa Rica that is scheduled to expire in 2026. In certain jurisdictions where spectrum licenses must be renewed, there is no guarantee that we will be able to renew those licenses on similar or commercially viable terms, or at all.
Due to this complexity, OFAC’s interpretation of its own regulations and guidance vary on a case to case basis. As a result, we cannot provide any guarantees that OFAC will not challenge any of our activities in the future, which could have a material adverse effect on our results of operations.
As a result, we cannot provide any guarantees that OFAC will not challenge any of our activities in the future, which could have a material adverse effect on our results of operations.
In addition, all of our directors and our executive officers, other than three of our directors (Alfonso de Angoitia Noriega, Roberta S. Jacobson and Eric L. Zinterhofer) and our Chief Technology Officer, Aamir Hussain, have financial interests in Liberty Global as a result of their ownership of Liberty Global ordinary shares and/or equity awards.
Jacobson) and our Chief Technology Officer, Aamir Hussain, have financial interests in Liberty Global as a result of their ownership of Liberty Global ordinary shares and/or equity awards.
Some of these providers offer services without charging a fee, which could erode relationships with customers and may lead to a downward pressure on prices and returns for telecommunication services providers.
Our operating businesses are facing increasing competition from video services provided by, or over the networks of, other telecommunications operators and service providers. Some of these providers offer services without charging a fee, which could erode relationships with customers and may lead to a downward pressure on prices and returns for telecommunication services providers.
As further described in note 8 to our consolidated financial statements, during the years ended December 31, 2024 and 2022, we incurred significant goodwill impairments.
As further described in note 7 to our consolidated financial statements, during the years ended December 31, 2025 and December 31, 2024, we recorded significant impairment losses with respect to our spectrum license intangible assets and goodwill, respectively.
OFAC extended this license in 2023 and 2024 and it currently expires on August 31, 2025. We will seek to renew this license for 2025-2026. We believe that our activities with respect to these countries are known to OFAC. We note, however, that OFAC regulations and related interpretive guidance are complex and subject to varying interpretations.
OFAC extended this license in 2023 and 2024 and it expired on August 31, 2025. We filed our application with OFAC to renew this license and are awaiting a response from OFAC. We believe that our activities with respect to these countries are known to OFAC.
Our operating businesses are facing increasing competition from video services provided by, or over the networks of, other telecommunications operators and service providers. As the availability and speed of broadband internet increases, we also face competition from OTT providers, including telephony providers such as WhatsApp, utilizing our or our competitors’ high-speed internet connections.
In addition, as the availability and speed of broadband internet increases, we also face competition I-29 from OTT providers, including telephony providers such as WhatsApp, utilizing our or our competitors’ high-speed internet connections. In almost all cases, our licenses are not exclusive.
In addition, in some of the ECTEL states, we are operating under expired licenses and have applied for renewal of such licenses. We have also begun the process to renew the mobile spectrum concession in Costa Rica that is scheduled to expire in 2026.
For instance, in Antigua and Barbuda, the outdated mobile license is due to be renewed with an updated license. In addition, in some of the ECTEL states, we are operating under expired licenses and have applied for renewal of such licenses.
Thus, Liberty Puerto Rico’s annual Stage 2 mobile support was reduced from approximately $34 million to approximately $17 million in the first year of transitional support and will be reduced to approximately $8.5 million in the second year. Reduced funding from these programs may have an adverse impact on Liberty Puerto Rico’s business and our RGUs, revenue and cash flow.
Reduced funding from these programs may have an adverse impact on Liberty Puerto Rico’s business and our RGUs, revenue and cash flow.
Removed
In many countries, we also compete with other facilities-based operators and wireless providers. Developments in wireless technologies, such as LTE , 5G (the next generation of ultra-high-speed mobile data) and WiFi, are creating additional competitive challenges. In almost all cases, our licenses are not exclusive.
Added
In many countries, we also compete with other facilities-based operators and wireless providers. In particular, we are seeing increased activity from satellite service providers offering direct-to-consumer and direct-to-business broadband internet as well as direct-to-cell services.
Removed
For instance, C&W ’s license in The Bahamas is in the process of being renewed on the same or substantially similar terms and conditions as before and, in Antigua and Barbuda, the outdated mobile license is due to be renewed with an updated license.
Added
We note, however, that OFAC regulations and related interpretive guidance are complex and subject to varying interpretations. Due to this complexity, OFAC’s interpretation of its own regulations and guidance vary on a case to case basis.
Added
Thus, Liberty Puerto Rico’s annual Stage 2 mobile support was reduced from approximately $34 million to approximately $17 million in the first year of transitional support and will be reduced to approximately $9 million in the second year. The current level of transitional mobile support is expected to remain in place until the FCC implements the potential 5G fund.
Added
In December 2025, the Wireline Competition Bureau of the FCC released the Broadband Fabric, which identified the final list of all locations to which LCPR and Broadband VI, LLC must deploy broadband services by December 31, 2028.
Added
The Wireline Competition Bureau will adjust the UPR Fund and Connect USVI funding on a pro rata basis to reflect any changes in the number of locations, which could result in a reduction of funding going forward.
Added
In addition, we have engaged advisors and begun discussions with creditors’ advisors in relation to managing Liberty Puerto Rico’s liabilities. These discussions may not result in an agreement between the parties, and Liberty Puerto Rico’s position with respect to its debt and our position with respect to our equity in Liberty Puerto Rico remain uncertain.
Added
For example, there may be the potential for a conflict of interest when the company or Liberty Global pursues acquisitions and other corporate opportunities I-46 that may be suitable for each of them. In addition, all of our directors and our executive officers, other than two of our directors (Alfonso de Angoitia Noriega and Roberta S.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur Chief Information Security Officer holds undergraduate, graduate and master’s degrees in risk management, business administration and information technology, as well as professional certification as a Certified Information Security Manager. Our Chief Information Security Officer reports to our Chief Legal Officer, who has served in that position since December 2017.
Biggest changeOur Chief Information Security Officer holds undergraduate, graduate and master’s degrees in risk management, business administration and information technology, as well as professional certification as a Certified Information Security Manager. I-51 Our Chief Information Security Officer reports to our Chief Technology Officer, who resumed oversight of our company’s cybersecurity in January 2025.
In addition, our Chief Technology Officer has extensive experience in running and managing cyber risks at large U.S. telecommunication companies and, prior to joining our company, had led the cybersecurity practice at a business unit at a large telecommunications company and established cyber risk identification, detection and protection practices for enterprise and government customers.
Our Chief Technology Officer has extensive experience in running and managing cyber risks at large U.S. telecommunication companies and, prior to joining our company, had led the cybersecurity practice at a business unit at a large telecommunications company and established cyber risk identification, detection and protection practices for enterprise and government customers.
Although we I-51 rely on our third party service providers to implement security programs commensurate with their risk, we cannot ensure in all circumstances that their efforts will be successful.
Although we rely on our third party service providers to implement security programs commensurate with their risk, we cannot ensure in all circumstances that their efforts will be successful.
Removed
Our Chief Legal Officer manages our cybersecurity function and legal matters affecting our company and risk management within the company. Our Chief Legal Officer’s responsibilities also include overseeing legal support for corporate governance, financial reporting, litigation, mergers and acquisitions and commercial contracts, regulatory and general compliance matters at our company and management of our government affairs function.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeItem 2. PROPERTIES At December 31, 2024, we leased our corporate office in Denver, Colorado, U.S. and our operations center in Panama City, Panama. Additionally, through our Liberty Networks segment, we own significant portions of our subsea network in the Caribbean region (see Item 1. Business—Description of Business—Products and Services—Business Services ).
Biggest changeItem 2. PROPERTIES At December 31, 2025, we leased our corporate office in Denver, Colorado, U.S. and our operations center in Panama City, Panama. Additionally, through our Liberty Networks segment, we own significant portions of our subsea network in the Caribbean region (see Item 1. Business—Description of Business—Products and Services—Business Services ).
The physical components of their networks require maintenance and periodic upgrades to support the new services and products they introduce. Subject to these maintenance and upgrade activities, our management believes that our current facilities are suitable and adequate for our business operations for the foreseeable future. I-52
The physical components of their networks require maintenance and periodic upgrades to support the new services and products they introduce. Subject to these maintenance and upgrade activities, our management believes that our current facilities are suitable and adequate for our business operations for the foreseeable future.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeFor additional information, see note 17 to our consolidated financial statements in Part II of this Annual Report on Form 10-K. Item 4. MINE SAFETY DISCLOSURES Not applicable. I-53 PART II
Biggest changeFor additional information, see note 16 to our consolidated financial statements in Part II of this Annual Report on Form 10-K. Item 4. MINE SAFETY DISCLOSURES Not applicable. I-52 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeSecurities Authorized for Issuance Under Equity Compensation Plans Information required by this item is incorporated by reference to our definitive proxy statement for our 2025 Annual General Meeting of Shareholders. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities All information under this Item has been previously reported on our Current Reports on Form 8-K.
Biggest changeRecent Sales of Unregistered Securities; Use of Proceeds from Registered Securities All information under this Item has been previously reported on our Current Reports on Form 8-K.
Stock Performance Graph The following graph compares the changes in the cumulative total shareholder return on our Liberty Latin America Class A and Class C ordinary shares from December 31, 2019 to December 31, 2024, to the change in the cumulative total return on the MSCI Emerging Markets NTR Index and the Nasdaq Composite TR Index (assuming reinvestment of dividends, where applicable).
II-2 Stock Performance Graph The following graph compares the changes in the cumulative total shareholder return on our Liberty Latin America Class A and Class C ordinary shares from December 31, 2020 to December 31, 2025, to the change in the cumulative total return on the MSCI Emerging Markets NTR Index and the Nasdaq Composite TR Index (assuming reinvestment of dividends, where applicable).
The graph assumes that $100 was invested on December 31, 2019.
The graph assumes that $100 was invested on December 31, 2020.
Class B High Low Year ended December 31, 2024 First quarter $ 10.00 $ 8.00 Second quarter $ 10.00 $ 6.08 Third quarter $ 10.00 $ 8.26 Fourth quarter $ 8.68 $ 5.55 Year ended December 31, 2023 First quarter $ 11.00 $ 8.01 Second quarter $ 11.00 $ 7.11 Third quarter $ 11.00 $ 6.74 Fourth quarter $ 8.19 $ 7.45 Holders As of January 31, 2025, we had the following number of holders of record of our common stock: 10,666 Class A; 16 Class B; and 24,587 Class C.
Class B High Low Year ended December 31, 2025 First quarter $ 6.75 $ 6.75 Second quarter $ 5.27 $ 5.27 Third quarter $ 9.00 $ 8.01 Fourth quarter $ 10.74 $ 9.50 Year ended December 31, 2024 First quarter $ 10.00 $ 8.00 Second quarter $ 10.00 $ 6.08 Third quarter $ 10.00 $ 8.26 Fourth quarter $ 8.68 $ 5.55 Holders As of February 2, 2026, we had the following number of holders of record of our common stock: 10,608 Class A; 15 Class B; and 24,495 Class C.
For information about amounts authorized under our Share Repurchase Programs and our capped call option contracts, see note 12 to our consolidated financial statements. There were no repurchases of our Class A or C common shares during the three months ended December 31, 2024.
For information about amounts authorized under our Share Repurchase Programs and our capped call option contracts, see note 12 to our consolidated financial statements.
At December 31, 2024, the remaining amount authorized for repurchases under the Share Repurchase Programs was $242 million, which is net of the premium associated with the capped call option contracts.
(b) At December 31, 2025, the remaining amount authorized for repurchases under the Share Repurchase Programs was $200 million.
Any future payment of cash dividends will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations. Except as noted in Item 7.
Any future payment of cash dividends will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations. Securities Authorized for Issuance Under Equity Compensation Plans Information required by this item is incorporated by reference to our definitive proxy statement for our 2026 Annual General Meeting of Shareholders.
December 31, 2019 2020 2021 2022 2023 2024 Liberty Latin America Shares - Class A $ 100.00 $ 51.58 $ 54.03 $ 34.89 $ 33.87 $ 34.98 Liberty Latin America Shares - Class C $ 100.00 $ 51.85 $ 53.30 $ 35.53 $ 34.32 $ 34.63 MSCI Emerging Markets NTR Index $ 100.00 $ 117.73 $ 114.70 $ 91.66 $ 100.67 $ 108.78 Nasdaq Composite TR Index $ 100.00 $ 189.61 $ 231.66 $ 156.29 $ 226.06 $ 223.87 Item 6. [Reserved] II-2
December 31, 2020 2021 2022 2023 2024 2025 Liberty Latin America Shares - Class A $ 100.00 $ 104.76 $ 67.65 $ 65.68 $ 57.14 $ 66.40 Liberty Latin America Shares - Class C $ 100.00 $ 102.80 $ 68.53 $ 66.19 $ 57.17 $ 67.27 MSCI Emerging Markets NTR Index $ 100.00 $ 97.46 $ 77.88 $ 85.53 $ 91.95 $ 122.81 Nasdaq Composite TR Index $ 100.00 $ 122.18 $ 82.43 $ 119.22 $ 154.48 $ 187.14 Item 6. [Reserved] II-3
Removed
Management’s Discussion and Analysis of Financial Condition and Results of Operations and note 10 to our consolidated financial statements, there are currently no contractual restrictions on our ability to pay dividends in cash or shares.
Added
The following table sets forth information concerning our company’s purchase of its own equity securities through exercise of some of our capped call option contracts during the three months ended December 31, 2025 (in millions, except per share amounts). Due to rounding, the total number of shares purchases during the quarter may not recalculate.
Added
Period Total number of shares purchased Average price paid per share (a) Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs October 1, 2025 through October 31, 2025: Class A — $ — — (b) Class C — $ — — November 1, 2025 through November 30, 2025: Class A — $ — — (b) Class C — $ — — December 1, 2025 through December 31, 2025: Class A 0.08 $ 8.32 0.08 (b) Class C 0.22 $ 8.38 0.22 Total - October 1, 2025 through December 31, 2025: Class A 0.08 $ 8.32 0.08 (b) Class C 0.22 $ 8.38 0.22 (a) Average price paid per share includes direct acquisition costs.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

1 edited+0 added−0 removed0 unchanged
Biggest changeItem 6. [Reserved] II- 2 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations II- 3 Item 7A. Quantitative and Qualitative Disclosures About Market Risk II- 29 Item 8. Financial Statements and Supplementary Data II- 32
Biggest changeItem 6. [Reserved] II- 3 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations II- 4 Item 7A. Quantitative and Qualitative Disclosures About Market Risk II- 28 Item 8. Financial Statements and Supplementary Data II- 31

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

122 edited+20 added−23 removed61 unchanged
Biggest changeYear ended December 31, Increase (decrease) from: Increase (decrease) An acquisition 2024 2023 Organic in millions Personnel and contract labor $ 164.1 $ 154.9 $ 9.2 $ — $ 9.2 Network-related 36.3 52.5 (16.2) — (16.2) Service-related 119.7 79.5 40.2 1.8 38.4 Commercial 54.6 51.2 3.4 0.9 2.5 Facility, provision, franchise and other 227.9 206.7 21.2 — 21.2 Share-based compensation and other Employee Incentive Plan-related expense 6.8 6.2 0.6 — 0.6 Total other operating costs and expenses $ 609.4 $ 551.0 $ 58.4 $ 2.7 $ 55.7 • Personnel and contract labor: The organic increase is primarily driven by the net effect of (i) an increase resulting from the receipt of payroll tax credits during 2023 that were not received during 2024, and which tax credits were awarded to businesses that continued to pay employees or that experienced significant declines in gross receipts during the COVID-19 pandemic, and (ii) lower salaries and related personnel costs, driven by a reduction in headcount associated with restructuring plans. • Network-related: The organic decrease is primarily due to the net effect of (i) the termination of a transition service agreement during the first half of 2024, (ii) lower network maintenance expenses, (iii) higher vendor credits and related incentives and (iv) higher pole rental costs. • Service-related: The organic increase is primarily due to the net impact of (i) an increase in information technology service and license expenses, as we have transitioned mobile customers acquired from AT&T to our internal systems, and (ii) lower service-related integration costs associated with the migration of customers to our mobile network following the AT&T Acquisition. • Commercial: The organic increase is primarily driven by higher call center costs that were only partially offset by lower marketing expenses. • Facility, provision, franchise and other: The organic increase is primarily due to the net effect of (i) higher bad debt expense impacted by billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems, and higher expected credit losses on amounts due under EIPs for customers that have churned, (ii) increased collection costs, (iii) a decrease due to the substantial termination of a transition services agreement during the first half of 2024, (iv) lower facility costs, including utilities, (v) lower company vehicle expenses and (vi) a decrease in bank and franchise fees.
Biggest changeYear ended December 31, Decrease Increase (decrease) from: 2025 2024 An acquisition Organic in millions Personnel and contract labor $ 145.4 $ 164.1 $ (18.7) $ — $ (18.7) Network-related 33.8 36.3 (2.5) — (2.5) Service-related 87.5 119.7 (32.2) 3.5 (35.7) Commercial 48.1 54.6 (6.5) 2.0 (8.5) Facility, provision, franchise and other 190.7 246.3 (55.6) — (55.6) Share-based compensation and other Employee Incentive Plan-related expense 5.6 6.8 (1.2) — (1.2) Total other operating costs and expenses $ 511.1 $ 627.8 $ (116.7) $ 5.5 $ (122.2) • Personnel and contract labor: The organic decrease is primarily due to (i) lower salaries and related personnel costs, driven by reductions in headcount associated with restructuring plans, (ii) an increase to capitalized labor cost, and (iii) the impact associated with the sale of research and development tax credits generated on personnel costs at Liberty Puerto Rico. • Network-related: The organic decrease is primarily due to the termination of a transition service agreement during the first half of 2024 offset by higher network repair and other costs during 2025. • Service-related: The organic decrease is primarily due to (i) costs incurred during 2024 associated with (a) a transition service agreement that was terminated during 2024 and (b) service-related integration costs related to the migration of customers to our mobile network following the AT&T Acquisition, and (ii) a decrease associated with lower information technology software costs. • Commercial: The organic decrease is primarily driven by lower marketing and call center costs. • Facility, provision, franchise and other: The organic decrease is primarily due to lower bad debt expense as we incurred significant charges during 2024 due to the impact of billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems.
We provide, A. residential and B2B services in: i. over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama; ii. Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and iii. Costa Rica, through our reportable segment Liberty Costa Rica.
We provide, A. residential and B2B services in: i. over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama; ii. Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and iii. Costa Rica, through our reportable segment Liberty Costa Rica.
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.
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.
Our discounted cash flow analysis used is based on assumptions in our long-range business plans, and the timing and amount of future cash flows under these business plans require estimates of, among other items, subscriber growth and retention rates, rates charged per product, expected gross margins and Adjusted OIBDA margins and expected property and equipment additions.
Our discounted cash flow analysis is based on assumptions in our long-range business plans, and the timing and amount of future cash flows under these business plans require estimates of, among other items, subscriber growth and retention rates, rates charged per product, expected gross margins and Adjusted OIBDA margins and expected property and equipment additions.
II-20 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.
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.
Liquidity and capital resources of Liberty Latin America and its unrestricted subsidiaries Our current sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Latin America and, subject to certain tax and legal considerations, Liberty Latin America’s unrestricted subsidiaries, and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments.
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.
The Company’s website and the information contained therein, or incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-K. Overview General We are an international provider of fixed, mobile and subsea telecommunications services.
Our company’s website and the information contained therein, or incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-K. Overview General We are an international provider of fixed, mobile and subsea telecommunications services.
Changes in ARPU can be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period.
Changes in ARPU can generally be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period.
For further discussion and analysis of organic changes in revenue and costs, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below. 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.
For further discussion and analysis of organic changes in revenue and costs, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs and Expenses sections below. For further discussion and analysis of changes in Depreciation and amortization , and Impairment, Restructuring and other operating items, net , see Results of Operations (below Adjusted OIBDA) sections below.
From time to time, Liberty Latin America and its unrestricted subsidiaries may also receive (i) proceeds in the form of distributions or loan repayments from Liberty Latin America’s borrowing groups upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Latin America and its unrestricted subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its unrestricted subsidiaries or the issuance of equity securities by Liberty Latin America.
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.
II-12 Programming and other direct costs of services Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, B2B project-related costs and other direct costs related to our operations. Consolidated.
II-12 Programming and other direct costs of services Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations. Consolidated.
No assurance can be given that we would have sufficient sources of liquidity, or that any external funding would be available on favorable terms, or at all, to fund any such required repayment. At December 31, 2024, each of our borrowing groups was in compliance with its debt covenants.
No assurance can be given that we would have sufficient sources of liquidity, or that any external funding would be available on favorable terms, or at all, to fund any such required repayment. At December 31, 2025, each of our borrowing groups was in compliance with its debt covenants.
II-4 In the following discussion, we quantify the estimated impacts on the operating results of the periods under comparison that are attributable to the LPR Acquisition, which closed on September 3, 2024. With respect to acquisitions, organic changes exclude the operating results of an acquired entity during the first 12 months following the date of acquisition.
In the following discussion, we quantify the estimated impacts on the operating results of the periods under comparison that are attributable to the LPR Acquisition, which closed on September 3, 2024. With respect to acquisitions, organic changes exclude the operating results of an acquired entity during the first 12 months following the date of acquisition.
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 7 to our consolidated financial statements and under Item 7A.
It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 6 to our consolidated financial statements and under Item 7A.
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.
In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products. II-7 The following table sets forth the organic and non-organic changes in revenue by reportable segment.
No assurance can be given that any external funding would be available to Liberty Latin America or its unrestricted subsidiaries on favorable terms, or at all. As noted above, various factors may limit our ability to access the cash of our borrowing groups.
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.
Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Liquidity and Capital Resources—Capitalization below, we expect that we will continue to report significant levels of interest expense for the foreseeable future.
II-21 Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Liquidity and Capital Resources—Capitalization below, we expect that we will continue to report significant levels of interest expense for the foreseeable future.
The capital expenditures, net, that we report in our consolidated statements of cash flows, which relates to cash paid for property and equipment, does not include amounts that are financed under capital-related vendor financing or finance lease arrangements.
II-24 The capital expenditures, net, that we report in our consolidated statements of cash flows, which relates to cash paid for property and equipment, does not include amounts that are financed under capital-related vendor financing or finance lease arrangements.
A discussion regarding our financial condition and results of operations for the year ended December 31, 2023 compared with the year ended December 31, 2022 can be found under captions entitled “ Results of Operations ” and “ Liquidity and Capital Resources ” in the section entitled “ Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations ” of our annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024, which is available free of charge through the SEC’s website at www.sec.gov or the Company’s website, https://investors.lla.com/financials/sec-filings.
A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 can be found under captions entitled “ Results of Operations ” and “ Liquidity and Capital Resources ” in the section entitled “ Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations ” of our annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 19, 2025, which is available free of charge through the SEC’s website at www.sec.gov or our company’s website, https://investors.lla.com/financials/sec-filings.
Other operating costs and expenses Other operating costs and expenses set forth in the table below comprise the following cost categories: • Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs; • Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs; • Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services; • Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; • Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs; and II-15 • Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonus-related expenses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.
Other operating costs and expenses Other operating costs and expenses comprise the following cost categories: • Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs; • Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs; • Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services; • Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; • Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related costs, travel and entertainment and other operating-related costs; and • Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonuses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.
This section provides an analysis of our results of operations for the years ended December 31, 2024 and 2023. • Liquidity and Capital Resources. This section provides an analysis of our liquidity, consolidated statements of cash flows and contractual commitments. • Critical Accounting Policies, Judgments and Estimates.
This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024. • Liquidity and Capital Resources. This section provides an analysis of our liquidity, consolidated statements of cash flows and contractual commitments. • Critical Accounting Policies, Judgments and Estimates.
This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application. Unless otherwise indicated, operational data (including subscriber statistics) is presented as of December 31, 2024.
This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application. Unless otherwise indicated, operational data (including subscriber statistics) is presented as of December 31, 2025.
In addition, Liberty Latin America and its unrestricted subsidiaries may require cash in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) II-23 acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries.
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.
Quantitative and Qualitative Disclosures about Market Risk and in note 7 to our consolidated financial statements, we also use derivative instruments to mitigate foreign currency and interest rate risks associated with our debt instruments.
Quantitative and Qualitative Disclosures about Market Risk and in note 6 to our consolidated financial statements, we also use derivative instruments to mitigate foreign currency and interest rate risks associated with our debt instruments.
(b) The commitments included in this table do not reflect any liabilities that are included in our December 31, 2024 consolidated balance sheet other than debt, finance lease obligations and operating lease obligations.
(b) The commitments included in this table do not reflect any liabilities that are included in our December 31, 2025 consolidated balance sheet other than debt, finance lease obligations and operating lease obligations.
II-5 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.
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.
Results of Operations The comparability of our operating results during 2024 and 2023 is affected by an acquisition and FX. As we use the term, “organic” changes exclude FX and the impact of an acquisition.
Results of Operations The comparability of our operating results during 2025 and 2024 is affected by an acquisition and FX. As we use the term, “organic” changes exclude FX and the impact of an acquisition.
These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments required in future periods. In addition, the amounts presented do not include the impact of our derivative contracts. For information concerning our operating leases, debt and finance lease obligations and commitments, see notes 9, 10 and 17, respectively, to our consolidated financial statements.
These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments required in future periods. In addition, the amounts presented do not include the impact of our derivative contracts. For information concerning our operating leases, debt and finance lease obligations and commitments, see notes 8, 9 and 16, respectively, to our consolidated financial statements.
For details of the restrictions on our subsidiaries to make payments to us through dividends, loans or other distributions see note 10 to our consolidated financial statements.
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.
During the year ended December 31, 2024, we used $386 million of cash for financing activities, primarily due to the net impact of (i) $257 million in net debt repayments, (ii) $83 million of cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) $55 million in payments related to distributions to noncontrolling interest owners in C&W Panama, C&W Bahamas and Liberty Costa Rica, (iv) $43 million of net cash inflows related to derivative instruments, primarily related to the amendment of certain interest rate derivative contracts at C&W Caribbean and Liberty Puerto Rico, and (v) $18 million of payments for financing costs and debt premiums.
During 2024, we used $386 million of cash for financing activities, primarily due to the net impact of (i) $257 million in net debt repayment, (ii) $83 million of cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) $55 million in payments related to distributions to noncontrolling interest owners in C&W Panama, C&W Bahamas and Liberty Costa Rica, (iv) $43 million of net cash inflows related to derivative instruments, primarily related to the amendment of certain interest rate derivative contracts at Liberty Caribbean and Liberty Puerto Rico, and (v) $18 million of payments for financing costs and debt premiums.
Our borrowing groups, which typically generate cash from operating activities, held a significant portion of our consolidated cash and cash equivalents at December 31, 2024.
Our borrowing groups, which typically generate cash from operating activities, held a significant portion of our consolidated cash and cash equivalents at December 31, 2025.
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. II-26 Contractual Commitments The following table sets forth the U.S. dollar equivalents of our debt and certain other contractual obligations and commitments as of December 31, 2024.
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. II-25 Contractual Commitments The following table sets forth the U.S. dollar equivalents of our debt and certain other contractual obligations and commitments as of December 31, 2025.
II-18 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.
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.
For information regarding our defined benefit plans, see note 11 to our consolidated financial statements. II-27 Critical Accounting Policies, Judgments and Estimates In connection with the preparation of our consolidated financial statements, we make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.
For information regarding our defined benefit plans, see note 10 to our consolidated financial statements. II-26 Critical Accounting Policies, Judgments and Estimates In connection with the preparation of our consolidated financial statements, we make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.
Our liability for uncertain tax positions, including accrued interest, in the various jurisdictions in which we operate ($41 million at December 31, 2024) has been excluded from the table as the amount and timing of any related payments are not subject to reasonable estimation.
Our liability for uncertain tax positions, including accrued interest, in the various jurisdictions in which we operate ($43 million at December 31, 2025) has been excluded from the table as the amount and timing of any related payments are not subject to reasonable estimation.
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 2024, 2023 and 2022, see note 7 to our consolidated financial statements.
Quantitative and Qualitative Disclosures About Market Risk—Projected Cash Flows Associated with Derivative Instruments below . For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during 2025, 2024 and 2023, see note 6 to our consolidated financial statements.
For additional information concerning our significant accounting policies, see note 3 to our consolidated financial statements. Impairment of Property and Equipment and Intangible Assets The aggregate carrying value of our property and equipment and intangible assets (including goodwill) that was held for use comprised 72% of our total assets at December 31, 2024.
For additional information concerning our significant accounting policies, see note 3 to our consolidated financial statements. Impairment of Property and Equipment and Intangible Assets The aggregate carrying value of our property and equipment and intangible assets (including goodwill) that was held for use comprised 70% of our total assets at December 31, 2025.
Consolidated . The following table sets forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis.
II-15 Consolidated . The following table sets forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis.
All of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries at December 31, 2024.
All of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries at December 31, 2025.
For additional information regarding our liability for uncertain tax positions, see note 14 to our consolidated financial statements. (c) Amounts are based on interest rates, interest payment dates, commitment fees and contractual maturities in effect as of December 31, 2024.
For additional information regarding our liability for uncertain tax positions, see note 13 to our consolidated financial statements. (c) Amounts are based on interest rates, interest payment dates, commitment fees and contractual maturities in effect as of December 31, 2025.
For information regarding our acquisitions and long-lived assets, see notes 5 and 8, respectively, to our consolidated financial statements.
For information regarding our acquisitions and long-lived assets, see notes 5 and 7, respectively, to our consolidated financial statements.
II-22 Liquidity and Capital Resources Sources and Uses of Cash As of December 31, 2024, 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.
Liquidity and Capital Resources Sources and Uses of Cash As of December 31, 2025, we have three primary “borrowing groups,” which include the respective restricted parent and subsidiary entities of C&W, Liberty Puerto Rico and Liberty Costa Rica.
Included in the outstanding principal amount of our debt at December 31, 2024 is (i) $328 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) $247 million of finance obligations related to the Tower Transactions.
Included in the outstanding principal amount of our debt at December 31, 2025 is (i) $306 million of vendor financing obligations, which we use to finance certain of our operating expenses and property and equipment additions and are generally due within one year, other than for certain licensing arrangements that generally are due over the term of the related license, and (ii) $249 million of finance obligations related to the Tower Transactions.
Corporate . The following table sets forth the changes in other operating costs and expenses for our corporate operations.
II-18 Corporate . The following table sets forth the changes in other operating costs and expenses for our corporate operations.
Considerable management judgment is used to estimate the fair value of reporting units and underlying long-lived and indefinite-lived assets. We typically determine fair value using a discounted cash flow analysis under the income approach to valuation.
Considerable management judgment is used to estimate the fair value of reporting units and underlying long-lived and indefinite-lived assets. We typically determine fair value of a reporting unit or of a long-lived asset or asset group using a discounted cash flow analysis under the income approach to valuation.
The weighted average impact of the derivative instruments on our borrowing costs at December 31, 2024 was as follows: Borrowing group Decrease to borrowing costs C&W (1.3) % Liberty Puerto Rico (0.5) % Liberty Costa Rica — % Liberty Latin America borrowing groups (1.0) % 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 6.2% at December 31, 2024.
The weighted average impact of the derivative instruments on our borrowing costs at December 31, 2025 was as follows: Borrowing group Decrease to borrowing costs C&W (1.2) % Liberty Costa Rica — % Liberty Latin America borrowing groups (0.6) % Including the effects of derivative instruments, original issue premiums or discounts, and commitment fees, but excluding the impact of financing costs, the weighted average interest rate on our indebtedness was 6.8% at December 31, 2025.
The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our C&W Caribbean segment.
The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Caribbean segment.
Year Ended December 31, 2024 as Compared with Year Ended December 31, 2023 Operating Income or Loss The following table sets forth the organic and non-organic changes in the components of operating income or loss during 2024, as compared to 2023.
II-5 Year Ended December 31, 2025 as Compared with Year Ended December 31, 2024 Operating Income or Loss The following table sets forth the organic and non-organic changes in the components of operating income (loss) during 2025, as compared to 2024.
For additional information regarding certain impairments recorded during 2024, 2023 and 2022, see notes 4 and 8 to our consolidated financial statements. II-28 Fair Value Measurements in Acquisition Accounting The application of acquisition accounting requires that we make fair value determinations as of the applicable valuation date.
For additional information regarding certain impairments recorded during 2025, 2024 and 2023, see notes 4 and 7 to our consolidated financial statements. Fair Value Measurements in Acquisition Accounting The application of acquisition accounting requires that we make fair value determinations as of the applicable valuation date.
C&W Caribbean . The following table sets forth the organic and non-organic changes in other operating costs and expenses for our C&W Caribbean segment.
Liberty Caribbean . The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Liberty Caribbean segment.
The details of our foreign currency transaction gains (losses), net, are as follows: Year ended December 31, 2024 2023 in millions U.S. dollar-denominated debt issued by non-U.S.dollar functional currency entities (a) $ 10.2 $ 54.4 Intercompany payables and receivables denominated in a currency other than the entity’s functional currency (14.9) 7.8 Other (b) (13.6) 8.1 Total $ (18.3) $ 70.3 (a) The net gains are primarily due to a CRC functional currency entity.
The details of our foreign currency transaction losses, net, are as follows: Year ended December 31, 2025 2024 in millions U.S. dollar-denominated debt issued by non-U.S.dollar functional currency entities (a) $ 10.5 $ 10.2 Intercompany payables and receivables denominated in a currency other than the entity’s functional currency (10.7) (14.9) Other (b) (42.5) (13.6) Total $ (42.7) $ (18.3) (a) The net gains are primarily due to a CRC and JMD functional currency entity.
From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, such as the LPR Acquisition, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities.
From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities or any other liquidity needs within our borrowing groups.
At December 31, 2024, the outstanding principal amount of our debt, together with our finance lease obligations aggregated $8,143 million, including $466 million that is classified as current in our consolidated balance sheet and $7,627 million that is not due until 2027 or thereafter.
At December 31, 2025, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,359 million, including $409 million that is classified as current in our consolidated balance sheet and $7,950 million that is not due until 2027 or thereafter.
For additional information concerning our debt, including our debt maturities, see note 10 to our consolidated financial statements. II-24 The weighted average interest rate in effect at December 31, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 7.1%.
For additional information concerning our debt, including our debt maturities, see note 9 to our consolidated financial statements. II-23 The weighted average interest rate in effect at December 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 7.3%.
Qualitative and Quantitative Disclosures about Market Risk below. Foreign currency transaction gains or losses, net Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable entity.
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.
C&W Panama’s revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2024 2023 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 122.3 $ 116.5 $ 5.8 5.0 Non-subscription revenue 5.0 5.5 (0.5) (9.1) Total residential fixed revenue 127.3 122.0 5.3 4.3 Residential mobile revenue: Service revenue 272.2 260.6 11.6 4.5 Interconnect, inbound roaming, equipment sales and other 61.0 52.0 9.0 17.3 Total residential mobile revenue 333.2 312.6 20.6 6.6 Total residential revenue 460.5 434.6 25.9 6.0 B2B revenue 302.7 308.0 (5.3) (1.7) Total $ 763.2 $ 742.6 $ 20.6 2.8 The details of the changes in C&W Panama’s revenue during 2024, as compared to 2023, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ 9.8 ARPU (b) (4.0) Decrease in residential fixed non-subscription revenue (0.5) Total increase in residential fixed revenue 5.3 Increase in residential mobile service revenue (c) 11.6 Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) 9.0 Decrease in B2B revenue (e) (5.3) Total $ 20.6 (a) The increase is primarily due to higher average broadband internet RGUs.
C&W Panama’s revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2025 2024 $ % in millions, except percentages Residential revenue: Subscription revenue $ 117.3 $ 122.3 $ (5.0) (4.1) Non-subscription revenue 5.1 5.0 0.1 2.0 Total residential fixed revenue 122.4 127.3 (4.9) (3.8) Residential mobile revenue: Service revenue 290.7 272.2 18.5 6.8 Interconnect, inbound roaming, equipment sales and other 65.5 61.0 4.5 7.4 Total residential mobile revenue 356.2 333.2 23.0 6.9 Total residential revenue 478.6 460.5 18.1 3.9 B2B revenue 304.9 302.7 2.2 0.7 Total $ 783.5 $ 763.2 $ 20.3 2.7 The details of the changes in C&W Panama’s revenue during 2025, as compared to 2024, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ 6.6 ARPU (b) (11.6) Increase in residential fixed non-subscription revenue 0.1 Total decrease in residential fixed revenue (4.9) Increase in residential mobile service revenue (c) 18.5 Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) 4.5 Increase in B2B revenue (e) 2.2 Total $ 20.3 (a) The increase is primarily due to higher average broadband internet RGUs.
During the years ended December 31, 2024 and 2023, our property and equipment additions represented 16.3% and 16.2% of revenue, respectively. Financing Activities.
During the years ended December 31, 2025 and 2024, our property and equipment additions represented 14.4% and 16.3% of revenue, respectively. Financing Activities.
(b) The losses during 2024 and 2023 are primarily attributable to changes in FX rates due to the value of the CRC relative to the U.S. dollar.
(b) The losses during 2025 and 2024 are primarily attributable to changes in the value of the CRC relative to the U.S. dollar.
Net earnings or loss The following table sets forth selected summary financial information of our net loss: Year ended December 31, 2024 2023 in millions Operating income (loss) $ (48.3) $ 517.7 Net non-operating expenses $ (583.1) $ (580.1) Income tax benefit (expense) $ 4.1 $ (24.4) Net loss $ (627.3) $ (86.8) 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.
Net earnings or loss The following table sets forth selected summary financial information of our net loss: Year ended December 31, 2025 2024 in millions Operating income (loss) $ 108.2 $ (76.8) Net non-operating expenses $ (761.0) $ (583.1) Income tax benefit $ 98.5 $ 0.2 Net loss $ (554.3) $ (659.7) Gains or losses associated with (i) changes in the fair values of derivative instruments and (ii) movements in foreign currency exchange rates are subject to a high degree of volatility and, as such, any gains from these sources do not represent a reliable source of income.
(f) The decrease is primarily driven by the net impact of (i) declines in the rate of funding beginning in each of June 2023 and 2024 related to funds from the FCC that we use to expand and improve our fixed and mobile networks, and (ii) a grant from the NTIA to fund network infrastructure to remote and underserved communities.
II-11 (f) The decrease is primarily attributable to (i) a decline in the rate of funding in June 2024 related to funds from the FCC that we use to expand and improve our fixed and mobile networks, and (ii) a decrease in funding related to a grant from the NTIA to fund network infrastructure to remote and underserved communities.
Gains or losses on debt extinguishments, net Our gains or losses on debt extinguishments generally include (i) premiums or discounts associated with redemptions and/or repurchases of debt, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts and/or (iii) breakage fees.
Losses on debt extinguishments, net Our gains or losses on debt extinguishment generally include (i) premiums or discounts associated with redemptions and/or repurchases of debt, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts and/or (iii) breakage fees. We recognized losses on debt extinguishment, net, of $14 million and $6 million during 2025 and 2024, respectively.
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.
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.
(c) The increase is primarily due to the net effect of (i) higher ARPU from prepaid mobile services, (ii) lower average numbers of prepaid mobile subscribers, and (iii) higher average numbers of postpaid mobile subscribers.
(d) The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers, (ii) lower prepaid ARPU and, to a lesser extent, lower postpaid mobile ARPU and (iii) lower average prepaid mobile subscribers.
Hurricane Beryl triggered a payment pursuant to coverage under our Weather Derivatives, which resulted in net proceeds of $44 million during 2024. The payment is reflected as a derivative gain in our consolidated statement of operations and as a cash inflow related to operating activities in our consolidated statement of cash flows.
Additionally, Hurricane Melissa triggered a payment pursuant to coverage under our Weather Derivatives that resulted in net proceeds after our deductible of $81 million during the year. The payment was reflected as a derivative gain in our consolidated statement of operations and a cash inflow related to operating activities in our consolidated statement of cash flows.
(b) The decrease is primarily due to lower ARPU from fixed-line telephony and video services, mainly driven by higher discounts and other customer retention efforts, and the migration of customers to lower ARPU plans.
II-9 (b) The decrease is primarily due to lower ARPU from video services and fixed-line telephony, mainly due to (i) higher discounts driven by competitive market conditions and (ii) the migration of customers to lower ARPU plans.
Year ended December 31, Increase (decrease) Increase (decrease) from: 2024 2023 FX Organic in millions Personnel and contract labor $ 46.4 $ 45.0 $ 1.4 $ 1.5 $ (0.1) Network-related 47.9 45.7 2.2 0.4 1.8 Service-related 9.8 6.1 3.7 0.1 3.6 Commercial 1.4 1.7 (0.3) — (0.3) Facility, provision, franchise and other 34.3 24.6 9.7 0.7 9.0 Share-based compensation and other Employee Incentive Plan-related expense 3.6 3.1 0.5 — 0.5 Total other operating costs and expenses $ 143.4 $ 126.2 $ 17.2 $ 2.7 $ 14.5 • Network-related: The organic increase is primarily related to higher maintenance costs. • Service-related: The organic increase is primarily due to higher outsourcing and software upgrade expenses. • Facility, provision, franchise and other: The organic increase is primarily due to higher bad debt expense, mostly driven by adjustments for two large customers during 2024.
Year ended December 31, Increase (decrease) Increase (decrease) from: 2025 2024 FX Organic in millions Personnel and contract labor $ 51.1 $ 46.4 $ 4.7 $ 0.2 $ 4.5 Network-related 46.2 47.9 (1.7) — (1.7) Service-related 13.3 9.8 3.5 — 3.5 Commercial 2.2 1.4 0.8 — 0.8 Facility, provision, franchise and other 27.2 34.3 (7.1) 0.2 (7.3) Share-based compensation and other Employee Incentive Plan-related expense 2.8 3.6 (0.8) — (0.8) Total other operating costs and expenses $ 142.8 $ 143.4 $ (0.6) $ 0.4 $ (1.0) • Personnel and contract labor: The organic increase is primarily related to higher salary and bonus-related expenses. • Service-related: The organic increase is primarily due to software migration expenses, higher outsourcing and professional services. • Facility, provision, franchise and other: The organic decrease is primarily due to lower bad debt expense, mostly associated with the negative impact of adjustments made for two large customers during 2024.
(b) Primarily includes (i) third-party receivables and payables denominated in a currency other than an entity’s functional currency and (ii) cash denominated in a currency other than an entity’s functional currency.
II-20 (b) Primarily includes (i) losses upon conversion of foreign currency assets and (ii) third-party receivables and payables denominated in a currency other than an entity’s functional currency.
A reconciliation of our property and equipment additions to our capital expenditures, net, as reported in our consolidated statements of cash flows, is set forth below: Year ended December 31, 2024 2023 in millions Property and equipment additions $ 725.3 $ 730.9 Assets acquired under capital-related vendor financing arrangements (154.9) (143.8) Changes in current liabilities related to capital expenditures and other (30.0) (2.1) Capital expenditures, net $ 540.4 $ 585.0 The decrease in our property and equipment additions during the year ended December 31, 2024, as compared to 2023, is primarily due to the net effect of (i) decreases related to CPE and product and enablers additions, and (ii) increases associated with baseline and capacity-related additions.
A reconciliation of our property and equipment additions to our capital expenditures, net, as reported in our consolidated statements of cash flows, is set forth below: Year ended December 31, 2025 2024 in millions Property and equipment additions $ 640.1 $ 725.3 Assets acquired under capital-related vendor financing arrangements (123.9) (154.9) Assets acquired under finance leases (4.9) — Changes in current liabilities related to capital expenditures and other (11.3) (30.0) Capital expenditures, net $ 500.0 $ 540.4 The decrease in our property and equipment additions during the year ended December 31, 2025, as compared to 2024, is primarily due to the net effect of (i) decreases in new build and upgrade and in products and enablers.
C&W Caribbean’s revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2024 2023 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 486.2 $ 487.5 $ (1.3) (0.3) Non-subscription revenue 28.0 29.0 (1.0) (3.4) Total residential fixed revenue 514.2 516.5 (2.3) (0.4) Residential mobile revenue: Service revenue 352.3 330.3 22.0 6.7 Interconnect, inbound roaming, equipment sales and other 79.5 78.8 0.7 0.9 Total residential mobile revenue 431.8 409.1 22.7 5.5 Total residential revenue 946.0 925.6 20.4 2.2 B2B revenue 516.8 511.4 5.4 1.1 Total $ 1,462.8 $ 1,437.0 $ 25.8 1.8 The details of the changes in C&W Caribbean’s revenue during 2024, as compared to 2023, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ (0.7) ARPU (b) 1.5 Decrease in residential fixed non-subscription revenue (0.8) Total change in residential fixed revenue — Increase in residential mobile service revenue (c) 24.0 Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue 1.0 Increase in B2B revenue (d) 7.3 Total organic increase 32.3 Impact of FX (6.5) Total $ 25.8 (a) The decrease is primarily due to the net effect of (i) lower average video and fixed-line telephony RGUs and (ii) higher average broadband internet RGUs.
Liberty Caribbean’s revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2025 2024 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 484.4 $ 486.2 $ (1.8) (0.4) Non-subscription revenue 20.2 28.0 (7.8) (27.9) Total residential fixed revenue 504.6 514.2 (9.6) (1.9) Residential mobile revenue: Service revenue 364.3 352.3 12.0 3.4 Interconnect, inbound roaming, equipment sales and other 83.6 79.5 4.1 5.2 Total residential mobile revenue 447.9 431.8 16.1 3.7 Total residential revenue 952.5 946.0 6.5 0.7 B2B revenue 502.5 516.8 (14.3) (2.8) Total $ 1,455.0 $ 1,462.8 $ (7.8) (0.5) The details of the changes in Liberty Caribbean’s revenue during 2025, as compared to 2024, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ (14.2) ARPU (b) 14.6 Decrease in residential fixed non-subscription revenue (c) (7.7) Total decrease in residential fixed revenue (7.3) Increase in residential mobile service revenue (d) 14.3 Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e) 4.3 Decrease in B2B revenue (f) (12.2) Total organic decrease (0.9) Impact of FX (6.9) Total $ (7.8) II-8 (a) The decrease is primarily due to lower average video, broadband internet and fixed-line telephony RGUs, mainly driven by the impact of Hurricane Melissa.
Liberty Networks’ revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2024 2023 $ % in millions, except percentages B2B revenue: Enterprise revenue $ 131.1 $ 118.5 $ 12.6 10.6 Wholesale revenue 316.4 334.8 (18.4) (5.5) Total $ 447.5 $ 453.3 $ (5.8) (1.3) The details of the changes in Liberty Networks’ revenue during 2024, as compared to 2023, are set forth below (in millions): Increase in enterprise revenue (a) $ 9.9 Decrease in wholesale revenue (b) (20.0) Total organic decrease (10.1) Impact of FX 4.3 Total $ (5.8) (a) The increase is primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue, and (iii) a decrease associated with sales-type leases on CPE installed on long-term customer solutions, due mostly to a higher mix of contracts recognized on a net basis.
Liberty Networks’ revenue by major category is set forth below: Year ended December 31, Increase 2025 2024 $ % in millions, except percentages B2B revenue: Enterprise revenue $ 135.3 $ 131.1 $ 4.2 3.2 Wholesale revenue 335.7 316.4 19.3 6.1 Total $ 471.0 $ 447.5 $ 23.5 5.3 The details of the changes in Liberty Networks’ revenue during 2025, as compared to 2024, are set forth below (in millions): Increase in enterprise revenue (a) $ 3.8 Increase in wholesale revenue (b) 19.0 Total organic increase 22.8 Impact of FX 0.7 Total $ 23.5 (a) The increase is primarily attributable to the net effect of (i) growth in managed services, (ii) lower revenue associated with sales-type leases on CPE and (iii) higher B2B connectivity revenue.
Liberty Costa Rica’s revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2024 2023 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 137.1 $ 144.3 $ (7.2) (5.0) Non-subscription revenue 35.2 14.3 20.9 146.2 Total residential fixed revenue 172.3 158.6 13.7 8.6 Residential mobile revenue: Service revenue 276.0 242.1 33.9 14.0 Interconnect, inbound roaming, equipment sales and other 88.9 80.2 8.7 10.8 Total residential mobile revenue 364.9 322.3 42.6 13.2 Total residential revenue 537.2 480.9 56.3 11.7 B2B revenue 75.9 67.0 8.9 13.3 Total $ 613.1 $ 547.9 $ 65.2 11.9 The details of the changes in Liberty Costa Rica’s revenue during 2024, as compared to 2023, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ 1.1 ARPU (b) (15.4) Increase in residential fixed non-subscription revenue (c) 19.0 Total increase in residential fixed revenue 4.7 Increase in residential mobile service revenue (d) 19.7 Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e) 4.1 Increase in B2B revenue (f) 5.4 Total organic increase 33.9 Impact of FX 31.3 Total $ 65.2 (a) The increase is primarily due to the net effect of (i) increases in the average number of broadband internet and fixed-line telephony RGUs and (ii) a decrease in the average number of video RGUs.
Liberty Costa Rica’s revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2025 2024 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 128.3 $ 137.1 $ (8.8) (6.4) Non-subscription revenue 40.2 35.2 5.0 14.2 Total residential fixed revenue 168.5 172.3 (3.8) (2.2) Residential mobile revenue: Service revenue 295.0 276.0 19.0 6.9 Interconnect, inbound roaming, equipment sales and other 99.8 88.9 10.9 12.3 Total residential mobile revenue 394.8 364.9 29.9 8.2 Total residential revenue 563.3 537.2 26.1 4.9 B2B revenue 68.9 75.9 (7.0) (9.2) Total $ 632.2 $ 613.1 $ 19.1 3.1 The details of the changes in Liberty Costa Rica’s revenue during 2025, as compared to 2024, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ 6.9 ARPU (b) (18.5) Increase in residential fixed non-subscription revenue (c) 4.1 Total decrease in residential fixed revenue (7.5) Increase in residential mobile service revenue (d) 12.4 Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e) 8.6 Decrease in B2B revenue (f) (8.5) Total organic increase 5.0 Impact of FX 14.1 Total $ 19.1 (a) The increase is primarily driven by higher average broadband internet and video RGUs.
Our 2024 and 2023 consolidated statements of cash flows are summarized as follows: Year ended December 31, 2024 2023 Change in millions Net cash provided by operating activities $ 756.3 $ 897.0 $ (140.7) Net cash used by investing activities (688.5) (615.8) (72.7) Net cash used by financing activities (386.4) (62.4) (324.0) Effect of exchange rate changes on cash, cash equivalents and restricted cash (10.9) (7.9) (3.0) Net increase (decrease) in cash, cash equivalents and restricted cash $ (329.5) $ 210.9 $ (540.4) Operating Activities.
Our 2025 and 2024 consolidated statements of cash flows are summarized as follows: Year ended December 31, 2025 2024 Change in millions Net cash provided by operating activities $ 805.9 $ 756.3 $ 49.6 Net cash used by investing activities (592.3) (688.5) 96.2 Net cash used by financing activities (43.6) (386.4) 342.8 Effect of exchange rate changes on cash, cash equivalents and restricted cash (40.3) (10.9) (29.4) Net increase (decrease) in cash, cash equivalents and restricted cash $ 129.7 $ (329.5) $ 459.2 Operating Activities.
Year ended December 31, Increase (decrease) from: Increase (decrease) An acquisition Organic 2024 2023 FX in millions Personnel and contract labor $ 579.2 $ 557.6 $ 21.6 $ 2.5 $ — $ 19.1 Network-related 237.2 259.0 (21.8) 1.8 — (23.6) Service-related 267.2 227.6 39.6 1.2 1.8 36.6 Commercial 189.6 181.1 8.5 2.9 0.9 4.7 Facility, provision, franchise and other 600.6 563.8 36.8 5.0 — 31.8 Share-based compensation and other Employee Incentive Plan-related expense 84.0 88.7 (4.7) — — (4.7) Total other operating costs and expenses $ 1,957.8 $ 1,877.8 $ 80.0 $ 13.4 $ 2.7 $ 63.9 For additional information regarding our share-based compensation and other Employee Incentive Plan-related expense, see Results of Operations (below Adjusted OIBDA) discussion and analysis below.
Year ended December 31, Decrease Increase (decrease) from: 2025 2024 FX An acquisition Organic in millions Personnel and contract labor $ 558.6 $ 579.2 $ (20.6) $ 0.3 $ — $ (20.9) Network-related 215.9 237.2 (21.3) 0.2 — (21.5) Service-related 252.7 267.2 (14.5) 0.4 3.5 (18.4) Commercial 179.6 189.6 (10.0) 1.3 2.0 (13.3) Facility, provision, franchise and other 553.2 619.0 (65.8) 1.7 — (67.5) Share-based compensation and other Employee Incentive Plan-related expense 75.0 84.0 (9.0) — — (9.0) Total other operating costs and expenses $ 1,835.0 $ 1,976.2 $ (141.2) $ 3.9 $ 5.5 $ (150.6) For additional information regarding our share-based compensation and other Employee Incentive Plan-related expense, see Results of Operations (below Adjusted OIBDA) discussion and analysis below.
Year ended December 31, 2024 2023 in millions Operating income (loss) $ (48.3) $ 517.7 Share-based compensation and other Employee Incentive Plan-related expense 84.0 88.7 Depreciation and amortization 968.3 1,008.3 Impairment, restructuring and other operating items, net 589.7 86.9 Consolidated Adjusted OIBDA $ 1,593.7 $ 1,701.6 The following table sets forth organic and non-organic changes in Adjusted OIBDA for the period indicated: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment eliminations Consolidated in millions Adjusted OIBDA for the year ending: December 31, 2023 $ 596.9 $ 227.7 $ 261.5 $ 485.5 $ 203.1 $ (73.1) $ — $ 1,701.6 Organic changes related to: Revenue 32.3 20.6 (10.1) (169.7) 33.9 (3.9) 1.1 (95.8) Programming and other direct costs of services 6.1 3.8 4.6 46.6 (9.6) — (4.9) 46.6 Other operating costs and expenses 1.2 17.6 (14.0) (55.1) (9.7) (12.4) 3.8 (68.6) Non-organic increases (decreases): FX (3.2) — 0.7 — 11.8 (0.4) — 8.9 An acquisition — — — 1.0 — — — 1.0 December 31, 2024 $ 633.3 $ 269.7 $ 242.7 $ 308.3 $ 229.5 $ (89.8) $ — $ 1,593.7 II-6 Adjusted OIBDA Margin The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments: Year ended December 31, 2024 2023 % C&W Caribbean 43.3 41.5 C&W Panama 35.3 30.7 Liberty Networks 54.2 57.7 Liberty Puerto Rico 24.5 34.2 Liberty Costa Rica 37.4 37.1 Adjusted OIBDA margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses.
Year ended December 31, 2025 2024 in millions Operating income (loss) $ 108.2 $ (76.8) Share-based compensation and other Employee Incentive Plan-related expense 75.0 84.0 Depreciation and amortization 904.9 968.3 Impairment, restructuring and other operating items, net 618.2 589.7 Consolidated Adjusted OIBDA $ 1,706.3 $ 1,565.2 II-6 The following table sets forth organic and non-organic changes in Adjusted OIBDA for the period indicated: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment eliminations Consolidated in millions Adjusted OIBDA for the year ended: December 31, 2024 $ 633.3 $ 269.7 $ 242.7 $ 279.8 $ 229.5 $ (89.8) $ — $ 1,565.2 Organic changes related to: Revenue (0.9) 20.3 22.8 (76.4) 5.0 (4.7) (3.8) (37.7) Programming and other direct costs of services 1.8 7.5 (7.5) 27.1 3.2 — 1.3 33.4 Other operating costs and expenses 42.2 1.4 0.2 121.0 (7.4) (18.3) 2.5 141.6 Non-organic increases (decreases): FX (3.5) — 0.2 — 5.2 — — 1.9 An acquisition — — — 1.9 — — — 1.9 December 31, 2025 $ 672.9 $ 298.9 $ 258.4 $ 353.4 $ 235.5 $ (112.8) $ — $ 1,706.3 Adjusted OIBDA Margin The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments: Year ended December 31, 2025 2024 % Liberty Caribbean 46.2 43.3 C&W Panama 38.1 35.3 Liberty Networks 54.9 54.2 Liberty Puerto Rico 29.5 22.4 Liberty Costa Rica 37.3 37.4 Adjusted OIBDA margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses.
Liberty Puerto Rico’s revenue by major category is set forth below: Year ended December 31, Decrease 2024 2023 $ % in millions, except percentages Residential fixed revenue: Subscription revenue $ 474.5 $ 478.7 $ (4.2) (0.9) Non-subscription revenue 23.3 25.5 (2.2) (8.6) Total residential fixed revenue 497.8 504.2 (6.4) (1.3) Residential mobile revenue: Service revenue 333.4 398.7 (65.3) (16.4) Interconnect, inbound roaming, equipment sales and other 189.0 250.0 (61.0) (24.4) Total residential mobile revenue 522.4 648.7 (126.3) (19.5) Total residential revenue 1,020.2 1,152.9 (132.7) (11.5) B2B revenue 206.7 224.3 (17.6) (7.8) Other revenue 33.6 40.5 (6.9) (17.0) Total $ 1,260.5 $ 1,417.7 $ (157.2) (11.1) II-10 The details of the changes in Liberty Puerto Rico’s revenue during 2024, as compared to 2023, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ 3.1 ARPU (b) (7.3) Decrease in residential fixed non-subscription revenue (2.2) Total decrease in residential fixed revenue (6.4) Decrease in residential mobile service revenue (c) (77.3) Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) (61.5) Decrease in B2B revenue (e) (17.6) Decrease in other revenue (f) (6.9) Total organic decrease (169.7) Impact of an acquisition 12.5 Total $ (157.2) (a) The increase is primarily attributable to the net effect of (i) higher average broadband internet and fixed-line telephony RGUs and (ii) lower average video RGUs.
Liberty Puerto Rico’s revenue by major category is set forth below: Year ended December 31, Increase (decrease) 2025 2024 $ % in millions, except percentages Residential fixed revenue: Subscription revenue $ 469.7 $ 474.5 $ (4.8) (1.0) Non-subscription revenue 24.0 23.3 0.7 3.0 Total residential fixed revenue 493.7 497.8 (4.1) (0.8) Residential mobile revenue: Service revenue 306.4 323.3 (16.9) (5.2) Interconnect, inbound roaming, equipment sales and other 197.8 189.0 8.8 4.7 Total residential mobile revenue 504.2 512.3 (8.1) (1.6) Total residential revenue 997.9 1,010.1 (12.2) (1.2) B2B revenue 174.4 206.7 (32.3) (15.6) Other revenue 26.9 33.6 (6.7) (19.9) Total $ 1,199.2 $ 1,250.4 $ (51.2) (4.1) The details of the changes in Liberty Puerto Rico’s revenue during 2025, as compared to 2024, are set forth below (in millions): Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ (13.2) ARPU (b) 8.4 Increase in residential fixed non-subscription revenue 0.7 Total decrease in residential fixed revenue (4.1) Decrease in residential mobile service revenue (c) (40.8) Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) 7.5 Decrease in B2B revenue (e) (32.3) Decrease in other revenue (f) (6.7) Total organic decrease (76.4) Impact of an acquisition 25.2 Total $ (51.2) (a) The decrease is primarily attributable to (i) lower average broadband internet and video RGUs and (ii) a negative impact from the termination of a government-sponsored program during the second quarter of 2024.
Year ended December 31, Decrease Increase (decrease) from: 2024 2023 FX Organic in millions Interconnect $ 49.0 $ 49.3 $ (0.3) $ 0.3 $ (0.6) Equipment 0.3 0.6 (0.3) — (0.3) Project-related and other 15.7 18.8 (3.1) 0.6 (3.7) Total programming and other direct costs of services $ 65.0 $ 68.7 $ (3.7) $ 0.9 $ (4.6) • Interconnect: The organic decrease is primarily due to (i) lower backhaul expenses and (ii) lower inter-segment costs. • Project-related and other: The organic decrease is primarily due to a higher mix of contracts recognized on a net basis.
Year ended December 31, Increase Increase from: 2025 2024 FX Organic in millions Interconnect $ 54.6 $ 49.0 $ 5.6 $ 0.1 $ 5.5 Equipment 0.6 0.3 0.3 — 0.3 Project-related and other 17.4 15.7 1.7 — 1.7 Total programming and other direct costs of services $ 72.6 $ 65.0 $ 7.6 $ 0.1 $ 7.5 • Interconnect: The organic increase is primarily due to (i) higher backhaul expenses, and (ii) higher license cost.
The net loss during the 2023 period is primarily due to the net effect of (i) losses associated with refinancing activity at Liberty Costa Rica during January 2023 and (ii) net gains associated with the partial repurchases of the Convertible Notes. For additional information concerning our losses on debt modification and extinguishment, see note 10 to our consolidated financial statements.
The net loss during 2025 is associated with the refinancing activity at C&W. The net loss during 2024 is primarily due to (i) refinancing activity at C&W during October 2024 and (ii) the repurchase and cancellation of the Convertible Notes. For additional information concerning our losses on debt modification and extinguishment, see note 9 to our consolidated financial statements.
(c) The decrease is primarily due to a decline in the average number of mobile subscribers impacted by the migration of customers to our mobile network and network challenges in 2024 and lower postpaid mobile ARPU.
(c) The decrease is primarily due to the negative impacts from the migration of customers to our mobile network and network challenges in 2024, which caused a decline in the average number of postpaid mobile subscribers and lower postpaid mobile ARPU. (d) The increase is primarily driven by higher equipment sales and inbound roaming revenue.
Year ended December 31, Increase (decrease) from: Increase (decrease) FX An acquisition Organic 2024 2023 in millions Programming and copyright $ 233.6 $ 237.2 $ (3.6) $ 1.7 $ — $ (5.3) Interconnect 278.3 302.5 (24.2) 1.2 6.2 (31.6) Equipment 315.9 320.6 (4.7) 3.2 2.6 (10.5) Project-related and other 161.6 160.1 1.5 0.7 — 0.8 Total programming and other direct costs of services $ 989.4 $ 1,020.4 $ (31.0) $ 6.8 $ 8.8 $ (46.6) C&W Caribbean .
Year ended December 31, Increase (decrease) Increase (decrease) from: 2025 2024 FX An acquisition Organic in millions Programming and copyright $ 224.6 $ 233.6 $ (9.0) $ 0.6 $ — $ (9.6) Interconnect 262.6 278.3 (15.7) 0.2 12.2 (28.1) Equipment 330.3 315.9 14.4 1.6 5.6 7.2 Project-related and other 158.4 161.6 (3.2) (0.3) — (2.9) Total programming and other direct costs of services $ 975.9 $ 989.4 $ (13.5) $ 2.1 $ 17.8 $ (33.4) Liberty Caribbean .
(c) The increase is primarily attributable to the net impact of (i) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, (ii) an increase in prepaid ARPU resulting from price increases implemented during the third quarter of 2023 and the first quarter of 2024, and (iii) lower average numbers of prepaid mobile subscribers.
(d) The increase is primarily attributable to the net effect of (i) an increase in prepaid mobile ARPU mainly resulting from price increases in Jamaica during the first quarter of 2024 and during 2025 as well as increased demand following Hurricane Melissa, (ii) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower average number of prepaid mobile subscribers, due in part to fixed-mobile convergence efforts and churn associated with price increases.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

20 edited+0 added−2 removed28 unchanged
Biggest changeWe 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 December 31, 2024, we paid a fixed or capped rate of interest on 96% of our total debt, which includes the impact of our interest rate derivative contracts.
Biggest changeAccordingly, 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 II-29 calculated by reference to an agreed-upon notional principal amount.
Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. For additional information concerning the terms of our derivative instruments, see note 7 to our consolidated financial statements.
Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. For additional information concerning the terms of our derivative instruments, see note 6 to our consolidated financial statements.
Generally, we will consider hedging non-functional currency risks when the risks arise from agreements with third parties that involve the future payment or receipt of cash or other monetary items to the extent that we can reasonably predict the timing and amount of such payments or receipts and the payments or receipts are not otherwise hedged.
Generally, we will consider hedging non-functional currency risks when II-28 the risks arise from agreements with third parties that involve the future payment or receipt of cash or other monetary items to the extent that we can reasonably predict the timing and amount of such payments or receipts and the payments or receipts are not otherwise hedged.
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 7 to our consolidated financial statements.
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 6 to our consolidated financial statements.
In this regard, we have entered into foreign currency forward contracts to hedge certain of these risks. Certain non-functional currency risks related to our programming and other direct costs of services, other operating costs and expenses and property and equipment additions were not hedged as of December 31, 2024.
In this regard, we have entered into foreign currency forward contracts to hedge certain of these risks. Certain non-functional currency risks related to our programming and other direct costs of services, other operating costs and expenses and property and equipment additions were not hedged as of December 31, 2025.
II-30 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.
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.
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 December 31, 2024.
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 December 31, 2025.
Our primary exposures to FX risk during 2024 were to (i) the CRC as 14% of our reported revenue for the period was derived from Liberty Costa Rica, whose functional currency is the CRC and (ii) the JMD as 9.3% of our reported revenue for the period was derived from C&W Jamaica, whose functional currency is the JMD.
Our primary exposures to FX risk during 2025 were to (i) the CRC as 14% of our reported revenue for the period was derived from Liberty Costa Rica, whose functional currency is the CRC and (ii) the JMD as 9% of our reported revenue for the period was derived from C&W Jamaica, whose functional currency is the JMD.
For additional information concerning the impacts of these interest rate derivative instruments, see note 7 to our consolidated financial statements. Weighted Average Variable Interest Rate.
For additional information concerning the impacts of these interest rate derivative instruments, see note 6 to our consolidated financial statements. Weighted Average Variable Interest Rate.
As discussed above and in note 7 to our consolidated financial statements, we use interest rate derivative contracts to manage our exposure to increases in variable interest rates.
As discussed above and in note 6 to our consolidated financial statements, we use interest rate derivative contracts to manage our exposure to increases in variable interest rates.
For additional information concerning our foreign currency forward contracts, see note 7 to our consolidated financial statements. II-29 We also are exposed to unfavorable and potentially volatile fluctuations of the U.S. dollar (our reporting currency) against the currencies of our operating subsidiaries when their respective financial statements are translated into U.S. dollars for inclusion in our consolidated financial statements.
For additional information concerning our foreign currency forward contracts, see note 6 to our consolidated financial statements. We also are exposed to unfavorable and potentially volatile fluctuations of the U.S. dollar (our reporting currency) against the currencies of our operating subsidiaries when their respective financial statements are translated into U.S. dollars for inclusion in our consolidated financial statements.
At December 31, 2024, the outstanding principal amount of our variable-rate indebtedness aggregated $3,128 million, and the weighted average interest rate (including margin) on such variable-rate indebtedness was approximately 7.5%, excluding the effects of interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
At December 31, 2025, the outstanding principal amount of our variable-rate indebtedness aggregated $3,167 million, and the weighted average interest rate (including margin) on such variable-rate indebtedness was approximately 7.4%, excluding the effects of interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
II-31 C&W Interest Rate Derivative Contracts Holding all other factors constant, at December 31, 2024, 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 $52 million ($52 million).
II-30 C&W Interest Rate Derivative Contracts Holding all other factors constant, at December 31, 2025, 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 $112 million ($118 million).
To date, neither the access to nor the value of our cash and cash equivalent balances have been significantly adversely impacted by liquidity problems of financial institutions. At December 31, 2024, our exposure to counterparty credit risk included (i) cash and cash equivalent balances of $654 million and (ii) aggregate undrawn credit facilities of $796 million.
To date, neither the access to nor the value of our cash and cash equivalent balances have been significantly adversely impacted by liquidity problems of financial institutions. At December 31, 2025, our exposure to counterparty credit risk included (i) cash and cash equivalent balances of $784 million and (ii) aggregate undrawn credit facilities of $914 million.
For additional information, see notes 4 and 7 to our consolidated financial statements.
For additional information, see notes 4 and 6 to our consolidated financial statements.
Each of our borrowing groups has 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.
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 relationship between the (i) CRC and JMD and (ii) the U.S. dollar, which is our reporting currency, is shown below, per one U.S. dollar: As of December 31, 2024 2023 Spot rates: CRC 510.49 523.04 JMD 155.33 154.35 Year ended December 31, 2024 2023 Average rates: CRC 515.50 543.74 JMD 155.87 153.51 Inflation and Foreign Investment Risk We are subject to inflationary pressures with respect to labor, programming and other costs.
The relationship between the (i) CRC and JMD and (ii) the U.S. dollar, which is our reporting currency, is shown below, per one U.S. dollar: As of December 31, 2025 2024 Spot rates: CRC 497.47 510.49 JMD 159.08 155.33 Year ended December 31, 2025 2024 Average rates: CRC 503.86 515.50 JMD 158.53 155.87 Inflation and Foreign Investment Risk We are subject to inflationary pressures with respect to labor, programming and other costs.
Payments (receipts) due during: Total 2025 2026 2027 2028 2029 and Thereafter in millions Projected derivative cash payments (receipts), net: Interest-related (a) $ (56.8) $ (75.4) $ (48.5) $ (20.5) $ — $ (201.2) Other (b) 13.2 — — — — 13.2 Total $ (43.6) $ (75.4) $ (48.5) $ (20.5) $ — $ (188.0) (a) Includes the interest-related cash flows of our interest rate derivative contracts.
Payments (receipts) due during: Total 2026 2027 2028 2029 2030 and Thereafter in millions Projected derivative cash payments (receipts), net: Interest-related (a) $ (44.6) $ (23.3) $ (13.7) $ 2.2 $ 5.1 $ (74.3) Other (b) 6.7 — — — — 6.7 Total $ (37.9) $ (23.3) $ (13.7) $ 2.2 $ 5.1 $ (67.6) (a) Includes the interest-related cash flows of our interest rate derivative contracts.
For additional information concerning the details of our debt see note 10 to our consolidated financial statements. 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.
For additional information concerning the details of our debt, see note 9 to our consolidated financial statements. In general, except in the case of Liberty Puerto Rico where we do not have any derivative instruments outstanding at December 31, 2025, we seek to enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt.
The final maturity dates of our various portfolios of interest rate derivative instruments match the respective maturities of the underlying variable-rate debt.
At December 31, 2025, we paid a fixed or capped rate of interest on 88% of our total debt, which includes the impact of our interest rate derivative contracts. The final maturity dates of our various portfolios of interest rate derivative instruments match the respective maturities of the underlying variable-rate debt.
Removed
During May 2023, the terms of the agreements underlying certain of our debt instruments at C&W and Liberty Puerto Rico were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes.
Removed
Liberty Puerto Rico Interest Rate Derivative Contracts Holding all other factors constant, at December 31, 2024, 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 Liberty Puerto Rico interest rate derivative contracts by approximately $17 million ($17 million).

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