Liberty Latin America Ltd.

Q2 2026 revenue was $1.1 billion, up 1% reported and flat on a rebased basis. Adjusted OIBDA was $436 million, up 3% rebased year over year, and the consolidated adjusted OIBDA margin was 40%, up about 130 basis points. Liberty Caribbean reported $362 million of revenue and $165 million of adjusted OIBDA; Cable & Wireless Panama reported $177 million of revenue and $65 million of adjusted OIBDA; Liberty Networks reported $130 million of revenue and $67 million of adjusted OIBDA; Liberty Costa Rica reported $169 million of revenue and $64 million of adjusted OIBDA; and Liberty Puerto Rico reported $288 million of revenue and $93 million of adjusted OIBDA. Adjusted free cash flow before distributions was $83 million in Q2 and $19 million for H1, up $124 million and $164 million year over year, respectively. Capex additions were $179 million in Q2 and $289 million year to date. Full-year P&E additions are still expected to be in the same envelope as 2025. Management said Q4 should be seasonally strong, Jamaica should improve further, and H2 free cash flow will likely be less robust than last year because of $81 million of weather derivative receipts in Q4 last year and some vendor financing paydown.

Balan Nair said the quarter showed solid operating momentum across most of the business, especially in postpaid mobile, broadband, cash flow, and the networks segment. He emphasized cost reduction, AI-driven transformation, and product/network investments as the main levers for expanding margins and free cash flow over time. His tone was constructive and confident, especially on Liberty Networks, Puerto Rico recovery, and the ability to keep buying back stock while still funding growth initiatives.

Christopher Noyes focused on the hard numbers: $1.1 billion of revenue, $436 million of adjusted OIBDA, 40% margin, $179 million of P&E additions, and $83 million of adjusted free cash flow before distributions in Q2. He said Liberty Networks delivered the strongest year-over-year revenue growth, Costa Rica produced 7% rebased adjusted OIBDA growth with about 200 basis points of margin expansion to 38%, and Puerto Rico’s adjusted OIBDA margin rose to 32% from 29% last year. On liquidity, he cited $8.5 billion of total debt, $700 million of cash, 4.6x consolidated net leverage, and about $900 million of borrowing capacity; excluding Puerto Rico net leverage, consolidated leverage would fall into the mid-3s. He also said LPR raised a $140 million 2030 revolver and a $200 million senior secured term loan facility, with $150 million drawn, and noted over $60 million of buybacks year to date with about $140 million remaining authorization.

Analysts pressed on Starlink’s competitive impact, Liberty Networks’ growth outlook, buybacks, Puerto Rico restructuring, the Amdocs partnership, free cash flow timing, Jamaica recovery, and hurricane insurance. Management said Starlink is an add-on that improves the customer experience and is less likely to be a wholesale replacement because of local market structure and the company’s government relationships. On Networks, management said it is bullish on the business and is leaning into new routes because it generates high cash conversion and high operating contribution margins. On Puerto Rico, management said the business remains self-funded, the debt situation is a work in progress, and a spin-off is still one option; on weather, they said parametric insurance is fully in place for the upcoming season.