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 versus Q2 2025, and consolidated adjusted OIBDA margin was 40%, up about 130 basis points year over year. By segment, Liberty Caribbean revenue was $362 million and adjusted OIBDA was $165 million; Panama revenue was $177 million and adjusted OIBDA was $65 million; Liberty Networks revenue was $130 million and adjusted OIBDA was $67 million; Costa Rica revenue was $169 million and adjusted OIBDA was $64 million; and Puerto Rico revenue was $288 million and adjusted OIBDA was $93 million. Adjusted free cash flow before distributions was $83 million in Q2 and $19 million for the first half, up $124 million versus Q2 2025 and $164 million versus H1 2025. P&E additions were $179 million in Q2. For guidance, management said full-year P&E additions as a percentage of revenue should be in the same envelope as 2025, and expects Q4 to be strong with H2 free cash flow likely less robust than last year’s second half because of last year’s weather-derivative receipts and vendor financing phasing.

Balan Nair emphasized that operational trends improved across most of the business, especially postpaid mobile, broadband, and Liberty Networks. He framed the Amdocs deal, the preferred-stock distribution, and the continued buyback as evidence of confidence in the business and a levered-equity capital allocation strategy. His tone was constructive and upbeat, repeatedly pointing to stronger second-half momentum, cost reductions, and the option value of the networks business and portfolio actions.

Christopher Noyes highlighted the main financial drivers: Q2 revenue of $1.1 billion, adjusted OIBDA of $436 million, and a 40% adjusted OIBDA margin, up about 130 bps year over year. He said Liberty Networks was the strongest performer, while Hurricane Melissa hurt Liberty Caribbean by about $6 million net across revenue and adjusted OIBDA. On cash flow, he cited adjusted FCF before distributions of $83 million in Q2 and $19 million in H1, and said Q4 is seasonally strong but H2 2026 should be less robust than last year because of $81 million of weather-derivative receipts in Q4 last year and some vendor-financing paydown. He also noted total debt of $8.5 billion, cash of $700 million, net leverage of 4.6x, and borrowing capacity of around $900 million; excluding Puerto Rico, consolidated net leverage would fall to the mid-3s. The company also said it had repurchased over $60 million of stock year-to-date and had about $140 million remaining under authorization.

Analysts focused on Starlink competition, the growth trajectory of Liberty Networks, buyback pacing, Puerto Rico strategy, and weather risk. Management said Starlink is an add-on that enhances customer experience rather than a wholesale replacement threat, and argued their markets are relatively ring-fenced because of spectrum and local relationships. On Networks, management was very positive, citing new route builds and high cash conversion, and said the business deserves a much higher multiple on a free-cash-flow basis. On Puerto Rico, management said operational performance is improving, the unit is self-funded, and a resolution with debt counterparties is still in process; a spin-off remains an option. On free cash flow and weather, management said Q4 is usually strong but H2 will compare against a tough weather-derivative comp, while parametric insurance is already locked in for the upcoming season.