Liberty Latin America Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 results exceeded expectations with strong subscriber growth and operational recovery, especially in Jamaica. Announced a $500 million preferred equity dividend and resumed share buybacks, while GCI Liberty increased its stake, signaling confidence in future cash flow.
Fiscal Year 2025
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2025 saw strong mobile postpaid growth, margin expansion, and robust free cash flow, despite hurricane impacts. Recovery in Jamaica and B2B turnaround in Puerto Rico are underway, with strategic focus on fixed-mobile convergence, cost control, and major network projects.
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Q3 2025 delivered strong revenue and Adjusted EBITDA growth, with margin expansion across all segments and robust postpaid mobile additions. Recovery from Hurricane Melissa in Jamaica is underway, supported by parametric insurance, while cost and efficiency programs continue to drive performance into 2026.
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Announced the planned separation of Puerto Rico to unlock value and address its unsustainable capital structure. Q2 saw 7% adjusted EBITDA growth and margin expansion, with strong residential and mobile performance offsetting B2B headwinds. Positive outlook for H2 with new initiatives and cost efficiencies.
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Q1 saw strong subscriber and OIBDA growth in most regions, but Puerto Rico's slow recovery led to the withdrawal of multi-year guidance. Cost management and lower capital intensity drove margin expansion, while refinancing extended debt maturities and maintained liquidity.
Fiscal Year 2024
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Subscriber growth and margin expansion in Caribbean, Panama, and Costa Rica offset a challenging year in Puerto Rico, where migration and billing issues led to revenue and OIBDA declines. Network upgrades and refinancing strengthened the balance sheet, with 2025 focused on margin, FCF growth, and Puerto Rico recovery.
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Q3 saw stable to modest growth in most segments, with strong subscriber additions outside Puerto Rico, which continues to recover from migration challenges. Adjusted OIBDA improved sequentially, and refinancing activities strengthened the capital structure. Investments in Peru and new subsea partnerships support future growth.
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Sequential revenue and adjusted OIBDA grew in Q2, with strong performance in Panama, Costa Rica, and the Caribbean offsetting Puerto Rico's migration challenges. Strategic M&A, aggressive buybacks, and parametric insurance for hurricane impacts position the group for improved H2 and 2025 growth.