Key Highlights

• Q3 2026 Revenue was $1.117 billion with Adjusted OIBDA of $454 million, up 5% year over year

• 56,000 postpaid mobile and broadband net subscriber additions in the quarter

• Over $150 million deployed in share repurchases through 2026, representing ~10% of year-end 2025 shares

• Adjusted OIBDA Margin expanded 160 basis points year over year on a rebased basis

Liberty Latin America Ltd.(NASDAQ:LILA), a telecommunications company serving consumers and businesses across the Caribbean and Latin America, reported its third-quarter 2026 financial results on November 4, 2026. The company, which trades under multiple share classes on the Nasdaq, operates under brands including C&W, Liberty and VTR across more than 20 countries.

Subscriber and Operational Trends

The quarter saw 56,000 combined postpaid mobile and broadband net subscriber additions, representing what management described as a clear step-up from both Q1 and Q2 2026. C&W Panama led the way as the largest contributor to both broadband and postpaid gains, while Liberty Costa Rica returned to a healthier cadence of postpaid additions. The company also launched Liberty-Starlink partnerships during the quarter, rolling out direct-to-cell propositions in Panama and Costa Rica.

Across its operating segments, Liberty Caribbean delivered sequential Adjusted OIBDA improvement underpinned by fixed-mobile convergence execution and B2B project wins. C&W Panama saw residential revenue growth accelerate to 4% year over year, though it faced a year-over-year headwind from phasing of B2B revenue. Liberty Puerto Rico showed steady margin improvement with continued postpaid additions from its SIM-only product. Liberty Costa Rica achieved 8% rebased Adjusted OIBDA growth, with cost efficiencies driving down operating expenses.

Financial Performance

Revenue for Q3 2026 came in at $1.117 billion, essentially flat year over year on a reported basis and down 2% on a rebased basis. Operating Income was $181 million, compared with $188 million in Q3 2025. Adjusted OIBDA reached $454 million, a 5% increase over the prior-year quarter and up 3% on a rebased basis, with margin expansion of 160 basis points year over year. Property and equipment additions totalled $170 million, or 15% of revenue, up from $149 million in Q3 2025.

For the first nine months of 2026, revenue totalled $3.303 billion, up 1% year over year. Year-to-date Adjusted FCF before distributions to partners came in nearly $140 million ahead of the same period in 2025. Management noted that, as is typical for the company's Cash Flow pattern, the bulk of annual cash generation is expected to land in the fourth quarter.

Capital Allocation and Shareholder Returns

A notable feature of the quarter was the acceleration in Capital returned to shareholders. Through 2026 to date, Liberty Latin America deployed over $150 million in share repurchases, equivalent to nearly 10% of common shares outstanding at the end of 2025. This followed the distribution of preference shares in June 2026, after which the company pivoted more aggressively to common Equity buybacks. Management indicated it intends to remain disciplined and opportunistic with future repurchases.

The board also declared the regular quarterly Cash Dividend on its 9.0% Fixed Rate Cumulative Perpetual Redeemable Series A Preference Shares of $0.5625 per share, payable December 15, 2026 to holders of record as of November 30, 2026.

Looking Forward

Liberty Latin America enters Q4 anticipating improving momentum in both revenue and Adjusted OIBDA, supported by the key holiday selling season and favourable phasing of B2B revenue. The company's ongoing strategy centres on fixed-mobile convergence, network investment, and strategic partnerships such as its Starlink collaboration. With nearly $140 million in year-to-date FCF improvement and continued subscriber growth across its key markets, the fourth quarter will be pivotal in determining whether the company can sustain the operational trajectory established through the first three quarters.