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LIBERTY LATIN AMERICA FY 2025 INVESTOR CALL February 19, 2026 Part of Liberty Latin America
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 “SAFE HARBOR” 2LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 FORWARD-LOOKING STATEMENT | DEFINED TERMS FORWARD-LOOKING STATEMENTS & DISCLAIMER This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; efficiency initiatives; our digital strategy, product innovation and commercial plans and projects; expectations on demand for connectivity in the region; the recovery of our Puerto Rico operations; our plans and expectations with respect to liability management in Puerto Rico and our strategic value creation initiatives; the impact of Hurricane Melissa on our business and operations; the expected benefits and timing for our subsea cable expansion; the strength of our balance sheet and tenor of our debt; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events and efforts to contain any pandemic, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this presentation. 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 change in events, conditions or circumstances on which any such statement is based. INFORMATION RELATING TO DEFINED TERMS Please refer to the Appendix at the end of this presentation, as well as our SEC filings, for the definitions of the following terms which may be used herein including: Rebased Growth, Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”), Adjusted OIBDA less P&E Additions, Revenue Generating Units (“RGUs”), as well as non-GAAP reconciliations, where applicable.
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AGENDA EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX 01 |
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LIBERTY LATIN AMERICA | KEY MESSAGES(1) 4LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 STRONG 2025 PERFORMANCE; PROGRESS IN JAMAICA POST HURRICANE MELISSA (1) See Appendix for definitions and additional information. (2) Adjusted OIBDA less P&E additions growth is a non-GAAP performance measure for which the nearest GAAP measure is Operating Income (Loss) less P&E additions growth. Operating Income (Loss) less P&E additions was $(532) million and $(802) million for the year ended December 31, 2025 and 2024, respectively. Record year for Liberty Costa Rica New CVPs & FMC underpinning growth +226K FY 2025 POSTPAID ADDS Rapid mobile recovery Rebuilding fixed through 2026 RECOVERING IN JAMAICA $1.7bn FY 2025 Adjusted OIBDA All segments showed FY expansion YoY +9% FY 2025 ADJUSTED OIBDA GROWTH 14% FY 2025 P&E adds as % of revenue ~200bps reduction from 16% in FY 2024 +27% FY 2025 ADJ. OIBDA LESS P&E ADDS GROWTH(2) 2 41 3
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 C&W CREDIT SILO
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 TOTAL (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. LIBERTY CARIBBEAN | HURRICANE DENTS HEADLINE GROWTH(1) 6 2026 KEY PRIORITIES 9 15 12 17 12 MOBILE POSTPAID SUBSCRIBER EVOLUTION MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION (64) (3) 5 1 0 YoY ADDs MOB ADDs TOTAL Q4 24 Q1 25 Q2 25 Q3 25 +12 (21) (74) +4 • Rebuild Jamaica stronger • Drive further region-wide FMC adoption leveraging our high-speed fixed & mobile networks • Target B2B opportunities, including cross-selling & managed services LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 C&W CREDIT SILO REVENUE BY PRODUCT FY 2025 RGU ADDs (14) +2 (4) (7) (157) Q4 25 +55 +55 (59) 31% 35% 35% $1.5 BILLION FIXED MOBILE B2B YoY ADDs – % FY REBASED REVENUE GROWTH STRONG MOBILE MOMENTUM O/W (57)K MELISSA-RELATED
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Montego Bay Kingston SAINT JAMESHURRICANE IMPACT2.9 2.1 2.3 2.7 2.9 2.9 3.3 W3 W4 W1 W2 W3 W4 W4 LIBERTY CARIBBEAN | RECOVERY UNDERWAY POST-MELISSA(1) REBUILDING & STRENGTHENING OUR POSITION IN JAMAICA 7LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 • Worked with tower partners for rapid site restoration after hurricane • Current mobile subscriber base & data usage exceed pre- hurricane levels • Network transformation continues, leveraging improved spectrum position & increasing site density MOBILE NETWORK FIXED NETWORK MOBILE DATA VOLUME & MOBILE SUBSCRIBERS PETA BITES | MILLION SUBSCRIBERS C&W CREDIT SILO DATA VOLUME OCT NOV DEC • Represents >50% of pre-Melissa HPs • Economic activity & daily life back to normal • Focus on FMC ZONE 1 • ~30% of pre- Melissa HPs • Parishes still recovering • Rebuild focus for H1, supporting second city, Montego Bay ZONE 2 • Most impacted by Melissa • ~50% of customers offline • Rebuild to follow restoration of homes & businesses ZONE 3 1.1 0.5 1.0 1.1 1.1 1.1 1.2 SUBSCRIBERS 2 3 1 (1) See Appendix for definitions and additional information.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 C&W PANAMA | MOBILE DRIVING FY TOP-LINE; STRONG B2B IN Q4(1) 8 MOBILE POSTPAID SUBSCRIBER EVOLUTION 9 4 7 11 12 TOTAL 4 2 7 6 4 2026 KEY PRIORITIES (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. YoY ADDs +35 +18+40 (2) (15) Q4 24 Q1 25 Q2 25 Q3 25 LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 Q4 25 +32 • Build on significant B2B/B2G project wins in 2025 • Drive further mobile expansion through prepaid-to-postpaid migration • FMC, new go-to-market & CVPs to support momentum in fixed • Deliver outstanding customer experience +20 MOB ADDs MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS +8 +8 +21 +11 +8 TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION REVENUE BY PRODUCT RGU ADDs 45% 16% 39% $784 MILLION FIXED MOBILE B2B YoY ADDs C&W CREDIT SILO +3% FY REBASED REVENUE GROWTH ROBUST RESIDENTIAL KPI TRENDS FY 2025
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LIBERTY NETWORKS | PROJECT WINS SUPPORTING REVENUE(1) SOLID UNDERLYING WHOLESALE & ENTERPRISE GROWTH 9 REVENUE EVOLUTION (1) See Appendix for definitions and additional information. (2) El Salvador submarine cable is being built on behalf of the Government of El Salvador. 131 135 276 309 40 27 FY 24 FY 25 448 471 ENTERPRISE WHOLESALE EXCL. IRUs IRUsIN USD MILLIONS +12% REBASED WHOLESALE EXCL. IRUs +3% REBASED ENTERPRISE LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 LIBERTY NETWORKS ONGOING PROJECTS(2) 2026 KEY PRIORITIES • Selected to design, construct, deploy & operate El Salvador’s first submarine cable • 1,800 km cable to connect the country to major international hubs, boosting high-speed internet capacity & resiliency • Build expected to start in early 2026 & system slated to be operational by H2 2028 NEW EL SALVADOR SUBSEA CABLE C&W CREDIT SILO • Continued execution on Manta, our 5,600 km joint build connecting the U.S. with Mexico, Panama & Colombia. Expected to be operational late 2027/early 2028, driving FCF inflection • Maintain momentum in underlying subsea capacity sales & market share gains in Enterprise
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LCR CREDIT SILO
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 LIBERTY COSTA RICA | STRONG YEAR FOR POSTPAID(1) FOCUS ON COST OPPORTUNITIES FOR 2026 MOBILE POSTPAID SUBSCRIBER EVOLUTION(2) 16 30 17 81 33 4 4 2 4 1 2026 KEY PRIORITIES (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. (2) During Q3 2025, 21,600 Planes Libres subscribers were migrated from prepaid to postpaid. Of the 21,600 net postpaid additions included in Q3 2025, 11,500, 5,000 and 5,100 subscribers were added as prepaid in Q2 202 5, Q1 2025 and late 2024, respectively, when this mobile plan was first launched. YoY ADDs MOB ADDs TOTAL 11 +161 +24 +25 +30+19 Q4 24 Q1 25 Q2 25 Q3 25 LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 Q4 25 +34 +15 +13 +7 +7 +14 • Continue prepaid-to-postpaid migration; leverage 5G standalone roll out with Ericsson to build on early adoption • Innovate to differentiate (e.g. OTT streaming bundles) in fixed market • New cost-out plan to deliver through 2026 +10 QoQ MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION REVENUE BY PRODUCT FY 2025 RGU ADDs 62% 27% 11% $632 MILLION FIXED MOBILE B2B YoY ADDs LCR CREDIT SILO +1% FY REBASED REVENUE GROWTH
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LPR CREDIT SILO
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 (10) (13) (10) (8) 6 (2) (4) (7) (7) (5) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 LIBERTY PUERTO RICO | CONTINUED MOBILE IMPROVEMENT(1) RETURN TO POSTPAID NET ADDITIONS IN Q4 MOBILE POSTPAID SUBSCRIBER EVOLUTION MOB ADDs TOTAL (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. YoY ADDs 2026 KEY PRIORITIES (25) (13)(8) (19) (15) Q4 24 Q1 25 Q2 25 Q3 25 LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 13 Q4 25 (10) +4 (3) (7) (12) (7) • Maintain positive trends on fixed & postpaid NPS • Target further postpaid gains following stronger Q4 & early success of Liberty Mix • Leverage network quality & reliability campaigns to support fixed broadband (23) MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION REVENUE BY PRODUCT FY 2025 RGU ADDs 42% 41% 15%2% $1.2 BILLION YoY ADDs FIXED MOBILE B2B OTHER LPR CREDIT SILO (6)% FY REBASED REVENUE GROWTH
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 STRATEGIC VISION | 2026 CORE PRIORITIES(1) 14LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 TARGETED INVESTMENTS & EFFICIENCIES TO DRIVE BOTTOM LINE CAPEX DISCIPLINE COST EFFICIENCY INITIATIVES FOCUS ON CASH FLOW FINANCIAL FMC ADOPTION B2B PRODUCT INNOVATION COMMERCIAL REBUILD JAMAICA SUBSEA CABLE EXPANSION OPERATIONAL 5G INVESTMENTS (1) See Appendix for definitions and additional information.
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AGENDA EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX 01 |
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 +1% REBASED EFFICIENCY GAINS OFFSETTING REVENUE HEADWINDS & DRIVING ADJUSTED OIBDA GROWTH GROUP REVENUE & ADJUSTED OIBDA(1) 16 (1) See Appendix for definitions and additional information. Due to rounding, certain percentages may not recalculate. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 1,565 1,706 FY 24 FY 25 REVENUE IN USD MILLIONS FY 24 FY 25 4,447 4,442 IN USD MILLIONS ADJUSTED OIBDA GROWTH RATE GROWTH RATE 418 451 Q4 24 Q4 25Q4 24 Q4 25 1,148 1,160 • $20m of revenue impact in Q4 related to Hurricane Melissa • Double-digit Q4 YoY rebased growth in LN & CWP • FY rebased revenue growth in all segments besides LPR • $27m of Adjusted OIBDA impact in Q4 related to Hurricane Melissa • Double-digit Q4 rebased Adjusted OIBDA growth in LPR, LN & CWP • FY rebased Adjusted OIBDA growth in in all segments; ~300bps margin expansion 36% AS % OF REVENUE 39% AS % OF REVENUE +9% REBASED +8% REBASED (1)% REBASED 35% AS % OF REVENUE 38% AS % OF REVENUE
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 356 153 71 REVENUE ADJ. OIBDA P&E ADDs LIBERTY CARIBBEAN IMPACTED BY MELISSA; STRONG PERFORMANCE IN CWP & LN SEGMENT FINANCIAL RESULTS | C&W CREDIT SILO(1) (1) See Appendix for definitions and additional information. Due to rounding, certain percentages may not recalculate. The sum of each segment’s financial metric does not recalculate to the relevant total C&W credit silo fi nancial metric due to intercompany transactions eliminated during consolidation. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 230 94 REVENUE ADJ. OIBDA 39 P&E ADDs 129 75 REVENUE ADJ. OIBDA 25 P&E ADDs 20% AS % OF REVENUE AS % OF REVENUE 20%17% AS % OF REVENUE 322 135 693 REVENUE ADJ. OIBDA P&E ADDs Q4 2025 IN USD MILLIONS FY 2025 IN USD MILLIONS (8)%(4)% +18%+10% +21%+14% +5%+4%VS PY REBASED 17 VS PY 1,455 673 208 REVENUE ADJ. OIBDA P&E ADDs 784 299 REVENUE ADJ. OIBDA 104 P&E ADDs 471 258 REVENUE ADJ. OIBDA 76 P&E ADDs +7%– % +11%+3% +6%+5% 14% AS % OF REVENUE AS % OF REVENUE 16%13% AS % OF REVENUE VS PY REBASED 1,230 387 2,619 REVENUE ADJ. OIBDA P&E ADDs +8%+2% AS % OF REVENUE 20% AS % OF REVENUE 15% 43% AS % OF REVENUE AS % OF REVENUE 58%41% AS % OF REVENUE 46% AS % OF REVENUE AS % OF REVENUE 55%38% AS % OF REVENUE AS % OF REVENUE 46% AS % OF REVENUE 47%
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 COSTA RICA 632 236 86 REVENUE ADJUSTED OIBDA P&E ADDs – % 353 143 1,199 REVENUE ADJUSTED OIBDA P&E ADDs B2B OFFSETTING STRONG MOBILE PERFORMANCE IN LCR; LPR RECOVERY DRIVEN BY COST REDUCTION SEGMENT FINANCIAL RESULTS | LCR & LPR CREDIT SILOS(1) (1) See Appendix for definitions and additional information. Due to rounding, certain percentages may not recalculate. 18LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 301 89 49 REVENUE ADJUSTED OIBDA P&E ADDs Q4 2025 IN USD MILLIONS FY 2025 IN USD MILLIONS Q4 2025 IN USD MILLIONS FY 2025 IN USD MILLIONS +26%(4)%VS PY REBASED VS PY REBASED VS PY REBASED 18% AS % OF REVENUE 16% AS % OF REVENUE 14% AS % OF REVENUE 12% AS % OF REVENUE VS PY REBASED 168 66 REVENUE ADJUSTED OIBDA 30 P&E ADDs (3)%(2)% +1% +25%(6)% PUERTO RICO 39% AS % OF REVENUE 30% AS % OF REVENUE 37% AS % OF REVENUE 30% AS % OF REVENUE
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 61 76 FY 24 FY 25 116 150 FY 24 FY 25 840 1,066 CAPITAL INTENSITY IN LINE WITH EXPECTATIONS GROUP CASH FLOW PERFORMANCE(1) 19 (1) See Appendix for definitions and additional information. Due to rounding, certain percentages and growth rates may not recalculate. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 IN USD MILLIONS ADJUSTED FCFADJUSTED OIBDA LESS P&E ADDS IN USD MILLIONS 178 231 Q4 24 Q4 25 163 234 Q4 24 Q4 25 196 278 +42% REPORTED +29% REPORTED GROWTH RATE BEFORE DISTRIBUTIONS TO PARTNERS DISTRIBUTIONS TO PARTNERS • $17m of Q4 P&E adds related to Hurricane Melissa • 19% & 14% P&E adds as % of revenue in Q4 & FY 2025, respectively • Adjusted OIBDA expansion & CAPEX discipline driving ~500bps margin expansion for FY 2025 • Closing 2025 with strongest quarterly Adjusted FCF before distributions • FY 2025 benefitting from expansion in Adjusted OIBDA less P&E additions of $226m offset by working capital & related items • Received net $81m parametric proceeds in Q4; offset in part by hurricane impact 16% AS % OF REVENUE 20% AS % OF REVENUE +27% REPORTED +30% REPORTED 19% AS % OF REVENUE 24% AS % OF REVENUE GROWTH RATE
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 STRONG CAPITAL STRUCTURES AT BOTH C&W & LCR; DISCUSSIONS ONGOING AT LPR BALANCE SHEET & LIQUIDITY POSITION(1) 20LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 PUERTO RICO 2026 2027 2028 2029 2030 1.2 0.6 0.8 0.2 COSTA RICA WAL(3) $0.8 BILLION CASH $0.9 BILLION RCF AVAILABILITY MATURITY PROFILE(3) IN USD BILLIONS CASH & RCF AVAILABILITY $8.4 BILLION TOTAL DEBTTOTAL DEBT NET LEVERAGE(2) 4.3x REPORTED TOTAL DEBTNET LEVERAGE(2) $2.9 BILLION TOTAL DEBTTOTAL DEBT NET LEVERAGE(2) 7.7x REPORTED 14.0x COVENANT $0.5 BILLION CASHTOTAL DEBT 1.8X COVENANT RCF VAILABILITYNET LEVERAGE(2) $4.9 BILLION TOTAL DEBTTOTAL DEBT 3.5x COVENANT TOTAL DEBTNET LEVERAGE(2) C&W LCR (1) See Appendix for definitions and additional information. Balance sheet and liquidity information as of December 31, 2025. Due to rounding, certain totals may not recalculate. (2) LLA consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Appendix and Non-GAAP Reconciliations. Silo covenant leverage calculated in accordance with each silo’s credit agreement. Reported leverage for LPR calculated dividing reported net debt by the Adjusted OIBDA for the last two quarters, annualized. (3) Excludes vendor financing, debt related to the Tower Transactions and revolving credit facilities drawdowns. 75% DUE IN 2031 OR BEYOND 2026 2027 2028 2029 2030 2031 2032 2033+ 0.5 0.6 0.5 2.5 0.8
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 CONCLUSIONS(1) POSITIVE OUTLOOK FOR 2026 BUILDING UP FROM STRONG 2025 RESULTS (1) See Appendix for definitions and additional information. 21 JAMAICA BUILDING BACK STRONGER Build on quick recovery in mobile Reconnect homes & B2B customers Run at fuller tempo in 2027 2 LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 EQUITY VALUE UNLOCK Execute on strategic initiatives Shareholder returns focus 4 SOLID DELIVERY IN 2025 +9% rebased Adjusted OIBDA growth +27% Adjusted OIBDA less P&E additions +29% Adjusted FCF before partner distributions 1 2026 CORE PRIORITIES Commercial momentum Expansion of cash flows H2 2026 weighting for Adjusted OIBDA & Adjusted FCF 3
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AGENDA EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX 01 |
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 ARPU Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. CUSTOMER RELATIONSHIPS The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. CVP Customer value proposition. FMC Fixed mobile conversion. FULLY-SWAPPED BORROWING COST OR WEIGHTED AVERAGE COST OF DEBT (WACD) Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. INTERNET (BROADBAND) RGU A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. MOBILE SUBSCRIBERS Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. NPS Net Promoter Score. OTT Over-the-top. 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 in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. 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. TOWER TRANSACTIONS Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years. DEFINITIONS & ADDITIONAL INFORMATION 23LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Revenue Three months ended December 31, 2024 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate Total C&W credit silo in USD millions; except for percentages Reported 370.8) 208.8) 110.0) 314.1) 168.1) (23.9) 1,147.9) 667.3) Acquisition —) —) —) —) —) —) —) —) Disposition —) (0.5) —) —) —) —) (0.5) (0.5) Foreign currency (1.8) —) 3.1) —) 3.9) 0.2) 5.4) 1.5) Rebased 369.0) 208.3) 113.1) 314.1) 172.0) (23.7) 1,152.8) 668.3) Reported % change(1) (4)%) 10%) 18%) (4)%) —%) N.M.) 1%) 4%) Rebased % change(2) (4)%) 10%) 14%) (4)%) (2)%) N.M.) 1%) 4%) INFORMATION ON REBASED GROWTH 24 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows: LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024; and C&W Panama DTH, which was shutdown on January 15, 2025. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post- acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Revenue Year ended December 31, 2024 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate & Eliminations Total C&W credit siloEnterprise Wholesale IRUs Total in USD millions; except for percentages Reported 1,462.8) 763.2) 131.1) 276.4) 40.0) 447.5) 1,250.4) 613.1) (90.2) 4,446.8) 2,586.4) Acquisition —) —) —) —) —) —) 25.2) —) —) 25.2) —) Disposition —) (2.9) —) —) —) —) —) —) —) (2.9) (2.9) Foreign currency (7.0) —) 0.5) (1.1) 1.5) 0.9) —) 13.9) 0.1) 7.9) (6.0) Rebased 1,455.8) 760.3) 131.6) 275.3) 41.5) 448.4) 1,275.6) 627.0) (90.1) 4,477.0) 2,577.5) Reported % change(1) (1)%) 3%) 3%) 12%) (32)%) 5%) (4)%) 3%) N.M.) —%) 1%) Rebased % change(2) —%) 3%) 3%) 12%) (35)%) 5%) (6)%) 1%) N.M.) (1)%) 2%) 25 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows: LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024; and C&W Panama DTH, which was shutdown on January 15, 2025. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post- acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations. INFORMATION ON REBASED GROWTH (CONT.)
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Adjusted OIBDA Three months ended December 31, 2024 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate Total C&W credit silo in USD millions; except for percentages Reported 168.0) 79.4) 61.1) 70.8) 67.0) (28.1) 418.2) 307.8) Acquisition —) —) —) —) —) —) —) —) Disposition —) (0.1)) —) —) —) —) (0.1) (0.1) Foreign currency (0.9) —) 0.7)) —) 1.6) —) 1.4) (0.3) Rebased 167.1) 79.3) 61.8) 70.8) 68.6) (28.1) 419.5) 307.4) Reported % change(1) (9)%) 18%) 22%) 26%) (1)%) 7%) 8%) 4%) Rebased % change(2) (8)%) 18%) 21%) 26%) (3)%) 7%) 8%) 5%) INFORMATION ON REBASED GROWTH (CONT.) 26 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows: LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024; and C&W Panama DTH, which was shutdown on January 15, 2025. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post- acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Adjusted OIBDA Year ended December 31, 2024 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate Total C&W credit silo in USD millions; except for percentages Reported 633.3) 269.7) 242.7) 279.8) 229.5) (89.8) 1,565.2) 1,145.4) Acquisition —) —) —) 2.9) —) —) 2.9) —) Disposition —) (1.0) —) —) —) —) (1.0) (1.0) Foreign currency (3.4) —) 0.3) —) 5.2) —) 2.1) (3.4) Rebased 629.9) 268.7) 243.0) 282.7) 234.7) (89.8) 1,569.2) 1,141.0) Reported % change(1) 6%) 11%) 6%) 26%) 3%) (26)%) 9%) 7%) Rebased % change(2) 7%) 11%) 6%) 25%) —%) (26)%) 9%) 8%) INFORMATION ON REBASED GROWTH (CONT.) 27 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred businesses, as applicable, to the same extent they are included in the current year. The businesses that were acquired or disposed of impacting the comparative periods are as follows: LPR Acquisition (acquisition of spectrum and prepaid subscribers in Puerto Rico and USVI from EchoStar), which was completed on September 3, 2024; and C&W Panama DTH, which was shutdown on January 15, 2025. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period. We have reflected the revenue and Adjusted OIBDA of the acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (in the case of the LPR Acquisition, an estimated carve-out of revenue and Adjusted OIBDA associated with the acquired business), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post- acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if this transaction had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliation from reported revenue to rebased revenue and related change calculations.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LLA Three months ended Year ended December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 in USD millions; except for percentages Operating income (loss) 118.6)) 125.6) (76.8) 108.2) Share-based compensation and other Employee Incentive Plan-related expense(2) 25.1) 12.7) 84.0) 75.0) Depreciation and amortization 238.4) 245.0) 968.3) 904.9) Impairment, restructuring and other operating items, net 36.1) 68.0) 589.7) 618.2) Adjusted OIBDA 418.2) 451.3) 1,565.2) 1,706.3) Operating income (loss) margin 10.3%) 10.8%) (1.7)%) 2.4%) Adjusted OIBDA margin 36.4%) 38.9%) 35.2%) 38.4%) P&E additions 240.1) 220.3) 725.3) 640.1) Adjusted OIBDA less P&E additions 178.1) 231.0) 839.9) 1,066.2) Adjusted OIBDA less P&E additions margin 15.5%) 19.9%) 18.9%) 24.0%) ADJUSTED OIBDA DEFINITION & RECONCILIATION(1) 28 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. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. A reconciliation of our operating income or loss to total Adjusted OIBDA is presented in the following table: (1) Margins calculated as the relevant measures divided by total revenue for the applicable period. (2) Includes expense associated with our Long Term Value Plan, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensati on Committee. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 C&W Credit Silo Three months ended Year ended December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 in USD millions; except for percentages Operating income (loss) 112.6)) 93.4) 385.4) 508.2) Share-based compensation and other Employee Incentive Plan-related expense(2) 9.7) 4.4) 29.8) 21.7) Depreciation and amortization 141.4) 147.7) 587.3) 524.8) Related-party fees and allocations 25.5) 16.0) 95.1) 89.3) Impairment, restructuring and other operating items, net 18.6) 60.1) 47.8) 86.0) Adjusted OIBDA 307.8) 321.6) 1,145.4) 1,230.0) Operating income (loss) margin 16.9%) 13.5%) 14.9%) 19.4%) Adjusted OIBDA margin 46.1%) 46.4%) 44.3%) 47.0%) ADJUSTED OIBDA DEFINITION & RECONCILIATION(1) 29 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. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. A reconciliation of our operating income or loss to total Adjusted OIBDA is presented in the following table: (1) Margins calculated as the relevant measures divided by total revenue for the applicable period. (2) Includes expense associated with our Long Term Value Plan, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensati on Committee. LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 December 31, 2025 in USD millions; except leverage ratios Total debt and finance lease obligations 8,279.2) Discounts, premiums and deferred financing costs, net 79.3) Adjusted total debt and finance lease obligations 8,358.5) Less: Cash and cash equivalents including restricted cash related to debt(1) 796.9) Net debt and finance lease obligations 7,561.6) Operating income(2): Operating income (loss) for the three months ended September 30, 2025 187.5) Operating income (loss) for the three months ended December 31, 2025 125.6) Operating income (loss) – last two quarters 313.1) Annualized operating income (loss) – last two quarters annualized 626.2) Adjusted OIBDA(3): Adjusted OIBDA for the three months ended September 30, 2025 433.4) Adjusted OIBDA for the three months ended December 31, 2025 451.3) Adjusted OIBDA – last two quarters 884.7) Annualized Adjusted OIBDA – last two quarters annualized 1,769.4) Consolidated debt and finance lease obligations to operating income (loss) ratio 13.3x) Consolidated net debt and finance lease obligations to operating income (loss) ratio 12.1x) Consolidated leverage ratio 4.7x) Consolidated net leverage ratio 4.3x) 30LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 (1) Includes $13m related to restricted cash at Liberty Puerto Rico that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico. (2) Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income and consolidated net debt and finance lease obligations to operating income as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. (3) Adjusted OIBDA is a non-GAAP measure. See slide 28 for reconciliations of Adjusted OIBDA to the nearest U.S. GAAP measure. CONSOLIDATED LEVERAGE RATIO DEFINITION & RECONCILIATION We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of December 31, 2025 are set forth below:
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 31LIBERTY LATIN AMERICA | FY 2025 INVESTOR CALL | FEBRUARY 19, 2026 ADJUSTED FREE CASH FLOW DEFINITION & RECONCILIATION We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: Three months ended Year ended December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 in USD millions Net cash provided by operating activities 398.6) 461.9) 756.3) 805.9) Cash payments for direct acquisition and disposition costs 2.9) 4.9) 7.9) 13.7) Expenses financed by an intermediary(1) 54.2) 47.3) 198.8) 201.1) Capital expenditures, net (163.7) (141.8) (540.4) (500.0) Principal payments on amounts financed by vendors and intermediaries (88.6) (88.7) (324.6) (346.0) Principal payments on finance leases (0.2) (0.4) (0.9) (1.1) Proceeds from (repayments of) handset receivables securitization, net (7.4) (5.2) 19.2) (23.9) Adjusted FCF before distributions to noncontrolling interest owners 195.8) 278.0) 116.3) 149.7) Distributions to noncontrolling interest owners (32.6) (44.2) (55.1) (73.3)) Adjusted FCF 163.2) 233.8) 61.2) 76.4) (1) For purposes of our consolidated statements of cash flows, expenses financed by an intermediary, including value-added taxes, are treated as operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary.