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Part of Liberty Latin America LIBERTY LATIN AMERICA Q3 2026 INVESTOR CALL November 5, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 “SAFE HARBOR” 2LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 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 and Jamaica operations; the expected benefits and timing for our subsea cable expansion; the strength of our balance sheet and tenor of our debt; future projected sources and uses of cash; future share repurchases; 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 and Form 10-Q. 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, Adjusted Free Cash Flow (“Adjusted FCF”), 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 | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 (1) See Appendix for definitions and additional information. (2) As of October 31, 2026. Step up on both Q1 & Q2 net additions Launched D2C in Panama & Costa Rica Targeted price increases Substantial equity capital returns through preferred dividends & stock buyback YTD >$150M SHARE REPURCHASES TO DATE(2) Bulk of Adjusted FCF to land in Q4 as usual ~$140M YTD ADJUSTED FCF YOY INCREASE 2 41 3 ~56K Q3 POSTPAID & BROADBAND NET ADDS ~160 bps margin expansion YoY Ongoing cost-out initiatives +3% Q3 ADJUSTED OIBDA YOY REBASED GROWTH SUSTAINED OPERATIONAL PROGRESS; MARGIN & ADJUSTED FCF EXPANSION UNDERPINNING CAPITAL RETURNS
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 TOTAL LIBERTY CARIBBEAN | CONTINUED MOMENTUM(1) 5 17 12 15 11 3 MOBILE POSTPAID SUBSCRIBER EVOLUTION MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION (64) 0 2 2 4 YoY ADDs MOB ADDs TOTAL +4 +55 (29) (32) LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 RGU ADDs (7) (157) (5) +1 +3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 (8) +40 (56) YoY ADDs NEW COMMERCIAL INITIATIVES SUPPORTING FMC TRACTION & PRICE INCREASES O/W (57)K Q4 MELISSA-RELATED KEY MESSAGES • Ookla awards for fastest fixed & mobile networks in Jamaica • Launch of Unbeatable Internet & redesigned Flow Mobile App in most markets to drive further FMC penetration • Targeted price increases • Strong quarter in B2B on the back of major project wins & increased mobile adoption across the region C&W CREDIT SILO (1) See Appendix for definitions and additional information. Due to rounding, certain totals changes may not recalculate.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 6LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 C&W PANAMA | STRONG FIXED & MOBILE SERVICE REVENUE GROWTH(1) MOBILE POSTPAID SUBSCRIBER EVOLUTION 11 12 13 11 16 TOTAL 6 4 10 10 2 KEY MESSAGES (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. YoY ADDs +51 +21+18 +32 +36 +15 +25 MOB ADDs MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS +11 +8 +3 +23 +25 TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION RGU ADDs YoY ADDs C&W CREDIT SILO LARGEST CONTRIBUTOR TO LLA BROADBAND & POSTPAID NET ADDS Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 • Launch of +Mas-Starlink D2C • Selective price increases across broadband, postpaid & prepaid • Residential revenue growth of 4% YoY • Sequential B2B growth ; YoY softer on PY phasing of project revenue
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 7 LIBERTY NETWORKS | SOLID DEMAND FOR CAPACITY(1) HEALTHY DEMAND FOR LEASE CAPACITY; SOLID ENTERPRISE GROWTH IN KEY MARKETS YoY REVENUE EVOLUTION 34 40 83 82 Q3 25 Q3 26 117 122 ENTERPRISE WHOLESALEIN USD MILLIONS (3)% REBASED WHOLESALE +6% REBASED ENTERPRISE KEY MESSAGES C&W CREDIT SILO • Enterprise revenue growth driven by IT as a Service • Wholesale revenue growth impacted by lower IRU accelerations • No revenue contribution from El Salvador project this quarter, given phasing, but direct cost recorded • Continuous progress in Manta build project • Meshed, resilient set of systems carefully expanding along new & value- accretive routes (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 8 LIBERTY COSTA RICA | POSTPAID NET ADDS ACCELERATING IN Q3(1) MOBILE COMMERCIAL INITIATIVES INCLUDING FIRST TO MARKET D2C LAUNCH RESONATING WELL WITH CUSTOMERS MOBILE POSTPAID SUBSCRIBER EVOLUTION(2) 33 18 19 81 4 2 4 3 2 1 KEY MESSAGES YoY ADDs TOTAL +74 +30 +34 (38)+14 +14 +7 +14 +10 +7 +7 +9 QoQ MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION RGU ADDs YoY ADDs LCR CREDIT SILO Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 • Postpaid revenue growth driven by continued subscriber base expansion • Strong mobile customer value propositions with new Liberty-Starlink D2C launch alongside 5G rollout • Stable broadband in a competitive market • Significant progress on our ongoing cost efficiency initiatives MOB ADDs (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 2025, Q1 2025 and late 2024, respectively, when this mobile plan was first launched.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 (8) 6 4 8 6 (7) (5) (4) (2)(2) LIBERTY PUERTO RICO | FOUR QUARTERS OF POSTPAID ADDS(1) UPTICK IN SIM-ONLY PLAN ADOPTION; FURTHER PRICE INITIATIVES MOBILE POSTPAID SUBSCRIBER EVOLUTION TOTAL (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. YoY ADDs KEY MESSAGES +23 —(13) (10) (6) 9 — (12) (7) +4 +5 (2) (13) MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION RGU ADDs YoY ADDs Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 LPR CREDIT SILO • Liberty SIMple driving sequential postpaid revenue growth • Broadband base continuing to stabilize • Implemented price initiatives in broadband & mobile to support ARPU, following similar video moves in Q2 MOB ADDs Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026
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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 IN USD MILLIONS; AS PERCENTAGE OF REVENUE P&E ADDITIONS ADJUSTED OIBDA GROWTH & MARGIN EXPANSION; STRONG YTD CASH FLOW IMPROVEMENT Q3 & YTD 2026 FINANCIAL RESULTS(1) 11LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 REVENUE IN USD MILLIONS; REBASED GROWTH RATE 433 454 Q3 25 Q3 26 149 170 Q3 25 Q3 26 16 (9) 15% Q3 25 Q3 26 IN USD MILLIONS; ABSOLUTE CHANGE ADJUSTED FCF BEFORE DISTRIBUTIONS IN USD MILLIONS; REBASED GROWTH RATE ADJUSTED OIBDA (2)% Q3 25 Q3 26 1,113 1,117 +3% 13% (26) 1,255 1,295 YTD 25 YTD 26 420 459 YTD 25 YTD 26 (128) 10 14%(1)% YTD 25 YTD 26 3,283 3,303 +2% 13% +138 YTD 25 YTD 26 (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. INCLUDES $(123)M LPR ADJUSTED FCF LOSSES INCLUDES $(32)M LPR ADJUSTED FCF LOSSES
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 STRONG YOY MOBILE SERVICE REVENUE GROWTH IN LC & CWP; LN ADJ. OIBDA IMPACTED BY COST MILESTONE SEGMENT FINANCIAL RESULTS | C&W CREDIT SILO(1) (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. The sum of each segment’s financial metric does not recalculate to the relevant total C&W credit silo financial metric due to intercompany transactions eliminated during consolidation. LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 16% AS % OF REVENUE AS % OF REVENUE 13%16% AS % OF REVENUE 301 106 657 REVENUE ADJ. OIBDA P&E ADDs AS % OF REVENUE 16% Q3 2026 IN USD MILLIONS — %(1)% +1%(5)% (16)%— % (3)%(2)% 12 VS PY REBASED 67 56 Q2 26 Q3 26 (11)165 172 Q2 26 Q3 26 +8 65 72 Q2 26 Q3 26 +7 297 301 Q2 26 Q3 26 +4 ADJUSTED OIBDA SEQUENTIAL PERFORMANCE IN USD MILLIONS ABSOLUTE CHANGE 47%46%REVENUE TO 38%37% 46%51% 46%46% 172 60 366 REVENUE ADJ. OIBDA P&E ADDs 189 72 REVENUE ADJ. OIBDA 30 P&E ADDs 122 56 REVENUE ADJ. OIBDA 16 P&E ADDs
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 SOLID REBASED ADJUSTED OIBDA GROWTH IN BOTH LCR & LPR SEGMENT FINANCIAL RESULTS | LCR & LPR CREDIT SILOS(1) (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. 13LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 103 40 289 REVENUE ADJUSTED OIBDA P&E ADDs 69 173 REVENUE ADJUSTED OIBDA 18 P&E ADDs 14% AS % OF REVENUE 10% AS % OF REVENUE Q3 2026 IN USD MILLIONS Q3 2026 IN USD MILLIONS +8%(3)%+8%—% VS PY REBASED COSTA RICA PUERTO RICO VS PY REBASED 93 103 Q2 26 Q3 26 +10 64 69 Q2 26 Q3 26 +5 ADJUSTED OIBDA SEQUENTIAL PERFORMANCE IN USD MILLIONS ADJUSTED OIBDA SEQUENTIAL PERFORMANCE IN USD MILLIONS ABSOLUTE CHANGE 36%32%REVENUE TO 40%38% REVENUE TO ABSOLUTE CHANGE
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 ROBUST LIQUIDITY POSITION Maintain high levels of liquidity through cash on balance sheet and/or committed credit lines SEPARATE CREDIT POOLS Independent, ring-fenced capital structures with no cross- guarantees or cross-defaults LONG-DATED DEBT Term-out and extend debt maturities where possible SUSTAINABLE LEVERAGE LEVELS Moderate leverage, reflecting risk profile of investments HEDGED BALANCE SHEET Pro-actively hedge currency & floating interest rate exposure where feasible 14 BALANCE SHEET & LIQUIDITY POSITION(1) RETURNING CAPITAL TO SHAREHOLDERS LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026 LLA FINANCING PRINCIPLES KEY METRICS (1) See Appendix for definitions and additional information. Balance sheet and liquidity information as of September 30, 2026, as reported in our Q3 2026 Press Release. Equity buyback information as of October 31, 2026. 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. 16 152 12 91 33 Q1 26 Q2 26 Q3 26 OCT 26 TOTAL IN USD MILLIONS 2026 EQUITY BUYBACK $8.5 BILLION TOTAL DEBTTOTAL DEBT 4.5X REPORTED NET LEVERAGE(2) $0.6 BILLION CASHCASH $0.9 BILLION RCF AVAILABILITYUNUSED BORROWING CAPACITY
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 CONCLUSIONS(1) POSITIONED FOR A STRONG FINISH TO 2026 15 IMPROVING FINANCIAL MOMENTUM INTO Q4 Commercially active season ahead Traditional B2B weighting Continuing to deliver on efficiency agenda 2 INNOVATING COMMERCIAL OFFERS Unbeatable Internet launched in Liberty Caribbean Liberty-Starlink launched in Panama & Costa Rica 1 RETURNING CAPITAL TO SHAREHOLDERS Accelerated common stock repurchases following preferred distribution 4 YTD 2026 Adjusted FCF well ahead of 2025 Usual Q4 loading of annual FCF delivery 3 DELIVERING ON ADJUSTED FCF (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026
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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. D2C Direct to cell FMC Fixed mobile convergence INTERNET (BROADBAND) RGU A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. LPR ADJUSTED FCF LOSS Includes payments made to LLA and/or its other subsidiaries for various fees and services provided to LPR. 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. 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. DEFINITIONS & ADDITIONAL INFORMATION 17LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 INFORMATION ON REBASED GROWTH 18 Revenue Three months ended September 30, 2025 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corp. & Elim. Total C&W credit siloEnterprise Wholesale Total in USD millions; except for percentages Reported 368.8) 199.1) 34.1) 82.6) 116.7) 298.2) 154.5) (24.8) 1,112.5) 661.8) Foreign currency 1.4) —) 3.6) 2.0) 5.6) —) 18.9) 0.1) 26.0) 7.2) Rebased 370.2) 199.1) 37.7) 84.6) 122.3) 298.2) 173.4) (24.7) 1,138.5) 669.0) Reported % change(1) (1)%) (5)%) 18%) (1)%) 5%) (3)%) 12%) N.M.) —%) (1)%) Rebased % change(2) (1)%) (5)%) 6%) (3)%) —%) (3)%) —%) N.M.) (2)%) (2)%) (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 | Q3 2026 INVESTOR CALL | NOVEMBER 5, 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 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 periods. 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 table sets 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 Revenue Nine months ended September 30, 2025 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corp. & Elim. Total C&W credit silo in USD millions; except for percentages Reported 1,099.0) 553.4) 341.7) 897.9) 464.0) (73.3) 3,282.7) 1,926.4) Foreign currency 2.6) —) 12.1) —) 42.6) 0.1) 57.4) 14.8) Rebased 1,101.6) 553.4) 353.8) 897.9) 506.6) (73.2) 3,340.1) 1,941.2) Reported % change(1) (2)%) (2)%) 9%) (3)%) 8%) N.M.) 1%) 1%) Rebased % change(2) (2)%) (2)%) 6%) (3)%) (1)%) N.M.) (1)%) —%) INFORMATION ON REBASED GROWTH (CONT.) 19 (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 | Q3 2026 INVESTOR CALL | NOVEMBER 5, 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 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 periods. 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 table sets 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 Three months ended September 30, 2025 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate Total C&W credit silo in USD millions; except for percentages Reported 172.5) 71.8) 65.2) 95.5) 56.4) (28.0) 433.4) 309.4) Foreign currency 0.8) —) 0.7) —) 6.8) 0.2) 8.5) 1.6) Rebased 173.3) 71.8) 65.9) 95.5) 63.2) (27.8) 441.9) 311.0) Reported % change(1) —%) 1%) (15)%) 8%) 21%) 37%) 5%) (3)%) Rebased % change(2) —%) 1%) (16)%) 8%) 8%) 36%) 3%) (3)%) INFORMATION ON REBASED GROWTH (CONT.) 20 (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 | Q3 2026 INVESTOR CALL | NOVEMBER 5, 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 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 periods. 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 table sets 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 Nine months ended September 30, 2025 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate Total C&W credit silo in USD millions; except for percentages Reported 519.6) 205.0) 183.9) 264.0) 169.3) (86.8) 1,255.0) 908.4) Foreign currency 1.4) —) 1.8) —) 15.4) 0.3) 18.9) 3.3) Rebased 521.0) 205.0) 185.7) 264.0) 184.7) (86.5) 1,273.9) 911.7) Reported % change(1) (4)%) (2)%) (3)%) 9%) 12%) 31%) 3%) (3)%) Rebased % change(2) (4)%) (2)%) (4)%) 9%) 2%) 31%) 2%) (4)%) INFORMATION ON REBASED GROWTH (CONT.) 21 (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 | Q3 2026 INVESTOR CALL | NOVEMBER 5, 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 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 periods. 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 table sets 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 Three months ended LLA C&W credit silo September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2025 September 30, 2026 in USD millions; except for percentages Operating income (loss) 187.5) 181.2) 181.1) 152.5) 119.6) Share-based compensation and other employee incentive plan-related expense(2) 15.0) 12.8) 12.9) 4.7) 4.4) Depreciation and amortization 213.6) 226.1) 240.1) 125.0) 149.0) Related-party fees and allocations —) —) —) 19.4) 18.1) Impairment, restructuring and other operating items, net 17.3) 15.9) 19.9) 7.8) 9.6) Adjusted OIBDA 433.4) 436.0) 454.0) 309.4) 300.7) Operating income (loss) margin 16.9%) 16.4%) 16.2%) 23.0%) 18.2%) Adjusted OIBDA margin 39.0%) 39.5%) 40.6%) 46.8%) 45.7%) ADJUSTED OIBDA DEFINITION & RECONCILIATION(1) 22 On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our chief operating decision maker, who is 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 Compensation Committee. LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Adjusted OIBDA Nine months ended LLA C&W credit silo September 30, 2025 September 30, 2026 September 30, 2025 September 30, 2026 in USD millions; except for percentages Operating income (loss) (17.4) 507.5) 414.8) 383.1) Share-based compensation and other employee incentive plan-related expense(2) 62.3) 57.3) 17.3) 16.3) Depreciation and amortization 659.9) 683.3) 377.1) 397.0) Related-party fees and allocations —) —) 73.3) 65.1) Impairment, restructuring and other operating items, net 550.2) 47.0) 25.9) 17.6) Adjusted OIBDA 1,255.0) 1,295.1) 908.4) 879.1) Operating income (loss) margin (0.5)%) 15.4%) 21.5%) 19.8%) Adjusted OIBDA margin 38.2%) 39.2%) 47.2%) 45.4%) ADJUSTED OIBDA DEFINITION & RECONCILIATION (CONT.)(1) 23 On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our chief operating decision maker, who is 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 Compensation Committee. LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 September 30, 2026 Total debt and finance lease obligations 8,433.7) Discounts, premiums and deferred financing costs, net 80.6) Adjusted total debt and finance lease obligations 8,514.3) Less: Cash and cash equivalents including restricted cash related to debt(1) 579.1) Net debt and finance lease obligations 7,935.2) Operating income(2): Operating income (loss) for the three months ended June 30, 2026 181.2) Operating income (loss) for the three months ended September 30, 2026 181.1) Operating income (loss) – last two quarters 362.3) Annualized operating income (loss) – last two quarters annualized 724.6) Adjusted OIBDA(3): Adjusted OIBDA for the three months ended June 30, 2026 436.0) Adjusted OIBDA for the three months ended September 30, 2026 454.0) Adjusted OIBDA – last two quarters 890.0) Annualized Adjusted OIBDA – last two quarters annualized 1,780.0) Consolidated debt and finance lease obligations to operating income (loss) ratio 11.8x) Consolidated net debt and finance lease obligations to operating income (loss) ratio 11.0x) Consolidated leverage ratio 4.8x) Consolidated net leverage ratio 4.5x) 24 (1) Includes $33m 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 22 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 September 30, 2026, are set forth below: LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 25 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 Nine months ended September 30, 2025 September 30, 2026 September 30, 2025 September 30, 2026 in USD millions Net cash provided by operating activities 178.2) 185.0) 344.0) 444.0) Cash payments for direct acquisition and disposition costs 4.8) 5.5) 8.8) 14.9) Expenses financed by an intermediary(1) 73.0) 65.1) 153.8) 194.3) Capital expenditures, net (122.2) (140.8) (358.2) (360.9) Principal payments on amounts financed by vendors and intermediaries (111.5) (120.9) (257.3) (269.3) Principal payments on finance leases (0.2) (0.3) (0.7) (2.6) Proceeds from (repayments of) handset receivables securitization, net (5.7) (2.7) (18.7) (10.4) Adjusted FCF before distributions to noncontrolling interest owners 16.4) (9.1) (128.3) 10.0) Distributions to noncontrolling interest owners —) (0.7) (29.1) (25.5) Adjusted FCF 16.4) (9.8) (157.4) (15.5) (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. LIBERTY LATIN AMERICA | Q3 2026 INVESTOR CALL | NOVEMBER 5, 2026