Q3 2025 Liberty Latin America Ltd Earnings Call

Speaker #1: Good morning , ladies and gentlemen , and thank you for standing by . Today's call is being recorded . I'll now turn the call over to Jenny Chan , VP of controls .

Operator: Good morning, ladies and gentlemen. Thank you for standing by. Today's call is being recorded. I will now turn the call over to Jenny Chan, VP of Controls Transformation of Liberty Latin America.

Speaker #1: Transformation of Liberty , Latin America .

Speaker #2: Good morning , and welcome to the Liberty Latin America's third quarter 2025 investor call . At this time , all participants are in listen only mode .

Jenny Chan: Good morning. Welcome to Liberty Latin America's Q3 2025 Investor Call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found under the Investor Relations session of Liberty Latin America's website at www.lla.com. Following today's formal presentation, instruction will be given for a question-and-answer session. As a reminder, this call is being recorded. Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlooks and future growth prospects and other information and statements that are not historic facts. Actual results may differ materially from those expressed or implied by these statements. For more information, please refer to the risk factors discussed in Liberty Latin America's most recent filed annual report on Form 10-K and quarterly report on Form 10-Q, along with the associated press release.

Speaker #2: Today's formal presentation materials can be found under the Investor Relations section of Liberty , Latin America's website at . Following today's formal presentation , instructions will be given for a question and answer session .

Speaker #2: As a reminder , this call is being recorded . Today's remarks may include forward looking statements , including the company's expectations with respect to its outlook and future growth prospects , and other information and statements that are not historical facts .

Speaker #2: Actual results may differ materially from those expressed or implied by these statements . For more information , please refer to the risk factors discussed in Liberty Latin America's most recent file .

Speaker #2: Annual Report on Form 10-K and Quarterly Report on Form 10-q , along with the Associated Press release . Liberty Latin America disclaims any obligation to update any forward looking statements or information to reflect any change in its expectations or in the condition on which any such statement or information is based .

Jenny Chan: Liberty Latin America disclaims any obligation to update any forward-looking statement or information to reflect any change in its expectations or in the conditions on which any such statement or information is based. On this call, we will refer to certain non-GAAP financial measures which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to the presentation, which is accessible under the investors section of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

Speaker #2: In addition , on this call , we will refer to certain non-GAAP financial measures which are reconciled to the most comparable GAAP financial measures , which can be found in the appendices to the presentation , which is accessible under the investors section of our website .

Speaker #2: I would now like to turn the call over to our CEO , Mr. Balan Nair .

Speaker #3: Thank you . Jenny , and welcome everyone to Liberty Latin America's third quarter 2025 results presentation . I will be running through our group highlights and an overview of our operating results by credit Silo before Chris , our CFO , reviews the company's financial performance .

Balan Nair: Thank you, Jenny, welcome everyone to Liberty Latin America's Q3 2025 results presentation. I will be running through our group highlights and an overview of our operating results by Credit Silo before Chris Noyes, our CFO, reviews the company's financial performance. We'll get straight to your questions. Before we get into the details, let me start by taking a moment to recognize the hardship of our employees, customers, partners, communities, governments who bore the brunt of Hurricane Melissa in the Caribbean, especially in Jamaica. Their resilience is nothing short of amazing. Our commitment to this region is strong, we will help with the recovery through our humanitarian and infrastructure rebuild. I will cover this in more detail in my commentary on Liberty Caribbean.

Speaker #3: We'll then get straight to your questions , but before we get into the details , let me start by taking a moment to recognize the hardship of our employees .

Speaker #3: Customers , partners , communities , governments who bore the brunt of Hurricane Melissa in the Caribbean , especially in Jamaica . They are .

Speaker #3: Resilience is nothing short of amazing. Our commitment to this region is strong, and we will help with the recovery through our humanitarian and infrastructure rebuild.

Speaker #3: I will cover this in more detail in my commentary on Liberty Caribbean. As always, I'm joined by my executive team from across our operations, and I will invite them to contribute as needed.

Balan Nair: As always, I'm joined by my executive team from across our operations, and I will invite them to contribute as needed during the Q&A following our prepared remarks. As a point of housekeeping, we will both be working from slides which you can find on our website at www.lla.com. Starting on slide 4 in our highlights. Our core business performed very well in Q3. We added over 100,000 postpaid net adds across the group, notably driven by Costa Rica and supported by fixed mobile convergence efforts and continuing prepaid to postpaid migration. This was the strongest quarter of postpaid additions across the group in 3 years. We reported $1.1 billion of revenue in Q3. This represented a return to year-over-year growth driven by better trends in B2B as we had anticipated.

Speaker #3: During the Q&A . Following our prepared remarks . As a point of housekeeping , we will both be working from slides which you can find on our website at .

Speaker #3: Starting on slide four in our highlights , our core business performed very well in Q3 . We added over 100,000 postpaid net adds across the group , notably driven by Costa Rica and supported by fixed mobile convergence efforts and continuing prepaid to postpaid migration .

Speaker #3: This was the strongest quarter of postpaid additions across the group in three years . We reported 1.1 billion of revenue in Q3 . This represented a return to year over year growth , driven by better trends in B2B .

Speaker #3: As we had anticipated . This in turn came about through a combination of better momentum on enterprise and government related contracts , as well as the easing of tough year over year comps on B2B , which we face in the first half of the year .

Balan Nair: This in turn came about through a combination of better momentum on enterprise and government-related contracts, as well as the easing of tough year-over-year comps on B2B, which we faced in the H1 of the year. Residential revenue grew year-over-year this quarter as we continue to focus on innovative customer value propositions across the markets. We posted adjusted OIBDA of $433 million, reflecting a rebased year-over-year growth of 7% in the Q3. This included rebased growth across all of our segments, including Puerto Rico. This performance was driven by good execution and cost initiatives, as well as strong customer base management. We maintain our focus on lowering capital intensity. These efforts led to a 22% expansion in adjusted OIBDA less P&E additions year-over-year, bringing us to a margin of 26%.

Speaker #3: Residential revenue grew year over year . This quarter as we continue to focus on innovative customer value propositions across the markets . We posted adjusted EBITDA of $433 million , reflecting a rebased year over year growth of 7% in the third quarter .

Speaker #3: This included rebased growth across all of our segments, including Puerto Rico. This performance was driven by good execution and cost initiatives, as well as strong customer base management.

Speaker #3: We maintain our focus on lowering capital intensity . These efforts led to a 22% expansion in adjusted EBITDA , less peony additions year over year , bringing us to a margin of 26% today .

Balan Nair: Today, despite some recovery through this year, we continue to believe our share price does not fully reflect the intrinsic value of our underlying businesses. We remain focused on delivering organic growth and cash flow generation, which we believe is critical for share price appreciation. Additionally, as previously discussed, we continue to look across our array of assets in the group and evaluate opportunities to close the embedded discount in our stock price. Turning to slide 6. I'll begin our operating review with the Cable & Wireless credit silo, which had another very solid quarter. This silo includes Liberty Caribbean, C&W Panama, and our Liberty Networks segment. Starting with Liberty Caribbean, we reported another strong quarter. On the left of the slide, we present our mobile KPIs. Postpaid mobile additions remained strong, with mobile ARPU showing a healthy expansion on a year-over-year and sequential basis.

Speaker #3: And despite some recovery through this year , we continue to believe our share price does not fully reflect the intrinsic value of our underlying businesses .

Speaker #3: We remain focused on delivering organic growth and cash flow generation , which we believe is critical for share price appreciation . Additionally , as previously discussed , we continue to look across our array of assets in the group and evaluate opportunities to close the embedded discount in our stock price .

Speaker #3: Turning to slide six . I'll begin our operating review with the cable and wireless credit silo , which had another very solid quarter .

Speaker #3: This silo includes Liberty Caribbean , CN Panama , and Liberty Networks segment . Starting with Liberty Caribbean , we reported another strong quarter on the left of the slide .

Speaker #3: We present our mobile KPIs postpaid , mobile additions remain strong with mobile Rpu showing a healthy expansion on a year over year and sequential basis .

Speaker #3: Moving to the center of the slide to our fixed KPIs , the broadband subscriber base remained flat in Q3 , with gains in Jamaica offset by declines , mainly in Trinidad .

Balan Nair: Moving to the center of the slide to our fixed KPIs, the broadband subscriber base remained flat in Q3, with gains in Jamaica offset by declines mainly in Trinidad. Other highlights include the launch of 5G in Barbados, becoming the second market in our Liberty Caribbean segment to offer 5G alongside Cayman. Now, turning to Hurricane Melissa. Damage is significant in the rest of the country. While the major economic hub of Kingston in the more populated east has been much less impacted, the situation remains very dynamic and impacted by the speed of power restoration on the island. Our latest data suggests that we are very thankful that 100% of our sites is marked as safe. Secondly, mobile traffic on our network is back to 80% of pre-hurricane levels.

Speaker #3: Other highlights include the launch of 5G. Barbados has become the second market in our Liberty Caribbean segment to offer 5G, alongside Cayman. Now, turning to Hurricane Melissa.

Speaker #3: Damage is significant in the west of the country . While the major economic hub of Kingston in the more populated east has been much less impacted .

Speaker #3: The situation remains very dynamic and impacted by the speed of power restoration on the island . Our latest data suggests that we are very thankful that 100% of our staff is marked as safe .

Speaker #3: Secondly , mobile traffic on our network is back to 80% of Pre-hurricane levels . In our fixed network , over 40% of our overall customers are online , while in the major metro areas we are at over 80% .

Balan Nair: In our fixed network, over 40% of our overall customers are online, while in the major metro areas, we are at over 80%. On the power side, over 50% of Jamaica's power service customers have power, and 14 out of 15 of our own and operated stores are open now and are supplemented by 17 stores on wheels, two of which are dedicated to just our B2B customers. Jamaica is a key part of Liberty Caribbean, a region we have operated in for over 150 years. We will be working tirelessly to repair and rebuild our infrastructure, leveraging the vast experience of the local and central teams, while continuing to bring in partners like PTI on the towers, JPS on powers, and others to quickly stand our services back up.

Speaker #3: On the power side , over 50% of Jamaica's power service customers have power , and 14 out of 15 of our own and operated stores are open now .

Speaker #3: And are supplemented by 17 stores on wheels , two of which are dedicated to just our B2B customers . Jamaica is a key part of Liberty Caribbean , a region we have operated in for over 150 years .

Speaker #3: We will be working tirelessly to repair and rebuild our infrastructure , leveraging the vast experience of the local and central teams . While continuing to bring in partners like PTI on the towers , and powers and others to quickly stand our services back up during the hurricanes approach .

Balan Nair: During the hurricane's approach, we went live with a satellite partnership with Starlink direct-to-cell in Jamaica to offer emergency direct-to-cell connectivity for our mobile customers. This played a key role in helping customers stay connected in areas where the mobile network has been down, and we have seen more than 148,000 unique users successfully attach to this D2C technology. As recovery efforts continue, we are beginning to see customers returning to our mobile network. While it's too early to assess the full impact of the hurricane, we would remind investors that we maintain parametric insurance across the Caribbean. One of its advantages over traditional indemnity insurance is that it pays out quickly, which facilitates a more rapid repair and rebuild. Chris will provide more perspective on this in his section. Moving to slide 7 in our C&W Panama segment.

Speaker #3: We went live with a satellite partnership with Starlink Direct to sell in Jamaica to offer emergency direct to cell connectivity for our mobile customers .

Speaker #3: This played a key role in helping customers stay connected in areas where the mobile network has been down , and we have seen more than 140,000 unique users successfully attach to this DTC technology .

Speaker #3: As recovery efforts continue , we are beginning to see customers returning to our mobile network . While it's too early to assess the full impact of the hurricane , we would remind investors that we maintain parametric insurance across the Caribbean .

Speaker #3: One of its advantages over traditional indemnity insurance is that it pays out quickly , which facilitates a more rapid repair and rebuild . Chris will provide more perspective on this in his section .

Speaker #3: Moving to slide seven in our Panama segment . Starting on the left of the slide , we continue to deliver postpaid net adds as customers migrate from prepaid .

Balan Nair: Starting on the left of the slide, we continue to deliver postpaid net adds as customers migrate from prepaid. While this is a deliberate strategy, we are also pleased to report a return to prepaid growth after 2 consecutive quarters of decline driven by lower churn and a higher proportion of rejoining customers. Moving to the center of the slide, we delivered another solid quarter of internet subscriber additions. A more significant shift this quarter came from the B2B space. We had previously highlighted recent wins with government related and in the enterprise space, and these deals are now beginning to flow through revenue. B2B revenue this quarter expanded 33% on a sequential basis and 14% on a year-over-year basis. Next to slide 8 and our final segment within the C&W credit silo, Liberty Networks. On the left of the slide, we present our Q3 year-over-year revenue evolution.

Speaker #3: While this is a deliberate strategy , we are also pleased to report a return to prepaid growth after two consecutive quarters of decline , driven by lower churn and a higher proportion of rejoining customers .

Speaker #3: Moving to the center of the slide , we delivered another solid quarter of internet subscriber additions , more significant shift this quarter came from the B2B space we had previously highlighted recent wins with government related , and in the enterprise space , and these deals are now beginning to flow through revenue .

Speaker #3: B2B revenue this quarter expanded 33% on a sequential basis , and 14% on a year over year basis . Next to slide eight and our final segment within the CMS credit silent Liberty Networks on the left of the slide , we present our Q3 year over year revenue evolution .

Speaker #3: Our strong performance in wholesale reflects the strength of our core operations and the growing demand for bandwidth across the region . Enterprise remains a key growth engine with continued momentum in it as a service and connectivity solutions , particularly in Colombia and the Dominican Republic .

Balan Nair: Our strong performance in wholesale reflects the strength of our core operations and the growing demand for bandwidth across the region. Enterprise remains a key growth engine with continued momentum in IT as a service and connectivity solutions, particularly in Colombia and the Dominican Republic. These services are helping us build a strong base of monthly recurring revenue, which supports long-term stability and positions us well for the future. From an operational perspective, in August, Liberty Networks announced a major milestone with the launch of MAYA-1.2, an enhanced system spanning 2,386 km that doubles the capacity of the existing subsea cable, MAYA-1, and will continue to deliver critical capacity. This strategic upgrade represents a long-term investment in regional infrastructure, strengthening international connectivity and digital resilience throughout the Caribbean and Central America.

Speaker #3: These services are helping us build a strong base of monthly recurring revenue , which supports long term stability and positions us well for the future .

Speaker #3: From an operational perspective , in August , Liberty Networks announced a major milestone with the launch of Maya 1.2 , an enhanced system spanning 2386km that doubles the capacity of the existing subsea cable .

Speaker #3: Maya one and will continue to deliver critical capacity . This strategic upgrade represents a long term investment in regional infrastructure , strengthening international connectivity and digital resilience throughout the Caribbean and Central America .

Speaker #3: This investment will also clear the way for the installation of Manta , the new pan regional subsea cable system . We remain on track and excited about monetizing this asset in the coming years .

Balan Nair: This investment will also clear the way for the installation of MANTA, the new pan-regional subsea cable system. We remain on track and excited about monetizing this asset in the coming years. Turning to slide 10 and Liberty Costa Rica. Starting on the left of the slide. The main driver of our top line continues to be postpaid mobile segment. Through the first 9 months of the year, we have added almost 130,000 postpaid subscribers, representing a 13% expansion on the Q4 2024 base, with a particularly strong Q3 performance. One of the drivers is our successful commercial strategy of migrating prepaid subscribers to postpaid and the good take-up in our Planes Libres offer. This is a lower-end postpaid plan, but it's nevertheless accretive. Prepaid to postpaid migration is supportive for ARPU and churn, helping to offset broader competitive tensions.

Speaker #3: Turning to slide ten and Liberty , Costa Rica . Starting on the left of the slide , the main driver of our top line continues to be postpaid mobile segment .

Speaker #3: Through the first nine months of the year , we have added almost 130,000 postpaid subscribers , representing a 13% expansion on the Q4 2024 base , with a particularly strong Q3 performance .

Speaker #3: One of the drivers is our successful commercial strategy of migrating prepaid subscribers to postpaid , and the good take up in our planet's libraries , offering .

Speaker #3: This is the low end postpaid plan , but is nevertheless accretive . Prepaid to postpaid migration is supportive for RPO and churn , helping to offset broader competitive tensions .

Speaker #3: Having now acquired the 5G spectrum you were awarded earlier this year, we look forward to further strengthening our mobile leadership in Costa Rica through the deployment of our standalone 5G mobile network in partnership with Ericsson.

Balan Nair: Having now acquired the 5G spectrum we were awarded earlier this year, we look forward to further strengthening our mobile leadership in Costa Rica through the deployment of a standalone 5G mobile network in partnership with Ericsson. Moving to the center of the slide. On the broadband side, we continue to do a solid job maintaining our subscriber base despite a competitive market. We continue to work on strengthening our commercial offering in the market. Early in Q3, we launched an offer for new and existing customers to have access to the most popular over-the-top platforms included in their home plan. This bold and meaningful value proposition, unique for the Costa Rican market, is anchored by a new brand claim, "You want it, you got it." As we have highlighted in our 10-Q, the regulator in Costa Rica, SUTEL, has issued a resolution prohibiting our proposed transaction with Millicom.

Speaker #3: Moving to the center of the slide on the broadband side , we continue to do a solid job maintaining our subscriber base despite a competitive market .

Speaker #3: We continue to work on strengthening our commercial offering in the market . Early in Q3 , we launched an offer for new and existing customers to have access to the most popular over-the-top platforms included in their home plan .

Speaker #3: This bold and meaningful value proposition , unique for the Costa Rican market , is anchored by a new brand claim . You want it , you got it .

Speaker #3: As we have highlighted in our 10-q , the regulator in Costa Rica , subtle , has issued a resolution prohibiting our proposed transaction with Millicom .

Speaker #3: This outcome was surprising given we had worked closely with the regulator over a number of months to design the appropriate remedies to address any competitive market concerns .

Balan Nair: This outcome was surprising, given we have worked closely with the regulator over a number of months to design the appropriate remedies to address any competitive market concerns. We have filed an appeal and would expect a response shortly. In the event our appeal is denied, we intend to drive cost savings in our operation that we held off pending the combination with Tigo. We are starting to lay the foundation for that as we speak. Moving to slide 12. In our third credit silo, Liberty Puerto Rico. Starting on the left of the slide. Mobile performance showed greater stability with postpaid losses lower compared to Q2. With churn tracking in the right direction, commercial efforts in Q3 focused on the launch of our new postpaid value proposition, Liberty Mix. Early results have been supportive.

Speaker #3: We have filed an appeal and would expect a response shortly . In the event of appeal is denied , we intend to drive cost savings in our operation that we held off pending the combination with Tigo .

Speaker #3: We are starting to lay the foundation for that as we speak . Moving to slide 12 . In our third credit cycle , Liberty , Puerto Rico .

Speaker #3: Starting on the left of the slide , mobile performance showed greater stability with postpaid losses , lower compared to Q2 , with churn tracking in the right direction .

Speaker #3: Commercial efforts . In the third quarter focused on the launch of our new postpaid value proposition , Liberty mix . Early results have been supportive .

Speaker #3: Momentum on gross ads have picked up modestly through Q3 , with an improving 14 point out ratio . Perhaps more significant at this stage has been the support to gross ads , argue with the higher tearing subscriber blend , leading to a 40% increase in September versus the month prior to launch .

Balan Nair: Momentum on gross adds have picked up modestly through Q3 with an improving port-in/port-out ratio. Perhaps more significant at this stage has been the support to gross adds ARPU, with the higher-tiering subscriber plan leading to a 40% increase in September versus the month prior to launch. On the fixed side, we continue to see some competitive pressure impacting our subbase, though ARPU is sequentially stable and up on a year-over-year basis following price increases earlier this year. We launched a new commercial campaign on a fixed offer with a central theme of reliability with three distinct components. Firstly, recognizing that many homes in Puerto Rico have generators, given the frequent power outages on the island, we launched a product that allows our fixed service to be up and running during these power outages by defaulting to the mobile network.

Speaker #3: On the fixed side , we continue to see some competitive pressure impacting our sub base , though Rpu is sequentially stable and up on a year over year basis following price increases earlier this year , we launched a new commercial campaign on our fixed offer with a central theme of reliability , with three distinct components .

Speaker #3: Firstly , recognizing that many homes in Puerto Rico have generators given the frequent power outages on the island , we launch a product that allows our fixed service to be up and running during these power outages by defaulting to the mobile network .

Speaker #3: We also offer new software in our devices that drives a stronger Wi-Fi experience in the home , confident in the reliability of our network .

Balan Nair: We also offer new software in our devices that drives a stronger Wi-Fi experience in the home. Confident in the reliability of our network, we are also incorporating a 30-day network guarantee for customers. As we look out over the coming months, we will continue to ramp up commercial efforts on our fixed mobile conversions offer, Liberty Loop. Given FMC penetration across a number of markets in the LLA group, we know that Puerto Rico is a laggard at just 23%, of which only 10% are real FMC customers who have converged products and are receiving a financial or experience benefit from them. Our focus on FMC is increasing, and we expect this to be a good driver into 2026.

Speaker #3: We are also incorporating a 30 day network guarantee for customers as we look out over the coming months , we will continue to ramp up commercial efforts on our fixed mobile convergence offer .

Speaker #3: Liberty loop Given FMC penetration across a number of markets in the LA Group . We note that Puerto Rico is a laggard at just 23% , of which only 10% are real .

Speaker #3: FMC customers who have converged products and are receiving a financial or experience benefit from them . Our focus on FFC is increasing and we expect this to be a good driver into 2026 .

Speaker #3: With that , I'll pass you over to Chris Neuss , our chief financial officer , who will take you through our financial performance .

Balan Nair: With that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will take you through our financial performance before we move on to your questions. Chris?

Speaker #3: Before we move on to your questions . Chris .

Speaker #4: Thanks , pal . I'll now take you through our Q3 financial results . Starting on slide 14 . We posted revenue of $1.1 billion and adjusted EBITDA of $433 million , reflecting rebased growth of 1% for revenue and 7% for adjusted EBITDA year over year .

Christopher Noyes: Thanks, Bal. I'll now take you through our Q3 financial results, starting on slide 14. We posted revenue of $1.1 billion and adjusted OIBDA of $433 million, reflecting rebased growth of 1% for revenue and 7% for adjusted OIBDA year-over-year. All of our operating businesses reported year-over-year rebased growth on both revenue and adjusted OIBDA, with the exception of a decline in revenue at Liberty Puerto Rico. Sequentially, as compared to Q2, LLA's reported revenue increased 2% and adjusted OIBDA increased 4%, a solid uplift which sets momentum into Q4. Reflecting both lower capital intensity with P&E additions at 13% of revenue in Q3 and continued adjusted OIBDA expansion, LLA posted adjusted OIBDA less P&E additions of $284 million in Q3, a 22% improvement year-over-year.

Speaker #4: All of our operating businesses reported year over year rebased growth on both revenue and adjusted EBITDA , with the exception of a decline in revenue at Liberty , Puerto Rico , sequentially as compared to Q2 , Lars reported revenue increased 2% and adjusted EBITDA increased 4% .

Speaker #4: A solid uplift which sets momentum into Q4 , reflecting both lower capital intensity with peony additions at 13% of revenue in Q3 and continued adjusted EBITDA expansion .

Speaker #4: LA posted adjusted EBITDA less peony additions of $284 million in Q3 , a 22% improvement year over year , although we were up year over year on adjusted EBITDA , less peony additions , our reported adjusted FCF before partner distributions was $16 million in Q3 , a decline year over year .

Christopher Noyes: Although we were up year over year on adjusted OIBDA less P&E additions, our reported adjusted FCF before partner distributions was $16 million in Q3, a decline year over year. Our cash flow performance in Q3 continues to be challenged on collections, principally from our government customers, some of which we anticipate to receive in Q4. In addition, our prior year quarter benefited by approximately $90 million due to the positive impact of handset monetization during the quarter and the proceeds from the Hurricane Beryl weather derivative payout. As mentioned previously and consistent with prior years, we expect robust free cash flow performance in Q4, even with the impact from Hurricane Melissa, which should be mitigated in part by proceeds from our parametric insurance program. Slide 15 recaps our Q3 results for the C&W credit silo, which consists of Liberty Caribbean, CWP, and Liberty Networks.

Speaker #4: Our cash flow performance in Q3 continues to be challenged on collections , principally from our government , customers . Some of which we anticipate to receive in Q4 .

Speaker #4: In addition , our prior year quarter benefited by approximately $90 million due to the positive impact of handset monetization during the quarter and the proceeds from the Hurricane barrel weather derivative payout .

Speaker #4: As mentioned previously and consistent with prior years , we expect robust free cash flow performance in Q4 , even with the impact from Hurricane Melissa , which should be mitigated in part by proceeds from our parametric insurance program .

Speaker #4: Slide 15 recaps our Q3 results for the C and credit silo , which consists of Liberty Caribbean and Liberty Networks . Starting with Liberty Caribbean in Q3 , we reported $369 million in revenue with 3% growth year over year on a rebased basis .

Christopher Noyes: Starting with Liberty Caribbean, in Q3, we reported $369 million in revenue with 3% growth year-over-year on a rebased basis. This result reflects year-over-year rebased growth of 5% in residential fixed, while both residential mobile and B2B increased by 2%. Revenue performance was supported by continued growth in FMC, as evidenced by the postpaid additions over the last year, selected price increases across geographies and products, and a favorable comparison to the storm impacted Q3 2024. Adjusted OIBDA came in at $173 million, representing 10% rebased growth year-over-year. Besides revenue contribution, a key driver of the strong Q3 rebased growth was lower operating costs, reflecting the continued impact of Liberty Caribbean's comprehensive efficiency and savings program and relatively flat direct costs on a higher revenue base.

Speaker #4: This result reflects year over year rebased growth of 5% in residential fixed . While both residential mobile and B2B increased by 2% . Revenue performance was supported by continued growth in FMC , as evidenced by the postpaid additions over the last year .

Speaker #4: Selected price increases across geographies and products , and a favorable comparison to the storm impacted Q3 2020 for adjusted EBITDA came in at $173 million , representing 10% growth year over year .

Speaker #4: Besides revenue contribution , a key driver of the strong Q3 rebased growth was lower . Operating costs , reflecting the continued impact of Liberty Caribbean's comprehensive efficiency and savings program and relatively flat direct costs on a higher revenue base for Q3 .

Christopher Noyes: For Q3, Liberty Caribbean's adjusted OIBDA margin improved nearly 300 basis points year over year, reaching 47%. Building upon Balan's points relating to Hurricane Melissa, we are in the early stages of assessing the operational, financial, and economic impact of the storm. There are a number of dependencies, including the timing of the return of power to parts of Jamaica, which will influence our ability to provide service to customers. We anticipate adverse impacts to RGU's revenue and adjusted OIBDA in Q4. As a point of reference, Jamaica generated about $108 million of revenue in Q3, which is less than 10% of LLA revenue. Next, moving to Cable & Wireless Panama. CWP delivered $199 million of revenue and $72 million of adjusted OIBDA with year over year rebased growth of 6% and 4% respectively.

Speaker #4: Liberty Caribbean's adjusted EBITDA margin improved nearly 300 basis points year over year , reaching 47% building upon balance , points relating to Hurricane Melissa .

Speaker #4: We are in the early stages of assessing the operational , financial and economic impact of the storm . There are a number of dependencies , including the timing of the return of power to parts of Jamaica which will influence our ability to provide service to customers .

Speaker #4: We anticipate adverse impacts to revenue and adjusted EBITDA in Q4. As a point of reference, Jamaica generated about $108 million of revenue in Q3, which is less than 10% of LA revenue.

Speaker #4: Next , moving to cable and wireless Panama delivered $199 million of revenue and $72 million of adjusted EBITDA , with year over year rebased growth of 6% and 4% , respectively .

Speaker #4: The top line increase was driven by 14% higher B2B revenue year over year , which reflects the solid pipeline we had at Q2 , and we continue to see good B2B momentum into year end adjusted EBITDA growth reflected the lower margin B2B project revenue , while we also realized improvement in network and labor costs over last year's Q3 .

Christopher Noyes: The top line increase was driven by 14% higher B2B revenue year-over-year, which reflects the solid pipeline we had at Q2. We continue to see good B2B momentum into year-end. Adjusted OIBDA growth reflected the lower margin B2B project revenue, while we also realized improvement in network and labor costs over last year's Q3. Turning to Liberty Networks, we generated $117 million in revenue and $65 million in adjusted OIBDA, with a year-over-year rebased increase of 6% and 10% respectively. The rebased growth rates are our strongest in about 2 years. Each of our 2 business segments experienced solid year-over-year revenue growth with 5% rebase for wholesale, driven by sub-sea capacity revenue and 6% rebase for enterprise, reflecting continued growth in managed services and higher B2B connectivity.

Speaker #4: Turning to Liberty Networks , we generated $117 million in revenue and $65 million in adjusted EBITDA , with a year over year rebased increase of 6% and 10% , respectively .

Speaker #4: The rebased growth rates are our strongest in about two years . Each of our two business segments experienced solid year over year revenue growth , with 5% rebates for wholesale driven by subsea capacity revenue and 6% rebates for enterprise , reflecting continued growth in managed services and higher B2B connectivity .

Speaker #4: Our adjusted EBITDA growth reflects a positive impact of the revenue increase , as well as lower bad debt year over year , aggregating all three operating segments within the core credit silo .

Christopher Noyes: Our adjusted OIBDA growth reflects the positive impact of the revenue increase as well as lower bad debt year over year. Aggregating all three operating segments within the C&W credit silo, we generated $662 million in revenue, reflecting a year over year rebased increase of 4% and $309 million in adjusted OIBDA, resulting in an 8% year over year rebased growth. Moving to slide 16 and the Q3 results for our two credit silos, Liberty Puerto Rico and Liberty Costa Rica. On the left, Liberty Puerto Rico. Q3 revenue was $298 million with a 5% year over year rebased decline.

Speaker #4: We generated $662 million in revenue , reflecting a year over year rebased increase of 4% and $309 million in adjusted EBITDA , resulting in 8% year over year rebased growth .

Speaker #4: Moving to slide 16 and the Q3 results for our two credit silos . Liberty Puerto Rico and Liberty Costa Rica . On the left , Liberty , Puerto Rico Q3 revenue was $298 million with a 5% year over year rebased decline .

Speaker #4: The primary drivers of this decline are a 7% rebased decrease in mobile residential revenue , and a 16% decrease in B2B , both of which primarily relate to subscriber losses stemming from the mobile network migration completed last year .

Christopher Noyes: The primary drivers of this decline are a 7% rebased decrease in mobile residential revenue and a 16% decrease in B2B, both of which primarily relate to subscriber losses stemming from the mobile network migration completed last year. Adjusted OIBDA of $96 million in Q3 reflects 7% rebased growth. Mitigating the revenue decline over the last year, a key factor behind the year-over-year adjusted OIBDA growth this quarter is a comprehensive cost reduction plan the business has undertaken in order to right-size and streamline its operations given the lower revenue and subscriber base. Additionally, the business also benefited from lower bad debt expense year-over-year.

Speaker #4: Adjusted EBITDA of $96 million in Q3 reflects 7% rebased growth , mitigating the revenue decline over the last year . A key factor behind the year over year adjusted EBITDA growth this quarter is a comprehensive cost reduction plan .

Speaker #4: The business has undertaken in order to rightsize and streamline its operations . Given the lower revenue and subscriber base . Additionally , the business also benefited from lower bad debt expense year over year .

Speaker #4: Concluding with Costa Rica on the right . We delivered Q3 revenue of $155 million in adjusted EBITDA of $56 million , representing a 3% rebased revenue growth and 7% rebased adjusted EBITDA growth year over year .

Christopher Noyes: Concluding with Costa Rica on the right, we delivered Q3 revenue of $155 million and adjusted OIBDA of $56 million, representing a 3% rebased revenue growth and 7% rebased adjusted OIBDA growth year over year. Performance was driven by our residential mobile business, which grew 7% on a rebased basis year over year and was fueled by higher postpaid volumes and strong equipment sales. In addition, the operating team has been focused on controlling costs, which supported margins this quarter, and is in the process of working through a more comprehensive plan for 2026. Next to slide 17 and our Q3 balance sheet metrics for LLA. We had $8.4 billion of total debt, $600 million of cash, and $900 million of borrowing capacity at 30 September.

Speaker #4: Performance was driven by our residential mobile business , which grew 7% on a rebased year over year and was fueled by higher postpaid volumes and strong equipment sales .

Speaker #4: In addition , the operating team has been focused on controlling costs , which supported margins this quarter and is in the process of working through a more comprehensive plan for 2026 .

Speaker #4: Next to slide 17 and our Q3 balance sheet metrics for LA , we had $8.4 billion of total debt , $600 million of cash , and $900 million of borrowing capacity .

Speaker #4: At September 30th , of which our Puerto Rican group accounted for $2.9 billion of debt . Around $120 million of cash , and roughly $170 million of borrowing capacity on a la consolidated basis .

Christopher Noyes: Of which our Puerto Rican group accounted for $2.9 billion of debt, around $120 million of cash, and roughly $170 million of borrowing capacity. On a LLA consolidated basis, we posted net leverage of 4.6x, a slight improvement from Q2, helped by the higher adjusted OIBDA in Q3 from across our operations. If we exclude Puerto Rico from the leverage calculation, our net leverage would fall about a turn to the mid-3s. With respect to Puerto Rico, there are two balance sheet developments to highlight. One, the Puerto Rican business successfully raised a $250 million secured financing, of which $200 million was borrowed during Q3 via an unrestricted subsidiary approach.

Speaker #4: We posted net leverage of 4.6 times a slight improvement from Q2 , helped by higher adjusted EBITDA in Q3 from across our operations .

Speaker #4: If we exclude Puerto Rico from the leverage calculation , our net leverage would fall about a turn to the mid threes with respect to Puerto Rico , there are two balance sheet developments to highlight .

Speaker #4: One , the Puerto Rican business successfully raised a $250 million secured financing , of which $200 million was borrowed during Q3 via an unrestricted subsidiary approach .

Speaker #4: This provided the business with near-term liquidity to continue investing in operations , and more than half of the proceeds were used to repay a significant portion of its fully drawn RCF .

Christopher Noyes: This provided the business with near-term liquidity to continue investing in operations, more than half of the proceeds were used to repay a significant portion of its fully drawn RCF. Second, as highlighted in early August, the liability management process is underway and the business is actively engaging with its various stakeholders. As you can appreciate, given the ongoing discussions with stakeholders in the business, we are not in a position to provide further updates at this stage as regards both the expected outcome and the timing thereof. Turning to how we protect our assets from nat cat events, we use a robust parametric program across our C&W and LPR credit silos. Our weather derivative was triggered and should help us mitigate losses from property damage, business interruption, and other impacts from Hurricane Melissa. We expect to receive $81 million in third-party proceeds before year-end.

Speaker #4: Second , has highlighted an early August the liability management process is underway and the business is actively engaging with its various stakeholders . As you can appreciate , given the ongoing discussions with stakeholders in the business , we are not in a position to provide further updates at this stage .

Speaker #4: As regards both the expected outcome and the timing thereof . Turning to how we protect our assets from Nat events , we use a robust parametric program across our CMS and LPR credit silos .

Speaker #4: Our weather derivative was triggered and should help us mitigate losses from property damage . Business interruption and other impacts from Hurricane Melissa . We expect to receive $81 million in third party proceeds before year end .

Speaker #4: Moving to slide 18 and to wrap up our prepared remarks . As a recap , Q3 was a very good quarter at the operating level with top line expansion and improved adjusted EBITDA .

Christopher Noyes: Moving to slide 18 and to wrap up our prepared remarks. As a recap, Q3 was a very good quarter at the operating level with top line expansion and improved adjusted OIBDA. No doubt it will take time to recover from Hurricane Melissa in Jamaica, but I do know our employees are resilient and up to the task. We remain focused on getting key communications up for our customers and are encouraged by the quick progression in lighting up service since the event. As I highlighted on the last slide, the payout from our parametric program will be invaluable to our Jamaican recovery and should go a ways to mitigating the overall financial impact. As we look to finish the year, several important points to reiterate.

Speaker #4: No doubt it will take time to recover from Hurricane Melissa and Jamaica , but I do know our employees are resilient and up to the task .

Speaker #4: We remain focused on getting key communications up for our customers and are encouraged by the quick progression in lighting up service . Since the event .

Speaker #4: As I highlighted on the last slide , the payout from our parametric program will be invaluable to our Jamaican recovery and should go away .

Speaker #4: As to mitigating the overall financial impact as we look to finish the year , several important points to reiterate one . Our commercial plans remain robust on both B2B and residential , and we will be focused on the seasonally strong holiday selling season across many of our markets .

Christopher Noyes: One, our commercial plans remain robust on both B2B and residential, and we will be focused on the seasonally strong holiday selling season across many of our markets. Two, our cost reduction and efficiency programs across LLA continue to deliver, which will support and underpin our adjusted OIBDA and cash flow as we move into 2026. Three, cash flow is expected to be strong in Q4, and we continue to work hard across all of our businesses to deliver on that objective. Finally, we at LLA remain focused on improving value for our shareholders as we fundamentally believe the share price doesn't reflect the value of our businesses. We are focused on organically growing the business, pursuing strategic initiatives, and optimizing capital allocation. These three components will be helpful in unlocking incremental shareholder value. With that, operator, please open it up for questions.

Speaker #4: Two our cost reduction and efficiency programs across LA continue to deliver , which will support an underpin our adjusted EBITDA and cash flow as we move into 2026 and three .

Speaker #4: Cash flow is expected to be strong in Q4 and we continue to work hard across all of our businesses to deliver on that objective .

Speaker #4: And finally , we at LA remain focused on improving value for our shareholders as we fundamentally believe the share price doesn't reflect the value of our businesses .

Speaker #4: We are focused on organically growing the business , pursuing strategic initiatives and optimizing capital allocation . These three components will be helpful in unlocking incremental shareholder value .

Speaker #4: With that operator , please open it up for questions .

Speaker #1: Thank you . The question and answer session will be conducted electronically . If you'd like to ask a question regarding the company's operations , please do so by pressing star , followed by one to ask a question or star zero for operator assistance .

Operator: Thank you. The question and answer session will be conducted electronically. If you'd like to ask a question regarding the company's operations, please do so by pressing star followed by one to ask a question or star zero for operator assistance. In order to accommodate everyone, we request that you ask only one question with one follow-up if needed. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. We'll pause for just a moment to give everyone an opportunity to signal for questions. Our first question of today comes from Milena Okumura of Goldman Sachs. Milena, your line is open. Please go ahead.

Speaker #1: In order to accommodate everyone , we request that you own ask only one question with one follow up . If needed . If you're using a speakerphone , please make sure your mute function is turned off to allow your signal to reach our equipment .

Speaker #1: We'll pause for just a moment to give everyone an opportunity to signal for questions . Our first question of today comes from Milena Okamura of Goldman Sachs .

Speaker #1: Milano , your line is open . Please go ahead .

Speaker #5: Hi , y'all . Thank you for taking my questions . The first one is on timing and progress of your cost cutting initiatives .

Milena Okumura: Hi, all. Thank you for taking my questions. The first one is on timing and progress of your cost-cutting initiatives. Are they expected to be mostly done by Q4, benefiting 2026 as well? Is it more gradual process throughout the next year? Are there any specific regions or cost lines where you expect this to be particularly relevant? The third question, sorry, is if you could give us more color on margin drivers for Liberty Networks. You mentioned about that reduction, but was that the main driver for the margin expansion or there were other factors that support it? Thank you.

Speaker #5: Are they expected to be mostly done by Q4, benefiting 2026 as well, or is it more of a gradual process throughout the next year?

Speaker #5: And are there and are there any specific regions or cost lines where you expect this to be particularly relevant ? And the third question , sorry , is if you could give us more color on margin drivers for Liberty Networks , you mentioned about that reduction , but was that the main driver for the margin expansion or there were other factors that support it ?

Speaker #5: Thank you .

Speaker #6: Thank you for the question . So let me talk about our cost cutting . We embarked on this about literally about 20 months ago .

Christopher Noyes: Thank you for the question. Let me talk about our cost cutting. We embarked on this about literally about 20 months ago, and we're starting to see the benefits drop right now, certainly this year, and we anticipate it to follow through in 2026 as well. Our cost cutting continues through the end of this year and into the H1 of next year as well.

Speaker #6: And we're starting to see the benefits right now . Certainly this year . And we anticipate it to follow through in 2026 as well .

Speaker #6: Our cost cutting continues to the end of this year and into the first half of next year as well . And there's a number of things that we look at clearly of cost of goods sold .

Balan Nair: There's a number of things that we look at clearly, cost of goods sold, the way we do COGS. There's a number of line items in there that we focused on. We also focused on other OPEX costs, including power leases. Of course, we also focused on labor. Where it makes sense, we've taken a very sharp look at the labor in our business. My sense is that in 2026 there will be more opportunities, especially in the H1. You're gonna see us also focus on revenue, and that's the other part of where we look at our margin expansion. Now, on Liberty Networks margin drivers, there's a number of things that drove some of the margin expansion.

Speaker #6: The way we do Cogs . There's a number of line items in there that we've focused on . We also focused on other opex costs , including power thesis and of course , we also focused on labor where it makes sense .

Speaker #6: We've taken a very sharp look at the labor in in our business . So my sense is that in 2026 , there will be more opportunities , especially in the first half .

Speaker #6: But you're going to see us also focus on revenue . And that's the other part of where we look at our margin expansion .

Speaker #6: Now on Liberty Networks margin drivers , there's a number of things that drove some of the margin expansion . As we get up , a lot of IRAs acceleration , there's a lot of work that we've been doing that that has improved .

Balan Nair: As we get off a lot of our IRUs, acceleration, there's a lot of work that we've been doing. That debt has improved, as you pointed out.

Speaker #6: As you pointed out , and .

Speaker #1: Apologies , ladies and gentlemen , we have lost connection to the management teams line . Please be on pause until we resume the call .

Operator: Apologies, ladies and gentlemen, we have lost connection to the management team's line. Please be on pause until we resume the call. Perfect. Thank you. Please proceed.

Speaker #1: Perfect . Thank you . Please proceed .

Speaker #6: I'm sorry . I think we lost our connection . I'm not sure where . At what point are or where we dropped . Do you know where we dropped ?

Balan Nair: I'm sorry, I think we lost our connection. I'm not sure at what point or where we dropped. Do you know where we dropped? Okay. Hopefully that answered-

Speaker #6: Okay . Hopefully that . .

David Lopez: You were about to start Liberty Networks, Bala. Liberty Networks, how we do again?

Speaker #7: Works . Liberty networks . I do it again .

Speaker #6: Oh , okay . Yeah . On the Liberty Networks , I think we were talking about margins on both sides in the okf and and OCF level and and then OCF level , you know , as you pointed out , that that's improved .

Balan Nair: On the Liberty Networks, I think we were talking about margins on both sides of the OCF and OFCF level. At an OCF level, you know, as you pointed out, that's improved. There's a lot of things that we've done there, and we've also gone more and more to monthly recurring revenue and taken off a lot of coming to an end a lot of our higher IRU acceleration. Of course at an OFCF level, our expenditure on Project MANTA is starting to grow. The numbers are very likely to remain very bullish on this segment.

Speaker #6: There's a lot of things that we've done there . And we've also got more and more to a monthly recurring revenue and taking off a lot of coming to an end , a lot of accelerations .

Speaker #6: And then , of course , at an OSF level , our expenditure on Project Manta is starting to grow and the numbers are very likely to be very , very bullish on this segment .

Milena Okumura: Okay. Thank you.

Speaker #5: Okay . Thank you .

Speaker #1: Thank you . Our next question today comes from Ernest Gonzalez of Morgan Stanley . Ernesto , please go ahead .

Operator: Thank you. Our next question of today comes from Ernesto Gonzalez of Morgan Stanley. Ernesto, please go ahead.

Speaker #8: Hi . Thank you for taking our question . So it's two from our end . The first one is on Puerto Rico . Could you please talk about room for additional margin expansion in the unit ?

Ernesto Gonzalez: Hi. Thank you for taking our question. It's two from our end. The first one is on Puerto Rico. Could you please talk about room for additional margin expansion in the unit? Also on your cash uses outside of Puerto Rico, any details that you can share on priorities across deleveraging, buybacks, dividends, and also any details on timing are greatly appreciated. Thank you.

Speaker #8: And also on your cash uses outside of Puerto Rico , any details that you can share on priorities across the buybacks , dividends and also any details on timing are greatly appreciated .

Speaker #8: Thank you .

Speaker #6: Okay . On the first part , I you know , you'll continue to see margin expansion in Puerto Rico as we continue to recover the business this year .

Balan Nair: Okay. On the first part, you know, you'll continue to see margin expansion in Puerto Rico as we continue to recover the business. This year, our focus in Puerto Rico has been on the cost side. A significant focus on both the OPEX line, CapEx line, our cost of goods line. Every single line item in that business was scrutinized, and we are running it, I think, very efficiently. The second stage of our margin expansion there comes from revenue growth. You can start seeing already, the numbers are coming in. Even though we didn't post a revenue growth number this quarter, I anticipate next year we'll start to see some positive updates from a lot of the hard work that's going in this year. Systems have improved. Our processes have improved. Our store process have improved. Our sales teams' productivity has improved.

Speaker #6: Our focus in Puerto Rico has been on the cost side , a significant focus on both OpEx lines , CapEx line , cost of goods line , every single line item in that business was scrutinized , and we are running it , I think , very , very efficiently .

Speaker #6: The second stage of our margin expansion deck comes from revenue growth . And you can start seeing already the numbers are coming in , even though we didn't post a revenue growth number this quarter , I anticipate next year we'll start to see some positive uptake from a lot of .

Speaker #3: The hard .

Speaker #6: Work that's .

Speaker #3: Going in this year . Systems have improved , our processes have improved , our store processes have improved , our sales teams productivity has improved .

Speaker #3: In addition to that , we've started the launch of our FMC and and the questions as to why have we waited so long for FMC ?

Balan Nair: In addition to that, we've started the launch of our FMC and there are questions as to why have we waited so long for our FMC. Well, there were a lot of things that we had to do to fix, especially on our IT systems. We continue to have two different billing systems on fixed and mobile, we had to do a lot of work on the mobile side, and now we're able to completely link it. This is our lowest FMC penetration in all of LLA, and we see some really bright future. In addition to that, our channels are also improving, and we've got lower cost channels coming in in 2026 as we embark on more digital sales. There's a lot of really positive things that will happen that improve the margins.

Speaker #3: Well , there were a lot of things that we had to do to fix , especially on our IT systems . We continue to have two different billing systems on fixed and mobile , but we had to do a lot of work on the mobile side , and now we're able to completely link it .

Speaker #3: This is our our lowest FMC penetration in all of LA , and we see some really bright future . And in addition to that , our channels are also improving and we've got lower cost channels coming in in 2026 .

Speaker #3: As we embarked on more digital sales . So there's a lot of really positive things that will happening to improve the margins . Now , your second question , I think you were talking about our cash position in LA in general outside of Puerto Rico .

Balan Nair: Now, your second question, I think you were talking about our cash position in LLA in general. Is it outside of Puerto Rico? I didn't quite catch the question.

Speaker #3: I didn't quite catch your question .

Ernesto Gonzalez: Sorry. It was on your uses of cash. What do you expect to do across using the cash you're generating or you will generate for deleveraging, buybacks, dividends, and also any details on timing?

Speaker #8: Sorry . It was on your uses of cash . So what do you expect to do across using the cashier , generating or you will generate for deleveraging , buybacks , dividends and also any details on timing .

Speaker #3: Okay, great question. Well, you know, of course, our capital allocation strategy is revisited constantly. You'll see a lot of our cash generation comes into the back end of the year.

Balan Nair: Okay. Great question. Well, you know, of course our capital allocation strategy we revisited constantly. You'll see a lot of our cash generation comes in towards the back end of the year in Q4. As Chris pointed out, we are very confident on our Q4 cash generation. Together with our board, we'll determine the traditional ways of looking at capital allocation, but it's stock buyback, paying down a debt, or even considering issuing a dividend. Everything is on the table as we look at deployment of that cash. Thank you.

Speaker #3: In the fourth quarter . As Chris pointed out , we are very confident on our fourth quarter cash generation and and together with our board , will determine the traditional ways of looking at our capital allocation , whether it's stock buyback , paying down our debt or even considering issuing a dividend or everything is on the table .

Speaker #3: As we look at the deployment of that cash .

Speaker #8: Thank you .

Speaker #1: Thank you . Our next question comes from David Lopez of New Street Research . David , your line is open . Please go ahead .

Operator: Thank you. Our next question comes from David Lopez of New Street Research. David, your line is open. Please go ahead.

David Lopez: Hi, thank you for the opportunity. Couple of questions, please. On Puerto Rico and the fixed business, I was wondering if you can comment on competition. I think you mentioned a bit more competition this quarter. Is it coming from traditional cable or fiber, or is it fixed wireless access, who is getting more traction? The second question is on Jamaica. I don't know if you can maybe tell us what's the proportion of the network that needs to be rebuilt and the proportion of the network that needs to be repaired. If you can give a bit more color on the deal with Starlink that you mentioned in the press release. Thank you. Not the deal.

Speaker #9: Hi . Thank you for your opportunity . A couple of questions , please . On Puerto Rico , on the fixed business , I was wondering if you can comment on competition .

Speaker #9: I think you mentioned a bit more competition this quarter . Is it coming from traditional cable or fiber or is it fixed wireless access ?

Speaker #9: Who is getting more traction ? And the second question is on Jamaica , I don't know if you can maybe tell us what's the proportion of the network that needs to be rebuilt and the proportion of the network that needs to be repaired ?

Speaker #9: And if you can give a bit more color on the deal with Starlink that you mentioned in the press release. Thank you.

Speaker #9: I'm not in partnership with that .

Speaker #3: Okay . I'll start with the Puerto Rico part . You know , a fixed business that last year . Oh , no , sorry .

Balan Nair: Okay. I'll start with the Puerto Rico part. You know, our fixed business there, this year, earlier this year, we took a price increase, and we saw churn bump up post the price increase. In addition to that, of course, competitive pressures have increased in Puerto Rico. Our sense is that for the most part, you know, our churn, by the way, still remains quite low, but the churn that we're seeing, we are mostly going to other fixed operators. They're not going to fixed wireless. Our product is actually very competitive, both from a price standpoint and from a speed standpoint, we are actually doing really well. Here's why we're excited about our fixed business going forward.

Speaker #3: Last year , this year , earlier this year , we took a price increase and we saw churn bump up post the price increase .

Speaker #3: And in addition to that , of course , competitive pressures have have increased . And in Puerto Rico , our sense is that for the most part , you know , our churn , by the way , still remains quite low .

Speaker #3: But but the churn that we're seeing , we are mostly going to other fixed operators . They're not going to fix wireless . And that's where our product is actually very competitive , both from a price standpoint and from a speed standpoint .

Speaker #3: We are actually doing really well . And here's why we're excited about our fixed business going forward . We've launched a number of new products there .

Balan Nair: We've launched a number of new products there. We've revised our pricing, like I said, with our FMC bundle, but we've also launched a couple of new products. One of it is our Always On product. We call it Keep On in Puerto Rico. That was one of our disadvantage, beginning of this year with a lot of power outages in Puerto Rico, where a competitor with fiber would probably not experience the outage if they have generators at home. Yet, in the HFC plant, you would see an outage. Well, with this new Keep On product, it will the customer doesn't miss a beat at all. We're quite excited about that.

Speaker #3: We revise our pricing . Like I said , with our FMC bundle , but we've also launched a couple of new products . One of it is our always on product .

Speaker #3: We call it Keep On in Puerto Rico , and that was one of our disadvantaged beginning of this year with a lot of power outages in Puerto Rico , where a competitor with fiber would probably not experience the outage if they have generators at home .

Speaker #3: Yet in the HFC plant , you would you would see an outage . Well , with this new keep product , it will .

Speaker #3: The customer doesn't miss a beat at all . And and we're quite excited about that . In addition to it we've also improved our Wi-Fi in the home with a software upgrade that is now makes us really one of , if not the best Wi-Fi in the home .

Balan Nair: In addition to it, we've also improved our Wi-Fi in the home with a software upgrade that it now makes us really one of the, if not the best Wi-Fi in the home. We feel really good between our FMC, our new products, our Always On product, high reliability, and that's why we've also launched a 30-day money-back guarantee to customers, new customers that come into our network. That's on the Puerto Rico fix. In Jamaica, you know, we're still studying it. There's a number of things that we're looking at, right? Quite a bit of our outages right now is because of power or the lack of it. As of today, the Jamaica Public Service Company, JPS, is about 50% back on in Jamaica.

Speaker #3: So we feel really good . Between our FMC , our new products , or always on product high reliability . And that's why we've we've also launched a 30 day money back guarantee to customers , new customers that come into our network .

Speaker #3: So that's on the Puerto Rico fix in Jamaica . You know , we're still studying it . There's a number of things that we're looking at , right .

Speaker #3: And quite a bit of outages right now is because of power or the lack of it . And as of today , the Jamaica Power Company , JBS is about 50% back on in Jamaica to our network specifically , it's more closer to in the 40s , mid 40s to our network .

Balan Nair: To our network specifically, it's more closer in the 40s, the mid-40s to our network where JPS has power too. As the power comes back, you'll see our network recover. Now, having said that, the hurricane did go through the west part of the island quite seriously and has damaged a number of our towers. As you recall, we did a deal with Phoenix Towers where with that deal, PTI is responsible for the rebuild, and they've been great partners. They've put people on the ground, and they are rebuilding those towers on our behalf. There will be some work, but there's more to come. I think we're still in the early days of evaluating both the network damage as well as what is really down because of power.

Speaker #3: Where JP has power to . So as the power comes back , you'll see our network recover . Now , having said that , the hurricane did go through the west part of the island quite , quite seriously .

Speaker #3: And and has damaged a number of our towers . But as you recall , we have we did a deal with Phoenix Tower where with that deal , PTI is responsible for the rebuild and they've been great partners .

Speaker #3: They've put people on the ground and they are rebuilding those towers on our behalf . So there will be some work . But there's more to come .

Speaker #3: I think we're still in the early days of evaluating both the network damage as well as what is really done because of power .

Speaker #3: And as power comes back , I think you'll see our network come back up as well . Oh yeah , that was the third question .

Balan Nair: As power comes back, I think you'll see our network come back up as well. Oh, yeah, that was the third question on Starlink. Let me say it this way, they have been great partners. The product that we launched, we did it in literally like 72 hours, which is their DTC product. This was actually very, very well received by our customers. The way it works is when you do not have access to a cell tower and so you don't have network access in your mobile phone, you can do text and very low bandwidth data like WhatsApp, low bandwidth WhatsApp, through Starlink. This kept a lot of our customers with full connectivity. We felt really good about the product.

Speaker #3: I'm starting . Let me say it this way . There have been great partners and the product that we launched , we did it in literally like 72 hours , which is yeah , PTC product and and this was actually very , very well received by our customers .

Speaker #3: So the way it works is when you do not have access to our cell tower , and so you don't have network access in your mobile phone , you can do text and very low bandwidth data like WhatsApp , low bandwidth WhatsApp , true Starlink and this kept a lot of our customers with full connectivity .

Speaker #3: So we felt really good about the product . The second part of what we're using Starlink for is in our B2B customers , we fired up Starlink as a backup to our fixed product , so we have fixed product is Starlink comes up now where there's no power into the to that business .

Balan Nair: The second part of what we're using Starlink for is in our B2B customers, we fired up Starlink as a backup to our fixed product. Where our fixed product is down, Starlink comes up. Where there's no power into the to that business, it doesn't matter what the method of connectivity is. For the most part, we are already building up a lot of our B2B, our fixed network, because most of our B2B customers are in Kingston, and that's coming up. The second concentration of B2B customers is in Mobay, up north, northwest, and in that area, power is still out. There's a lot of challenges there, but we are slowly rebuilding that part as well. Starlink has been a really good partner of ours. Very clear. Thank you.

Speaker #3: Then it doesn't matter what the method of connectivity is , but for the most part , we are already building up a lot of our B2B , our fixed network , because most of our B2B customers are in Kingston , and that's coming up .

Speaker #3: The second concentration of B2B customers is in mobile up north , northwest and in that area , power is still out . There's a lot of challenges there , but we are slowly rebuilding that part as well .

Speaker #3: And Starling has been a really , really good partner for us .

Speaker #9: Very clear. Thank you.

Speaker #1: Thank you . Our next question comes from Matthew Harrigan of the Benchmark Company . Matthew , your line is open . Please proceed .

Operator: Thank you. Our next question comes from Matthew Harrigan of The Benchmark Company. Matthew, your line is open. Please proceed.

Matthew Harrigan: Thank you. We all know it's dangerous to draw inferences from the US, you know, mobile market looking at your markets. Given people can't run out and buy an iPhone 17 Pro on a whim. Conversely, you know, favorably, you have a lot more penetration upside, particularly on postpaid. You know, two things in the US market. You know, T-Mobile's really doing well because they have such a high switching share because they have a better network. In fact, as you run the numbers, you know, the whole industry can slow it down a lot, and they can still grow nicely on account of the superior switching share. Then the cable operators, of course, have FMC advantages with the MVNO that they have with Verizon.

Speaker #10: Thank you . We all know it's a dangerous to draw inferences from the US to the mobile market . Looking at your markets .

Speaker #10: People can't run out and buy an iPhone 17 Pro on a whim . And conversely , you know , favorably . You have a lot more penetration upside , particularly on postpaid .

Speaker #10: But two things in the US market , you know , T-Mobile's really doing well because they have such a high switching share because they have a better network .

Speaker #10: And in fact , if you run the numbers , you know , the whole industry can slow down a lot and they can still grow nicely on account of the superior switching share .

Speaker #10: And then the cable operators , of course , have FMC advantages with the MVNO that they have with with Verizon . And you arguably could be positioned , you know , for both of that , you know , as you as you get these good postpaid numbers and the Caribbean markets in particular .

Matthew Harrigan: You arguably, you know, could be positioned, you know, for both of that, as you get these good postpaid numbers in the Caribbean markets in particular. Would you say that's a factor? Would you say that, you know, even though people aren't buying the highest price point phones, that there's some device innovation that's a factor? Clearly you're putting up really nice postpaid numbers. Then on the parametric insurance, because Hurricane Melissa just had those record wind speeds and all that, and I know it's very precise and exactly where the speeds were recorded and all that. It feels like you could get quite a disparity between the damage incurred and the payout.

Speaker #10: But would you say that's a factor . Would you say that , you know , even though people aren't buying the highest price point phones , that there's some device innovation that's a factor because clearly you're putting up really nice postpaid numbers .

Speaker #10: And then on the parametric insurance , because Melissa just had those record wind speeds and all that . And I know it's very precise exactly where the where the speeds were recorded .

Speaker #10: And all that . But it feels like you could get quite a disparity between the damage incurred and the payout . And it also feels like the insurance companies have to constantly appraise , you know , their approach in doing that , because it feels like you could get some quirky results , you know , bad , bad and good for you .

Matthew Harrigan: It also feels like the insurance companies have to constantly appraise their approach in doing that because it feels like you could get some quirky results, bad and good for you or the insurance companies, depending where you get the wind speeds and where you get the actual damage. I'm sure you know at this point how fickle damage and both for life and property can be from a hurricane. Thanks, congratulations on the progress. I'm very sorry in Jamaica. I've been there a number of times. It's a beautiful country.

Speaker #10: Or the insurance companies , depending where you get the wind speeds and where you get the actual damage . Because I'm sure , you know , at this point how fickle you know , damage and both for life and property can be from a hurricane .

Speaker #10: Thanks, and congratulations on the progress. And I'm very sorry. In Jamaica, I've been there a number of times; it's a beautiful country.

Balan Nair: Matthew, thanks. Thank you for your comments. I agree with the first part of your comment that, you know, as we get more and more postpaid, there is a lot of stability in that revenue, and that's why we've been focusing a lot on that. You get out of a lot of the washing machine of the prepaid business, even though we do love the prepaid business as well. In most of our markets, you'll see our cost is not as high because it's not an equipment-driven market. It's really a great business for us on postpaid. On insurance, I'm gonna let Chris comment, but I'll tell you, Chris and his team did a tremendous job.

Speaker #3: Thanks . Thanks for your comment . I agree with the first part of your comment where you know , as we get more and more postpaid , there is a lot of stability in that revenue and that's why we've been focusing a lot on that .

Speaker #3: And you get out of a lot of the washing machine of the prepaid business, even though we do love the prepaid business as well.

Speaker #3: And and in most of our markets , you'll see our cost is not as high because it's not an equipment driven market . So it's really a great business for us to be on insurance .

Speaker #3: I'm going to let Chris comment , but I'll tell you , Chris and his team that did a tremendous job . This this is .

Balan Nair: There's some luck involved, clearly, because of the path of the hurricane, but the way the hurricane parametric insurance was designed with this, the concentric rings, it was very thoughtful. In this case, you know, the path of the hurricane triggered the west side ring, and it triggered one of the outer layers of the concentric rings from Kingston as well. We feel really good about this, and one of the great things that Chris did as well is that the payout is quick. The NPV on this insurance is really good. I'll ask Chris to give you a bit more color.

Speaker #3: There's some luck involved . Clearly because of the path of the hurricane . But the way the hurricane parametric insurance was designed with this , the concentric rings , it was very thoughtful .

Speaker #3: And in this case , you know , the the path of the hurricane triggered the west side ring and it triggered one of the outer layers of the concentric rings from Kingston as well .

Speaker #3: We feel really good about this . And one of the great things that Chris did as well is that the payout is quick .

Speaker #3: So, the MTV on this insurance is really good. But ask Chris to give you a bit more color.

Speaker #11: Yeah . Nice to nice to hear from you , Matt . I mean , I think as we as we look at the parametric , I mean , it's highly , highly analytical and studied over hundreds of years of storms .

Christopher Noyes: Yeah. Nice to hear from you, Matt. I mean, I think as we look at the, you know, the parametric, I mean, it's highly analytical and studied over, you know, hundreds of years of storms. We focused on where the value in our business resides so that it is protected. If it does go over a urban center, you know, that there is a, you know, recovery to help mitigate the damage on both BI and property. But it is, you know, it's always evolving each year. You know, we continue to get smarter on trying to figure out the best ways to protect risk for our business. You know, we have decade plus of knowledge here of continuing to evolve this particular, you know, parametric program.

Speaker #11: And we focus on where the value in our business resides so that it is protected . So if it does go over a urban center , you know that there is a , you know , recovery to help mitigate the damage on both buy and property .

Speaker #11: But it is, you know, it's always evolving. Each year, we continue to get smarter on trying to figure out the best ways to protect risk for our business.

Speaker #11: And , you know , we have decade plus of of knowledge here of continuing to evolve this particular , you know , parametric program .

Speaker #10: Thanks . Great . Thank you . Thanks .

Balan Nair: Thanks, Chris.

Matthew Harrigan: Good. Thank you.

Christopher Noyes: Thanks.

Speaker #1: Thank you . We have no further questions . So that will conclude today's question and answer session . I'd like to hand the call back over to Balan Nair for any additional or closing remarks .

Operator: Thank you. We have no further questions, so that will conclude today's question and answer session. I'd like to hand the call back over to Balan Nair for any additional or closing remarks.

Speaker #3: Thank you . Operator . And thank you , everybody on the call for your support . We are very pleased with our results .

Balan Nair: Thank you, operator, and thank you everybody on the call for your support. We are very pleased with our results this quarter, and we see it continuing into strength. All our initiatives are kicking in, and as you can see, it's starting to yield very nicely. We feel the future is really bright here in LLA. Thank you very much again for your support.

Speaker #3: This quarter , and we see it continuing in this trend . All our initiatives are kicking in , and as you can see , it's starting to yield very nicely .

Speaker #3: We feel the future is really bright here in thank you very much again for your support .

Speaker #1: Ladies and gentlemen , this concludes Liberty , Latin America's third quarter 2025 investor call . As a reminder , a replay of the call will be available in the Investor Relations section of Liberty , Latin America's website at .

Operator: Ladies and gentlemen, this concludes Liberty Latin America's Third Quarter 2025 Investor Call. As a reminder, a replay of the call will be available in the investor relations section of Liberty Latin America's website at www.lla.com. There you can also find a copy of today's presentation materials.