Liberty Latin America Ltd.

Good morning and welcome to Liberty Latin America's third quarter 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 outlook and future growth prospects, and other information and statements that are not historic facts. Actual results might 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 annual report on Form 10-K and quarterly report on Form 10-Q, along with the associated press release. Liberty Latin America disclaim any obligation to update any forward-looking statement or information to reflect any change in its expectation or in the condition on which any such statement or information is based. 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 find in the appendices to the presentation, which is accessible under the investors session of our website. I would now like to turn the call over to our CEO, Mr. Balan Nair.

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 Noyes, our CFO, reviews the company's financial performance. 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, 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, and 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. 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 four and our highlights. Our core business performed very well in Q3. We added over 100,000 postpaid net ads 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 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 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 faced in the first half 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 EBITDA of $433 million, reflecting a rebase year-over-year growth of 7% in the third quarter. This included rebase 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 OEBIDA less P&E additions year over year, bringing us to a margin of 26%. Today, 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. 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 six. I'll begin our operating review with the cable and wireless credit silo, which had another very solid quarter. This silo includes Liberty Caribbean, CNW 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. Post-paid mobile additions remained strong, with mobile output showing a healthy expansion on a year-over-year and sequential basis. 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 staff is marked as safe. 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%. 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 Reels, 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 Under Towers, JPSM Powers, and others to quickly stand our services back up. During the hurricane's approach, we went live with a satellite partnership with Starlink Direct-to-Sell in Jamaica to offer emergency direct-to-sell 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 140,000 unique users successfully attached 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 seven in our CNW Panama segment. Starting on the left of the slide, we continue to deliver post-paid net ads as customers migrate from prepaid. While this is a deliberate strategy, we are also pleased to report a return to prepaid growth up to two 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 eight. and our final segment within the CNW credit side, Liberty Networks. On the left of the slide, we present our Q3 year-over-year revenue evolution. 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 as 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 kilometers 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. 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 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. One of the drivers is our successful commercial strategy of migrating prepaid subscribers to postpaid and the good take-up in our Planes Libres offering. This is a lower-end postpaid plan, but it's nevertheless accretive. Prepaid to postpaid migration is supportive for ARPU and, in turn, helping to offset broader competitive tensions. 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 plans. 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 10Q, the regulator in Costa Rica, SUTEL, has issued a resolution prohibiting our proposed transaction with Millicom. 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 of 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 post-paid losses lower compared to Q2. Return tracking in the right direction. Commercial efforts in the third quarter focused on the launch of our new post-paid value proposition, Liberty Mix. Early results have been supportive. Momentum on gross ads 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 ads output. with the higher tiering subscriber blend 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 sub-base, 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 launch a product that allows our fixed service to be up and running during these power outages by defaulting to the mobile network. 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. If 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 FFC is increasing, and we expect this to be a good driver into 2026. 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?

Thanks, Val. 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 rebase growth of 1% for revenue and 7% for adjusted EBITDA year-over-year. All of our operating businesses reported year-over-year rebase growth on both revenue and adjusted EBITDA, 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 EBITDA 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 EBITDA expansion, LLA posted adjusted EBITDA less P&E additions of $284 million in Q3, a 22% improvement year-over-year. Although we were up year-over-year on adjusted EBITDA 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 barrel 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 CNW credit silo, which consists of Liberty Caribbean, CWP, and Liberty Networks. Starting with Liberty Caribbean, in Q3, we reported $369 million in revenue with 3% growth year-over-year on a rebase basis. This result reflects year-over-year rebase 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 EBITDA came in at $173 million, representing 10% rebase growth year-over-year. Besides revenue contribution, a key driver of the strong Q3 rebase 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, Liberty Caribbean's adjusted OIVDA margin improved nearly 300 basis points year over year, reaching 47%. Building upon balance 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 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 EBITDA with year-over-year rebates growth of 6% and 4% respectively. 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. Turning to Liberty Networks, we generated $117 million in revenue and $65 million in adjusted EBITDA with a year-over-year rebase increase of 6% and 10% respectively. The rebase 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. Our adjusted OIBADA 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 rebase increase of 4% and $309 million in adjusted EBITDA resulting in 8% year-over-year rebase 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 rebase decline The primary drivers of this decline are a 7% rebase 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 EBITDA of $96 million in Q3 reflects 7% rebase 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 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. Concluding with Costa Rica on the right, we delivered Q3 revenue of $155 million and adjusted EBITDA of $56 million, representing a 3% rebase revenue growth and 7% rebase adjusted EBITDA growth year-over-year. Performance was driven by our residential mobile business, which grew 7% on a rebase 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 in our Q3 balance sheet metrics for LOA. We had $8.4 billion of total debt, $600 million of cash, and $900 million of borrowing capacity at September 30, 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 4.6 times, a slight improvement from Q2, helped by the higher adjusted EBITDA 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 threes. 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 in unrestricted subsidiary approach. 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. 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 NACCAT events, we use a robust parametric program across our CMW 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. 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 . 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 and 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. 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 EBITDA and cash flow as we move into 2026. And 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. And 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.

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 Okamura of Goldman Sachs. Milena, your line is open. Please go ahead.

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? Or is it more gradual process throughout the next year? 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? Thank you.

Thank you for the question. So let me talk about our cost cutting. We embarked on this literally about 20 months ago, and you're starting to see the benefits drop right now. certainly this year, and we anticipated to follow through in 2026 as well. 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 across a good soil, the way we do hogs. There's a number of line items in there that we focused on. We also focused on other OPEX costs, including power leases. And of course, we also focused on labor. Where it makes sense, we've taken a very sharp look at the labor in our business. So my sense is that in 2026, there will be more opportunities, especially in the first half. But you can see it's also focused on revenue. And that's the other part of where we look at our margin expansion. Now, on Liberty Network's margin drivers, there's another thing that drove some of the margin expansions. As we get off a lot of our IRUs, acceleration, there's a lot of work that we've been doing. That has improved, as you pointed out.

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.

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.

You were about to say Liberty Networks, Bala. Liberty Networks I will do again.

Oh, okay. Yeah, on the Liberty Network, I think we were talking about margins on both sides of the OCF and at an OFCF level. And at an OCF level, you know, as you pointed out, that that's improved. There's a lot of things that we've done there, and we've also gone more and more to our monthly recurring revenue and taking off a lot of and coming to an end to a lot of our IRU accelerations. And then, of course, at an OFCF level, our expenditure on Project Manta is starting to grow.

and the numbers are very likely we remain very bullish on this segment okay thank you thank you our next question of today comes from ernesto gonzalez of morgan stanley and so please go ahead hi thank you for taking our questions so it's two from our end

The first one is in Puerto Rico. Could you please talk about room for additional margin expansion in the unit and also on your cash uses outside of Puerto Rico? Any details that you can share on priorities across the leveraging, buybacks, dividends, and also any details on timing are greatly appreciated. Thank you. OK.

On the first part, 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, 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, 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 updates from a lot of the hard work that's going in this year. Systems have improved, our processes have improved, our store process has improved, our sales teams' productivity has improved. 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, but 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. And 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. So there's a lot of really positive things that happen to improve the margins. Now, your second question, I think you were talking about a cash position in LLA in general. Outside of Puerto Rico, I didn't quite catch your question.

Sorry, it was on your uses of cash. So what do you expect to do across using the cash you're generating or you will generate for leveraging BIVAC's dividends and also any details on timing?

Okay, great question. Well, you know, of course, our capital allocation strategy, we revisit it constantly. You'll see a lot of our cash generation comes in towards the back end of the year in the fourth quarter. As Chris pointed out, we are very confident in our fourth quarter cash generation. And together with our board, we'll determine the traditional ways of looking at capital allocation, whether it's stock buyback, paying dollar debt, or even considering issuing a dividend. Everything is on the table as we look at the deployment of that cash.

Thank you.

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

Hi. Thank you for the opportunity. A couple of questions, please. On Puerto Rico, 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? 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. And if you can give a bit more color on the deal with Starlink that you mentioned in the press release. Thank you. Okay.

I'll start with the Puerto Rico part. You know, a fixed business 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, our churn, by the way, still remains quite low, but the churn that we're seeing are mostly going to other fixed operators. They're not going to fixed wireless. That's where our product is actually very competitive, both from a price standpoint. And from a speed standpoint, we are actually doing really well. And here's why we're excited about fixed business going forward. 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. And that was one of our disadvantages 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, the customer doesn't miss a beat at all. 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 now makes us really one of, if not the best Wi-Fi in the home. So 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. 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? And quite a bit of our outages right now is because of power or the lack of it. And as of today, the Jamaica Power Company, JPS, is about 50% back on in Jamaica. To our network specifically, it's more closer in the 40s, the mid-40s, to our network where JPS has power, too. 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 seriously and has damaged a number of our towers. But as you recall, we did a deal with Phoenix Tower 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. So 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 done because of power. And as power comes back, I think you'll see our network come back up as well. Oh, yeah, that was the third question. Let me say it this way. They have been great partners. And the product that we launched, we did it in literally like 72 hours, which is the DTC product. And this was actually very, very well received by our customers. So the way it works is when you do not have access to our cell power, 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. And this kept a lot of our customers with full connectivity. So we felt really good about the product. The second part of what we're using Starlink for is, you know, B2B customers, we fired up Starlink as a backup to our fixed product. So where our fixed product is done, Starlink comes up. Now, where there's no power into that business, 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. The second concentration of B2B customers is in Mobe, 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. And Starling has been a really, really good partner of ours.

Very clear. Thank you.

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

Thank you. We all know it's dangerous to draw inferences from the U.S., you know, mobile market, looking at your markets. People can't run out and buy an iPhone 17 Pro on a whim, and conversely, you know favorable do you have a lot more penetration upside particularly on post page but you know two things in the u.s market you know t-mobile's really doing well because they have such a high switching share because they have a better network 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 and then the cable operators of course have fmc advantages uh with the MVNO that they have with Verizon. And you arguably could be positioned for both of that as you get these good post-paid numbers in the Caribbean markets in particular. But would you say that's a factor? Would you say that 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 post-paid numbers. And then on the parametric insurance, because Melissa just had those record wind speeds and all that, and I know it's very precise in exactly where the speeds were recorded 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 their approach in doing that because it feels like you could get some quirky results, you know, bad and good for you 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. 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.

Matthew, thanks 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. 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. 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 as far as postpaid. On insurance, I'm going to let Chris comment, but I'll tell you, Chris, in this game, the Did a tremendous job. This is this is 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 and in this case you know the the path of the hurricane triggered the West Side ring and it triggered one of the other layers of the concentric rings from Kingston as well. We feel really good about this and and one of the great things that Chris did as well is that.

payout is quick so the mtv on this insurance is uh it's really good but i'll ask chris to give you a bit more color yeah nice to nice to hear from you matt i mean i think as we as we look at the you know the parametric i mean it's highly highly analytical and studied over you know hundreds of years of storms 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 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. And, you know, we have a decade plus of knowledge here of continuing to evolve this particular, you know, parametric program.

Thanks, Chris. Thank you. Thank you.

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.

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 in this trend. 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.

Ladies and gentlemen, this concludes LIPSY Latin America's third quarter 2025 Investicle. 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.