Liberty Latin America Ltd.

Please stand by. Good day, everyone. You are holding for Liberty Latin America's full year 2025 investor call. Thank you for your patience. The investor call will begin in approximately two minutes. Thank you. Thank you. Thank you. 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 Zoe Lawrenson, Senior Director of Strategy and Corporate Development, Liberty Latin America.

Good morning and welcome to Liberty Latin America's full year 2025 Investor Call. At this time, all participants are in listen-only mode. Today's formal presentation materials can be found on the Investor Relations section of Liberty Latin America's website, www.lla.com. Following today's formal presentation, instructions 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 historical 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 recently filed annual report on Form 10-K, 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 conditions on which any such statement or information is based. In addition, on this call, we may 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 this 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 Mair.

Thank you, Zoe, and welcome everybody to Liberty Latin America's fourth quarter and full year 2025 results presentation. I will be running through our group highlights and an overview of our operating results by credit silos before Chris Noyes, our CFO, reviews the company financial performance. We'll then get straight to your questions. 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. All right, starting on slide four in our highlights. Our business performed very well in 2025. We added over 225,000 mobile post-paid subscribers across the group, notably driven by Costa Rica. and supported by fixed mobile convergence efforts and continuing prepaid to postpaid migrations. The postpaid ads this quarter included a positive net ad contribution from Puerto Rico for the first time since the migration. We also reported $1.7 billion of adjusted EBITDA in full year 2025, which represented 9% growth on a rebase basis. This performance was driven by good execution of cost initiatives, as well as effective customer management, and came despite headwinds in the fourth quarter from Hurricane Melissa. We worked hard to drive a steep recovery in profitability in Puerto Rico, as well as double-digit adjusted orbital growth in cable and wireless Panama. B2B came in very strong in the fourth quarter, which is seasonally our best B2B quarter. LLA registered P&E additions for the group at 14% as a percentage of revenue for full year 2025. In line with previously communicated intentions and representing a 2 percentage point decline versus the prior year. With adjusted OEBDA expanding, the P&E additions falling, adjusted OEBDA less P&E additions increased by 27% for the full year 2025. Our adjusted orbiter of the P&E additions margin came in at 24% for full year 2025. When comparing on a like-for-like basis, including adjusting for different lease accounting under the IFRS reporting, this compares very favorably to peers across the region and in the U.S., and they still room to grow here. Finally, in Jamaica, I would like to thank all those involved in our recovery efforts following the effects of Hurricane Melissa. Against the backdrop of a Category 5 hurricane, our mobile network held up well, recovering service very quickly. While our fixed infrastructure was more impacted by the storm, we continued to reconnect homes and B2B customers. As we rebuild and fix and continue our network transformation in mobile, we aim to invest in an innovative and return-focused manner. I'll cover more on this later. Turning to slide 6, I'll provide an update on Liberty Caribbean, which inevitably felt the impact of the hurricane in Jamaica in both Q4 and full year numbers. On the top left of the slide, we present our mobile KPIs. Postpaid mobile additions of 55,000 registered a strong cadence through 2025 and notably continued through Q4 despite the impact of hurricane. Momentum here continues to bring from rising FMC penetration and prepaid to postpaid migration, which are tailwinds we anticipate continuing over the coming periods. On the bottom left of the slide, we show our fixed KPIs. We have managed to keep the broadband base broadly steady throughout the first nine months of the year, with Q4 largely reflecting the impact of lost customers in Jamaica. Elsewhere, we saw some modest pressure on volumes in Trinidad and Tobago and the Bahamas. Moving to the center of the slide, despite headwinds from Hurricane Melissa, we held Liberty Caribbean segment revenue flat in full year 2025 at $1.5 billion. Within this, we registered rebased residential mobile revenue growth of 4%, given structural support from postpaid additions, as well as selective price increases on both prepaid and postpaid throughout the year. This offset pressures on the fixed residential business and on B2B, which mainly was due to the impact of the hurricane in the fourth quarter. Looking forward to 2026, we continue to be fully focused on rebuilding in Jamaica, which I will turn to in more detail on the next slide. In addition, and looking region-wide, we aim to continue driving FMC, where penetration is now within 40%. In the B2B segment, which reflects over one third of segment revenue, we also see a significant opportunity to expand this revenue pool. Turning to slide seven. I'll provide an update on Jamaica post-Melissa and outline our investment focus for 2026, during which we will be deploying proceeds from the payout under our weather derivatives program, which total $81 million on a net basis. First to mobile. Our mobile network recovered quickly, and through quarter end, we were running at a higher level of mobile subscribers and carrying more data traffic over the network than prior to the hurricane. As of the latest data available through early February, this trend has been continuing. Our mobile business in Jamaica is largely prepaid, and these improving KPIs translated into higher prepaid and higher overall residential mobile revenue in Q4. Our postpaid mobile business has also proven to be resilient. We feel good about the outlook for our mobile business in Jamaica, seeing not only the opportunity to maintain this recovery, but to further build upon it. We have been transforming our network over the course of 2025, and as a result, we have been recognized by UCLA as the fastest mobile network in the island for the second half of 2025. We will continue our transformation journey into 2026, leveraging an improved spectrum position and greater site density. With over 85% of our mobile customer base on a prepaid tariff, we see continued opportunities to migrate customers to PostPay, and we will continue to focus on attracting higher value prepaid customers within this segment. On the fixed side, as we have mentioned, the fixed network was materially more damaged than our mobile network, impacting both our residential fixed customers and our B2B customers. way more towards fixed services. As a result, we have taken out 133,000 home paths from the count where we don't foresee restoring a fixed service in the near term. To provide more clarity on our outlook for the fixed network, it's instructive to break down the country into three geographic zones. Across the country, we have over 75% of our fixed broadband customers back online today. but see significant regional differences. The capital city, Kingston, is in what we term as Zone 1, an area which represents the largest driver of GDP. Over half of pre-Melissa homes passed, and it's where the bulk of our B2B customers are based. In Zone 1, economic activity and daily life is fully restored, and the vast majority of homes are back online. In Zone 2, representing 30% of pre-Melissa homes is still recovering, Our plans are to rebuild in the parish of St. James, where Jamaica's second city, Montego Bay, is located. Once complete, this should move the needle in terms of further bringing customers back online. Meanwhile, in the West, Zone 3 felt the largest impact of the storm, and just over 50% of broadband customers still remain offline. Our rebuild here is following and subject to the cadence of reconstruction of homes and businesses in the region. Through the course of the year, we will continue to restore homes and B2B customers with a focus on return on investment and innovation. We look forward to building back stronger in Jamaica and on a run rate basis with the target being back close to pre-hurricane levels of profitability by the end of 2026. Moving to slide eight in our CNW Panama segment. Starting on the top left of the slide, We delivered accelerating momentum in post-paid ads throughout 2025 as customers continue to migrate from prepaid, which creates more predictable revenues. We increased prices in post-paid and improved pricing plans in our prepaid business. On the bottom left of the slide, we show our fixed KPIs. We delivered another robust quad of internet subscriber ads, while competitive conditions caused some offset on price over the course of the year. Looking at revenue, and as we show in the center of the slide, we registered rebase revenue growth of 3% for CNW Panama for full year 2025, which in turn was driven by rebase residential mobile revenue growth of 7% in 2025. Encouragingly, we also saw an improving performance in our B2B segment in 2025, with the contribution weighing more towards the end of the year. We have registered a number which signed a contract with us to provide high-speed internet to all public schools nationwide. B2B rebase revenue growth for full year 2025 was 1%, mainly driven by the fourth quarter that registered 24% growth on a year-over-year basis. Looking to 2026, we aim to build on our success on B2B and B2G and continue to drive post-paid momentum in residential segment while staying vigilant on costs and discipline on capital investments. Next to slide nine, and a final segment within the CNW current silo, Liberty Networks. On the left side of the slide, we present a full-year 2025 revenue evolution. Wholesale revenue grew 6% on a rebase basis. Stripping out headwinds from non-cash IRUs, underlying wholesale revenue growth would have been 12% year-over-year. mainly driven by revenue from a new key project win and new lease capacity sales. In December last year, we announced that we were chosen to design, construct, activate, and operate El Salvador's first submarine cable. This is a 1,800 kilometer cable to connect the country to major international hubs, boosting high speed internet capacity and resiliency. This investment goes beyond building critical infrastructure. It lays the foundation for economic growth, innovation, and opportunity for all Salvadorians. Enterprise revenue is a smaller part of the growth engine, but still showing momentum in IT as a service and connectivity solutions. These services are helping us bring a strong base of monthly recurring revenue, which supports long-term stability and positions as well for the future. As we look forward, we remain focused on continuing to deliver growth in underlying subsidy capacity, as well as executing on our El Salvador project and on Manta as well, a 5,600-kilometer joint bill with SPARQL and Goldata. On track to be operational in late 2027 or early 2028, Manta is expected to establish a solid foundation of monthly recurring revenue, enhancing long-term profitability, and positioning Liberty Networks as the region's primary data hub. Given expenditure is front-end loaded for this project, we look forward to turning current FCF headwinds into future tailwinds. Turning to slide 11 and Liberty Costa Rica. Starting on the top left of the slide, the post-paid business segment in Costa Rica continues to be the highlight for the LLA Group. In 2025, we added over 160,000 postpaid subscribers, representing a 16% expansion on the 2024 base. In particular, we have seen strong take-up in the lower end postpaid segment, which is nevertheless accretive relative to our prepaid ARPU levels. Moving to the bottom left of the slide. On the fixed side, we continue to do a good job growing our subscriber base under competitive market conditions with an improved performance in the fourth quarter. Moving to the center of the slide, we show Costa Rica registering rebase revenue growth of 1% in 2025. The driver of this was our residential mobile business, which grew revenue by 6% on a rebase basis. Despite a growing broadband base, price competition led to fixed revenue declining by 4% on a rebase basis, while we also faced a tough comparison on B2B. Looking forward, we see no immediate reason for a slowdown in the drivers of our prepaid to postpaid mobile strategy. We expect 5G to become even more important, and Liberty was the first operator to launch 5G in Costa Rica in 2024, and we have over 300,000 customers today. Following the acquisition of 5G Spectrum in 2025, we expect a continued lift if we deploy 5G standalone in partnership with Ericsson. Acknowledging the tougher fixed market conditions, we will leverage our FMC advantage and stay innovative. In Q3 of last year, for example, 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, a unique move in the Costa Rican market. Finally, and following SUTEL's rejection of the proposed merger with TIGO in Costa Rica, we have now turned our attention to costs. We believe we have a strong track record on cost reduction across the LLE group, and we are focused on delivering similar margin benefits in Costa Rica over time. Moving to slide 13, and our third credit side, Liberty Puerto Rico. Starting on the top left of the slide. In Q4, we registered the first quarter of positive post-pay mobile ads since the migration. This follows significant commercial efforts in the second half of the year, focused on the launch of Liberty Mix. This new multi-land plan has captured customers' imagination, offering flexibility designing to mix and match plans within multi-bundle packages. It also has transparency with no hidden key. and value-add through hotspots and Roam-like homes, which are particularly important to our customer base. Additionally, on mobile, we are pleased to have completed the migration of our boost MVNOs customers onto our network. These are high ARPU prepaid customers, and retaining these customers while removing wholesale costs is an important milestone for the business. Our post-paid base also saw a pickup in the quarter from a small number of migrated, loose customers who opted to switch into our Liberty post-paid offer. Moving to the bottom left of the slide, on the fixed side, we continue to see competitive pressures impacting our subscriber base, though we registered lower broadband losses in the fourth quarter. In part, this follows greater commercial efforts on the fixed side, including campaigns focusing on network quality and reliability. Moving to the center of the slide, we registered a 6% revenue decline for the year. This largely reflects a 6% decline in residential mobile revenue. In turn, a function of negative impact from the migration of customers to our mobile network and network challenges in 2034, which caused a decline in the average number of postpaid mobile subscribers. B2B revenue declined by 16% year-over-year, in part due to similar migration factors. Residential fixed declined by 1% year-over-year, with support coming from price increases early in 2025. Looking to 2026, Puerto Rico remains a competitive market, and we aim to keep laser focus on our commercial proposition. We have seen a nice lift in NPS to start the year on both fixed and postpaid side. We will continue to work hard to improve our customer propositions as we try to stabilize the fixed business and scale up in full-state mobile. Finally, on slide 14, we summarize our strategic vision for Liberty Latin America as we look to 2026. Firstly, on the commercial front, you have heard me mention FMC, or fixed mobile convergence, a number of times on the call. We have complimentary high-speed fixes and mobile infrastructure across almost all of our entire footprint, and we aim to continue to leverage this in our commercial proposition. We sometimes talk a little less about B2B, though this represents almost one-third of group revenue. This contribution could be higher, and we are particularly excited about our recently announced partnership with AWS to bring AWS compute and AI models to our local markets for our customers. We have a number of innovative products to be launched that will reduce our video costs, to bring more resilience to our internet service, to bring 100% coverage to our mobile service and to bring more AI agents to our care service. Operationally, we remain focused on investing in our business in a returns-focused manner. Of key importance is our rebuild in Jamaica, both in terms of reconnecting homes, but also further transformation of our mobile network. We are excited to be pursuing two key projects within Liberty Networks, building connectivity on behalf of El Salvador and our ongoing Manta project. We will be very focused on successful execution on BuildTrue 2026 of 5G, which is now available in Puerto Rico, Panama, Costa Rica, the Cayman Islands, and Barbados. This helps us maintain and enhance our commercial position in the mobile market, as well as supporting FMC. We remain attuned to future opportunities to deploy 5G across our footprint. Finally, we are committed to rewarding our shareholders and have financial aspirations to deliver. I won't steal Chris's thunder, but suffice to say, cost efforts, capital investment discipline, and a focus on free cash flow delivery lay at the heart of our outlook. And 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?