Liberty Latin America Ltd.

To further enhance our mobile service, in the second quarter we announced a partnership with Starlink, similar to the one we previously announced in Costa Rica. On the fixed side, we have shown a sharp increase in residential broadband subscriber ads to 10,000 in the second quarter, reflecting successful commercial activities focused on quality first driving higher gross ads as well as a significant decline in churn versus Q1. We also registered strong net ads to both video and voice in the second quarter. As with Postpaid Mobile, we initiated fixed price increases in July and early feedback here has also been supportive. We look forward to the rollout of our unbeatable campaign in Panama, underpinned by always-on Wi-Fi in the home and strengthened with the mass Starlink launch for mobile. On B2B, we continue to see a healthy pipeline, including activity around government project delivery and execution. This is our typical cycle in B2B, being second half weighted. All in all, we are growing our operating metrics, we are innovating in products, and we are setting up for a good second half in Panama. Turning to Slide 7 and Liberty Networks, which recorded the best year-over-year revenue growth across the LLA Group in Q2. On our wholesale business, we recorded an increase in revenue growth to 14% year-over-year, driven this quarter by a healthy contribution from our project in El Salvador. We have a strong and productive working relationship with the government of El Salvador and have continued to deliver on the milestones required for the successful completion of this project. More broadly, in wholesale, we see continued underlying demand for subsidy capacity from international and regional carriers and increasingly from hyperscalers. We are also recognizing recent changes in the geopolitical environment in Venezuela as providing opportunities to invest for further potential growth. Working alongside Khan TV, We are launching Phoenix, a submarine cable system that will have an extension of 378 kilometers and will provide 14 terabytes of capacity utilizing the Americas to route. This is a modest investment, but will enable direct access to Caracas market, which represents about half of Venezuela's total business traffic and the country's largest concentration of enterprise and carrier demand. While still early days for Venezuela, this positions Liberty Networks well with a third network connection point to support Venezuela's critical industries and a return to economic growth and broader prosperity for the country. Meanwhile, revenue growth in our enterprise business remains robust at low single-digit levels. The Liberty Networks business continues to be a strong cash generator, with a unique set of assets that provide a meshed and resilient grouping of network systems that we are carefully expanding with new and value-accretive routes. Turning to Slide 8 and Liberty Costa Rica, which remains one of our most dynamic markets and where cost-cutting efforts are starting to flow. On the fixed side, we continue to hold firm on volumes in the competitive fixed market, registering 2,000 broadband ads in the second quarter. Fixed ARPU remains under some pressure, though sequentially fixed subscription revenue was relatively stable, with volume support coming also from net ads to video and voice in the second quarter, as we continue to nudge up our bundling ratio. On the mobile side, while we have seen somewhat more elevated competition in postpaid in recent quarters, the lighter edition performance in Q2 was additionally impacted by a planned and temporary pause as we migrated to new sales channels as part of our cost savings program. The run rate in July is already back to historic levels. We are also eagerly awaiting the commercial launch of Liberty Starlink in the second half of the year to help further differentiate our mobile offering. Anticipating this launch, we recently applied a price increase to reflect the improved offer coming soon which will be available to the majority of our customer base. Finally, and as Chris will talk to, we are beginning to see our cost reduction initiatives in Costa Rica come through in the numbers. helping drive strong year-over-year adjusted oil without growth. Combined with our 5G mobile network, a nationwide 1 gigabit per second broadband network, a good economy, and our focus on repositioning B2B in this market, we are positive on the second half of this year. Turning to Slide 9 and Liberty Puerto Rico. On the mobile side, We continue to advance our postpaid subscriber base, registering positive ads for the third consecutive quarter. Postpaid growth ads remain robust, while churn has improved quite significantly over the course of the first half. Our postpaid porting data continues to improve and, as of end of July, show we are net gainers versus both players in the market for the first time since the migration. Volumes here are being supported by a SIM only offer, Liberty Simple, providing for attractive economics given the absence of subsidies. On prepaid, meanwhile, we are also seeing a more stable subscriber base and with the boost migration behind us, we can now turn our attention to growing this base over the coming quarters. On the residential fixed business, we continue to see better momentum through Q2. We registered a further reduction in broadband churn in Q2, having steadily improved now in each of the last three quarters. Fixed churn at Liberty Puerto Rico is one of the lowest across the LLA group. Gross ads, meanwhile, are additionally beginning to benefit from rapid growth in the much smaller USVI business within this segment. At the start of Q3, we went live in an above-the-line campaign on unbeatable network in Puerto Rico. Frequent power outages on the island suggest mobile backup to fixed broadband should resonate well and further cement fixed broadband's customer stickiness. We have also capitalized on our video superiority on the island. With the full lineup of local channels and a Spanish tier, We have delivered two consecutive quarters of positive video net ads. This turnaround is driven by both sides of the funnel. Growth ads are up approximately 50%, while churn has stabilized at healthier levels. On the back of this recovered base, we executed a $2 per month rate increase across the TV portfolio. This trend relies on the quality of the local content and volume trends here are a marked contrast to current video trends seen in other markets such as the mainland U.S. 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.

Thanks, Balan. Beginning on slide 11, Q2 2026 revenue was $1.1 billion, up 1% reported and flat on a rebase basis, while adjusted EBITDA was $436 million in the quarter, reflecting 3% rebase growth over Q2 2025. There are a number of high-level items to point out before we dig into the specific operations. Liberty Networks was our strongest performer in the quarter, including delivery of double-digit rebased revenue growth. Liberty Caribbean's results were impacted by the aforementioned Hurricane Melissa headwinds. Residential mobile service revenue expansion continues to be a bright spot across the group as we capitalize on FMC and prepaid to postpaid migration strategies. Focused savings initiatives across the group on both direct costs and OPEX are contributing to our consolidated adjusted EBITDA margin of 40% in approximate 130 basis points year-over-year improvement. And finally, both consolidated revenue and adjusted EBITDA grew sequentially over Q1 2026 results. Slide 12 recaps our Q2 results for the CNW credit silo. Starting with Liberty Caribbean, in Q2, LC reported $362 million in revenue and $165 million in adjusted EBITDA, reflecting rebased year-over-year declines. The principal driver of decline stemmed from Hurricane Melissa, which impacted LC by roughly $6 million net across both revenue and adjusted EBITDA. Notwithstanding this headwind, our recovery continues to progress very well and we are on tap for much improved results in Q4. A key highlight in the quarter was continued success in residential mobile as LC delivered 4% rebase revenue growth on the back of FMC and pricing actions taken in the past quarters. Next, moving to Panama, CWP generated $177 million of revenue and $65 million of adjusted EBITDA during the quarter, with revenue flat and adjusted EBITDA down 5% year-over-year. In terms of revenue, lower B2B revenue in the quarter offset modest year-over-year growth in both residential, mobile, and fixed, which was supported by underlying subscriber momentum in postpaid and fixed subscribers. Adjusted EBITDA was impacted by lower B2B revenue and higher professional services costs, while the margin remained healthy at 37% in Q2. Turning to Liberty Networks, LN delivered $130 million in revenue and $67 million in adjusted EBITDA, representing rebase growth of 10% and 9%, respectively. Rebased wholesale revenue increased 14%, supported by the second milestone on our El Salvador subsea project and continued momentum in sales of least capacity. Additionally, rebase enterprise revenue grew 3% with strength in IT services. aggregating all three operating segments within the C&W credit silo. The silo generated $649 million in revenue, up 1% rebased, and $297 million in adjusted EBITDA, down 2% rebased. Moving to slide 13 and the Q2 results for our other two credit silos. On the left, Liberty, Costa Rica. LCR delivered Q2 revenue of $169 million and adjusted EBITDA of $64 million in Q2. Rebase revenue was flat in the quarter as residential mobile revenue's growth of 6% was offset by continued year-over-year declines in both residential fixed and B2B. However, relative to Q1's rebase decline in revenue, LCR did demonstrate top-line improvement in the quarter. LCR delivered rebase adjusted EBITDA growth of 7% in Q2 and margin expansion of approximately 200 basis points to 38%. This strong result reflects in part the positive impact from the operating team's cost out and efficiency program. Concluding with Liberty Puerto Rico on the right, LPR posted Q2 revenue of $288 million, representing a 5% year-over-year rebase decline as both residential, mobile, and fixed experienced single-digit declines, while B2B was flat year-over-year. Of particular note, sequentially, residential mobile subscription revenue expanded modestly from Q1 levels as postpaid subscriber momentum takes hold and given the improvement in ARPU. Adjusted EBITDA was $93 million, up 7% year-over-year on a rebase basis, and the adjusted EBITDA margin expanded to 32%, up from 29% last year. Turning to slide 14, on the left, P&E additions were $179 million in Q2 and $289 million year-to-date, representing 16% and 13% of revenue, respectively. As expected, Q2 spend was significantly higher than Q1 as a result of seasonality and phasing of key investment projects. We anticipate higher P&E additions in H2 compared to H1, but we still expect the full-year P&E additions as a percentage of revenue to be in the same envelope as 2025. Turning to the right part of the slide, adjusted FCF before distributions increased to $83 million in Q2 and $19 million for the first half. These results reflect increases of $124 million over Q2 2025 and $164 million over H1 2025 respectively. Drivers of this performance include stronger cash flow from operations, including improved working capital, as well as vendor financing phasing. Important to note that adjusted FCF in 2026 for Puerto Rico was a negative $48 million for Q2 and a negative $91 million for H1. For LLA, our 2026 adjusted FCF before distributions remain significantly weighted to Q4 performance, consistent with phasing as in prior years. However, after more favorable working capital timing in the first half, H2 likely won't be as robust as last year's second half, due in part to proceeds we received in Q4 of last year from our weather derivatives program following Hurricane Melissa. Next to slide 15. On a consolidated basis, LLA had total debt of $8.5 billion, cash of $700 million, consolidated net leverage of 4.6 times, and borrowing capacity of around $900 million. Additionally, on the slide, one can see the relevant leverage and liquidity metrics for each of our standalone credit silos. Importantly, if we were to exclude LPR's net leverage, LLA's consolidated net leverage would fall by roughly a turn into the mid threes. With respect to the Puerto Rico reporting group, the business continues to address its capital structure. During Q2, the business was able to utilize its own assets to secure additional funding for near-term liquidity needs. Specifically, LPR raised new financing through unrestricted subsidiaries, including a $140 million 2030 revolving credit facility, which replaces the prior RCF, which was set to mature in Q1 2027. and a $200 million Senior Secured Term Loan facility of which $150 million has been drawn and $50 million remains available. Moving to the top right of the slide, in mid-June, LLA successfully distributed roughly $500 million of notional value preferred stock to our common shareholders. This new instrument carries a 9% annual dividend, payable quarterly, and represents a highly attractive return for investors. In my view, the preferred is currently trading at a wide spread to both our CW and LCR debt, and we would encourage investors to take a closer look at this security. Post-preferred distribution and in line with our levered equity strategy, we have been active in repurchasing our common equity, including purchases through Q3 year-to-date. We have repurchased over $60 million of stock and have close to $140 million remaining under our authorization. No doubt we will remain opportunistic buyers of our equity. Moving to our final slide, first as highlighted by our results today, Q2 demonstrated continued progress. LLA reported robust postpaid mobile and broadband internet net additions. We returned to adjusted EBITDA growth and delivered substantial year-over-year expansion in cash flow. As we look to rest of 2026, we intend to build upon our H1 operational progress and Lap, the October 2025 Jamaica hurricane, all of which set us up for a strong fourth quarter and positive momentum leading into 2027. Second, on product innovation and AI, we are leaning to these areas as Balan expressed. Not only can they help propel our top line, but should complement our cost takeout initiatives while also supporting improved customer experiences. We discussed exciting examples today including the launching of our unbeatable network proposition and the signing of our IT services agreement. Capital allocation remains a priority for us. As discussed in May, we made the decision to lean into the levered equity model and re-gear our equity through the distribution of the preferred stock. This was a reflection of the confidence we have in our business, our desire to offer our shareholders a compelling cash return, and belief that this would unlock value for our shareholders. In closing, we remain focused on carrying out our value creation strategy over the coming quarters. This includes deliver top-line performance, realize operational leverage through cost and capex optimization, drive free cash flow, and optimize our asset portfolio as exemplified by our recently announced Peruvian exit. The question and answer session will be conducted electronically.

If you would like to ask a question regarding the company's operations, please do so by pressing star 1 to ask a question or star 0 for operator assistance. 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. Your first question comes from the line of Matthew Harrigan with Benchmark Stonex. Your line is open. Please go ahead.

Thank you. I guess firstly, you kind of have not depressed, but depression valuations in U.S. cable stocks on account of Starlink, particularly with Charter. How is your position there differentiated? I mean, you kind of regard them as a frenemy, and you've got interesting partnership. And how does that partnership evolve over time, particularly when you get, you know, version three, you know, coming out? And obviously, you've done some things on spectrum already, but just a broad comment. And then I had one other question. I'll slide back into the queue.

Sure. Thanks, Matthew. You know, on the Starlink relationship, one, we're very positive on it. It helps bolster our products and makes the customer experience so much better. The way we look at this relationship is that it's an add-on to our existing product line. And I think what's unique in our market compared to others is one, of course, as you pointed out, the spectrum availability. Remember, we are literally one of the largest employers in many of the markets that we operate in. And the government partners that we have and local authorities understand that. And they understand that companies like ours actually contribute significantly to the economy of these countries. And therefore, I think in a certain way, I think Most of these markets are more ring fenced than other markets where these satellite operators operate in. And so I think even in the long term, we see all these satellite guys as more partners and fill in the blanks type role as opposed to wholesale or large replacements of facilities actually on the ground.

And I guess the second question, on Liberty Networks, and I know the business is lumpy, as has been shown in the past, and you're careful to point out to people, but it just feels like the growth curve is just really accelerating now. Venezuela, obviously, in the hopper, just market by market. El Salvador. And I know a few years ago, people were looking at the infrastructure investments and private equity and all that and saying, well, you could have a high-teen, mid-teen type multiple in that business. And even if you don't have a financial engineering event, it feels like you could have a really nice growth path there. I mean, do you have any internal goals or maybe not formal goals, but any animations on A high single digit, maybe even low double digit growth in that business for the rest of the decade, because it just feels like there's just a cornucopia of activity there, to say the least.

You know, I think your instincts are correct on that for sure, which is why we kind of doubled down on a number of builds, the one coming out of Colombia into Mexico, Panama, coming back to Florida. We also have the on the Pacific side building out the El Salvador route. and as I mentioned earlier, we're building in new routes into Venezuela.

We're quite bullish on that.

And there are other opportunistic You know, routes that we could be looking at as well. These are, you know, the reason we really like this and why it's also considered infrastructure is the cash conversion on this business is extremely high. And the operating contribution margins are extremely high because when we build all these new routes, yes, we do spend the CapEx on it, but it doesn't increase our OpEx significantly. We have a couple of really strong managers, of course, led by Ray Collins, Carmine Danilo. There's a number of really strong managers we've moved over into this business unit because we think that not only because the opportunity is really good here, but we think as well, structurally, I think this is one we're going to lean in even more because clearly it gives us a much better return than our existing consumer business.

Great. Thanks, Balan. Thanks, Chris.

Your next question comes from the line of Ernesto Gonzalez with Morgan Stanley. Your line is open. Please go ahead.

Hi. Thank you for taking your question. It's two. First one is on the pace of execution of the remainder of the buyback program. Any comment on your thoughts on this would be greatly appreciated. And the second one is in Puerto Rico. Any updates on the strategic initiatives? including the potential spin-off of the unit. Thank you.

Hello, Ernesto. On the buyback, as Chris pointed out, we are going to be very opportunistic there. And as you can see, we really leaned in onto it in the last month or so after the PREF came out. And we'll continue to lean in into it. But we are going to be very disciplined and smart about it. If you look at our prior stock purchases, buybacks, we've been very disciplined. And as a matter of fact, almost everything we've bought to date since the inception of LLA is in the money. And we are really kind of, you know, and like I said, we'll be very careful about this because there's many things in front of us, right? It's buybacks, de-levering, looking at very creative M&A opportunities. And right now, you can see from the last month, buyback remains our focus. We really think our common equity is undervalued and we're going to put a capital to work there. Your second question on LPR, Chris, I think alluded to that as well. You know, it's work in progress. We want to be very constructive with our counterparties on the debt side. And I think a resolution could come. You know, certainly we on the management team are working really hard to try to get to a resolution there. And on the spend, we indicated previously, it's just one of the options that we have in front of us. But clearly, the Puerto Rico path today has a drag on our common equity. But listen, we've been very clear. We are not putting money into Puerto Rico. It is self-funded by the Puerto Rico operations. And we have a very strong Puerto Rico management team. We've turned that business quite a bit around. Operationally, it is performing. And now we just need to work with our counterparties on the debt side. And I think we can find a meeting of the minds at some point between now and next year.

Really clear, just one follow-up. You mentioned potential M&A opportunities. Any additional color on what type of assets you could be exploring?

We would only look at assets that are accretive to our current free cash flow generation. So two things that we would look at, one, significant amount of synergies that can contribute to our free cash flow, and two, a glide path in any of these businesses that provide for future revenue growth as well. Those two are like the key things and then we balance it against where our stock is trading and which is a better use of our capital. Right now, I can clearly tell you there is nothing out there that we see that's a better value than our own stock.

Really clear.

Thank you very much.

Your next question comes from the line of Roberta Versiani with Citigroup. Your line is open. Please go ahead.

Thank you for taking your questions. First on Puerto Rico, given the recent improvement in post-pandemic trends, could you talk a bit more about the current competitive environment, especially in comparison to one year ago or like six months ago, and how sustainable you believe the current post-pandemic momentum is? And on a separate topic, could you discuss a bit more of the factors that drive your decisions around portfolio optimization or assets disposals? And within this context, what would be your long term vision for the networks business? Thank you.

Sure. On Puerto Rico, the improvements in our post-paid come from a number of different things. One, we really had to go back and improve all of our channels, all of our operations. And that was a project that we took on in the beginning of 25. And so our retail stores, our call center, inbound, outbound, everything got kind of re-engineered. Second, we brought in a lot of new talent into the business. and I'm very happy with the team that we've assembled there in Puerto Rico. Very commercially minded, very operationally minded. So two things that happened there. Third, our product improved quite a bit. We invested quite a bit last year in the network. We fired up a new spectrum and we really improved a lot of our network operations as well. So the product is extremely Stable and very good. And with the new spectrum, we actually have the same spectrum position or volume as T-Mobile. And as a result, once you start doing all these things and we got innovative on the commercial front as well, where we have both a subsidized product and an unsubsidized product that is very economically viable for our customers. And so once you mix all of that, Good things happen, and we started to work on our churn, so the operational improvements reduced churn, the commercial improvements and the network improvements improved sales, and we started turning positive. Our port-in-port-out ratio right now is looking very good, both against T-Mobile and against Claro. They're both formidable competitors, make no mistake, but we are holding our own right now with both of them. So that's on Puerto Rico. The second question on portfolio optimization. You know, we did announce our exit in Peru and we feel really good about that. The counterparty there is clearly the Slim family and Claro. They're great partners. They've been our partners before. And I think it's really smart for them to consolidate that market in Peru. When we went into that market, clearly we had big ambitions there, but it quickly changed because it's just too many people, too many operators in that market and we didn't see a path to acquiring any of the mobile operations there. So we said, you know, that's a market that we should probably exit. We're going to be very clear-eyed on markets that we want to participate in. It has to be rational. It has to be a market where the regulators are very pro-business or governments are pro-business. And so, you know, as we look at our existing portfolio, you know, listen, this is a Liberty company. Everything's for sale at the right price. And so, you know, we've got inbounds on a number of things, but if it works, we'll do stuff. But not just on the sell side, but we are also actively looking at opportunities where we can deploy capital as well. So we are going to be very, very clear about both capital allocation and asset allocation.

Thank you. Very clear. Just a quick follow-up. In this context of optimization, what is your long-term vision for the networks business? Is that a part of the business you were looking to consolidate, for example?

You know, I think on the networks business, clearly it has a much higher multiple on some of the parts. And it's not a high multiple just because it's infrastructure. It deserves a much higher multiple because of the cash conversion. So on a free cash flow yield basis, that should trade in the teens for sure. And so as a standalone. And clearly, Chris and myself and our board, you know, we'll constantly think about how do we bring Real clarity to the valuation of that business. Now, I can also tell you that there are opportunities both organically, like we are doing right now, building new routes and partnering with governments and building more routes and building more access into new cities, or inorganically where there are other assets out there that we could look at. and potentially for acquisition as well. But this is a business that we are quite excited about, led by a very good team.

Got it. Thank you so much.

Your next question comes from the line of David Lopez with New Street Research. Your line is open. Please go ahead.

Hi. Thank you for the opportunity and congratulations on the robust quarter. A couple of questions please. The first one would be on your partnership with Amdocs and the 250 million NPV you mentioned in the release. I was wondering if you can give a bit more color on this and especially on the timing and the phasing for this NPV. And the second question would be on free cash flow. So generation was quite strong this quarter. I was wondering if you can comment on the remaining of the year. How are you thinking about the momentum? Is there like some timing issue or you still expect a very strong Q4 as usual? Thank you.

Sure. I'll get to the MDocs question. I'll ask Chris to think about the free cash flow answer as well. On the MDocs, you know, this is really good work by my chief technologist as well as our IT team. We've been looking at our systems and most systems, you know, back office systems, you know, kind of act like a utility in a telecom company. and in many ways it's made up of lots of legacy system with old code and you know and it becomes an operational project as opposed as as to a transformational project and what we were looking for is a partner that's done this in other places where they can take a lot of legacy system transform it bring help us not only transform the technology but transform our processes as well and clearly with AI right now, we were looking with partners that are really leaning into AI. And MDocs, who by the way have been a partner with us, they are in our network. They understand our business really well. They are in telecoms. They have their own language models that are certainly just focused on on the telecom industry. This is a very domain specific AI transformation, and you want someone with domain specific knowledge, both not only from a technology standpoint, but from an operational standpoint. So many reasons drove us to Amdocs. and clearly from that sense, we get to capture the cost savings. Instead of my management team working on that cost savings and working on that transformation, we find a partner that can almost guarantee us that cost savings and this transformation. So it'll make our company better. It takes costs out of our business. It de-risks my legacy systems. You know, there's very little to not like about it. and in many ways, when you do something like this, you just have to pick someone who's trusted, who knows how to do this, who has been in the mobile business, has been in the fixed business, understands subscription billing. It's a very different world and I think my team and my colleagues did a very good job with that. The timing on it, In the fourth quarter is when we begin the transition. We announced it within the company. A lot of our employees are going to move over to MDocs. There's a period where there's a handoff, but the immediate benefits and savings will start seeing the fourth quarter this year already. On the free cash flow, I can't tell you how happy I am with the numbers, the work that my team have been working on, on cost takeout, improving our operating margins, refocusing our products into more profitable products. So there's a lot of positive things to do. And going forward, I'll let Chris give you his commentary on that.

Yes, I mean, no doubt H1 was indeed strong and much improved relative to last year. We've continued to work on the working capital side, so we've been able to smooth out the phasing of that during the course of the year. So we are generating some cash earlier than we have typically had in the last number of years. In my prepared remarks in terms of what I had communicated around the second half, no doubt Q4 is seasonally strong. It's always been strong for LLA, but I did make a pointed remark that we would expect H2 to In terms of free cash flow to be likely to be less robust than last year's second half, in part because if folks recall, we did receive $81 million in weather derivative receipts in cash in the fourth quarter last year. So we are comping against that. And in addition, I'd expect I would amortize and pay down some vendor financing in the second half. But we feel very good about just cash flow generation in the business and as we set ourselves up for 2027. Thank you, Chris.

Very clear. Thank you.

Your next question comes from the line of Matthew Harrigan with Benchmark StoneX. Your line is open. Please go ahead.

Thank you. One more dangling question, if you don't mind. Jamaica, you know, one of my favorite countries. Can you update us on where you are relative to what was $100 million free cash flow albatross and the return that your run rate on the way down? And then secondly, you know, you listen to the news and you probably have more funky weather, bad weather stories than even Iran war stories right now, you know, really everywhere, Europe and all that. and now concerns in El Nino. When you look at Melissa, I mean, how confident are you? I know you have to deal with hurricanes as a given, but do you have any concerns about insurance and do you think you're going to have the availability of the parametric insurance, as you pointed out, that contributed substantially to your Q4 capital last year? Obviously those funds were subsequently used to rebuild Jamaica, but just any thoughts on on the run rates, and then any existential concerns on the weather. I know it's kind of an unfair question, but it's particularly relevant to your Caribbean business. Thanks.

Hey, Matthew. Sure. Happy to give you a perspective on Jamaica. One, the actual business operations itself is improving, and we are getting very close to getting back to full strength. As a matter of fact, our mobile business have improved coming out of this, and our market share have improved coming out of this. Our ARPU have improved coming out of this. Our fixed business continues to rebuild. We are not yet back at 100% on our fixed business, but we anticipate to get pretty close to that. I think there are some homes that we will not rebuild back to, and it's just gone. But for the most part, we think we can get back to a pretty high level of penetration. and then on our B2B, we're pretty much back. On our B2B, most of our customers, the thing that we managed through our B2B is really the bad debt and that's actually pretty much under control right now. So net-net, you can see from the second quarter numbers, Jamaica is getting closer and closer to where it was pre-hurricane and I suspect by the time we get to the third quarter, we will get even better. And so we're on good trajectory there and it's not small, are part of the efforts of our team on the ground, led by a very capable young man, manager there, and my team in Miami as well, also led by an amazing young lady that's just completely focused on Jamaica for 2026. Now on the weather I'll talk a little bit about the weather and then I'll pass it on to Chris to talk about the insurance because as you pointed out everything we have you know we've got appropriate coverage and Chris kind of indicated you know the payout from last year just to remind everybody that we did get paid for the damage in Jamaica. On the weather front you know it's It's something that we track very closely. I mean, my team and I, I mean, starting in July, the NOAA website is like a permanent fixture on all of our screens. And as a matter of fact, next week, I'm taking my whole leadership team up to the NOAA headquarters up in Boulder and meeting with a lot of climatologists and hurricane experts so we actually understand the weather patterns better. But, you know, there's some things just beyond our control. The right way to handle this is through hedging it. And our parametric insurance plans have been actually very good. I don't see any issues with that going forward, but I'm going to let Chris talk about it.

Yes. Hi, Matt. Yeah. I mean, for upcoming season, you know, we are, you know, fully locked in terms of the parametric. I think we are one of the. kind of key global issues of the parametric. So we were able to do it even with the event we had in Jamaica with a very cost-effective cover similar to prior years. So I think we feel good about what we have for the upcoming season. It's been done for several months to be honest.

Thanks, Chris.

That will conclude today's question and answer session. I'd like to hand back to Balan Nair for any additional or closing remarks.

Thank you, operator, and thank you everybody this morning for jumping on this call. We feel really positive about the business. Our focus on free cash flow and our focus on running the operations efficiently and efficiently. and very balanced against the needs of our customers and the needs of our shareholders. And I think we've struck that and we feel really good about the future. If you look at our second quarter, we delivered positive net ads in both broadband and mobile. We delivered OEBDA growth. We delivered free cash flow growth. We're paying out dividends. We're buying back stock. This team is very focused, very focused on our shareholders. and very focused on value creation. And I want to thank you for your support.

Ladies and gentlemen, this concludes Liberty Latin America's second quarter 2026 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.