Liberty Latin America Ltd.

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 Britta Reinhart, Chief Commercial Officer, B2C, Liberty Caribbean.

Good morning, and welcome to Liberty Latin America's second quarter 2026 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 at www.lna.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 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 fact. 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 and quarterly report on Form 10Q, 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 will refer to certain non-GAAP financial measures Mr. Balan Nair

Thank you Britta and welcome everyone to Liberty Latin America's second quarter 2026 results presentation. I will be running through our group highlights and an overview of our operating results before Chris Noyes, our CFO, reviews the company's financial performance. We'll then get straight to your questions. As always, I'm joined by my Executive Dean from across our operations and I'll invite them to contribute as needed during the Q&A following a prepared remark. As a point of housekeeping, We will both be working from slides, which you can find on our website at www.LLA.com. Starting on slide 4, and our highlights. The second quarter showed continued solid operational trends across large parts of the business. We added 45,000 mobile postmates and broadband subscribers in the second quarter, with all segments reporting positive contributions. Strong post-pandemic mobile trends have become a feature of our results and this quarter we were also pleased to see improvements in broadband subscriber ads with momentum that extended across markets beyond the recovery in Jamaica. We reported 3% year-over-year rebates adjusted or even down growth in the second quarter. This represents an acceleration on Q1 trends and sets us up for a strong second half. We also reported another improvement in adjusted free cash flow before distribution to partners, which for the first half of 2026 was materially higher than in the same period last year. We already have cost efforts in flight, but we are excited. Additionally, we have announced yesterday an AI-driven, cost-optimizing IT services deal with MDocs. This agreement will help sustain continued investment in AI capabilities, innovation, and digital transformation. And it will help drive further material OPEX and CAPEX reductions going forward as we strive to continue expanding both adjusted OEBIDA margins and adjusted OEBIDA less P&E edition margins over the coming years. We estimate the NPV value of this deal to be worth north of $250 million. Following our announced intention at the time of our Q1 earnings, we successfully completed the distribution of $500 million in preferred stocks. This represents an attractive cash return for shareholders who have held on to the paper. In addition, it represents us leaning into the levered equity model as we have added gearing to the common equity. This distribution should therefore be read as an indication of our growing confidence in the prospects of our business over the coming years. Turning to share repurchases, we have continued purchasing our common equity through Q2 and more actively in July. We continue to see a discount to fair value on our common stock. In part, we feel this persists given perceived headwind from Puerto Rico, despite a clear commitment to fund Liberty Puerto Rico through local assets, as exemplified by our recent financing activities. However, we remain focused on value opportunity and appropriate capital allocation more broadly across the group, noting our recent sales agreement in Peru. Turning now to our operations. On slide 5, We review our Liberty Caribbean segment. While we continue to see negative headwinds from Hurricane Melissa in Jamaica, the effect is clearly diminishing. On the top left of the slide, we show how Liberty Caribbean's postpaid subscriber base continued to expand, adding 11,000 postpaid subscribers, of which 6,000 were delivered in Jamaica in the second quarter and with a healthy contribution from our South Caribbean markets. In June, we were the first operator to launch 5G in Jamaica. The service covers approximately 70% of the population and is available to our postpaid subscribers both on the residential and enterprise side and should help maintain postpaid momentum. Our market-leading FMC offers continue to drive postpaid growth as we increase the penetration of our existing fixed subscriber base. We are also excited about our latest initiative in the Caribbean Unbeatable Network, which is focused on the quality assurance of our fixed network as well as mobile connectivity enhancements helping to further drive FMC adoption. The Unbeatable campaign is now live in Jamaica and Cayman and coming soon to other Liberty Caribbean markets. as well as being deployed across the broader LLA group. In the Caribbean, it encompasses the unique concept of an always-on network both in fixed and mobile. On the one hand, fixed broadband is backed up by an automatic and seamless transition from home Wi-Fi to the mobile network to manage power outages, further supported by Wi-Fi 6 and Plume Smart Wi-Fi for improved in-home connectivity. On the other hand, mobile connectivity is backed up by satellite through our Starlink TTC partnership. On the bottom left of the slide, we show how the internet net ads performance have been quite consistent. It is worth noting that the net ad figures exclude offline subscribers reconnected in the period in Jamaica. As a reminder, These were offline customers we retained in our subscriber count through the outage period who are now back on the network and once again revenue generating. In Jamaica specifically, we continue to recover revenue to its pre-hurricane levels. This reflects a combination of recovery in residential fixed and B2B, as well as a stronger performance in mobile. Overall, Liberty Caribbean is anchored by great products, upgraded networks, Stable Markets, and Jamaica Recovery. Both our consumer and B2B segments are in good health. On slide 6, we review Cable and Wireless Panama, which as a segment provided the highest subscriber additions in the group in Q2 across PostBait and broadband. On mobile, we continue to see PostBait as a strong driver, reporting double-digit year-over-year subscriber growth. FMC continues to increase, running at over 40%. While we see ongoing prepaid to postpaid migration, we are still also growing the prepaid subscriber base in Panama. With the industry having had some pushback on prepaid price increases in Q1, recent regulatory commentary has been more supportive on the broader pricing environment, and in July, we initiated price increases on postpaid. Initial feedback has validated this approach, so far seeing lower customer care contact volumes and reduced churn relative to historical pricing actions. 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 PostGrade Mobile, we initiated fixed price increases in July and early feedback there 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 rated. 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 CanTeVe, we are launching Phoenix, a submarine cable system that will have an extension of 378 kilometers and will provide 14 terabytes 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-accreted routes. Turning to slide eight, and Liberty Cortarica, 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 NetAds 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 post-pay 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 post-paid subscriber base, registering positive ads for the third consecutive quarter. Post-paid 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 post 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. 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 the space over the coming quarters. On the residential fixed business, we continue to see better momentum through Q2. We registered a further reduction in broadband chain in Q2, having steadily improved now in each of the last three quarters. Fixed Chain 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 the segment. At the start of Q3, we went live in an above-the-line campaign on unbeatable networks 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 sharing 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. Chris?