Liberty Latin America Ltd.

GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to Liberty Latin America, “we,” “our,” “our company” and “us” in this Quarterly Report on Form 10-Q (as defined below) may refer to Liberty Latin America Ltd. or collectively to Liberty Latin America Ltd. and its subsidiaries. We have used several other terms in this Quarterly Report on Form 10-Q, most of which are defined or explained below.

CONDENSED CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)

Notes to Condensed Consolidated Financial Statements

(1)Basis of Presentation

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements.

General

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes (i) C&W; (ii) Liberty Communications PR; and (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Telecomunicaciones. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

We are an international provider of fixed, mobile and subsea telecommunications services. We provide:

A. residential and B2B services in:

i. over 20 countries across Latin America and the Caribbean throughtwo of our reportable segments, Liberty Caribbean and C&W Panama;

ii. Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and

iii. Costa Rica, through our reportable segment Liberty Costa Rica.

B. through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region.

Unless otherwise indicated, ownership percentages are calculated as of June 30, 2025.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or SEC rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2024 Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation.

(2)Accounting Changes and Recent Accounting Pronouncements

Recent Accounting Pronouncements

ASU 2023-09

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures(ASU 2023-09), which was issued to enhance transparency of income tax disclosures, primarily by requiring consistent categories and disaggregated information about an entity’s effective tax rate reconciliation and disaggregated jurisdictional information on income taxes paid. The standard also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements.

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires more detailed disclosure in the notes to the financial statements about the types of expenses in commonly presented expense captions. In each annual and interim reporting period, entities are required to (i) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each expense line item within continuing operations that is presented on the statement of operations, (ii) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in each expense line item within continuing operations that are not separately quantified and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Clarifying the Effective Date (ASU 2025-01). ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01. We are currently evaluating the impact this standard will have on our consolidated financial statements.

(3)Fair Value Measurements

General

U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

Recurring Fair Value Measurements

Derivatives

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 6. We use the fair value method to account for most of our derivative instruments. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate derivative contracts are further explained in note 6.

Non-recurring Fair Value Measurements

Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. During the three and six months ended June 30, 2025, we performed non-recurring valuations in connection with certain impairment assessments at Liberty Puerto Rico, as further discussed below. During the three and six months ended June 30, 2025 and 2024, we did not perform any non-recurring valuations in connection with acquisition accounting.

Spectrum License Intangible Assets

During the second quarter of 2025, and in response to the cumulative impact of challenges stemming from the migration of customers acquired from AT&T to Liberty Puerto Rico’s mobile network and other various network challenges that impacted these mobile customers, including a slower than expected recovery, we concluded that a trigger event occurred requiring an assessment of the fair value of our spectrum license intangible asset at Liberty Puerto Rico.

We used a market approach for purposes of the quantitative impairment assessment to value our owned spectrum license intangible assets at Liberty Puerto Rico using a range of values established largely through industry benchmarks, FCC auction data, and precedent transactions. Based on this valuation, the fair value of the owned spectrum assets at Liberty Puerto Rico was less than the respective carrying value, and as a result, we recorded an impairment loss of $494 million during the second quarter of 2025. The impairment is reflected in impairment, restructuring and other operating items, net, in the condensed consolidated statements of operations, the carrying value of which was $777 million after the impairment loss. The impairment loss was driven by the lower fair value, primarily attributed to a result of challenges related to the operationalization of this spectrum.

See note 7 for additional information associated with our impairment charges and our intangible assets.

(4)Acquisitions

Pending Transactions

Costa Rica Transactions. On August 1, 2024, we announced that we entered into an agreement with Millicom to combine our respective operations in Costa Rica. Under the terms of the all-stock agreement, Liberty Latin America and our minority partner in Costa Rica will hold an approximate 86% interest and Millicom will hold an approximate 14% interest in the joint operations, with final ownership percentages to be confirmed at closing. The transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed during the first quarter of 2026.

During August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5% of the equity of Liberty Costa Rica for aggregate cash consideration of approximately $83 million, comprising CRC 22 billion ($43 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.

2024 Acquisition

LPR Acquisition. On November 6, 2023, we entered into an agreement with EchoStar to acquire EchoStar’s prepaid business and spectrum assets in Puerto Rico and USVI in exchange for cash and international roaming credits. The aggregate cash consideration of $256 million will be paid infour annual installments. We paid $95 million on the closing date, September 3, 2024, and $72 million, $45 million and $40 million will become due on September 3 of 2025, 2026 and 2027, respectively. Our deferred payment obligation is recorded at its net present value, of which the current portion is included in other accrued and current liabilities in our condensed consolidated balance sheet and the long-term portion is included in other long-term liabilities in our condensed consolidated balance sheet.

Supplemental Pro Forma Information

The pro forma financial information set forth in the table below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the LPR Acquisition occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to:

i. the impact of estimated costs associated with a transition services agreement;

ii. the elimination of direct acquisition costs;

iii. interest expense related to additional borrowings in conjunction with the LPR Acquisition;

iv. interest expense related to the amortization of the discounts recognized in connection with recording our deferred payment obligation and international roaming credits at their net present values; and

v. amortization expense related to acquired intangible assets.

The following unaudited pro forma condensed consolidated operating results give effect to the LPR Acquisition, as if it had been completed as of January 1, 2023:

(5)Current Expected Credit Losses

The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below:

(6)Derivative Instruments

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements. With the exception of certain foreign currency forward contracts, we use the fair value method to account for our derivative instruments and do not apply hedge accounting. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement. Changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations. For additional information regarding our fair value measurements, see note 3.

The following table provides details of the fair values of our derivative instrument assets and liabilities:

(a)Our long-term derivative assets and long-term derivative liabilities are included in other assets, net and other long-term liabilities, respectively, in our condensed consolidated balance sheets.

(b)We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 10) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 3.

The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

The following table sets forth the classification of the net cash inflows of our derivative instruments:

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At June 30, 2025, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $57 million.

Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

Details of our Derivative Instruments

Interest Rate Derivative Contracts

Interest Rate Swaps

We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at June 30, 2025:

(a)Includes forward-starting derivative instruments and, on certain interest rate swaps, embedded floors of 0%.

Basis Swaps

Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at June 30, 2025:

Interest Rate Floors

Interest rate floors provide protection against interest rates falling below a pre-set level. At June 30, 2025, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $620 million and a remaining contractual life of 2.3 years.

Interest Rate Caps

Interest rate caps provide protection against interest rates rising above a pre-set level. At June 30, 2025, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $120 million and a remaining weighted average contractual life of 2.3 years.

Foreign Currency Forward Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. At June 30, 2025, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $211 million and CRC 113 billion, respectively, with a weighted average remaining contractual life of 0.7 years.

(7)Long-lived Assets

Impairment

During the second quarter of 2025, we recorded an impairment of $494 million on the spectrum license intangible assets at Liberty Puerto Rico. See further details of our intangible assets not subject to amortization below. For additional information regarding the fair value method and related assumptions used in our impairment assessments, see note 3.

Based on the results of our impairment test over intangible assets not subject to amortization and prior-year impairment test over goodwill, if, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill and intangible assets not subject to amortization. Any such impairment charges could be significant.

Goodwill

Changes in the carrying amount of our goodwill are set forth below:

Our accumulated goodwill impairments were $3,300 million at each of June 30, 2025 and December 31, 2024.

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:

During the six months ended June 30, 2025 and 2024, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $55 million and $72 million, respectively.

Intangible Assets Not Subject to Amortization

The details of our intangible assets not subject to amortization are set forth below:

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:

(8)Investments

WOW

During February 2021, we acquired a minority interest in WOW, primarily a broadband internet service provider in Peru. We account for our investment in WOW as an equity method investment. As of June 30, 2025, our investment in WOW, including shares and certain loans, totaled $83 million, which represents an equity ownership percentage of just under 50%. Our share of WOW losses for the three and six months ended June 30, 2025 and 2024 were immaterial.

(9)Operating Leases

The following table provides details of our operating lease expense:

Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our condensed consolidated statements of operations.

Certain other details of our operating leases are set forth in the tables below:

(a)Represents non-cash transactions associated with operating leases entered into during the six months ended June 30, 2025 and 2024, respectively.

Maturities of Operating Leases

Maturities of our operating lease liabilities as of June 30, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on June 30, 2025 exchange rates.

(10)Debt and Finance Lease Obligations

The U.S. dollar equivalents of the components of our debt are as follows:

The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:

(a)Represents the weighted average interest rate in effect at June 30, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2025, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the June 30, 2025 compliance reporting requirements. At June 30, 2025, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.

(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 3.

(d)Includes other facilities that are generally repaid inthree annual installments.

(e)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities.

(f)Includes Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets.

(g)Includes $319 million and $328 million at June 30, 2025 and December 31, 2024, respectively, owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due withinone year and include VAT that were paid on our behalf by the vendor. Our operating expenses were $81 million for each of the six months ended June 30, 2025 and 2024, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.

Financing Activity

During the six months ended June 30, 2025 and 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:

N/A – Not applicable.

(a)Amounts borrowed are net of original issue discounts, as applicable.

(b)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, an increase and amendment agreement was signed in respect of the extension agreement on the C&W Revolving Credit Facility originally entered into in September 2024. In accordance with this increase and amendment agreement, including certain new commitments that were made available thereunder, a total of $460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence of the refinancing of the C&W Term Loan B-6 Facility.

(c)This borrowing is due in three annual installments, the first of which became due in May 2025.

During the six months ended June 30, 2025 and 2024, we made certain repurchases or repayments on the following debt instruments:

(a)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility.

(b)In February 2024, we repurchased and cancelled $81 million original principal amount of the Convertible Notes at a weighted average redemption price of 98.7%. In addition, we unwound approximately $102 million of the Convertible Notes Capped Calls for immaterial value on settlement.

Maturities of Debt

Maturities of our debt as of June 30, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on June 30, 2025 exchange rates:

(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.

(11)Unfulfilled Performance Obligations

We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of June 30, 2025, we have approximately $250 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life ofthree years.

(12)Equity

Share Repurchase Programs

From time to time, and subject to certain limitations and conditions, our Directors approve Share Repurchase Programs, which authorize us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates, as detailed below:

The Share Repurchase Programs do not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Programs, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

There were no repurchases of our Class A or C common shares during the six months ended June 30, 2025. During the six months ended June 30, 2024, we repurchased 4 million and 8 million Class A and Class C common shares, respectively. At June 30, 2025, the remaining amount authorized for share repurchases under the Share Repurchase Programs was $242 million, which is net of the premium associated with the capped call option contracts.

(13)Income Taxes

For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful.

Income tax benefit was $156 million and $36 million during the three months ended June 30, 2025 and 2024, respectively, and $147 million and $31 million during the six months ended June 30, 2025 and 2024, respectively. This represents an effective income tax rate of (27.3)% and (49.3)% for the three months ended June 30, 2025 and 2024, respectively, and (21.3%) and (45.2%) for the six months ended June 30, 2025 and 2024, respectively, including items treated discretely.

For the three and six months ended June 30, 2025, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of permanent differences, such as non-taxable income, jurisdictional rate differences and changes in uncertain tax positions. These beneficial impacts to our effective tax rate were partially offset by the negative effects of the net increase in valuation allowances, effects of permanent differences, such as non-deductible expenses, the inclusion of withholding taxes on cross-border payments and net return-to-provision adjustments. For the three months ended June 30, 2025, our income tax benefit reflects our estimate of global minimum tax which has been reduced for updated current and forecasted operating results. For the six months ended June 30, 2025, our income tax benefit reflects the net detrimental effects of the inclusion of global minimum tax.

For the three and six months ended June 30, 2024, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of net decreases in valuation allowances and permanent tax differences, such as non-taxable income. These beneficial impacts to our effective tax rate were partially offset by the detrimental effects of withholding taxes on cross-border payments, legislative increase to the statutory tax rate in Barbados, net return to provision adjustments, jurisdictional rate differences, permanent tax differences, such as non-deductible expenses, and changes in uncertain tax positions. For the three months ended June 30, 2024, our income tax benefit reflects our estimate of global minimum tax which has been reduced for changes in legislative landscape and updated current and forecasted operating results. For the six months ended June 30, 2024, our income tax benefit reflects the net detrimental effects of the inclusion of global minimum tax.

(14)Earnings or Loss Per Share

Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented. Diluted EPS presents the dilutive effect, if any, on a per share basis of dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of the calculations of our basic and diluted EPS are set forth below:

(a)During the three and six months ended June 30, 2025 and 2024, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at June 30, 2025 and 2024 of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria:

(i)With regards to the aggregate number of shares potentially issuable under our Convertible Notes during the 2024 period, the Convertible Notes Capped Calls provided an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. During the first quarter of 2024, we unwound a portion of the Convertible Notes Capped Calls in connection with the redemption activity on the Convertible Notes, as further described in note 10.

(15)Commitments and Contingencies

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. For commitments associated with the LPR Acquisition and the Costa Rica Transactions, see note 4.

Regulatory Issues

We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes. During the first quarter of 2025, we received a claim from a third party with respect to possible overpayments made to us under a transitional services agreement. We are currently unable to estimate a possible loss or range of possible loss associated with this claim.

(16)Segment Reporting

Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As of June 30, 2025, our operating segments, which are also our reportable segments, are as follows:

•Liberty Caribbean;

•C&W Panama;

•Liberty Networks;

•Liberty Puerto Rico; and

•Liberty Costa Rica.

Performance Measures of our Reportable Segments

We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices.

Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.

The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

The following table provides a reconciliation of total reportable segment Adjusted OIBDA to operating income and to loss before income taxes:

(a)Represents the Adjusted OIBDA of our corporate operations, which is not considered an operating segment of Liberty Latin America.

(b)Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.

Our programming and other direct costs of services by major category, which are further discussed below, are as follows:

Our other operating costs and expenses by major category, which are further discussed below, are as follows:

(a)Amounts represent total other operating costs and expenses as set forth in our condensed consolidated statements of operations. These amounts differ from significant operating costs and expenses reviewed by our CODM, which represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.

Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7.

Revenue by Geographic Market

The revenue from third-party customers for each of our geographic markets is set forth in the table below.

(a)The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks.

(b)The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

Revenue by Major Category

Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following:

•residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively;

•residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue; and

•B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators; and (ii) wholesale revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.

(a)Included in this amount is $23 million of revenue earned from other segments of Liberty Latin America.

(b)The total amount includes $56 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(a)Included in this amount is $23 million of revenue earned from other segments of Liberty Latin America.

(b)The total amount includes $49 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(a)Included in this amount is $46 million of revenue earned from other segments of Liberty Latin America.

(b)The total amount includes $116 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $13 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(a)Included in this amount is $45 million of revenue earned from other segments of Liberty Latin America.

(b)The total amount includes $99 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $12 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Significant Expenses

Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below. We consider these expenses significant because they are regularly provided to and reviewed by our CODM. Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments. Our significant expense categories include the following:

•Programming and other direct costs of services, which include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations;

•Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;

•Network-related expenses, which primarily include costs related to network access, system power, core network and CPE repair, maintenance and test costs;

•Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;

•Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; and

•Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs.