Liberty Latin America Ltd. (LILAK): Business Model Canvas [Dec-2025 Updated]

You're digging into Liberty Latin America Ltd.'s engine right now, and honestly, what you see is a telecom operator fighting hard to stitch together a fragmented region, focusing squarely on convergence and resilience. By late 2025, their core strategy is driving Fixed-Mobile Convergence (FMC) penetration past 30% while managing significant post-disaster rebuilds, a pressure reflected in the H1 2025 operating loss of $205 million. Still, the Q3 2025 revenue hit $1.1 billion, underpinned by $822 million in H1 Adjusted OIBDA, showing they are funding that essential fiber and 5G build-out through the business. Let's break down exactly how Liberty Latin America Ltd. is balancing this heavy infrastructure investment with delivering integrated value propositions across the Caribbean and Central America.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Key Partnerships

You're looking at the essential external relationships Liberty Latin America Ltd. (LLA) relies on to deliver its services across the region as of late 2025. These aren't just vendor agreements; they are strategic lifelines, especially when disaster strikes.

The partnership with Starlink Direct to Cell became critically important following Hurricane Melissa in October 2025. This collaboration provided emergency data, SMS, and text services to FLOW Jamaica customers when terrestrial networks failed. This marks the first such collaboration in the Caribbean between a traditional operator and a satellite provider for direct-to-mobile emergency connectivity. For context, Jamaica represented less than 10% of LLA's total revenue, which was $1.11 billion in Q3 2025.

When infrastructure needs repair, local coordination is key. Following the hurricane, Liberty Latin America confirmed working with partners like JPS on power and PTI on towers to expedite service restoration. This local utility support is vital, especially considering an estimated 75% of Jamaica lost electricity following the storm.

The backbone of Liberty Latin America's enterprise and wholesale segment, Liberty Networks, relies heavily on global technology providers for its expansive infrastructure. While specific Q3 2025 financial breakdowns for individual vendors aren't public, the scale of their network is significant:

Partner Category	Example Partners Mentioned	Network Scale/Metric
Network Infrastructure	Cisco, Huawei, Nokia	Nearly 50,000 kilometers of submarine fiber optic cable
Cloud/Infrastructure	AWS, Microsoft Azure	Liberty Networks is a Microsoft Direct Cloud Solution Provider for Azure/Microsoft 365

The relationship with cloud partners is driving digital transformation. Liberty Latin America is leveraging Amazon Web Services (AWS) for cloud-native architecture and AI/ML capabilities. This investment is showing concrete results; 25% of consumer sales now flow through these AWS-enabled digital channels. Furthermore, these digital platforms have maintained 99.999% availability. On the Microsoft side, Liberty Networks is part of the Direct Cloud Solution Provider program, allowing them to offer Microsoft Azure and Microsoft 365 services via direct billing and Managed Services.

For content delivery, bundling entertainment services remains a focus, particularly with major players like Netflix and Disney+. In October 2025, Disney+ fully integrated Hulu in Latin America, replacing the Star+ hub. Before this unification, Star+ held a 7-8% subscription market share in the region, while Disney+ was between 9% and 10% between 2023 and 2024. The company's overall mobile base is growing, evidenced by Q3 2025 seeing the highest postpaid additions in three years, pushing the consolidated mobile subscription base to 6.68 million by the end of September 2025.

These partnerships support the overall financial performance, which saw Liberty Latin America post reported revenue of $1.11 billion and Adjusted OIBDA of $433 million in Q3 2025. The rebased Adjusted OIBDA grew 7% YoY for both Q3 and Year-to-Date, resulting in an Adjusted OIBDA margin of 39% for the quarter.

Here are the key elements of the partnership ecosystem:

• Emergency Resilience: Starlink Direct to Cell for post-disaster mobile connectivity in Jamaica.
• Infrastructure Support: Local utility JPS for power restoration during recovery efforts.
• Digital Backbone: AWS supporting digital sales, which account for 25% of consumer sales.
• Enterprise Cloud: Microsoft Azure services offered through Liberty Networks' Direct Cloud Solution Provider status.
• Content Value: Disney+ integration of Hulu, following Star+ holding up to 10% market share.

Finance: draft 13-week cash view by Friday.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Key Activities

You're looking at the core engine room of Liberty Latin America Ltd. (LILAK) right now, which is all about keeping the pipes full and the service running across a complex footprint. The Key Activities section of the Business Model Canvas for Liberty Latin America Ltd. (LILAK) as of late 2025 centers on heavy infrastructure management, aggressive operational tuning, and maximizing customer bundles.

Operating and maintaining extensive fixed, mobile, and subsea fiber networks.

This is the foundation. Liberty Latin America Ltd. (LILAK) runs a massive physical footprint. They are still investing where they see opportunities, including rolling out new subsea cable systems to support future revenue. As of the close of 2024, a substantial 97% of their fixed networks were ready to deliver speeds of at least 1 Gbps, with plans to approach 100% coverage in 2025. This physical backbone spans approximately 50,000 kilometers of subsea and terrestrial fiber, connecting over 30 markets. Furthermore, they had already launched 5G networks in 15 major cities across Latin America and the Caribbean as of 2024. Liberty Networks, the wholesale division, is expanding its physical reach, adding new Points of Presence (PoPs) in Merida, Mexico, and Quetzaltenango, Guatemala, in Q1 2025, bringing their total wholesale PoPs to 94. The network investment is paying off in the wholesale segment; Liberty Networks reported 6% YoY rebased revenue growth in Q3 2025, fueled by growth in subsea capacity revenue. That's a concrete result from keeping the infrastructure current.

Here's a quick look at how the operational and efficiency drives are translating into financial results through Q3 2025:

Metric	Period/Date	Value
Rebased Adjusted OIBDA Growth (YoY)	Q3 2025 & YTD (Nine Months)	7%
Adjusted OIBDA Margin	Q3 2025	39%
Operating Income	Q1 2025 (Three Months)	$128 million
Operating Income Growth (YoY)	Q1 2025	38%
Liberty Caribbean Rebased Adjusted OIBDA Growth (YoY)	Q3 2025	10%
Liberty Puerto Rico Rebased Adjusted OIBDA Growth (YoY)	Q2 2025	21%

Executing aggressive cost reduction and efficiency programs across all segments.

You can't just grow the top line in this business; you have to tune the operations, and Liberty Latin America Ltd. (LILAK) is clearly driving this hard. The solid execution on cost reduction is what helped maintain that 7% YoY rebased Adjusted OIBDA expansion through Q3 2025. The focus is group-wide, with cost reduction programs currently in flight that are planned to carry on into 2026. The margin improvement is visible: Liberty Caribbean saw its margin jump by ~300 basis points in Q3 2025. The company is also focused on lowering capital intensity, which is a key part of the efficiency story. They are aiming for significant Adjusted OIBDA and Adjusted Free Cash Flow before distribution expansion in 2025.

Driving Fixed-Mobile Convergence (FMC) penetration to over 30% in key markets.

This bundling strategy is a major activity driving commercial momentum. As of Q1 2025, FMC penetration was already over 30% across key markets. This focus is directly supporting mobile strength; postpaid additions in Q3 2025 were the highest in three years. The subscriber capture is strong: in Q1 2025, they added close to 60,000 organic broadband and postpaid mobile net additions across C&W Caribbean, C&W Panama, and Liberty Costa Rica, which was a greater than 50% increase compared to Q4 2024. For the first half of 2025 (H1 2025), the total net organic broadband and postpaid additions reached just over 100,000. This stickiness helps stabilize revenue.

Developing and launching new customer value propositions like Liberty Mix.

To capitalize on the FMC push, Liberty Latin America Ltd. (LILAK) launched an attractive postpaid CVP (Customer Value Proposition) in Q3 2025. While the search results confirm the launch of a new CVP, they don't explicitly state that 'Liberty Mix' is the name of the one launched in Q3 2025. This activity is designed to increase customer value and leverage the convergence strategy. The B2B segment also saw better momentum, delivering 14% rebased growth in Q3 2025, largely due to higher revenue from large enterprise and government projects.

Repairing and rebuilding critical communications infrastructure post-hurricane.

A critical, non-routine activity in late 2025 involves disaster recovery. The company highlighted the toll Hurricane Melissa took on Caribbean communities, especially in Jamaica. A key activity is the ongoing effort to repair and rebuild critical communications infrastructure to help drive rapid economic recovery there. To aid communications during this difficult period, they also launched a collaboration with Starlink to deliver a direct-to-cell satellite service. On the financial side of recovery, Liberty Latin America Ltd. (LILAK) expects to receive proceeds from its weather derivative in Q4 2025, which will further support these recovery efforts.

Finance: draft 13-week cash view by Friday.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Key Resources

The foundation of Liberty Latin America Ltd.'s (LILAK) business rests on substantial, geographically specific physical and financial assets.

The core financial engine for operations and investment in H1 2025 was the $822 million in Adjusted OIBDA reported for the six months ended June 30, 2025.

The company's physical infrastructure includes a unique subsea and terrestrial fiber network that spans the Caribbean and Central America, which is a key asset post-separation of Liberty Puerto Rico. This network supports connectivity for carriers, MNCs, ISPs, and Hyperscalers.

Key subscriber and asset metrics as of late 2025 reflect the scale of this network:

Metric	As of September 30, 2025
Mobile Subscribers	6.7 million
Fixed RGUs (Revenue Generating Units)	4.0 million
Homes Passed	Data not specified for September 30, 2025

The mobile and fixed assets are further characterized by commercial integration efforts:

• Fixed-Mobile Convergence (FMC) penetration exceeded 30% across key markets as of March 31, 2025.
• The company continues investment in the roll out of new subsea cable systems.

Licensed spectrum and mobile network assets are critical, evidenced by the significant financial event in H1 2025. The company recorded a $494 million impairment associated with spectrum license intangible assets specifically at Liberty Puerto Rico during the six months ended June 30, 2025. This suggests a substantial historical investment in these valuable, regulated assets across its operating footprint.

Intellectual property and shared platforms from the wider Liberty Global group provide operational efficiencies and technology leverage. This access supports the ongoing focus on cost efficiencies across the Group.

Risk mitigation is supported by proceeds from weather derivative insurance, which provides rapid capital for recovery in catastrophe-exposed regions. For instance, following Hurricane Melissa in late 2025, Liberty Latin America anticipated receiving approximately $81 million in third-party proceeds during Q4 2025 to rebuild impacted network components. This follows a previous $44 million payout received in 2024 after Hurricane Beryl activated similar parametric coverage.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Value Propositions

You're looking at how Liberty Latin America Ltd. (LILAK) delivers distinct value to its customers across its footprint in the Caribbean and Latin America as of late 2025. The core of their offering is built around bundling services and aggressively upgrading the underlying network infrastructure.

Integrated fixed and mobile bundles (FMC) for simplicity and value

Liberty Latin America Ltd. heavily pushes Fixed-Mobile Convergence (FMC) as a key differentiator. This strategy aims to simplify billing and increase customer stickiness by offering combined packages.

The penetration rate for FMC across key markets was reported as greater than 30% as of the first quarter of 2025. This focus is clearly driving subscriber growth; in Q1 2025 alone, the company added close to 60,000 organic broadband and postpaid mobile net subscriber additions across the C&W Caribbean, C&W Panama, and Liberty Costa Rica segments. For the first half of 2025, total net organic additions across these core segments reached just over 100,000. The success of this bundling is evident in the Q3 2025 results, where Liberty Caribbean's performance benefited from the continued strategic focus on FMC initiatives.

High-speed broadband internet and next-generation mobile networks (5G infrastructure)

A significant value proposition is the commitment to next-generation speed and capacity. By the end of 2024, 97% of Liberty Latin America Ltd.'s fixed networks were already capable of delivering speeds of at least 1 Gbps, with the goal to reach nearly 100% coverage in 2025.

On the mobile side, Liberty Costa Rica is leading the charge on 5G Standalone (5G SA) deployment. In July 2025, they announced a contract with Ericsson to deploy over 1,400 5G SA network sites. This deployment is set to benefit more than 3.7 million subscribers across the entire national territory of Costa Rica. Liberty Costa Rica invested US$16.2 million to secure the necessary 5G spectrum blocks. Across the region, as of September 2025, 11 operators in six countries are actively investing in 5G SA networks.

Tailored postpaid mobile plans, such as the new multi-line bundle Liberty Mix

To capture and retain high-value mobile customers, Liberty Latin America Ltd. is rolling out specific plans. The introduction of the new postpaid customer value proposition, Liberty Mix, occurred in July 2025, with expectations that it would help support commercial momentum through the second half of the year. This focus on postpaid is paying dividends; in Q3 2025, postpaid additions were the highest in three years, led by Costa Rica. Liberty Caribbean saw its residential mobile revenue increase by 6% year-over-year on a rebased basis in Q2 2025, driven by postpaid additions and price increases.

Enterprise-grade connectivity, data center, and managed IT solutions for B2B

The enterprise segment, often channeled through Liberty Networks, provides essential connectivity and managed services. Liberty Networks saw its revenue increase by 6% in Q3 2025, fueled by growth in both wholesale and enterprise businesses, particularly subsea capacity revenue. The company expanded its wholesale footprint in Q1 2025, establishing new Points of Presence (PoPs) in Merida, Mexico, and Quetzaltenango, Guatemala, bringing the total wholesale PoPs to 94. While B2B momentum improved in Q3 2025, it is worth noting that overall B2B revenue saw a significant decline of 18% year-over-year in Q2 2025, largely due to the comparison against a strong project revenue period in the prior year.

Here's a quick look at some key operational metrics supporting these value propositions as of late 2025:

Metric	Segment/Area	Value/Period End	Context
Fixed Network 1 Gbps Coverage	Overall Fixed Network	Approaching 100% (Target for 2025)	Upgraded infrastructure for high-speed broadband
5G SA Network Sites Deployed	Liberty Costa Rica	Over 1,400 sites	In partnership with Ericsson, launched July 2025
FMC Penetration	Key Markets	Greater than 30%	As of Q1 2025
H1 2025 Net Subscriber Additions	Broadband & Postpaid Mobile (Excl. PR)	Just over 100,000	Combined organic additions across three key segments
Q3 2025 Rebased Adjusted OIBDA Growth	Liberty Caribbean	11% Year-over-Year	Driven by efficiency and FMC
Wholesale PoPs	Liberty Networks	94 Total	Reflecting B2B/Enterprise expansion as of Q1 2025

Resilient, defintely essential, communications during natural disasters

Liberty Latin America Ltd.'s value proposition extends to ensuring connectivity even when facing severe weather events, a critical need in the Caribbean. The company actively works to restore and maintain essential services following major storms.

The impact of Hurricane Melissa in Q3 2025, particularly in Jamaica, necessitated immediate infrastructure repair. In response, the company launched a collaboration with Starlink to deploy a direct-to-cell satellite service to further aid essential communications for customers during this difficult period. Furthermore, to support recovery efforts, Liberty Latin America Ltd. anticipates receiving proceeds from its weather derivative in Q4 2025. The prior year's Hurricane Beryl also caused adverse effects, with fixed residential revenue in Liberty Caribbean declining due to the impact of that storm in Q3 2024.

• Postpaid additions in Q3 2025 were the highest in three years.
• Rebased Adjusted OIBDA growth for the Group was 7% YoY in Q3 2025.
• Liberty Puerto Rico stabilized its business, driving 21% YoY rebased Adjusted OIBDA growth in Q2 2025.
• The company maintained its guidance of a 14% capex-to-revenues ratio for 2025.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Customer Relationships

You're looking at how Liberty Latin America Ltd. (LILA) manages its diverse customer base across the Caribbean and Latin America as of late 2025. It's a mix of high-touch service for big players and digital scaling for the masses, all while trying to win back trust.

Dedicated account management for large enterprise and government B2B clients is clearly a priority, especially given the expected H2 2025 catalyst from the B2B segment. While specific account manager headcounts aren't public, the focus is evident in the Liberty Networks segment, where enterprise revenue continues to benefit from managed services and B2B connectivity, as noted in Q1 2025 results. This high-touch approach is critical because, despite this focus, reported B2B revenue fell by 30% year-over-year in Q2 2025 on both reported and rebased bases, largely due to fewer project approvals compared to the prior year.

The company is definitely focused on improving Net Promoter Score (NPS) to rebuild customer trust. This is an internal metric driving operational focus, though Liberty Latin America Ltd. (LILA) hasn't publicly disclosed the latest NPS figures or the specific percentage improvement achieved through late 2025. The effort is tied to overall customer base management, which helped maintain a rebased Adjusted OIBDA expansion of 7% year-over-year through Q3 2025.

You see direct results in the postpaid churn reduction efforts, which have trended favorably in 2025. This positive trend supported mobile revenue growth. For example, Liberty Caribbean reported 41,000 net organic postpaid subscriber additions over the twelve months leading up to Q2 2025. Furthermore, Q3 2025 saw postpaid additions that were the highest in three years, led by strength in Costa Rica.

Driving scale through digital channels is key, seen in the focus on self-service and digital engagement to drive incremental gross adds. A major indicator of this digital bundling success is the Fixed-Mobile Convergence (FMC) penetration, which stood at over 30% across key markets as of Q1 2025. This strategy is clearly working to grow the base; Liberty Latin America Ltd. (LILA) added just over 100,000 net organic broadband and postpaid additions across Liberty Caribbean, C&W Panama, and Liberty Costa Rica in H1 2025.

For traditional support and sales, Liberty Latin America Ltd. (LILA) still relies on retail stores and call centers. These channels support the broader commercial momentum, which resulted in Liberty Latin America Ltd. (LILA) reporting a return to positive Operating Income in Q3 2025. The company's overall operational efficiency is reflected in the Adjusted OIBDA margin hitting 39% for the third quarter of 2025.

Here's a quick look at the commercial momentum supporting these relationship efforts through the first three quarters of 2025:

Metric	Value/Period	Source Context
Net Organic Broadband & Postpaid Additions (H1 2025)	>100,000	Across Liberty Caribbean, C&W Panama, and Liberty Costa Rica
Postpaid Additions (Q3 2025)	Highest in three years	Led by Costa Rica
Fixed-Mobile Convergence (FMC) Penetration	>30%	As of Q1 2025
Adjusted OIBDA Margin (Q3 2025)	39%	Sequential growth from all operating segments
Liberty Caribbean Postpaid Net Adds (Last 12 Months to Q2 2025)	41,000	Net organic additions

The relationship strategy also involves rapid response to external events. Following Hurricane Melissa in Q3 2025, Liberty Latin America Ltd. (LILA) launched a collaboration with Starlink to deliver a direct-to-cell satellite service to aid essential communications for customers in the Caribbean.

The customer base growth and management efforts are summarized by these key subscriber and service metrics:

• Organic broadband and postpaid mobile net adds in Q1 2025 were over 40,000.
• Liberty Caribbean mobile residential revenue increased by 6% rebased year-over-year in Q2 2025.
• Liberty Costa Rica mobile revenue growth was driven by postpaid subscriber increases in Q2 2025.
• The company expects to receive weather derivative proceeds in Q4 to support recovery efforts following the storm.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Channels

You're looking at how Liberty Latin America Ltd. (LILAK) gets its services-broadband internet, telephony, mobile, and digital video-into the hands of its residential and business customers, plus how it handles its wholesale network sales. The channels are a mix of physical presence and digital reach across its operating territories.

Direct sales force and retail stores across the operating territories.

Liberty Latin America serves customers across more than 20 countries in Latin America and the Caribbean. This physical reach is managed through consumer brands like BTC, Flow, Liberty, and Más Móvil. The direct sales force and retail footprint are essential for closing complex B2B deals and providing in-person support for consumer services, especially in markets where digital adoption for sales is still maturing.

• Operating under consumer brands: BTC, Flow, Liberty, Más Móvil.
• Serving over 20 countries across the region.
• B2B growth in C&W Panama was driven by large enterprise and government projects.

Digital platforms and online channels for sales and customer care.

Digital engagement is a clear priority, especially as the company pushes its Fixed-Mobile Convergence (FMC) strategy. This channel supports both new customer acquisition and ongoing customer care, helping to drive operational leverage. For instance, in Q1 2025, FMC penetration across key markets was reported at over 30% year-over-year. The commercial momentum in Q3 2025, which led to year-over-year rebased revenue growth, was supported by strong mobile business performance and postpaid additions.

Here's a look at the subscriber momentum feeding through these channels in the first half of 2025:

Metric	Period Ending	Value	Notes
Organic Broadband and Postpaid Net Adds (Excl. PR)	Q1 2025	Close to 60,000	Over 50% increase vs. Q4 2024
Organic Broadband and Postpaid Net Adds (Excl. PR)	H1 2025	Just over 100,000	Across Liberty Caribbean, C&W Panama, and Liberty Costa Rica
Group Adjusted OIBDA Margin	Q3 2025	39%	Sequential growth from Q2 2025

The company saw its strongest quarterly postpaid additions in three years in Q3 2025, led by Costa Rica. That's real traction.

Wholesale channel for subsea capacity and network lease to other carriers.

The Liberty Networks segment is a key channel for wholesale revenue, leveraging the subsea and terrestrial fiber optic network that connects more than 30 markets in the region. This channel showed strong performance in Q3 2025. Revenue growth here is directly tied to capacity sales, which is a high-margin business when executed well.

In Q3 2025, Liberty Networks reported:

• Rebased revenue growth of 6% year-over-year.
• Rebased Adjusted OIBDA growth of 10% year-over-year.
• Wholesale segment specifically saw 5% rebased revenue growth, driven by subsea capacity revenue.
• Reported revenue for the segment was $117 million.

This segment is definitely a growth engine, posting its best quarterly rebased revenue growth in about two years.

Field technicians and installation teams for fixed services deployment.

The deployment channel relies heavily on field technicians for the physical installation and maintenance of fixed services, like fiber-to-the-home (FTTH) and upgrades. The company has been focused on network enhancement, targeting near 100% of its fixed network to deliver 1 Gbps speeds by the close of 2025. This requires significant coordination from installation teams.

Key deployment metrics related to this channel include:

• Targeting near 100% fixed network delivery of 1 Gbps by 2025.
• Expansion of wholesale Points of Presence (PoPs) reached 94 by Q1 2025.
• Investment in rolling out new subsea cable systems to drive future revenue.
• Management is focused on lowering capital intensity, targeting a CapEx-to-revenue ratio of 14% over the next few years, down from the current 16%.

The deployment efforts are supported by a strategic goal to reduce capital intensity, meaning the field teams are working more efficiently on upgrades rather than broad, new build-outs, outside of strategic subsea projects.

Finance: draft 13-week cash view by Friday.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Customer Segments

Liberty Latin America Ltd. serves a broad base of customers across its operating footprint, segmented into residential consumers, businesses of various sizes, and wholesale partners.

Residential customers constitute a core segment, receiving integrated service offerings including fixed services like video, broadband, and telephony, alongside mobile subscriptions. Across all operations, Liberty Latin America Ltd. ended Q2 2025 with over 10.6 million mobile and fixed accesses in total. The focus on Fixed-Mobile Convergence (FMC) is strong, with penetration exceeding 30% in key markets as of Q1 2025. Commercial momentum in Q3 2025 was marked by the highest quarterly mobile postpaid additions in three years across the group. For instance, in Liberty Caribbean, residential mobile revenue saw a rebased increase of 2% year-over-year in Q3 2025. Liberty Costa Rica's rebased growth in Q3 2025 was also supported by higher residential mobile revenue. In contrast, Liberty Puerto Rico experienced a 7% rebased decrease in residential mobile revenue in Q3 2025.

The Business-to-Business (B2B) segment targets small/medium enterprises, large enterprises, and government agencies with specialized connectivity, data center, hosting, managed solutions, and IT support. Momentum in the B2B segment improved in Q3 2025 following prior challenges. Liberty Caribbean reported a rebased B2B revenue increase of 2% in Q3 2025. However, Liberty Puerto Rico's B2B revenue saw a significant rebased decline of 16% in Q3 2025. Liberty Networks, which serves the enterprise business, reported a 6% year-over-year rebased revenue growth in Q3 2025, fueled by enterprise expansion and subsea capacity revenue.

Wholesale customers primarily consist of other mobile network operators that lease subsea capacity from Liberty Latin America Ltd.'s Liberty Networks segment. Liberty Latin America Ltd. supports over 8 million mobile subscribers across Latin America and the Caribbean and manages wholesale operations across 21 countries. The Liberty Networks segment's rebased revenue grew by 6% year-over-year in Q3 2025, with wholesale revenue expansion being a key driver.

The company's customer base is spread across geographically diverse markets, which are often managed as distinct operational silos. The performance and customer dynamics vary significantly by region, as shown by the following data points from recent quarters:

Geographic Market	Reported Revenue (Q2 2025)	Rebased Revenue Change (Q3 2025 vs. Prior Year)	Key Segment Trend (Latest Data)
Liberty Puerto Rico	US$301 million (Q2 2025)	-5% (Reported Revenue for 9 months ended Sept 30, 2025)	B2B revenue declined 16% rebased in Q3 2025.
C&W Panama	US$177 million (Q2 2025)	3% (Reported Revenue for Q3 2025)	Added organic broadband and postpaid mobile net subscribers in H1 2025.
Liberty Caribbean	N/A	3% (Reported and Rebased Revenue for Q3 2025)	Residential mobile revenue increased 2% rebased in Q3 2025.
Liberty Costa Rica	US$151 million (Q2 2025)	6% (Reported Revenue for Q3 2025)	Led postpaid additions in Q3 2025.

The operational structure for customer engagement involves distinct strategies for each geography. For instance, C&W Caribbean saw its mobile residential revenue increase by 5% rebased in Q1 2025, driven by prepaid ARPU following price increases, primarily in Jamaica. Liberty Costa Rica's Q3 2025 rebased revenue growth of 3% was primarily from residential mobile revenue. You should note that Liberty Puerto Rico's Q1 2025 revenue decline of 11% rebased was partially due to the acquisition of EchoStar's prepaid mobile customer base in the prior year, which contributed approximately $10 million of revenue in each quarter.

The company's customer base is served through various brands, including BTC, Flow, Liberty, and Más Móvil, across its operating regions.

• Residential customers seek integrated entertainment and communication packages.
• B2B customers require specialized connectivity and IT solutions.
• Wholesale partners lease subsea capacity and network access.
• Organic net additions in H1 2025 totaled just over 100,000 across Liberty Caribbean, C&W Panama, and Liberty Costa Rica.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Cost Structure

You're looking at the cost side of Liberty Latin America Ltd. (LILAK) for late 2025, and honestly, the numbers show a business heavily investing in its future while managing the fallout from specific, large write-downs. The most immediate financial marker is the H1 2025 operating loss of $205 million.

This loss isn't just day-to-day spending; it was primarily driven by a significant, non-cash event: a $494 million impairment charge related to spectrum intangible assets at Liberty Puerto Rico, which you need to factor in when assessing recurring operational costs. Still, the underlying business showed operating leverage, with Adjusted OIBDA growing 8% year-over-year for the first half.

Here's a quick look at how the top and bottom lines framed the cost environment for the first six months of 2025:

Metric	H1 2025 Amount	Context
Revenue	$2,170 million	Reported revenue for the six months ended June 30, 2025.
Adjusted OIBDA	$822 million	Reflecting 8% year-over-year rebased growth.
Operating Income (Loss)	($205 million)	The reported operating loss for the six months ended June 30, 2025.
Q2 2025 P&E Additions	$150 million	Reflecting ongoing network investment in the second quarter.

Network infrastructure capital expenditure (CapEx) remains a major structural cost, though management is actively trying to dial it back. The target for Property and Equipment (P&E) additions is now 14% of revenue over the next few years, a reduction from the previous 16% level, signaling a shift from heavy build-out to optimization. You see this investment continuing in specific markets; for instance, Liberty Costa Rica invested $32.5 million in the first six months of 2025 for its network build, including 5G deployment and fiber-to-the-home expansion.

Significant operating expenses (OpEx) for network maintenance and commercial activities are baked into the cost base, but the focus is clearly on driving efficiency to improve margins. The company noted cost reduction activities across the Group to benefit from operating leverage. While specific dollar amounts for content acquisition or total employee salaries and benefits across all regional operations aren't broken out in the H1 reports, the general theme is cost discipline supporting Adjusted OIBDA momentum. Employee costs are inherently high given the multi-regional footprint spanning the Caribbean, Panama, and Costa Rica.

Here are the concrete data points related to cost control and investment activity:

• The company expects capital intensity to decline more broadly across the Group.
• Cost reduction efforts contributed to an improvement in the consolidated adjusted OIBDA margin, expanding by 340 basis points year-over-year in H1 2025.
• Liberty Costa Rica secured $100 million in financing specifically for 5G and fiber optic network deployment.
• In Costa Rica's 5G spectrum auction, each operator, including Liberty, agreed to pay $16.2 million for frequencies.
• Liberty Caribbean's Adjusted OIBDA growth was supported by efficiency initiatives.

Finance: review the Q3 2025 P&E spend against the 14% of revenue target by next Tuesday.

Liberty Latin America Ltd. (LILAK) - Canvas Business Model: Revenue Streams

You're looking at how Liberty Latin America Ltd. (LILAK) brings in the money as of late 2025. The core of the business is still built around connectivity subscriptions for homes and mobile users, but the growth story is definitely shifting.

Residential subscription revenue from fixed services like broadband and video, alongside mobile services, forms the base. You see the company pushing Fixed-Mobile Convergence (FMC) hard, which helps lock in customers. For instance, in Liberty Caribbean during Q3 2025, fixed residential revenue was up 5% on a rebased basis, while both residential mobile and B2B revenue saw a 2% rebased increase. Also, Liberty Costa Rica saw residential mobile revenue growth driven by postpaid subscriber additions.

Business-to-Business (B2B) revenue from enterprise connectivity and managed services is showing better momentum now. After a tough Q1 2025 where B2B revenue declined, Q3 2025 saw revenue helped by better momentum in this segment. To be fair, Liberty Puerto Rico's B2B revenue still saw a 16% decline on a rebased basis in Q3, which is a specific challenge there.

Wholesale revenue from subsea capacity and network lease is a key growth area for Liberty Networks. This segment reported revenue increasing 6% year-over-year on both reported and rebased bases in Q3 2025, with subsea capacity revenue fueling that performance. They are still investing in new subsea cable systems to drive future revenue.

Mobile equipment sales revenue is also a component, showing up as a driver in specific markets like Liberty Costa Rica. It's a smaller piece, but it contributes to the overall top line when handset sales are strong.

The most recent snapshot shows Liberty Latin America Ltd. (LILAK) reported Q3 2025 revenue of $1.1125 billion, which represented a sequential uplift from the prior quarter. Here's a quick look at how the reported revenue for Q3 2025 compared sequentially:

Metric	Q3 2025 Revenue (USD Millions)	Q2 2025 Revenue (USD Millions)
Total Revenue	1112.50	1086.70

You can see the segment performance driving that total number in Q3 2025:

• Liberty Caribbean rebased fixed residential revenue growth: 5%.
• Liberty Caribbean rebased residential mobile and B2B revenue growth: 2% each.
• Liberty Networks reported and rebased revenue growth: 6%.
• Liberty Puerto Rico rebased revenue decline: 5%.
• Postpaid mobile additions in Q3 were the highest in three years across the group.

Finance: draft 13-week cash view by Friday.