Liberty Latin America (LILA) Q4 2024 earnings summary

Executive summary

• Achieved nearly 100,000 fixed and mobile subscriber net adds in 2024, with strong growth in C&W Caribbean, Panama, and Costa Rica; Puerto Rico faced challenges but is set for recovery in 2025.

• Upgraded or passed approximately 400,000 homes with FTTH, making 97% of the network gigabit-ready by year-end 2024.

• Successfully refinanced $3.3 billion of C&W/CNW debt, extending over 75% of siloed debt maturity to 2032 and beyond.

• Focused on operational progress, subscriber momentum, and efficiency gains, with a strategic emphasis on Adjusted OIBDA growth and capital allocation optimization for 2025.

Financial highlights

• FY 2024 revenue was $4,457 million, down 1% year-over-year; Q4 revenue was $1,150 million, up 6% sequentially.

• FY 2024 Adjusted OIBDA reached $1.6 billion, down 6–7% year-over-year; Q4 Adjusted OIBDA was $427 million, up 6% sequentially.

• Adjusted FCF for FY 2024 was $61 million, down from $198 million in FY 2023; $116 million after partner distributions.

• Net loss attributable to shareholders was $657 million for FY 2024, mainly due to goodwill impairment in Puerto Rico.

• Full-year P&E additions were $725 million (16% of revenue), in line with targets.

Outlook and guidance

• 2025 focus on Adjusted OIBDA and FCF growth, leverage reduction, and Puerto Rico recovery.

• CapEx to revenue expected to drop to 14% in 2025 and 2026, reflecting completed network upgrades and lower CPE costs.

• Three-year targets for Adjusted OIBDA and FCF reaffirmed, with emphasis on returning Puerto Rico to growth.

• On track to reach nearly 100% gigabit-ready fixed network coverage in 2025.

• Targeting further improvement in leverage ratios and completion of the LCR transaction.