Liberty Latin America (LILA) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 performance with 9% rebased Adjusted OIBDA growth and 27% growth in Adjusted OIBDA less P&E additions year-over-year, despite headwinds from Hurricane Melissa in Jamaica.

• Added over 225,000 mobile postpaid subscribers in 2025, with record results in Costa Rica and rapid mobile recovery in Jamaica, driven by fixed-mobile convergence and prepaid to postpaid migrations.

• Maintained disciplined capital investment, with P&E additions at 14% of revenue, down from 16% in 2024.

• Strategic priorities for 2026 include rebuilding Jamaica, expanding subsea cable projects, driving fixed-mobile convergence, cost efficiency initiatives, and executing major network projects.

• Strategic partnership with AWS to enhance regional product offerings and cloud/AI services.

Financial highlights

• FY 2025 revenue was $4,442 million, flat year-over-year on a rebased basis; Q4 revenue was $1,160 million, up 1% rebased.

• Adjusted OIBDA for FY 2025 increased 9% to $1,706 million; Q4 Adjusted OIBDA was $451 million, up 8% rebased.

• Adjusted OIBDA margin expanded to 38.4% for FY 2025, up from 35.2% in FY 2024, improving by roughly 300 basis points.

• Adjusted OIBDA less P&E additions grew 27% year-over-year to $1,066 million, representing 24% of revenue.

• Adjusted free cash flow before partner distributions was $234 million for 2025, up 29% year-over-year.

Outlook and guidance

• Positive outlook for 2026, with commercial momentum and cash flow expansion expected, especially in H2 2026.

• Full recovery in Jamaica targeted by end of 2026 and pre-hurricane profitability by 2027.

• Continued focus on cost control, capital investment discipline, and free cash flow improvement.

• Anticipate ongoing growth in mobile postpaid and B2B, with fixed broadband growth offset by legacy product declines.