LILAK

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q. The following discussion and analysis, which should be read in conjunction with our 2025 Form 10-K and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q, is intended to assist in providing an understanding of our financial condition, changes in financial condition and results of operations and is organized as follows: •Forward-looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events. •Overview. This section provides a general description of our business and recent significant events. •Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and six months ended June 30, 2026 and 2025. •Material Changes in Financial Condition. This section provides an analysis of our liquidity, condensed consolidated statements of cash flows and contractual commitments. Unless otherwise indicated, operational data (including subscriber statistics) is presented as of June 30, 2026. Forward-looking Statements Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report on Form 10-Q are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 3. Quantitative and Qualitative Disclosures About Market Risk, Item 4. Controls and Procedures and Part II, Item 1. Legal Proceedings may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; our property and equipment additions; grants or renewals of licenses; subscriber growth and retention rates; the impact of Hurricane Melissa on our business; changes in competitive, regulatory and economic factors; the recovery by our Puerto Rico operations; changes in our revenue, costs, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; credit risks; interest rate risks; internal control over financial reporting and remediation of material weaknesses; foreign currency risks; compliance with debt, financial and other covenants; our future projected sources and uses of cash; the outcome of pending litigation; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described in Part I, Item 1A in our 2025 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events: •economic and business conditions and industry trends in the countries in which we operate; •the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services; •fluctuations in currency exchange rates, inflation rates and interest rates; •our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms; •our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services; •instability in global financial markets, including sovereign debt issues and related fiscal reforms; •our ability to obtain additional financing and generate sufficient cash to meet our debt obligations; •the impact of restrictions contained in certain of our subsidiaries’ debt instruments; 38 •consumer disposable income and spending levels, including the availability and amount of individual consumer debt; •changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes; •customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future; •our ability to manage rapid technological changes; •the impact of 5G and wireless technologies; •our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber; •our ability to provide satisfactory customer service, including support for new and evolving products and services; •our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; •the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital; •changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings; •government intervention that requires opening our broadband distribution networks to competitors; •our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services; •our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions; •our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire; •changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes; •changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks; •the ability of suppliers and vendors, including third-party channel providers and broadcasters, to timely deliver quality products, equipment, software, services and access; •the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters; •uncertainties inherent in the development and integration of new business lines and business strategies; •our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs; •the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions; •problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities; •our ability to profit from investments in joint ventures that we do not solely control; 39 •the effect of any of the identified material weaknesses in our internal control over financial reporting; •piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation; •the outcome of any pending or threatened litigation, such as the financing transaction litigation described in Part II, Item 1. Legal Proceedings; •the loss of key employees and the availability of qualified personnel; •the effect of any strikes, work stoppages or other industrial actions that could affect our operations; •changes in the nature of key strategic relationships with partners and joint venturers; •our equity capital structure; •our ability to realize the full value of our intangible assets and the impact of any impairments; •changes in and compliance with applicable data privacy laws, rules, and regulations; •our ability to recoup insurance reimbursements and settlements from third-party providers; •our ability to comply with anti-corruption laws and regulations, such as the FCPA; •our ability to comply with economic and trade sanctions laws, such as the U.S. Treasury Department’s OFAC; •the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena; and •events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes and other natural disasters, pandemics like the COVID-19 pandemic, and other similar events. The communications, entertainment and enterprise solutions sectors are characterized by rapid, constant evolution and, therefore, the forward-looking statements of expectations, plans and intent in this Quarterly Report on Form 10-Q are subject to a significant degree of risk. These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law. Readers are cautioned not to place undue reliance on any forward-looking statement. 40 Overview General 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 through two 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. At June 30, 2026, we (i) owned and operated fixed networks that passed 4,795,200 homes and served 3,883,500 RGUs, comprising 1,760,400 broadband internet subscribers, 1,212,500 fixed-line telephony subscribers and 910,600 video subscribers and (ii) served 6,759,800 mobile subscribers. Hurricane Melissa In late October 2025, the island of Jamaica was impacted by Hurricane Melissa with significant damage to homes, businesses and infrastructure, particularly in the southwest of the island, and moderate damage in the northwest. The capital city, Kingston, and other urban areas in the east were less impacted. As of June 30, 2026, we still have approximately 38,000 RGUs, which is comprised of 19,000 broadband internet, 15,000 fixed-line telephony, and 4,000 video subscribers, that continue to be offline and are expected to be back online in the near term. This is an improvement of approximately 48,000 RGUs as compared to the approximately 86,000 RGUs that were not receiving service as of December 31, 2025. As a result of the impact of Hurricane Melissa, we incurred lower revenue during the three and six months ended June 30, 2026 and expect to incur lower revenue, for our Liberty Caribbean segment, during the remainder of 2026 relative to 2025 pre-hurricane period. This decrease is predominantly due to lower fixed connectivity that has been offline for a period of time together with the impact of subscriber losses. We continue to work hard to restore connectivity, but there can be no guarantee as to the cadence of future reconnections or the pace and magnitude of future revenue recovery. In addition, we expect to continue to incur additional property and equipment additions as we restore damaged networks. For the three and six months ended June 30, 2026, Hurricane Melissa had negative impacts to (i) revenue of approximately $8 million and $20 million, respectively, and (ii) Adjusted OIBDA of approximately $8 million and $22 million, respectively. The three and six months ended totals exclude a benefit of approximately $2 million and $8 million, respectively, of revenue for services rendered to customers immediately following the hurricane that was believed to be uncertain of collection in 2025. Additionally, we incurred incremental property and equipment additions of approximately $12 million and $25 million as a result of Hurricane Melissa during the three and six months ended June 30, 2026, respectively. Material Changes in Results of Operations The comparability of our operating results during the three and six months ended June 30, 2026 and 2025 is affected by FX. As we use the term, “organic” changes exclude FX. Changes in foreign currency exchange rates may have a significant impact on our operating results, as Liberty Costa Rica and certain entities within C&W have functional currencies other than the U.S. dollar. The impacts to the various components of our results of operations that are attributable to changes in FX are highlighted below. For information concerning our foreign currency risks and applicable foreign currency exchange rates, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Rates below. The amounts presented and discussed below represent 100% of the revenue and expenses of each segment 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 41 of C&W and 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. We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments. Any cost increases that we are not able to pass on to our subscribers would result in increased pressure on our operating margins. Operating Income or Loss The following tables set forth the organic and non-organic changes in the components of operating income or loss during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Revenue $ 1,102.6 $ 1,086.7 $ 15.9 $ 21.4 $ (5.5) Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): Programming and other direct costs of services 229.0 232.4 (3.4) 4.3 (7.7) Other operating costs and expenses 450.4 452.6 (2.2) 9.3 (11.5) Depreciation and amortization 226.1 217.5 8.6 4.3 4.3 Impairment, restructuring and other operating items, net 15.9 517.2 (501.3) 0.1 (501.4) 921.4 1,419.7 (498.3) 18.0 (516.3) Operating income (loss) $ 181.2 $ (333.0) $ 514.2 $ 3.4 $ 510.8 Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Revenue $ 2,185.4 $ 2,170.2 $ 15.2 $ 31.6 $ (16.4) Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): Programming and other direct costs of services 464.5 465.0 (0.5) 6.5 (7.0) Other operating costs and expenses 924.2 930.9 (6.7) 14.3 (21.0) Depreciation and amortization 443.2 446.3 (3.1) 5.8 (8.9) Impairment, restructuring and other operating items, net 27.1 532.9 (505.8) 0.2 (506.0) 1,859.0 2,375.1 (516.1) 26.8 (542.9) Operating income (loss) $ 326.4 $ (204.9) $ 531.3 $ 4.8 $ 526.5 As reflected in the tables above, there were increases to our operating income for the three and six months ended June 30, 2026 as compared with the corresponding periods in 2025. For further discussion and analysis of organic changes in revenue and operating costs and expenses, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below. For further discussion and analysis of changes in Depreciation and amortization, and Impairment, Restructuring and other operating items, net, see Results of Operations (below Adjusted OIBDA) sections below. 42 Consolidated Adjusted OIBDA On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. 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 (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. 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. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. A reconciliation of total operating income, the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below. Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 in millions Operating income (loss) $ 181.2 $ (333.0) $ 326.4 $ (204.9) Share-based compensation and other Employee Incentive Plan-related expense 12.8 13.3 44.4 47.3 Depreciation and amortization 226.1 217.5 443.2 446.3 Impairment, restructuring and other operating items, net 15.9 517.2 27.1 532.9 Consolidated Adjusted OIBDA $ 436.0 $ 415.0 $ 841.1 $ 821.6 The following tables set forth the organic and non-organic changes in Adjusted OIBDA during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment eliminations Consolidated in millions Adjusted OIBDA for the three months ending: June 30, 2025 $ 173.8 $ 68.6 $ 60.8 $ 87.0 $ 54.0 $ (29.2) $ — $ 415.0 Organic changes related to: Revenue (5.6) (0.4) 12.0 (13.8) 0.4 (0.2) 2.1 (5.5) Programming and other direct costs (2.5) 0.7 (2.5) 13.1 1.1 — (2.2) 7.7 Other operating costs and expenses (1.9) (3.5) (4.0) 6.4 2.0 12.3 (0.3) 11.0 Non-organic changes related to: FX 0.7 — 0.4 — 6.3 — 0.4 7.8 June 30, 2026 $ 164.5 $ 65.4 $ 66.7 $ 92.7 $ 63.8 $ (17.1) $ — $ 436.0 43 Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment eliminations Consolidated in millions Adjusted OIBDA for the six months ending: June 30, 2025 $ 347.1 $ 133.2 $ 118.7 $ 168.5 $ 112.9 $ (58.8) $ — $ 821.6 Organic changes related to: Revenue (15.3) (1.9) 19.8 (16.0) (6.6) (0.6) 4.2 (16.4) Programming and other direct costs 0.6 3.1 (10.8) 14.0 5.4 — (5.3) 7.0 Other operating costs and expenses (5.3) (5.3) (6.6) 17.3 (0.2) 17.5 0.7 18.1 Non-organic changes related to: FX 0.8 — 0.8 — 8.8 — 0.4 10.8 June 30, 2026 $ 327.9 $ 129.1 $ 121.9 $ 183.8 $ 120.3 $ (41.9) $ — $ 841.1 Adjusted OIBDA Margin The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 % Liberty Caribbean 45.5 47.4 45.8 47.5 C&W Panama 37.0 38.7 36.6 37.6 Liberty Networks 51.2 53.1 48.4 52.8 Liberty Puerto Rico 32.2 28.9 31.5 28.1 Liberty Costa Rica 37.9 35.7 36.8 36.5 Adjusted OIBDA Margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses. Revenue Most of our segments derive their revenue primarily from (i) residential fixed services, including video, broadband internet and fixed-line telephony, (ii) mobile services and (iii) B2B enterprise services. Liberty Networks also provides wholesale services over its subsea and terrestrial fiber optic cable networks. While not specifically discussed in the below explanations of the changes in revenue, we experience significant competition in all of our markets. Competition has an adverse impact on our ability to increase or maintain our (i) RGUs, (ii) ARPU and/or (iii) B2B revenue. Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU. Changes in ARPU can generally be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period. In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products. 44 The following tables set forth the organic and non-organic changes in revenue by reportable segment during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Liberty Caribbean $ 361.7 $ 366.3 $ (4.6) $ 1.0 $ (5.6) C&W Panama 176.9 177.3 (0.4) — (0.4) Liberty Networks 130.4 114.6 15.8 3.8 12.0 Liberty Puerto Rico 287.5 301.3 (13.8) — (13.8) Liberty Costa Rica 168.5 151.3 17.2 16.8 0.4 Corporate 3.6 3.8 (0.2) — (0.2) Intersegment eliminations (26.0) (27.9) 1.9 (0.2) 2.1 Total $ 1,102.6 $ 1,086.7 $ 15.9 $ 21.4 $ (5.5) Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Liberty Caribbean $ 716.2 $ 730.2 $ (14.0) $ 1.3 $ (15.3) C&W Panama 352.4 354.3 (1.9) — (1.9) Liberty Networks 251.6 225.0 26.6 6.8 19.8 Liberty Puerto Rico 583.7 599.7 (16.0) — (16.0) Liberty Costa Rica 326.6 309.5 17.1 23.7 (6.6) Corporate 7.1 7.7 (0.6) — (0.6) Intersegment eliminations (52.2) (56.2) 4.0 (0.2) 4.2 Total $ 2,185.4 $ 2,170.2 $ 15.2 $ 31.6 $ (16.4) Liberty Caribbean. Liberty Caribbean’s revenue by major category is set forth below: Three months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 114.4 $ 123.7 $ (9.3) (8) Non-subscription revenue 4.7 4.6 0.1 2 Total residential fixed revenue 119.1 128.3 (9.2) (7) Residential mobile revenue: Service revenue 96.6 89.4 7.2 8 Interconnect, inbound roaming, equipment sales and other 17.4 19.8 (2.4) (12) Total residential mobile revenue 114.0 109.2 4.8 4 Total residential revenue 233.1 237.5 (4.4) (2) B2B revenue 128.6 128.8 (0.2) — Total $ 361.7 $ 366.3 $ (4.6) (1) 45 Six months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 228.7 $ 247.2 $ (18.5) (7) Non-subscription revenue 9.3 10.0 (0.7) (7) Total residential fixed revenue 238.0 257.2 (19.2) (7) Residential mobile revenue: Service revenue 188.8 178.4 10.4 6 Interconnect, inbound roaming, equipment sales and other 34.9 41.1 (6.2) (15) Total residential mobile revenue 223.7 219.5 4.2 2 Total residential revenue 461.7 476.7 (15.0) (3) B2B revenue 254.5 253.5 1.0 — Total $ 716.2 $ 730.2 $ (14.0) (2) The details of the changes in Liberty Caribbean’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions): Three-month comparison Six-month comparison Decrease in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ (9.1) $ (17.8) ARPU (0.6) (1.2) Decrease in residential fixed non-subscription revenue — (0.8) Total decrease in residential fixed revenue (9.7) (19.8) Increase in residential mobile service revenue (b) 6.9 10.1 Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (c) (2.4) (6.2) Increase (decrease) in B2B revenue (d) (0.4) 0.6 Total organic decrease (5.6) (15.3) Impact of FX 1.0 1.3 Total $ (4.6) $ (14.0) (a)The decreases are attributable to lower average broadband internet, video and fixed-line telephony RGUs, primarily due to the impact of Hurricane Melissa. (b)The increases are primarily attributable to the net effect of (i) higher prepaid mobile ARPU, mainly resulting from price increases in Jamaica during the third quarter of 2025 and the first quarter of 2026, (ii) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts and (iii) lower average numbers of prepaid mobile subscribers mainly driven by prepaid to postpaid migration and churn associated with price increases. (c)The decreases are primarily due to (i) declines resulting from the termination of a contract, and (ii) lower volumes for interconnect. (d)The variances for the comparative periods are relatively flat and mainly due to the net effect of (i) a benefit of $2 million and $8 million for the three and six months ended June 30, 2026, respectively, of revenue recorded for services rendered to customers immediately following Hurricane Melissa that was believed to be uncertain of collection in 2025 and (ii) lower fixed subscription revenue, also related to Hurricane Melissa. 46 C&W Panama. C&W Panama’s revenue by major category is set forth below: Three months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 30.2 $ 29.9 $ 0.3 1 Non-subscription revenue 1.4 1.3 0.1 8 Total residential fixed revenue 31.6 31.2 0.4 1 Residential mobile revenue: Service revenue 72.0 71.0 1.0 1 Interconnect, inbound roaming, equipment sales and other 16.1 16.1 — — Total residential mobile revenue 88.1 87.1 1.0 1 Total residential revenue 119.7 118.3 1.4 1 B2B revenue 57.2 59.0 (1.8) (3) Total $ 176.9 $ 177.3 $ (0.4) — Six months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 60.8 $ 59.8 $ 1.0 2 Non-subscription revenue 2.3 2.6 (0.3) (12) Total residential fixed revenue 63.1 62.4 0.7 1 Residential mobile revenue: Service revenue 144.1 142.2 1.9 1 Interconnect, inbound roaming, equipment sales and other 31.1 31.3 (0.2) (1) Total residential mobile revenue 175.2 173.5 1.7 1 Total residential revenue 238.3 235.9 2.4 1 B2B revenue: 114.1 118.4 (4.3) (4) Total $ 352.4 $ 354.3 $ (1.9) (1) 47 The details of the changes in C&W Panama’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions): Three-month comparison Six-month comparison Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ 2.3 $ 4.6 ARPU (b) (2.0) (3.6) Increase (decrease) in residential fixed non-subscription revenue 0.1 (0.3) Total increase in residential fixed revenue 0.4 0.7 Increase in residential mobile service revenue (c) 1.0 1.9 Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue — (0.2) Decrease in B2B revenue (d) (1.8) (4.3) Total $ (0.4) $ (1.9) (a)The increases are primarily due to the effect of higher average broadband internet and video RGUs. (b)The decreases are primarily due to lower ARPU from video and fixed-line telephony services. (c)The increases are primarily attributable to the net effect of (i) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, (ii) higher numbers of prepaid mobile subscribers and (iii) decreases in prepaid mobile ARPU mainly driven by the migration of higher-value customers to postpaid plans. (d)The decreases are mainly due to a decline in rates during the first quarter of 2026 related to data services provided to government-related agencies. Liberty Networks. Liberty Networks’ revenue by major category is set forth below: Three months ended June 30, Increase 2026 2025 $ % in millions, except percentages B2B revenue: Enterprise revenue $ 36.3 $ 33.1 $ 3.2 10 Wholesale revenue 94.1 81.5 12.6 15 Total $ 130.4 $ 114.6 $ 15.8 14 Six months ended June 30, Increase 2026 2025 $ % in millions, except percentages B2B revenue: Enterprise revenue $ 71.9 $ 66.0 $ 5.9 9 Wholesale revenue 179.7 159.0 20.7 13 Total $ 251.6 $ 225.0 $ 26.6 12 48 The details of the changes in Liberty Networks’ revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions): Three-month comparison Six-month comparison Increase in enterprise revenue (a) $ 1.9 $ 1.6 Increase in wholesale revenue (b) 10.1 18.2 Total organic increase 12.0 19.8 Impact of FX 3.8 6.8 Total $ 15.8 $ 26.6 (a)The increases are primarily attributable to growth in B2B managed services. (b)The increases are primarily due to the net effect of (i) higher project-related revenue, primarily associated with a contract to construct and deploy a subsea cable system, (ii) higher subsea capacity revenue and (iii) lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in the prior periods. Liberty Puerto Rico. Liberty Puerto Rico’s revenue by major category is set forth below: Three months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 113.8 $ 118.9 $ (5.1) (4) Non-subscription revenue 5.6 5.9 (0.3) (5) Total residential fixed revenue 119.4 124.8 (5.4) (4) Residential mobile revenue: Service revenue 72.4 78.2 (5.8) (7) Interconnect, inbound roaming, equipment sales and other 45.9 49.5 (3.6) (7) Total residential mobile revenue 118.3 127.7 (9.4) (7) Total residential revenue 237.7 252.5 (14.8) (6) B2B revenue 43.2 43.1 0.1 — Other revenue 6.6 5.7 0.9 16 Total $ 287.5 $ 301.3 $ (13.8) (5) 49 Six months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 228.4 $ 236.9 $ (8.5) (4) Non-subscription revenue 11.8 11.7 0.1 1 Total residential fixed revenue 240.2 248.6 (8.4) (3) Residential mobile revenue: Service revenue 143.7 157.2 (13.5) (9) Interconnect, inbound roaming, equipment sales and other 100.4 94.8 5.6 6 Total residential mobile revenue 244.1 252.0 (7.9) (3) Total residential revenue 484.3 500.6 (16.3) (3) B2B revenue 87.1 86.8 0.3 — Other revenue 12.3 12.3 — — Total $ 583.7 $ 599.7 $ (16.0) (3) The details of the changes in Liberty Puerto Rico’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions): Three-month comparison Six-month comparison Decrease in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ (0.3) $ (3.8) ARPU (b) (4.8) (4.7) Increase (decrease) in residential fixed non-subscription revenue (0.3) 0.1 Total decrease in residential fixed revenue (5.4) (8.4) Decrease in residential mobile service revenue (c) (5.8) (13.5) Increase (decrease) in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d) (3.6) 5.6 Increase in B2B revenue 0.1 0.3 Increase in other revenue 0.9 — Total $ (13.8) $ (16.0) (a)The decreases are due to lower average broadband internet and video RGUs. (b)The decreases are primarily due to lower ARPU from broadband internet and video services, mainly due to customers moving to lower tier products. (c)The decreases are primarily due to (i) lower average numbers of prepaid mobile subscribers and (ii) lower prepaid and postpaid mobile ARPU. (d)The decrease for the three-month comparison is primarily due to lower inbound roaming revenue. The increase for the six-month comparison is primarily due to higher handset sales, mainly driven by (i) the fulfillment of 2025 orders during the first quarter of 2026 and (ii) higher customer upgrades. 50 Liberty Costa Rica. Liberty Costa Rica’s revenue by major category is set forth below: Three months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 33.9 $ 31.9 $ 2.0 6 Non-subscription revenue 7.2 9.8 (2.6) (27) Total residential fixed revenue 41.1 41.7 (0.6) (1) Residential mobile revenue: Service revenue 84.5 72.1 12.4 17 Interconnect, inbound roaming, equipment sales and other 26.1 21.6 4.5 21 Total residential mobile revenue 110.6 93.7 16.9 18 Total residential revenue 151.7 135.4 16.3 12 B2B revenue 16.8 15.9 0.9 6 Total $ 168.5 $ 151.3 $ 17.2 11 Six months ended June 30, Increase (decrease) 2026 2025 $ % in millions, except percentages Residential revenue: Residential fixed revenue: Subscription revenue $ 66.1 $ 65.2 $ 0.9 1 Non-subscription revenue 11.6 19.1 (7.5) (39) Total residential fixed revenue 77.7 84.3 (6.6) (8) Residential mobile revenue: Service revenue 163.8 143.8 20.0 14 Interconnect, inbound roaming, equipment sales and other 51.7 47.7 4.0 8 Total residential mobile revenue 215.5 191.5 24.0 13 Total residential revenue 293.2 275.8 17.4 6 B2B revenue 33.4 33.7 (0.3) (1) Total $ 326.6 $ 309.5 $ 17.1 6 51 The details of the changes in Liberty Costa Rica’s revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in 2025, are set forth below (in millions): Three-month comparison Six-month comparison Increase (decrease) in residential fixed subscription revenue due to change in: Average number of RGUs (a) $ 1.4 $ 2.9 ARPU (b) (2.6) (6.7) Decrease in residential fixed non-subscription revenue (c) (3.5) (8.5) Total decrease in residential fixed revenue (4.7) (12.3) Increase in residential mobile service revenue (d) 4.0 8.1 Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue 2.0 0.3 Decrease in B2B revenue (e) (0.9) (2.7) Total organic increase (decrease) 0.4 (6.6) Impact of FX 16.8 23.7 Total $ 17.2 $ 17.1 (a)The increases are primarily driven by higher average broadband internet and video RGUs. (b)The decreases are primarily attributable to lower ARPU from video services. (c)The decreases are primarily due to lower CPE sales from our "buy-to-own" sales model. (d)The increases are primarily due to the net effect of (i) higher average postpaid mobile subscribers, (ii) lower average prepaid mobile subscribers and (iii) lower prepaid mobile ARPU. (e)The decreases are primarily due to lower B2B service and project-related revenue. Programming and other direct costs of services Programming and other direct costs of services 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. Consolidated. The following tables set forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Programming and copyright $ 57.2 $ 57.5 $ (0.3) $ 1.2 $ (1.5) Interconnect 61.5 66.2 (4.7) 0.8 (5.5) Equipment 76.7 83.0 (6.3) 1.9 (8.2) Project-related and other 33.6 25.7 7.9 0.4 7.5 Total programming and other direct costs of services $ 229.0 $ 232.4 $ (3.4) $ 4.3 $ (7.7) 52 Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Programming and copyright $ 108.5 $ 115.1 $ (6.6) $ 1.6 $ (8.2) Interconnect 125.2 132.9 (7.7) 1.4 (9.1) Equipment 159.6 163.6 (4.0) 2.7 (6.7) Project-related and other 71.2 53.4 17.8 0.8 17.0 Total programming and other direct costs of services $ 464.5 $ 465.0 $ (0.5) $ 6.5 $ (7.0) Liberty Caribbean. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Caribbean segment. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Programming and copyright $ 18.0 $ 16.2 $ 1.8 $ — $ 1.8 Interconnect 14.7 15.6 (0.9) 0.1 (1.0) Equipment 10.5 9.3 1.2 — 1.2 Project-related and other 13.5 13.0 0.5 — 0.5 Total programming and other direct costs of services $ 56.7 $ 54.1 $ 2.6 $ 0.1 $ 2.5 Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Programming and copyright $ 29.8 $ 32.1 $ (2.3) $ 0.1 $ (2.4) Interconnect 29.4 30.0 (0.6) 0.1 (0.7) Equipment 20.2 19.6 0.6 — 0.6 Project-related and other 25.8 23.9 1.9 — 1.9 Total programming and other direct costs of services $ 105.2 $ 105.6 $ (0.4) $ 0.2 $ (0.6) •Programming and copyright: The organic increase for the three-month comparison is primarily due to an increase associated with a copyright claim. The organic decrease for the six-month comparison is primarily due to the net effect of (i) an increase associated with a copyright claim, (ii) lower video subscribers, including the impact of Hurricane Melissa, and (iii) lower rates resulting from the renegotiation of certain content agreements. •Project-related and other: The organic increases are primarily due to higher costs associated with B2B projects. 53 C&W Panama. The following tables set forth the changes in programming and other direct costs of services for our C&W Panama segment. Three months ended June 30, Increase (decrease) 2026 2025 in millions Programming and copyright $ 4.4 $ 5.1 $ (0.7) Interconnect 15.2 16.0 (0.8) Equipment 15.1 16.7 (1.6) Project-related and other 13.7 11.3 2.4 Total programming and other direct costs of services $ 48.4 $ 49.1 $ (0.7) Six months ended June 30, Increase (decrease) 2026 2025 in millions Programming and copyright $ 9.7 $ 10.4 $ (0.7) Interconnect 30.6 32.9 (2.3) Equipment 29.2 30.8 (1.6) Project-related and other 27.3 25.8 1.5 Total programming and other direct costs of services $ 96.8 $ 99.9 $ (3.1) •Interconnect: The decreases are primarily due to lower volumes of traffic. •Equipment: The decreases are primarily due to lower handset sales. •Project-related and other: The increases are mainly due to higher costs associated with B2B projects. Liberty Networks. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Interconnect $ 13.6 $ 13.6 $ — $ 0.4 $ (0.4) Equipment 0.1 0.2 (0.1) — (0.1) Project-related and other 8.3 4.8 3.5 0.5 3.0 Total programming and other direct costs of services $ 22.0 $ 18.6 $ 3.4 $ 0.9 $ 2.5 Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Interconnect $ 26.5 $ 26.7 $ (0.2) $ 0.7 $ (0.9) Equipment 0.2 0.3 (0.1) — (0.1) Project-related and other 21.8 9.2 12.6 0.8 11.8 Total programming and other direct costs of services $ 48.5 $ 36.2 $ 12.3 $ 1.5 $ 10.8 •Project-related and other: The organic increases are mainly due to incremental costs associated with achieving certain milestones related to a subsea cable project. 54 Liberty Puerto Rico. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Puerto Rico segment. Three months ended June 30, Increase (decrease) 2026 2025 in millions Programming and copyright $ 24.2 $ 26.6 $ (2.4) Interconnect 16.5 20.2 (3.7) Equipment 32.3 39.8 (7.5) Project-related and other 1.0 0.5 0.5 Total programming and other direct costs of services $ 74.0 $ 87.1 $ (13.1) Six months ended June 30, Increase (decrease) 2026 2025 in millions Programming and copyright $ 48.6 $ 54.0 $ (5.4) Interconnect 34.5 41.0 (6.5) Equipment 74.1 76.7 (2.6) Project-related and other 1.8 1.3 0.5 Total programming and other direct costs of services $ 159.0 $ 173.0 $ (14.0) •Programming and copyright: The decreases are primarily due to the net effect of (i) lower subscriber counts and customers moving to lower cost product offerings and (ii) rate increases during the first quarter of 2026. •Interconnect: The decreases are primarily due to the net impact of (i) declines in mobile network costs resulting from the termination of a mobile virtual operator contract and (ii) increases in roaming costs, driven by higher volumes. •Equipment: The decreases are primarily due to the net effect of (i) higher handset sales, primarily for the six-month comparison, and to a much lesser extent, for the three-month comparison, (ii) decreases resulting from inventory adjustments during the second quarter of 2025 related to the migration of mobile customers to our network and (iii) declines due to fewer rebates provided to third-party dealers. Liberty Costa Rica. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Costa Rica segment. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Programming and copyright $ 10.7 $ 9.5 $ 1.2 $ 1.1 $ 0.1 Interconnect 4.9 5.6 (0.7) 0.5 (1.2) Equipment 18.8 17.0 1.8 1.9 (0.1) Project-related and other 0.1 — 0.1 — 0.1 Total programming and other direct costs of services $ 34.5 $ 32.1 $ 2.4 $ 3.5 $ (1.1) 55 Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Programming and copyright $ 20.5 $ 18.6 $ 1.9 $ 1.5 $ 0.4 Interconnect 10.9 11.9 (1.0) 0.7 (1.7) Equipment 35.9 36.2 (0.3) 2.7 (3.0) Project-related and other 0.1 1.2 (1.1) — (1.1) Total programming and other direct costs of services $ 67.4 $ 67.9 $ (0.5) $ 4.9 $ (5.4) •Interconnect: The organic decreases are primarily attributable to lower volumes of traffic. •Equipment: The organic decrease for the six-month comparison is primarily attributable to lower equipment sales. •Project-related and other: The six-month comparison organic decrease is attributable to lower costs associated with non-recurring B2B projects. Other operating costs and expenses Other operating costs and expenses comprise the following cost categories: •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; •Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related costs, travel and entertainment and other operating-related costs; and •Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonuses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash. 56 Consolidated. The following tables set forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 141.0 $ 140.2 $ 0.8 $ 2.1 $ (1.3) Network-related 55.6 55.2 0.4 1.5 (1.1) Service-related 63.4 60.9 2.5 1.1 1.4 Commercial 41.6 44.7 (3.1) 1.3 (4.4) Facility, provision, franchise and other 136.0 138.3 (2.3) 3.3 (5.6) Share-based compensation and other Employee Incentive Plan-related expense 12.8 13.3 (0.5) — (0.5) Total other operating costs and expenses $ 450.4 $ 452.6 $ (2.2) $ 9.3 $ (11.5) Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 287.1 $ 287.4 $ (0.3) $ 3.5 $ (3.8) Network-related 111.5 109.5 2.0 2.3 (0.3) Service-related 124.3 121.3 3.0 1.6 1.4 Commercial 84.8 90.3 (5.5) 2.0 (7.5) Facility, provision, franchise and other 272.1 275.1 (3.0) 4.9 (7.9) Share-based compensation and other Employee Incentive Plan-related expense 44.4 47.3 (2.9) — (2.9) Total other operating costs and expenses $ 924.2 $ 930.9 $ (6.7) $ 14.3 $ (21.0) Liberty Caribbean. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Caribbean segment. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 49.3 $ 48.7 $ 0.6 $ — $ 0.6 Network-related 30.8 30.2 0.6 0.1 0.5 Service-related 18.9 15.3 3.6 — 3.6 Commercial 8.0 8.6 (0.6) — (0.6) Facility, provision, franchise and other 33.5 35.6 (2.1) 0.1 (2.2) Share-based compensation and other Employee Incentive Plan-related expense 1.9 2.9 (1.0) (0.1) (0.9) Total other operating costs and expenses $ 142.4 $ 141.3 $ 1.1 $ 0.1 $ 1.0 57 Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 100.1 $ 97.1 $ 3.0 $ 0.1 $ 2.9 Network-related 63.3 60.2 3.1 0.1 3.0 Service-related 36.0 33.0 3.0 — 3.0 Commercial 14.5 17.0 (2.5) — (2.5) Facility, provision, franchise and other 69.2 70.2 (1.0) 0.1 (1.1) Share-based compensation and other Employee Incentive Plan-related expense 7.1 6.8 0.3 (0.1) 0.4 Total other operating costs and expenses $ 290.2 $ 284.3 $ 5.9 $ 0.2 $ 5.7 •Personnel and contract labor-related: The organic increases are primarily due to increases in salary-related costs. •Network-related: The organic increases are primarily due to increases in various costs in Jamaica as a result of on-going recovery efforts related to Hurricane Melissa. •Service-related: The organic increases are primarily due to higher professional services costs, which includes services for Hurricane Melissa recovery efforts. •Commercial: The organic decreases are primarily driven by lower marketing costs. •Facility, provision, franchise and other: The organic decreases are primarily due to the net effect of (i) lower bad debt expense, including the impact of certain provision adjustments for B2B and government customers, (ii) higher maintenance costs and (iii) higher travel-related costs in Jamaica, as a result of on-going recovery efforts related to Hurricane Melissa. C&W Panama. The following tables set forth the changes in other operating costs and expenses for our C&W Panama segment. Three months ended June 30, Increase (decrease) 2026 2025 in millions Personnel and contract labor-related $ 16.7 $ 17.4 $ (0.7) Network-related 12.5 12.2 0.3 Service-related 6.8 4.8 2.0 Commercial 8.9 8.2 0.7 Facility, provision, franchise and other 18.2 17.0 1.2 Share-based compensation and other Employee Incentive Plan-related expense 1.5 1.1 0.4 Total other operating costs and expenses $ 64.6 $ 60.7 $ 3.9 58 Six months ended June 30, Increase (decrease) 2026 2025 in millions Personnel and contract labor-related $ 36.3 $ 35.8 $ 0.5 Network-related 24.9 24.6 0.3 Service-related 12.0 9.4 2.6 Commercial 18.1 17.1 1.0 Facility, provision, franchise and other 35.2 34.3 0.9 Share-based compensation and other Employee Incentive Plan-related expense 3.0 4.0 (1.0) Total other operating costs and expenses $ 129.5 $ 125.2 $ 4.3 •Service-related: The increases are primarily due to higher professional services costs. Liberty Networks. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Networks segment. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 15.0 $ 13.3 $ 1.7 $ 1.1 $ 0.6 Network-related 12.7 11.7 1.0 0.5 0.5 Service-related 6.3 2.6 3.7 0.4 3.3 Commercial 0.8 0.3 0.5 — 0.5 Facility, provision, franchise and other 6.9 7.3 (0.4) 0.5 (0.9) Share-based compensation and other Employee Incentive Plan-related expense 0.4 0.4 — — — Total other operating costs and expenses $ 42.1 $ 35.6 $ 6.5 $ 2.5 $ 4.0 Six months ended June 30, Increase Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 29.6 $ 25.8 $ 3.8 $ 2.1 $ 1.7 Network-related 24.4 24.4 — 0.9 (0.9) Service-related 10.7 5.3 5.4 0.5 4.9 Commercial 1.2 1.2 — — — Facility, provision, franchise and other 15.3 13.4 1.9 1.0 0.9 Share-based compensation and other Employee Incentive Plan-related expense 1.8 1.8 — — — Total other operating costs and expenses $ 83.0 $ 71.9 $ 11.1 $ 4.5 $ 6.6 •Personnel and contract labor-related: The organic increases are primarily related to (i) higher headcount and (ii) increases in salaries and bonus-related expenses. •Service-related: The organic increases are primarily due to higher professional services costs. 59 Liberty Puerto Rico. The following tables set forth the changes in other operating costs and expenses for our Liberty Puerto Rico segment. Three months ended June 30, Increase (decrease) 2026 2025 in millions Personnel and contract labor-related $ 36.9 $ 36.2 $ 0.7 Network-related 7.0 10.0 (3.0) Service-related 19.8 20.9 (1.1) Commercial 10.4 11.7 (1.3) Facility, provision, franchise and other 46.7 48.4 (1.7) Share-based compensation and other Employee Incentive Plan-related expense 1.3 1.0 0.3 Total other operating costs and expenses $ 122.1 $ 128.2 $ (6.1) Six months ended June 30, Increase (decrease) 2026 2025 in millions Personnel and contract labor-related $ 71.4 $ 75.6 $ (4.2) Network-related 15.0 17.1 (2.1) Service-related 41.7 44.0 (2.3) Commercial 21.8 23.4 (1.6) Facility, provision, franchise and other 91.0 98.1 (7.1) Share-based compensation and other Employee Incentive Plan-related expense 3.1 2.6 0.5 Total other operating costs and expenses $ 244.0 $ 260.8 $ (16.8) •Personnel and contract labor-related: The increase for the three-month comparison is primarily due to the net impact of (i) higher bonus-related accruals, driven by adjustments to reduce our bonus expense during the second quarter of 2025, and (ii) lower salary and insurance costs, driven by decreases in headcount resulting from restructuring plans during 2025. The decrease for the six-month comparison is primarily due to the net effect of (i) lower salaries and insurance costs and (ii) higher bonus-related accruals. •Network-related: The decreases are primarily due to lower power generating cost and lower service costs, driven by a contract termination. •Service-related: The decreases are primarily due to the net effect of (i) lower professional services costs due to a transition service agreement that was terminated during the first quarter of 2026 and (ii) higher IT software costs. •Commercial: The decreases are primarily due to the net effect of (i) lower call center costs and (ii) higher commission and marketing costs. •Facility, provision, franchise and other: The decreases are primarily due to (i) lower bad debt expense and (ii) lower electricity costs, mainly driven by facility closures. 60 Liberty Costa Rica. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Costa Rica segment. Three months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 9.5 $ 8.7 $ 0.8 $ 0.9 $ (0.1) Network-related 11.4 10.2 1.2 1.2 — Service-related 8.9 6.6 2.3 0.8 1.5 Commercial 13.4 15.8 (2.4) 1.4 (3.8) Facility, provision, franchise and other 27.0 23.9 3.1 2.7 0.4 Share-based compensation and other Employee Incentive Plan-related expense 0.5 0.7 (0.2) 0.1 (0.3) Total other operating costs and expenses $ 70.7 $ 65.9 $ 4.8 $ 7.1 $ (2.3) Six months ended June 30, Increase (decrease) Increase (decrease) from: 2026 2025 FX Organic in millions Personnel and contract labor-related $ 18.9 $ 17.1 $ 1.8 $ 1.3 $ 0.5 Network-related 22.4 20.4 2.0 1.7 0.3 Service-related 16.9 12.7 4.2 1.2 3.0 Commercial 29.1 31.5 (2.4) 2.0 (4.4) Facility, provision, franchise and other 51.6 47.0 4.6 3.8 0.8 Share-based compensation and other Employee Incentive Plan-related expense 0.9 1.2 (0.3) 0.1 (0.4) Total other operating costs and expenses $ 139.8 $ 129.9 $ 9.9 $ 10.1 $ (0.2) •Service-related: The organic increases are primarily attributable to (i) higher professional service costs and (ii) higher technology-related expenses, predominantly related to software licenses. •Commercial: The organic decreases are primarily attributable to (i) lower call center costs and (ii) lower sales commissions. Corporate. The following tables set forth the changes in other operating costs and expenses for our corporate operations. Three months ended June 30, Decrease 2026 2025 in millions Personnel and contract labor-related $ 13.1 $ 15.1 $ (2.0) Service-related 3.1 11.9 (8.8) Facility, provision, franchise and other 4.5 6.0 (1.5) Share-based compensation and other Employee Incentive Plan-related expense 7.2 7.2 — Total other operating costs and expenses $ 27.9 $ 40.2 $ (12.3) 61 Six months ended June 30, Decrease 2026 2025 in millions Personnel and contract labor-related $ 29.8 $ 35.2 $ (5.4) Service-related 8.6 19.2 (10.6) Facility, provision, franchise and other 10.6 12.1 (1.5) Share-based compensation and other Employee Incentive Plan-related expense 28.5 30.9 (2.4) Total other operating costs and expenses $ 77.5 $ 97.4 $ (19.9) •Personnel and contract labor-related: The decreases are primarily due to the net effect of (i) lower headcount and (ii) higher bonus-related expense. •Service-related: The decreases are primarily due to lower professional services costs. Results of Operations (below Adjusted OIBDA) Depreciation and amortization Our depreciation and amortization expense increased $9 million or 4% and decreased $3 million or 1% during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. The increase for the three-month comparison is due to net effect of (i) property and equipment placed into service across multiple segments and (ii) a decrease resulting from fully amortized customer relationships at Liberty Caribbean. The decrease for the six-month comparison is due to the net effect of (i) a decrease resulting from fully amortized customer relationships at Liberty Caribbean, (ii) property and equipment placed into service across multiple segments and (iii) a decrease at Liberty Puerto Rico associated with the sale of research and development tax credits. Impairment, restructuring and other operating items, net The details of our impairment, restructuring and other operating items, net, are as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 in millions Impairment charges (a) $ 1.0 $ 499.3 $ 2.8 $ 500.8 Restructuring charges (b) 10.3 17.5 15.9 26.7 Other operating items, net (c) 4.6 0.4 8.4 5.4 Total $ 15.9 $ 517.2 $ 27.1 $ 532.9 (a)During the second quarter of 2025, we recorded an impairment of $494 million on spectrum license intangible assets in Liberty Puerto Rico. For additional information regarding this impairment, see notes 3 and 6 to our condensed consolidated financial statements. (b)The amounts primarily include employee severance and termination costs related to reorganization activities at C&W Panama and Liberty Puerto Rico. (c)The amounts primarily include direct acquisition-related costs. Interest expense Our interest expense increased $3 million and $8 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in 2025. The increases are primarily attributable to increases in our average debt balances and weighted-average interest rates. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements. 62 It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 5 to our condensed consolidated financial statements, we use derivative instruments to manage our interest rate risks. Realized and unrealized gains or losses on derivative instruments, net Our realized and unrealized gains or losses on derivative instruments primarily include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 in millions Interest rate derivative contracts (a) $ 25.8 $ (16.8) $ 37.1 $ (67.9) Foreign currency forward contracts (b) (4.5) 0.1 (13.9) (3.5) Weather Derivatives (c) (8.6) (8.0) (17.9) (16.2) Total $ 12.7 $ (24.7) $ 5.3 $ (87.6) (a)Amounts are primarily attributable to changes in interest rates. (b)Amounts are primarily attributable to changes in the value of the CRC relative to the U.S. dollar. (c)Amounts represent the amortization of premiums associated with our Weather Derivatives. For additional information concerning our derivative instruments, see notes 3 and 5 to our condensed consolidated financial statements and Item 3. Quantitative and Qualitative Disclosures about Market Risk below. Foreign currency transaction gains or losses, net Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable entity. Unrealized foreign currency transaction gains or losses are computed based on period-end exchange rates and are non-cash in nature until such time as the amounts are settled. The details of our foreign currency transaction gains (losses), net, are as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 in millions U.S. dollar-denominated debt issued by non-U.S. dollar functional currency entities (a) $ 12.6 $ (6.3) $ 47.7 $ 1.9 Intercompany payables and receivables denominated in a currency other than the entity’s functional currency 3.1 (10.9) 11.1 (13.7) Other (b) (6.6) (15.8) (3.8) (25.4) Total $ 9.1 $ (33.0) $ 55.0 $ (37.2) (a)Amounts are primarily related to a CRC functional currency entity. (b)Primarily includes (i) losses upon conversion of foreign currency assets and (ii) losses on third-party receivables and payables denominated in a currency other than an entity’s functional currency. Gains or losses on debt extinguishment, net Our gains or losses on debt extinguishment generally include (i) premiums or discounts associated with redemptions and/or repurchases of debt, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts, and/or (iii) breakage fees. 63 We recognized no losses on debt extinguishment, net, during the three months ended June 30, 2026 and 2025, and $2 million and $14 million during the six months ended June 30, 2026 and 2025, respectively. The net loss during the six months ended June 30, 2026 is associated with the partial repayments of the 2031 LCR Term Loan A and the 2031 LCR Term Loan B. The net loss during the six months ended June 30, 2025 is associated with refinancing activity at C&W. For additional information concerning our debt repurchases and repayments, see note 9 to our condensed consolidated financial statements. Income tax benefit or expense We recognized income tax benefit (expense) of ($35 million) and $156 million during the three months ended June 30, 2026 and 2025, respectively, and ($61 million) and $147 million during the six months ended June 30, 2026 and 2025, respectively. For the three and six months ended June 30, 2026, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, net return-to-provision adjustments, the inclusion of withholding taxes on cross-border payments, net increases in valuation allowances, permanent differences such as non-deductible expenses, and the inclusion of global minimum tax. These detrimental effects were partially offset by the beneficial effects of permanent differences, such as non-taxable income and net changes in uncertain tax positions. 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. On July 4, 2025, the OBBBA was enacted. The OBBBA restores, or makes permanent, certain expiring business tax provisions from the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, IRC Section 174 expensing for U.S.-based research, and the EBITDA-based business interest expense limitation under IRC Section 163(j). The effects of the OBBBA have been integrated into our estimated tax calculations with no material impact on total income tax benefit or expense. For additional information regarding our income taxes, see note 12 to our condensed consolidated financial statements. Net earnings or loss The following table sets forth selected summary financial information of our net loss: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 in millions Operating income (loss) $ 181.2 $ (333.0) $ 326.4 $ (204.9) Net non-operating expenses $ (157.2) $ (237.8) $ (291.9) $ (483.5) Income tax benefit (expense) $ (34.6) $ 155.7 $ (61.3) $ 146.6 Net loss $ (10.6) $ (415.1) $ (26.8) $ (541.8) Gains or losses associated with (i) changes in the fair values of derivative instruments and (ii) movements in foreign currency exchange rates are subject to a high degree of volatility and, as such, any gains from these sources do not represent a reliable source of income. In the absence of significant gains in the future from these sources or from other non-operating items, our ability to achieve earnings is largely dependent on our ability to increase our aggregate Adjusted OIBDA to a level that more than offsets the aggregate amount of our (i) share-based compensation and other Employee Incentive Plan-related expense, (ii) depreciation and amortization, (iii) impairment, restructuring and other operating items, (iv) interest expense, (v) other non-operating expenses and (vi) income tax expenses. 64 Material Changes in Financial Condition Sources and Uses of Cash As of June 30, 2026, we have three primary “borrowing groups,” which include the respective restricted parent and subsidiary entities of C&W, Liberty Puerto Rico and Liberty Costa Rica. Our borrowing groups, which typically generate cash from operating activities, held a significant portion of our consolidated cash and cash equivalents at June 30, 2026. Our ability to access the liquidity of these and other subsidiaries 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. For details of the restrictions on our subsidiaries to make payments to us through dividends, loans or other distributions see note 9 to our consolidated financial statements included in our 2025 Form 10-K. Cash and cash equivalents The details of the U.S. dollar equivalent balances of our cash and cash equivalents at June 30, 2026 are set forth in the following table (in millions): Cash and cash equivalents held by: Liberty Latin America and corporate subsidiaries (a) $ 98.8 Borrowing groups (b): C&W (c) 501.9 Liberty Puerto Rico 81.8 Liberty Costa Rica 31.6 Total borrowing groups 615.3 Total cash and cash equivalents $ 714.1 (a)Represents amounts held by Liberty Latin America, on a standalone basis, and its corporate subsidiaries that are outside of our borrowing groups. All of these companies rely on funds provided by our borrowing groups to satisfy their liquidity needs. (b) Represents the aggregate amounts held by the applicable borrowing group. (c) Includes $68 million and $36 million of cash held by operations in C&W Panama and C&W Bahamas, respectively. Liquidity and capital resources of Liberty Latin America and its corporate subsidiaries Our current sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Latin America and, subject to certain tax and legal considerations, Liberty Latin America’s corporate subsidiaries, and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our corporate subsidiaries’ cash and cash equivalents and investments. From time to time, Liberty Latin America and its corporate subsidiaries may also receive (i) proceeds in the form of distributions or loan repayments from Liberty Latin America’s borrowing groups upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Latin America and its corporate subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its corporate subsidiaries or the issuance of equity securities by Liberty Latin America. No assurance can be given that any external funding would be available to Liberty Latin America or its corporate subsidiaries on favorable terms, or at all. As noted above, various factors may limit our ability to access the cash of our borrowing groups. Our corporate liquidity requirements include (i) corporate general and administrative expenses and (ii) other liquidity needs that may arise from time to time. In addition, Liberty Latin America and its corporate subsidiaries may require cash in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments, (vi) dividend, liquidation or redemption payments associated with the Series A Preference Shares or (vii) any funding requirements of our consolidated subsidiaries. During the six months ended June 30, 2026, the aggregate value of our share repurchases was $28 million. For additional information regarding our Share Repurchase Program, see note 11 to our condensed consolidated financial statements and Part II—Item 2 Unregistered Sales of Equity Securities and Use of Proceeds below. 65 Liquidity and capital resources of borrowing groups The cash and cash equivalents of our borrowing groups are detailed in the table above. In addition to cash and cash equivalents, the primary sources of liquidity of our borrowing groups are cash provided by operations and borrowing availability under their respective debt instruments. For the details of the borrowing availability of our borrowing groups at June 30, 2026, see note 9 to our condensed consolidated financial statements. The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Latin America and its corporate subsidiaries. The liquidity of our borrowing groups generally is used to fund capital expenditures, debt service requirements and income tax payments. From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities or any other liquidity needs within our borrowing groups. No assurance can be given that any external funding would be available to our borrowing groups on favorable terms, or at all. For additional information regarding our cash flows, see the discussion under Condensed Consolidated Statements of Cash Flows below. Capitalization We seek to maintain our debt at levels that are expected to provide for attractive equity returns without assuming undue risk. When it is cost effective, we generally seek to match the denomination of the borrowings of our subsidiaries with the functional currency of the operations that support the respective borrowings. As further discussed under Item 3. Quantitative and Qualitative Disclosures about Market Risk and in note 5 to our condensed consolidated financial statements, we also use derivative instruments to mitigate foreign currency and interest rate risks associated with our debt instruments. Our ability to service or refinance our debt and, where applicable, to maintain compliance with the leverage covenants in the credit agreements of our borrowing groups is dependent primarily on our ability to maintain covenant EBITDA of our operating subsidiaries, as specified by our subsidiaries’ debt agreements (Covenant EBITDA), and to achieve adequate returns on our property and equipment additions and acquisitions. In addition, our ability to obtain additional debt financing is limited by incurrence-based and/or maintenance-based leverage covenants contained in the various debt instruments of our borrowing groups. For example, if the Covenant EBITDA of one of our borrowing groups were to decline, our ability to support or obtain additional debt in that borrowing group could be limited. No assurance can be given that we would have sufficient sources of liquidity, or that any external funding would be available on favorable terms, or at all, to fund any such required repayment. At June 30, 2026, each of our borrowing groups was in compliance with its debt covenants. We do not anticipate any instances of non-compliance with respect to the debt covenants of our borrowing groups that would have a material adverse impact on our liquidity during the next 12 months. At June 30, 2026, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,534 million, including (i) $422 million that is classified as current in our condensed consolidated balance sheet and (ii) $8,112 million maturing beyond the next 12 months. All of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries at June 30, 2026. Included in the outstanding principal amount of our debt at June 30, 2026 is (i) $381 million of vendor financing obligations, which we use to finance certain of our operating expenses and property and equipment additions and are generally due within one year, other than for certain licensing arrangements that generally are due over the term of the related license, and (ii) $249 million of finance obligations related to the Tower Transactions. For additional information concerning our debt, including our debt maturities, see note 9 to our condensed consolidated financial statements. The weighted average interest rate in effect at June 30, 2026 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 7.4%. The interest rate is based on stated rates and does 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. The weighted average impact of the derivative instruments on our borrowing costs at June 30, 2026 was as follows: Borrowing group Decrease to borrowing costs C&W (0.9) % Liberty Costa Rica — % Liberty Latin America borrowing groups (0.5) % 66 Including the effects of derivative instruments, original issue premiums or discounts, and commitment fees, but excluding the impact of financing costs, the weighted average interest rate on our indebtedness was 6.9% at June 30, 2026. We believe that we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements during the next 12 months. However, as our debt maturities grow in later years, we anticipate that we will seek to refinance or otherwise extend our debt maturities. No assurance can be given that we will be able to complete refinancing transactions or otherwise extend our debt maturities. In this regard, it is difficult to predict how political, economic and social conditions, sovereign debt concerns or any adverse regulatory developments will impact the credit and equity markets we access and our future financial position. Our ability to access debt financing on favorable terms, or at all, could be adversely impacted by (i) the financial failure of any of our counterparties, which could (a) reduce amounts available under committed credit facilities and (b) adversely impact our ability to access cash deposited with any failed financial institution, and (ii) tightening of the credit markets. In addition, any weakness in the equity markets could make it less attractive to use our shares to satisfy contingent or other obligations, and sustained or increased competition, particularly in combination with adverse economic or regulatory developments, could have an unfavorable impact on our cash flows and liquidity. Condensed Consolidated Statements of Cash Flows General. Our cash flows are subject to variations due to FX. Summary. Our condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are summarized as follows: Six months ended June 30, 2026 2025 Change in millions Net cash provided by operating activities $ 259.0 $ 165.8 $ 93.2 Net cash used by investing activities (236.4) (246.9) 10.5 Net cash used by financing activities (74.3) (32.2) (42.1) Effect of exchange rate changes on cash, cash equivalents and restricted cash (0.9) (26.2) 25.3 Net decrease in cash, cash equivalents and restricted cash $ (52.6) $ (139.5) $ 86.9 Operating Activities.The increase in cash provided by operating activities is primarily due to (i) working capital improvements, mostly associated with higher than normal net cash payment activity during the six months ended June 30, 2025, and (ii) an increase in Adjusted OIBDA. Investing Activities. The cash used by investing activities during the six months ended June 30, 2026 and 2025 primarily relates to capital expenditures, net, as further discussed below. The capital expenditures, net, that we report in our condensed consolidated statements of cash flows, which relates to cash paid for property and equipment, do not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. In this discussion, we refer to (i) our capital expenditures, net, as reported in our condensed consolidated statements of cash flows, and (ii) our total property and equipment additions, which include our capital expenditures, net, on an accrual basis and amounts financed under capital-related vendor financing or finance lease arrangements. 67 A reconciliation of our property and equipment additions to our capital expenditures, net, as reported in our condensed consolidated statements of cash flows, is set forth below: Six months ended June 30, 2026 2025 in millions Property and equipment additions $ 289.2 $ 270.5 Assets acquired under capital-related vendor financing arrangements (92.8) (55.4) Changes in current liabilities related to capital expenditures and other 23.7 20.9 Capital expenditures, net $ 220.1 $ 236.0 The increase in our property and equipment additions during the six months ended June 30, 2026, as compared to the corresponding period in 2025, is primarily due to increases in baseline, new build and upgrades, and in product and enablers. During the six months ended June 30, 2026 and 2025, our property and equipment additions represented 13.2% and 12.5% of revenue, respectively. Financing Activities. During the six months ended June 30, 2026, we used $74 million in cash from financing activities, primarily due to the net effect of (i) $78 million in net debt borrowings, (ii) $53 million in payments related to the LCR NCI Transaction, (iii) $26 million in repurchases of Liberty Latin America Common Shares, (iv) $25 million in distributions to noncontrolling interest owners related to C&W Bahamas and (v) $41 million in payments for financing costs and debt redemption premiums. During the six months ended June 30, 2025, we used $32 million in cash from financing activities, primarily due to the net effect of (i) $29 million in distributions to a noncontrolling interest owner in C&W Bahamas, (ii) $28 million in net debt borrowings and (iii) $26 million in payments for financing costs and debt redemption premiums. Off Balance Sheet Arrangements 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. Contractual Commitments For information concerning our operating lease obligations and debt, see notes 8 and 9, respectively, to our condensed consolidated financial statements. In addition, we have commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding projected cash flows associated with our derivative instruments, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Projected Cash Flows Associated with Derivative Instruments below. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the six months ended June 30, 2026 and 2025, see note 5 to our condensed consolidated financial statements. For additional information concerning our other contractual commitments, see note 11 to our condensed consolidated financial statements. 68