Liberty Latin America — Financial Results
Overall Profitability Improved, But the Business Still Runs at a Net Loss
| Metric | 2025 | 2024 |
|---|---|---|
| Operating income (loss) | $108.2M | $(76.8M) |
| Adjusted OIBDA | $1,706.3M | $1,565.2M |
| Net loss | $(554.3M) | $(659.7M) |
Adjusted OIBDA (a measure of cash operating profit before interest, taxes, and non-cash charges) grew by $141 million, or about 9%, year over year. The company also swung from an operating loss to an operating profit. However, a net loss of $554 million remains, driven largely by heavy interest costs on $8.4 billion in debt and over $600 million in impairment and restructuring charges.
Hurricane Melissa Caused Real Damage in Jamaica — and Created a Lasting Revenue Drag
| Impact Item | Amount |
|---|---|
| Q4 2025 revenue hit | ~$20M |
| Q4 2025 Adjusted OIBDA hit | ~$27M |
| Q4 2025 extra capital spending | ~$17M |
| Weather derivative payout (net) | $81M |
| RGUs lost | ~136,000 subscribers |
| Homes removed from network | 133,000 |
Hurricane Melissa struck Jamaica in October 2025, forcing the company to write off 136,000 customer connections it does not expect to restore soon. The company carries Weather Derivatives (essentially insurance contracts tied to storm intensity) that paid out $81 million net, which softened the blow. Management has flagged that lower revenue from Jamaica will continue into 2026, along with additional repair spending.
Liberty Puerto Rico Is Struggling — Revenue Down Sharply and a $494M Write-Down Taken
| Metric | 2025 | 2024 |
|---|---|---|
| Segment revenue | $1,199.2M | $1,250.4M |
| Organic revenue change | $(76.4M) | — |
| Spectrum license impairment | $494M | — |
| Goodwill impairment (prior year) | — | $516M |
| Adjusted OIBDA margin | 29.5% | 22.4% |
Puerto Rico remains a problem area. Organic revenue fell $76 million, driven by mobile subscriber losses and a steep $32 million drop in B2B (business-to-business) revenue, both tied to a troubled network migration from an earlier AT&T acquisition. Costs were cut aggressively — hence the margin improvement — but management also wrote down $494 million worth of spectrum licenses (government-issued rights to use wireless airwaves), signalling that the long-term value of the mobile business there has diminished.
C&W Panama and Liberty Networks Are the Bright Spots
| Segment | 2025 Revenue | 2024 Revenue | Organic Growth | OIBDA Margin 2025 | OIBDA Margin 2024 |
|---|---|---|---|---|---|
| C&W Panama | $783.5M | $763.2M | +$20.3M | 38.1% | 35.3% |
| Liberty Networks | $471.0M | $447.5M | +$22.8M | 54.9% | 54.2% |
C&W Panama benefited from a competitor exiting the market in early 2024, driving mobile subscriber growth that carried into 2025. Liberty Networks, which operates the company's subsea and terrestrial fiber cable business connecting over 30 markets, grew wholesale revenue 6.1% and maintained an industry-leading margin near 55%. Both segments expanded margins meaningfully year over year.
Debt Load Is Large but Manageable in the Near Term
| Item | Amount |
|---|---|
| Total debt outstanding | $8,359M |
| Amount due within 1 year | $409M |
| Amount due 2027 or later | $7,950M |
| Weighted average interest rate | 6.8% |
| Projected interest payments (lifetime) | $3,057M |
| Cash on hand | $783.9M |
The company carries a heavy debt load, but the structure is relatively back-loaded — only $409 million is due within a year, with the bulk not maturing until 2027 or beyond. All borrowing groups were in compliance with their debt covenants at year-end. That said, interest expense rose $29 million in 2025, and management acknowledges it will remain a drag on profitability for the foreseeable future.