Liberty Latin America Adds 56,000 Postpaid and Broadband Lines

The Tip Desk · November 11, 2026 · 3 min read

Adjusted OIBDA reached $454 million, up 3% on a rebased year-over-year basis, as the company said it anticipates improving revenue and Adjusted OIBDA momentum in the fourth quarter.

Liberty Latin America Ltd. (LILA) added 56,000 postpaid mobile and broadband subscribers in the three months ended September 30, 2026, a step-up from 45,000 in the second quarter, the communications company said.

President and CEO Balan Nair said C&W Panama led the contribution and that Liberty Costa Rica returned to a healthier cadence of postpaid additions. Mobile additions swung to a gain of 20,600 after a 49,300 loss in the prior quarter. Postpaid additions rose to 43,200 from 33,100.

Revenue was $1,117 million, unchanged on a reported basis and 2% lower on a rebased year-over-year basis. Adjusted OIBDA was $454 million, up 5% reported and 3% rebased, with the margin expanding 160 basis points to 40.6%. Operating income was $181 million, compared with $188 million a year earlier, as higher depreciation more than offset the increase in Adjusted OIBDA.

Liberty Costa Rica revenue rose 12% on a reported basis and was broadly flat rebased. Adjusted OIBDA increased 21% reported and 8% rebased, with the margin expanding about 300 basis points to approximately 40% as cost-saving initiatives rolled out. Residential mobile revenue grew 4% on postpaid additions; residential fixed revenue fell 7% on competitive ARPU pressure and B2B revenue fell 8% on lower project work.

Liberty Puerto Rico Adjusted OIBDA increased 8% on lower equipment and interconnect costs, including the elimination of MVNO fees. Revenue was down 3%. The company said sequential trends remained robust, with a full year of consecutive quarterly postpaid net additions and continued momentum from the SIM-only offer.

Liberty Networks Adjusted OIBDA declined 15% reported and 16% rebased, which the company attributed to the phasing of the El Salvador build, with direct costs incurred that were not matched by in-period revenue. Revenue increased 5% reported and was broadly flat rebased. Enterprise growth in Colombia and the Dominican Republic was offset by lower wholesale, including lower IRU non-cash amortizations.

C&W Panama revenue declined 5%. Total residential revenue grew 4%, with residential mobile up 6% and residential fixed up 3%, more than offset by a 19% decline in B2B on the phasing of government project revenue. Adjusted OIBDA grew 1% on lower direct costs.

Liberty Caribbean revenue declined 1%. B2B revenue increased 6% on project wins in the Bahamas and Curaçao, and residential mobile service revenue grew 6%. Residential fixed subscription revenue declined 9% on a rebased basis, reflecting a lower subscriber base mainly in Jamaica. Adjusted OIBDA was broadly flat, with lower bad debt offsetting softer revenue.

Property and equipment additions were $170 million, or 15% of revenue, compared with $149 million, or 13%, a year earlier. Adjusted FCF before distributions to noncontrolling interest owners was negative $9 million in the quarter, versus $16 million a year earlier. For the nine months ended September 30, 2026, that measure was almost $140 million ahead of the same period in 2025.

Consolidated net leverage was 4.5 times at September 30, 2026, versus 4.6 times at June 30. Gross leverage was 4.8 times. Unused borrowing capacity was $860 million.

Since the June distribution of preference shares, the company said it has deployed over $150 million in common share repurchases in 2026, equivalent to nearly 10% of 2025 year-end common shares outstanding, up from over $60 million through the second quarter. The board declared a $0.5625 quarterly dividend on the 9.0% Series A preference shares, payable December 15, 2026.

Nair said the company anticipates improving momentum in both revenue and Adjusted OIBDA in the fourth quarter as it moves into the key holiday selling season and benefits from phasing of B2B.