Contradictions Unveiled: Puerto Rico's Financial Strategy and Competitive Landscape in 2025 Q1 Earnings Call

Capital allocation and support for Puerto Rico, operational improvements and expectations for Puerto Rico, CapEx guidance and Puerto



Strong Financial Performance Across Operating Segments:
- Liberty Latin America reported a group adjusted OIBDA rebased growth of 8% year-over-year in Q1.
- This growth was driven by double-digit growth in C&W Caribbean and C&W Panama, contributing to a strong performance across the C&W silo.

Capital Intensity Reduction and Margin Expansion:
- The company experienced a 20% year-over-year increase in adjusted OIBDA less P&Es, driven by lower P&E additions in Q1 compared to the prior year.
- This reduction in capital intensity is attributed to lower P&E additions across the group, supporting margin expansion.

Competitive Landscape and Strategic Initiatives in Puerto Rico:
- Liberty Puerto Rico lost 3,000 fixed broadband customers in Q1 due to price increases and churn.
- The company is focused on improving churn rates and refreshing customer value propositions to enhance postpaid mobile performance amidst a challenging competitive environment.

Caribbean and Panama Market Success:
- C&W Caribbean saw return to growth with the addition of 15,000 mobile subscribers in Q1, driven by successful FMC strategies.
- C&W Panama reported a 5% rebased revenue growth in Q1, with residential mobile revenue up 16%, attributed to subscriber base expansion and market structure improvements.