Updating Estimates

Research evidence excerpt

Updating Estimates

UpdateM

Risk Reward – Liberty Latin America Ltd (LILA.O)

KEY EARNINGS INPUTS

Drivers Dec 2025 Dec 2026e Dec 2027e Dec 2028e

Caribbean Revenue Growth (YoY) (%) (0.5) (0.0) 5.0 2.7

Costa Rica Revenue Growth (YoY)

3.1 4.8 3.7 2.1

(%)

Puerto Rico Revenue Growth (YoY)

(4.9) (1.9) 2.1 2.7

Panama Revenue Growth (YoY) (%) 2.7 1.5 4.3 4.1

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Competition in C&W markets. RISKS TO UPSIDE FY Dec 2026e

M&A strategy and deleveraging. Faster recovery in C&W markets

Reduced tourism activity could impact some Faster Integration of recent acquisitions Sales / 4,485

C&W markets. Revenue Note: There are not sufficient brokers supplying RISKS TO DOWNSIDE

(US$, mm) consensus data for this metric

Higher competition could limit revenue growth.

GLOBAL REVENUE EXPOSURE M&A strategies fail to create value for

shareholders.

Natural disasters on LILA's markets. 1,563 20-30% North America EBITDA

Tourism headwinds could impact GDP growth (US$, mm) Note: There are not sufficient brokers supplying 60-70% Latin America

on C&W markets consensus data for this metric

Source: Morgan Stanley Research Estimate OWNERSHIP POSITIONING

View explanation of regional hierarchies here (45)

Inst. Owners, % Active 61.6% Net income

(US$, mm) Note: There are not sufficient brokers supplying

HF Sector Long/Short Ratio 2.6x consensus data for this metric

HF Sector Net Exposure 12.3%

Refinitiv; MSPB Content. Includes certain hedge fund (0.22)

exposures held with MSPB. Information may be EPS

inconsistent with or may not reflect broader market (US$) Note: There are not sufficient brokers supplying

trends. Long/Short Ratio = Long Exposure / Short consensus data for this metric

exposure. Sector % of Total Net Exposure = (For a