Liberty Latin America Ltd (LILAK.O): LILAK Reported Fine 2Q26 Results, Improving Postpaid in PR & Strong Buybacks in 3Q

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06 Aug 2026 08:27:36 ET │ 12 pages

Liberty Latin America Ltd (LILAK.O)

LILAK Reported Fine 2Q26 Results, Improving Postpaid in PR & Strong

Buybacks in 3Q

CITI'S TAKE

We note 2Q26 results were fine, with in-line flat rebased revenue growth

while Adjusted OIBDA rebased-growth of 3% exceeded both our estimate

and consensus supported by Costa Rica and Networks

segments. Panama was under pressure by weaker B2B trends

despite good residential performance, while Liberty Networks delivered a

strong quarter supported by project activity and demand for subsea

capacity. Puerto Rico revenues were below our expectations and

consensus, while EBITDA performance was in line and led

to improving margins. PR added 7.9k postpaid subscribers in Q2. Prepaid

losses were elevated particularly in CR, despite the solid financial

performance. Management highlighted it accelerated share repurchases in

3Q, with more than $60 million repurchased year-to-date which

infers $33.6m in 3Q with $14.3m in 1Q, $12.1m in 2Q. Management

highlighted continued broadband recovery in Jamaica and announced a

10-year strategic partnership with Amdocs. We maintain our Neutral/High

Risk rating.

By The Numbers — Total revenue of $1.103 billion was in line with our estimate

of $1.094 billion and consensus of $1.095 billion, increasing 1% YoY on a reported

basis and flat on a rebased basis. Adj. OIBDA of $436 million increased 3% YoY on a

rebased basis and was above both our estimate of $426 million and consensus of

$419 million. Panama revenue was flat YoY on a rebased basis and Adj. OIBDA

declined 5%, both below our estimate and consensus due to weaker B2B trends and

higher commercial costs. Networks delivered strong revenue and Adj. OIBDA

growth, benefiting from the El Salvador project and continued demand for subsea

capacity. LILAK highlighted robust underlying demand for wholesale connectivity

services. Costa Rica revenues and EBITDA were better than our expectations.

Neutral

Price (05 Aug 26 16:00)

US$8.26

Target price

US$8.00

Expected share price return

-3.1%

Expected dividend yield

0.0%

Expected total return

-3.1%

Market Cap

US$1,630M

Michael Rollins, CFAAC

Roberta Versiani

Caitlyn Walsh

…