Liberty Latin America Ltd (LILA) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by.

女士們、先生們，早安。感謝您的支持。

Today's call is being recorded.

今天的通話正在錄音。

I'll now turn the call over to Soomit Datta, VP of Investor Relations for Liberty Latin America.

現在我將把電話轉給 Liberty Latin America 投資者關係副總裁 Soomit Datta。

Good morning. Welcome to Liberty Latin America's second-quarter 2025 investor call.

早安.歡迎參加 Liberty Latin America 2025 年第二季投資者電話會議。

(Operator Instructions) Today's formal presentation materials can be found under the Investor Relations section of Liberty Latin America's website at www.lla.com.

（操作員指示）今天的正式簡報資料可以在 Liberty Latin America 網站 www.lla.com 的投資者關係部分找到。

Following today's formal presentation, instructions will be given for a question-and-answer session.

今天的正式演講結束後，將給予問答環節的說明。

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

Today's remarks may include forward-looking statements, including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical fact. Actual results may differ materially from those expressed or implied by these statements.

今天的言論可能包含前瞻性陳述，包括公司對其前景和未來成長前景的預期以及其他非歷史事實的資訊和陳述。實際結果可能與這些陳述所表達或暗示的結果有重大差異。

For more information, please refer to the risk factors discussed in Liberty Latin America's most recently filed annual report on Form 10-K and quarterly report on Form 10-Q, along with the associated press release.

欲了解更多信息，請參閱 Liberty Latin America 最近提交的 10-K 表年度報告和 10-Q 表季度報告中討論的風險因素以及相關新聞稿。

Liberty Latin America disclaims any obligation to update any forward-looking statements or information to reflect any change in its expectations or in the conditions on which any such statement or information is based.

Liberty Latin America 不承擔更新任何前瞻性聲明或資訊以反映其預期或此類聲明或資訊所依據的條件的任何變更的義務。

In addition, on this call, we will refer to certain non-GAAP financial measures, which are reconciled to the most comparable GAAP financial measures, which can be found in the appendices to this presentation, which is accessible under the Investor section of our website.

此外，在本次電話會議上，我們將參考某些非 GAAP 財務指標，這些指標與最具可比性的 GAAP 財務指標相協調，可在本簡報的附錄中找到，可在我們網站的「投資者」部分存取。

I would now like to turn the call over to our CEO, Mr. Balan Nair.

現在我想將電話轉給我們的執行長巴蘭奈爾先生。

Thank you, Soomit. Welcome, everybody, to Liberty Latin America's second-quarter and first-half 2025 results presentation.

謝謝你，Soomit。歡迎大家參加 Liberty Latin America 2025 年第二季及上半年業績報告。

I'll begin with our group highlights and an overview of our operating results by (inaudible). Chris Noyes, our CFO, will then follow with a review of the company's financial performance. After that, we will get straight to your questions.

我將首先介紹我們集團的亮點和經營業績概述（聽不清楚）。我們的財務長 Chris Noyes 將隨後回顧公司的財務表現。之後，我們將直接回答您的問題。

As always, I'm joined by my talented executive team from across our operations. I will invite them to contribute as needed during the Q&A, following our prepared remarks.

像往常一樣，來自我們各部門的優秀管理團隊也加入了我的行列。我將在問答環節中根據我們的準備好的發言內容邀請他們做出必要的發言。

As a point of housekeeping, we will both be working from slides, which you can find on our website at www.lla.com.

作為日常事務，我們都將使用投影片進行工作，您可以在我們的網站 www.lla.com 上找到這些投影片。

Starting on slide 4 and our highlights, today, we believe our share price does not fully reflect the intrinsic value of our underlying business. To unlock is value for our shareholders, we plan to proceed with the separation of Liberty Puerto Rico from LLA.

從投影片 4 和我們的重點開始，今天，我們認為我們的股價並未完全反映我們基礎業務的內在價值。為了釋放股東的價值，我們計劃將 Liberty Puerto Rico 與 LLA 分開。

It is essential that Liberty Puerto Rico is positioned with a strong and sustainable capital structure, post separation. To that end, we are actively working towards this goal through a targeted liability management exercise. Chris will provide more details on this in his section.

分離後，Liberty Puerto Rico 必須擁有強大且可持續的資本結構。為此，我們正在透過有針對性的責任管理活動積極努力實現這一目標。克里斯將在他的部分提供更多有關此內容的詳細資訊。

We also continued to grow our high-speed broadband and postpaid mobile base in the first half, adding 70,000 subscribers in total across the group. This was over 100,000 additions, excluding Puerto Rico, with the main contributor being Costa Rica, Panama, and Jamaica. We reported $2.2 billion of revenue in the first half of 2025.

上半年，我們也持續擴大高速寬頻和後付費行動用戶群，整個集團共增加了 7 萬名用戶。新增移民超過 10 萬人，不包括波多黎各，主要貢獻者是哥斯大黎加、巴拿馬和牙買加。我們報告 2025 年上半年的收入為 22 億美元。

In the same period, Residential revenue was up 2% in Liberty Caribbean and Costa Rica and 8% in C&W Panama, year over year, on a rebased basis. We expect these businesses to continue the momentum in the second half, following the launch of new customer value propositions, which should resonate well in our markets.

在同一時期，Liberty Caribbean 和哥斯達黎加的住宅收入按重新計算同比增長 2%，C&W Panama 的住宅收入按重新計算同比增長 8%。我們預計，隨著新客戶價值主張的推出，這些業務將在下半年繼續保持成長勢頭，並在我們的市場中引起良好反響。

In addition -- and after less favorable phasing through H1 -- we anticipate better momentum on B2B revenue in the second half across a number of regions.

此外，在經歷了上半年不太有利的階段之後，我們預計下半年多個地區的 B2B 收入將呈現更好的成長動能。

We posted adjusted OIBDA of $822 million, reflecting a rebased year-over-year growth rate of 8% in the first half. This includes double-digit rebased growth in Liberty Caribbean, Panama, and Puerto Rico.

我們公佈的調整後 OIBDA 為 8.22 億美元，反映了上半年 8% 的同比增長率。其中包括自由加勒比海、巴拿馬和波多黎各的兩位數重新調整成長。

We maintain our focus on lowering capital intensity. These efforts led to a 23% expansion in adjusted OIBDA less P&E additions year over year, bringing us to a margin of 25% of revenue in the first half of the group; and 29%, excluding Puerto Rico.

我們持續致力於降低資本密集度。這些努力使得調整後的 OIBDA（扣除 P&E）年增 23%，使我們集團上半年的營收利潤率達到 25%；不包括波多黎各，利潤率達到 29%。

These are strong numbers, reflecting the focus of management on profitable growth, which is expected to drive strong cash conversion in the second half.

這些數字非常強勁，反映了管理層對獲利成長的關注，預計這將推動下半年強勁的現金轉換。

Turning to slide 6, I'll begin our operating review with our cable and wireless credit silo, which had another very solid quarter. This silo includes Liberty Caribbean, C&W Panama, and our Liberty Network segment.

翻到第 6 張投影片，我將從我們的有線和無線信貸部門開始我們的營運回顧，該部門又度過了一個非常穩健的季度。筒倉包括 Liberty Caribbean、C&W Panama 和我們的 Liberty Network 部分。

Starting with our Caribbean operations, now named Liberty Caribbea, we've rebranded this segment in the second quarter with a refreshed identity and signaling a renewed focus on driving digital transformation, particularly in the B2B space.

從我們的加勒比海業務（現名為 Liberty Caribbea）開始，我們在第二季度對這一部門進行了重新命名，使其具有了全新的形象，並標誌著我們重新專注於推動數位轉型，特別是在 B2B 領域。

On the left of the slide, we present our mobile KPIs. Postpaid mobile ads remained strong, led by another solid quarter in Jamaica that represents 20 consecutive quarters of subscriber growth. Mobile ARPU reported growth both sequentially and year over year, supported by prepaid price increases implemented earlier this year and in the first half of last year. This resulted in 6% Mobile rebased revenue growth in Q2, year over year.

在幻燈片的左側，我們展示了我們的移動 KPI。後付費行動廣告仍保持強勁，其中牙買加又一個季度表現強勁，代表用戶數量連續 20 個季度成長。受今年稍早和去年上半年實施的預付費價格上漲的推動，行動 ARPU 環比和同比增長均有所增長。這使得第二季度行動收入年增 6%。

Moving to the center of the slide to our fixed KPIs, Broadband subscriber growth was flat in Q2, with gains in Jamaica, offset by declines mainly in Trinidad. Trinidad is the only Caribbean market we operate in, where there are three national fixed players and where we lack a mobile offering.

轉向我們固定 KPI 的幻燈片中心，寬頻用戶成長在第二季持平，牙買加有所成長，但主要被特立尼達的下降所抵消。特立尼達是我們開展業務的唯一加勒比海市場，該市場有三個國家固定營運商，但我們缺乏行動服務。

Fixed ARPU per customer relationship increased both on a sequential and year-over-year basis, reflecting the benefit of pricing changes.

每個客戶關係的固定 ARPU 值環比和同比均有所增長，反映了價格變化帶來的好處。

Lastly, for Liberty Caribbean, besides our corporate rebranding, we launched a new residential campaign title, (inaudible) . This initiative strengthens our convergence strategy, with a particular emphasis on accelerating postpaid mobile adoption. The redesigned platform introduced a striking new visual identity that is on distinctive and deeply rooted in local cultures, traditions, and values, enabling us to build a stronger emotional connection with our customers.

最後，對於自由加勒比，除了我們的企業品牌重塑之外，我們還推出了一個新的住宅活動標題，（聽不清楚）。這項措施加強了我們的融合策略，特別強調加速後付費行動業務的普及。重新設計的平台引入了引人注目的新視覺形象，該形象獨特且深深植根於當地文化、傳統和價值觀，使我們能夠與客戶建立更牢固的情感聯繫。

Moving to slide 7 and our C&W Panama segment. Starting on the left of the slide, we delivered another quarter of strong postpaid adds, which supported robust mobile rebased revenue growth of 6% year over year. This performance continues to reflect the positive subscriber momentum we built following a competitor's exit from the market last year.

前往投影片 7 和我們的 C&W 巴拿馬部分。從幻燈片左側開始，我們又實現了一個季度的強勁後付費成長，這支持了行動重新調整的營收年增 6%。這一業績繼續反映出我們在去年競爭對手退出市場後建立的積極用戶成長勢頭。

Mobile ARPU remained stable both sequentially and year over year, impacted by lower prepaid recharges during the quarter, largely due to nationwide protests, which have since subsided. Moving to the center of the slide.

行動 ARPU 環比和同比均保持穩定，受本季預付費充值額下降的影響，這主要歸因於全國範圍內的抗議活動，但抗議活動現已平息。移至幻燈片的中心。

We delivered a solid quarter of internet subscriber adds. This growth reflects the effectiveness of our broadband strategy and continued demand for high-speed connectivity.

我們實現了本季網路使用者數量的穩定成長。這一增長反映了我們的寬頻策略的有效性以及對高速連接的持續需求。

On the other hand, fixed ARPU declined both sequentially and year over year. This was primarily driven by retention discounts and lower acquisition ARPU, as we responded to office from competitors.

另一方面，固定 ARPU 環比和年比均有所下降。這主要是由於我們對競爭對手的辦公室做出了回應，從而獲得了保留折扣和較低的收購 ARPU。

Our go-to-market strategy remains focused on delivering consistent results across our high-speed networks. This commitment was recently recognized by Amber, which named as the best-performing fixed network in the country.

我們的行銷策略仍然專注於透過我們的高速網路提供一致的結果。這項承諾最近得到了 Amber 的認可，Amber 被評為全國表現最佳的固定網絡。

In the B2B space, I'm pleased to highlight among other recent rents, a major milestone. We were awarded a contract with the Ministry of Education of Panama, Maduka to provide high-speed and net of all public schools nationwide. This marks a significant step forward in advancing digital and educational inclusion across the country. Overall, we are building a strong platform in Panama. After a tough comparison in the first half, we are well positioned to carry better momentum into the second half of the year.

在 B2B 領域，我很高興在最近的租金中強調一個重要的里程碑。我們與巴拿馬教育部 Maduka 簽訂了合同，為全國所有公立學校提供高速網路。這標誌著全國數位化和教育包容性邁出了重要一步。總的來說，我們正在巴拿馬建立一個強大的平台。經過上半年的艱難對比，我們已做好準備，以更好的動力進入下半年。

Next, slide 8 in our final segment within the C&W credit silo, Liberty Networks. On the left of the slide, we present our first half year-over-year revenue evolution. While revenue declined year over year due to the acceleration of noncash IRU revenue in the first half of 2024, our subsea business continues to demonstrate resilience.

接下來，我們來看看 C&W 信用筒倉 Liberty Networks 中最後部分的第 8 張投影片。在幻燈片的左側，我們展示了上半年同比收入的變化。儘管由於 2024 年上半年非現金 IRU 收入加速成長，收入同比下降，但我們的海底業務繼續表現出韌性。

Excluding IRUs, the underlying wholesale revenue grew 8% on a rebased basis year-over-year, driven by new lease capacity sales. This reflects the strength of our core operations and the growing demand for bandwidth across the region. Enterprise remains a key growth engine with continued momentum in IT as a service and connectivity solutions, particularly in the Dominican Republic, and El Habito. These services are helping us build a strong base of monthly recurring revenue, which supports long-term stability and positions us well for the future.

除 IRU 外，受新租賃容量銷售的推動，基礎批發收入按重新調整後計算同比增長 8%。這反映了我們核心業務的實力以及整個地區對頻寬日益增長的需求。企業仍然是關鍵的成長引擎，IT 即服務和連接解決方案繼續保持強勁成長勢頭，尤其是在多明尼加共和國和埃爾哈比托。這些服務幫助我們建立了強大的每月經常性收入基礎，這支持了長期穩定並為我們的未來做好了準備。

On the right of the slide, we highlight the core strength of our subsea and terrestrial infrastructure, which underpin the competitive edge of Liberty networks.

在投影片的右側，我們重點介紹了海底和陸地基礎設施的核心優勢，這是自由網路競爭優勢的基礎。

Our unique mesh network connecting over 30 countries with 50,000 kilometers of cable form the backbone of a diversified revenue portfolio, predominantly denominated in US dollars. Despite elevated capital expenditures associated with Project Manta, our new subsea cable system in partnership with Sparkle and Gold Data, we continue to deliver robust adjusted OIBDA less P&E additions of over 35% of revenue. reflecting the low capital intensity of the business and its ability to generate strong cash returns. Looking ahead, our focus remains on the successful execution of Project Manta.

我們獨特的網狀網路透過 50,000 公里的電纜連接 30 多個國家，構成了多元化收入組合的支柱，主要以美元計價。儘管與 Manta 專案（我們與 Sparkle 和 Gold Data 合作的新海底電纜系統）相關的資本支出增加，我們仍繼續提供強勁的調整後 OIBDA（減去 P&E）增幅，超過收入的 35%，反映了該業務的低資本密集度及其產生強勁現金回報的能力。展望未來，我們的重點仍是成功執行 Manta 專案。

On track for completion in 2027, the initiative is expected to establish a solid foundation of monthly recurring revenue, enhancing long-term profitability and positioning Liberty Networks as the region's primary data hub.

該計劃預計將於 2027 年完成，為每月經常性收入奠定堅實的基礎，提高長期盈利能力，並將 Liberty Networks 定位為該地區的主要數據中心。

Turning to slide 8 and Liberty Costa Rica. Starting on the left of the slide. Mobile continues to perform strongly with growth concentrated in the high-value postpaid segment, reinforcing our leadership in the market and driving 5% rebased revenue growth year-over-year.

翻到投影片 8 和 Liberty Costa Rica。從幻燈片左側開始。行動業務持續表現強勁，成長集中在高價值後付費領域，鞏固了我們在市場上的領導地位，並推動營收年增 5%。

According to the latest regulator report, we remain the #1 mobile operator overall in Costa Rica throughout 2024. In postpaid specifically, reaching 2 percentage points in market share year-over-year. Mobile ARPU was flat sequentially but grew year-over-year ordered by postpaid price increases and a higher proportion of postpaid subscribers. Moving to the center of the slide. We delivered modest broadband net adds and fixed ARPU decline was sequentially and year-over-year.

根據最新的監管機構報告，我們在 2024 年仍將是哥斯達黎加排名第一的行動營運商。具體來說，在後付費領域，市佔率年增了 2 個百分點。行動 ARPU 與上一季持平，但由於後付費價格上漲和後付費用戶比例上升，行動 ARPU 年增。移至幻燈片的中心。我們實現了適度的寬頻淨增，固定 ARPU 環比和年比均有所下降。

As referenced in previous calls, the competitive backdrop in Costa Rica's fixed market remained challenging. To defend our fixed position and differentiate our offering, we have also revamped our video proposition. -- since July 15, new and existing customers have access to the most popular over-the-top platform included in their home plan. This bold and meaningful value proposition unique for the Costa Rican market is anchored by a new brand play. You want it, you got it. It's a promise that brings us closer to our customers, showing that we listen, we care and we deliver.

正如先前的電話會議中所提到的，哥斯達黎加固定市場的競爭環境仍然充滿挑戰。為了捍衛我們的固定地位並使我們的產品與眾不同，我們也修改了我們的影片主張。 ——自 7 月 15 日起，新舊客戶都可以存取其家庭計畫中包含的最受歡迎的 Over-the-top 平台。這一大膽而有意義的價值主張對於哥斯達黎加市場來說是獨一無二的，並以新的品牌策略為基礎。你想要它，你就得到它。這是一個讓我們與客戶更加親近的承諾，表明我們傾聽、我們關心並且我們兌現承諾。

Moving to slide 12 and our third credit side, Liberty Puerto Rico. Starting on the left of the slide, mobile performance showed signs of improvement. Postpaid losses were lower compared to Q1, with a better run rate in May and June and mobile ARPU increased sequentially, resulting in relatively flat sequential mobile subscription revenue. We continue to be focused on the mobile segment, and I'm pleased to report that in June, we successfully expanded our network through the integration of low-band 600 megahertz spectrum alongside AWS 3 and AWS all bands.

前往投影片 12 和我們的第三個信用方，Liberty Puerto Rico。從幻燈片左側開始，移動效能顯示出改善的跡象。與第一季相比，後付費損失有所降低，5 月和 6 月的運行率有所提高，行動 ARPU 環比增加，導致行動訂閱收入環比持平。我們繼續專注於行動領域，我很高興地報告，6 月份，我們透過整合低頻段 600 兆赫頻譜以及 AWS 3 和 AWS 全頻段成功擴展了我們的網路。

This strategic enhancement marks a significant step forward in service quality, capacity and coverage. This combination of spectrum bands is instrumental in meeting the surging demand for mobile data, ensuring we remain well positioned to support future growth. As a reminder, we were honored with both the best-in-class and the most reliable network awards from GWS earlier this year, further validating the strength and consistency of our network performance.

此次策略升級標誌著服務品質、容量和覆蓋範圍向前邁出了重要一步。這種頻譜組合對於滿足不斷增長的行動數據需求至關重要，確保我們能夠更好地支援未來的成長。提醒一下，今年早些時候，我們榮獲了 GWS 頒發的最佳網路獎和最可靠網路獎，進一步證明了我們網路效能的強大性和一致性。

Moving to the fixed side in the center of the slide. Following the price increase implemented earlier this year, we reported 7,000 Internet subscriber net losses, a fixed ARPU increased both sequentially and year over year. Fixed revenue was slightly negative year-over-year as ARPU growth was more than offset by a lower subscriber base, impacted by the discontinuation of the ACP program in Q2 2024. We are now close to 20% fiber to the home and have invested to upgrade our HFC network to DOCSIS 3.1.

移動到滑塊中心的固定側。繼今年稍早實施價格上漲之後，我們報告網路用戶淨流失 7,000 名，固定 ARPU 環比和同比均有所增長。固定收入較去年同期略有下降，因為 ARPU 的成長被較低的用戶群所抵消，這受到 2024 年第二季 ACP 計畫終止的影響。我們現在的光纖到戶率已接近 20%，並且已投資將我們的 HFC 網路升級到 DOCSIS 3.1。

This enhancement has significantly boosted their performance and enable us to win the fastest fixed network award from Ookla, achieving the highest speed scores and WiFi performance on the island. slide 3, provides a deeper look into postpaid net adds, the evolution of mobile NPS, the launch of our new postpaid CBP, Liberty Mix and other initiatives.

此次增強顯著提升了他們的性能，並使我們贏得了 Ookla 頒發的最快固定網路獎，實現了島上最高的速度分數和 WiFi 性能。投影片 3 深入介紹了後付費網路增值、行動 NPS 的發展、我們新推出的後付費 CBP、Liberty Mix 和其他方案。

On the left of the slide, we break down postpaid activity into gross adds and disconnections. Gross adds over the past two quarters have remained consistent with pre-migration levels. underscoring the resilience and appeal of our product offering.

在投影片的左側，我們將後付費活動細分為總增加量和斷線量。過去兩季的總增幅與遷移前的水準保持一致，凸顯了我們產品的彈性和吸引力。

Postpaid churn continues to improve, marking the fourth consecutive quarter of positive momentum. Moving to the center of the slide. we show NPS progression, a key leading indicator of customer satisfaction and brand perception. Compared to 1 year ago, we've made significant strides in rebuilding customer trust with NPS showing strong recovery. While our mobile NPS have returned to positive territory, it remains below pre-migration levels, indicating further room for improvement.

後付費客戶流失率持續改善，連續第四個季度呈現正面動能。移至幻燈片的中心。我們展示 NPS 進展，這是客戶滿意度和品牌認知度的關鍵領先指標。與一年前相比，我們在重建客戶信任方面取得了重大進展，NPS 呈現強勁復甦。雖然我們的移動 NPS 已恢復到正值，但仍低於遷移前的水平，顯示還有進一步改進的空間。

On the top right of the slide, we wanted to share more detail on Liberty mix. In July, we launched our new postpaid customer value proposition, Liberty mix, this innovative mobile plan offers treat tiers enabling customers to tailor each line to the specific needs of individual family of group members within the multiline bundle. Liberty Mix marked first step in our brand relaunch strategy and we anticipate it will drive gross adds in the second half of the year.

在投影片的右上角，我們想分享更多關於 Liberty mix 的細節。7 月份，我們推出了新的後付費客戶價值主張 Liberty mix，這項創新的移動計劃提供多種套餐，使客戶能夠根據多線路套餐中各個家庭或團體成員的具體需求定制每條線路。Liberty Mix 標誌著我們品牌重塑策略的第一步，我們預計它將在今年下半年推動總收入的成長。

On the bottom right of the slide, now that we have strengthened our network, IT systems and internal processes we are applying the same playbook used across the Liberty Latin America Group, where FMC has proven very successful, over 30% penetration in a number of markets to lean into convergence in Puerto Rico. Our combination of best-in-class fixed and wireless infrastructure should allow us to differentiate in the competitive marketplace.

在投影片的右下角，現在我們已經加強了我們的網路、IT 系統和內部流程，我們正在應用與 Liberty 拉丁美洲集團相同的策略，FMC 在該集團中已被證明非常成功，在多個市場的滲透率超過 30%，傾向於波多黎各的融合。我們一流的固定和無線基礎設施組合將使我們在競爭激烈的市場中脫穎而出。

Being part of the wider group, Liberty Puerto Rico benefited from shared platforms and expertise. We've been developing solutions that use AI to improve our operations across our entire value chain, strong focus on commercial activities and top line growth. Specifically in Puerto Rico, we have been focusing on billing quality assurance and churn prediction. Moreover, we have made a significant number of changes to the management team, excluding leveraging experience and expertise from across the LLA footprint.

作為更廣泛集團的一部分，Liberty Puerto Rico 受益於共享平台和專業知識。我們一直在開發利用人工智慧的解決方案來改善我們整個價值鏈的運營，並專注於商業活動和收入成長。特別是在波多黎各，我們一直專注於計費品質保證和客戶流失預測。此外，我們對管理團隊進行了大量的調整，不包括利用 LLA 整個業務範圍內的經驗和專業知識。

Lastly, we continue to reshape the company's cost base to reflect the smaller scale of the business, conducting a disciplined review of each cost line. We expect additional measures will deliver greater margin impact in the second half of the year.

最後，我們繼續重塑公司的成本基礎，以反映較小的業務規模，並對每個成本線進行嚴格的審查。我們預計，下半年採取的額外措施將對利潤率產生更大的影響。

Finally, on slide 14, we summarize our strategic vision and outline the key drivers that sets us up for growth in H2. Firstly, the residential space where we are well positioned reoperating countries with healthy market structures across both fixed and mobile services, and we pursue consolidation opportunities to deliver value to customers and markets. For example. Last year, we agreed to acquire Tigo's business in Costa Rica, which support growth in that market.

最後，在第 14 張投影片上，我們總結了我們的策略願景，並概述了推動我們下半年成長的關鍵驅動因素。首先，在住宅領域，我們已做好充分準備，在固定和行動服務領域重新經營擁有健康市場結構的國家，並尋求整合機會，為客戶和市場創造價值。例如。去年，我們同意收購 Tigo 在哥斯達黎加的業務，這將支持該市場的成長。

We are working with regulators to approve that transaction and now expect this to close in early 2026. Our focus on fixed mobile convergence continues to pay off, with penetration rates exceeding 30% in several markets, supported by our robust fixed and mobile infrastructure. We have also introduced several new customer value propositions in recent weeks, reinforcing our commercial momentum heading into the second half.

我們正在與監管機構合作批准該交易，預計該交易將於 2026 年初完成。我們對固定行動融合的關注持續獲得回報，在我們強大的固定和行動基礎設施的支持下，多個市場的滲透率已超過 30%。最近幾週，我們也推出了幾項新的客戶價值主張，增強了我們下半年的商業動能。

Our second area of focus is B2B, which accounts for nearly one-third of group revenue. While we face year-over-year B2G revenue headwinds through Q2 and first half, particularly in Panama, we expect improved performance in the second half across several geographies to drive improving revenue momentum. Governments are investing in digitization, security and cloud computing, and we are the right trusted partner for them. Along those lines, ICT continues to be a source of future growth opportunity as we develop more encompassing cloud and cyber security solutions, focused on mission-critical operations for our customers. We partnered with the hyperscalers to deliver computational and AI models for our customers.

我們的第二個重點領域是 B2B，佔集團收入的近三分之一。雖然我們在第二季和上半年面臨 B2G 營收年減的阻力，尤其是在巴拿馬，但我們預計下半年多個地區的業績將有所改善，從而推動營收成長動能。各國政府正在投資數位化、安全和雲端運算，我們是他們值得信賴的合作夥伴。沿著這一思路，隨著我們開發更全面的雲端和網路安全解決方案，專注於為客戶執行關鍵任務操作，ICT 將繼續成為未來成長機會的來源。我們與超大規模企業合作，為客戶提供運算和人工智慧模型。

The Manta bill, which progressed steadily through the first half, is expected to contribute meaningfully to Liberty Networks revenue and adjusted OIBDA over the medium term. Lastly, costs. We have delivered strong margin progression in recent quarters, especially within our C&W silo. Across the group, we continue to see upside as we focus on higher-margin residential products. Our initiatives around copper migration, digitization and AI adoption have significantly enhanced workforce efficiency leading to meaningful labor cost reductions.

Manta 法案在上半年穩步推進，預計將在中期內為 Liberty Networks 的收入和調整後的 OIBDA 做出重大貢獻。最後，成本。最近幾個季度，我們的利潤率成長強勁，尤其是在我們的 C&W 筒倉內。在整個集團中，由於我們專注於利潤率較高的住宅產品，我們繼續看到上行空間。我們圍繞銅遷移、數位化和人工智慧採用的措施顯著提高了勞動力效率，從而顯著降低了勞動力成本。

Additionally, we anticipate healthy synergies following the expected completion of the TiVo merger in Costa Rica.

此外，我們預計 TiVo 在哥斯達黎加的合併完成後將產生健康的協同效應。

With that, I'll pass you over to Chris Noyes, our Chief Financial Officer, who will take you through our financial performance before we move on to your questions. Chris?

接下來，我將把電話交給我們的財務長克里斯·諾伊斯 (Chris Noyes)，他將向您介紹我們的財務業績，然後再回答您的問題。克里斯？

Thanks, Bob. Let me now take you through our financial performance in greater detail, starting on slide 16. Q2 2025 revenue, was 3% lower on a rebased basis, totaling $1.1 billion. This decline was primarily driven by the phasing of project-related B2B revenues across several geographies. Importantly, we have good visibility into stronger delivery in the second half of the year.

謝謝，鮑伯。現在，從第 16 張投影片開始，讓我向您更詳細地介紹我們的財務表現。2025 年第二季營收按重新調整後計算下降 3%，總計 11 億美元。這種下降主要是由於多個地區與專案相關的 B2B 收入的分階段變化所致。重要的是，我們對下半年更強勁的交付表現有著清晰的認識。

However, residential revenue grew 1% year-over-year on a rebased basis, reflecting the strength of our core consumer business. . Turning to adjusted OIBDA. We reported a rebased increase of 7% to $415 million, building on a solid 8% growth in Q1. Among our segments, only Liberty Networks saw a year-over-year decline in adjusted OIBDA, largely due to the timing of noncash RU accelerations, which have now largely normalized.

然而，住宅收入按重新計算年增 1%，反映了我們核心消費者業務的強勁表現。。轉向調整後的 OIBDA。我們報告稱，在第一季實現 8% 穩健成長的基礎上，本季又成長了 7%，達到 4.15 億美元。在我們的各個部門中，只有 Liberty Networks 的調整後 OIBDA 出現同比下降，這主要是由於非現金 RU 加速的時間安排，目前已基本正常化。

Supporting this growth is operating leverage as we continue to execute on a range of cost out initiatives across our operations. These efforts have contributed to an improvement in our consolidated adjusted OIBDA margin, which expanded by 340 basis points year-over-year. Moving to the last section, we highlight an important metric for us, which is adjusted OIBDA less P&E additions. This increased by 26% to $265 million representing 24% of revenue compared to 19% last year. The year-over-year improvement is reflective of the higher adjusted OIBDA margin and lower capital intensity with P&E additions amounting to 14% of revenue in the quarter.

隨著我們繼續在營運過程中執行一系列成本削減計劃，營運槓桿支撐了這一增長。這些努力有助於提高我們的合併調整後 OIBDA 利潤率，年增 340 個基點。進入最後一部分，我們將重點放在一個對我們來說很重要的指標，即調整後的 OIBDA 減去 P&E 增加值。這一數字成長了 26%，達到 2.65 億美元，佔營收的 24%，而去年同期為 19%。同比增長反映了調整後的 OIBDA 利潤率上升和資本密集度下降，本季 P&E 增幅達到收入的 14%。

Although we were up year-over-year on adjusted OIBDA less P&E additions, our reported adjusted FCF before partner distributions was negative $41 million in Q2 as compared to negative $7 million in the prior year, a decline of $34 million. This was attributable to working capital swings, including timing on key collections from our government customers.

儘管我們的調整後 OIBDA 扣除 P&E 增加價值後同比增長，但我們報告的第二季度合作夥伴分配前的調整後 FCF 為負 4100 萬美元，而去年同期為負 700 萬美元，下降了 3400 萬美元。這是由於營運資金波動造成的，包括我們政府客戶的關鍵收款時間。

As in previous years, we anticipate a robust second half in cash flow generation, principally in the fourth quarter. Slide 17 recaps our Q2 results for the C&W credit silo, which consists of Liberty Caribbean, CWP and Liberty Networks. Starting with Liberty Caribbean. In Q2, we reported $366 million in revenue, with flat rebased growth year-over-year. This result reflects 6% growth in residential mobile, offset by a rebased decline of 3% and 1% year-over-year in B2B and residential fixed, respectively.

與往年一樣，我們預計下半年現金流將強勁成長，主要是在第四季。投影片 17 概括了 C&W 信貸倉的第二季業績，該信貸倉由 Liberty Caribbean、CWP 和 Liberty Networks 組成。從自由加勒比開始。第二季度，我們的營收為 3.66 億美元，與去年同期相比持平成長。這一結果反映了住宅移動業務 6% 的成長，但 B2B 和住宅固定業務分別較去年同期下降 3% 和 1%。

The strength in mobile was driven by higher prepaid ARPU helped in part by selected price increases in a larger postpaid subscriber base, supported by our successful FMC and prepaid to postpaid migration strategy. Fixed residential revenue decline driven by lower volumes, mainly due to the impact of Hurricane Barrel in Q3 2024 and lower nonsubscription revenue. was impacted by lower project revenue, particularly in Bahamas. Adjusted OIBDA came in at $174 million, representing 11% rebased growth year-over-year fueled by optimization initiatives across our Island geographies and our operating cost categories, including our network and commercial expenses. Our efforts have translated into an adjusted OIBDA margin improvement of nearly 500 basis points year-over-year, reaching 47%.

行動業務的強勁成長得益於預付費 ARPU 的提高，這在一定程度上得益於更大的後付費用戶群中選擇性的價格上漲，以及我們成功的 FMC 和預付費到後付費的遷移策略的支持。固定住宅收入下降是由於銷售下降造成的，這主要是由於 2024 年第三季颶風巴雷爾的影響以及非訂閱收入下降。受到專案收入下降的影響，尤其是在巴哈馬。調整後的 OIBDA 達到 1.74 億美元，年增 11%，這得益於我們島嶼地區和營運成本類別（包括我們的網路和商業費用）的優化措施。我們的努力使調整後的 OIBDA 利潤率年增了近 500 個基點，達到 47%。

Next moving to Cable & Wireless Panama, generated $177 million of revenue and $69 million of adjusted OIBDA with a 10% rebased revenue decline and 6% rebased adjusted OIBDA growth year-over-year.

接下來是 Cable & Wireless Panama，該公司創造了 1.77 億美元的收入和 6,900 萬美元的調整後 OIBDA，與去年同期相比，其收入下降了 10%，而調整後的 OIBDA 增長了 6%。

The rebased top line decline was driven by 30% lower B2B revenue, partly offset by increases of 6% and 2% in residential mobile and residential fixed, respectively. The year-over-year decline in B2B revenue reflects an exceptionally strong prior year comparison driven by high volume of government project wins in Q2 2024. We expect to catch up in the second half of the year, supported by a solid pipeline. The healthy mobile revenue uplift was supported by postpaid subscriber growth and higher handset sales. So prepaid was partially impacted by nationwide protest during the quarter.

重新調整後的營業收入下降是由於 B2B 收入下降 30%，但住宅移動和住宅固定收入分別增加 6% 和 2%，部分抵消了這一下降。B2B 營收年減反映了與去年同期相比異常強勁的表現，這得益於 2024 年第二季政府專案中標數量眾多。在穩固的管道支援下，我們預計下半年將迎頭趕上。後付費用戶的成長和手機銷量的增加推動了行動收入的健康成長。因此，預付費業務在本季受到了全國抗議活動的部分影響。

The residential fixed revenue rebased growth was mainly driven by broadband RGU additions. Year-over-year adjusted OIBDA performance was driven by improved gross margin, helped in part by lower B2B project-related revenue and a reduction in operating expenses year-over-year. As a result, these factors led to an adjusted OIBDA margin expansion of almost 600 basis points to 39%. Turning to Liberty Networks, which delivered $115 million of revenue and $61 million in adjusted OIBDA, resulting in a rebased decline of 3% in both metrics. Specifically, wholesale revenue fell by 3% on a rebased basis due to an $8 million reduction in noncash IRU revenue amortization as compared to the prior year.

住宅固定收入重新調整後的成長主要受到寬頻 RGU 增加的推動。年比調整後的 OIBDA 表現得益於毛利率的提高，部分原因是 B2B 項目相關收入的下降以及營運費用的年減。因此，這些因素導致調整後的 OIBDA 利潤率擴大近 600 個基點，達到 39%。談到 Liberty Networks，其營收為 1.15 億美元，調整後的 OIBDA 為 6,100 萬美元，導致兩個指標都下降了 3%。具體而言，由於非現金 IRU 收入攤銷與前一年相比減少了 800 萬美元，批發收入按重新計算下降了 3%。

Enterprise revenue declined by 1% on a rebased basis, mainly due to lower project-related revenue, which more than offset gains in IT as a Service and Connectivity.

企業收入按重新計算下降了 1%，主要原因是專案相關收入下降，抵消了 IT 即服務和連接方面的收益。

Adjusted OIBDA was mainly impacted by the aforementioned decrease in IRU revenue. Aggregating all 3 operating segments within the C&W credit silo. We generated $636 million in revenue, reflecting a 3% rebased decline and $303 million in adjusted OIBDA, resulting in 7% rebased growth. Moving to slide 18 and the Q2 results for our other 2 credit silos, Liberty Puerto Rico and Liberty Costa Rica. On the left, Liberty Puerto Rico.

調整後的 OIBDA 主要受到上述 IRU 收入下降的影響。匯總 C&W 信用筒倉內的所有 3 個營運部門。我們創造了 6.36 億美元的收入，反映了 3% 的重新調整下降，以及 3.03 億美元的調整後 OIBDA，導致 7% 的重新調整成長。轉到投影片 18，這是我們另外兩個信用機構 Liberty Puerto Rico 和 Liberty Costa Rica 的第二季業績。左邊是自由波多黎各 (Liberty Puerto Rico)。

Revenue was $301 million, representing a 5% year-over-year rebased decline. Residential fixed revenue declined 1%, primarily due to lower volumes following the discontinuation of the ACP program. partially offset by higher broadband and video ARPU driven by price increases implemented earlier this year. Mobile residential revenue declined by 3% on a rebased basis, driven by lower postpaid subscriber base post migration. This was partially mitigated by higher non-subscription revenue, while prepaid revenue remained broadly flat.

營收為 3.01 億美元，年減 5%。住宅固定收入下降 1%，主要原因是 ACP 計劃終止後銷量下降，但今年稍早實施的價格上漲推動寬頻和視訊 ARPU 增加，部分抵消了這一下降。行動住宅收入按重新計算下降了 3%，原因是遷移後後付費用戶群減少。非訂閱收入的增加在一定程度上緩解了這一影響，而預付費收入基本上持平。

B2B revenue declined 18% on a rebased basis mainly due to lower mobile service revenue resulting from a reduced subscriber base and ARPU decline.

以重新計算，B2B 收入下降了 18%，主要原因是用戶群減少和 ARPU 下降導致行動服務收入下降。

Adjusted OIBDA increased by 21% year-over-year on a rebased basis, reaching $87 million. The improvement was primarily driven by lower bad debt expense, the phase out of integration and TSA costs and reduced labor costs. P&E additions were $38 million, representing 12% of revenue, a 340 basis point decrease over prior year levels as the business actively managed its capital intensity. Concluding with Costa Rica on the right, we delivered Q2 revenue of $151 million and adjusted OIBDA of $54 million, reflecting a 1% rebased revenue growth and flat rebased adjusted OIBDA growth year-over-year. Mobile residential revenue grew 5% on a rebased basis, supported by higher postpaid volumes from our prepaid to postpaid migration strategy and strong equipment sales.

調整後的 OIBDA 以重新基準計算年增 21%，達到 8,700 萬美元。這項改善主要得益於壞帳費用的降低、整合和 TSA 成本的逐步取消以及勞動成本的降低。由於業務積極管理其資本密集度，P&E 增加值為 3,800 萬美元，佔營收的 12%，比上年下降 340 個基點。最後以右邊的哥斯大黎加為例，我們第二季的營收為 1.51 億美元，調整後的 OIBDA 為 5,400 萬美元，與去年同期相比，調整後的營收成長了 1%，調整後的 OIBDA 成長持平。行動住宅收入在重新調整的基礎上成長了 5%，這得益於我們預付費到後付費遷移策略帶來的後付費量增加以及強勁的設備銷售。

Fixed revenue was down 3% year-over-year on a rebased basis, driven by lower ARPU, primarily due to our buy to own CPE model, which is, in turn, increasing nonsubscription revenue. B2B revenue was down 5% year-over-year on a rebased basis, mainly due to lower service rep. Adjusted OIBDA remained flat as revenue gains were offset by higher equipment costs and increased bad debt. Next to slide 19 and our balance sheet metrics by credit silo and in aggregate for LOA as of June 30. The C&W silo accounts for approximately $5 billion of LLA's total debt of $8.2 billion and has covenant leverage of 3.9x.

固定收入按重新調整後計算年減 3%，原因是 ARPU 下降，這主要歸因於我們的購買 CPE 模式，這反過來又增加了非訂閱收入。以重新計算，B2B 收入年減 5%，主要原因是服務代表減少。調整後的 OIBDA 保持平穩，因為收入成長被更高的設備成本和增加的壞帳所抵消。接下來是投影片 19，我們以信用倉劃分的資產負債表指標以及截至 6 月 30 日的 LOA 總量。C&W 筒倉佔 LLA 82 億美元總債務中的約 50 億美元，契約槓桿率為 3.9 倍。

Given the refinancings we have completed over the last 9 or so months, we have linked in the silos average life to about 6 years. Turning to Costa Rica. We have about $500 million of debt and the business's covenant leverage of 2.1x with the debt stack due in 2031. And Importantly, we would expect to be in position post closing the TiVo acquisition in 2026 to refinance our debt to more attractive levels given the low leverage and underlying strong performance of the business.

考慮到我們在過去 9 個月左右完成的再融資，我們將筒倉的平均壽命定為 6 年左右。轉向哥斯達黎加。我們的債務約為 5 億美元，業務契約槓桿為 2.1 倍，債務將於 2031 年到期。重要的是，鑑於較低的槓桿率和業務的強勁表現，我們預計在 2026 年完成 TiVo 收購後，我們能夠將債務再融資到更具吸引力的水平。

And finally, Liberty Puerto Rico has $2.8 billion of debt, covenant leverage at 7.9x and debt maturities largely between 2027 to 2029. We will discuss our approach with the near-dated stack on the next slide. At the consolidated level, we have no debt at the holding company and thus in aggregating our three credit silos our $8.2 billion of debt reflects consolidated net leverage of 4.7x.

最後，Liberty Puerto Rico 的債務為 28 億美元，契約槓桿率為 7.9 倍，債務期限主要在 2027 年至 2029 年之間。我們將在下一張投影片中討論我們對近期堆疊的方法。在合併層面，我們在控股公司沒有債務，因此，匯總我們的三個信貸部門，我們的 82 億美元債務反映了 4.7 倍的合併淨槓桿率。

Moving to slide 20. Today, we wanted to highlight two key strategic initiatives that we have recently embarked upon at LLA and its operating businesses.

移至投影片 20。今天，我們想強調一下我們最近在 LLA 及其營運業務中實施的兩項關鍵策略舉措。

Liability management at LPR and a concerted effort at LLA to unlock the underlying value of our operating assets. First, turning to the left side of the slide an ability upon the balance sheet discussion from the prior slide and the commentary that we have shared over the last year. Our local operating team and LLA more broadly have been highly focused on stabilizing LPR and improving all aspects of the underlying business. As Balan noted today, we are seeing green shoots of a recovery. With that being said, it is our view that the capital structure at LPR is unsustainable both in terms of quantum of leverage and expected carry cost.

LPR 的負債管理和 LLA 的協同努力釋放了我們營運資產的潛在價值。首先，翻到投影片的左側，我們可以看到上一張投影片中關於資產負債表的討論，以及我們去年分享的評論。我們的本地營運團隊和 LLA 一直高度致力於穩定 LPR 和改善基礎業務的各個方面。正如巴蘭今天指出的那樣，我們看到了復甦的跡象。話雖如此，我們認為 LPR 的資本結構無論從槓桿率還是預期持有成本來看都是不可持續的。

Hence, with still more than two years until our earliest bond maturity, we believe it is the appropriate time to look to improve and rightsize the capital structure. This should set LPR up for long-term success. Importantly, LPR has covenant flexibility in its credit documents, which will enable LPR to utilize its assets to raise incremental capital to the extent needed to fulfill near-term liquidity gaps.

因此，距離我們最早的債券到期還有兩年多的時間，我們認為現在是尋求改善和調整資本結構的適當時機。這應該為 LPR 的長期成功奠定基礎。重要的是，LPR 在其信用文件中具有契約靈活性，這將使 LPR 能夠利用其資產籌集增量資本，以滿足短期流動性缺口所需的程度。

For our team on the ground, it remains business as usual with the utmost focus on our employees, customers and vendors. -- and ultimately growing the business. There is no specific time line for resolving the capital structure. We'll look to communicate updates as necessary. Finally, LPR has appointed Moelis and Ropes & Gray to lead the execution of the liability management exercise.

對於我們一線團隊來說，一切照常，重點關注我們的員工、客戶和供應商——並最終實現業務成長。目前還沒有解決資本結構的具體時間表。我們將根據需要傳達最新進展。最後，LPR 已任命 Moelis 和 Ropes & Gray 來領導責任管理活動的執行。

Moving to the right side of the slide, having previously reiterated the silo principle of the Liberty Latin America Group and in order to better highlight and unlock the respective value in our assets. we are announcing our intention to separate Puerto Rico from the rest of the LOE. This will enhance our ability to better position each of the respective businesses and their positive attributes, including market position, growth opportunity and potential cash flow generation. The separation can be affected in several ways, including a potential spin-off of LPR, and we are targeting to complete into the first half two. Importantly, the separation is not dependent on completing the liability management exercise.

移至幻燈片的右側，之前我們重申了自由拉丁美洲集團的筒倉原則，為了更好地突出和釋放我們資產的各自價值，我們宣布打算將波多黎各與 LOE 的其他部分分開。這將增強我們更好地定位各個業務及其積極屬性的能力，包括市場地位、成長機會和潛在現金流產生。分離可能會受到多種影響，包括可能分拆 LPR，我們的目標是在第二季上半年完成。重要的是，分離並不依賴完成負債管理工作。

In terms of the relative size of the two groups of assets and using 2024 full year results as a proxy, revenue and adjusted OIBDA for LOA excluding Puerto Rico, would have been approximately $3.2 billion and $1.3 billion, respectively. After deducting the reported segment results of Puerto Rico, which reported $1.3 billion of revenue and $300 million of adjusted EBITDA. On the same basis, and excluding Liberty Puerto Rico, LLA's adjusted FCF before distributions would have been nearly $200 million or almost 70% higher than what was reported as a consolidated group in 2024. This is not necessarily reflective of the separate results but a good indication.

就兩組資產的相對規模而言，以 2024 年全年業績為代表，不包括波多黎各的 LOA 收入和調整後的 OIBDA 分別約為 32 億美元和 13 億美元。扣除波多黎各報告的分部表現後，該分部報告的收入為 13 億美元，調整後 EBITDA 為 3 億美元。在相同基礎上，不包括 Liberty Puerto Rico，LLA 的分配前調整後自由現金流將比 2024 年報告的合併集團高出近 2 億美元或近 70%。這不一定能反映單獨的結果，但卻是一個很好的跡象。

We obviously expect FCF to expand from here given the underlying operational strength of the business as we have demonstrated through Additionally, the remaining LLA business would be levered roughly one turn lower from where it is today. Post separation, LOA expects to have the ability to enhance its capital return strategy, including the potential for not only share repurchases but recurring dividends, capitalizing on the FCF generation of the LLA assets excluding Liberty Puerto Rico. Citi and LionTree are working with LLA on asset separation as well as other corporate options to help to unlock equity value at LA and remove the embedded valuation discount that we believe has been apparent in our equity trading price.

顯然，我們預計自由現金流將從現在開始擴大，因為我們已經證明了該業務的潛在營運實力，此外，剩餘的 LLA 業務的槓桿率將比現在低約一倍。分離後，LOA 預計將有能力增強其資本回報策略，包括不僅回購股票而且還有經常性股息的潛力，利用不包括 Liberty Puerto Rico 的 LLA 資產產生的 FCF。花旗和 LionTree 正在與 LLA 合作進行資產分離以及其他公司選擇，以幫助釋放 LA 的股權價值並消除我們認為在我們的股權交易價格中已經顯現的嵌入式估值折扣。

Moving to slide 21 and our conclusions. In the first half, we delivered solid results. Adjusted OIBDA grew at a high single-digit rate with particularly strong growth in the C&W silo. We also saw a year-over-year decline in P&E additions. This is a reflection of our disciplined capital intensity management and improved operational efficiency.

轉到投影片 21 和我們的結論。上半年，我們取得了紮實的業績。調整後的 OIBDA 以較高的個位數成長，其中 C&W 筒倉的成長尤為強勁。我們也看到市盈率增加值年減。這是我們嚴謹的資本密集度管理和營運效率提高的體現。

Looking ahead to the second half, we are optimistic. We have launched new customer value propositions aimed at sustaining residential momentum. On the B2B side, we have a good pipeline that should support stronger revenue performance. In addition to these top line drivers, we have substantial cost-out initiatives and flied across each of our businesses and corporate and expect more favorable working capital trends in all of which should set the stage for improved free cash flow performance as we close the year. Our operating prospects, combined with the actions that we just discussed on both the liability management and separation of Puerto Rico, we believe set the stage for value creation for LA shareholders.

展望下半年，我們感到樂觀。我們推出了旨在維持住宅發展動能的新客戶價值主張。在 B2B 方面，我們擁有良好的管道，可以支援更強勁的收入表現。除了這些頂級驅動因素之外，我們還採取了大量成本削減舉措，並涵蓋了我們的每項業務和公司，預計所有業務的營運資本趨勢都將更加有利，這將為我們在年底改善自由現金流表現奠定基礎。我們相信，我們的經營前景，加上我們剛剛討論的有關負債管理和波多黎各分離的行動，為洛杉磯股東創造價值奠定了基礎。

We look forward to updating investors over the next quarters as our projects advance and both the operating and corporate teams of LA are hard at work to deliver continued growth, margin improvement and cash flow generation.

隨著我們專案的進展，以及洛杉磯的營運和企業團隊都在努力實現持續成長、提高利潤率和產生現金流，我們期待在接下來的幾個季度向投資者更新最新情況。

With that, operator, happy to take questions.

接線員很高興回答您的問題。

Vitor Tomita, Goldman Sachs.

高盛的 Vitor Tomita。

We have two from our side. They're actually on Panama. The first one is if you could give a bit more color on those are related to private or government projects and if there have been any actions issues on this B2B front, -- and the second question would also be on Panama, but on the margin side, margins in profit a lot improved a lot there. And to a point that EBITDA rose year-on-year despite the revenue [indiscernible]. Could you give more color on the OpEx reductions or efficiencies that allowed for that aside from revenue mix effects naturally?

我們這邊有兩個。他們實際上在巴拿馬。第一個問題是，您是否可以更詳細地說明這些與私人或政府項目相關的內容，以及在 B2B 方面是否存在任何行動問題，第二個問題也與巴拿馬有關，但在利潤方面，那裡的利潤率有很大提高。儘管收入下降，但 EBITDA 仍同比增長[音頻不清晰]。除了自然的收入組合效應之外，您能否詳細介紹一下實現這一目標的營運支出削減或效率？

Thanks for the question, and I'll ask [indiscernible] to join in here in a second as well. The B2B headwinds, primarily on comparison to a very, very strong second quarter. But in addition to that, we did deliver a number of projects to the government in the second quarter this year. that due to a lot of the bureaucracy and signatures required, we did not recognize that revenue. And so you'll start seeing that drop into in the third quarter.

感謝您的提問，我稍後也會邀請 [音訊不清晰] 加入。B2B 逆風，主要與非常強勁的第二季相比。但除此之外，我們確實在今年第二季向政府交付了一些專案。由於需要大量的官僚程序和簽名，我們沒有確認這些收入。因此，您會在第三季開始看到這一下降。

But for the most part, it's all BTG, it's business to government. And we post 1 of our largest customers as well.

但在大多數情況下，這都是 BTG，是企業對政府的。我們也發布了我們最大的客戶之一。

So that's kind of a little bit of a headwind there. On the margin expansion, I mean, it's actually quite a strong story. You'll see the real margin expansion at the operating free cash flow level. And -- and the way we've done that is through both efficiencies at the OpEx level and efficiencies at the CapEx level. I mean the -- we see significant, I think, from the last time, it's like almost 7 points.

所以這有點像是逆風。關於利潤率的擴大，我的意思是，這實際上是一個相當強勁的故事。您將看到經營自由現金流水準的實際利潤率擴大。而且 — — 我們實現這一目標的方式是透過提高營運支出 (OpEx) 層面的效率和資本支出 (CapEx) 層面的效率。我的意思是——我們看到了顯著的變化，我認為，從上次來看，差不多是 7 個百分點。

And we think there's still plenty of room to grow as you look at some of our other operating units as well. So we are quite bullish around the margin expansion in Panama. The cash -- the revenue trajectory will change in the third quarter as the phasing issues of B2B. But I would like to highlight our mobile business that has been growing. Revenue has been growing and our fixed business grew as well.

我們認為，從我們的其他一些營運部門來看，仍有很大的成長空間。因此，我們對巴拿馬的利潤率擴張非常看好。隨著 B2B 階段性問題的出現​​，現金——收入軌跡將在第三季發生變化。但我想強調的是，我們的行動業務一直在成長。收入一直在成長，我們的固定業務也在成長。

And the fixed business has, I think, even more opportunity for us because we do have a smaller market share in that market with a better network or fiber to the home network. So with that, Rocio, would you like to add some color? .

我認為，固定業務對我們來說有更多機會，因為我們在該市場的份額較小，但擁有更好的網路或光纖到戶網路。那麼，羅西奧，你想添加一些顏色嗎？。

Sure. Absolutely. So on the revenue side for B2B, the headwinds that we were experiencing this quarter, I would say our B2B business is a tale of 2 cities. So one, the recurring business and the other side and nonrecurring business, which is mostly government revenue. So on the recurring business, we are experiencing quite a strong quarter, in fact.

當然。絕對地。因此，就 B2B 的收入方面而言，我們本季遇到的阻力，我想說我們的 B2B 業務就像兩個城市的故事。一方面是經常性業務，另一方面是非經常性業務，其中大部分是政府收入。因此，就經常性業務而言，事實上，我們正​​經歷一個相當強勁的季度。

Just to give you a bit of comfort, we are seeing our customer base in -- both in mobile and fixed services, growing middle to high single digits.

為了讓您感到安慰，我們看到我們的客戶群—無論是行動服務還是固定服務，都以中等到高個位數的速度成長。

So we're seeing the recurring business progressing -- continuing to progress very well with momentum. On the nonrecurring business, which is this type of big projects, in this case, 100% government projects, of course, it's basically depending on the phasing. So you have 1 big project like we won this quarter of the Maduka project rate, that was like $40 million.

因此，我們看到經常性業務正在取得進展——繼續保持良好的發展勢頭。對於非經常性業務，也就是這種類型的大型項目，在這種情況下，100％是政府項目，當然，這基本上取決於分階段實施。所以你有一個大項目，就像我們贏得的本季度的 Maduka 項目費率一樣，價值約為 4000 萬美元。

However, until you are able to see it on your P&L, it takes time. and those -- this lumpiness of the nonrecurring business is basically what you are seeing right now. And as balances stated is something that we are hoping to see with a very different momentum on the second half of the year. So that's your point on revenue. On the increased profitability I think, is basically 2 main levers.

然而，直到你能夠在損益表中看到它之前，這需要時間。而那些——這種非經常性業務的不平衡基本上就是你現在所看到的。正如平衡表所示，我們希望看到下半年出現截然不同的勢頭。這就是您關於收入的觀點。我認為，提高獲利能力主要有兩個主要槓桿。

At the gross margin level, it's basically the tailwinds from our well-performing recurring business, the residential business and the recurring part of the B2B business. And then at the OpEx level, we have done significant work over the last quarters in terms of streamlining our labor and our nonlabor OpEx and you're starting to see the fruits of that work. So glad you noticed.

在毛利率水準上，這基本上得益於我們表現良好的經常性業務、住宅業務和 B2B 業務的經常性部分。然後在營運支出層面，我們在過去幾季在精簡勞動力和非勞動力營運支出方面做了大量工作，您開始看到這項工作的成果。很高興你注意到了。

Chris Hoare, New Street Research.

克里斯霍爾，新街研究公司。

I just had a couple of questions on the plans around spinning out Puerto Rico. Obviously, you've mentioned that you want to use selected assets. I just wanted Wondered if you could clarify which assets in particular. I mean the key ones from my perspective would seem to be spectrum and the broadband network. But is there anything else that you think is material enough to be able to utilize.

我只是對波多黎各分拆計劃有幾個問題。顯然，您已經提到您想使用選定的資產。我只是想知道您是否可以具體說明哪些資產。我的意思是，從我的角度來看，關鍵的似乎是頻譜和寬頻網路。但是您認為還有其他東西夠重要，可以利用嗎？

Well, you've kind of highlighted a lot in the assets that we have, but we're really not commenting too much around how we can approach that liability management. The management -- our team right now, we just focus on running the business, improving the operational metrics, and -- but we -- as you highlighted, we do have some strong assets within the group that gives us financial flexibility. .

嗯，您已經強調了我們擁有的許多資產，但我們並沒有太多評論如何處理負債管理。管理階層－我們目前的團隊，只專注於經營業務，改善營運指標，而且－但是－正如您所強調的，我們集團內確實有一些強大的資產，可以為我們提供財務靈活性。。

Okay. Great. And then just a sort of follow-up then. As you also mentioned, once Puerto Rico is separated, the rest of the group leverage is significantly lower. Would you feel at that point that you would want to delever the rest of the group further.

好的。偉大的。然後就只是一種後續行動。正如您所提到的，一旦波多黎各分離，該集團其他成員國的槓桿率就會顯著降低。那時您是否會覺得您想進一步降低集團其他成員的槓桿率？

So just trying to think about sort of potential shareholder remuneration, as you mentioned, the possibility of dividend or share buyback. I mean would there be a further need for delevering of the rest of the group? Or you think at that point, you have flexibility essentially around all of the cash flow to use it either shareholder remuneration or M&A, if there was something interesting from that perspective?

所以，只是想考慮一下潛在的股東報酬，正如您所提到的，股息或股票回購的可能性。我的意思是，該集團其他成員是否還需要進一步去槓桿？或者您認為在那時，您可以靈活地使用所有現金流，無論是股東報酬還是併購，如果從這個角度來看有什麼有趣的事情？

Here's how I'd say, if you look at the separated asset from what remains, just look at the EBITDA growth on that, and we will organically delever. That is kind of 1 point. And as Chris highlighted, the actual free cash flow generation of the RemainCo, especially if you look at our wholesale business, our subsea business, we're truing up quite good cash. And now certainly, dividend, stock buybacks and a number of things.

我想說的是，如果你看一下分離出來的資產和剩餘資產，只要看看它的 EBITDA 成長，我們就會有機地去槓桿。這算是第一點。正如克里斯所強調的，RemainCo 的實際自由現金流產生，特別是如果你看看我們的批發業務、我們的海底業務，我們正在獲得相當不錯的現金。現在當然還有股息、股票回購和許多其他事情。

The traditional capital allocation strategy, we would go through it. But we're actually really excited about the cash flow generation of the business. We think the debt will organically delever as we expand our EBITDA and all the operational efficiencies that we've been working on kicks in. So from that sense, I think it's sitting pretty good. So you're going to have a lower levered balance sheet, good cash flow generation and a lot of optionality for management and the board to consider.

我們會採用傳統的資本配置策略。但實際上，我們對業務的現金流產生感到非常興奮。我們認為，隨著我們的 EBITDA 擴大以及我們一直致力於提高的營運效率的實施，債務將有機地去槓桿化。所以從這個意義上來說，我認為情況相當不錯。因此，您將擁有較低的槓桿資產負債表、良好的現金流量產生以及管理層和董事會可以考慮的大量可選性。

And I would add that the capital structure on Cable & Wireless in Costa Rica is long term in nature. So over -- 80% of the debt is one or beyond. So that provides a huge amount of flexibility for the company.

我想補充一點，哥斯達黎加 Cable & Wireless 的資本結構本質上是長期的。因此，超過 80% 的債務是 1 或以上。這為公司提供了極大的靈活性。

Gabriel Baselina, Morgan Stanley.

加布里埃爾·巴塞利納，摩根士丹利。

Could you give a bit more color on the impairment you had on Porto Rico? That would be my [indiscernible]

您能否更詳細地說明一下您在波爾圖黎各遇到的障礙？那將是我的[音訊不清晰]

Sure. The impairment is really around the spectrum that we have here in Puerto Rico, and we had a third-party assessment on that. This is a spectrum that came to us from the AT&T acquisition. And as you know, we recently acquired new spectrum from DISH, which required a valuation pegged on the spectrum that we already own. It's an accounting adjustment.

當然。這種損害確實與我們在波多黎各所面臨的損害範圍相符，我們對此進行了第三方評估。這是我們從 AT&T 收購中獲得的頻譜。如您所知，我們最近從 DISH 獲得了新的頻譜，這需要根據我們現有的頻譜進行估值。這是一項會計調整。

Brian, do you want to add to that?

布萊恩，你想補充嗎？

No, that's right. The spectrum was compared from the AT&T acquisition, which had a relatively higher carrying value than the [indiscernible] spectrum, so that ultimately resulted in the loss.

不，沒錯。與 AT&T 收購的頻譜相比，其持有價值相對高於 [音訊不清晰] 頻譜，因此最終導致了損失。

That will conclude today's question-and-answer session. I'd like to hand back to Balan Nair for any -- apologies. We do have another question from [David Lopez of New Street Research].

今天的問答環節到此結束。我想將問題交還給 Balan Nair，道歉。我們還有另一個問題[New Street Research 的 David Lopez]。

Just a couple more on Portico. I think you mentioned a change in management team there. I was wondering if you could give a bit more color. And on your new offer mix and match, I know it's holidays, but what's the initial impression and initial traction, no customer like it or what are the initial thoughts, please?

關於 Portico 還有幾點。我想您提到了那裡管理團隊的變動。我想知道您是否可以提供更多顏色。關於您的新優惠組合，我知道現在是假期，但最初的印象和最初的吸引力是什麼，沒有客戶喜歡它，或者最初的想法是什麼？

Sure. There are a number of things we were looking at here at Puerto Rico and the management change is really focused around 3 specific areas. One, our operations and processes. And this is everything from how you sell to how you collect to how you manage the back office. Second, we will really focus on our network and technology, and that was another big management change that we made so that the network and technology improvements that we were looking for get manufactured this year.

當然。我們在波多黎各關注了很多事情，管理階層的變動主要集中在三個特定領域。一、我們的營運和流程。這包括從如何銷售到如何收款到如何管理後台的一切。其次，我們將真正專注於我們的網路和技術，這是我們做出的另一項重大管理變革，以便我們期望的網路和技術改進能夠在今年實現。

As you saw, we filed our new spectrum, we improved the fixed network and made significant improvements on our IT systems as well. And then finally, our commercial go-to-market. And the commercial go-to-market strategy that we had over the last year Clearly, as you say, was underwhelming.

正如您所看到的，我們申請了新的頻譜，改進了固定網絡，並且對我們的 IT 系統也進行了重大改進。最後，我們的商業產品將進入市場。正如您所說，我們去年實施的商業行銷策略顯然不盡人意。

And so we brought in some really strong talent in that area. And you can see it manifested really in the last few weeks with our first launch under this new management team. and it's catching. ARPUs have actually increased. MRCs increased over the -- on incoming over the base.

因此，我們引進了該領域的一些真正優秀的人才。在過去幾週，隨著我們在新管理團隊的領導下首次推出新產品，您可以看到這一點得到了充分體現，而且它非常引人注目。ARPU 實際上已經增加了。MRC 隨基地的到來而增加。

And the proposition is catching. We've got more traffic into stores, et cetera. So the culmination of all 3 resulted in better NPS lower churn. And soon in the second half of this year, you'll start seeing the drop in the top line as well. That is kind of like how we've been thinking about it.

這個主張很引人注目。我們的商店客流量增加了，等等。因此，這三者的結合將帶來更好的 NPS 和更低的客戶流失率。很快，今年下半年，你也會開始看到營業收入的下降。這有點像是我們一直在思考的問題。

This is a project that's going to take a lot longer than it took to get to where we're at. And -- but we are very focused on it, and I think we have the right team here in Puerto Rico to execute on it.

這個項目要花比我們現在所花的時間更長的時間。而且——但我們非常關注這一點，我認為我們在波多黎各有合適的團隊來執行它。

That will conclude today's question-and-answer session. I'd like to hand back to Balan Nair for any additional or closing remarks.

今天的問答環節到此結束。我想把發言權交還給巴蘭·奈爾 (Balan Nair)，請他做進一步發言或做結束語。

Thank you, operator, and thank you, everybody, on the call. We are actually quite excited about the future here. The future in Puerto Rico and the future and the rest of our businesses. Puerto Rico, things are turning, green shoots are appearing. And as Chris indicated, the capital structure is just not optimal for the business right now.

謝謝接線員，也謝謝電話裡的所有人。我們實際上對這裡的未來感到非常興奮。波多黎各的未來以及我們其他業務的未來。波多黎各的情況正在好轉，復甦的跡象正在出現。正如克里斯所指出的，目前的資本結構對企業來說並不是最優的。

So we're going to work on that. And this is going to be a really good business for LLA and future LLA shareholders. And then on the remaining business, you can see the numbers. We are very, very excited about it. The cash flow generation as well as the organic growth that we are going to see, it's going to be really clear to all of you to our investors as well where you can now have a clear line of sight to both these businesses.

所以我們會努力解決這個問題。對於 LLA 和未來的 LLA 股東來說，這將是一筆非常好的生意。然後在剩餘的業務上，您可以看到數字。我們對此感到非常非常興奮。我們將看到的現金流產生以及有機成長，對於我們所有的投資者以及所有人來說都將非常清楚，現在您可以清楚地了解這兩項業務。

And Chris, John, Ray, my whole management team, we are very excited about the future here and some of the changes we're making. So thank you for your support and look forward to talking to you again. .

克里斯、約翰、雷以及我的整個管理團隊都對這裡的未來以及我們正在進行的一些改變感到非常興奮。感謝您的支持，期待再次與您交談。。

Ladies and gentlemen, this concludes Liberty Latin America's second-quarter 2025 investor call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Latin America's website at www.lla.com. There, you can also find a copy of today's presentation materials.

女士們、先生們，Liberty Latin America 2025 年第二季投資者電話會議到此結束。小提醒：您可以在 Liberty Latin America 網站 www.lla.com 的「投資者關係」板塊觀看本次電話會議的重播。您也可以在那裡找到今天的演示材料。